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Kilburn Chemicals Ltd

BSE: 524699 | NSE: ISIN: INE655C01027
Market Cap: [Rs.Cr.] 17.61 Face Value: [Rs.] 10
Industry: Chemicals

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Director's Report
DIRECTORS

Your Directors take pleasure in presenting the 24th Annual Report together with the Audited Accounts of the Company for the Financial Year ended 31st March, 2014.

FINANCIAL HIGHLIGHTS

(Rs. In lacs)

2013–14 2012–13
Total Revenue 181 271
Gross Operating Profit 127 341
Depreciation for the year 116 117
Profit Before Extraordinary items and Tax 11 224
Profit Before Tax (PBT) 11 224
Provision for Tax including Deferred Tax (35) 12
Net Profit After Tax (PAT) 46 212
Add : Surplus / (Loss) brought forward from previous year 4,016 3,804
Profit available for Appropriation 4,062 4,016
Balance carried forward 4,062 4,016

OPERATIONS

During the year under review the Company has achieved turnover of Rs.1.81 Crores which solely came from Wind Mills Operations as compared to last year Rs. 2.71 Crores which is 33.21% less compared to previous year. The Company has earned profit after tax including deferred tax Rs.46 lac as compared to Rs.212 lacs last year. The generation by the windmills owned by the Company was satisfactory but there was a problem with the local power board on evacuating the power generated. Hence, a substantial portion of the power generated by the windmills were lost and we were unable to bill the same.

EQUITY DIVIDEND

In view of the sharp drop in profitability and with a view to conserve resources for the company’s Greenfield Project, Directors felt it prudent to skip dividend on Equity Shares for the year.

AUDITORS’ REPORT

The notes to the accounts referred to in the Auditors’ Report are self explanatory.

FUTURE OUTLOOK

As members are aware that your company is in the process of setting up a new Project for production of both Anatase and Rutile Grades of Titanium Dioxide with an annual capacity of 15,000 MT in Gujarat, at Jolwa Village at Dahej.

Most of the legal formalities, compliances and regulatory clearances for setting up the plant have been completed. The process of tying up the financial assistance is in process. IDBI Capital Market Services has been mandated for syndicating the necessary facilities and hope to complete the same soon.

After completion of term financial assistance, the company will immediately start implementing its project in full swing.

SHARE CAPITAL

During the year under review, in accordance with the approval of the members, the company had issued and allotted 7,65,000 equity share at a premium of Rs. 6/- per share on preferential basis to Maryada Advisory Services Pvt. Ltd. as per SEBI guidelines.

CORPORATE GOVERNANCE

Pursuant to the provisions contained in the Listing Agreement with Stock Exchanges, a Report on Corporate Governance together with the Auditors’ Certificate on the compliance of the conditions of the Corporate Governance is annexed. The Management Discussion and Analysis Report has not been annexed as the company has only windmill operations in place.

DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to the requirements under Section 217(2AA) of the Companies Act, 1956 with respect to Directors’

Responsibility Statement, it is hereby confirmed:

(1) That in the preparation of the Annual Accounts for the financial year ended 31st March, 2014, the applicable accounting standards have been followed along with proper explanation relating to material departures;

(2) That 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 the profit of the Company for year under review;

(3) That 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 of the Company and for preventing and detecting fraud and other irregularities;

(4) That the Directors have prepared the Annual Accounts on a going concern basis.

DIRECTORS

Shri A. D. Nanaiya, has resigned as Director of the company w. e. f. 14.02.2014

The Board placed on record its appreciation for the valuable contribution made by him during his tenure as Director of the company.

Pursuant to sections 149, 152 and any other applicable provisions of the Companies Act, 2013, Shri Ranjit Chaudhri, Shri Anand Chatrath and Shri Parag Keshar Bhattacharjee have been appointed as Independent Directors to hold office for five consecutive years.

Shri Tushar M. Patel retires by rotation at this Annual General Meeting and being eligible, offers himself, for re-election.

AUDITORS

M/s G. P. Kejriwal & Associates, Chartered Accountants, Kolkata have been the Statutory Auditors of the Company for last 24 years. The Board has recommended a change in the Statutory Auditors of the Company and proposed that M/s. V. Singhi & Associates, Chartered Accountants, Kolkata be appointed as Statutory Auditors of the Company from the conclusion of this Annual General Meeting.

The Company has received Special Notice from a member of the Company, signifying its intention to propose the appointment of M/s. V. Singhi & Associates, Chartered Accountants, Kolkata, as Statutory Auditors of the Company. The notice convening the 24th Annual General Meeting contains the said resolution.

The Board places on record its appreciation of the services rendered by M/s. G. P. Kejriwal & Associates, Chartered Accountants, for last 24 years.

TRANSFER TO INVESTOR EDUCATION AND PROTECTION FUND (IEPF)

The Company has, during the year under review, transferred a sum of Rs.6,39,028/- to Investor Education and Protection Fund, in compliance with the provisions of erstwhile Section 205C of the Companies Act, 1956. The said amount represents dividend for the financial year 2005-2006 which remained unclaimed by the members of the company for a period exceeding 7 years from its due date of payment.

PARTICULARS OF EMPLOYEES

Industrial relations in the Company continued to be cordial and satisfactory. During the year no employee was covered under the provisions of Section 217(2A) of the Companies Act, 1956, read with Companies (Particulars of Employees) Rules, 1975.

ACKNOWLEDGEMENT

Your Directors are grateful for the co-operation and continued guidance and support extended by various agencies of Central Government and State Government (s) and various Government Departments and Agencies, Axis Bank Ltd., and HDFC Bank Ltd. Your Directors thank and express their gratitude to various stakeholders i.e customers, dealers, suppliers, advisors and consultants for their committed engagement with the Company. The Directors greatly appreciate the dedicated and sincere services rendered by the employees at all levels. Finally, the Directors express their gratitude to all the Shareholders for their support.

For and on behalf of the Board,
Place : Kolkata S. K. JALAN
Date : 30th July, 2014 Managing Director
   
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Key Information

Key Executives:

S K Jalan , Managing Director

V Vanchi , Director

T M Patel , Director

R Chaudhri , Director


Company Head Office / Quarters:

Shantiniketan 16th Floor,
8 Carmac Street,
Kolkata,
West Bengal-700017
Phone : West Bengal- / West Bengal-
Fax : West Bengal- / West Bengal-
E-mail :
Web : http://www.kilburnchemicals.com

Registrars:

Maheshwari Datamatics Pvt Ltd
6 Mangoe Lane,2nd Floor, ,Kolkata - 700 001

 
Fund Holding
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