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Sharad Fibres and Yarn Processors Directors Report, Sharad Fibres Reports by Directors
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Sharad Fibres and Yarn Processors
BSE: 514402|ISIN: INE638N01012|SECTOR: Textiles - Processing
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Directors Report Year End : Mar '11    «
The Directors have great pleasure in presenting their 24th Annual
 Report together with the Audited accounts for the year ended March 31,
 2011.
 
 Particulars                     Year ended              Year ended
 
                                 31.03.2011              31.03.2010
 
                                 Rs. In Lacs             Rs. In Lacs
 
 Other Income                     1079.7                   53.38
 
 Profit / Loss before
 depreciation                     532.18                  229.72
 
 Depreciation                      68.34                  111.66
 
 Net Profit before tax            463.84                  118.06
 
 Net Profit after tax             463.84              [-] 118.06
 
 Balance Brought Forward     [-] 5954.00             [-] 5835.94
 
 Balance Carried Forward    [-] 5490.16             [-] 5954.00
 
 OPERATIONS:
 
 Your Company has performed well during the year as compared to previous
 year by achieving a Total Income of Rs.1079.75 lacs as against Rs.
 3.38 lacs during the previous year. The profitability was also
 impressive at Rs. 463.84 lacs as against net Loss of Rs.118.06 during
 the previous year.
 
 DIVIDEND:
 
 Due to accumulated losses, your board has decided not to recommend any
 dividend during the year under review.
 
 STATUS OF PENDIN6 LE6AL CASES:
 
 The following legal cases are pending against the Company and the same
 are being defended by the company:
 
 1. An Appeal filed by the Central Excise Department before the CESAT
 against demand of Rs.1,76,04,797/- and same was decided in favor of
 the Company by the Honourable CESAT.  However the Department has filed
 case in the Supreme Court. The same is being defended suitably by the
 Company. The Central Excise Department has filed further complaint in
 this regard before the Honourable Chief Judicial Magistrate at
 Silvassa, are being protested by the Company.
 
 2.  An appeal which was pending before the Commissioner Central Excise
 (Appeal ) against demand of duty of Rs.3,61,537/- (already paid ) plus
 Rs.16,32,382/- (already paid) and impose penalty Rs.3,61,537/- and
 Rs.1,00,000/- and interest thereon, was heard and order has been passed
 in favour of the Company . However the department has filed an appeal
 before, the CEGAT and the same is being defended by the company.
 
 3.  The Company has preferred an appeal before the Commissioner of
 Central Excise (Appeal), Vapi against the confirmation of demand by the
 Jt. Commissioner Central Excise A Customs for demand of Rs. 4,26,923/-
 A Rs. 2,38,991/- and also imposed Penalty of Rs.6,65, 484/- with
 interest thereon.
 
 4.  The Company has preferred an appeal before the Commissioner of
 Central Excise (Appeal), Vapi against the confirmation of demand by the
 Jt. Commissioner Central Excise A Customs for demand of Rs. 6,20,181/-
 (Rs. 22,944/-   Rs.1,89,024/-  Rs. 50,932/-   Rs.3,57,281/- ) A and
 also imposed Penalty of Rs. 7,20,181/- (Rs. 2,62,900/-   Rs.50,000/-  
 Rs. 3,57,281/-   Rs.50,000/- ) with interest thereon.
 
 5.  In respect of demand raised by the Income Tax Officer for A.Y
 1997-98 Rs.72,23,446/- .  The Company has received order dated
 30.01.2006 wherein the demand is reduced to Rs.  226,940/- and the
 department has filed case before High Court against the order of ITAT.
 
 6.  In respect of demand raised by Income Tax Officer for A.Y 1998-99
 Rs.45,30,496/- . The Company has preferred an appeal against the said
 order.
 
 7.  The Recron Synthetics has filed a case before Mumbai High Court
 against the Company for total claim of Rs.4,49,38,266   Rs.32,87,546/-
   interest thereon Rs.2,99,41,821/- . The same is being defended by
 the Company.
 
 FIXED DEPOSITS:
 
 Your Company has not accepted any deposit within the meaning of section
 58A of the Companies Act, 1956 from the public and the rules made there
 under.
 
 BOARD OF DIRECTORS:
 
 As per the provisions of the Companies Act, 1956 and in terms of the
 Articles of Association of the Company Mr. Mr. Unnikrishnan Mangary
 retire by rotation and being eligible offer themselves for
 reappointment.
 
 CORPORATE GOVERNANCE:
 
 Your Company fully subscribes to the standards set out by the
 Securities And Exchange Board of India''s Corporate Governance practices
 and has ensured compliance of the conditions of Corporate Governance
 stipulated in Clause 49 of the Listing Agreement with the Stock
 Exchange. A separate report on Corporate Governance together with
 Auditors'' Certificate on its compliance are included in this Annual
 Report as per Annexure A.
 
 DIRECTORS RESPONSIBILITY STATEMENT:
 
 Pursuant to Section 217(2AA) of the Companies Act, 1956 the 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 departure.
 
 ii.  Appropriate policies have been selected and applied consistently
 and judgments and estimates wherever made 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, 2011 and of the profit of the company for that year.
 
 iii. 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 for
 preventing and detecting fraud and other irregularities.
 
 iv.  The annual accounts have been prepared on a going concern basis.
 
 CODE OF CONDUCT:
 
 The company is committed to conduct its business in accordance with the
 applicable laws, rules and regulations and highest standards of
 business ethics. In recognition thereof, the Board of directors has
 implemented a Code of Conduct for adherence by the Directors and Senior
 Management Personnel of the Company. This will help in dealing with
 ethical issues and also foster a culture of accountability and
 integrity.
 
 AUDITORS:
 
 M/s. Vinod S. Mehta A Co., Chartered Accountants, auditors of the
 company are retiring at the ensuing Annual General Meeting. They are
 eligible for re-appointment and have expressed their willingness to act
 as auditors, if re-appointed. The Company has received a certificate
 from them that they are qualified under section 224 (1) of the
 Companies Act, 1956, for appointment as Auditors of the Company.
 Members are requested to consider their appointment at a remuneration
 to be decided by the Board of Directors for the financial year ending
 March 31, 2012 as set out in the Notice convening the Meeting.
 
 AUDITORS OBSERVATIONS:
 
 The observations made by the auditors are self explanatory and,
 therefore, do not call for any further comments.
 
 AUDIT COMMITTEE:
 
 In accordance with the provisions of the Companies Act, 1956 and
 Listing Agreement the Company has constituted an Audit Committee. The
 Audit Committee acts in accordance with the terms of reference
 specified from time to time by the Board.
 
 PARTICULARS REGARDING CONSERVATION OF ENERGY. TECHNOLOGY ABSORPTION AND
 FOREIGN EXCHANGE EARNINGS AND OUTGO:
 
 The information pursuant to section 217 (I) (e) of the Companies Act,
 1956 read with the Companies ( Disclosure of particulars in the Report
 of Board of Directors) Rules 1988 are given in Annexure A to this
 report.
 
 PARTICULARS OF EMPLOYEES:
 
 The information required u/s 217 (2A) of the Companies Act, 1956 read
 with the Companies (particulars of Employees) Rules, 1975 as amended
 and forming part of the Directors'' Report is not applicable to the
 Company as the Company do not have any employee whose salary exceeds
 the limits as specified in the said section.
 
 DEMATARALISATTON OF SHARES:
 
 The Company is in process of signing Demat Agreement with NSDL and
 CDSL.
 
 ENVIRONMENT PROTECTION:
 
 The Company has taken all the necessary steps for safety and
 environmental control and protection at its plants.
 
 LISTING:
 
 Shares of the company are listed at the Stock Exchanges at Mumbai,
 Kolkata, Ahemedabad, and Delhi. The company has not paid the listing
 fees for Kolkata, Ahmedabad, and Delhi Stock Exchanges.  Trading in
 Shares of the Company is suspended on Bombay Stock Exchange.
 
 SAFETY. ENVIRONMENTAL CONTROL AND PROTECTION:
 
 The Company has taken all the necessary steps for safety and
 environmental control and protection at the plant.
 
 ACKNOWLEDGMENT:
 
 The Directors wish to convey their appreciation to the Company''s
 shareholders, customers, suppliers, bankers and distributors for the
 support they have given to the Company and the confidence, which they
 have reposed in its management and the employees for the commitment and
 dedication shown by them.
 
 By Order of the Board
 
 For Sharad Fibres And Yarn Processors Limited
 
 Director                   Director
 
 Regd. Office
 
 220, Unique Industrial Estate,
 Off. Veer Savarkar Marg,
 Prabhadevi,
 Mumbai - 400025
 
 Date: September 5, 2011
Source : Dion Global Solutions Limited
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