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सेंचुरी प्रोटिंस निदेशकों की रिपोर्ट, सेंचुरी प्रोटिंस निर्देशकों द्वारा रिपोर्ट

सेंचुरी प्रोटिंस

बीएसई: 519399  |  NSE: N.A  |  ISIN:  |  Vanaspati & Oils

खोजें सेंचुरी प्रोटिंस कनेक्शन
निदेशकों की रिपोर्ट वर्षांत : Mar '00
 The Directors hereby submit the Seventh Annual Report and the Audited
 Accounts for the year ended March 31, 2000.
 
 FINANCIAL RESULTS
 
                                    For the year           For the year
                                  ended 31.03.2000       ended 31.03.1999
 
 Net Sales                                -                       -
 
 Other Income                             -                      1.41
 
 Increase in Stock                        -                       -
 
 Total Income                             -                      1.41
 
 Total Expenditure                      11.94                  357.81
 
 Gross Profit after Interest, but
 before Depreciation                 (-)11.94               (-)356.40
 
 Depreciation & Amortisation            79.89                   80.14
 
 Provisions for Taxation                  -                       -
 
 Net Profit/Loss                     (-)91.83               (-)436.54
 
 Paid up Equity Share Capital          756.00                  756.00
 
 Surplus / Deficit Brought
 Forward                           (-)1387.39               (-)950.85
 
 Surplus/Deficit Transferred to
 Balance Sheet                     (-)1479.22              (-)1387.39
 
 
 The operation of the Company has been closed in November, 1997 and
 since then operation has not resumed.  Therefore there is no sale
 during the year under review.
 
 The Company has been declared sick company by the Board for Industrial
 and Financial Reconstruction (BIFR) at the hearing held on 8th
 September, 1998.  The Revival Scheme was submitted with the operating
 Agency on 16th August, 1999 with a copy to BIFR and as well other
 secured creditors.  On 12th October, 1999 the company had a joint
 meeting with the Operating Agency as well with other secured creditors
 at Chandigarh.  The operating agency submitted summary proceedings of
 the Joint Meeting held on 12th October, 1999 to the Hon'ble Bench-1 on
 20th October, 1999 and copy of the same to all the concerned.  The
 Operating Agency in its report submitted that the Company had no
 workable revival proposal to offer & the Project had become totally
 non-viable under reliefs and concessions per RBI parameters and one
 time settlement of dues of secured creditors by induction of some
 resourceful party appeared to be only viable alternative for revival of
 CPL.
 
 There was another hearing which was held on 17/12/1999 before the
 Hon'ble Bench-1, BIFR.  The Hon'ble Bench-1 gave certain directors
 which was to be complied by the Company as well as by operating agency
 which inter-alia include i) OA would issue advertisement in leading
 newspapers within two weeks inviting offer for takeover/leasing etc.
 for rehabilitation, with or without OTS of the dues of FIs and Banks
 ii) OA would prepare a profile of the Company based on the details
 available with them and would prepare list of inventories and make the
 same available to the interested bidders etc.
 
 The Company received a copy of order dated 18/04/2000 from the Bench-1,
 BIFR the Bench opined that the Company is not likely to become viable
 on a long term basis and hence it is just, equitable and in public
 interest that it be wound up u/s 20(1) of the Act, Alongwith the order
 a show cause notice dated 19/04/2000 has also been received wherein its
 was asked to submit suggestion/objection if any, with supporting
 documents.  The Bench-1 fixed the hearing for 23/06/2000.  At the
 hearing held on 23/06/2000, the Hon'ble Bench-1 on consideration of the
 facts of the case and the submission came to the conclusion that M/s
 Century Proteins Limited is not likely to make its net worth exceed its
 accumulated losses with a reasonable time while meeting all its
 financial obligations and that the company as result thereof is not
 likely to become viable in future and hence it is just, equitable and
 in public interest that it should be wound up u/s 20(1) of the Act.
 The Director strongly requested the Hon'ble bench-1 to give some more
 time for the re-submission of re-habilitation scheme which was not
 acceded to.
 
 The Haryana Agro Industries has raised the dispute against the company
 and directors which is pending before the arbitrator for adjudication.
 
 The Haryana State Industrial Development Corporation has also raised
 the dispute against company which is still to be recommended to the
 Arbitrator.
 
 DIRECTORS
 
 Sh. Rakesh Goel, retires by rotation and being eligible offers himself
 for reappointment.  The term of Sh. Rakesh Goel has expired on
 27.08.2000 as Managing Director of the company, but he will remain as
 Director of the Company.
 
 During the year under review Haryana Agro Industries Corporation
 Limited has nominated Sh. S.S. Dhillon, IAS Managing Director (HAIC) as
 Nominee Director on the Board of the Company in place of Smt. Jyoti
 Arora, IAS and Shri Krishan Kumar, IAS Managing Director (HAIC) has
 been nominated as Nominee Director in place of Shri S.S. Dhillon, IAS.
 
 The Industrial Finance Corporation of India Limited (IFCI) has
 nominated Shri A.K. Sharma, Dy. General Manager (Law) on the Board of
 the Company in place Late Shri B.K. Gupta.
 
 During the year under review Shri C.D. Ananad was inducted in the Board
 of the Company as Nominee Director of the Board for Industrial &
 Financial Reconstruction (BIFR).
 
 The tenure of Mr. Harbans Lal Malik as whole time director expired on
 24/08/2000.  The Board recommend his re-appointment as Whole Time
 Director for a further period of three years w.e.f. 25/08/2000.
 
 AUDITOR'S REMARKS
 
 Observation made by Auditors in their report are self explanatory.
 
 PARTICULARS OF EMPLOYEES
 
 None of the employees, employed throughout the financial year under
 review, was in receipt of an aggregate remuneration of Rs. 3,00,000 per
 annum or more.  Similarly no employee of the Company, employed for a
 part of the financial year, received remuneration Rs. 25,000 per month
 or more.  Hence, the details under Section 217(2A) of the Companies
 Act, 1956 is not required.
 
 CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
 EARNINGS AND OUTGO
 
 Information regarding conservation of Energy, Technology and Foreign
 Earning and outgo required under Section 217(1)(e) of the Companies
 Act, 1956 are annexed as annexure-I and form part of this Report.
 
 FIXED DEPOSITS
 
 During the year under review the company has not raised any money by
 way of Fixed Deposits under Section 58A of the Companies Act, 1956.
 
 TECHNOLOGY ABSORPTION
 
 Since there is no operation since last three year, consequently there
 is no technology absorption.
 
 RESEARCH & DEVELOPMENT
 
 During the year under review there is no operation hence no separate
 account for research & development expenditure is made.
 
 ANNEXURE-III
 
 FOREIGN EXCHANGE EARNINGS & OUTGO
 
 The Company has not involved itself in any transaction involving
 foreign exchange.
स्रोत: रेलीगरे टेचनोवा

न्यूज़ फ़्लैश

  • MARKET CUES : FIIs ने कैश में `1116.79 Cr की बिकवाली की
  • MARKET CUES : DIIs ने कैश में `450.36 Cr की बिकवाली की
  • MARKET CUES : FIIs ने F&O में `58.91 Cr की खरीदारी की
  • MARKET CUES : इंडेक्स फ्यूचर्स में `1197.47 Cr की बिकवाली
  • MARKET CUES : इंडेक्स ऑप्शंस में `1280 Cr की खरीदारी
  • MARKET CUES : स्टॉक फ्यूचर्स में `22.75 Cr की बिकवाली
  • MARKET CUES : स्टॉक ऑप्शंस में `1.60 Cr की बिकवाली
  • CS ON AUROBINDO PHARMA : रेटिंग Neutral से घटाकर Underperform
  • CS ON AUROBINDO PHARMA : लक्ष्य `450/Sh से घटाकर `345/Sh
  • HSBC ON BAJAJ FIN : BUY रेटिंग, लक्ष्य `4,860 से घटाकर `3,750/Sh

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