| The Directors have pleasure in presenting Tenth Annual Report of the
company for the year ending 31st March 2005.
Financial Results : During the year 2004-2005 the companys financial
performance was as under :-
(Rs. in Lacs) (Rs. in Lacs)
2004-2005 2003-2004
Turnover
(including increase) - -
Decrease in stock - -
other income - -
Loss for the year 0.55 21.39
Before Depreciation
And Interest
Loss before Tax (0.55) (21.39)
Provision for Taxation NIL NIL
Loss After Tax (0.55) (21.39)
OPERATIONS :
During the year under review,there has been no further production
activities,since HSIDC has already auctioned the entire project of the
Company including land & building plant & Machinery and others just at
a throw-away price of Rs. 136.00 lacs in the year 2002-03 itself,
while excercising its powers under section 29 of the State Financial
Corporation Act,1951.
DIVIDEND.
In view of the losses incurred the Directors do not recommend any
dividend.
REGISTERED OFFICE
The Company has already made arrangements with new owner for keeping
the registered office thereitself.
DIRECTORS :
In accordance with the provisions of the Companies Act. 1956 and
companys Articles of Association sh. saran Kumar, Director retires
by rotation and offers himself for reappointment.
DIRECTORS RESPONSIBILITY STATEMENT
As required under Section 217 (2aa) of the Companies Act. 1956, it is
hereby stated.
(i) That in the preparation of the Annual Accounts, the applicable
accounting standards have been followed.
(ii) That the Directors have adopted such accounting policies and
applied them consistently and made judgements 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 or loss of the company for that period.
(iii) That the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities :
(iv)That in view of the takeover of fixed assests and sold under
auction by HSIDC the Annual Accounts have not been prepared on a going
concern basis.
Auditors :
M/s. s. S. Bhardwaj & Associates, chartered Accountants, hold office
until the ensuing Annual General Meeting and offer themselves for
reappointment. in clause (v) of their report Auditors have mentioned
regarding non provision of interest on Term Loans and Working Capital
Loans amounting to Rs.81,08,710/-. The interest has not been provided
because the financial position of the company is not in good condition
and the annual interest of Rs . 1,03,73,155/- (rs. 81,08,710 for sixth
year) has not been paid for last five years that is why the interest
has not been provided for the current year amounting to Rs.
81,08,710/- and if the same had been provided in the books the Net Loss
would liave been increased by these amount(5). Similarly amount for
the past six previous years also has not been provided for.
PARTICULARS OF EMPLOYEES :
There was no employee within the limits prescribed u/s 217(2A) of the
Companies Act. 1956 read with the Companies (Particulars of Employee)
Rules, 1975.
CONSERVATION OF ENERGY, TECWIOLOGY ABSORPTION, FOREIGH EXCHAGE EARNINGS
AND OUTGOES IN ACCORDANCE WITH THE COMPANIES (DISCLOSURE OF PARTICULARS
IN THE REPORT OF THE BOARD OF DIRECTORS) RULES, 1988.
A. (a, b, c) CONSERVATION OF ENERGY
The company was following strict schedules of servicing and preventive
maintenance of all its energy intensive machineries and equipments
including cold storage machineries until there was takeover and auction
of the project by HSIDC.
No separate costing has been done to measure energy saved,if any, by
the company. Provisions of form a are not applicable to the company.
B . TECHHOLOGY ABSORPTION ADOPTION AND INNOVATION
The company had set up a project for manufacturing cut flowers namely
roses under green house conditions.The company adopted Dutch Technology
imported from M/s Flodac B.v. Holland at a total c=st of Rs. 30.25 lacs
in the year 1994-95.
The technology has been fully absorbed by the company and its produce
was given Al quality standard in Holland.
C. PARTICPLARS OF FOREIOM EXCHAMOE EARNINGS AHD OUTGOES :
There was no foreign exchange earning and outgoing during the year
under review.
CORPORATE GOVERNANCE
The Company has taken effective steps to ensure the compliance of
corporate Governance by the end of the current financial year.
LISTING
The shares of the Company are listed at Del hi,Jaipur,Mumbai and
chennai stock Exchanges. The company has not paid any listing fee for
the year 2004-05 as the financial position of the company is very weak
and there are no production activities particularly in view of the
acquisition and auction of its plant by HSIDC.
Industrial Relations
The Directors are happy that the Company had irmonious industrial
relations at all levels of organisation.
PPRECIATIOM
our Directors wish to thank and gratefully knowledge the valuable
assistance, coperation and support received by the Company from
Financial Institutions, inks,Govt.Agencies and Shareholders of the
company .
For and And on Behalf of Board of Directors
For Global industries Limited
Sd/-
(Rishi Bhan)
Directors
Place: New Delhi
Date: 11.08.2005 | 