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KCD Industries India Ltd.

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Annual Report

For Year :
1996

Director’s Report

The Board of Directors has pleasure in presenting the 11th Annual Reports alongwith the Audited Final Accounts of your Company for the year ended 31st March 1996 WORKING RESULTS The financial results of your Company's working are as follows: As on 31st As on 31st March, 1996 March, 1995 (Rs. in Lacs) (Rs. in Lacs) Sales 1.09 NIL Profit/Loss before Depreciation (-)28.21 (-)41.15 Depreciation NIL NIL Net Profit/Loss (-)28.21 (-)41.15 OPERATIONS During the year under report, the Electronic industry continued to be affected by adverse trade condition causing unprecedented crises. The financial year under review was characterised by recessionary conditions in the Company. There has been no production during the period under review DIVIDEND In view of the losses of Company the Directors of your company do not recommend any dividend for the year ended 31st March, 1996 PRODUCTION AND MARKETING There has been no production in the Company during the period under review. FIXED DEPOSITS The Company has not invited/accepted any fixed deposits during the period under review. STATUTORY STATEMENTS As per the requirements of Section 217(e) of the Companies Act, 1956 read with Companies (Disclosure of particulars in the Report of board of Directors) Rules 1988, the information regarding conservation, technology absorption, Foreign Exchange Earnings and outgo are given in the Annexure to the Report, None of the employees falls within the purview of the provisions of Section 217(2A) of the Companies Act, 1956 as amended and read with Company's (Particulars of employees) Rules 1975. ENVIRONMENTAL PROTECTION AND SAFETY The Company takes all the possible steps to ensure and preserve the environment conditions in its natural state. Further frequent checks are conducted to ensure the health and safety of the employees of the Company. DIRECTORS Mr. Vimal Nanda, Director of the Company is retiring by rotation and is eligible for re-election. AUDITORS M/s. M.K. Malhotra & Co. Auditors of the Company retire at the ensuing general meeting and are eligible for re-appointment. The Company has obtained from them a certificate under Section 244(1) of the Company Act, 1956 to the effect that re-appointment if made will be in accordance with the limits specified under Section 224(1B) of the Companies Act, 1956. ACKNOWLEDGMENTS The Directors place on record their appreciations of the co-operation and dedication by the entire work force at all levels. The Directors are also thankful to the concerned authorities, banks and other associations for their continued support and cooperation. ANNEXURE TO HE DIRECTOR'S REPORT Statement containing particulars pursuant to Companies (Disclosure of particulars in the Report of Board of Director) Rule, 1988 and forming part of Director Report. A. ENERGY CONSERVATION Periodic checks were carried to save energy by using more efficient lighting fixures and using natural light as far as possible. B. TECHNOLOGY ABSORPTION RESEARCH & DEVELOPMENT 1. Specific are as in which R&D Carried out by the Company. 2. Benefits derived as a result of above R&D. Expenditure on R&D a) Capital NIL b) Recurring NIL c) Total NIL d) Total R&D Expenditure NIL (As a % of total turnover) Foreign Exchange inflow Foreign exchange outflow (Raw Material) We have audited Balance Sheet of RUCHIKA INDUSTRIES LTD., as at 31st March, 1996 and also the Profit & Loss Accounts of the Company for the year ended on that date annexed therein and report as under: a) We have obtained all the information and explanation which to the best of our knowledge and belief were necessary for the carrying of the audit. b) In our opinion, proper books of accounts as required by law, have been kept by the Company so far as appears from our examination of such books. c) The Balance Sheet and Profit & Loss Account dealt with by this report are in agreement with the books of accounts. d) In our opinion and to the best of our information and according to the explanation given to us, the accounts read together with notes thereon, given information required by the Companies Act, 1956 in the manner so required and give a true & fair view In the case of the Balance Sheet of the statement of affairs of the Company as at 31st March, 1996 and in the case of Profit & Loss Account of the Company for the year ended on that date. AS required by the manufacturing and other Companies (Auditors Report) Order, 1988 issued by the Companies Law Board in terms of Section 227(4A) of the Company Act, 1956 and on the basis of such checks as we considered appropriate, we further report that: 1. We are informed that the fixed assets have been physically verified at the year end by the management and discrepancies could not be as certained as the relevant records showing full particulars in respect of quantitative details and situation of fixed assets were with the authorities for verification. 2. None of the fixed assets have been revalued during the year. 3. Physical verification has been conducted at the year end in respect of finished goods, stores, parts and raw materials. In our opinion frequency of verification should be at regular intervals. The discrepancies, if any, noticed on such verification stand adjusted in stocks. 4. The procedure of physical stock verification followed by Management are adequate in relation to size of the Company and the nature of its business. 5. The valuation of stock conducted by management appear to be fair and proper and in accordance with normally accepted accounting principles and is on the same basis as in the previous year. 6. The Company has not taken any loans secured of unsecured from companies, firms or other parties as listed in the Register maintained under Section 301 of the Companies Act, 1956 and/or firm companies under the Section 370 (IB) of the Companies Act, 1956. 7. The Company has not granted any loans, secured or unsecured to companies firms or other parties Act, 1956 and/or to companies under the same management within the meaning of Section 370 (IB) of the Companies Act, 1956 8. In respect of interest free loans to employees and other loan advances in the nature of loans given by the Company the parties are generally repaying the principles amount and interest, however applicable as stipulated. 9. In our opinion and according to the information and explanation given to us, there are adequates internal control, procedure, commensurate with the size of the company and the nature of its business with regard to purchase of stores, raw materials including components, plant & machinery equipment and other asset and with regard to sale of goods. 10. No sales & purchases of material and services made in pursuance of contracts or arrangement entered in the register maintained u/s. 301 of the Companies Act, 1956. 11. As explained to us the company has a regular procedure for determination of unserviceable or damaged stores, raw materials and finished goods. Provision has been made in the accounts for the loss as and when arising on items so determined. 12. The Company has not accepted fixed deposit from public. 13. In our opinion reasonable record have been maintained by Company for the sale and disposal of realisable scraps. There is no by product. 14. The Company has internal audit system which is required to be strengthened to make it commensurate with the size and nature of its business. 15. We are informed that the Central Government has not prescribed the maintenance of cost records u/s 209(1) (d) of the Companies Act, 1956 for any of the product of the Company. 16. As explained to us, the provisions of provident fund Act are not applicable to the Company. 17. According to the explanation and information given to us, no undisputed amount payable in respect of Income Tax, Wealth Tax, Sales Tax, Customs Duty and Excise Duty were outstanding as at 31st March, 1996 for a period of more than six months from the date they become payable. 18. According to the explanation and information given to us during the course of our examination of books of accounts carried out in accordance with the generally accepted auditing practices, we have not come across any personal expenses other than expenses under contractual obligation with the Companies employees and/or generally accepted business practices which have been charged to revenue account. 19. The Company is a sick industrial Company within the meaning of Clause (0) of Sub-Section (3) of Section 3 of Sick Industrial Companies (Special Provisions) Act, 1985. 20. The Company has a reasonable system of recording receipt issues and consumption of material and stores commensurate with the size and nature of its business. in the opinion of the management allocation of layout is possible only on day to day basis which is being done. 21. In our opinion the Company has satisfactory system of authorities at proper levels on the issue of stores and internal control procedure involving proper allocation of store and labour in the manner stated in item 20 above.

Director’s Report