To the Members of SPL Industries Limited
The Directors of your Company have pleasure in presenting the 21st
Annual Report on the business and operations of the Company and the
Audited Financial Accounts for the year ended 31st March, 2012.
The financial results of the company for the year ending 31st March,
2012 are given below:
(Figures in Rupees)
Profit/(Loss) before tax and
Extraordinary items (392,438,163) (682,198,528)
Extraordinary item (16,087,731) -
Profit Before tax (408,525,894) (682,198,528)
Tax Expenses :
Current Tax (60,231) (77,130)
Earlier Years Tax (14,183,000) (42,220,847)
Deferred Tax 43,190,000 26,784,518
Profit (Loss) for the period (379,579,125) (697,711,987)
Earning Per Equity Share
Basic (13) (24)
Diluted (13) (24)
In view of continuous losses and insufficient profits, the Board of
Directors of your company has expressed its inability to recommend any
During the year under review, your company has not accepted any fixed
deposits from the general public.
The Statement of employees required under Section 217(2A) of the
Companies Act, 1956 read with Companies (Particulars of Employees)
Rules, 1975 is not annexed as there are none of the Employees drawing
salary exceeding the present limits as provided under the said Act. .
The Statement containing the necessary information as required under
Section 217(1)(e) of the Companies Act, 1956 read with Rule 2 of
Companies ( Disclosures of Particulars in the Report of the Board of
Directors) Rules 1988, relating to conservation of energy, technology
absorption, foreign exchange earnings and outgo are annexed hereto and
forms an integral part of this report.
Pursuant to Clause 49 of the Listing Agreement, a report on Corporate
Governance and Management Discussion and Analysis are annexed hereto
and form an integral part of this report.
Director''s Responsibility Statement
As required under Section 217(2AA) of the Companies Act, 1956 this is
to confirm that:
1. In the preparation of the annual accounts, the applicable
accounting standards have been followed along with proper explanation
relating to material departures.
2. Such accounting policies have been selected and applied
consistently and made judgments/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 of the
Company for that period.
3. Proper and sufficient care have been taken with best of knowledge
and ability, for the maintenance of adequate accounting records in
accordance with the provisions of the said Act for safeguarding the
assets of the company and for preventing and detecting fraud and other
4. The annual accounts have been prepared on going concern basis.
M/S SINGHI CHUGH & KUMAR, Chartered Accountants, the statutory auditors
of the company retires at the conclusion of this meeting and being
eligible offer themselves for the re appointment. The audit committee
and the Board of Directors recommended the re appointment of M/S SINGHI
CHUGH & KUMAR, Chartered Accountants, as Statutory Auditors of the
company for 2012-13.
During the year under review, there are four executive and four non
executive directors on the board of the company and it has been decided
in view of the continuous losses, no managerial remuneration will be
paid to any executive director.
Although, the management of your company is making its all out efforts
to revamp the financial position of the company to the track by
adopting innovative business policies and techniques.
In order to ease out the financial burden of secured loans taken by the
company from the banks, the management of the company has obtained the
positive consent from its shareholders in the EGM held on 12th day of
March,2012., pursuant to the provisions of Section 293(1)(a) of the
Companies Act,1956 in order to dispose of its investment in shares of
one or more of its subsidiary companies and to sale/lease or otherwise
dispose of the whole or substantially the whole of the undertaking(s)
of the company where the company owns more than one undertaking, of the
whole, or substantially the whole, of any such undertaking. In view of
the above consent, the management of the company has disposed off its
entire investment in shares of one of its subsidiary company to a buyer
at the best market price.
Further, in view of the above consent, the management of the company
has approached to some prospective buyers for the outright disposal of
some property in order to repay the banks.
Your Directors wish to place on record the overwhelming response
received from the investors, financial institutions ,bankers, business
associates, suppliers for the consistent support received from them
during the year.
Your Directors wish to place on record their appreciation for the team
spirit, dedication and commitment shown by the work force of the
company during this year.
By order of the Board of Directors
For SPL INDUSTRIES LIMITED
Place : New Delhi (MUKESH AGGARWAL)
14th August.2012 Managing Director