| Our Directors present herewith the Sixteenth Annual Report of your
Company together with the Audited Accounts for the period ended 31st
March 2005.
1. FINANCIAL RESULTS (Rs. in Lacs)
Year Ended Year Ended
31/3/2005 31/3/2004
Sales and other income 1.11 0.00
Gross loss before interest and depreciation (8.35) (58.39)
Add: Interest and finance charges (198.97) (205.84)
Depreciation (43.63) (43.72)
Net loss (250.94) (307.95)
Add: Loss brought forward (3107.88) (2799.93)
Loss: C/F. (3358.82) (3107.88)
2. DIVIDEND
Your Directors do not recommend any dividend on the Equity Share
Capital of the Company as the company is having accumulated losses.
3. OPERATIONS
The operations of the company has shut since 28th February 2003 due to
disconnection of power by the MSEB. The management is constantly trying
to raise funds from private financiers for the purpose of One Time
Settlement with the IDBI and UBI and for restart of the production
operations at the plant.
The Board for Industrial & Financial Reconstruction (B.I.F.R) in its
hearing held on 01.07.2004, issued an order for winding up of the
Company u/s. 20(1) of the Sick Industrial Companies (Special
Provisions) Act, 1985. The Company has filed an appeal with the
Appellate Authority of Industrial and Financial Reconstruction under
section 25 of the Sick Industrial Companies (Special Provisions) Act,
1985 along with a suitable Rehabilitation Scheme. The said appeal is
registered with the authorities. The Rehabilitation Scheme envisages an
One Time Settlement with the IDBI & UBI. The management is constantly
trying to raise funds required for OTS and restart of the production
operations. The management was successful in arriving at a One Time
Settlement with the IDBI & UBI, full payment towards the same is still
pending.
4. DIRECTORS
Mrs. Sunita Hariharan retire by rotation at the forthcoming Annual
General Meeting and being eligible offer himself for re-appointment.
5. CONSERVATION OF ENERGY. TECHNOLOGICAL ABSORPTION AND FOREIGN
EXCHANGE EARNINGS AND OUTGO
In terms of Section 217(1)(e) of he Companies Act, 1956 read with the
Companies (Disclosure of Particulars in the Report of Board of
Directors) Rules, 1988, your Directors wish to state that the same is
given in the Annexure forming part of this Report.
6. FIXED DEPOSITS
The Company has not accepted any deposits from the public.
7. PARTICULARS OF EMPLOYEES
Particulars of Employees as required under Section 217(2A) of the
Companies Act, 1956 read with Companies (Particulars of Employees)
Rules, 1975, as amended is not given as there was no employee drawing
the salary as per the limits mentioned in the said Section and Rules.
8. CORPORATE GOVERNANCE
Your Director wish to state that since the Company is non operational
due to various reasons as stated above, the Company is not in a
position to implement any of the provisions of the Corporate
Governance.
9. LISTING OF SHARES
The Companys shares are listed on Mumbai Stock Exchange. The Company
has not paid listing fees for the year 2002-2003, 2003-2004, 2004-2005
& 2005-2006.
10. INSURANCE
The insurance cover on assets of the Company are yet to be renewed.
11. HUMAN RESOURCES
The Company appreciates the value of maintaining high morale amongst
its employees and has always endeavored to keep it at highest level.
The management is having detailed discussions with Union and its
Committee Members for arriving at a settlement amount of the dues
payable to the workers.
12. AUDITORS
M/s. P.R.G Pai & Co., Chartered Accountants retire at the forthcoming
Annual General Meeting and being eligible offer themselves for
re-appointment. You are requested to appoint them and fix their
remuneration.
13. DIRECTORS RESPONSIBILITY STATEMENT.
That in the, preparation of the Actual Accounts, the applicable
accounting standards has been followed alongwith proper explanation
relating to material departures.
That 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 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 year.
That 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.
That the directors had prepared the Annual Accounts on a going concern
basis.
14. ACKNOWLEDGMENT
The Board wishes to place on records its appreciation to all its
bankers, shareholders, creditors, customers and employees for their
co-operation.
By Board of Directors
For CANA GLASS LIMITED
Registered Office.
66, Udyog Bhavan,
Sonawala Road, Goregaon (East),
Mumbai - 400 063. MANAGING DIRECTOR.
Place: Mumbai
Dated: 30th August 2005
ANNEXURE A TO THE DIRECTORS REPORT
Information as per Section 217(1) (e) of the Companies Act, 1956 read
with Companies (Disclosure of Particulars in the report of Board of
Directors) Rules, 1988.
A. CONSERVATION OF ENERGY
a. Energy conservation measures taken.
1. The company has gone in for double pass regenerative furnace which
is relatively fuel efficient.
2. The factory Shed has been designed with a view to maximise
utilization of natural light in the plant. The plant also has a forced
ventilation system which obviates the necessity of Air Circulators
thereby conserving energy.
3. Appropriate gauges have been installed to control and monitor the
consumption of LPG and Furnace oil.
4. Motors of optimum capacity are being used..
b. ADDITIONAL INVESTMENTS AND PROPOSALS FOR REDUCTION OF CONSUMPTION OF
ENERGY
Efforts are being made to locate the other possible areas where the
conservation of energy can be effected
Further, investments will be considered after identification of these
key areas.
c. IMPACT OF THE ABOVE MEASURES
Energy consumption is under strict control.
d. TOTAL ENERGY CONSUMPTION AND ENERGY CONSUMPTION PER UNIT OF
PRODUCTION.
FORM - A
01.04.2004 01.04.2003
to to
1. Power & Fuel consumption : 31.03.2005 31.03.2004
Electricity -
Purchased (Units) Nil Nil
Total amount (Rs.) Nil Nil
Rate per unit (Rs.) Nil Nil
High Speed Diesel :
For: Generation of Power
Purchased (Ltrs) Nil Nil
Total amount (Rs.) (Inclusive of Generator Rent) Nil Nil
Rate per unit (Rs.) Nil Nil
Furnace Oil
Consumed (Ltrs) Nil Nil
Total Amount (Rs.) Nil Nil
Rate per Ltrs (Rs.) Nil Nil
01.04.2004 1.04.2003
to to
31.03.2005 31.3.2004
Liquified Petroleum Gas
Consumed (Kgs) Nil Nil
Total amount (Rs.) Nil Nil
Rate per Kgs (Rs.) Nil Nil
Light Diesel Oil
Consumed (Ltrs) Nil Nil
Total amount (Rs.) Nil Nil
Rate per Ltrs (Rs.) Nil Nil
2. Consumption of power and fuel per unit of production not
ascertainable as the companys products are of assorted sizes.
B. TECHNOLOGY ABSORPTION
e. Efforts made in technology absorption are as under:
FORMB RESEARCH & DEVELOPMENT (R & D)
1. Specific areas in which R & D carried out by the company - Thrust
areas identified for carrying out R & D activities included :-
a. Product improvement
b. Product development
c. Process improvement
2. Benefits derived as a result of above efforts - R & D efforts
undertaken by the company have produced positive results and the
quality of the product has been accepted by the Consumer industries.
3. Future plans of action : To effect further improvements in the areas
already selected for carrying out R & D.
TECHNOLOGY ABSORPTION, ADAPTION AND INNOVATION
1. Efforts in brief, made towards technology absorption, adaptation and
innovation :- The company has fully absorbed the technology for
production.
2. Benefits derived as a result of above efforts:
The aforesaid efforts has resulted in attainment of satisfactory
quality standards
3. Information regarding imported technology :
Wholly indigenous technology is being used.
C.FOREIGN EXCHANGE EARNINGS AND OUTGO.
a. Total foreign exchange used and earned.
i. Used - CIF value of imports of Raw material - Nil (Rs. Nil)
ii. Earned - FOB value of exports Nil (2003-2004 Nil)
For and on behalf of the board
Place : Mumbai
Dated : 30.08.2005 (P.K.PILLAI)
Chairman & Managing Director |