DIRECTORS
To the Members of
Kitply Industries Limited
Your Directors have pleasure in presenting the 31st Annual Report and the Audited
Accounts for the financial year ended March 31, 2014.
FINANCIAL RESULTS
|
|
(Rs. in lacs) |
|
Year ended 31st March, 2014 |
Year ended 31st March, 2013 |
Turnover during the year |
5051.01 |
6345.72 |
Loss Before Depreciation, Interest and Taxation |
(-)410.79 |
(-)585.60 |
Add: Depreciation & Amortisation Expenses |
(-)90.08 |
(-)102.17 |
Add: Finance Cost |
358.78 |
(-)475.38 |
Loss Before Taxation & Exceptional Items |
|
|
Add/Less : Exceptional Items |
|
|
Expenses |
|
|
Income |
|
|
Loss for the year |
(-)859.66 |
(-)1163.16 |
Earning Per Share |
(2.52) |
(3.41) |
DIVIDEND
In view of the losses, your Directors are unable to recommend any dividend for the
financial year ended March 31, 2014.
REVIEW OF OPERATIONS
During the year under review, operations deteriorated further due to extreme paucity of
working capital thereby resulting in complete stoppage of production in almost all the
units of your Company. Your Company has recorded a turnover of Rs. 5056.75 lacs in
comparison to that of Rs. 6513.95 lacs. The loss after taxation & exceptional items
decreased to Rs. 859.66 lacs as against Rs. 1163.16 lacs in the preceding year due to more
trading activities and reduced manufacturing attributable to lack of working capital.
BIFR
In view of mandatory provision of Section 15 of Sick Industrial Companies (Special
Provisions) Act, 1985 (SICA), the company has made a reference thereunder to the
Honble Board for Industrial and Financial Reconstruction (BIFR) for revival which
has since been registered as Case No. 23/2012 and the matter is currently pending before
the Honble Appallate Authority of Industrial Financial Reconstruction (AAIFR).
NEW COMPANIES ACT, 2013
The Historic Companies Act, 2013 which replace more than five decades old Companies
Act, 1956 was passed by the Parliament. The new Act provides major thrust on Compliance
and Accountability from the Corporate Sector and will provide further transparency in the
disclosures. Your Company is already taking steps to comply with the provision of the New
Companies Act.
SHARE CAPITAL
During the year under report, authorized Share Capital of the Company is Rs.
500,000,000 divided into 50,000,000 equity shares of Rs. 10/- each.
MANAGEMENT DISCUSSION AND ANALYSIS
The Management Discussion and Analysis Report, forming part of the Directors
Report for the year under review, as stipulated under Clause 49 of the Listing Agreement
with the Stock Exchanges, is discussed in a separate section of this Annual Report.
DIRECTORS
Mr. Udayan Banerjee, Director of the Company resigned from the Board on May 15, 2014.
The Board places on record its deep appreciation of the valuable services rendered during
his tenure as a Director of the Company.
Mr. Sumit Kar was appointed by the Board as an Additional Non-Executive Director of
your Company with effect from May 14, 2014.
Mr. Subhash Chandra Agarwala, Director of the Company resigned from the Board on April
04, 2014. The Board places on record its deep appreciation of the valuable services
rendered during his tenure as a Director of the Company.
Mr. Mahesh Kumar Gupta was appointed by the Board as an Additional Non-Executive
Director of your Company with effect from July 04, 2014.
In accordance with the provisions of the Companies Act, 2013 and the Company's Articles
of Association, Mr. Pawan Kumar Goenka (DIN: 00090809) retire by rotation and is eligible
for re-appointment.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the provisions of Section 217(2AA) of the Companies Act, 1956, based on the
representation received from the operating management, with respect to the Balance Sheet
of the Company as at March 31, 2014 and the Profit & Loss Account for the year ended
on that date (hereinafter collectively referred to as the Annual Accounts)
your Directors confirm that
i) in the preparation of the Annual Accounts, the applicable accounting standards have
been followed along with proper explanation relating to material departures, if any;
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 or loss of the company for that period;
iii) the directors have taken proper and sufficient care for the maintenance of
adequate accounting records in accordance with the provisions of this Act 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.
AUDITORS OBSERVATION
Observations of the Auditors, read together with the relevant Notes to the Accounts and
Accounting Policies, are self-explanatory, as such; no further clarifications/explanations
are required.
AUDITORS
M/s. Krishanu Bhattacharya Associates, Chartered Accountants, Statutory Auditors of the
Company who retires at the annual general meeting and who has not sought reappointment ,to
hold office for a term of 5 (Five) years from the conclusion of this Annual General
Meeting. Accordingly, M/s S. MANDAL & Co., Chartered Accountants, (Registration No.-
314188E) be and are hereby appointed as Statutory Auditors of the Company in the place of
M/s. Krishanu Bhattacharya Associates, as Statutory Auditors of the Company to hold office
until conclusion of the next Annual General Meeting.
The operations of the Company do not require audit of cost accounts, in terms of the
provisions of the Companies Act, 1956 read with the Rules made thereunder.
CORPORATE GOVERNANCE
Pursuant to Clause 49 of the Listing Agreement, a separate section on Corporate
Governance forming part of the Directors Report and the Certificate from the
Companys Auditors confirming compliance of Corporate Governance norms are
included in the Annual Report.
LISTING WITH STOCK EXCHANGES
Our Company continues to remain listed with National Stock Exchange of India Limited
and the Gauhati Stock Exchange Limited . The trading of equity shares of the company has
been suspended w.e.f. 10.12.2013 at the National Stock Exchange and the management has
taken steps for resumption of normal trading soon.
FIXED DEPOSITS
Your Company has not accepted any fixed deposits during the year under review.
DISCLOSURES
1. None of the employees of the Company were in receipt of remuneration during the year
ended March 31, 2014 in respect of whom particulars are required to be furnished under
Section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of
Employees) Rules, 1975, as amended.
2. Information as prescribed under Section 217(1)(e) of the Companies Act, 1956 read
with the Companies (Disclosure of Particulars in the Report of the Board of Directors)
Rules, 1988, as amended, is annexed hereto and forms part of this report.
ACKNOWLEDGEMENT
Your Directors wish to convey their gratitude and appreciation to all employees and
business associates for their valuable contribution during the year. Your Directors also
wish to thanks the members, investors, bankers, government authorities dealers, suppliers
for their co-operation and support.
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For and on behalf of the |
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Board of Directors |
|
(P. K. Goenka) |
|
Chairman & Managing Director |
Place : Kolkata |
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Date : December 06, 2014 |
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INFORMATION PURSUANT TO THE COMPANIES (DISCLOSURE OF PARTICULARS IN THE REPORT OF BOARD
OF DIRECTORS) RULES, 1988
FORM A - FOR PLWOOD UNIT
The Company has already taken and implemented energy conservation measures whenever
possible and there are no major areas where further energy conservation measures can be
taken. However, efforts to conserve and optimize the use of energy through improved
operational methods and other means will continue.
FORM B
A. FORM OF DISCLOSURE OF PARTICULARS WITH RESPECT OF ABSORPTION OF TECHNOLOGY,
RESEARCH AND DEVELOPMENT (R&D)
Research and Development (R & D)
1. Specific areas in which R & D carried out by the Company.
The R&D efforts of the Company are directed towards quality control, improvement/
up gradation of existing products and development of new products.
2. Benefits derived as a result of the above R & D.
Improvement in product quality, cost effectiveness and development of new value added
products
3. Expenditure on R&D |
2013 - 2014 |
2012 - 2013 |
(a) Capital |
-- |
-- |
(b) Recurring |
-- |
-- |
(c) Total |
-- |
-- |
(d) Total R&D expenditure as a percentage of total Turnover |
-- |
-- |
Technology absorption, adaptation and innovation
The Company has not introduced any new process as there is complete stoppage of
production in all the units due to absence of working capital.
The Company has not imported any technology during the last five years and there is no
technical collaboration with any party.
B. FOREIGN EXCHANGE EARNINGS AND OUTGO
The particulars of Foreign Exchange earned/utilized during the year have been given
under the Notes to Accounts in Note No. 42.
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For and on behalf of the |
|
Board of Directors |
|
(P. K. Goenka) |
|
Chairman & Managing Director |
Place : Kolkata |
|
Date : December 06, 2014 |
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