Amal Ltd 2012-13

BIFRStatus Foreign Exchange Earnings & andEmployees The BIFR vide its order dated July 16, 2009 had sanctioned a revival scheme for the Company, and the same was modified vide order dated June 18, 2010. As per the sanctioned scheme, the following stepswere taken: Settled majority of unsecured creditors at 30% of thePrincipal dues Issued Redeemable Preference Shares of 10 cr toAtul Ltd Enhanced capacity of Sulphuric Acid plant to 140MTper day Subsequently, the Appellate Authority of Industrial and Financial Reconstruction (AAIFR) vide its order datedMarch 22,2011 allowed the Appeal filedwith it and remanded the case back to the BIFR for considering a revival scheme through an OperatingAgency. Honourable BIFRappointed IDBI Bank as operating agency vide order dated October 11, 2011. IDBI Bank has reviewed the new Draft Rehabilitation scheme (DRS) and subsequently submitted the same to BIFR on February 16,2012 for its reviewand approval. As per BIFR advice the Company has revised the DRS with cut-off date as March 31, 2013 and the same is under review with BIFR for approval. Information required under Section 217(1)(e) of the Companies Act, 1956, read with Rule 2 of the Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1988 and information as per Section 217(2A) of the Companies Act, 1956, read with the Companies (Particulars of Employees) Rules,1975, as amended from time to time, forms a part of this Report. However, as per the provisions of Section 219(1)(b)(iv), the Report and Accounts are being sent to all the Members excluding the information relating to conservation of energy, technology absorption, foreign exchange earnings & outgo and the statement of particulars of employees.Any Member interested in obtaining such particulars may inspect the same at the registered office of the Company or write to the Company Secretary for a copy.    ` Conse r vat i on o f Ene rgy, Techno l ogy Absorption, Outgo Directors’ Responsibility Statement Pursuant to Section 217(2AA) of the Companies Act, 1956, the Directors confirm that to the best of their knowledge andbelief: (i) In the preparation of the annual accounts, the appl icable Accounting Standards were followed (ii) Such Accounting Policies were selected and applied consistently and such judgements and estimates were made that were reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as on March 31, 2013 and of the profit of the Company for the year endedon that date (iii) Proper and sufficient carewas taken tomaintain 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 (iv) The attached annual accounts for the year ended March 31, 2013 were prepared on a going concern basis as the Company has restarted its manufacturing operations at Ankleshwar site and intends to expand and diversify its operations as per the proposal submitted to the BIFR. Haribhakti & Co, the Statutory Auditors of the Company, will retire at the conclusion of the ensuing AGM. They have given their consent to continue to act as the Auditors for 2013-14, if reappointed. The relevant notes forming a part of the accounts are self explanatory and give full information and explanation in respect of the observations made by the Auditors in their Report. The Board of Directors expresses its sincere thanks to all the customers, employees, investors, suppliers, regulatory and Government authorities and the Stock Exchanges for their continuing support. For and on behalf of the Board of Directors Mumbai Sunil S Lalbhai April 26, 2013 Chairman Auditors Acknowledgements Amal Ltd | Annual Report 2012-13