celebrations apparel ltd Directors report

REPORT OF THE DIRECTORS

To,

The Members of Celebrations Apparel Limited

Your Directors have pleasure in presenting their Tenth Annual Report and the Audited Statement of Accounts for the year ended March 31, 2014.

OPERATIONS

The gross turnover of the Company was Rs. 28.32 Crore (Previous Year: Rs. 22.39 crore). The Company has a loss of Rs. 0.46 Crore after tax (Previous Year: Profit after tax Rs. 0.85 Crore). In order to conserve resources of the Company, your Directors do not recommend any dividend for the year under review.

During the year under review, the Company focused on imparting training to operators, obtaining manufacturing consistency and operational efficiencies.

FINANCE AND ACCOUNTS

The Observations made by the Auditors in their Report has been clarified in the relevant notes forming part of the accounts, which are self explanatory.

DIRECTORS

Shri Ashish Grover and Shri A.P. Deshmukh, Directors of the Company retire by rotation in accordance with the provisions of the Companies Act, 1956, and being eligible, offer themselves for a reappointment.

DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to sub-section (2AA) of Section 217 of the Companies Act, 1956, the Board of Directors of the Company hereby state and confirm that:

(i) in the preparation of the Annual Accounts, the applicable accounting standards had been followed;

(ii) the Directors had selected such accounting policies and applied them consistently and made judgements 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 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 the Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

(iv) the Directors had prepared the annual accounts on a going concern basis.

STATUTORY INFORMATION

The information pursuant to sub-section 1 (e) of Section 217 of the Companies Act, 1956, read with the Companies (Particulars in the Report of Board of Directors) Rules, 1988 is given in Annexure -1 to this Report.

Foreign Exchange Earnings and Outgo is given in Annexure 1 to the Directors report.

The Company has no employees in respect of whom the information as per the provisions of Section 217 (2A) of the Companies Act, 1956 read with Companies (Particulars of Employees) Rules, 1975 is required to be given.

Your Company has not accepted any fixed deposit and no amount of principal or interest was outstanding as on the Balance sheet date.

COMPLIANCE CERTIFICATE

Pursuant to Section 383A of the Companies Act, 1956 Compliance Certificate is received from Secretary in whole time practice regarding compliance by the Company with all the provisions of the Companies Act, 1956, is duly attached with this Report.

AUDITORS

Your Companys Auditors, Messrs. Dalai & Shah, Chartered Accountants, retire and are eligible for reappointment. You are requested to appoint Auditors and to authorise the Board to fix their remuneration.

ACKNOWLEDGEMENT

Your Directors express their warm appreciation to all its employees for their diligence and contribution. The Board records its grateful appreciation for the co-operation, support and valuable guidance received from banks, central and state government authorities, customers, and suppliers.

	For and on behalf of the Board
Mumbai: April 29, 2014	(Director)	(Director)

ANNEXURE-1 TO THE DIRECTORS REPORT

INFORMATION AS PER SECTION 217 (1)(e) READ WITH COMPANIES (DISCLOSURE OF PARTICULARS IN THE REPORT OF BOARD OF DIRECTORS) RULES, 1988 AND FORMING PART OF THE DIRECTORS REPORT FOR THE YEAR ENDED MARCH 31, 2014

A. CONSERVATION OF ENERGY

a. In inline pressing tables we have disconnected the inbuilt electric boilers & connected the pressing tables to the main boiler line, By which we have saved 15 kw power per day.

B. TECHNOLOGY ABSORPTION

PARTICULARS WITH RESPECT TO TECHNOLOGY ABSORPTION, RESEARCH AND DEVELOPMENT

a) Upgraded our CAD Systems with latest version of software offered by Gerber Technology. The new system has offered new options and it has helped us to increase the productivity by 10%.

b) Developed new automatic button indexer machine applying PLC Technology for front placket button stitch operation. The Quality has been improved & productivity has been increased by 20%.

c) By installing Conveyor system in assembly line, throughput time has been reduced by 40%.

PARTICULARS WITH RESPECT TO TECHNOLOGY ABSORPTION, RESEARCH AND DEVELOPMENT

The Company has not incurred any separate expenditure for Research and Development activities during the period under review. Hence, there were no expenses.

C. FOREIGN EXCHANGE EARNING AND OUTGO :

a. Earnings Rs. 391.81 Lac.

b. Outgo Rs. 110.56 Lac.