| Dear Members,
Your Directors' have pleasure irt presenting hefewith the Annual Report
together with the accounts for the period ended 31st March 2014,
FINANCIAL RESULTS:
During the year under review, the financial results on the operations
of the Company are as under:
(Amount in Rupees)
31/03/2014 31/03/2013
Gross Income 97,651,716 53,446,762
Profit/(Loss) before Depreciation (1,320,723) (13,589,073)
Less : Depreciation 2,465,808 6,305,785
Profit (Loss) before Tax 1,145,055 (19,394,558)
Less Provision for Tax : Current Tax ---- ----
: Deferred Tax ---- 3,938,431
Profit (Loss) for the year 1,145,035 (15,956,377)
DIVIDEND;
In view of the loss incurred by the Company during the financial year.
Directors rearm their inability to recommend any dividend to the
shareholders for the year,
DEPOSITS:
The Company has not accepted any public deposits,
E NVIRONMENT AND ENERCY CONSE RVATION:
The company accords high priority to control environment and
conservation of energy, which is an on going process. The Company has
planted a number of trees to control and maintain environment
surrounding ot the factory. As required by the provisions of Section
217(l)(e) of the Companies Act 1956 read with Companies (Disclosure of
Particulars in the report of Board of Directors) Rules 1988 the
relevant data pertaining to conservation of energy and technology
absorption are given in the prescribed Form A in Annexure to (this
report. Various measures taken bv the company on these matters
includes: '
a) Improving Natural Light by opening Windows, studying illumination of
tube lights by CFL lamps etc.
b) Maintaining old machinery in good condition, retrofitting or
replacing with energy efficient ones.
c) Minimising idle running of machinery.
The above measures undertaken have resulted in savings in the cost of
production.
SAFETY AND HEALTH
The Company gives highest priority to safely and occupational health.
The factory buildings and machinery are maintained in safe condition.
Process operations and handling of chemicals at the factory are
reviewed frequently for safety,
PARTICULARS OF EMPLOYEES UNDER SECTION 217(2A) OF THE COMPANIES ACT
1956
The Company did not have any employee during the year covered under
Section 217(2A) of the Companies Act, 1956 read with (he Companies
(Particulars of Employees) Rules, 1975
TECHNOLOGY ABSORPTION:
Efforts made in technology absorption are given in Form B in the
Anncxurc to this report. DIRECTORS i-
Pursuant to the provisions of Section 255/256 of the Com patties Act,
1956 read with Article No. 115 of Artie tes of Association, Mr, Sand ip
Zaveri, Director of die Company retires at the ensuing annua! general
meeting and being eligible offers himself for re-appointment.
DIRECTORS' RESPONSIRlUTY STATEMENT:-
lt is hereby stated that:
a) in the preparation of annual accounts, applicable accounting
standards have been followed along with proper explanation relating to
material departures.
b) The directors selected the accounting policies and applied them
consistently and made judgments and estimates that are reasonable and
prudent so as to give a true and' lair 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 period.
c) 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 ol
the Company and for preventing and detecting fraud and other
irregularities.
d) The Directors had prepared the annual accounts ort going concern
basis,
AUDITORS:
M/s Manoj Shah & Co. Chartered Accountants, statutory auditors retire
at (he ensuing Annua! General Meeting and are eligible for
re-appointment.
As regards, auditor's observation about accounting of retirement
benefit on cash basis, the company is in the process of accoounting of
liability on the basis of actuarial valuation.
APPRECIATION:
Directors would like to place on record their appreciation of the
co-operation and assistance extended by the company 's bankers. Thanks
arc also due to the company's employees, staff and executives of the
Company for their co-operation and contribution. In concluding this
report, the Board acknowledges their deep sense of gratitude to the
shareholders, for the confidence they have reposed in the Directors.
For and On behalf of the Board of Directors
CHEMIESYNTB (VAPI) LIMITED
Sd/- sd/-
Salish Zaven Sandip Zaven
Director Director
Place : Vapi
Date : 06/09/2014
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