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PMA Board Report 2012
DIRECTORS' REPORT TO THE SHAREHOLDERS
-----------------------------------------------------Dear Shareholders,
Your Directors present herewith the 111th Annual Report along with Audited
Statement of Accounts of The Pratap Spg. Wvg. & Mfg. Co. Ltd., for the Accounting Year
ended on 31st March, 2012, together with the Report of auditors thereon.
1. PROFITABILITY:
(Rupees in’000)
PARTICULARS
Sales
Other Income
Gross Profit/(Loss) before –
Interest & Depreciation
Interest
Depreciation
Net Profit/(Loss) for the year
Previous Year's Adjustment
Income/(Expenditure)
Net Profit/(Loss) for the year
transferred to the Balance Sheet
2011-12
0
1005
(78)
2010-11
0
796
615
0
1
(79)
0
0
1
614
0
(79)
614
Your Company during the year made net Loss of Rs.79 thousand as compared to net
Profit of Rs.614 thousand for the previous Year. Though there were no production/sales
activities during the year, the net profit represents miscellaneous receipt on account of sale
of scrap shed. The administrative cost and other expenditure incurred by the Company are
towards its closure activities. The Company could maintain the administrative expenses at
Rs.98 thousand as compared to Rs.181 thousand during the year.
2. PROCEEDINGS BEFORE THE COMPANY COURT IN THE MATTER OF
CONFIRMATION OF WINDING-UP ORDER PASSED BY BIFR/AAIFR : As already
informed the AAIFR vide its order dated 11-4-2000 has confirmed the Opinion of the
BIFR for the winding-up of the Company. However the Winding up proceedings have
not yet commenced before the High Court.
3. FINANCE: The day to day financial requirements of the Company are being met out of
other income and the excess requirements are being arranged by MSTC, the holding
Company.
4. DIRECTORS: During the year under report MSTC, your holding company nominated
Shri S Y Kursange, Joint Secretary (Textiles) and Director MSTC as Director on the
Board of the Company w.e.f. 23.06.2011 in place of Shri K V Jadhav, Dy Secretary
(Textiles) and Director and Shri R. N. Shingare IAS as Director on the Board of the
Company w.e.f. 17.01.2012 in place of Shri Atul Patne IAS. Your Directors place on
record its deep appreciation for services rendered by Shri Atul Patne and Shri K V
Jadhav during their tenure as Directors.
5. AUDITORS : The Comptroller and Auditor General of India, New Delhi, have appointed
M/s. Kawadia Parakh & Associates, Chartered Accountants, Jalgaon, as the Statutory
Auditors for auditing the Company's Accounts for the year under report.
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PMA Board Report 2012
6. THE AUDIT COMMITTEE OF THE BOARD : The Audit Committee of the Board as
appointed under Section 292 (A) of the Companies Act has been functioning
regularly through its meetings.
7. DIRECTORS RESPONSIBILITY STATEMENT : The Board of Directors of the
Company confirms:
i.
that in the preparation of the annual accounts, the applicable accounting
standards have been followed and there has been no material departure;
ii.
that the selected accounting policies were applied consistently and the
directors 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 as at
March 31, 2012 and of the loss of the Company for the year ended on that
date;
iii.
that proper and sufficient care has been taken 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;
iv.
that subject to closure of the Mill of the Company the annual accounts have
been prepared as a non-going concern basis.
8. OTHER INFORMATION :
Information pertaining to Conservation of Energy, Technology Absorption and
Foreign Exchange Earnings and Outgo is NIL during the year as also for the previous year.
None of the employee of the Company has been paid salary in excess of limit prescribed
under the Companies (Particulars of Employees) Rules, 1975.
9. ACKNOWLEDGEMENT :
Your Directors take this opportunity to thank the Government of Maharashtra, MSTC for
their help support and guidance from time to time.
For and on behalf of the Board of Directors
Sd/(Samir K Biswas )
MANAGING DIRECTOR
Place: Mumbai
Date: 29th June, 2012.
Sd/(S Y Kursange)
DIRECTOR