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वोलेंट टेक्सटाइल्स

बीएसई: 531865  |  NSE: N.A  |  ISIN: INE962D01025  |  Textiles - Spinning - Cotton Blended

खोजें वोलेंट टेक्सटाइल्स कनेक्शन Mar 12
निदेशकों की रिपोर्ट वर्षांत : Mar '13
To the Members of Volant Textile Mills Ltd.
 
 The Directors have pleasure in presenting the Eighteenth Annual Report
 for the year ended 31st March, 2013.
 
 FINANCIAL RESULTS
 
                                                  (Rs. in lacs)
                                          Current
                                          Year          Previous 
                                                        Year 
 
 Gross profit/ (loss) before Interest
 depreciation & exceptional/
 
 Extra ordinary items                      54.36         193.62
 
 Less: Financial charges                  (27.06)        (33.33)
 
 Profit before Depreciation                27.30         160.29
 
 Less: Depreciation                      (119.32)       (118.99)
 
 Net Profit/(Loss)                        (92.02)         41.30
 
 
 DIVIDEND
 
 In view of accumulated losses, your directors do not recommend any
 dividend for the year under review.
 
 OPERATIONS
 
 The Company is exploring opportunities for manufacturing niche
 products. During the year due to volatility of cotton yarn, the
 company''s profitability has been hampered, however this is a temporary
 phenomenon and growth and profitability of the company should be intact
 in the coming year.
 
 The total sale during the year was Rs. 3,024.10 lacs (Rs. 2,176.10
 lacs). This includes direct export sales of Rs 46.39 lacs (Rs. 219.07)
 and Rs.NIL lacs (Rs. 12.69 lacs) made through merchant exporters.
 
 Your Company has been certified for ISO 9001:2008 Quality Management
 Systems by GL Systems Certification. The certification is valid till
 23rd February, 2015.
 
 The company has also received Trade Marks registration certificate from
 08th July 2013 and this would help the company to create its brand
 value.
 
 REVIEW AND FUTURE PROSPECTS
 
 The company was declared a sick industrial unit under section 3(1)(O)
 of SICA, 1985, by BIFR in case no. 322/02 in March, 2006, and Bank of
 Baroda was appointed the Operating Agency. The Hon''ble BIFR held a
 hearing on 31st May, 2012 and has asked the Company to submit an
 updated scheme with the cut-off date as 31st March, 2012. The revised
 updated scheme of Rehabilitation is submitted to the OA. Creditors''
 meeting was conducted on 17th September, 2012. The revised Draft
 Rehabilitation Report is submitted to the Hon''ble BIFR. The company has
 proposed the merger with another unit for manufacturing of technical
 textile products and the said merger is part of the rehabilitation
 scheme submitted to the OA & Hon''ble BIFR. The OA is to incorporate the
 provisional figures of March 2013 and resubmit the scheme to the
 Hon''ble BIFR. All necessary permission and approval for the same would
 be taken by the company at the appropriate time.
 
 The merger of the Company would bring about better synergies and value
 addition of its products.  This would enable the company to enhance
 operations, improve efficiencies, provide economies of scale, open up
 new and potential markets and thus unlock synergies to derive maximum
 valuation for all stakeholders. Imposition of added tax burdens through
 LBT, Service Tax etc. may hamper growth. Under the circumstances, the
 company remains continuously optimistic of future business prospects.
 
 Unprecedented fluctuation in cotton and cotton yarn prices affected the
 working of the Company.
 
 OUTLOOK
 
 Assuming the inflation is brought under control and input prices revert
 to a more moderate level, the domestic market is expected to continue
 to deliver a healthy growth. The raw material prices are expected to
 stabilize due to good cotton production. The demand growth is likely to
 push up due to overall economic recovery. The directors are very
 optimistic of the textile trade and feel that with the pro-active
 government policies, the Indian textile industry can have a dominant
 share in the world trade after China. We are taking a long term view of
 the industry and hope to increase turnover and margins from the current
 position. Simultaneously the company is exploring opportunities to
 venture into manufacturing of niche products, strengthen the quality of
 its products and reduce the conversion cost. These initiatives are
 expected to positively influence the working of the company. However
 rising energy prices and increase in labour costs due to hike in
 minimum wages will lead to increase in manufacturing costs. The
 depreciation of Rupee will make India more competitive in the export
 market, and has an opportunity to be the textile suppliers to the
 world.
 
 DIRECTORS
 
 At the ensuing Annual General Meeting, Mr. D. A. Tare and Mr. Atul B.
 Raval Directors of the Company, retires by rotation and being eligible
 offers himself for re-appointment. Mr. D. A. Tare and Mr. Atul B. Raval
 are Directors of the Company having vast experience in industry and
 administration in their respective field.
 
 DIRECTORS RESPONSIBILITY STATEMENT
 
 Pursuant to the requirement under Section 217 (2AA) of the Companies
 Act, 1956 with respect to the Director''s Responsibilities Statement, it
 is hereby confirmed:
 
 That in the preparation of the annual accounts, the applicable
 accounting standards have been followed.
 
 That the Directors have 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 on 31st March 2013 and
 of the profit/loss of the Company for that period;
 
 That the Directors have taken proper and sufficient care for the
 maintenance of adequate accounting records in accordance with the
 provisions of Companies Act, 1956 for safeguarding the assets of the
 Company and for preventing and detecting fraud and other
 irregularities; and
 
 That the Directors have prepared the annual accounts on a going concern
 basis as the Company has started generating profits.
 
 AUDITORS
 
 M/s Shah, Patani & Associates, Chartered Accountants, Mumbai, have
 requested not to be reappointed for the F. Y. 2013-14, hence M/s P.C.
 Ghadiali & Co. are been appointed as Statutory Auditors of the Company.
 Accordingly, a resolution proposing their appointment is being
 submitted in the ensuing Annual General Meeting. The members are
 requested to consider their appointment for the current financial year
 2013-14.
 
 AUDITOR''S REPORT
 
 The Notes on accounts, referred to in the Auditor''s Report are self
 explanatory and therefore, do not call for any further comments under
 Section 217(3) of the Companies Act, 1956.
 
 CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
 EARNINGS & OUTGO
 
 As required under Section 217(1)(e) of the Companies Act, 1956 read
 with rule 2 of the Companies (Disclosure of particulars in the report
 of Board of Directors) Rules, 1988, information relating to
 Conservation of Energy, Technology Absorption and Foreign Exchange
 Earnings and Outgo is annexed as Annexure A to Directors Report.
 
 PUBLIC DEPOSITS
 
 The Company has not accepted any deposit from the public within the
 meaning of Section 58A of the Companies Act, 1956 and the Rules made
 thereunder.
 
 CORPORATE GOVERNANCE
 
 A separate section on Corporate Governance and a certificate from the
 Auditor of the Company regarding compliance of conditions of Corporate
 Governance as stipulated under clause 49 of the Listing Agreement with
 Stock Exchanges, form part of the Annual Report.
 
 LISTING
 
 The Company had applied to get the shares delisted from Ahmedabad and
 Jaipur Stock Exchanges in the year 1999 in view of the nil trading
 there, but the delisting procedure has not been completed.  The Company
 hopes to get their shares delisted from Ahmedabad and Jaipur Stock
 Exchanges as per the provisions of SEBI (Delisting of Securities
 Guidelines), 2003, the Listing Agreement for which a Special Resolution
 was passed at the 12th Annual General Meeting of the Company. The
 company hopes that the Ahmedabad and Jaipur stock exchange would assist
 the company in delisting its shares from their respective stock
 exchanges.
 
 RISK MANAGEMENT
 
 Today''s business environment, remains challenging for the Corporate
 World and risk management retains its high position on every
 organizations agenda. The Company has several risk factors which could
 potentially impact its business objectives, if not perceived and
 mitigated in a timely manner.  The senior management team sets the
 overall tone and risk culture of the orgnisation through defined and
 communicated corporate values, clearly assigned risk responsibilities,
 appropriately delegate rocess and guidelines. The Company has laid down
 procedures to inform t o t the risk assessment and risk minimization
 procedures. As an organiza thical values and high levels of integrity
 in all its activities, which in itself i tor.
 
 With the w e, risk management holds a key to the success of its journey
 of
 
 continue m ity in attaining its desired business objectives.
 
 PARTICU
 
 There ar under the provisions of Section 217 (2A) of the Companies Act,
 1956, re particulars of the Employees) Rules, 1975 as amended.
 
 INVESTO
 
 In its en r services, your Company has created an investor section on
 the website www.volant-textile.com and has provided a dedicated email
 id for the members to lodge their complaints or suggestions.
 
 ACKNOWLEDGEMENTS
 
 Your Directors are pleased to place on record their sincere gratitude
 to financial institutions and business constituents for their continued
 valuable co-operation and support to the Company during the year.
 
 Your Directors thank the Shareholders, Banks, Customers, Vendors and
 other business associates for their confidence in the Company and its
 management and look forward to their continued support.
 
 Your Directors also wish to place on record their appreciation for the
 dedication with which the employees at all levels performed their
 duties and for their cooperation and support in stabilizing the
 production and quality.
 
                               On behalf of the Board of Directors
 
                               Rajesh Somani 
 
                              (Chairman)
 
 Place: Mumbai,
 
 Date: 14th August, 2013
स्रोत: रेलीगरे टेचनोवा

न्यूज़ फ़्लैश

  • MARKET CUES : FIIs ने कैश में `366.79 की बिकवाली की
  • MARKET CUES : DIIs ने कैश में `338.4 Cr की खरीदारी की
  • MARKET CUES : FIIs ने F&O में `449.33 Cr की बिकवाली की
  • MARKET CUES : इंडेक्स फ्यूचर्स में `141.99 Cr की बिकवाली
  • MARKET CUES : इंडेक्स ऑप्शंस में `245.38 Cr की खरीदारी की
  • MARKET CUES : स्टॉक फ्यूचर्स में `538.68 Cr की बिकवाली
  • MARKET CUES : स्टॉक ऑप्शंस में `14.04 Cr की बिकवाली
  • HSBC ON BPCL : BUY रेटिंग, लक्ष्य `591/Sh
  • CITI ON GUJ GAS : BUY रेटिंग, लक्ष्य बढ़ाकर `290/Sh
  • MORGAN STANLEY ON HUL : Equal-weight रेटिंग, लक्ष्य `2020/Sh

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