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Kabsons Industries Ltd.

BSE: 524675 | NSE: | Series: NA | ISIN: INE645C01010 | SECTOR: Miscellaneous

BSE Live

Jun 02, 16:00
3.19 0.00 (0.00%)
Volume
AVERAGE VOLUME
5-Day
2,452
10-Day
1,534
30-Day
968
3,406
  • Prev. Close

    3.19

  • Open Price

    3.19

  • Bid Price (Qty.)

    3.04 (500)

  • Offer Price (Qty.)

    3.19 (30)

NSE Live

Dec 27, 11:22
NT* 0.00 (0.00%)
Volume
No Data Available
0
  • Prev. Close

    -

  • Open Price

    -

  • Bid Price (Qty.)

    - (0)

  • Offer Price (Qty.)

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Kabsons Industries is not listed on NSE

Annual Report

For Year :
2014 2013 2012 2011 2010 2009 2008 2006

Director’s Report

Dear members, The Directors hereby present the 22nd Annual Report and Accounts of the Company for the year ended 31st March, 2014. FINANCIAL RESULTS: (Rs.in Lakhs) Year Ended Year Ended 31.03.2014 31.03.2013 1) Sales, Other Income & Exceptional items 230.96 265.19 2) Profit before Depreciation 33.59 132.65 3) Depreciation 26.52 30.86 4) Profit after Financial Charges 7.07 101.79 and Depreciation DISCUSSION ON FINANCIAL PERFORMANCE: During the year under consideration the Company got a profit of Rs.33.59 Lakhs before interest and depreciation as against profit of Rs.132.65 Lakhs during the previous year, which includes lease income and lease income is the major source of revenue to the Company. OUT LOOK: Your Company is concentrating on leasing out the bottling plants wherever opportunities are available. DIRECTORS: In view of new legislative changes, we have received proposals from the shareholders for reappointment of Sri P V Subba Rao, Sri Y S Sarma and Smt.Mangal Rathi non executive directors as Independent directors of the Company in the ensuing Annual General meeting in accordance with Section 149 of the Companies Act, 2013 and clause 49 of the listing agreement for a period of five years. The profiles of the reappointed directors are mentioned elsewhere in the report. Mr.Rajiv Kabra is retiring at the ensuing Annual General Meeting and being eligible, offers himself for re-appointment as Director, liable to retire by rotation. AUDITORS: Messers Brahmayya & Co., Chartered Accountants, Auditors of the company, retire at the conclusion of the Annual General Meeting and being eligible, offers themselves for reappointment. The Company has received a certificate from them to the effect that the appointment, if made, would be within the limits prescribed under Section 224(1-B) of the Companies Act, 1956. DIRECTORS RESPONSIBILITY STATEMENT AS REQUIRED UNDER SEC 217 (2AA) OF COMPANIES ACT 1956: Pursuant to the requirement under Section 217 (2AA) of the Companies Act, 1956, with respect to Directors'' Responsibility Statement, it is hereby confirmed: i) That in the preparation of the accounts for the financial year ended 31st March 2014, the applicable accounting standards have been followed along with proper explanation relating to material departures; ii) That the Directors have selected such accounting policies and applied them consistently and made judgments 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 the profit of the Company for the year under review; iii) That the Directors have taken proper and sufficient care 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) That the Directors have prepared the accounts for the financial year ended 31st March, 2014 on a going concern basis despite accumulated losses, erosion of net worth, excess of current liabilities over current assets and uncertainty associated with the operations of the Company. CONSERVATION OF ENERGY/TECHNOLOGY ABSORPTION/FOREIGN EXCHANGE EARNINGS AND OUTGO: As required under section 217(1)(e) of the Companies Act, 1956 read with Rule 2 of the Companies (Disclosure of Particulars in the Report of the Directors) Rules, 1988 information relating to conservation of Energy, Technology Absorption and Foreign Exchange Earnings and outgo is given in Annexure to the extent applicable and forms part of this report. DISCLOSURES AS PER LISTING AGREEMENT: Cash Flow Statement: In compliance of clause 32 of the Listing Agreement, the Cash Flow Statement prepared in accordance with the requirements prescribed by SEBI is appended to this Annual Report. CORPORATE GOVERNANCE: Pursuant to clause 49 to the Listing Agreement with Stock Exchanges, a separate section titled CORPORATE GOVERNANCE has been attached to this Annual Report. A Certificate from the Practicing Company Secretary of the Company regarding compliance of conditions of Corporate Governance stipulated in the Listing Agreement with Stock Exchanges, are annexed to and form part of the Annual Report. PARTICULARS OF EMPLOYEES: There are no employees who attract Section 217(2A) of the Companies Act, 1956 and therefore the particulars were not given. INFORMATION & EXPLANATION IN RESPECT OF QUALIFICATION / RESERVATION OR ADVERSE REMARKS CONTAINED IN INDEPENDENT AUDITORS REPORT UNDER PARAS: BASIS FOR QUALIFIED OPINION, EMPHASIS OF MATTER AND OTHER MATTERS: A) In view of very limited strength of employees, presently working with the Company, the requirements of AS-15 Employee Benefits in respect of gratuity could not be complied with. However provision for gratuity as required under Payment of Gratuity Act has been provided for. B) Inspite of continues erosion of networth, position of excess of current liabilities over current assets and uncertainty associated with operations of the company, the Accounts of the Company are prepared on going concern basis. C) Interest for the year Rs. 6,34,899/- on deposits of distributors/dealers has not been provided in view of company''s adverse financial position and will be negotiated for waiver resulting to overstatement of profit by that amount and understatement of current liabilities by Rs.84,40,497/- D) The company could not get confirmation of balances in respect of Trade Receivables and Trade Payables other than due from/to related parties as most of them are very old and presently no transactions are being taken place with them. INTERNAL CONTROL SYSTEM The company has a well-established system of internal control in operation which complies with the relevant provisions on ''Internal Control'' under the Company''s Auditor''s Report Order 2003 and as prescribed under revised clause 49 of the Listing Agreement with Stock Exchanges. All internal controls are continuously reviewed and risks of inaccurate financial reporting and fraud, if any, are dealt with immediately and eliminated. The status of implementation of recommended solutions are regularly reviewed and presented to the Audit Committee of the Board. PERSONNEL: Your Directors would like to place on record their deep sense of appreciation of the services of executives, staff and workers of the Company. Industrial Relations continued to be cordial throughout the year at all locations. ACKNOWLEDGMENT: Your Directors Express their thanks for the guidance and assistance received from State Bank of India, HDFC Bank Ltd, Department of Explosives and their Officials, Central Excise, Pollution Control Boards and Commercial Tax Departments of respective States, host of other State and Central Government Departments, Securities Exchange Board of India, and Stock Exchanges at Mumbai, Ahmedabad, Delhi, Kolkata and Chennai and others. Your Directors would like to express their gratitude to all Corporate, Institutional and Individual Shareholders for the confidence reposed by them in the Company. for and on behalf of the Board Sd/- Place: Hyderabad RAJIV KABRA Date : 14-08-2014 Chairman & Executive Director

Director’s Report