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एशियन बीयरिंग्स निदेशकों की रिपोर्ट, एशियन बीयरिंग्स निर्देशकों द्वारा रिपोर्ट

एशियन बीयरिंग्स

बीएसई: 505672  |  NSE: N.A  |  ISIN: INE046C01011  |  Bearings

खोजें एशियन बीयरिंग्स कनेक्शन Jun 02
निदेशकों की रिपोर्ट वर्षांत : Jun '09
The Directors have pleasure in presenting the Thirty Fourth Annual
 Report together with the Audited Accounts of the Company for the year
 ended 30th June 2009.
 
 Financial Results                              (Amount Rs.)
 
                                          2008-09        2007-08
 
 Sales and Other Income                  1,055,589       3,259,321
 
 Profit/(Loss) before 
 interest & Depreciation                (2,222,242)      (1966 939)
 
 Interest                                1,752,100       2,408,665
 
 Depreciation
 
 Profit/(Loss) before Tax               (3,974,342)     (4,375,604)
 
 Profit/(Loss) after Tax                (3,974,342)     (4,375 604)
 
 Loss brought forward from 
 previous year                        (632,641,726)   (628,266,122)
 
 Loss carried to Balance Sheet        (636,616,068)   (632,641,726)
 
 PERFORMANCE
 
 The performance during the year remained stagnant on account of the
 ongoing lockout at its Plant since January 2006.  Negotiations are
 going on with the Financial Institutions and Banks and also the Unions
 to resolve the issues after which the Plant can be reopened.
 
 Moreover the Indian Car Industry is fairly new and there is lot of
 scope for growth.
 
 Human Resources and Industrial Relations
 
 The negotiations with the Unions for Man power reduction and lifting of
 lockout is still continuing and is yet to be resolved.
 
 Proposal for Revival
 
 The company has identified a strategic Investor who is interested in
 the revival of the company.
 
 In order to draw up the revival package, two major issues will have to
 be resolved. The first and foremost is settlement of dues of the
 Financial Institutions, with whom the company along with the investor
 is in dialogue to arrive at a settlement through an OTS. The second is
 to reduce manpower.
 
 As the quantum of settlement of both the Financial Institutions/Banks
 as well as the Employees are yet to be crystallized, the Company is yet
 to submit a Rehabilitation Package to BIFR.
 
 Based on the assumption the accounts are prepared on the Going
 Concern basis.
 
 DIRECTORS
 
 In terms of Section 256 of the Companies Act, 1956, Mr. M.Venkateswara
 Rao retires by rotation and being eligible offer himself for
 re-appointment.
 
 DIRECTORS'' RESPONSIBILITY STATEMENT
 
 Pursuant to the requirement under section 217(2AA) of the Companies
 Act, 1956 with respect to Director Responsibility Statement, the
 Directors confirm that:
 
 1) In preparation of the accounts for the year, the applicable
 Accounting Standards have been followed along with proper explanation
 relating to material departures.
 
 2) The Directors have selected such accounting policies and applied
 them consistently and made judgments and estimates that are reasonable
 and prudent, so as to give a true and fair view of the state of affairs
 of the at the end of the year and of the loss of the company for that
 year.
 
 3) 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.
 
 4) The Directors have prepared the accounts for the year on a going
 concern basis.  
 
 CORPORATE GOVERNANCE
 
 Your directors are happy to report that your company is fully compliant
 with the SEBI Guidelines on Corporate Governance as incorporated in
 Clause 49 of the Listing Agreement with the Stock Exchanges. A detailed
 report on this subject forms part of this report.
 
 The Statutory Auditors of the Company have examined the company''s
 compliance and have certified the same as required under the SEBI
 guidelines. Such certificate is reproduced and forms part of this
 report.
 
 AUDITORS
 
 M/s. Itta Parthasarathy & Co. Chartered Accountants, Chennai retire at
 the conclusion of the ensuing Annual General Meeting and are eligible
 for re-appointment.
 
 The Company was not able to remit PF and ESI in time due to acute
 financial condition. Steps are being taken to remit the PF and ESI at
 the earliest.
 
 The Company is taking efforts to raise funds for settling the dues to
 the Institutions and Banks.
 
 PARTICULARS OF EMPLOYEES
 
 None of the employees are covered under Section 217(2A) of the
 Companies Act, 1956, read with the Companies (Particulars of Employees)
 Rules 1975.
 
 CONSEREVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
 EARNINGS AND OUTGO.
 
 As required under Section 217(l)(e) of the Companies Act, 1956, read
 with Companies (Disclosure of particulars in the report of Board of
 Directors) Rules, 1988, a statement containing the required particulars
 are given in Annexure ''A'' which is attached hereto and forms part of
 the Directors'' Report.
 
 ACKNOWLEDGEMENT
 
 The Board of Directors thanks Institutions viz., Industrial Development
 Bank of India, The Industrial Finance Corporation of India Ltd,
 Industrial Investment Bank of India, State Industries Promotion
 Corporation of Tamil Nadu Ltd and consortium of banks viz., Indian
 Bank, Kotak Mahendra Bank Ltd, Canara Bank, ICICI Bank Ltd Standard
 Chartered Bank, Indian Overseas Bank and our Joint Venture partner
 M/s.Tamilnadu Industrial Development Corporation Ltd for the valuable
 Guidance and support extended to the Company, and last but not the
 least the employees of the company for their co-operation and efforts
 during this critical period.
 
                          On behalf of the Board of Directors
 
                             M.VENKATESWARA RAO         PLMUTHU
  
 Place: Chennai              Director                 Managing Director.
 
 Date:.  18.09.2009
स्रोत: रेलीगरे टेचनोवा

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