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JJ Exporters
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Download Annual Report PDF Format 2014 | 2013 | 2012 | 2010
Directors Report Year End : Mar '14    « Mar 13
Dear Members,
 
 The Directors have pleasure in presenting the Forty first Annual
 Report, together with the Audited Accounts of the Company for the year
 ended 31st March, 2014.
 
 FINANCIAL RESULTS                                         (Rs. in Lacs)
                                                    2013-14      2012-13
   
 Profit before Tax, Depreciation and Extra
 Ordinary Items                                   (1543.45)     (447.01)
 
 Less: Depreciation                                  367.56       458.11
 
 Profit/(Loss)beforeTaxandextraordinaryitems      (1911.01)     (905.12)
 
 Less: I.T. for earlier year                              -            -
 
 Less: Prior Period Items                              0.79         0.09
 
 Profit/(Loss)beforeExtraOrdinaryItems            (1911.80)     (905.21)
 
 Extra Ordinary Items                                400.00            -
 
 Profit/(Loss) after Tax                          (2311.80)     (905.21)
 
 Add:Balancebroughtforwardfrom Previous year      (2341.75)    (1436.54)
 
 Balance in Profit & Loss Account                 (4653.55)      2341.75
 
 BUSINESS AND PERFORMANCE
 
 The year under review was the most difficult year in the history of the
 Company. It had to close down the operations at Bangalore and also had
 to temporarily close the unit at Kolkata w.e.f. 01.12.2013. In the back
 drop of above the sales revenue was down at Rs. 3288.35 lacs as
 compared to Rs. 4541.36 lacs in the previous year. The loss before
 depreciation and extra ordinary item was higher at Rs. 1543.45 lacs as
 compared to Rs. 447.01 lacs in the previous year.
 
 CURRENT YEAR''S OUTLOOK
 
 The outlook in the current year does not look good at the moment. As
 mentioned herein above, the operations at Bangalore were closed w.e.f.
 1st April, 2013 because of lack of demand and uneconomic operation. The
 operations at Kolkata Unit were temporarily closed w.e.f. 1st December,
 2013 for the same reason. At present only the unit at Bhagalpur with
 very limited volume is functioning.  In the back drop of above
 situation, the Company has approached its bankers for One Time
 Settlement of its dues.
 
 DISPOSAL OF UNDERTAKINGS
 
 The operations of Company''s unit at Bangalore were closed w.e.f.
 01.04.2013, due to uneconomic operations. The plant and machinery and
 other fixed assets were sold during the year. The sale proceeds,
 thereof, were remitted to IDBI Bank Ltd. towards repayment of overdue
 principal and interest. The Company has also temporarily closed the
 operations of its Kolkata unit at Gangarampur w.e.f. 01.12.2013 due to
 uneconomic operation.
 
 OVERSEAS SUBSIDIARIES AND JOINT VENTURE
 
 OOO JJ Home, the Company''s foreign subsidiary at Moscow had closed its
 operations during the year due to uneconomic operations. Necessary
 provision has been made in the account for the outstanding amount due
 from the subsidiary on account of investment and for goods supplied to
 it.
 
 The performance of the other subsidiary viz. Spin International Inc.
 and J. J. Creations was, by and large, satisfactory.  
 
 RESTRUCTURING OF TERM LOAN AND WORKING CAPITAL FACILITIES 
 
 The Company had approached its bankers for restructuring of the credit 
 facilities in view of poor financial position of the Company due to 
 continued loss. The term loan lender and one of the working capital 
 lender had done the restructuring of various credit facilities during 
 the year. However, due to continued losses and poor financial position,
 the Company had to approach its bankers for One Time Settlement (OTS) 
 of the dues.
 
 RETAIL SHOWROOM
 
 The performance of Company''s retail showroom ''ONSET'' at Kolkata was by
 and large satisfactory during the year.
 
 DIVIDEND
 
 Owing to loss, your Directors do not recommend any dividend for the
 year.
 
 SETTLEMENT WITH CITIBANK N.A.
 
 The Company has entered into an out of court settlement with Citibank
 N.A. in respect of their demand on account of derivative transactions
 which the Company had disputed. The amount paid towards settlement of
 the same has been shown as an Exceptional Item in the statement of
 Profit & Loss for the year.
 
 DIRECTORS
 
 Mr. P. J. Sheth resigned from the Board of the Company during the year
 w.e.f. 18.05.2013. Mr. Pradeep Kr. Singhi also resigned from the Board
 of the Company w.e.f. 15.11.2013. Mr. H. S. Senapati was appointed as
 an Additional Director during the year by the Board at its meeting held
 on 15.11.2013. Mr. Senapati will hold office till the date of the
 forthcoming Annual General Meeting.  Notice from a member of the
 Company has been received proposing him as a regular Director of the
 Company. Mr. M. L. Gulrajani has resigned from the Directorship of the
 Company w.e.f. 22.05.2014.
 
 Mr. P. K. Sarkar, Director, retires by rotation and being eligible has
 offered himself for re-appointment at the ensuing Annual General
 Meeting.
 
 DIRECTORS RESPONSIBILITY STATEMENT
 
 As required under Section 217 (2AA) of the Companies Act, 1956 your
 Directors hereby confirm :
 
 i) That 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) That such accounting standards have been applied consistently to
 make 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 as at 31st March, 2014 and of the loss for
 the year ended on that date;
 
 iii) That proper and sufficient care 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 for
 preventing and detecting fraud and other irregularities, if any, has
 been taken;
 
 iv) That the Annual Accounts have been prepared on a ''going concern''
 basis.
 
 CORPORATE GOVERNANCE
 
 Your Company has consistently been complying with the Corporate
 Governance Code prescribed by SEBI and a detailed report on Corporate
 Governance together with a Certificate of Compliance from the Statutory
 Auditors, as required by Clause 49 of the Listing Agreement, forms a
 part of this Annual Report.
 
 AUDITORS
 
 M/s. Salarpuria Jajodia & Co., Chartered Accountants, Kolkata, bearing
 Registration No. 302111E, retire at the conclusion of the ensuing
 Annual General Meeting and have expressed their willingness to be
 re-appointed. They have confirmed that their re-appointment, if made,
 would be covered within the ceiling specified under Section 224 (1B) of
 the Companies Act, 1956.
 
 COST AUDITORS
 
 Pursuant to the Directives of the Central Government under the
 provisions of Section 233B of the Companies Act, 1956, qualified Cost
 Auditors have been appointed to conduct cost audit relating to the
 products of the Company.
 
 CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
 EARNING AND OUTGO
 
 A) Conservation of energy and technology absorption :
 
 The particulars in respect of conservation of energy and technology
 absorption are given in Annexure ''A'' forming part of this report
 pursuant to Section 217(1)(e) of the Companies Act, 1956, read with the
 Companies (Disclosure of Particulars in the Report of Board of
 Directors) Rules, 1988.
 
 B) Foreign Exchange earnings and outgo :
 
 The information is contained in Item No.15 of Note No. ''23'' in notes to
 the accounts.
 
 INVESTMENTS
 
 The details of investments are given in Note No. ''8'' annexed to the
 annual accounts of the Company.
 
 SUBSIDIARY COMPANIES
 
 The particulars, as required under Section 212 of the Companies Act,
 1956, in respect of Company''s subsidiaries viz. Spin International
 INC., OOO JJ Home and J. J. Creations S.A. are annexed.
 
 The Government of India vide Circular No. 2/2011 dt. 08.12.2011 has
 granted general exemption to companies from annexing the accounts of
 its subsidiary companies subject to fulfillment of certain conditions.
 Necessary financial details in respect of each subsidiary as stipulated
 in the said exemption letter are given in a separate statement attached
 elsewhere in the report.
 
 Your Directors undertake that annual accounts ofthe subsidiary
 Companies and the related detailed information will be made available
 to the holding and subsidiary Company investors seeking such
 information at any point of time. The annual account of the subsidiary
 Companies will also be kept for inspection by any investor at its head
 office and that of the subsidiary company concerned.
 
 FIXED DEPOSITS
 
 The Company has not accepted any Fixed Deposits during the year.
 
 ACKNOWLEDGEMENTS
 
 Your Directors place on record their deep appreciation for the
 continued assistance and co-operation extended to the Company
 by its customers, investors, bankers, government agencies and its
 dedicated band of employees.
 
 Registered Office :                               By 0rder of the Board
 23C, Ashutosh Chowdhury Avenue
 Kolkata - 700 019                                    S. N. Jhunjhunwala
 Dated : 22nd May, 2014                               Executive Chairman
Source : Dion Global Solutions Limited
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