| Dear Shareholders,
The directors place before you the 30th Annual Report of the company
along with the audited statement of accounts of your company for the
financial ended March 31, 2013.
Financial Results
Financial performance of the company in brief:
(Rs. in Lacs)
Particulars 31st March, 2013 31st March, 2012
Sales/Revenue from Operations 2236.07 2748.93
Other Income 2.51 2.20
Finance Cost 1.68 2.58
Depreciation 179.79 213.61
Frofit/(Loss) Before Tax (255.72) (589.60)
Net Profit After Tax (255.72) (589.60)
Add
Brought Forward Previous Year (11354.39) (10764.79)
Add. Fringe Benefit Tax
Less: Income Tax (0.65) 00
"Balance Carried Forward (11610.77) (11354.39)
Your directors are trying their level best to improve the performance
of the company by constantly engaging themselves in developing ways and
means to reduce cost and increase sales.
Dividends
Due to non availability of profits your directors do not recommend any
dividend for the financial year 2012-13.
Directors
Sh. Varinder Pal, retires by rotation and does not offer himself for
re-appointment at the forthcoming Annual General Meeting of the
company. Further Sh. J.S. Maan resigned from the Board on 22nd May,
2013.
Your Directors wish to place on record their appreciation for their
association during the period.
Sh. Dadda Krishna Luxmi Narayan was appointed as Additional Director by
the Board of Directors in their meeting held on 7th February, 2013.
Details as required under Power & fuel expenses incurred by the company
during the year amounted to Rs. 37838169.50/- as compared to expenses
of Rs. 51264633/- incurred during the previous year.
b) Technology absorption, Adaptation & Innovation.
The company tries to continuously involve in innovation and technology
absorption.
c) Foreign exchange earning & outgo (Rs. in Lac):
No Foreign Exchange earnings and outgo were there during the year under
review.
Listing
The Company's Equity Shares remain listed at National Stock Exchange of
India Limited (NSE), Bombay Stock Exchange (BSE), The Delhi Stock
Exchange Limited(DSE) , Calcutta Stock Exchange Association Limited
(CSE), The Ludhiana Stock Exchange Limited (LSE) and The Stock
Exchange, Ahmadabad.
Corporate Governance
As required under Clause 49 of the Listing Agreement, Corporate
Governance Report s is given separately and forms part of this Report.
A certificate from Statutory Auditors, M/s Brij Aggarwal & Associates,
Chartered Accountants, regarding compliance with the conditions of
Corporate Governance as stipulated under Clause 49 of the Listing
Agreement is also attached.
Directors' Responsibility Statement
As required under Section 217 (2AA) of the companies Act, 1956, your
directors confirm that:
(a) in preparation of the Annual Accounts, applicable accounting
standards have been followed and there are no material departures;
(b) such accounting policies have been selected and applied
consistently subject to such adjustments and estimates have been made
for preparation of accounts 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 ended on 31st March 2013 and the profit of
the company for the year.
(c) directors have taken proper and sufficient care for the maintenance
of adequate accounting records in accordance with the provisions of the
Companies Act, 1956 to safeguard the assets of the company and to
prevent fraud and other irregularities;
(d) statement of accounts have been prepared on a going concern basis.
BEFR Status
The company is a sick industrial company and is registered with BIFR
under SICA ( Sick Industrial Companies Act, 1985). The IDBI has been
appointed as Operating Agency (OA). The Company's appeal in the AAIFR
is pending and the next date of hearing is 21st August, 2013.
Acknowledgement
The Directors acknowledge the invaluable support extended to the
company by the financial institutions, banks, employees of the company,
office staff, management and valued customers.
By the order of the Board of Directors
Place : Jalandhar Gurbachan Juneja
Dated : 10th August,2013 (Chairman Cum Managing Director)
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