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Suncity Syntheti Director Report
BSE:530795 | IND:Textiles - Manmade Fibre - PFY/PSF | ISIN code:INE584D01019 | SECT:Textiles
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You can view full text of the Director's Report for Suncity Synthetics Ltd.
Director Report
Dear Members,
The directors have pleasure in presenting their Twenty seventh annual
report and the audited statement of accounts for the year ended on 31st
March, 2015 together with the auditors report thereon.
FINANCIAL RESULTS
The summarized financial results for year end 31st March 2015 are as
under
Amount in Rs.
Particulars 2014-15 2013-14
Total Revenue (Including other income) 445786527 379411937
Gross Profit before Interest and depreciation 33706899 30322448
Less : Interest 17791372 13397298
Less : depreciation 20345142 11783267
Profit/loss before tax -4429615 5141883
Less: provision for tax including deferred tax (4201889) 2821488
Add: Surplus -227726 2348310
DIVIDEND
Since the company does not have profits for year hence
The directors do not recommend any dividend for the year ended 31st
March 2015.
COMPANY PERFORMANCE
The company continues to operate in Plastics business mainly production
of Polyester staple fiber and nylon granules. The sales for year has
increased from Rs. 37,94,11,397/- to Rs.44,57,86,527/-. But net loss
of Rs. 222726/- due to change in depreciation rates as per guideline of
institute of chartered accountant of India.
BOARD OF DIRECTORS:
Mr. Suresh Kawar Jain Managing Director retires by rotation and is
eligible for being reappointment as directors. The independent
directors are proposed to be appointed for five years in terms of
provisions of the Companies Act 2013. The particular of directors whose
appointment is to be considered is given as annexure to notice.
AUDITORS:
M/s. N. Kumbhat & Co., Chartered Accountants, retire at this Annual
General Meeting and being eligible offer themselves for reappointment.
Your Company has received a letter from them to the effect that their
reappointment, if made, will be in accordance with the provisions of
Section 224(1B) of the Companies Act, 1956. The Board of directors
commends their reappointment.
FIXED DEPOSITS:
Your Company has not accepted any deposits from public.
CORPORATE GOVERNANCE:
Certificate of the statutory auditors regarding compliance of the
conditions of Corporate Governance as stipulated in clause 49 of the
Listing Agreement with stock exchange, is enclosed.
STATUTORY INFORMATION:
(i) Information under section 217 (1) (e) of the Companies Act, 1956
read with the companies (Disclosure of particulars in the Report of the
Board of Directors) Rules, 1988:-
A. CONSERVATION OF ENERGY
a) Energy conversation measures taken: None at present
b) Additional investment and proposals, if any, being implemented for
reduction of consumption of energy: There are no proposals.
c) Impact of measures at (a) & (b) above for reduction of energy
consumption and consequent impact on the cost of production of goods:
Does not arise.
d) Total energy consumption and energy consumption per unit of
production as per Form"A" to annexure in respect of industries
specified in the schedule thereto
A. Power and fuel consumption 2014-15 2013-14
(a) Electricity Purchased 3688432 3047412
Units(KWH)
Total amount Rs.in lacs 2369.70 1953.11
Rate/Unit (Rs.) 6.42 6.41
Own Generation
Units (KWH) 16650 27168
Units per liter of diesel oil 3.8 3.6
Rate/unit (Rs.) 17.55 21.75
B. TECHNOLOGY ABSORPTION
Form B
Research & Development (R & D)
1. Specific area in which R & D carried by the company: None at Present
2. Benefits derived as a result of the above R & D: Does not arise.
3. Future plan of action: At present it is not under consideration
4. Expenditure on R & D: Nil
Technology absorption, adaptation and innovation:
1. Efforts being made towards technology absorption, adaptation and
innovation: None
2. Benefits derived as a result of the above efforts e.g. Product
improvement cost, reduction, product development, import substitution
etc. : None
3. Imported technology: Not applicable as technology has not been
imported.
C. FOREIGN EXCHANGE EARNING AND OUTGO:
Earning: Rs.Nil Outgo : Rs.129.49 lacs
INFORMATION UNDER SECTION 217 (2A) OF THE COMPANIES ACT, 1956 READ WITH
THE COMPANIES (PARTICULARS OF EMPLOYEES) RULES 1975 AS AMENDED UP TO
DATE :
The company do not have any employee drawing salary in excess of limits
prescribed under section 217 (2a) of the companies act, 1956 read with
the companies (particulars of employees) rules 1975 the particulars
should be treated as nil
DIRECTORS'' RESPONSIBILITY STATEMENT.
Your Directors confirm that:
(i) In the preparation of Annual Accounts, the applicable accounting
standards had been followed along with proper explanation relating to
material departures.
(ii) The Directors had 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 financial year and of the loss of the
company for the year.
(iii) The Directors has 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, and
(iv) The Directors had prepared the accounts on going concern basis.
INDUSTRIAL RELATIONS:
The industrial relations continued to be cordial during the year under
review.
ACKNOWLEDGMENT:
The Directors express their sincere thanks to the employees, customers,
suppliers, company''s bankers and members of the company for their
continued support.
For & On Behalf of the Board of Directors
Place : Surat
Date : 05/08/2015 Chairman
The directors have pleasure in presenting their Twenty seventh annual
report and the audited statement of accounts for the year ended on 31st
March, 2015 together with the auditors report thereon.
FINANCIAL RESULTS
The summarized financial results for year end 31st March 2015 are as
under
Amount in Rs.
Particulars 2014-15 2013-14
Total Revenue (Including other income) 445786527 379411937
Gross Profit before Interest and depreciation 33706899 30322448
Less : Interest 17791372 13397298
Less : depreciation 20345142 11783267
Profit/loss before tax -4429615 5141883
Less: provision for tax including deferred tax (4201889) 2821488
Add: Surplus -227726 2348310
DIVIDEND
Since the company does not have profits for year hence
The directors do not recommend any dividend for the year ended 31st
March 2015.
COMPANY PERFORMANCE
The company continues to operate in Plastics business mainly production
of Polyester staple fiber and nylon granules. The sales for year has
increased from Rs. 37,94,11,397/- to Rs.44,57,86,527/-. But net loss
of Rs. 222726/- due to change in depreciation rates as per guideline of
institute of chartered accountant of India.
BOARD OF DIRECTORS:
Mr. Suresh Kawar Jain Managing Director retires by rotation and is
eligible for being reappointment as directors. The independent
directors are proposed to be appointed for five years in terms of
provisions of the Companies Act 2013. The particular of directors whose
appointment is to be considered is given as annexure to notice.
AUDITORS:
M/s. N. Kumbhat & Co., Chartered Accountants, retire at this Annual
General Meeting and being eligible offer themselves for reappointment.
Your Company has received a letter from them to the effect that their
reappointment, if made, will be in accordance with the provisions of
Section 224(1B) of the Companies Act, 1956. The Board of directors
commends their reappointment.
FIXED DEPOSITS:
Your Company has not accepted any deposits from public.
CORPORATE GOVERNANCE:
Certificate of the statutory auditors regarding compliance of the
conditions of Corporate Governance as stipulated in clause 49 of the
Listing Agreement with stock exchange, is enclosed.
STATUTORY INFORMATION:
(i) Information under section 217 (1) (e) of the Companies Act, 1956
read with the companies (Disclosure of particulars in the Report of the
Board of Directors) Rules, 1988:-
A. CONSERVATION OF ENERGY
a) Energy conversation measures taken: None at present
b) Additional investment and proposals, if any, being implemented for
reduction of consumption of energy: There are no proposals.
c) Impact of measures at (a) & (b) above for reduction of energy
consumption and consequent impact on the cost of production of goods:
Does not arise.
d) Total energy consumption and energy consumption per unit of
production as per Form"A" to annexure in respect of industries
specified in the schedule thereto
A. Power and fuel consumption 2014-15 2013-14
(a) Electricity Purchased 3688432 3047412
Units(KWH)
Total amount Rs.in lacs 2369.70 1953.11
Rate/Unit (Rs.) 6.42 6.41
Own Generation
Units (KWH) 16650 27168
Units per liter of diesel oil 3.8 3.6
Rate/unit (Rs.) 17.55 21.75
B. TECHNOLOGY ABSORPTION
Form B
Research & Development (R & D)
1. Specific area in which R & D carried by the company: None at Present
2. Benefits derived as a result of the above R & D: Does not arise.
3. Future plan of action: At present it is not under consideration
4. Expenditure on R & D: Nil
Technology absorption, adaptation and innovation:
1. Efforts being made towards technology absorption, adaptation and
innovation: None
2. Benefits derived as a result of the above efforts e.g. Product
improvement cost, reduction, product development, import substitution
etc. : None
3. Imported technology: Not applicable as technology has not been
imported.
C. FOREIGN EXCHANGE EARNING AND OUTGO:
Earning: Rs.Nil Outgo : Rs.129.49 lacs
INFORMATION UNDER SECTION 217 (2A) OF THE COMPANIES ACT, 1956 READ WITH
THE COMPANIES (PARTICULARS OF EMPLOYEES) RULES 1975 AS AMENDED UP TO
DATE :
The company do not have any employee drawing salary in excess of limits
prescribed under section 217 (2a) of the companies act, 1956 read with
the companies (particulars of employees) rules 1975 the particulars
should be treated as nil
DIRECTORS'' RESPONSIBILITY STATEMENT.
Your Directors confirm that:
(i) In the preparation of Annual Accounts, the applicable accounting
standards had been followed along with proper explanation relating to
material departures.
(ii) The Directors had 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 financial year and of the loss of the
company for the year.
(iii) The Directors has 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, and
(iv) The Directors had prepared the accounts on going concern basis.
INDUSTRIAL RELATIONS:
The industrial relations continued to be cordial during the year under
review.
ACKNOWLEDGMENT:
The Directors express their sincere thanks to the employees, customers,
suppliers, company''s bankers and members of the company for their
continued support.
For & On Behalf of the Board of Directors
Place : Surat
Date : 05/08/2015 Chairman
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Cash Flow Statement
Half Yearly Results
Capital Structure
Chairman's Speech
Company History
Locations
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Splits
Competitors
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