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मॉडर्न सिटेक्स (इंडिया) निदेशकों की रिपोर्ट, मॉडर्न सिटेक्स (इंडिया) निर्देशकों द्वारा रिपोर्ट

मॉडर्न सिटेक्स (इंडिया)

बीएसई: 500281  |  NSE: MODRNSYNTX  |  ISIN:  |  Textiles - Synthetic & Silk

खोजें मॉडर्न सिटेक्स (इंडिया) कनेक्शन Mar 13
निदेशकों की रिपोर्ट वर्षांत : Mar '14
The Members,
 
 The Directors present to you the Annual Report and Audited Statement
 of Accounts for the year ended 31st March, 2014.
 
 1.  FINANCIAL RESULTS                                  (Rs. in crores)
 
                                              2013-14        2012-13
 
 Net Profit / (Loss) for the year             (21.89)        (21.95)
 
 2.  OPERATIONS
 
 The year under review was highly volatile for the polyester industry
 and witnessed extreme pressures both on top as well as bottom lines.
 The increase in power cost for exorbitant increase in crude oil price
 resulted in huge increase in cost of production. The Polyester industry
 in India particularly has been suffering for incessant capacity
 additions in past few years in a market which was already over
 supplied. It has put pressure on the profitability of your company too
 during the year under review.
 
 During the year under review turnover of your Company is Rs. 91 crores as
 compared to the turnover ofRs. 385 crores in the previous year. Your
 company is able to reduce its net loss during the year under review
 despite low turnover due to POY division remained closed for full year
 and working of only DTY section with adverse market conditions and
 global recession. The net loss during the year under review is Rs. 21.89
 crores compared to the net loss ofRs. 21.95 crores in the previous year.
 Your Company is relentlessly putting all its efforts to reduce the cost
 and improve the operating margins but the profit of the company is
 still negative. In view of accumulated losses, your directors are
 unable to declare any dividend for the year under review.
 
 3.  EXPORTS
 
 The worldwide recessionary trend prevailing in the global synthetic
 textile market adversely affected the exports of POY/PFY from the
 country. Despite of high volatility in the international market
 spreading over the year under review, the Company has achieved exports
 of about Rs. 27 crores during the year under review compared to the
 exports ofRs.  36 crores in the previous year. Your Company is making all
 fee efforts to explore the new markets and improve its market position
 in the globe.
 
 4.  RESTRUCTURING OF DEBTS AND SANCTION OF REVIVAL SCHEME BY HON''BLE
 BIFR
 
 The Company is making continuous efforts for restructuring / settlement
 of remaining dues. The Draft Rehabilitation Scheme submitted to the
 Hon''ble BIFR with copy to Operating Agency (IFCI) in February, 2013 is
 under examination with the Operating Agency and onward submission to
 Hon''ble BIFR for circulation and sanction.
 
 5.  PUBLIC FIXED DEPOSITS
 
 In view of the petition filed by the Company, the Hon''ble Company Law
 Board had passed an order on 23.1.2002 that, The repayment of Public
 fixed deposits shall be made by the company in accordance with the
 revival scheme as and when approved by the BIFR under the provisions
 of SICA. However payments on compassionate grounds are being made
 continuously by the Company as per the decision of the committee formed
 by Hon''ble CLB for this purpose.
 
 6.  DIRECTORS
 
 During the year under review, BIFR has withdrawn the nomination of Shri
 P.P. Malhotra as a Special Director of the company and nominated Shri
 Arun Chadha in his place as a Special Director of the Company. The
 Board welcomes Shri Arun Chadha and places on record its appreciation
 for the valuable contribution given by P.P.  Malhotra during their
 tenure as Special Director of the Company.  Shri H. L. Sharma is liable
 to retire by rotation and being eligible, offers himself for
 re-appointment.
 
 In compliance with the provision of Section 149 and other applicable
 provisions of the Companies Act, 2013, Shri Niraj Rathore and Shri R.
 Venugopal, Directors of the Company are proposed to be appointed as
 Independent Directors of the Company for five consecutive years for a
 term upto March 31, 2019. Appropriate resolutions for the
 appointment/re-appointment of the aforesaid Directors are being moved
 at the ensuing Annual General Meeting, which the Board recommends for
 your approval.
 
 7.  AUDITORS
 
 M/s. T. R. Chadha & Co., Chartered Accountants, Statutory Auditors of
 the Company retires at the forthcoming Annual General Meeting.  Your
 Directors recommend their re-appointment to audit the accounts of the
 Company. As required under the provision of the Section 139 of the
 Companies Act, 2013 the company has obtained written confirmation from
 M/s. T. R. Chadha & Co. that their appointment, if made, would be in
 conformity with the limits specified in the said section. The
 observations made by the Auditors are self explanatory and have been
 dealt with in the notes forming part of the financial statements and
 hence need no further clarifications.
 
 8.  INDUSTRIAL RELATIONS & PARTICULARS OF EMPLOYEES
 
 Your Directors sincerely appreciate the workers, staff and officers for
 putting their best efforts. The Company has enjoyed healthy and cordial
 industrial relations throughout the year except the workers in the POY
 section created labor unrest and the company has declared lock out in
 its POY Divission form 15th November, 2012. There is no employee
 getting remuneration as prescribed under Section 217 (2A) of the
 Companies Act, 1956 read with Companies (Particulars of Employees)
 Rules, 1975 as amended.
 
 9.  DIRECTORS'' RESPONSIBILITY STATEMENT
 
 Pursuant to sub-section (2AA) of Section 217 of the Companies Act,
 1956, the Board of Directors of the Company hereby state and confirm
 that:
 
 (i) in the preparation of the Annual Accounts, the applicable
 accounting standards read with notes on accounts have been followed
 along with proper explanation relating to material departures;
 
 (ii) 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 a true and fair view of the state of affairs
 of the Company at the end of the financial year and of the profit or
 loss of the Company of the year under review;
 
 (iii) 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 for detecting fraud and other
 irregularities;
 
 (iv) the Directors have prepared the annual accounts on a going concern
 basis.
 
 10.  PARTICULARS OF ENERGY CONSERVATION- TECHNOLOGY ABSORPTION AND
 FOREIGN EXCHNAGE QVTGQ
 
 The statement of particulars relating to energy conservation,
 technology absorption and foreign exchange earnings and outgo as
 required in accordance with Section 217 (1) (e) of the Companies Act,
 1956 read with Rule 2 (A), 2 (B) and 2 (C) of the Companies
 (Disclosures of particulars in the report of Board of Directors) Rules,
 1988 is annexed hereto and forms part of this report.
 
 11.  CONSTITUTION OF AUDIT COMMITTEE
 
 The Board of Directors has constituted the Audit Committee of Directors
 to exercise powers and discharge functions as stipulated in Section 177
 of the Companies Act, 2013. The present Audit Committee consists of
 member directors as follows:-
 
 Shri Niraj Rathore (Independent Director) - Chairman Shri R. Venugopal
 (Independent Director) Shri H.L. Sharma (Non-Executive Director)
 
 12.  ACKNOWLEDGEMENTS
 
 Yours Directors would like to express their appreciation for the
 assistance and co-operation received from the Financial Institutions,
 Government Authorities, Employees, Customers and Shareholders during
 the year under review. Your Directors also appreciate the dedication
 and efforts of executives, staff and workers of the Company.
 
                                       ON BEHALF OF THE BOARD
 Place: Mumbai                              (KAMALRANKA)
 Date: 27th June, 2014              Chairman & Managing Director
 
 
 
 
 
स्रोत: रेलीगरे टेचनोवा

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