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AUDITED STATEMENTS
OF
ACCOUNT
FOR THE
YEAR ENDED 31ST MARCH 2005
Re: PREMIER IRRIGATION EQUIPMENT LIMITED
DE BOSE
Chartered Accountants
8/2 Kiran Shankar Roy Road
2nd
Floor,
Room No 1 18
Kolkata
- 700 001
w w w . r e p o r t j u n c t i o n . c o m
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PREMIER IRRIGATION EQUIPMENT LTD
Directors:
Mr. K K
Goenka
-
Managing Director
Mr. Michael John Pook, Director
Mr. K K Sinha, Director
Mr. S K Dutta, Director and Secretary
Mr. A
Dey, Director
Mr.
G P Poddar,
Director
Bankers:
State Bank of India
Oriental Bank of Commerce
Canara Bank
Auditors:
D e &
Bose
Chartered Accountants
8/2 Kiron Sankar Roy Road
Kolkata 700 001
Works :
1.
Po-Boral, 24
Parganas
(S)
West Bengal
2. B9, MIDC, Butibori Industrial Estate
Nagpur,
Maharastra
Registered Office:
17/1C
Alipore Road
Kolkata
700
027.
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17/1CALIPORE
ROAD,
KOLKATA-700 027, INDIA
EQUIPMENT LIMITED
Phone
Fax
E-mail
Internet
2479
5155/7455/9530, 2449
7830/7831
(91) (33) 2479 7 626
[email protected]
www.premierworld.com
Directors' Report to the Members
Y o u r
D irectors have pleasure
in
subm itting their Repo rt
and
Accounts
for the
financial year
ended March
31,2005.
WORKING RESULTS.
Net Profi t
(be fo r e
tax)
Income
Tax
Net Profit ( after tax)
Dividend
Transfer to General R eserve
2004-05
Rs.
Lacs
88.23
2.50
85.73
N IL
85.73
2003-04
Rs.
Lacs
- )
205.12
NIL
- ) 205.12
N IL
( - ) 2 0 5 . 1 2
Your directors further mention that the
effect
of the CDR package as accepted by consortium
banks,
has
been given
in
books
of
accounts.
DIVIDEND :
In
view of present financial position of the company, your directors have not recomm ending any
dividend.
SALES
AND
EXPORT.
Sales during
the
year
was
46.27 crores against 35.20 crores last year.
The Net
Profit before
taxation of the com pany stood at Rs. 88.23 lacs against loss of Rs.205.12 lacs in last year.
With increased demand
due to
change
of
orientation
of the
Central
an d
State Governments
towards the agricultural sector an d your company's efforts it has achieved 29.63% growth in
agricultural irrigation sector.
Th e
Company
ha s
also achieved
a
growth
of
25.22%
in
Fountain
an d
Entertainment business
an d
24.13%
in
export sales. Your directors
are
confident
th e
trend
will
continue
in
future years.
Non etheless, you r company has achieved profit this year by focu sing on me aningfu l business
strategies an d better cost management.
Serving
agriculture
plantations
fo r over 5 years
fi|
Member
Irrigation
Asso c ia t io n U S A
w w w . r e p o r t j u n c t i o n . c o m
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17/1C ALIPORE RO AD, KOLK ATA-700 027, INDIA
Phone : 2479 5155/7455/9530, 2449
7830/7831
F ax
: (91 )
(33) 2479 7626
E-mai l : sales@premierwor ld .com
Internet:
www.premierworld.com
EQUIPMENT LIMITED
OUTLOOK
With
the
changed outlook
of the
Central
an d
State Governments
and
emphasise given
on
irrigation
sector, your company has taken a leading role in providing greater micro irrigation
equipment and
agri services
in the
states
viz Gujarat and Andhra
Pradesh.
The
Gujarat Govt.
has
announced projects to the tune of Rs.
1500
crores in Micro Irrigation and
your
company has been
selected as one of the seven leading companies. In a data released by the Govt. of Andhra
Pradesh , your company has ranked 2
u
out of 15 companies operating in terms of total hectarage
achieved in the last year in the prestigious Andhra Pradesh M icro Irrigation Project ( APMIP ) .
We are confident to achieve more growth in APMIP in the cu rrent year.
The company is witnessing an upward trend in sales of all its products during the current year,
which is very encouraging. Your company is also witnessing encouraging response from its
export m arkets and therefore growth is expected to be achieved therein.
With constant research
an d
development, extensive
new and
innovative product introductions
and conscious cost management, your directors
are
confident
to
accelerate
the
growth
of the
company
in the
days
to
come.
DIRECTORS
Mr. M.J.Pook and Mr.
K.K.Sinha
Directors retire by ro tation and being eligible,
offer
themselves
fo r re-election.
DIRECTOR'S RESPONSIBILITY STATEMENT
Y o u r Directors confirm:
i. That in the preparation of the annual accounts, the applicable accounting standards have
been followed,
ii. That the directors have selected su ch accounting policies and applied them consistently and
made judgments and estimates that are reasonable an d prudent so as to give a true an d
fair
view of the state of affairs of the company as on March 31, 2005 and of the profit of the
company for the year ended on that date.
Serving ag ricul ture
plantations fo r
over 5 years
ftp Member
Irrigation
Associat ion
U S A
w w w . r e p o r t j u n c t i o n . c o m
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17/1C
ALIPORE
ROAD,
KOLKATA-700
027, INDIA
Phone : 2479 5155/7455/9530, 2449
7830/7831
Fax
: (91)
(33)
2479 7626
E-mail
:
sales@ premierwor ld.com
Internet:
w ww.premierwor ld.com
PREfflBiR
EQUIPMENT LIMITED
ji.
That
th e
directors
had
taken proper
an d sufficient
care
for the
maintenance
of
adequate
accounting
records in accordance with th e provisions of the Companies Act, 1956 fo r
safeguarding
the assets of the company and for preventing and detecting
fraud
and other
irregularities.
iv. That the directors have prepared the annual accounts as a going concern basis.
AUDITORS
M/S DE & BOSE, Chartered Accountants, the auditors of the Co mpany, retire at the conclusion
of the en suing annual general meeting and are eligible fo r reappointment .
AUDITORS REPORT
The observations in the auditors' report are adequately explained in the notes to the accounts and
needs no
further
elaboration.
CONER VATION OF ENERGY, TECHNOLOGICAL ABSORPTION ETC.
The statement containing the information as required by the Companies Act (D isclosure of
Particula rs in the Report of Board of Directors) Rules 1988, is annexed hereto.
PARTICULARS
OF
EMPLOYEES
None of the employees of your company is coming
within
the purview of section 217(2A) of the
Companies Act 1956 read with the Companies (Particulars of Employees) Rules 1975 as
amended.
ACKNOWLEDGEMENTS
Your directors wish to place on record their appreciation for the dedication, loyalty and hard
work
o f the
workers,
an d
staff
o f the
Company.
Y o u r
directors
also wish to thank State Bank of India, Oriental Bank of Commerce an d Canara
Bank
fo f their
co-operation, assistance
an d
need-based support extended
to the
company.
For and
ton behalf of the B oard
jied:
Aueust
9. 2005
K I T G O E N K A
Managing Director/Chairm^
Serving agriculture plantations for
over
5
years
Member
Irrigation
Association
U S A
w w w . r e p o r t j u n c t i o n . c o m
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PREMIER I R R I G R T D n
EQUIPMENT
LIMITED
17/1CALIPORE ROAD, KOLKATA-700 0 27, INDIA
Phone : 2479
5155/7455/9530,
2449 7830/7831
Fax : (91) (33) 247 9 7626
E-mail : sales@premierwor ld .com
Internet :
www .premierwor ld .com
An nexu re to the Directors' Report
Com panies (disclosure of the particulars in the report of the board of Directors) Ru les.
A. CONSERVATION
OF
ENERGY
D u r i n g
t he
year,
the power factor, at our Butibori factory is maintained above 95% and thus obtained credit of 2 to
.-
pe r ce n t
in
energy bil l .
Power
and
Fuel Consumption
Electricity
Uni t
(Lakh KWH)
Total amount (Rs. Lakhs)
Rate/Unit (Rs.)
FORM-A
Year ended 31.3.2005
Boral Butibori
2.219 16.51
14.59 60.28
6.57 3.69
Year ended 31.3.2004
Boral Butibori
2.608 9.50
13.77 40.51
5.28 4.50
FORM-B
Research Development (R D)
Continuous effort is on in research and development to improve the quality of agricultural
equipments and fountains.
For and
orl behalf of
the
Board
Dated: August
9,
2005.
K
K
GOENKA
Managing D irector /
Chairman**
Serving
ag riculture
plantations
fo r
over 5 years
JB Member
Irrigation Association U S A
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AUDITED STATEMENTS OF ACCOUNT
FOR THE YEAR
ENDED 31ST
MARCH,
2005
Re: PREMIER IRRIGATION EQUIPMENT LTD.
DE BOSE
Chartered Accountants
8/2,
Kiran Shankar
Roy Road
2
nd
Floor, Room
Nos.
1 18
Kolkata - 700001