| Dear Shareholders,
The directors have pleasure in presenting the 17th Annual General
Report of your company with the audited balance sheet as on 31st March,
2011, profit & loss account for the year ending on that date and
Auditors' Report thereon.
1. FINANCIAL RESULTS
(RS in Lakhs)
PARTICULARS 2010-2011 2009-2010
Sales 333.54 361.47
Net Profit (549.68) (450.46)
2. PERFORMANCE REVIEW
The company has produced 54786 dozen pair of socks during the period
under review as compared to 60873 dozen pair of socks produced during
the previous year. The company achieved a turnover of Rs333.54 lakhs
as compared to Rs 361.47 lakhs turnover achieved during the previous
year. As their was an decrease in sale as compare to previous year so
your directors are hopeful that the company will do well in the coming
financial year. The company incurred again loses during the period
under review. Your directors are quite optimistic that in the next
financial year the performance of the company will improve.
3. DIVIDEND:
Since the company has not made any profits during the year, your
Directors have not recommended dividend for the year under review.
4. FUTURE PROSPECTS
With the firm footing in the domestic front during the year the company
is expecting an upward in the sales figure. The company is exploiting
all areas to achieve higher sales. It has explored the merchant
exports, job work, input sales etc.
5. SICK COMPANY
The board of industrial & financial Reconstruction (BIFR) has
registered our reference for registration our company as a sick
industrial unit and the case was registered as case no. 15/2005 dated
13.1.2005.
6. PUBLIC DEPOSITS
The company has not accepted Public Deposit during the financial year.
7. PERSONNEL
No employees was in receipt of remuneration exceeding Rs.24,00,000/-
for the year or Rs. 2,00,000/- per month if employed for part of the
year.
8. AUDITORS
M/s KJMA & Associates., Chartered Accountants appointed as auditors to
hold office from the conclusion of this Annual General Meeting until
the conclusion of the next Annual General Meeting
9. DIRECTORS
Sh. S.K Gupta is retiring by rotation at the conclusion of the
forthcoming Annual General Meeting. He is being eligible offer himself
for reappointment. Your directors recommend his reappointment.
10. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNING & OUTGO:
The company has taken adequate steps for the conservation of energy.
The company has earned nothing in foreign exchange as compared to Rs.
0.66 Lacs earned during the previous year.
11. DIRECTORS' RESPONSIBILTY STATEMENT:
Pursuant to the amended provisions of section 217(2AA) of the companies
Act, 1956 the directors of the company undertake:
a) That in the preparation of Annual Accounts, the accounting standards
have been followed.
b) That the accounting policies have been applied consistently and the
judgments and estimates made in the preparation of accounts are
reasonable and prudent.
c) That proper and sufficient care has been taken 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
preventing and detecting fraud and other irregularities.
d) That the annual accounts have been prepared on a going concern basis
LISTING:
The company has not paid Annual Listing Fees for the three years to
Ludhiana Stock Exchange due to insufficient funds. The company has
completed all the formalities respect to the delistment of its shares
from Delhi stock exchange but is still awaiting the permission from it.
The Stock Exchange is neither giving permission for enlistment nor
making any communication with us in this regard, thus Listing fees has
not been paid company to Mumbai stock exchange.
ADDENDUM:
Pursuant to provisions of sec 217(3) of the Companies Act, 1956 read
with CI (ix) (a) (b) of the Auditors' Report is to inform you that the
company has regular in deposit amount to provident fund and ESI during
the year under as on the date of this report there is no pendency in
either of Provident fund or of ESI. Except contested amount of Rs
94,000.
ACKNOWLEDGEMENT:
Your Directors are pleased to place on record their sincere gratitude
to the Government, Financial Institutions, bankers and Business
Constituents for their continued and valuable co-operation and support
to the company.
Your Directors also express their deep appreciation and gratitude for
the devoted and sincere services rendered by workers, staff and
executives at all levels of the company during the year.
FOR AND ON BEHALF OF THE BOARD
Place: Chandigarh Ashwani Gupta Sushil Gupta
Date: 01.09.2011 (Mg. Director) (Chairman) | 