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Swadeshi Industries Leasing Company Ltd.

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

BSE Live

Jul 19, 16:00
1.34 0.00 (0.00%)
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AVERAGE VOLUME
5-Day
15,156
10-Day
8,907
30-Day
9,760
5,544
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    1.34

  • Open Price

    1.41

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    0.00 (0)

  • Offer Price (Qty.)

    1.34 (400)

Swadeshi Industries Leasing Company is not traded on BSE in the last 30 days

NSE Live

Dec 27, 11:22
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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

The Directors have pleasure in presenting the TWENTY FOURTH ANNUAL REPORT together with Audited Accounts of the Company for the year ended 31st March, 2008. FINANCIAL RESULTS 2008 2007 Rs. Lakhs Rs. Lakhs Total Income 210.88 96.78 Gross Profit/ Loss 80.55 (6.07) Less: Depreciation 5.39 4.20 Provision for Taxation 9.40 0.23 Previous Year Adjustment (Taxation) NIL 0.22 Profit/Loss after Taxation 65.76 (10.72) Add : Loss Brought forward from previous year (105.49) (94.77) Profit & Loss Appropriation Account (39.73) (105.49) DIVIDEND: The Directors regret their inability, to recommend dividend for the year 2007-2008 due to inadequacy of profits. OPERATIONS: The Companys operating results for the year are showing Net Profit of Rs. 65.76 Lacs against the Loss incurred by the Company Rs.10.27 Lacs for the previous year. Current years profit includes the profit on sale of office premises at Nariman Point. Due to developments in manufacturing technology our machines have become obsolete and outdated. 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: Our Chairman Shri J. U. Patel expired on 22nd January 2008 which has caused a great loss to the Company. Mr. J. U. Patel has been always an helping hand to the Company and taking great interest in the affairs of the company. His death has resulted a great shock to his family and the financial organisations of this country. Your Directors record and acknowledge great contribution of Shri J. U. Patel to the Company and pray to God to provide strength to his family to absorb this great loss and his soul may rest in peace. In place of Shri J. U. Patel, Board has requested Shri S. C. Gautam, Vice Chairman & Managing Director to take the charge as a Chairman of the Company. In accordance with the provision of the Companies Act, 1956 and the Companys Articles of Association, Shri. S. K. Agarwal Director of the company retires by rotation and being eligible offers himself for re-appointment. Shri S. C. Gautam Managing Director of the Company been appointed as a Managing Director for the Period of five years on 01/10/ 2003. His terms as a Managing Director expires on the conclusion of this Annual General Meeting and Board vide its Meeting held on 28th July 2008 has approved his appointment as a Managing Director of the Company for a further period of five years on the terms and conditions of his last appointment and the same is elaborated in the Notice conveneing the meeting. Further Mr. S. C. Gautam has not taken any remuneration from the company due to the losses incurred by the company in the previous years AUDITORS: M/s Motilal & Associates, Chartered Accountants, Mumbai retire with the conclusion of the Twenty Fourth 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 accounting standards have been followed. 2. That the Directors have selected such accounting policies and have applied them 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. For and on behalf of the Board For SWADESHI INDUSTRIES & LEASING LIMITED (S.C.Gautam) Chairman & Managing Director Place : Mumbai. Dated : 28th July, 2008

Director’s Report