| To, The Members of ICCON OIL AND SPECIALITIES LIMITED Khalapur, Maharashtra
The Directors have pleasure in presenting before you the 24th Annual
Report of the Company together with the Audited Statement of Accounts
for the year ended 31st March, 2012.
FINANCIAL RESULT Amounts in Rs.
2010-11 2011-12
Loss for the year (839,491) (732,097)
Less: Debit Balance as per last
balance sheet (163,106,187) (163,945,678)
Debit Balance carried
to Balance sheet (163,945,678) (164,785,169)
DIVIDEND:
In view of loss, your Directors do not recommend any dividend.
OPERATIONAL HIGHLIGHTS
During the year under review company did not carried on business and do
not have any income. Company is referred to BIFR (Board of Industrial
and Financial Re-construction) and the final order of the BIFR is
awaiting for the scheme of Rehabilitation submitted by the Company.
PUBLIC DEPOSITS
During the period under review the Company did not accept deposits in
terms of Section 58A of the Companies Act, 1956 and pursuant to the
provision of the Non-Banking Financial Companies (Reserve Bank)
Direction 1998.
DIRECTORS
Mr. Narendra Kumar Tiwar , Director of the company retires by rotation
at this Annual General Meeting and being eligible, offers themselves
for re-appointment. The brief resume and other details of director, who
are to be re-appointed as stipulated under clause 49 (IV) (G) of the
listing agreement, are furnished in the corporate Governance Report
forming part of the Annual Report. During the year there were no
changes had taken place in the constitution of the Board of Directors
of the Company.
DIRECTORS'RESPONSIBILITY STATEMENT:
Pursuant to Section 217 (2AA) of the Companies Act, 1956 the Board of
Directors of your company confirms:
(1) In the preparation of annual accounts, the applicable accounting
standards have been followed;
(2) Appropriate accounting policies have been selected and applied
consistently and judgments and estimates made that are responsible and
prudent so as to give true and fair view of the state of affairs of the
Company at the end of the financial year ended and of the profit and
loss of the Company for that period.
(3) Proper and sufficient care has been taken for the maintenance of
adequate accounting records in accordance with the provisions of the
Companies Act, for safeguarding the assets of the company and for
preventing and detecting fraud and other irregularities:
(4) annual accounts have been prepared on a going concern basis.
(5) The company has received certificates from Directors u/s274(l)(g)
of Companies Act, 1956.
STATUTORY INFORMATION:
1. The company has paid any remuneration above the limit stipulated in
section 217(A)(a) of companies Act, 1956 per month to any of its
employees and as such no Statement is required to be appended this
Report.
2. The Company has not accepted any deposits within the meaning of
section 58-A of the companies Act, 1956, and /or which are remained
unpaid or unclaimed for which information is required to be given in
this Report.
3. A statement under section 217 (1) (e) companies Disclosure of
Particulars in the Report of Board of Directors Rules, 1988 in relation
to part A pertaining to the conservation of Energy is not applicable to
the company. The company does not have its own R & D divisions nor
spent any amount on R 86 S. However the Directors of the company are
qualified in respective field of production and are attentive to all
type of research papers, materials and conferences. The experience of
Directors contributes to company's products development.
4. The company and has not spent or earned any foreign exchange.
However the company is examining suitability and prospects in export
market for company's products.
5. Notes forming part of Accounts referred to in Auditors Report are
self-explanatory.
CORPORATE GOVERNANCE AND COMPLIANCE
A report on corporate governance along with Management Discussion and
Analysis is annexed to this report as Annexure A certificate from
Statutory Auditors with regards to the compliance of the corporate
governance, as stipulated in Clause 49 of the Listing Agreement, by the
company is annexed to this report.
The company has fully complied with all mandatory requirements
prescribed under Clause 49 of the listing agreement. In addition, the
company has also implemented some of the non mandatory provisions of
Clause 49.
AUDITORS
RAJENDRA & CO., Chartered Accountants, the Auditors of the Company hold
office up to the conclusion of this Annual General Meeting and are
eligible for re-appointment. RAJENDRA 8s CO., have submitted to the
company a Certificate that their reappointment as the Auditors of the
company would be within the limits laid down in section 224(1-B) of the
companies Act, 1956. You are requested to appoint the Auditors and fix
their remuneration.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNING/OUTGO.
The company do not carried any manufacturing activities and the plant
was not operational during the year under review.
During the year under review the Company has no foreign exchange
earnings and outgo.
ACKNOWLEDGEMENT
The Board of Directors take the opportunity to thank the assistance and
co-operation received from the shareholders, Financial Institutions,
Banks, Central and Sate Government Authorities. The Board also place
on record its deep appreciation for the contribution made by the
employees at all levels.
By order of the Board
For1 ICCON OIL AND SPECIALITIES LTD
SD/-
(TUSHAR HASMUKH SHAH)
Managing Director
Place : Khalapur
Date : 31-08-2012
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