The Directors present the 13th Annual Report and Audited Accounts of
the Company for the year ended 31st December, 2007.
The plant operations continued to remain suspended during this year
also. During the period under review the company posted a net loss of
Rs.7,47,01,945 /- after providing for interest and depreciation.
The company continues to be registered with BIFR as a sick company.
Efforts to revive the plant operations in consultations with ARCIL
(Assets Reconstruction Company (India) Limited) are being made and a
scheme is being workedout in this regard.
The liquidity position of the company continued to be extremely
difficult.. As a result, the company is finding it difficult to
maintain essential services. In view of the difficult liquidity
position the company has also not been able to make any payment to
Financial Institutions, Banks and other creditors etc.
Shri O.N. Rai retire by rotation at the forthcoming Annual General
Meeting and being eligible offer himself for re-appointment.
Shri R.K.Gupta whose appointment as Whole Time Director expires on 25th
May of 2008 has been reappointed as a Whole-Time Director of the
Company for the period of three years w.e.f. 26th May 2008 subject to
M/s Om Prakash S Chaplot & Co. Chartered Accountants, Auditors of the
Company, retire at the forthcoming Annual General Meeting (AGM) of the
Company and are eligible for re-appointment. The observations of the
Auditors in their Report on Accounts read with relevant notes, are self
PARTICULARS OF EMPLOYEES
During the year under review, there were no employees getting covered
under the provision of
Section 217(2A) of the Companies Act 1956 read with Companies
(Particulars of Employees) Rules 1975.
DIRECTORS RESPONSIBILITY STATEMENT
As required under Section 217(2AA) of the Companies Act 1956, your
Directors state that:
- In the preparation of the Annual Accounts, the applicable accounting
standards have been followed along with proper explanation relating to
material departures in the financial statement.
The accounting policies selected and applied are consistent and
judgements and estimates made 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 or loss of the Company for that
- Proper and sufficient care has been taken for the maintenance of
adequate accounting records in accordance with the provisions of the
said Act for safeguarding the assets of the Company and for preventing
and detecting fraud and other irregularities;
- The annual accounts have been prepared on a going concern basis.
The Audit of the Cost Accounts of the Company relating to Cement for
the period ended 31st December 2007, is being conducted by the Cost
Auditor who will submit their report for the period ended 31 st
December 2007, as required.
Pursuant to the revised Clause 49 of the Listing Agreement with the
Stock Exchanges, Management Discussion and Analysis Report, Corporate
Governance Report and Auditors Certificate regarding compliance of the
conditions of Corporate Governance are made a part of this Annual
CONSERVATION OF ENERGY, ETC.
Details as required under section 217 (1) (e) of the Companies Act 1956
read with Companies
(Disclosures of Particulars in the Report of Board of Directors) Rules
1988, are annexed.
The Directors wish to thank the Bankers, Financial Institutions,
Government Authorities , Shareholders, Debentureholders and the
Employees of the Company for their continued support despite
liquidity constraints faced by the Company.
behalf of the Board of Directors
(R.K.GUPTA) (O.N RAI)
Date : 07.05.2008