National Flask Industries Ltd.-இன் இயக்குநர் அறிக்கை

Mar 31, 2014

The Members,

The Directors hereby present their 27th Annual Report on the affairs of the Company together with the Audited Statement of Accounts for the year ended 31st March 2014.

FINANCIAL RESULTS: (Rupees in Lac)

Year ended Year ended 31-03-2014 31-03-2013

Sales for the year 0.07 -

Profit/ (Loss) before Interest, (3255.34) (2760.45) Depreciation and Tax

Less: Interest 359.49 305.84

Profit/(Loss) before Depreciation and Tax (3614.83) (3066.29)

Less: Depreciation 38.82 38.75

Profit (Loss) before Taxation (3653.65) (3105.12)

Less: Provision for Taxation NIL NIL

Less: Prior year adjustments 0.00 0.00

Less: Loss on Sale of Assets 0.00 0.00

Less: Provision for Deferred Tax Liability / 0.00 0.00 (Assets)

Profit/(Loss) after Taxation (3653.65) (3105.12)

Add: Balance brought forward (20705.37) (17600.25)

Profit/(Loss) Carried to Balance Sheet (24359.02) (20705.37)

OPERATION:

The Company is a sick-industrial Company. However, the Company earned Rs.7192/- by way of Sales and Rs. 6,80,000/- by way of rent as compared to Rs.4,50,000 income in the previous year.

The Company due to heavy loss has become sick-industrial Company. The Company has been registered with the Board for Industrial and Financial Reconstruction (BIFR) with revival plan to make the Company once again healthy.

The company has filed civil suit for damages, under law of torts to the tune of Rs. 1904.17 crores against the Consortium Bankers, The Saraswat Co-operative Bank Ltd., The Shamrao Vithal Co-operative Bank Ltd., The North Kanara GSB Co-operative Bank Ltd. and The Cosmos Co-operative Bank Ltd. The same civil suit is pending before Honourable Civil Court Silvassa for adjudication. Hence in view of the above facts and circumstances, at present, there is "No Debt Due" to all the above mentioned banks.

DIVIDEND:

Due to heavy loss suffered by the Company, your Directors regret their inability to recommend any dividend for the year under review.

FIXED DEPOSIT:

The Company has not accepted any deposits from the public during the year under review. There has not been any unclaimed or unpaid deposit as on 31st March 2014.

DIRECTORS' RESPONSIBILITY STATEMENT:

Pursuant to the requirement under Section 217(2AA) of the Companies Act, 1956, with respect to Directors' Responsibility Statement, it is hereby confirmed:

(i) That in the preparation of the accounts for the financial year ended 31st March, 2014, the applicable accounting standards have been followed along with explanation relating to material departures;

(ii) That the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that were 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/loss of the Company for the year under review;

(iii) That the Directors have taken proper and sufficient care for the maintenance of adequate accounting record in accordance with the provisions of the Companies Act, 1956 for safe guarding the assets of the Company and for preventing and detecting fraud and other irregularities.

(iv) That the Directors have prepared the accounts for the financial year ended 31st March 2014 on a 'going concern' basis.

AUDITORS' REPORT:

The notes on Accounts referred in the Auditors' Report are self-explanatory and therefore
(i) AS2 On valuation of inventories has not been compiled with in respect of Excise Duty. The company has been consistently following system of accounts for excise duty as per section 145 of the Income Tax Act, 1961. There is no impact on the profits/losses due to this treatment.

(ii) AS9 requires the company to deposit undisputed statutory dues and the Company is also regular in depositing undisputed statutory dues, except in specific issues where some disputes are laying with Central Excise Department of Naroli and Sarigam dues are not yet paid because the Company is waiting for final decision.

(iii) The Directors have not been able to reasonably estimate the retirement benefits due to staff/workers and hence no provision has been made in this account.

(iv) There has been a delay in depositing undisputed statutory dues including Provident Fund and Sales Tax. This is mainly on account of the fact that due to a fire in the company's factory and subsequent non-settlement of the insurance claim has resulted in a severe financial crunch for the company.

(v) The company is already registered with the Board for Industrial and Financial Reconstruction (BIFR) as per the Act 1985.

AUDITORS:

M/s. KIRAN MATANI & ASSOCIATES, Chartered Accountants, Auditors have furnished their eligibility certificate required under section 139(1) of the Companies Act, 2013. The Board recommends their re- appointments till the conclusion of the next Annual General Meeting.

DIRECTORS:

Mr. Nilesh Gandhi and Mr. Arun Gandhi, Directors retires by rotation at the ensuing Annual General Meeting and being eligible, offers themselves for re-appointments.

Mr. Mahesh Nanda, Mr. Vimal Gajdhar and Mr. Nalin Mandalia, Directors, being independent Director appointed under clause 49 of Listing Agreement with Stock Exchange being recommended for appointments as Independent Directors under provisions of Section 149, 152 read with Schedule IV and all other applicable provisions of the Companies Act, 2013 and the Companies (Appointment and Qualification of Directors) Rules, 2014.

PARTICULARS OF EMPLOYEES:

None of the employees has drawn remuneration as required under provisions of section 217(2A) of the Companies Act, 1956. Therefore, details in Form B are not given.

CONSERVATION OF ENERGY, TECHNOLOY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO:

Since there is no production during the year, the steps have not been taken to reduce consumption of electrical energy by improved housekeeping, improvement of power factor, indoor shop lighting, etc. in accordance with the provisions of section 217(1 )(e) of the Companies Act, 1956. The required information is annexed to the Directors' Report.

Regarding research & development, continuous efforts were made for up gradation of different products.

By Order of the Board

PLACE: SARIGAM (ARUN M. GANDHI) DATED: 25th August, 2014 CHAIRMAN DIN: 00125267

---

Mar 31, 2012

To, The Members,

The Directors hereby present their 25th Annual Report on the affairs of the Company together with the Audited Statement of Accounts for the year ended 31s March 2012.

FINANCIAL RESULTS: (Rupees in Lac)

Year ended Year ended 31-03-2012 31-03-2011

Sales for the year - -

Profit/(Loss) before Interest, Depreciation and Tax (2363.96) (2006.30)

Less: Interest 260.17 221.98

Profit/(Loss) before Depreciation and Tax (2624.13) (2228.28)

Less: Depreciation 38.75 39.18

Profit (Loss) before Taxation (2662.88) (2267.46)

Less: Provision for Taxation NIL NIL

Less: Prior year adjustments 0.00 0.00

Less: Loss on Sale of Assets 0.00 0.00

Less: Provision for Deferred Tax Liability/ (Assets) 0.00 0.00

Profit/(Loss) after Taxation (2662.88) (2267.46)

Add: Balance brought forward (14937.37) (12669.91)

Profit/(Loss) Carried to Balance Sheet (17600.25) (14937.37)

OPERATION:

The Company being a sick-industrial Company, there is no turnover during the year ended. However, the Company earned Rs. 20,000/- by way of sale of vehicle, compared to Rs. Nil income in the previous year.

The Company due to heavy loss has become sick-industrial Company. The Company has been registered with the Board for Industrial and Financial Reconstruction (BIFR) with revival plan to make the Company once again healthy.

The company has filed civil suit for damages, under law of torts to the tune of Rs. 1904.17 crores against the consortium bankers, The Saraswat Co-operative Bank Ltd., The Shamrao Vithal Co- operative Bank Ltd., The North Kanara GSB Co-operative Bank Ltd. and The Cosmos Co-operative Bank Ltd. The same civil suit is pending before Honourable Civil Court Silvassa for adjudication. Hence in view of the above facts and circumstances, at present, there is "No Debt Due" to all the above mentioned banks.

DIVIDEND:

Due to heavy loss suffered by the Company, your directors regret their inability to recommend any dividend for the year under review.

FIXED DEPOSIT:

The Company has not accepted any deposits from the public during the year under review. There has not been any unclaimed or unpaid deposit as on 31st March 2012.

DIRECTORS'' RESPONSIBILITY STATEMENT:

Pursuant to the requirement under Section 217(2AA) of the Companies Act, 1956, with respect to Directors'' Responsibility Statement, it is hereby confirmed:

(i) That in the preparation of the accounts for the financial year ended 31st March, 2012, the applicable accounting standards have been followed along with explanation relating to material departures;

(ii) That the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that were 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/loss of the Company for the year under review;

(iii) That the Directors have taken proper and sufficient care for the maintenance of adequate accounting record in accordance with the provisions of the Companies Act, 1956 for safe guarding the assets of the Company and for preventing and detecting fraud and other irregularities.

(iv) That the Directors have prepared the accounts for the financial year ended 31 st March 2012 on a ''going concern1 basis.

AUDITORS'' REPORT:

The notes on Accounts referred in the Auditors'' Report are self-explanatory and therefore do not call for , any clarification. However the specific issues dealt with by the auditors are addressed as under.

(i) AS2 On valuation of inventories has not been compiled with in respect of Excise Duty. The company has been consistently following system of accounts for excise duty as per section 145 of the Income Tax Act, 1961. There is no impact on the profits/losses due to this treatment.

(ii) AS9 requires the company to deposit undisputed statutory dues and the Company is also regular in depositing undisputed statutory dues, except in specific issues where some disputes are laying with Central Excise Department of Naroli and Sarigam dues are not yet paid because the Company is waiting for final decision. *

(iii) The directors have not been able to reasonably estimate the retirement benefits due to staffworkers and hence no provision has been made in this account.

(iv) There has been a delay in depositing undisputed statutory dues including Provident Fund and Sales Tax. This is mainly on account of the fact that due to a fire in the company''s factory and subsequent non-settlement of the insurance claim has resulted in a severe financial crunch for the company.

(v) The company is already registered with the Board for Industrial and Financial Reconstruction (BIFR) as per the Act 1985.

AUDITORS:

M/s. KIRAN MATANI & ASSOCIATES, Chartered Accountants, Auditors have furnished their eligibility certificate required under section 224(1-B) of the Companies Act, 1956. The Board recommends their re-appointments till the conclusion of the next Annual General Meeting.

DIRECTORS:

Mr. Nilesh S. Gandhi and Mr. Arun M. Gandhi, Directors retires by rotation at the ensuing Annual General Meeting and being eligible, offers themselves for re-appointments.

PARTICULARS OF EMPLOYEES:

None of the employees has drawn remuneration as required under provisions of section 217(2 A) of the Companies Act, 1956. Therefore, details in Form B are not given.

CONSERVATION OF ENERGY, TECHNOLOY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO:

Since there is no production during the year, the steps have not been taken to reduce consumption of electrical energy by improved housekeeping, improvement of power factor, indoor shop lighting, etc. in accordance with the provisions of section 217(1 )(e) of the Companies Act, 1956. The required information is annexed to the Directors'' Report.

Regarding research & development, continuous efforts were made for up gradation of different products.

By Order of the Board

Sd/-

PLACE: SARIGAM (ARUN M. GANDHI)

DATED: 18th August, 2012 CHAIRMAN

---

Mar 31, 2010

The Directors hereby present their 23rd Annual Report on the affairs of the Company together with the Audited Statement of Accounts for the year ended 31st March 2010.

FINANCIAL RESULTS: (Rupees in Lac)

Year ended Year ended 31-03-2010 31-03-2009

Sales for the year - 1.73

Profit/ (Loss) before Interest, Depreciation and Tax 91.68 (25.69)

Less: Interest 1883.08 1601.90

-------------- ---------------

Profit/ (Loss) before Depreciation and Tax (1791.38) (1627.59)

Less: Depreciation 40.47 43.62

-------------- ----------------

Profit (Loss) before Taxation (1831.85) (1671.21)

Less: Provision for Taxation NIL NIL

Less: Fringe Benefits Tax 0.04 0.16

Less: Prior year adjustments 4.35 0.86

Less: Loss on Sale of Assets 0.00 0.03

Less: Provision for Deferred Tax Liability/Assets (8.30) (8.40)

------------- ------------------

Profit/(Loss) after Taxation (1827.94) (1663.86)

Add: Balance brought forward (10841.97) (9178.11)

------------------- ------------------

Profit/(Loss) Carried to Balance Sheet (12669.91) (10841.97)

=========== ==========

OPERATION:

The Company being a sick-industrial Company, there is no turnover during the year ended.

The Company due to heavy loss has become sick-industrial Company. The Company has been registered with the Board for Industrial and Financial Reconstruction (BIFR) with revival plan to make the Company once again healthy.

The company has filed civil suit for damages , under law of torts to the tune of Rs. 1904.17 crores against the consortium bankers, The Saraswat Co-operative Bank Ltd., The Shamrao Vithal Co-operative Bank Ltd., The North Kanara GSB Co-operative Bank Ltd. and The Cosmos Co-operative Bank Ltd. The same civil suit is pending before Honourable Civil Court Silvassa for adjudication. Hence in view of the above facts and circumstances, at present, there is "No Debt Due" to all the above mentioned banks.

DIVIDEND:

Due to heavy loss suffered by the Company, your directors regret their inability to recommend any dividend for the year under review.

FIXED DEPOSIT:

The Company has not accepted any deposits from the public during the year under review. There has not been any unclaimed or unpaid deposit as on 31st March 2010.

DIRECTORS RESPONSIBILITY STATEMENT:

Pursuant to the requirement under Section 217(2AA) of the Companies Act, 1956, with respect to Directors Responsibility Statement, it is hereby confirmed:

(i) That in the preparation of the accounts for the financial year ended 31st March, 2010, the applicable accounting standards have been followed along with explanation relating to material departures;

(ii) That the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that were 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/loss of the Company for the year under review;

(iii) That the Directors have taken proper and sufficient care for the maintenance of adequate accounting record in accordance with the provisions of the Companies Act, 1956 for safe guarding the assets of the Company and for preventing and detecting fraud and other irregularities.

(iv) That the Directors have prepared the accounts for the financial year ended 31st March 2010 on a `going concern basis.

AUDITORS REPORT:

The notes on Accounts referred in the Auditors Report are self-explanatory and therefore do not call for any clarification. However the specific issues dealt with by the auditors are addressed as under.

(i) AS2 On valuation of inventories has not been compiled with in respect of Excise Duty. The company has been consistently following system of accounts for excise duty as per section 145 of the Income Tax Act, 1961. There is no impact on the profits/losses due to this treatment.

(ii) AS9 requires the company to deposit undisputed statutory dues and the Company is also regular in depositing undisputed statutory dues, except in specific issues where some disputes are laying with Central Excise Department of Naroli and Sarigam dues are not yet paid because the Company is waiting for final decision.

(iii) The directors have not been able to reasonably estimate the retirement benefits due to staff/workers and hence no provision has been made in this account.

(iv) There has been a delay in depositing undisputed statutory dues including Provident Fund and Sales Tax. This is mainly on account of the fact that due to a fire in the companys factory and subsequent non-settlement of the insurance claim has resulted in a severe financial crunch for the company.

(v) The company is already registered with the Board for Industrial and Financial Reconstruction (BIFR) as per the Act 1985.

AUDITORS:

M/s. KIRAN MATANI & ASSOCIATES, Chartered Accountants, Auditors have furnished their eligibility certificate required under section 224(1-B) of the Companies Act, 1956. The Board recommends their re- appointments till the conclusion of the next Annual General Meeting.

DIRECTORS:

Mr. Haresh M. Gandhi and Mr. Nalin R.Mandallia, Directors retires by rotation at the ensuing Annual General Meeting and being eligible, offers themselves for re-appointments.

PARTICULARS OF EMPLOYEES:

None of the employees has drawn remuneration as required under provisions of section 217(2A) of the Companies Act, 1956. Therefore, details in Form B are not given.

CONSERVATION OF ENERGY, TECHNOLOY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO:

Since there is no production during the year, the steps have not been taken to reduce consumption of electrical energy by improved housekeeping, improvement of power factor, indoor shop lighting, etc. in accordance with the provisions of section 217(1)(e) of the Companies Act, 1956. The required information is annexed to the Directors Report.

Regarding research & development, continuous efforts were made for up gradation of different products.

By Order of the Board

PLACE: SARIGAM (HARESH M. GANDHI)

DATED: 16th August, 2010 MANAGING DIRECTOR