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साउदर्न फ्यूल्स निदेशकों की रिपोर्ट, साउदर्न फ्यूल्स निर्देशकों द्वारा रिपोर्ट

साउदर्न फ्यूल्स

बीएसई: 526767  |  NSE: N.A  |  ISIN:  |  Mining & Minerals

खोजें साउदर्न फ्यूल्स कनेक्शन Mar 12
निदेशकों की रिपोर्ट वर्षांत : Mar '14
Dear Members
 
 The Directors have great pleasure in presenting the Twenty First
 Annual Report together with Audited Accounts of the Company for the
 year ended 31st March, 2014 FINANCIAL RESULTS:
 
 The financial results of the Company for the year under review are
 furnished below:
 
 Particulars                                         ( Rupees in Lakhs )
 
                                          31.03.2014          31.03.2013
 
 Operating Profit / (Loss) before             (9.27)             (81.57)
 interest and depreciation
 
 Less: Interest                                 0.09               63.93
 
 Gross Profit / (Loss)                         (9.36)           (145.50)
 
 Less: Depreciation                             25.83              27.97
 
 Less Provision for Taxation
 
                                                (2.03)            (1.80)
 
 Net Profit / (Loss) for the year              (33.15)          (171.67)
 
 Amount Brought forward from previous year
                                              (504.20)          (332.53)
 
 Amount carried over to Balance Sheet         (537.35)          (504.20)
 
 DIVIDEND:
 
 The Directors of the Company have not recommended any dividend due to
 loss.
 
 REVIEW OF OPERATION:
 
 The Company has completely stopped the operation and there was no
 revenue during the current financial year. The Company has incurred a
 loss of Rs. 33.15 lakhs as against loss of Rs.1.72 Crores in the
 previous year. As reported earlier the Company''s plant has been closed
 from November 2011 due to scarcity of the raw material coupled with
 raise in coking coal price fueled with sluggish demand.
 
 Due to financial constraint,the company has not entered into e-votine
 asreement/s and hence e-voting facility and postal ballot facility is
 not provided to the shareholders.
 
 OPEN OFFER AND FUTURE PROSPECTS:
 
 The Company is in the process of mitigating its loss by opting out
 various options including the sale of undertaking. As such the present
 promoters (Shivamani Group) made an attempt to dispose their
 shareholding and executed an agreement with Mr. Ramesh Kumar Sharma and
 Mrs. Kaushal Sharma on 16th November 2012. Accordingly the Acquirers
 made an Open Offer in terms of SEBI (Substantial Acquisition of Shares
 and Takeovers) Regulations, 2011 (SAST, 2011). The Open Offer was made
 on behalf of the Acquirers from April 29, 2013 till May 13, 2013. The
 Open Offer under the Take over Regualtions was completed on May 13,
 2013. The Acquirers has gone back on their commitments and hence the
 Takeover process could not be completed.
 
 PUBLIC DEPOSITS:
 
 The Company has not accepted any deposits from the public during the
 year.
 
 REGISTERED OFFICE:
 
 The Registered office of the Company has been shifted from 187A,
 Mettupalayam Road, Kavandampalayam, Coimbatore  641 030 to SF No
 108/2, Saravanampetty Road, Vellakinar Coimbatore  641 029 with
 effect from 29.01.2014.
 
 DIRECTORS:
 
 In accordance with the provisions of the companies Act, 1956, Sri
 P.Parthiban and Sri.M.Karuppasamy, Director of the Company retires by
 rotation at the ensuing Annual General Meeting and being eligible,
 offers themselves for reappointment. The Directors recommend their
 appointment. The details as required under clause 49 of the listing
 Agreement is attached.
 
 AUDITORS:
 
 Your Company''s Auditors M/s. Rajan Sankar & Co., Chartered Accountants,
 Coimbatore retire at the ensuing Annual General Meeting and they are
 eligible for re- appointment.
 
 COMPANY SECRETARY:
 
 In view of huge loss, the Company was not in a position to appoint a
 Company Secretary.
 
 COMPLIANCE CERTIFICATE:
 
 The Compliance Certificate obtained from a Practising Company Secretary
 as required under Section 383A of the Companies Act, 1956 and Cost
 Accountant are enclosed.
 
 PARTICULARS OF EMPLOYEES:
 
 In accordance with Section 217(2A) of the Companies Act, 1956, read
 with Companies (Particulars of Employees) Rules 1975, as amended, the
 names and other particulars of the employees of the Company who are in
 receipt of remuneration of not less than Rs.60 Lakhs per annum and
 Rs.5,00,000/- per month is Nil.
 
 CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS
 AND OUTGO:
 
 Particulars required under section 217 (1) (e) of the Companies Act,
 1956.
 
 During the year under review the Company has not resorted to
 absorption/up gradation of new technology in regard to energy
 conservation
 
 Foreign Exchange earned: Nil
 
 Foreign Exchange used : Nil
 
 DIRECTORS'' RESPONSIBILITY STATEMENT:
 
 In terms of the provisions of Section 217 (2AA) of the Companies Act,
 1956, your Directors confirm:
 
 a.  that in the preparation of annual accounts, the applicable
 accounting standards had been followed along with proper explanation
 relating to material departures;
 
 b.  that your Directors had 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 Company at the end of the financial year and of the
 profit of the Company for that period;
 
 c.  that your Directors had taken proper and sufficient care for the
 maintenance of adequate accounting records in detecting fraud and other
 irregularities;
 
 d.  that your Directors had prepared the annual accounts on a going
 concern basis.
 
 CORPORATE GOVERNANCE:
 
 A separate report on Corporate Governance, Management Discussion and
 Analysis and a certificate from the Auditors of the Company regarding
 compliance of Corporate Governance as stipulated Under Clause 49 of the
 Listing Agreement form part of the Annual Report.
 
 LISTING:
 
 The equity shares of the Company are listed in Bombay Stock Exchange
 But trading in the share of this Company was suspended during the
 period when a rehabilitation process was taken up by BIFR The listing
 agreement stipulates that in consideration of listing by the Stock
 Exchange the company is agreed to comply with all the requirements
 under the agreement. The listing of securities of the Company would be
 complete when the securities of the Company are allowed to be traded in
 the Stock Exchange The trading in the share of this Company was
 suspended during the period when a rehabilitation process was taken up
 by BIFR After the rehabilitation scheme was framed by the BIFR
 application for revocation of suspension in trading in shares of
 Company was duly made in April ,2010 to the Bombay Stock Exchange. The
 company had also complied with all the requirements of the listing
 agreement including the past data and information as directed by the
 Exchange. However even after a lapse of two years there is no response
 from the Exchange. Under this circumstance it was opinioned that there
 is no point in complying with the conditions of the Listing Agreement
 when the securities of the Company are not allowed to be traded in the
 Exchange and in effect that the listing of our securities has not been
 complete and the annual listing fee also was not paid to Bombay Stock
 Exchange from the financial year 2012-13 and 2013 - 14. Therefore it
 was decided to comply with the conditions of the listing agreement as
 soon as the suspension on trading in our shares is revoked and
 accordingly the Exchange was informed
 
 Members have option to hold their shares in dematerialized form through
 the National Securities Depositary Limited (NSDL) and Central
 Depositary Services (India) Limited (CDSL). The ISIN of the Company is
 INE261K01019 ENVIRONMENT AND SAFETY:
 
 The Company has taken various steps to attain high level of safety in
 its factory and we are happy to inform that there was no untoward
 incident during the year under consideration. Strict measures were taken
 to keep the environment clean and free from Pollution.
 
 ACKNOWLEDGEMENT:
 
 Your Directors wish to express their sincere thanks for the valuable
 co-operation and assistance extended by Government Authorities,
 Bankers, Tamilnadu Electricity Board, shareholders, consumers and
 suppliers. They also wish to place on record their appreciation for the
 hard work and dedicated service put in by the employees at all levels.
 
                                          For and on behalf of the Board
 
 Place: Coimbatore                                       CV Kaleesswaran
 Date: 30.05.2014                         Chairman cum Managing Director
 
 
 
 
 
 
 
 
स्रोत: रेलीगरे टेचनोवा

न्यूज़ फ़्लैश

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