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आधुनिक यार्नस निदेशकों की रिपोर्ट, आधुनिक यार्नस निर्देशकों द्वारा रिपोर्ट

आधुनिक यार्नस

बीएसई: 514452  |  NSE: N.A  |  ISIN:  |  Textiles - Processing

खोजें आधुनिक यार्नस कनेक्शन Mar 06
निदेशकों की रिपोर्ट वर्षांत : Mar '08
The Directors have pleasure in presenting the Twentyfirst Annual
 Report and Audited Statement of Accounts for the Year ended 31st March
 2008.
 
 FINANCIAL HIGHLIGHTS:
                                                    (Rs. In lacs)
                                           2007-2008    2006-2007
 
 Sales and other Income                         0.95         1.45
 Add: Extraordinary Exceptional
 items                                           Nil      1067.73
 Profit/(Loss) before depreciation
 and tax                                      (64.20)     1055.62
 Less/(Add): Depreciation                      19.58        32.40
 ProfiV(Loss) before tax                      (83.78)     1023.22
 Less/(Add): Tax Adjustments                    0.00         0.00
 Net Profit/(Loss) after tax                  (83.78)     1023.22
 
 OPERATIONS:
 
 Due to continuous recession in textile industry, shortage of working
 capital, the manufacturing operation of both the units of the company
 continued to be suspended during the year also. The turnover and other
 income recorded Rs. 0.95 lacs as compared to earlier year Rs.  1.45
 lacs. During the year, the company has incurred loss of Rs.64.20 lacs
 before depreciation and tax and net loss of Rs. 83.78 lacs. During the
 previous year, the company has paid off entire OTS amounts to Bank of
 Baroda & IDBI and the relief amounting to Rs.1067.73 lacs received by
 the company on OTS in interest and principle has been credited to
 profit and loss account as an extraordinary exceptional item.
 
 DIVIDEND:
 
 In view of loss for the year, your directors regret their inability to
 recommend payment of any dividend for the year.
 
 DIRECTORS
 
 In accordance with the provisions of the Companies Act, 1956 and the
 Articles of Association of the Company Shri Pradeep Poddar retires by
 rotation and being eligible offer himself for re-appointment.
 
 REFERENCE TO BIFR
 
 As reported last year, the companys net worth as per the audited
 accounts as at 31st March 1999 stood fully eroded and accordingly a
 mandatory reference was made to BIFR under section 15 of the Sick
 Industrial Companies (Special Provisions), 1985 on 01/10/1999 which is
 duly registered on 13.10.1999 under case no.  330/99. BIFR appointed
 IDBI as an Operating Agency for getting the special investigative
 report for last three financial years. The auditors appointed by IDBI
 submitted the special investigative report in May 2000.  The company
 was declared sick industrial company by the BIFR in terms of section
 3(1)(o) of the Act. The Bench further directed to explore the
 possibility of change of management but no concrete offer was received
 for the same.
 
 Therefore in view of explored and exhausted all possibilities to
 rehabilitate the company, the Bench formed a prima facile opinion, vide
 its order issued on 11th August 2003, that the company is not likely to
 make its net worth exceed its accumulated losses within a reasonable
 time while meeting all its due financial obligations, hence not likely
 to become viable on long- term basis. Therefore the BIFR formed, an
 opinion, on prima-facie, that it is just and equitable and in public
 interest that it is wound up u/s 20(1) of the Act and send the matter
 to the concerned High Court. In the meantime, since the company has
 reached OTS with Bank of Baroda and IDBI, the proceedings of the DRT
 and winding up have been suspended. The company sold substantial part
 of its fixed assets of both the units with a view to pay off entire OTS
 amounts to IDBI and Bank of Baroda. The company has paid the dues of
 such secured creditors and received no dues certificates from Bank
 of Baroda, SICOM and -IDBI.
 
 LISTING
 
 The equity shares of the company are listed on Mumbai, Delhi, Madras
 and Ahemdabad Stock Exchanges. The annual listing fees have been paid
 till 1997-98.
 
 INSURANCE
 
 Due to continuous financial difficulties only, the company could not
 get insured its assets and properties.
 
 FIXED DEPOSITS
 
 During an earlier year the company has accepted fixed deposits from a
 relative of the directors. Out of such deposit an amount of Rs.
 200000/- are still to be paid however the company is regular in payment
 of interest.  During the year under review, due to payment of OTS, the
 company had also to take interest free deposit from a firm in which
 relatives of the directors are partners.
 
 DIRECTORS RESPONSIBILITY STATEMENT
 
 Pursuant to Section 217 (2AA) of the Companies Act, 1956 with respect
 to Directors responsibility statement, it is hereby confirmed:
 
 i) That the preparation of accounts for the financial year ended 31st
 March 2007, the applicable accounting standards have been followed
 along with proper explanation relating to material departures.
 
 ii) That the Directors have selected such accounting policies and
 applied them consistently and made judgments and estimates that were
 reasonable and prudent so as to give true and fair view of the state of
 affairs of the company at the end of the financial year and the profit
 or loss of the company for the year under review.
 
 iii) That the Directors have taken proper and sufficient care for the
 maintenance of adequate accounting records in accordance with the
 provisions of the Companies Act, 1956 for safeguarding the assets of
 the company and for preventing and detecting fraud and other
 irregularities.
 
 iv) That the Directors have prepared the accounts for the financial
 year ended 31st March 2007 on a going concern basis.
 
 CONVERSATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
 EARNINGS OUTGO:
 
 Since the company has no manufacturing operations, there are no
 particulars to be furnished with regard to conservation of energy and
 technology absorption pursuant to section 217(i) (e) of the Companies
 Act, 1956, read with the Companies (Disclosure of particulars in the
 Report of Board of Directors) Rules 1988.The foreign exchange earnings
 and outgo were Nil.
 
 PARTICULARS OF EMPLOYEES:
 
 Particulars of employees under section 217(2A) of the Companies Act,
 1956 read with the Companies (Particulars of Employees) Rule 1975 are
 not-attached with this report as no employee comes under the purview of
 these provisions.
 
 AUDITORS:
 
 M/s. R. S. Agrawal & Associates, Chartered Accountants, the Auditors of
 the Company are retiring at the forthcoming Annual General Meeting. The
 members are requested to appoint the auditors.
 
 AUDITORS REPORT:
 
 The Auditors report is self-explanatory and hence do not require any
 clarification.
 
 APPRECIATION:
 
 The Board of Directors place on record their appreciation for the
 support and co-operation received from the Government, Bankers, IDBI,
 SICOM, Dealers, Suppliers, Employees and you the shareholders.
 
                                          By Order of the Board
                                      For ADHUNIK YARNS LIMITED
                                              RADHESHYAM PODDAR
                                                       CHAIRMAN
 Mumbai, 11th August 2008.
स्रोत: रेलीगरे टेचनोवा

न्यूज़ फ़्लैश

  • MARKET CUES : FIIs ने कैश में `867.66 Cr की बिकवाली की
  • MARKET CUES : DIIs ने कैश में `210.72 Cr की खरीदारी की
  • MARKET CUES : FIIs ने F&O में `2533.09 Cr की खरीदारी की
  • MARKET CUES : इंडेक्स फ्यूचर्स में `240.48 Cr की खरीदारी
  • MARKET CUES : इंडेक्स ऑप्शंस में `2705.68 की खरीदारी की
  • MARKET CUES : स्टॉक फ्यूचर्स में `354.58 Cr की बिकवाली
  • MARKET CUES : स्टॉक ऑप्शंस में `58.49 Cr की बिकवाली
  • IN F&O BAN : F&O बैन में Yes Bank शामिल
  • MS ON EMBASSY REIT : Overweight रेटिंग, लक्ष्य `437/Sh
  • MS ON BHARTI AIRTEL : Overweight रेटिंग, लक्ष्य `530/Sh

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