To The Members
You Directors are pleased to present the 17th Annual Report together with the Audited
Financial Statements of the Company for the year ended March 31, 2009.
||(Rs. in lacs)
|Variation in Finished stock & WIP
|Net Profit before taxes
|Add Deferment tax liability
|Provision for Income tax
|Net Profit after taxes
Due to the change in the use from Continuous Computer Stationary to that of cut
sheets and as introduction of modes of computer peripherals, the existing business of the
Company is being continuously effected since last many years. The management has been
trying its best to explore the alternative use of the available plant and machinery but no
positive results are up-coming. Since the company has entered into long term contracts and
arrangements with Government sectors whereat for billing and other purposes the continuous
computer stationary is being used, it has become compulsion to continue with the existing
business even though with no margin. These major factors has effected the sale/ turnover
of the company even there is a little growth in sales during the current year which
amounted to Rs. 503.14 as compared to the last year figure of Rs. 466.56 lac (up by
7.84%). The overall expenditure has also been increased from Rs. 442.51 lac to Rs. 517.23
lac (up by 16.89%). However the company has been able to control the administrative cost
There has been an increase in the financial expenses from Rs. 25.55 lac to Rs. 31.82 Lacs
due to the variation in the rate of interest charged by the lending banks.
Further, during the year the Company continued with research work for developing the
process of commercializing its Algal technology on a limited scale to manufacture Algal
Oil being the research in nature is progressing very well. We have largely completed the
validation of scientific and engineering principles for our novel design of PBR and algal
cultivation. We believe that we have competitive design of inexpensive PBR and cheaper
method of microalgal cultivation. We have already developed and successfully
operationalize the Prototype of Algae Plant and now planning to put up next, a Demo and
Pilot Plant using flue gases emitted from coal burning and eventually a commercial plant
alone or jointly with a flue gases emitter (power plant or an industry). However,
recession in Indian and Global economy had resulted in slower progress.
As required under the Corporate Governance, the Management Discussion and Analysis,
forming part of this report, reflects the current state of affairs of business.
Pursuant to the requirement of Accounting Standard 17 issued by the Institute of
Chartered Accountants of India we inform you that besides the manufacturing of Computer
paper, the company has been engaged in the technology development of Micro algae for Fuel,
Feed & Mitigation of Flue gases. The long term objectives is to reduce the dependence
on Crude Oil particularly for transportation segment in India and elsewhere by using Micro
algae based technology without directly or indirectly affecting food production and
without any dependence on oil subsidies.
The Authorised Share Capital of the company consists of Rs. 38,00,00,000/- divided
into 3,80,00,000 equity shares of Rs. 10/- each . The Issued and Subscribed Capital is Rs.
27,11,12,950/- and paidup to the extent of Rs. 26,94,62.950/- in the following manners:
Rs. 6,42,13.000/- divided into 64,21,300 Equity Shares of Rs. 107- each and Rs.
20,52,49,950/- divided into 1368333 GDRs (1 GDR = 15 Equity Shares)
Your company is fully committed to the philosophy of transparency and believes in
conducting the business with due compliance of all the applicable laws, rules and
regulations. The company has duly implemented the system of corporate Governance as per
the requirements of the Listing agreement. A separate report on Corporate Governance is
included in the Annual Report and the Certificate from the Company's Auditors confirming
compliance with the conditions of Corporate Governance as stipulated in clause 49 of the
Listing Agreement is annexed hereto.
During the year under review, the Board of Director of the company, remained duly
constituted in accordance of the provisions of the Companies Act 1956 and in terms of the
Further in terms of the provisions of Section 256 of Companies Act, 1956, Dr. Chandra
Prakash & Sh. I.S. Sukhija, Director retire by rotation. Dr. Chandra Prakash & Sh.
I.S. Sukhija being eligible has offered for the reappointment as Director on the Board of
DIRECTOR'S RESPONSIBILITY STATEMENT
Pursuant to the provisions of sub section (2AA) of section 217 of the Companies
Act, 1956, the Directors confirm that:
i. In the preparation of annual accounts, the applicable accounting standards have been
followed along with proper explanation relating to material departures.
ii. 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 or loss of the Company for that period.
iii. The Directors had taken proper and sufficient care for the maintenance of adequate
accounting records in accordance with the provisions of this Act for safeguarding the
assets of the company and for preventing and detecting fraud and other irregularities.
iv. The annual accounts have been prepared on a going concern basis.
Due to the availability of marginal surplus, the Board of Director's of the Company
has not recommended the payment of Dividend for the Financial year ended 31st March, 2009.
The company has neither accepted any deposit from the public nor renewed any
deposit within the meaning of Section 58A of the Companies Act, 1956 and the rules framed
there under, during the year under review.
HOLDING/SUBSIDIARY COMPANY RELATIONSHIP
For the purpose of undertaking the overseas business activities, the company
floated a subsidiary in UAE in the name "BECKONS TRADING FZE" after the closure
of the financial year.
PARTICULARS OF THE EMPLOYEES
The Company had no employee during the year, whose particulars are required to be
disclosed under Section 217(2A) of the Companies Act, 1956. read with the Companies
(Particulars of Employees) Rules 1975.
NOTE ON ACCOUNTS
The observations of the auditors and notes on accounts are self explanatory. The
Company has complied with the provisions of all accounting standards which are applicable
as on date.
M/s. N. Kumar & Company., Chartered Accountants, the Statutory Auditors of your
Company retire at the ensuing Annual General Meeting and being eligible, offer themselves
for re-appointment The Company has received a certificate from them as required under
Section 224 (1B) of the Companies Act, 1956.
The Board recommends the appointment of M/s. N. Kumar & Company, Chartered
Accountants as the statutory Auditors of the Company.
PARTICULAR OF CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUT GO.
a) CONSERVATION OF ENERGY
i. Staggered Lighting System i.e. separate switches for separate sections are
provided so that only required areas are lighted. ii. Conventional Lighting Equipment is
being replaced by Energy Saving Devices in a phased manner.
b) Technology Absorption, Adoption and Innovation
The company has been involved in material cost reduction, improving the quality of
products. The wastage has been completely controlled by making of the general stationery
items and adding rolls from left-over paper.
c) Foreign Exchange Earnings & Outgo.
No information is required under this head
Your Directors wish to place on record, their appreciation for the continuous
support received from the shareholders, customers, bankers, suppliers and the Company's
employees at all levels.
|Date : 26-08-2009
Chairman cum Managing Director