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Aditya Spinners Ltd.

BSE: 521141 | NSE: ADITYASPIN | Series: | ISIN: INE122D01026 | SECTOR: Textiles - Spinning - Synthetic Blended

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Feb 19, 16:00
4.50 -0.23 (-4.86%)
Volume
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838
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841
30-Day
562
1,150
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    4.73

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Aditya Spinners is not listed on NSE

Annual Report

For Year :
2015 2014 2013 2012 2011 2010 2009 2008 2006

Director’s Report

ANNUAL REPORT 2005-2006 DIRECTOR'S REPORT TO The Members, Your Directors present herewith the 14th Annual Report of the Company together with the Audited Accounts for the year ended 31st March, 2006. 1. FINANCIAL RESULTS Rs. in lakhs 2005-06 2004-05 Sales & Other Income 1476.08 1888.97 Profit/(Loss) before depreciation (474.61) 49.05 and interest Interest 2654.78 2203.58 Depreciation 140.16 140.80 Loss for the year 3269.55 2295.33 2. DIVIDEND Your Directors do not recommend any dividend because of losses incurred during the year under review. 3. REVIEW OF OPERATIONS DURING THE YEAR During the year under review, the company produced 908.43 MTs of yarn. The Company has achieved a turnover of Rs.1476.08 lakhs and incurred a loss of Rs.3269.55 lakhs as against the turnover of Rs.1888.97 lakhs with a loss of Rs.2295.33 lakhs during the previous year. 4. DIRECTORS Sri V. Nageswara Rao and Sri F. Seetha Ramaiah will be retiring by rotation at the ensuing Annual General Meeting and being eligible, offer themselves for reappontment. 5. REHABILITATION SCHEME The Company was declared as a Sick Unit by BIFR at its meeting held on 26th ember, 2005 and IDBI was appointed as Operating Agency for submission of the Rehabilitation proposal. The Company prepared a Rehabilitation proposal and submitted the same to the Operating Agency, all Secured Creditors and BIFR on 25.03.2006. The Rehabilitation proposal is mainly based on a One Time Settlement to the. Financial Institutions, Banks and also reduction of Share Capital and allotment of equity on preferential basis to the new Investors. The Company identified one or two prospective investors for the One Time Settlements and discussions are being held with Financial Institutions for arriving at the OTS amounts. On finalisation of the settlements between Institutions, Banks etc., the Operating Agency will prepare and finalise the Rehabilitation Package and shall submit the same for the approval at BIFR. 5. DEPOSITS The Company has not accepted any deposits from the Public during the year under review. 7. AUDITORS The present Auditors of the Company M/s.C. Ramachandram & Co., Chartered Accountants, retire at the conclusion of this Annual General Meeting and they are eligible for reappointment. 8. PARTICULARS OF EMPLOYEES The particulars of employees required under Section 217(2A) of the Companies Act, 1956 read with the provisions contained in Companies (Particulars of Employees) Rules, 1975 as amended to date were not applicable to your Company as none of the employees was in receipt of remuneration which in aggregate is Rs.24,00,000/- or more per year nor was in receipt of remuneration for any part of the year, of Rs.2,00,000/- or more per month. 9. DISCLOSURE AS PER LISTING AGREEMENT (a) Clause 32: The cash flow statement in accordance with accounting standard and cash flow statement (AS-3) issued by ICAI is appended to this Annual Report. (b) Clause 43A: The company shares are listed on The Hyderabad Stock Exchange Limited, 6-3-654, Somajiguda, Hyderabad anal BSE, P.J. Towers, Dalal Street, Fort, Mumbai. (c) Dematerialisation of Shares: Since the Securities and Exchange Board of India has made it compulsory to trade in the Equity Shares in the dematerialized form by all the investors with effect from 2-4-2001, the company had entered into an agreement with NSDL and CDSL and eras allotted ISIN: INE122D01018. (d) Clause-49: Pursuant to clause 49 of the Listing Agreement, a compliance report on Corporate Governance is enclosed to the Annual Report. 10. DIRECTORS RESPONSIBILITY STATEMENT: (I) In the preparation of the annual accounts, the applicable accounting standards had been followed along the proper explanation relating to material departures. (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 at the end of the financial year and of the profit and 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 this Act for safeguarding the assets of the company and of preventing and detecting fraud and other irregularities. (IV) The Directors have prepared the accounts on a going concern basis. 11. INDUSTRIAL RELATIONS The Company has had harmonious industrial relations through out the year under review at all levels of organization. The Company would endeavor hard to maintain this cordial relationship in future also. 12. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO Information pursuant to Section 217(1)(e) of the Companies Act, 1956 read with the Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1988 regarding conservation of energy, technology absorption, and foreign, exchange earnings and outgo has been given in a separate statement annexed hereto which forms part of the Directors' Report. 13. ACKNOWLEDGEMENT The Directors have pleasure in recording their appreciation for the valuable assistance extended to the Company by the Financial Institutions viz., Industrial Development Bank of India, Industrial Finance Corporation of India Limited and Bankers viz., Sate Bank of Hyderabad, State Bank of Patiala and State Bank of Travancore. Your Directors also place on record their deep sense of appreciation for the dedicated services rendered by all the executives, staff and workers of the Company. For and on behalf of the Board Sd/- Sd/- Place: Hyderabad, R. SHIV KUMAR K. VIJAY KUMAR Date : 25th August, 2006. Managing Director Joint Managing Director ANNEXURE TO DIRECTORS' REPORT Disclosure of particulars with respect to conservation of energy, technology absorption and foreign exchange earnings and outgo as required under Companies (Disclosure of particulars in the Board of Directors' Report) Rules, 1988: I. Conservation of Energy: (a) Energy Conservation Measures taken: Regular energy audits are being internally conducted and efforts to improve the DG sets performance are being undertaken with the help of suitable additives. (b) Additional investments and proposals, if any, being implemented for reduction in consumption of energy: NIL. (c) Impact of measures of (a) and (b) above for reduction in energy consumption and consequent impact on the cost of production of goods: Being studied. (d) Total energy consumption and energy consumption per unit of production as per Form-A of the Annexure to the Rules in respect of industries specified in the schedule thereto: FORM - A A. Power and Fuel Consumption: 2005-06 2004-05 Electricity: i. Purchased: Total Units (KWH) 58,52,919 78,99,323 Rate per Unit in (Rs.) 3.73 4.03 ii. Own Captive generation: Units 134 523 Unit per litre of diesel 2.39 0.74 Cost per Unit (Rs.) 74.27 33.70 B. Consumption per unit of production: Yarn production (in kgs.) 9,08,437 11,79,298 Energy consumption (KWH) per kg. 6.44 6.70 of yarn ii. TECHNOLOGY ABSORPTION Efforts made to Technology absorption as per Form B of the Annexure to the Rules: Not Applicable. III. FOREIGN EXCHANGE EARNINGS AND OUTGO: Export efforts and plans: i. Activities relating to exports : Company could not do any exports initiatives taken to increase during the year exports, development of new export markets for products ii. Total Foreign Exchange used/earned: 2005-06 2004-05 US$ INR US$ INR Used : - - 16,143.88 7,34,536 Earned: - - 3,16,586.00 1,42,64,253 For and on behalf of the Board Sd/- Sd/- Place: Hyderabad, R. SHIV KUMAR K. VIJAY KUMAR Date : 25th August, 2006. Managing Director Joint Managing Director

Director’s Report