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Ruchika Industries India Directors Report, Ruchika Industr Reports by Directors
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Ruchika Industries India

BSE: 540696|ISIN: INE185U01027|SECTOR: Miscellaneous
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Download Annual Report PDF Format 2017
Directors Report Year End : Mar '96   
 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.
Source : Dion Global Solutions Limited
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