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The Directors have pleasure in presenting their Sixteenth Annual Report
together with the Audited Accounts of the Company for the year ended
31st March, 2004.
FINANCIAL HIGHLIGHTS
OPERATIONAL RESULTS
CURRENT YEAR PREVIOUS YEAR
(Rs. in Lacs) (Rs. in Lacs)
2003-2004 2002-2003
Sales & Other Income 1968.95 1615.65
Profit before interest & Depreciation 239.23 202.53
Less: Interest 9376 9058
Profit before Depreciation 145.47 111.95
Less: Depreciation 119.63 88.6363
25.84 23.32
Less: Depriciation related to earlier years 0.99 -
24.85 23.32
Add: Excess Provision written back 0.01 0.15
24.85 23.47
Less: Expenses for earlier year 0.50 0.86
Profit before Taxation 24.36 22.61
Less: Provision for Taxation 2.00 1.82
Net Profit for the year after taxation 22.36 20.79
Less: Provision for Taxation for earlier years 0.12 1.14
Net Profit after Tax 22.48 19.65
Add: Surplus of Profit and Loss
Account of earlier years 3502 4037
Profit Available for appropriation 57.51 60.02
Transfer to General Reserve 25.00 25.00
Transferred to Balance Sheet 32.51 35.02
WORKING DURING THE YEAR
The production of Synthetic Yarn during the year is 2336.47 M.T. as
compared to the previous year's production of 1870.31 M.T. during the
corresponding period. Thus, registering a positive increase of 25% over
the last year production.
EXPANSION PROGRAMME
The Directors are pleased to inform the completion of the Expansion
Programme during the year with the completion of the proposed Expansion
Programme the company's production capacity is expected to improve
considerably.
TURNOVER AND PROFITABILITY
The completion of the expansion Programme will make company's products
more competitive, which your directors' hope will improve, the
profitability. During the year turnover in terms of Rupees was 1908.94
lacs as compared to Rs. 1557.81 lacs in the previous year.
MARKETING
The Company's brand "AMLON" continued to be acceptable in the market.
DEPOSITS
Company has accepted deposits after complying with the requirements of
section 58A of the Companies Act, 1956.
AUDITORS' REPORT
Observations made in the Auditors Report are selfexplanatory and
therefore do not call for any further comments.
LISTING
The equity shares of the Company are listed at Delhi Stock Exchanges.
However, in view of no trading in the fast three years, the members
have resolved to delist the shares from Ahmedabad, Jaipur & Mumbai
Stock Exchanges in the Fourteenth Annual General Meeting held on 27th
September 2002.
DIRECTORS RESPONSIBILITY STATEMENT
The Directors would like to confirm that:
I. In the preparation of the Annual Accounts, the applicable Accounting
Standards have been followed
II. 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 and of the Profit of
the company for the period;
III. The Directors have 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. The Directors have prepared the Annual Accounts on a going concern
basis.
DIRECTORS
Sh. P.C. Saraff & Sh. emit Agarwal retires by rotation, being eligible
offers himself for reappointment.
AUDITORS
M/s. Saluja & Associates, Chartered Accountant, New Delhi, held office
until the conclusion of ensuing Annual General Meeting and, being
eligible. offers themselves for reappointment, the appointment, if
made, would be within the prescribed limits under section 224 (1) of
the Companies Act, 1956.
PARTICULARS OF EMPLOYEES
There is no employee in the Company drawing monthly remuneration of
Rs.2.00 (two) lacs & above or Rs.24,00,000 (twenty-four) lacs and above
in a year.
COMPANIES (DISCLOSURE OF PARTICULARS IN THE REPORT OF BOARD OF
DIRECTORS) RULES, 1988.
Particulars with respect to conservation of energy Under Section 217
(1) (e) of the Companies Act, 1956, read with the Companies (Disclosure
of Particulars in the Report of Board of Directors) Rules, 1988 and
forming part of the Directors' Report for the year ended 31st March,
2004 are annexed to this report as Annexure I.
INDUSTRIAL RELATION
The industrial relations during the year remain cordial and the
Directors wish to place on record their appreciation for the services
rendered by the Officers, Staff and Workers of the Company at all
level.
ACKNOWLEDGEMENT
The directors would like to express their appreciation for the
assistance and co-operation received from the various Departments of
the Central and State Government, H.S.I.D.C. and the Banks.
For and on behalf of the Board of Directors.
Place: Delhi (G.L. AGARWAL)
Date: 10.08.2004 CHAIRMAN
Annexure to Director's Report
Annexure 1
The companies (Disclosure of particular in the Report of Directors)
Rule, 1988
A. CONSERVATION OF ENERGY
a. All the machinery used is subject to a strict repair and
maintenance. Further, the Maintenance Department has been instructed to
take every necessary step for Energy Conservation.
b. No Additional Investment has been made during the year for reduction
of consumption of energy.
B. TECHNOLOGY ABSORPTION
We are now using indigenously available PP chips and Master Batches as,
two of our principle raw materials, to the extent of 100%.
C. FOREIGN EXCHANGE EARNING AND OUTGO
Particulars of Foreign Exchange earning and outgo are given in
Schedule-Q. Para-C- Notes on Accounts.
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