Your Directors have pleasure in presenting the Annual Report along with the audited
statement of Accounts for the year ended 31st March 2015 .
FINANCIAL RESULTS
The highlights ofthe financial results for the Current financial yearended 31st
March 2015 are :
Rs in Lakhs
|
31.3.2014 |
31.3.2015 |
TOTAL INCOME |
|
|
Sales |
40.20 |
129.72 |
TOTAL |
40.20 |
129.72 |
TOTAL EXPENDITURE |
|
|
Raw Materials |
28.66 |
43.71 |
Operations and Other Exp. |
11.42 |
39.85 |
Depreciation |
6.25 |
10.80 |
Profit / (Loss) |
-6.14 |
35.36 |
OPERATIONS
During the year the company has made a profit. There is an increase in the turnover as
compared to the previous year. The Profit for the current year is Rs 35.36 lakhs as
compared to a loss of Rs. 6.14 lakhs in the previous year.
FUTURE PROSPECTS
In lieu of the recessionary trend in the market in general the outlook for the current
year is not very attractive. The Company is trying hard to recover the fixed and variable
costs and it has also adopted various cost reduction measures.
DIRECTORS' RESPONSIBILITY STATEMENT:
In accordance with the provisions of Section 134(5) of the Companies Act 2013, your
directors confirm that:
i. in the preparation of the annual accounts for the year ended March 31,2015, the
applicable accounting standards have been followed and there has been no material
departures from the same;
ii. the Directors had 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 as at March 31,2015 and of the profit
/loss of the Company for that period;
iii. the Directors had taken proper and sufficient care for the maintenance of adequate
accounting records in accordance with the provisions of the Companies Act 2013 for
safeguarding the assets of the company and for preventing and detecting fraud and other
irregularities;
iv. the Directors had prepared the annual accounts on a going concern basis
v. The Director had devised proper systems to ensure compliance with the provisions of
all applicable Laws and that such systems were adequate and operating effectively.
vi. The Directors had laid down internal financial controls to be followed by the
Company and that such internal financial controls are adequate and were operating
effectively.
AUDITORS AND AUDITORS' REPORT:
M/s Ajay B. Garg, Chartered Accountants, Mumbai bearing ICAI Membership No. 032538,
Statutory Auditors of your Company retires at the ensuing Annual General Meeting and are
eligible for re-appointment. The Company has received a letter from them to the effect
that their re-appointment, if made, would be within the limits prescribed under Section
139(2) of the Companies Act, 2013 and that they are not disqualified for such re-
appointment within the meaning of Section 141(1) of the Companies Act, 2013.
The Notes on Accounts referred to in the Auditors' Report are self-explanatory.
PARTICULARS OF EMPLOYEES:
The Information required under section 197 read with Rule, 5(1) of the Companies
(Appointment of Remuneration of Managerial Personnel) Rules 2014 regarding employees to
the Directors Report is not appended as no employees is in receipt of remuneration
exceeding the prescribed limits.
PERSONNEL AND WELFARE
Your Directors appreciation for the dedicated efforts put in by all the employees
express their sincere and for their continued contribution for ensuring improved
performance of your company during the year.
INDUSTRIAL RELATIONS
The Industrial Relations continued to be generally peaceful and cordial at all the
departments of the Company.
SUBSIDIARY COMPANIES:
The Company does not have any subsidiary.
INSURANCE
Properties and Assets of the Company are adequately insured
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
In terms of clause 49 of the Listing agreement with the Stock exchange, the Management
Discussion and analysis Report is appended to this report.
CORPORATE GOVERNANCE
Your company has always strived to incorporate appropriate standards for good corporate
governance. As a listed Company, all required measures are taken to comply with the
Agreement with the Stock Exchanges. A separate report on Corporate Governance along with a
Certificate from the Auditor form part of this report.
DIVIDEND
In view of conversing the resources and the new commitments in terms of the Order book
position, the Directors are unable to Declare any Dividend for the current year.
INTERNAL CONTROL SYSTEMS :
The Company always believes that free hand in functioning, transparency , systems and
controls combined together are important factor in the success and growth of any
organization.
Audit committee of Directors is responsible for implementing adequate systems and
controls for all the activities in the Company. They monitor, strengthen and modify these
from time to time to meet the changing requirements of the Company.
FIXED DEPOSITS :
The Company has not accepted and or renewed fixed deposits from the public , during the
year ended 31st March 2015.
ACKNOWLEDGEMENTS :-
Your Directors wish to take this opportunity to express deep sense of gratitude to the
Financial institutions and especially M/s HDFC Bank and Union Bank for continued
guidance and support.
At this point the Directors would also like to place sincere appreciation for the total
commitment, dedication and hard work put in by the , Staff and the Workers of the Company
for its success.
|
FOR AND ON BEHALF OF THE BOARD |
|
For Prakash Solvent Extractions Ltd. |
|
L.T. Punjabi |
|
Director. |
Date : 5th Sept 2015. |
|
ANNEXREI
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS/ OUTGO:
PARTICULARS OF TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO AS PER
SECTION 134 OF THE COMPANIES ACT. 2013 READ WITH ( DISCLOSURES OF
PARTICULARS IN THE REPORT OF DIRECTORS ) RULES . 1988 FOR THE PERIOD ENDED
31st MARCH 2015.
A. Conservation of Energy :
The company continues to give high priority to conservation of energy on an ongoing
basis. Some of the significant measures adopted are :
i. Installation of Capacitors for improvement of power factor.
ii. Replacement of energy efficient Electrical motors
iii. Installation of UV sheets to reduce lighting consumption during the day time.
iv. Improvement in power factor by distribution of load.
B. Technology Absorption :
The Company is continuously monitoring the manufacturing process and trying to achieve
maximum production output from the existing Process.
C. Technology Absorption, adoption and innovation :
The technology used for manufacture of various products is fully absorbed and new
innovations in process control, cost reduction and quality improvement are made on a
continuous basis. The Company has not imported any technology during last 5 years.
D. Foreign Exchange Earnings and Outgo :
i. Foreign Exchange Earned |
NIL |
ii. Outgo of Foreign Exchange |
NIL |
iii. Expenditure in Foreign Currency |
NIL |
iv. Net Foreign Exchange Earned |
NIL |
|