The Board of Directors of Wellwin Industry Ltd. have pleasure in
presenting the Sixteenth Annual Report of your company for 12 months
period ending 31st of March 2012 together with Audited Statement of
Performance at a Glance
Particulars Rs.in Lacs Rs.in Lacs
12 months period 12 months period
31st of March 2012 31st of March 2011
Profit before Depreciation and Tax (134.19) (2101.15)
Less: Depreciation 0 0
Profit After Depreciation (134.19) (2101.15)
Provision for Taxation Nil Nil
Amount available for
appropriation (134.19) (2101.15)
Profit brought forward from
previous year (8603.38) (6502.23)
Total amount available for
appropriation (8737.57) (8603.38)
Transfer to General Reserve Nil Nil
Provision for equity dividend Nil Nil
Surplus carried to Balance Sheet (8737.57) (8603.38)
Total amount appropriated Nil Nil
In view of the loss suffered by the Company during the year, your
Directors have not recommended dividend for this year.
During the year under review, the Company has achieved no turnover and
incurred a loss of Rs.1.34 Crores. The Company after taking permission
of the share holders in the form of Postal Ballot has effected sale of
Land & Building as well as Plant & Machinery. However, there is an
Income Tax attachment for which clearance is expected from IT
authorities. After receipt of clearance from Income Tax authorities,
the property will be transferred in the name of M/s.Chitra
Constructions Pvt. Ltd.
Your company is always committed to transparency in governing the
company. A detailed report on corporate governance is enclosed with
this annual report for your information. A certificate issued by
M/s.A.K.Rajagopalan & Co., Chartered Accountants with regard to
compliance of clause 49 of the listing agreement entered with the stock
exchanges also forms part of the annual report.
Shri .T.Ranganathan, Director retires by rotation in the forthcoming
Annual General Meeting and being eligible offers himself for
DIRECTORS REPONSIBILITY STATEMENT:
(Pursuant to Section 217 (2AA) of the Companies Act, 1956)
- That in the preparation of the annual accounts, the applicable
accounting standards have been followed and that there are no material
deviation there from.
- Reasonable and Prudent accounting policies have been applied in the
preparation of financial statements that they have been consistently
applied and that reasonable and prudent judgement and estimates have
been made in respect of items not concluded by the year end, so as to
give a true and fair view of the state of affairs of the company as on
31st of March 2012 and of the Profit for the 12 months period ended on
- 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.
- The financial statements have been prepared on a going concern basis.
Your company has not accepted deposits from the public during the year.
HEALTH, SAFETY AND ENVIRONMENTAL PROTECTION:
Your Company has substantially complied with applicable Environmental
laws and Labour Laws. It has expended substantial resources, both
financial and managerial, in complying with the relevant laws and has
taken ail reasonable measures to protect the environment, to ensure
safety and health of the workers.
The Company as you are aware was facing an extra ordinary situation
where by all the employees of the company were given notice and
terminated by settling all their statutory dues. The Company had
promised to reabsorb them if necessary at a later date once the matter
regarding settlement of dues to secured creditors has been resolved.
M/s.A.K.Rajagopalan & Co., Chartered Accountants, New No. 18, Old
No.84, Luz Avenue, Mylapore, Chennai 600 004,the Auditors of the
company retire at the ensuing Annual General Meeting and are eligible
CONSERVATION OF ENERGY, TECHNOLOGY AND FOREIGN EXCHANGE:
Particulars required to be disclosed under the Companies (Disclosure of
particulars in the Report of the Board of Directors) Rules, 1988 are
annexed hereto and the same forms part of this report. (Annexure I)
INFORMATION UNDER SECTION 217 (2A) OF THE COMPANIES ACT, 1956 READ WITH
COMPANIES (PARTICULARS OF EMPLOYEES) AMENDMENT RULES 2002.
The Provisions of Section 217 (2A) of the Companies Act, 1956 and rules
thereof are not applicable as not employees was in receipt of the
remuneration to the extent laid down therein.
We are thankful to our Bankers for the co-operation and assistance
rendered by them. The Board places on record their thanks to the
stakeholders, shareholders and customers for the confidence reposed by
them in the Company and their appreciation for the services and
untiring efforts of the employees at all levels, which has helped the
company to achieve the results.
By Order of the Board
For WELLWIN INDUSTRY LTD.
Place: Chennai R.RAJAGOPALAN
Date: 22.10.2012 MANAGING DIRECTOR