S. Kumars Nationwide Ltd.: Annual Report

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ANNUAL REPORT 2006-2007

BOARD OF DIRECTORS Dr. A. C. Shah – Chairman Nitin S. Kasliwal – Vice Chairman & Managing Director Anil Channa – Deputy Managing Director A. K. Choudhary – Director (Nominee of IFCI) M. H. Kulkarni – Director (Nominee of IDBI) Vijay Kalantri – Director Jyoti N. Kasliwal – Director Martin Henry – Director Dara D. Avari – Director Col. S. K. Raje – Director Govind Mirchandani – Executive Director COMPANY SECRETARY L. N. Somani BANKERS Bank of India Export-Import Bank of India The Jammu & Kashmir Bank Ltd. State Bank of Indore Industrial Development Bank of India Ltd. The Federal Bank Ltd. Indian Bank AUDITORS Messrs Haribhakti & Co. SOLICITORS Messrs Little & Co. REGISTRAR & TRANSFER AGENTS Bigshare Services Pvt. Ltd. E – 2, Ansa Industrial Estate, Sakivihar Road, Sakinaka, Andheri (East), Mumbai - 400 072 REGISTERED OFFICE “Avadh” Avadhesh Parisar, Shree Ram Mills Premises, G. K. Marg, Worli, Mumbai - 400 018 website : www.skumars.net

CONTENTS Notice…………………………………........ Key Financials at a Glance……………..... Directors’ Report………………………..... Management Discussion & Analysis….... Auditors’ Report………………………...... Balance Sheet…………………………....... Profit and Loss Account………………..... Schedules to Accounts………………….... Significant Accounting Policies………..... Notes forming part of Accounts……….... Cash Flow Statement…………………...... Report on Corporate Governance………. 2 8 10 16 19 24 25 26 34 36 46 48

MAJOR PLANTS Menswear and Home Textiles Complex :3B Industrial Area No. 2, Agra Bombay Road, Dewas, (M.P.) Worsted Fabrics Complex :Thandavapura, Nanjangud Taluka, Mysore Dist., Karnataka. Spinning and Weaving Complex :Chamunda Standard Mills, Balgarh, Dewas, (M.P.)

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ANNUAL REPORT 2006-2007

NOTICE
NOTICE is hereby given that the 17th Annual General Meeting of the members of S. KUMARS NATIONWIDE LIMITED will be held on Tuesday, 17th July 2007 at 4.00 p.m. at Walchand Hirachand Hall, Indian Merchants’ Chamber, Indian Merchants’ Chamber Marg, Churchgate, Mumbai 400 020 to transact the following business: ORDINARY BUSINESS: 1. 2. 3. 4. To receive, consider and adopt the audited Balance Sheet as at 31st March 2007 and the audited Profit & Loss Account for the year ended as on that date together with the reports of the Auditors and Directors thereon. To appoint a Director in place of Col. S. K. Raje, who retires by rotation and being eligible, offers himself for reappointment. To appoint a Director in place of Shri Govind Mirchandani, who retires by rotation and being eligible, offers himself for reappointment. To appoint Auditors and to fix their remuneration.

SPECIAL BUSINESS: 5. To consider and, if thought fit, to pass, with or without modification(s), the following resolution as an Ordinary Resolution: “RESOLVED THAT pursuant to Section 228 and all other applicable provisions, if any, of the Companies Act, 1956, M/s. M. Mehta & Co., Chartered Accountants, 11/5, South Tukoganj, Indore 452 001, be and they are hereby appointed as Branch Auditors of the Company to hold office from the conclusion of this 17th Annual General Meeting until the conclusion of the next Annual General Meeting of the Company at a remuneration to be fixed by the Board of Directors of the Company for auditing the books of accounts of Weaving and Fabric Divisions of Amana unit at the Company’s works at Dewas.” 6. To consider and, if thought fit, to pass, with or without modification(s), the following resolution as an Ordinary Resolution: “RESOLVED THAT pursuant to Section 256 and all other applicable provisions, if any, of the Companies Act, 1956 Shri Anil Channa be and is hereby appointed as a Director of the Company, liable to retire by rotation.” 7. To consider and, if thought fit, to pass, with or without modification(s), the following resolution as an Ordinary Resolution: “RESOLVED THAT pursuant to Section 256 and all other applicable provisions, if any, of the Companies Act, 1956 Shri Vijay G. Kalantri be and is hereby...
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