Hitkari Industries Ltd. के निदेशक की रिपोर्ट

Mar 31, 2010

The Directors are pleased to present Sixthteenth Annual Report together with audited accounts for the financial year ended 31st March 2010.

FINANCIAL RESULT

(Rs. in Lac) (Rs. In Lac) Current Year Previous Year

Sales & Operation Income 3199.76 2736.76

Gross Profit before Interest, 98.80 169.26 Depreciation & Taxation

Depreciation and Taxation

Less I) Interest 187.78 174.00

2) Depreciation 87.40 95.10

3)Provision for Income (10.78) (18.06) Tax(net)

Net Loss After Tax (165.60) (91.78)

OPERATION:

The working result of your Company for the financial year ended 31st March. 2010 reflect loss for the year. The Company has achieved total net income of Rs.3199.76 Lacs as compared to Rs.2736.67 Lac in the previous year. Loss was Rs. 160.60 Lacs as against Rs. 91.78 Lacs for the.year after tax for the last year. The loss is due to increase in raw material prices without comparative increase in selling prices.

DIVIDEND

In view of Loss, the Directors are not recommending dividend for the financial year 2009- 2010.

DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to requirement under section 217 (2AA) of the Companies (Amendment) Act 2000. your Directors confirm: -

1. That in the preparation of the annual account for the financial year ended 31st March 2010 the applicable accounting standards have been followed along with proper explanation relating to material departures.

2. That the Directors have 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 fair view of the state of affairs of the Company at the end of the financial year and of the profit of the Company for the year under review.

3. That the Directors 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.

4. That the Directors have prepared the accounts for the financial year ended 31st March 2010 on a going concern basis.

SUBSIDIARY COMPANY

In pursuant to section 212 of the Companies Act. 1956, the audited statement of accounts along with the report of the Board of Directors of Terra films Pvt. Ltd. annexed. Further pursuant to Accounting Standard AS-21 your Directors have pleasure in attaching the Consolidated Financial Statement as at 31st March 2010 which from part of Annual Report and Account.

DIRECTORS

Mrs. Usha kapoor and Mr. Sunil Kapoor resigned as the Director of the Company. The Board places on record its appreciation for the services rendered by them during their tenure as directors of the Company.

Mr. Jasbinder Singh Rai was eo-opted as Additional Directors of the Company and holds office upto the date of the ensuing Annual General Meeting. It was proposed to appoint them as Directors of the Company.

In accordance with the Articles of Association of the Company, Mr. Ajay Anand. Director of the Company, retires by rotation at the ensuing Annual General Meeting and being eligible offers himself for re-appointment.

AUDITORS

M/s Sudhir Sunil & Company. Chartered Accountants, New Delhi who retire at the ensuring Annual General Meeting and being eligible offer themselves for reappointment. The Company has received a certificate as required under Section 224 (IB) of the Companies Act, 1956 to the effect that their reappointment, if made, would be within the limits specified in that section.

AUDITORS REPORT

The Auditors report as well as notes on accounts are self-explanatory and do not require any further comments.

DEMATERIALISATION OF SHARES

The shares of the Company are available for dematerialization with both the depositories i.e. National Securities Depository Limited (NSDL) and Central Depository Services (India) limited (CDSL).

REPORT ON CORPORATE GOVERANCE AND MANAGEMENT DISCISSION & ANALYSIS REPORT

Report on Corporate Governance along with the certificate of statutory auditors of the Company forms part of this Annual Report. The Management Discussion and Analysis Report also forms the part of this Annual Report.

LISTING AT STOCK EXCHANGES

The equity shares of the Company are listed on Mumbai. Ludhiana & Calcutta Slock Exchange. Listing fees for Stock Exchange has been paid.

PARTICULARS OF EMPLOYEES

There was no employee who was covered under section 217(2A) of the Companies Act. 1956.

PARTICULARS OF CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING & OUTGO

The detail under Section 217 (l)(e) of the Companies Act, 1956 in respect of Companies (Disclosure of Particulars in the report of Board of Directors) Rules. 1988 to the extent of disclosure of particulars with respect to conservative of Energy and Technology absorption are not applicable to your Company. Your Company is constantly working for Research and Development as well as for technical absorption to improve its quality of production by innovation means. Total foreign Exchange earning was Rs. 19.64 Lacs and foreign exchange outgo was Rs. 1.37 Lacs during the year ended on 31st March 2010.

ACKNOWLEDGEMENT

Your directors wish to place record their appreciation and acknowledge with gratitude the support and cooperation extended by Banks, Government Authorities, Customers, Employees by order of the Board.

PLACE: NEW DELHI By Order the Board

DATE: 31st August 2010 For Hitkari Industries Ltd.

(Ajay Kapoor)

Managing Director

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Mar 31, 2009

The Directors aie pleased to prcsenl fifteenth Annual Report together with audited accounts for the financial year ended 31st March. 2009.

FINANCIAL RESULT

(Rs. in Lac) (Rs. In Lac)

Current Year Previous Year

Sales & Operation Income 2736.76 2984.60

Grossprolit before Interest, 169.26 175.39

Depreciation & Taxation

Depreciation and Taxation

Less 1) Interest 174.00 156.53

2) Depreciation 95.10 92.76

3)Provision for (8.06) 5.20

Tax(net)

Net Loss After Tax (91.78) (79.10)

OPERATION:

The working result of your Company for the financialcar ended 31st March. 2009 reflect loss for the year. The Company has achieved total net income of Rs.2736.76 Lacs as compared to Rs.2984.60 Lac in the previous year. Loss was Rs.91.78 Lacs as against Rs. 79.10 Lacs for the year after tax for the last year. The loss is due to increase in raw material prices without, comparative increase in selling prices.

DIVIDEND

Inview of Loss, the Directors are not recommending dividend for the financial year 2008-2009

DIRECTORS RESPONSIBILITY STATEMENT

Pursuant requirement under section 217 (2 A A) ofthe Companies (Amendment) Act 2.000. your Directors confirm: -

1. That in the preparation of the annual account For the financial year ended 31st March 2009 the applicable accounting standards have been followed along with proper expianation relating to material departures.

2. That the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that arc reasonable and prudent . so as to give a true and fair view of the state of affairs of .the Company at the end ofthe financial year and of the profit of the Company for the year under review.

3. That the Directors 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.

4. That the Directors have prepared the accounts for the financial year ended 31st March 2009 on a going concern basis.

SUBSIDIARY COMPANY

In pursuant to section 212 ofthe Companies Act, 1956. the audited statement of accounts along with the report of the Board of Directors of Terra Films Ltd. annexed. Further pursuant to Accounting Standard AS-21 your Directors have pleasure-in attaching the Consolidated financial Statement as at 31st March 2009 which from part of Annual Report and Account.

DIRECTORS

Mr" R.N.Khanna and Mr. Lalit Khanna resigned as the Director ofthe Company. The Board places on record its appreciation for the services rendered by them during their tenure as directors ofthe Company.

Mr. Satish Chander Malhotra and Mr. Ajay Anand were co-opted as Additional Directors ofthe Company andholds office upto the dale ofthe ensuing Annual General Meeting. It was proposed to appoint diem as Directors ofthe Company.

In accordance with (theArticles of Association of the Company. Mrs. Usha Kapoor.Director ofthe Company, retires by rotation at the ensuing Annual General Meeting and being, eligible offers herself for re-appointment.

COMPANY SECRETARY

Ms. Neeta Kamra. was appointed as Company Secretary.

AUDITORS

M/s S.R.Kapur di Company. Chartered Accountants. New Delhi who retire at the ensuring Annual General Meeting and they have expressed their inability to be appointed as Statutory Auditors of the Company.

The Company has received a letter from M/s. Sudhir Sunil & Co. Chartered Accountants consenting to be appointed as Statutory Auditors of the Company to hold office from the conclusion of the ensuring Annual General Meeting till.the Conclusion of the next Annual General Meeting and their appointment if made, would be within the prescribed limits under Section 224(113) of the Companies Act. 1956 and that they are not disqualified for such appointment within the meaning of Section226 of the Companies Act 1956.WOKSREPORT

The Auditors report as well as notes on accounts are self-explanatory and do not require any further comments.

DEMATERIALISATION OF SHARES

The shares of the Company are available for dcmaterialization with both the depositories i.e. National Securities Depository Limited (NSDL and Central Depository Services (India) limited (CDSIL).

REPORT ON CORPORATE GOVERANCE AND MANAGEMENT DISCUSSION & ANALYSIS REPORT

Report on Corporate Goernance along with, the certificate of statutory auditors of the Company forms part of this Annual Report. The management-Discussion and Analysis Report also forms the part of this Annual Report.

LISTING AT STOCK EXCHANGES

J he equity shares of the Company are listed on Mumbai. Ludhiana & Calcutta Stock Exchange. Listing fees for Stock Exchange has been paid.

PARTICULARS OF EMPLOYEES

There was no employee who was covered under section 2I7(2A) of the Companies Act. 1956.

PARTICULARS OF CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING & OUTGO

The detail under Section 217 (l)(c) of the companies Act. 1950 in respect of Companies (Disclosure of Particulars in the report of Hoard of Directors) Rules. 1988 to the extent of disclosure of particulars with respect to conservative of Energy -and Technology absorption are not applicable to your Company. Your Company is constant) working for

Research and Development as well as for technical absorption to improve its quality of production.by innovation means. Tola! Foreign Exchange earning was Rs. 168.75 Lacs and Foreign exchange outgo was Rs.2.18 Lacs during the year ended-on 31st March 2009.

ACKNOWLEDGEMENT

Your directors wish to place o record their appreciation and acknowledge with gratitude the support and cooperation extended by Banks. Government Authorities. Customers. Employees by order of the Board.

PLACE NEW DELHI By Order the Boarrd

DATE : 31st August 2009 For Hitkari Industries Ltd.

(Ajay Kapoor)

Managing Director