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Sri Chakra Cements Directors Report, Sri Chakra Cem Reports by Directors
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Sri Chakra Cements

BSE: 518053|ISIN: INE827D01020|SECTOR: Cement - Mini
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Directors Report Year End : Mar '06   
The Directors have pleasure in presenting the 24th Annual Report and
 the Audited Statement of Accounts of your Company for the year ended
 31st March, 2006.
 
 PERFORMANCE OF THE COMPANY :
                                      For the year     For the 6 Months
                                             Ended         Period Ended
                                        31.03.2006           31.03.2005
 
 1. Production (M.T) (Cement)             3,09,596             1.51,844
 2. Gross Turnover Qty (M.T) (Cement)     3,09,362             1.51,635
    Value (Rs. In Lakhs) (Cement)          5877.45              2840.42
 3. a). Gross Realisation per Ton Rs       1899.86              1873.20
 b). Net Realisation per Ton (Naked) Rs.   1235.86              1352.19
 
 4. Profit/(Loss) after interest, 
    depriciation and prior period 
    adjustment (Rs. in Lakhs)              (396.99)             (123.51)
 
 PRESENT STATUS WITH THE BIFR :
 
 The winding up order passed by BIFR has been appealed to AAIFR which
 has been admitted on 26.09.2005. In the meanwhile, the company has made
 OTS with all the Secured Creditors barring IFCI & IIBI with whom the
 discussions are in the advanced stage of finalisation. AAIFR has
 directed IFCI & IIBI to settle the OTS quickly so that the ORS can be
 reviewed. The Directors are confident that the settlement with IFCI &
 DBF will be forthcoming soon and there after shall obtain DRS approved
 by the competent authority paying the way for the ultimate revival of
 the company.
 
 DIRECTORS :
 
 Sri V V S R Anjaneyulu. Director will be retiring by rotation at the
 ensuing Annual General Mooting and being eligible offers himself for
 re-appointment.
 
 DEPOSITS :
 
 Your Company has not accepted any Deposits from the public during the
 year under review.   
 
 AUDITORS :
 
 The report of the Auditors and the Notes on Account referred to in the
 Auditors Report are self Explanatory.
 
 M/s.Satyanarayana & Company, Chartered Accountants, Auditors of the
 Company retired at the conclusion of the ensuing Annual General Meeting
 and are eligible for re-appointment
 
 COST ACCOUNTING :
 
 The cost accounting records for the accounting year ended March 31,
 2006 have been maintained in accordance with the cost accounting
 records. M/s A V N S Nageshwara Rao & Co., was appointed as Cost
 Auditors for the year 2005-06
 
 DIRECTORS RESPONSIBILITY STATEMENT :
 
 To the best of their knowledge and belief and according to the
 information and explanation obtained by them, your Directors make the
 following statement in terms of Section 217 (2AA) of the Companies Act,
 1956.
 
 1) That in the preparation of the annual accounts for the year ended
 March 31,2006 the applicable accounting standards have been followed
 alongwith proper explanation relating to material departures, if any.
 
 2) That such accounting policies as mentioned in Schedule 18 to the
 Annual Accounts have been selected and applied consistently and
 judgements and estimates that are reasonable and prudent made so as to
 give a true and fair view of the state of affairs of the Company at the
 end of the financial year ended on 31st March, 2006 and of Loss of the
 Company for that Year.
 
 3) That proper and sufficient care has been taken for the maintenance
 of adequate accounting records inaccordance with the provisions of the
 Companies Act, 1956, for safe guarding the assets of the Company and to
 prevent and detect fraud and other irregularities:
 
 4) That the Annual Accounts for the year ended 31st March. 2006 have
 been prepared on a going concern basis.  
 
 AUDIT SUB-COMMITTEE :
 
 Pursuant to the provisions of Section 292A of the Companies Act, 1956,
 Audit Sub Committee has been constitued with the following Directors
 
 1)Sri N. Krishna Mohan
 2) Sri V V S R ANjaneyulu
 3) Sri S. Rama Murthy
 
 CORPORATE GOVENRANCE :
 
 Your Company has complied with the provisions of corporate governance
 as clause 49 of the listing agreement with the Stock Exchange (s). A
 separate report on Corporate Governance is included as a part of the
 Annual Report
 
 INDUSTRIAL RELATIONS :
 
 Industrial relations have been generally satisfactory.
 
 PARTICULARS OF CONSERVATION OF ENERGY, TECHNICAL ABSORPTION AND FOREIGN
 EXCHANGE EARNINGS AND OUT GO :
 
 As required under Section 217(1) (e) of the Companies Act, 1956, read
 with relevant rules, the particulars regarding the conservation of
 energy, technological absorption etc., are given in Form-A and Form-B,
 which forms part of this report
 
 PARTICULARS OF EMPLOYEES :
 
 None of the employees were in receipt of remuneration of Rs.6 lakhs per
 annum or Rs. 50,000/- per months during the period under review.
 
 ACKNOWLEDGEMENTS :
 
 Your Directors have taken this opportunity to place on record their
 appreciation and grati tude for the whole-hearted support, co-operation
 and guidance received from the Banks and the other Central, State
 Government and local authorities. The Company thanks the Share holders
 and Depositors for the confidence reposed by them in the Company.
 
 
                                     By order of the Board of Directors
                                         for SRI CHAKRA CEMENTS LIMITED
 
 Place  : Hyderabad       V V S R Anjaneyulu            N.Krishna Mohan
 Date   : 31.08.2006                Director         WholeTime Director
Source : Dion Global Solutions Limited
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