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Swadeshi Industries Leasing Company Ltd.

BSE: 506863 | NSE: | Series: NA | ISIN: INE716M01034 | SECTOR: Plastics

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Oct 14, 16:00
1.58 0.00 (0.00%)
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20,079
10-Day
11,391
30-Day
12,631
28,074
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  • Bid Price (Qty.)

    1.58 (13574)

  • Offer Price (Qty.)

    0.00 (0)

NSE Live

Dec 27, 11:22
NT* 0.00 (0.00%)
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Swadeshi Industries Leasing Company is not listed on NSE

Annual Report

For Year :
2016 2015 2014 2013 2012 2011 2010 2009 2008

Director’s Report

22ND DIRECTORS' REPORT FOR THE YEAR ENDED 31ST MARCH, 2006 Your Directors have pleasure in presenting the TWENTY SECOND ANNUAL REPORT together with Audited Accounts of the Company for the year ended 31st March, 2006. FINANCIAL RESULTS 2006 2005 Rs. Lakhs Rs. Lakhs Total Income 121.52 100.94 Gross Profit/ Loss (4.70) 0.10 Less: Depreciation 4.10 4.44 Provision for Taxation NIL NIL Previous Year Adjustment (Taxation) NIL NIL Profit/Loss after Taxation (8.80) (4.34) Add: Loss Brought forward from previous year (85.97) (81.63) Profit & Loss Appropriation Account (94.77) (85.97) DIVIDEND: The Directors regret their inability to recommend dividend for the year 2005- 2006 due to inadequacy of profits. OPERATIONS: The Company's operating results for the year are showing Net loss of Rs.8.80 Lacs against Rs.4.34 Lacs for the last year. Due to developments in manufacturing technology our machines have become obsolete and out dated. We are facing stiff competition from large scale manufacturers who have put up latest machines with higher production capacities. This has resulted in stagnation of our production and sales of Pet Preforms and left no margins for profits. FIXED DEPOSITS: The Company has not accepted any Fixed Deposits under section 58A of the Companies Act 1956 during the year and Note No (xiii) in the annexure to the Auditors Report is self explanatory. DIRECTORS: In accordance with the provision of the Companies Act, 1956 and the Company's Articles of Association, Shri. R.N. Shah Director of the company retires by rotation and being eligible offers himself for re-appointment. AUDITORS: M/s Motilal & Associates, Chartered Accountants, Mumbai retire with the conclusion of the Twenty Second Annual General Meeting and are eligible to offer themselves for reappointment. PARTICULARS OF EMPLOYEES: Information pursuant to Section 217 (2A) of the Companies (Particulars of Employment) Rules, 1975 as amended. by the Companies Amendment Act, 1988 not applicable to company as no employee was drawing salary more than 1,00,000/- p. m. if employed for the part of the year or annual salary of Rs.12,00,000/-. DIRECTORS' RESPONSIBILITY STATEMENT The Directors confirm: 1. That in the preparation of the annual accounts, the applicable accountings standards have been followed. 2. That the Directors have selected such accounting policies and have applied then consistently and made judgments 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 profit and loss of the Company for that period. 3. That the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Company Act 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. APPRECIATION: Your Directors wish to place on record their appreciation for the support and co- operation extended by the Bankers, Executives and Staff of the Company. Signed on : 29th July, 2006

Director’s Report