Cepham Milk Specialities Ltd


BSE: 524810 | NSE: CEPHAMILK | ISIN: INE359C01018 
Market Cap: [Rs.Cr.] 3 | Face Value: [Rs.] 10
Industry: Food - Processing - Indian

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Director's Report

DIRECTOR

Dear shareholders

The Board of Directors of the Company has pleasure in presenting the 16th Annual Report of the Company for the financial Year 2007-08.

Financial Results

The Financial performance of the Company for the year ended 31st March 2008 is summarized as below:

Rs. (In lacs)

Particulars As a 31.03.08 As a 31.03.07
Sales and other income 10581.55 3985.96
Profit before interest and depreciation 21.74 -298.64
Interest 102.17 1.11
Depreciation 237.45 237.91
Profit/(Loss) before tax -.317.87 -537.67
Prior Period Adjustment 113.26 -392.79
Balance b/f from earlier years (13020.65) (12083.66)
Profit/(Loss) c/f to balance sheet (13235.09) (13020.65)

Operations

The turnover of the company during the year is Rs. 10462.94 lacs as compared to previous year turnover of Rs 3966.60 lacs. The losses of the company are Rs. 214.44 lacs as compared to previous year's losses of Rs. 936.99 lacs. Your company had suffered losses, since its inception for reasons beyond the control of management and changing international market scenario for casein followed by reduction in import duty on lactose, (import substitute) rising milk prices and low availability of milk resulting in unsustainable operations.

Sick Company

The company is a Sick Industrial Unit under Sick Industrial Companies (Special Provisions) Act, 1985 and is registered with Board for Industrial & Financial Reconstruction (BIFR) as case no. 202/2002 and has been declared as a sick Industrial Unit by Hon'able BIFR in the hearing held on 19.07.2005 IDBI has been appointed as operating agency and preparation of draft rehabilitation scheme is under process.

Dividend

Owing to continuous losses suffered by the company, the Board is unable to recommend any dividend for equity shareholders for this year also.

Directors

Sh. J. S. Mann and Sh. S.L. Bansal (Both PSIDC Nominee) retire at the ensuing annual general meeting. They are eligible for reappointment and have offered them selves for the same.

Director's Responsibility Statement

Pursuant to the requirement under section 217(2 AA) of the Companies Act, 1956 with respect to director's responsibility statement, your directors confirm:

i. That in the preparation of the accounts for the financial year ended 31st March, 2008, the applicable accounting standards have been followed along with proper explanation to material departure, if any;

ii. That the directors have selected such accounting policies and applied them consistently and made judgments and estimates that were 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 net profit or loss of the company for the year under review;

iii. That the directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of companies Act 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; and

iv. That the directors have prepared the accounts for the financial year ended 31st March 2008 on going concern basis.

Auditors

M/s J. P. Chawla & Co. Chartered Accountants, 43 Darya Ganj, New Delhi, statutory auditors of the Company retire at the conclusion of the forthcoming Annual Genera! Meeting and being eligible offer themselves for re-appointment.

The Board recommends their reappointment.

Auditors Report

Auditors Report is self-explanatory and needs no comments from the Board.

Conservation of Energy, technology absorption and foreign exchange earnings and outgo

Information required.under section 217(1)(e) of the companies Act 1956, read with Companies (Disclosure of Particulars in the report of Directors) Rules, 1988 with respect to conservation of energy, technology absorption and foreign exchange earnings and outgo is annexed and form part of this report.

Personnel

The information under section 217(2A) of the Companies Act, 1956 is nil as no employee of the Company is covered under the said section. Employer - employees' relations were in good harmony during the year under report.

Fixed Deposits

The company has not accepted any public deposits during the year under report.

Listing

The shares of the company are listed on following stock exchanges

1. National Stock Exchange of India Limited, Mumbai

2. The Ludhiana Stock Exchange Limited, Ludhiana

3. The Delhi Stock Exchange Association Limited, New Delhi

4. Ahmedabad Stock Exchange Limited, Ahmedabad

At present the trading in Shares of the company is suspended by National Stock Exchange of India and Ludhiana Stock Exchange and the shares of the company have been delisted by Bombay Stock Exchange Limited, Mumbai.

The listing fee has been paid to National Stock Exchange Association Ltd. However, the payment of listing fees to other stock exchanges is outstanding since 2000 due to financial constraints.

Depository System

The company has ensured electronic connectivity with both the depositories NSDL and CDSL.

Corporate Governance

A detailed report on Corporate Governance is annexed herewith and forms part of Annual Report.

Acknowledgement

Yours directors would like to record their appreciation for the assistance and co-operation received from the IDBI, bankers, B1FR, and government authorities and also thank to the shareholders for the confidence reposed by them in the Company and look forward to their valuable support for the future plans of the Company.

For and on behalf of the Board

Place: Chandigarh Sh. D.C. Pruthi
Dated: 05.09.2008 Vice- Chairman cum
Managing Director

ANNEXURE TO DIRECTORS' REPORT

A. Conservation of Energy

During the period, the Company has adopted various measures to conserve energy and has taken several measures including regular monitoring consumption and improved maintenance of system.

1) Electricity

a) Purchased

2007-08 2006-07
Purchased Unit 7629015 5020666
Total Amount (Rs. In lacs) 379.06 232.99
Rate Per Unit (Rs.) 4.97 4.64

b) Own Generation

200708 200607
Through Diesel Generators 263043 411379
(Unit in KWH)
Total Amount (Rs. in Lacs) 18.15 28.80
Cost Per Unit (Rs.) 6.90 7.00

2) Furnace Oil

Quantity (K.L.) 0.73 20.97
Total Cost (Rs. in Lacs) 0.22 5.29
Average Rate Per K.L. (Rs.) 30000 25226

3) Consumption (Per Litre of Milk Processed)

Electricity (KWH) 0.117 0.120
Furnace Oil (Ltrs)+Husk 0.113 0.115

Research & Development (R&D)

1) Specific areas in which R&D carried out by the company - Nil

2) Benefits derived as a result of the above R & D -Nil

3) Future plan of action - Nil

4) Expenditure on R&D - Nil

a) Capital - Nil

b) Recurring - Nil

c) Total-Nil

d) Total R&D expenditure as a percentage of total turnovers - Nil

B. Technology Absorption

I) In the case of imported technology (imported during the past 7 years reckoned from the beginning of the financial years) the following information is furnished:

1 Technology imported For production of Casein and Lactose
2 Year of Import 1995-1996
3 Has technology Been fully Absorbed YES

C. Foreign Exchange Earnings and outgo

1 Foreign Exchange Earned (Rs. in 450.29 Lacs)

2 Foreign Exchange outgo (Rs. in 226.05 Lacs)

   

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Key Information

Key Executives:

Jagtar Singh Mann , Chairman & Nominee (PSIDC) 

Dewan C Pruthi , Vice Chairman 

S L Bansal , Nominee (PSIDC) 

S K Ahuja , Nominee (PSIDC) 


Company Head Office / Quarters:
6 K M Derabassi-Barwala Road,
Derabassi Bhagwas Villate,
Patiala,
Punjab-140507
Phone : 91-1762-280283
Fax : 91-1762-282514
E-mail : info@caphemindia.com
Web : http://www.caphemindia.com
Registrars:
Beetal Fin.&Computer Ser.P Ltd
Beetal House 3rd Flr
99 Madangir

New Delhi - 110062

Fund Holding

 
Scheme Name No. of Shares
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