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Sunrise Zinc Ltd.

BSE: 531345 Sector: Metals & Mining
NSE: N.A. ISIN Code: INE541D01019
BSE 05:30 | 01 Jan Sunrise Zinc Ltd
NSE 05:30 | 01 Jan Sunrise Zinc Ltd

Sunrise Zinc Ltd. (SUNRISEZINC) - Director Report

Company director report

SUNRISE ZINC LIMITED ANNUAL REPORT 2010-2011 DIRECTOR'S REPORT To, The Share Holding Members of the Company, Your Directors hereby present to you the 17th Annual Report along with the Audited Accounts for the year ended 31st March, 2011. FINANCIALS Members were informed that on the orders of the Hon'ble High Court of Bombay (Goa Bench), the Goa State Pollution Control Board had asked the Company to close the Plant, and since 23-11-2007, the Plant has been closed. No production or activities were carried out this year. We have to further inform that on 3 rd October 2008, the Secured Lenders led by State Bank of India took over possession of all the Assets-Fixed as well as Inventories-invoking the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, your Directors could not operate from the premises at Industrial Estate, Cuncolim-Goa. Since the values of all the Fixed Assets and Inventories with the Company have been brought to NIL, the accounts were prepared accordingly transferring their values to the Secured Lenders. Further on getting letters of waivers from the unsecured lenders, their loan/credits amounts are no longer being treated as Liabilities. OPERATIONS ON BOURSES: As no assets have been left with the Company there can be no activity; hence the shares/stocks of the Company remain suspended ON BSE. AUDITORS: M/s Pradeep Kulkarni & Associates continued to be the Auditors of the Company. DIRECTORS RESPONSIBILITY STATEMENT: Your Directors confirm that; a) In preparations of Annual Accounts the applicable accounting standards have been followed. b) Such accounting policies have been selected and applied consistently and such judgments and estimates have been made which are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company for the period under review. c) Proper and sufficient care has been taken for maintenance of adequate accounting records in accordance of the provisions of the Companies Act, 1956 for safe guarding the assets of the Company. d) The Annual Accounts have been prepared on a going concern basis. CONSERVATION OF ENERGY: There is no significant consumption of energy. TECHNOLOGY ABSORPTION: Since the Company activity level does not call for any technology absorption, no thought is envisaged on this aspect for the year under review. For SUNRISE ZINC LIMITED SD/- Kailash Jaju Pankaj Jaju Neeraj Jaju DIRECTORS PLACE: GOA DATE : 15.07.2011.