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निवास स्पिनिंग मिल्स निदेशकों की रिपोर्ट, निवास स्पिनिंग मिल्स निर्देशकों द्वारा रिपोर्ट

निवास स्पिनिंग मिल्स

बीएसई: 521009  |  NSE: N.A  |  ISIN:  |  Textiles - Spinning - Cotton Blended

खोजें निवास स्पिनिंग मिल्स कनेक्शन Mar 13
निदेशकों की रिपोर्ट वर्षांत : Mar '14
To the Members
 
 The Directors of the Company have pleasure in presenting the THIRTIETH
 Annual Report together with the Audited Statements of Accounts for the
 Company''s Financial Year ended on 31st March, 2014
 
 1. OPERATIONAL RESULTS / CURRENT WORKING:
 
 The sale during the year under report is Rs. 705.10 Lacs, the profit
 before interest, depreciation is decreased compared to previous year.
 It is due to shortage of working capital, adverse impact of un-certain
 government policies, export policies and international market
 un-certainty. So also, sudden steady upward / downward revision in
 cotton prices, disturbed the overall situation of textile industry.
 However, due to corrective measures taken by the management the company
 succeeded to minimize its losses.
 
 FINANCIAL HIGHLIGHTS                                (Amt in Lacs)
 
                                             Current         Previous
                                             Period          Period
                                             2013-14         2012-13
 
 Sales                                        705.10         1416.03
 
 Other Income                                  13.18           36.82
 
 Total Income                                 718.28         1452.85
 
 Profit/(Loss) before interest 
 depreciation, exceptional item
 & tax                                          6.84          104.38
 
 Less : * Financial Cost                       85.33           69.20
 
 * Depreciation                                82.57           97.17
 
 Profit/(Loss) before
 exceptional items & taxes                  (161.06)         (61.99)
 
 Less:Exceptional items (Net)                   Nil             Nil
 
 Profit/fLoss) before tax (A)                 161.06           61.99
 
 Tax Provision                                   Nil             Nil
 
 Profit/(Loss) after tax                      161.06           61.99 
 
 Profit/(Loss) from discon-
 tinuing Operations                               --         5026.73
 
 Tax expense of discontinu-
 inq operations                                   --         (10.18)
 
 Profit/(Loss) from Discon-
 tinuinq operations (B)                           --         5016.55
 
 Net Profit/(Loss) for the
 period (C) = (A)   (B)                      (161.06)        4954.55
 
 
 - Debt Restructuring:
 
 The major debts of the Company are crystallized and settled. Over the
 year the Company has paid large amount towards past debt liabilities
 and remaining debts are being paid in accordance with the restructured
 terms
 
 - Reference to BIFR and it''s registration:
 
 The Company is registered with BIFR. Hon''ble Board has declared the
 Company as a Sick Industrial Company in terms of section 3(1) (o) of
 SICA and appointed Bank of India as the Operating Agency. Preparation
 of Draft Rehabilitation Scheme (DRS) is under process.
 
 3.  DIVIDEND:
 
 The Directors not recommended any dividend for the period ended 31st
 March, 2014.
 
 4.  AUDITOR''S REPORT:
 
 The Board states that the Company is a sick company.  The necessary
 steps / actions are being taken to approve the Rehabilitation Scheme.
 As the settlements with lenders are already made, no interest is
 provided on Secured Loans. The Directors are taking appropriate steps
 for obtaining formal de- listing letters from Ahmedabad & Pune Stock
 Exchanges. The Company has already made an application to NSDL & CDSL
 for dematerialization of Company''s listed securities. However response
 yet to come from CDSL / NSDL for Dematerialization.
 
 The other comments, if any of Auditors are dealt with by the notes on
 accounts which are self- explanatory.  Wherever required, the
 explanation is given in the notes on accounts.
 
 5.  DIRECTORS:
 
 Mr. A. V. Jaju, Director of the Company, retires by rotation and being
 eligible, offers himself for re- appointment.
 
 - Directors responsibility statement:
 
 Pursuant to the requirement under Section 217 (2AA) of the Companies
 Act, 1956 with respect to Directors Responsibility Statement, it is
 hereby confirmed;
 
 i) that in the preparation of the annual accounts for the financial
 year ended 31st March, 2014, the applicable accounting standards had
 been followed along with proper explanation relating to material
 departures;
 
 ii) that the directors had 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 for the year under review;
 
 iii) that the directors had 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 had prepared the accounts for the financial year
 ended 31-03-2014 on a on-going concern basis.
 
 6.  CORPORATE GOVERNANCE:
 
 The Report on Corporate Governance and Management''s Discussion &
 Analysis Report, in terms of Clause 49 of the Listing Agreement, are
 annexed and form part of the Annual Report.
 
 7.  PARTICULARS OF EMPLOYEES:
 
 There are no employees drawing such remuneration as requiring
 disclosure under section 217 (2A), as amended, of the Companies Act,
 1956 read with Companies (Particulars of employees) Rules, 1975.
 
 8.  INSURANCE:
 
 The Company has taken adequate insurance cover the assets.
 
 9.  FIXED DEPOSITS:
 
 The Company has not raised any deposits from the public.
 
 10.  ADDITIONAL INFORMATION:
 
 Additional information required to be disclosed in terms of
 Notification No. 1029 dated 31/12/88 issued by the Department of
 Company Affairs is annexed hereto about Conservation of Energy etc.
 There are no foreign exchange earnings and outgo during the year.
 
 11.  AUDITORS:
 
 The retiring auditors M/s. B M Gattani & Co., Chartered Accountants,
 Mumbai, are eligible for re-appointment. You are requested to appoint
 the Auditors of the Company.
 
 12 COST AUDITORS:
 
 As directed by the Audit Branch, Ministry of Law, Justice & Company
 Affiars, New Delhi vide its order 52/26/CAB/2010 dated 24/01/2012 and
 in pursuance of clause (d), sub clause (i) of Section 29 of the
 Companies Act, 1956, M/s T. M. Rathi of Mumbai was appointed as the
 Cost Auditor to conduct the Cost Audit for the year 2013-14.
 
 The Company has appointed M/s T. M. Rathi, Mumbai as Cost Auditors for
 the financial year 2014-15.
 
 13. ACKNOWLEDGEMENT:
 
 The Directors wish to place on record their sincere appreciation to the
 Company''s employees at all levels for their dedication & hard-work and
 also to the Bankers / Institutions who have actively lent their support
 to the Company. The Director also express their gratitude to the
 Shareholders for their continued co-operation and support
 
                                  For & on behalf of the Board, 
 
 PLACE : SOLAPUR
 DATED : 28-05-2014                      (R.  J Jaju)
                                           Chairman
 
स्रोत: रेलीगरे टेचनोवा

न्यूज़ फ़्लैश

  • MARKET CUES : FIIs ने कैश में `585 Cr की खरीदारी की
  • MARKET CUES : DIIs ने कैश में `890 Cr की बिकवाली की
  • MARKET CUES : FIIs ने F&O में `483 Cr की बिकवाली की
  • MARKET CUES : इंडेक्स फ्यूचर्स में `172 Cr की बिकवाली की
  • MARKET CUES : इंडेक्स ऑप्शंस में `151 Cr की खरीदारी की
  • MARKET CUES : स्टॉक फ्यूचर्स में `388 Cr की बिकवाली की
  • CS ON BHEL : Outperform रेटिंग, लक्ष्य `88/Sh
  • CS ON CADILA HEALTH : Neutral रेटिंग, लक्ष्य `251/Sh
  • CS ON PIDILITE IND : Underperform रेटिंग, लक्ष्य `1245/Sh
  • MACQUARIE ON BHEL : Neutral रेटिंग, लक्ष्य घटाकर `58/Sh

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