Moneycontrol
Get App
SENSEX NIFTY
you are here:

Subhash Silk Mills Ltd.

BSE: 530231 | NSE: | Series: NA | ISIN: INE690D01014 | SECTOR: Textiles - Weaving

BSE Live

Oct 10, 15:40
14.00 0.00 (0.00%)
Volume
No Data Available
15
  • Prev. Close

    14.00

  • Open Price

    14.00

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    14.00 (35)

Subhash Silk Mills is not traded on BSE in the last 30 days

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.)

    - (0)

Subhash Silk Mills is not listed on NSE

Annual Report

For Year :
2015 2014 2013 2012 2011 2010 2009 2007 2006

Director’s Report

Your Directors hereby present the 36th Annual Report along with the Audited Accounts of the Company for the year ended 30th June, 2006. I. FINANCIAL RESULTS : For the year Ended For the year Ended 30.06.06 30.06.05 Rs. (Lakhs) Rs. (Lakhs) 1. Total Income 243.02 28.04 2. Profit/Loss Before Depreciation, Interest and Taxes 243.09 1,588.08 3. Less: Interest 1.91 2.48 Depreciation 20.17 38.77 4. Profit/Loss Before Tax 221.01 1,546.83 5. Less : Provision for Taxes 5.90 0.00 6. Profit/Loss After Tax 215.11 1,546.83 7. Add : Balance b/f. from the Previous Year 1,165.66 (-) 2,475.49 8. Less : Impairment of Assets 0.00 (-) 237.00 9. Amount Available for Appropriation (-) 950.55 (-) 1,165.66 APPROPRIATIONS: (i) Proposed Dividend on Equity 0.00 0.00 (ii) General Reserve 0.00 0.00 (iii) Balance carried to Balance Sheet (-) 950.55 (-) 1,165.66 During the year, the Company sold its godown premises at Mumbai for an amount of Rs.71.01 Lakhs in order to provide for funds for repayment of dues to I.D.B.I. Ltd. This sale resulted in a profit of Rs.70.95 Lakhs in the current year. The Company has temporarily entered into a warehousing contract with M/s. OEC Record Management Company Pvt. Ltd. for warehousing and storage of their goods in a portion of the Khopoli Plant. This temporary arrangement has been made to receive income from the Khopoli Plant in the interim period while the Company decides its long-term strategy relating to the said Plant. The said arrangement has yielded an income of Rs. 10.02 Lakhs in the current year and will yield Rs.31.87 Lakhs in a complete financial year. The Company has currently taken up an assignment with a Corporate for supervision and professional services in the construction business. These services have rendered an income of Rs. 1.83 Crores in the current year. II. DIVIDEND: Your Directors do not recommend any Dividend for the year ended 30th June, 2006 in view of the brought forward accumulated losses. III. FUTURE OPPORTUNITIES Your Directors are glad to inform you that the Company has cleared all its debts with banks, financial institutions and even with the labour. At present, we are a debt free Company and are also holding about 12 acres of prime land at Khopoli on which we have a constructed RCC Building of approximately 1.20 Lakh square feet. This land and building will be essential for the long-term manufacturing and growth prospects of the Company. Your Company is currently exploring new avenues of business in Textiles as well as new avenues of other business. (a) Government of India has introduced the new Textile Upgradation Fund as well as dismantled the Quota System for Exports to USA & Europe. This will help new investments in the Textile Business and a study report will be made to explore this line of activity. (b) Logistics and Supply Chain Management is the latest avenue for profit generation through improved profitability and economy is a must for all big companies. Your Company is exploring the possibility of a tie-up with one of Indias largest textile groups to manage their logistics and supply chain management. Besides our core business of Textiles, your Company has also diversified its interests into several different projects. Firstly, the Company has taken a Professional Services assignment for management and supervision at all levels of property development for other Corporates in and around Mumbai. Further, we are using our manufacturing expertise to develop Storage Rack Systems for use in warehouses. We have sold racks worth Rs.3.16 Lakhs in the current year and also had orders in hand of Rs.5 Lakhs at the end of the year which have all been successfully completed since. IV. DIRECTORS RESPONSIBILITY STATEMENT : (i) In the preparation of the annual accounts, the applicable accounting standards have been followed along with a proper explanation relating to material departures. (ii) The Directors have selected such accounting policies and applied them consistently and made judgements and estimates that are 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 of the loss of the Company for the period. (iii) The Directors of 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) The Directors have prepared the annual accounts on a going concern basis. V. PERFORMANCE Sales for the current period are Rs. 14.63 Lakhs from sales of fabric. Further, the Company has received Professional & Supervisory Charges of Rs.183.04 Lakhs and Warehousing Charges of Rs.10.02 Lakhs. VI. SUBSIDIARY COMPANY: Since there is no Subsidiary Company, hence the provisions of Section 212 of the Companies Act, 1956 is not applicable. VII. PARTICULARS OF DISCLOSURE IN THE REPORT OF BOARD OF DIRECTORS PURSUANT OF COMPANIES (DISCLOSURE OF PARTICULARS IN THE REPORT OF THE BOARD OF DIRECTORS) RULES 1988 A) Conservation of Energy Your Company has made efforts and implemented various steps recommended by technical experts to reduce the energy consumption at various levels. Consumption of Energy at Khopoli this last year was 56 KW. B) Foreign Exchange Earning and Outgo There have been no foreign exchange earnings in the current year under review. C) Research and Development There has been no significant Research and Development during the year under review due to the lock-out. VIII. DEMATERIALISATION OF SHARES The agreement with Central Depository Services (India) Limited (CDSL) and National Securities Depository Limited (NSDL) for admitting the Equity Shares of the Company in the depository mode still continues. Many shareholders have already dematerialized their shares and Purvaa Sharegistry (India) Pvt. Ltd. continue to be the registrar and transfer agents of the Company for shares held in physical form as well as for providing connectivity in a Depository Mode with both NSDL & CDSL. EX-DIRECTORS In accordance with the provisions of the Companies Act, 1956, and the Companys Articles of Association, Mr. Sumeet Mehra and Mr. Manoharlal Kapur retire by rotation in the forthcoming Annual General Meeting and are eligible for re-appointment. During the year, Mr. Dhiraj Mehra has been appointed as Executive Director of the Company w.e.f. 25th October and will hold office till the ensuing Annual General Meeting. The Company has received notice in writing from a member proposing the candidate of Shri Dhiraj Mehra for the office of Executive Director. X. AUDITORS M/s. S.M. Kapoor & Co., Chartered Accountants are retiring as Statutory Auditors of the Company at the conclusion of the Annual General Meeting. They being eligible for reappointment as Statutory Auditors have furnished the required Certificate U/s. 224(1B) of the Companies Act, 1956. Your Directors recommend their reappointment as Statutory Auditors on remuneration to be approved by the Board. XL PARTICULARS OF EMPLOYEES: Information as per Section 217(2A) of the Companies Act, 1956 read with the Companies (Particularly of Employees) Rules, 1975 are not applicable. XII. ACKNOWLEDGEMENT; Your directors wish to place on record their appreciation for the Investors, Customers, Suppliers, Financial Institutions and Bankers. Place : Mumbai For And on Behalf of the Board Dated : 28th October, 2006 SUBHASH MEHRA Chairman

Director’s Report