Your Directors have pleasure in presenting their Twenty-First Annual
Report and the Audited statements of accounts of the Company tor the
year ended 31st March, 2006.
During the year under review, there has been decline in production
tonnage in respect of conversion jobs carried out by the Company tor
Heinz India Pvt. Ltd. and Dumex India Pvt. Ltd.
FINANCIAL RESULTS :
(Rs. in Lacs) (Rs. in Lacs)
Profit for the year before
Finance Charges-depreciation: 65.58 76.95
Finance Charges 0.85 1.23
Profit before depreciation 64.73 75.72
Depreciation 26.26 26.70
Carried to Balance Sheet 38.47 49.02
In view of accumulated losses, your Director do not
recommend any dividend for the year under review.
The implementation of the Rehabilitation Scheme for the year as
approved by the Board lor Industrial and Financial Reconstruction is as
per schedule, as prescribed by BIFR.
Mr. Ashok N. Manjrekar was appointed as an Additional Director of the
Company holding office upto the date of the Annual General Meeting, and
being eligible, offers himself for re-appointment.
Mr. N. C. Chaudhuri and Adv. Sudin M. Usgaonkar retire by rotation and
are eligible for re-appointment.
Directors Responsibility Statement:
Pursuant to the requirement under Section 217 (2AA) of the Companies
Act, 1956 with respect to Directors Responsibility Statement, it is
(i) that in the preparation of the annual accounts for the financial
year ended 31st March, 2006, the applicable accounting standards had
been followed along with proper explanation relating to material
(ii) that the directors had selected such accounting policies and
applied them consistently and made judgements and estimates that were
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 the year under review;
(iii) that the directors had taken proper and sufficient care tor the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 tor safeguarding the assets of
the Company and for preventing and detecting fraud and other
(iv) that the directors had prepared the accounts lor the financil year
ended 31st March, 2006 on a `going concern basis. Particulars of
Employees U/s 217 (2A):
None of the employees of the Company were in receipt of remuneration
exceeding the limit prescribed in the Companies (Particulars of
Employees) Rules, 1975 read with section 217 (2A) of the Companies Act,
1956. Particulars of Conservation of Energy etc.:
ln terms of Section217(1)(e)of the Companies Act, 1956 (as amended) and
the Companies | Disclosure of particulars in the Report of the Board of
Directors) Rules, 1988. the additional information, as required, is
furnished as Annexure forming part of the Report
Auditors of the Company M/s. R. Sundararaman & Co., Chartered
Accountants, Chennai, retire at the conclusion of the ensuing Annual
General meeting and are eligible for re-appointment.
In respect of the observations of the auditors in their report, the
relevant financial notes are self-explanatory
Corporate Governance :
A report on Corporate Governance is set out separately in the Annual
Your Directors place on record their appreciation of the continuing
support by M/s. Heinz India Private Limited and M/s. Dumex India
Private Limited for the operation of the Company during the year under
Your Directors also place on record their deep appreciation for the
valuable support and guidance from M/s. V. S. Dempo & Co. Pvt. Ltd.,
the holding company, Bank of Maharastrtra, the Bankers to the Company.
the co-operation and contribution of the Employees of the Company
during the year.
For and on behalf of Board of Directors
Shrinivas V. Dempo
Date : 28th June, 2006