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Refnol Resin Ltd.

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Oct 22, 15:56
29.80 -0.05 (-0.17%)
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3,119
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2,906
30-Day
2,697
4,389
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    31.85

  • Bid Price (Qty.)

    29.80 (5)

  • Offer Price (Qty.)

    29.80 (25)

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Dec 27, 11:22
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Refnol Resin is not listed on NSE

Annual Report

For Year :
2015 2014 2013 2012 2011 2010 2009 2008 2007

Director’s Report

The Directors are pleased to present their Twenty-Sixth Annual Report together with the Audited Statement of Accounts of Company for the year ended 31st March 2007. 1) FINANCIAL RESULTS: The financial results of the Company for the year under review are as under: - (Rs. in lacs) Particulars 2006-07 2005-06 Profit before Interest and Depreciation 216.27 185.32 Interest & Financial Charges 78.38 66.27 Depreciation 22.75 21.41 Profit before tax 115.14 97.64 Provision for Fringe Benefit Tax 4.03 3.32 Profit after tax 111.11 94.32 Less: Short Provision of Income Tax 13.39 Add: Prior Period Adjustment (2.59) 7.37 Profit available for Appropriation 108.52 88.30 Balance brought forward from previous year 904.34 992.64 Balance carried to Balance Sheet 795.82 904.34 2) OPERATIONS: Profitability has improved due to continuous and vigorous efforts to reduce costs and migrate towards higher value added products and customers. The textile and garment industries in India and other countries in the region are going through a period of unprecedented growth. Demand for the textile and garment chemicals of the company have therefore been very buoyant and will continue to be so in the medium term, thus strengthening the revival of the company. 3) MARKETING AND EXPORTS: Despite working capital constraints, sales Rs. 1779.91 lacs were marginally higher than the previous year which were Rs. 1529.83 lacs. Export were steady at Rs. 122.80 lacs. Efforts to aggressively market the companys products and to reach out to new and premium customers continue to be made on a sustained basis. Exports too are being promoted with the focus being on higher value added products. 4) DIVIDEND: In view of the accumulated losses, your Directors have not recommended any dividend for the year under review. 5) REVIVAL SCHEME : The revival scheme sanctioned by Board for Industrial and Financial Reconstruction (BIFR) is under implementation. 6) DEPOSITS: Your Company has not accepted any public deposit within the meaning of the provisions of Section 58A of the Companies Act, 1956. 7) DIRECTORS: The Board of Directors of your company has various executive and non-executive directors including independent directors who have wide and varied experience in different disciplines of corporate functioning. Mrs. Asha M. Khatau, Director, retires by rotation at the forthcoming Annual General Meting and being eligible, offers herself for reappointment. 8) INSURANCE: All the insurable assets of the company including Plant & machinery, Buildings and Inventories are adequately insured. 9) SUBSIDIARY COMPANY: Pursuant to the requirements of Section 212 of the Companies Act, 1956 the Annual Accounts of the Companys subsidiary viz., Refnol Overseas Limited for the period ended 31st March 2007 is annexed together with the statement showing the extent of the Companys interest therein. 10) MANAGEMENT DISCUSSIONS AND ANALYSIS REPORT: Your company manufactures textile sizing chemicals and auxiliaries, garment wash and laundry chemicals and polyester resins at its factory at Plot No. 23, Phase 3, G.I.D.C., Naroda, Ahmedabad, Gujarat.The company caters to both domestic and international markets. The product ranges find application in textile industry, garment processing industry and plastic composites industry. The company has a marketing and distribution network for its various products with full technical service back-up. Growth in demand is expected to continue to be buoyant in all the companys businesses and steps are being taken to take full advantage of favorable market conditions. 11) CORPORATE GOVERNANCE: Your company has taken adequate measures to ensure that the provision of corporate Governance as prescribed under clause 49 of the listing agreement with stock exchanges are complied with. A detailed report as per Appendix-l on corporate governance, along with auditors certificate on its Compliance by the Company, forms part of this report. 12) DIRECTORS RESPONSIBILITY STATEMENT: Pursuant to the requirements of section 217 (2AA) of the Companies Act, 1956, it is hereby confirmed : 1. That in the preparation of the Accounts for the financial year ended 31st March 2007, the applicable accounting standards have been followed along with proper explanation relating to material departures; 2. That the Directors have selected such accounting policies and applied them consistently and made judgements and estimates that were reasonable and prudent so as to give true and fair view of the state of affairs of the Company at the end of the financial year and of the Profit or loss of the Company for the year under review. 3. 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. 4. That the Directors have prepared the annual accounts on a going concern basis. 13) EMPLOYEES: Relations between the employees and the management continued to be cordial during the period under review. The Directors hereby place on record their appreciation for the efficient services rendered by the companys employees at all levels. The Company has not paid any remuneration attracting the provisions of Companies (Particulars of Employees) Rules, 1975 read with Section 217 (2A) of the Companies Act, 1956. Hence, no information is required to be appended to this report in this regard. 14) CONSERVATION OF ENERGY. TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO: Statement giving Particulars with respect to conservation of energy, technology absorption, foreign exchange earnings and out-go, in terms of Section 217 (1) (e) of the Companies Act, 1956 read with Companies (Disclosure of Particulars) Rules, 1988 is given in Appendix II forming part of this Report. 15) LISTING: Your companys shares are listed with The Stock Exchange, Mumbai, Phiroze Jeejeebhoy Towers, Dalai Street, Fort, Mumbai. (Stock Code:- 530815). The Company has regularly paid Annual Listing fees of The Stock Exchange, Mumbai for the respective financial year. 16) AUDITORS AND AUDITORSREPORT: The present Auditors of the Company M/s. G. P. Kapadia & Co., Chartered Accountants, retires at the ensuing Annual General Meeting and being eligible, offer themselves for reappointment. The Auditors Report and the notes to the Accounts being sem-exp\ana\ory, no further explanation is required. 17) ACKNOWLEDGEMENT: Your Directors record their appreciation of the co-operation and assistance extended by Banks and Government Authorities as well as valued customers from time to time. They also record their appreciation of the devoted services rendered by the executives, staff members and workers of the Company. For and on behalf of the Board, Itanium Date : June 30th, 2007 Mahendra K. Khatau Place : Mumbai. Chairman

Director’s Report