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Modi Rubber Limited 33RD ANNUAL REPORT 2004-2005

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Modi Rubber Limited 33RD ANNUAL REPORT 2004-2005 SANSCO SERVICES - Annual Reports Library Services - www.sansco.net Modi Rubber Limited 33RD ANNUAL REPORT 2004-2005 www.reportjunction.com SANSCO SERVICES - Annual Reports Library Services - www.sansco.net HE COMPANY T BOARD OF DIRECTORS Ram K. Gupta REGISTERED OFFICE BANKERS CHAIRMAN Modinagar-201 204 State Bank of India Punjab National Bank (NOMINEE OF UTI) District Ghaziabad (Uttar Pradesh) Tel : (01232)242360 Citibank N.A. State Bank of Patiala Vinay Kumar Modi HEAD OFFICE Hongkong & Shanghai Banking Corpn. Ltd. 4/7C, DDA Shopping Center Standard Chartered Bank Bhupendra Kumar Modi (Dr.) New Friends Colony State Bank of Travancore New Delhi-110 065 Punjab & Sind Bank Tel. : (011) 26848416-17 Ravindra Loonkar STATUTORY AUDITORS (NOMINEE OF IFCI) WORKS Messrs Prabhat Jain & Co. Modipuram-250 110 Chartered Accountants Shyam Bahadur Kunwar District Meerut (Uttar Pradesh) B-61, Flatted Factory Complex, (NOMINEE OF LIC) Modinagar-201 204 Jhandewalan, New Delhi-110055 District Ghaziabad (Uttar Pradesh) TRANSFER AGENTS & REGISTRARS Sanjeev Kumar Chanana Partapur FOR SHARES & FIXED DEPOSITS (NOMINEE OF QIC) District Meerut (Uttar Pradesh) Messrs MAS Services (P) Ltd. AB-4, Safadarjung Enclave New Delhi-110 029 Tel. : (011)26104142 CHIEF GENERAL MANAGER (Finance & Accounts)- Head Office Krishan Bhagwan Gupta DIRECTOR (Finance & Accounts)-Plant Dinesh Agarwal CONTENTS PAGE NO. DEPUTY COMPANY SECRETARY Sudesh Bhardwaj Notice 1 Directors' Report 2-8 Auditors' Report 9-11 33RD ANNUAL GENERAL MEETING Balance Sheet 12 Date : 28th September, 2005 Profit & Loss Account 13 Day : Wednesday Schedules 14-29 Time : 11.30a.m. Statement under Section 212 Place : Auditorium, Dayawati Modi Public School, of the Companies Act, 1956 30 Modinagar Superior Investment (India) Ltd. .. 31-34 Book Closure Dates : 22nd September, 2005 to Spin Investment (India) Ltd 28th September, 2005 .. 35-38 (both days inclusive) Consolidated Financial Statements .... 39-55 Due to prohibitive cost of paper and printing, copies of the Annual Report will not be distributed at the Annual General Meeting. Members/Shareholders are requested to bring copies of their Annual Report to the meeting. www.reportjunction.com SANSCO SERVICES - Annual Reports Library Services - www.sansco.net UJ2IITICCE NOTICE is hereby given that the 33rd Annual General Meeting 6. A member, entitled to attend and vote at the Meeting, is entitled to (AGM) of Modi Rubber Limited shall be held on Wednesday, appoint, one or more proxies to attend and vote instead of himself 28.09.2005 at 11.30 AM at Auditorium, Dayawati Modi Public School, and the proxy(ies) need not be Member(s) of the Company. Modinagar to transact the following business: 7. The proxy form(s) duly completed and signed should reach the Company's Registered Office at Modinagar at-least 48 hours ORDINARY BUSINESS before the time fixed for the meeting. 1. To consider, receive and adopt the Audited Profit & Loss Account 8. Members desirous of obtaining any information concerning the for the accounting year ended 31.03.2005 and the Balance Sheet accounts and operations of the Company are requested to send as at 31.03.2005 and the Reports of the Directors and Auditors their requests at the Registered Office and/or Head Office of the thereon. Company at-least seven days before the date of the Meeting, so 2. To appoint a director in place of Shri VK Modi, who retires by that the information required may be made available at the Meeting. rotation and being eligible, offers himself for re-appointment. 9. Members/Shareholders are requested to correspond directly with 3. To appoint a director in place of Dr.BK Modi, who retires by our Transfer Agents and Registrars (as mentioned in the Annual rotation and being eligible, offers himself for re-appointment. Report) for any matter concerned or related to shares. It would save time and help the Company expediting the matters. 4. To consider arid, if thought fit, to pass with or without modifications, the following as a Special'Resolution. EXPLANATORY STATEMENT AS REQUIRED UNDER SECTION "RESOLVED THAT pursuant to the provisions of Section 224A 173(2) OF THE COMPANIES ACT, 1956 and other applicable provisions, if any, of the Companies Act, 1956, Mis. Prabhat Jain & Co., Chartered Accountants, New ITEM 4 Delhi, be and are hereby appointed as Auditors of the Company As the Members are aware that the appointment of and payment of for the accounting year 2005-2006 to hold office from the remuneration to M/s. Prabhat Jain & Co., Chartered Accountants, B- conclusion of ensuing Annual General Meeting until the conclusion 61, Flatted Factory Complex, Jhandewalan, New Delhi 110 055 as of the next Annual General Meeting of the Company on a Statutory Auditors was approved by them at their previous Annual remuneration of Rs.75,000/- (Rs.Seventy Five Thousand Only) General Meeting who shall hold office from the conclusion of the plus service tax and reimbursement of conveyance expenses previous Annual General Meeting of the Company held on 28.09.2004 actually incurred by them for outstation visits and/or such other until the conclusion of the next Annual General Meeting of the remuneration as may be decided to be paid to them by the Board Company. of Directors (or Committee thereof) during the year." Now it is proposed to appoint M/s. Prabhat Jain & Co., Chartered Accountants as the Statutory Auditors, to hold office from the By order of the Board, conclusion of the ensuing Annual General Meeting of the Company for MODI RUBBER LIMITED until the conclusion of the next Annual General Meeting of the Company on payment of a remuneration of Rs.75,000/- (Rs.Seventy Place Modinagar S Bhardwaj Five Thousand Only) plus service tax and reimbursement of Date August 30, 2005 Dy.Company Secretary conveyance expenses actually incurred by them for outstation visits NOTES: and/or such other remuneration as may be decided to be paid to 1. Explanatory Statement in respect of Item No. 4 of the Notice as them by the Board of Directors (or Committee thereof) during the required under Section 173(2) of the Companies Act, 1956, is year. annexed herewith. In view of the above, the Board of Directors of the Company had at 2. Shri VK Modi, a Director retiring by rotation in the forthcoming its meeting held on 17.08.2005 subject to approval of the Shareholders AGM and being eligible offering himself for re-appointment as at their ensuing Annual General Meeting, approved the appointment proposed against Item No.2 of the Notice and his brother Dr.BK of M/s. Prabnat Jain & Co., Chartered Accountants as Statutory Modi may be considered to be interested or concerned in the Auditors of the Company on payment of remuneration as proposed proposed resolution. above. Besides this, since the Financial Institutions hold more than 25% 3. Dr.BK Modi, a Director retiring by rotation in the forthcoming AGM shareholding in the equity capital of the Company, pursuant to the and being eligible offering himself for re-appointment as proposed provisions of Section 224A(1) of the Companies Act, 1956, the against Item No.3 of the Notice and his brother Shri VK Modi may Statutory Auditors of the Company are required to be appointed by be considered to be interested or concerned in the proposed a Special Resolution. resolution Hence, the resolution as mentioned at Item No.4 of the accompanying 4. Brief resumes of the above directors, nature of their expertise in Notice is proposed. specific functional areas and delate of other Companies in which they hold directorship/membership/ Chairmanship of the None of the Directors of the Company may be considered to be interested or concerned in the proposed resolution. Committee(s)/Board as stipulated under Clause 49 of the Listing Agreement are given in the Report on Corporate Governance INSPECTION OF DOCUMENTS elsewhere in the Annual Report. Copies of Memorandum & Articles of Association of the Company and all material documents referred to in the Explanatory Statement 5. The Register of Members (Equity Shares of Rs.10/- each) and wiU be open for inspection by the members, at the Registered Office Share Transfer Books of the Company relevant thereto shall of the Company, during business hours, on all working days, including remain closed from 22.09.2005 to 28.09.2005 (both days inclusive). the date/day of the Annual General Meeting. www.reportjunction.com SANSCO SERVICES - Annual Reports Library Services - www.sansco.net (RECTORS' REPORT DThe Directors hereby present the 33'" Annual Report together with (iii) that the Company has taken all possible care for the maintenance the Audited Statement of Accounts of your Company for the of adequate accounting records in accordance with the accounting year ended 31" March, 2005. Members will observe provisions of this Act for safeguarding the assets of the Company from the Company's financials enclosed, that due to continuous and for preventing and detecting frauds and other irregularities. closure of its plants, the Company could not earn any revenue but The same has been certified by the auditors in their annexure has sustained further losses and defaulted in meeting commitments. to audit report stating therein that no serious discrepancies As mentioned earlier, discussion with tyre manufacturer(s) by the between the book records and physical quantity have been Promoter Directors are under negotiation as an effort to re- noticed. commence operations at the plants of the Company at Modipuram, (iv) as the efforts are underway for rehabilitation/restructuring of Modinagar and
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