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विकाश मेटल एंड पावर

बीएसई: 532677  |  NSE: VIKASHMET  |  ISIN: INE158H01013  |  Steel - Sponge Iron

खोजें विकाश मेटल एंड पावर कनेक्शन Jun 12
निदेशकों की रिपोर्ट वर्षांत : Mar '13
Dear Shareholders,
 The Directors place before you the 17th Annual Report on the business
 and operations of your company together with the Audited Accounts for
 the period ended 31st March, 2013.
 Financial and Performance Review                           Rs. in lacs
 Particulars                                     2012-13        2011-12
 Sales (Net of Excise Duty)                          ---       47622.09
 Other Income                                     527.42        1570.78
 Total Income                                     527.42       49192.88
 Less: Total Expenses                           (4325.02)     (62846.12)
 Profit before Depreciation, Interest & Tax     (3797.60)     (13653.24)
 Less: Interest                                  (264.61)      (3277.33)
 Depreciation                                    (528.70)      (1014.64)
 Profit before Tax                              (4590.91)     (17945.21)
 Less: Provision for Current Tax                     ---         (32.41)
 Provision for Deferred Tax                          ---        1912.77
 Deferred MAT credit entitlement                     ---            ---
 Profit after Tax                               (4590.91      (16064.85)
 Less: Income Tax for earlier years                  ---            ---
 Add: Profit brought forward from
 Previous year                                 (12225.87)       3838.98
 Profit available for appropriation            (16816.78)     (12225.87)
 Proposed Dividend on Equity Shares                  ---            ---
 Corporate Tax on Dividend                           ---            ---
 Balance carried to Balance Sheet              (16816.78)     (12225.87) 
 **Note: The Company extended the previous financial year 2011 -12 from
 twelve months to fifteen months (i.e. from 31-3-2011 to 30-6-2012). As
 such, the current financial year 2012-13 is for nine months (i.e. from
 01.07.2012 to 31.03.2013) instead of twelve months.
 Board for Industrial & Financial Re- Construction (BIFR):
 On account of losses incurred in the last financial year and also with
 the carried forward losses of the earlier years, the entire net worth
 of the Company was eroded at the end of the period on 30th June, 2012.
 Therefore, under the provisions of Sick Industrial Companies (Special
 Provisions) Act, 1985 (SICA) the company with the approval of its
 shareholders made a reference to the Board for Industrial & Financial
 Re-construction (BIFR) under BIFR reference No 59/2012.
 The matter is pending before the board. If an order declaring the
 Company as Sick Industrial Company is passed, BIFR will appoint an
 Operating Agency to examine and recommend the measures for revival of
 the Sick Company. The management is taking all possible steps for
 revival of the Unit at the earliest.
 Industry Structure, Developments, Opportunities, Threats, Risks and
 Concerns and Future Outlook
 As reported above, if BIFR declares the unit as Sick Industrial Unit,
 all the necessary measures recommended for revival of the Company will
 be implemented to revive the unit as soon as possible.
 We are optimistic and have confidence that we will be able to regain
 our position and will again be able to compete in the market.  We are
 in the process of starting the operation as soon as possible. At this
 juncture, we need the support of all of our stakeholders as Self
 Believe and Standing Together can do wonders and make the future of
 the company bright.
 Since, the operation of the company are suspended since 2011 and till
 the time the BIFR revival proposal is recommended and the operation
 resumes, information regarding the industrial developments,
 opportunities and threats and the risk concerns are un-warranted.
 Your directors do not recommend any dividend for the year ended
 In accordance with the requirements of the Companies Act, 1956, and
 Articles of Association of the Company Mr. Vimal Kumar Patni, Director
 and Mr. Chattar Singh Dugar, Director of your Company, would retire by
 rotation at the ensuing Annual General Meeting and, being eligible,
 offers themselves for reappointment.
 Mr. Vikash Patni, Managing Director of the Company, whose terms of
 appointment expired on 31st March, 2013 has been reappointed by the
 Board of Directors for a further period of three years w.e.f. 1st
 April, 2013, subject to the approval of the shareholders in the ensuing
 Annual General Meeting.
 Statutory Disclosure
 None of the Directors of the Company are disqualified as per the
 provisions of Section 274(1)(g) of the Companies Act, 1956. All the
 Directors have made the necessary disclosures as required under various
 provisions of the Companies Act, 1956 and Clause 49 of the Listing
 Particulars of employees:
 The Company had no employee during the year under review, who was in
 receipt of remuneration in excess of the limit specified under section
 217(2A) of the Companies Act, 1956, read with Companies (Particulars of
 Employees) Amendment Rules, 2011.
 Energy conservation, technology absorption and foreign exchange earning
 and outgo:
 As the company does not have manufacturing operation during the year
 under review, the particulars as per the Companies (Disclosure of
 Particulars in the Report of the Board of Directors) Rules, 1998
 regarding conservation of energy and technology absorption are not
 applicable. There being no foreign exchange earning and outgo during
 the year under review.
 Auditors & auditors'' report
 On 07.02.2013, the company had received a letter from the company''s
 auditors M/s. Rakesh Singh & Co. stating that the name of the firm
 stands changed to M/s. V R SAARP & Co which was recorded and necessary
 amendments in their appointment letter was made on 15.2.2013.
 The Auditor in the Auditors'' Report has given certain qualified
 opinions on the basis of their judgments and opinion. The management
 wants to respond on the qualification indicated by the Auditor in the
 Auditors Reports as follows:- a) Yes, all operations of the Company are
 suspended since October'' 2011 and there were no commercial production
 or transactions carried out during the period. We were unable to put
 the robbery affected plant and machineries for repair or replacement as
 we had applied to BIFR for financial aid and support
 b) Numerous important documents relating to the operations of the
 Company went missing during robbery and we are still under process to
 recreate the missing documents with dedication and to revive the
 important papers.
 c) We confirm that the company has significant liabilities towards its
 bankers, statutory department and others. The Company has made
 reference to Board for Industrial and Financial Reconstruction under
 reference no 59/2012 and the Company is expecting support from BIFR and
 all the above referred parties are parties to BIFR in which we will
 seek installments payments, waiver of interest and other charges from
 them to cut the extra burden on the company.
 d) We are in the process of ascertaining the impairment loss, which is
 required to be provided for in accordance with the requirement of
 mandatory Accounting standard-28 Impairment of Assets issued by ICAI.
 However, as mentioned, we are in the process of recreating several
 documents which would be required to complete the process.
 Fixed deposit
 The Company has not accepted deposits within the meaning of section 58A
 of the Act and the rules made thereunder.
 Directors'' responsibility statement
 Pursuant to section 217 (2AA) of the Companies Act, 1956, the Board of
 Directors of the Company hereby state and confirm that:
 a) In preparation of statement of accounts for the financial year under
 review, the applicable Accounting Standards have been followed and in
 case of deviations there from, proper explanations relating thereto
 have been given in the notes forming part thereof.
 b) Accounting Policies selected have been applied consistently and
 judgments and estimates made are reasonable and prudent as they give
 true and fair state of affairs of the Company at the end of the
 financial year under review and of the profit of the Company for that
 c) Proper and sufficient care has been taken 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.
 d) Annual Accounts have been prepared on a going concern basis.
 Corporate governance/internal control system
 Your Company continues to be committed to good Corporate Governance
 aligned with the good practices. Your Company is in compliance with the
 standards set out by clause 49 of the Listing Agreement with the Stock
 Exchanges. A detailed report on Corporate Governance compliance duly
 certified by the Company''s Statutory Auditors forms part of this report
 as Annexure ''A''.
 Your Company has in place adequate systems of internal control
 commensurate with its size and the nature of its operations. The
 Company has an Audit Committee which actively reviews the adequacy and
 effectiveness of Internal control systems and suggest improvements for
 strengthening them from time to time.
 Segment wise/product wise performance
 Your Company is engaged mainly in the manufacturing and selling of Iron
 and steel products. Thus, the company primarily operates in one
 reportable segment i.e., Iron and steel and all products manufactures
 fall under this segment. The company also generates power from its
 captive power plant which is entirely consumed in its manufacturing
 unit. However, during the year under review, there was no manufacturing
 operation took place.
 Person constituting group coming within the definition of group for
 the purpose of Regulation 3(1)(e) of the Securities and Exchange Board
 of India (Substantial Acquisition of Shares and Takeovers) Regulations,
 1997, include the following: S. No. Name of the Person/Entity S.No.
 Name of the Person/ Entity
 1.  Vimal Kumar Patni 7.  Rajesh Patni
 2.  Prem Lata Patni 8.  Brahmand Udyog Limited
 3.  Vikash Patni 9.  Sahyogi Distributors Limited
 4.  Sunita Patni 10.  Unilever Enterprises Limited
 5.  Akkash Patni 11.  Swami Vinimay Limited
 6.  Sangeeta Patni 12.  Lucky Prime Dealers Private Limited
 Cautionary statement
 Statements in this Directors'' Report & Management Discussion and
 Analysis Report describing the Company''s activities, projections about
 the future, estimates, assumptions with regard to global economic
 conditions and Government policies, etc.  have been made in good faith
 and may be forward looking statements within the meaning of
 applicable securities laws and regulations. Many unforeseen factors may
 come into play and affect the actual results which might differ from
 those either expressed or implied. Market data was based on information
 gathered from various published and unpublished sources and their
 reliability and completeness cannot be assured.
 Your Directors wish to place on record their sincere appreciation of
 the financial institutions and consortium of banks led by Bank of India
 and Company''s customers and investors for their continued support
 during the year.
 Your Directors also wish to place on record their appreciation for the
 dedication and contribution made by employees at all levels and look
 forward to their support in future as well.
                           For and on behalf of the Board of Directors
 Kolkata                                             Vimal Kumar Patni 
 4th September, 2013                                          Chairman
स्रोत: रेलीगरे टेचनोवा

न्यूज़ फ़्लैश

  • MARKET CUES : FIIs ने कैश में `436 Cr की खरीदारी की
  • MARKET CUES : DIIs ने कैश में `929 Cr की खरीदारी की
  • MARKET CUES : FIIs ने F&O में `1244 Cr की खरीदारी की
  • MARKET CUES : इंडेक्स फ्यूचर्स में `744 Cr की खरीदारी की
  • MARKET CUES : इंडेक्स ऑप्शंस में `137 Cr की खरीदारी की
  • MARKET CUES : स्टॉक फ्यूचर्स में `358 Cr की खरीदारी की
  • MS ON WIPRO : Underweight रेटिंग, लक्ष्य घटाकर `230/Sh
  • JEFFERIES ON WIPRO : Underperform रेटिंग, लक्ष्य घटाकर `218/Sh
  • CITI ON ACC : BUY रेटिंग, लक्ष्य घटाकर `2150/Sh
  • CLSA ON ACC : BUY रेटिंग, लक्ष्य `2050/Sh

अभी देखें

टैक्स गुरु




(August 06, 2018)

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