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Syschem India Directors Report, Syschem India Reports by Directors
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Syschem India

BSE: 531173|ISIN: INE121D01036|SECTOR: Pesticides & Agro Chemicals
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Directors Report Year End : Mar '14    Mar 13
Dear Members,
 
 The Directors are pleased to present their Twenty First Annual Report
 for the financial year ended on 31st March 2014.
 
 FINANCIAL RESULTS                                   (Amount in Lacs)
 PARTICULARS                                     31.03.2014   31.03.2013
 
 Sales (Inclusive ofexcise duty and other income)   2121.74      1718.16
 
 Profit/(loss) before intt, dep & tax                510.69       378.98
 
 Interest                                            259.52       130.36
 
 Profit/(loss) before dep & tax                      251.17       248.62
 
 Depreciation                                        175.26       111.26
 
 Profit/(loss) before tax                             75.91       137.36
 
 Tax including deferred/provision for tax             16.51        39.31
 
 Net Profit/(loss) after tax                          59.40        98.05
 
 Amount of loss transferred to balance sheet         286.85       343.91
 
 
 BUSINESS AND PERFORMANCE
 
 During the year under review, the turnover of the company has risen to
 2121.74 lacs which is 23.5% higher than the previous year''s turnover.
 However the profits of the company decreased to Rs. 59.40 lacs due to
 adverse market conditions and higherfinance costs.
 
 FUTURE PROSPECTUS
 
 Presently the company is engaged in the manufacturing of Drug
 Intermediates and chemicals. During the current financial year, the
 company is planning to venture into APIs/intermediates, and will begin
 the manufacturing of clopidogrel, fexofenadine, etoricoxib,
 pentazocene, etc.The market demand for these products is very high. The
 company is also shifting its focus to manufacture and market the
 products under its own name and tapering off the job work activities.
 
 The company is doing well under the trade mark ''Kaarigar''. Under this
 brand name, the company is selling wood coatings and complete range of
 wood finishes. The market response for these products from the market
 is very fovourable. The company is foreseeing significant growth for
 these products in the current financial year and started to market the
 products in the northern region of the country particularly in
 Chandigarh, Punjab, Haryana, Himachal Pradesh, J & Ketc The economic
 conditions in the country are not very conducive but still the
 management is confident that the company will continue to grow further
 as there is demand for its products in the market.
 
 DIVIDEND
 
 In the absence of adequate profit for the year, your directors have not
 recommended any dividend for the financial year 2013-14. However as per
 the terms of Preference Shares, 2% preference dividend, if approved by
 the shareholders, be paid to the preference shareholders.
 
 FIXED DEPOSIT
 
 During the year the Company has accepted deposit from the public within
 the meaning of Section 58-Aof the Companies Act, 1956 in compliance
 with the Companies (Acceptance of Deposits) Rules, 1975.
 
 DIRECTORS
 
 Mr. Rajesh Gupta, Wholetime Director of the Company shall retire by
 rotation at the ensuing Annual General Meeting and being eligible offer
 himself for reappointment. As stipulated in terms of Clause 49 of the
 Listing Agreement, the brief resume of Mr. Rajesh Gupta is provided in
 the Explanatory Statement annexed to the notice of the meeting. During
 the current financial year, Mr. Kushal Pal Singh,Managing Director, Mr.
 Ranjan Jain, Wholetime Director, Mr. Shanti Lai Jain, Director
 (Independent) and Mr. Jagir Singh, Director (Independent) have resigned
 from their respective positions.
 
 LISTING
 
 The shares of the Company are listed at Bombay Stock Exchange Limited
 and Delhi Stock Exchange Limited. It is regular in complying with all
 the listing requirements. The shares of the Company are being regularly
 traded in Bombay Stock Exchange.
 
 The Board of Directors in its meeting held on 14.08.2012 had approved
 the voluntary delisting of its Equity Shares from Delhi Stock Exchange
 Ltd. in terms of SEBI (Delisting of Equity Shares) Regulations, 2009.
 The Company had filed application to Delhi Stock Exchange Ltd. for
 voluntary delisting of Equity Shares and theirapproval is still
 awaited.
 
 AUDITORS
 
 M/s Bansal Vijay & Associates, Chartered Accountants, Chandigarh, the
 retiring Auditors of the Company retire at the ensuing Annual General
 Meeting and being eligible offer themselves for re-appointment for the
 Financial Year 2014-15. The Company received a certificate from them as
 required under Section 141 ofthe Companies Act, 2013. The Board
 recommends their appointment for your approval.
 
 CORPORATE GOVERNANCE REPORT
 
 As required under clause 49 of Listing Agreement the Corporate
 Governance Report along with certificate from Company Secretary in
 Practice regarding compliance of conditions of corporate governance
 report is enclosed.
 
 MANAGEMENT DISCUSSION & ANALYSIS REPORT
 
 As required under clause 49 (E) of Listing Agreement the Management
 Discussion & Analysis forms an integral part of the Directors Report.
 
 AUDIT COMMITTEE
 
 Pursuant to provisions of section 177 of the Companies Act, 2013and
 Listing Agreement the Company has constituted the Audit Committee of
 the company. The following are the members of the committee. Mr. Satish
 Chand Aggarwal is the Chairman of the Audit Committee.
 
 Mr. Satish Chand Aggarwal Mr. Balwant Singh Sandhu Mr. Jagmohan Arora
 
 AUDITORS REPORT
 
 Observations in the Auditors Report are dealt with in the notes to the
 Accounts and being self explanatory need no further explanation.
 
 PARTICULARS OF EMPLOYEES
 
 None of the employees is covered Under Section 217(2A) of the Companies
 Act, 1956 read with Companies (Particulars of Employees) Rules, 1975 as
 amended.
 
 CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
 EARNINGS AND OUTGO:
 
 Information required under Section 217(1)(e) of the companies Act,
 1956, read with Companies (Disclosure of Particulars in the report of
 Directors) Rules, 1988 with respect to conservation of energy,
 technology absorption and foreign exchange earnings and outgo is as
 follows:
 
 a.Tech nology Absorption:
 
 The Company is using indigenous technologies in the manufacturing of
 process. The updation of technology is an ongoing process and Company
 is complying with all the statutory guidelines in this regard.
 
 b.Foreign Exchange earnings and Outgo:
 
 The Company has not earned any income or incurred any expenditure in
 foreign exchange during the financial year.
 
 DIRECTORS RESPONSIBILITY STATEMENT
 
 As required u/s 217 (2AA) of the companies Act, 1956 the Directors
 states that:
 
 1.  That in the preparation of annual accounts, the applicable
 accounting standards had been followed along with proper explanation
 relating to material departures.
 
 2.  That Directors had selected such accounting policies and applied
 them consistently and made judgments and estimates that are reasonable
 and prudent so as to give a true and fairview ofthestateof affairs of
 the company at the end ofthe financial year and of the profit or loss
 of the company forthat period.
 
 3. That Directors have taken proper and sufficient care for the
 maintenance of adequate accounting records in accordance with the
 provisions of the Act for safeguarding the assets ofthe company and for
 preventing and detecting fraud and other irregularities.
 
 4.  That Directors have prepared the annual accounts on going concern
 basis.
 
 ACKNOWLEDGEMENT
 
 The Board expresses its deep gratitude and thanks to its clients,
 bankers, associates and shareholders for their valuable contributions
 towards growth ofthe company. The directors particularly wish to place
 on record their sincere appreciation for the best efforts put in by the
 employees towards upliftment ofthe Company.
 
                                          For Board of Directors 
                                          M/S SYSCHEM INDIA LIMITED
 
 DATE : 13.08.2014
 PLACE : Chandigarh                       Chairman
 
Source : Dion Global Solutions Limited
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