| Your Directors have pleasure in presenting the 16th Annual Report
together with Audited Accounts drawn for the period ended on 31st
March, 2002.
FINANCIAL RESULTS
(Rupees in Lacs)
Particulars 2001-2002 2000-2001
(12 Months) (6 Months)
Income from Operations 52.12 36.75
Profit/(Loss) for the year before
Depreciation and Taxation 8.97 (20.14)
Less : Depreciation 12.44 26.50
Profit/(Loss) before Tax (3.47) (46.64)
Less: Provision for Tax NIL NIL
Profit/(Loss) after Tax (3.47) (46.64)
Add: Balance Brought forward from previous year (657.92) (611.28)
Profit available for appropriation (661.39) (657.92)
Appropriations:
Special Reserve NIL Nil
Prior period adjustments NIL NIL
Balance carried over (661.39) (657.92)
(661.39) (657.92)
As the Company has not made adequate profit to declare dividend, the
Board has not recommended any dividend on the equity shares for the
year under review.
PERFORMANCE REVIEW
The year under review was a tough one. The general industrial climate
throughout the year remained sluggish. The company has incurred a loss
of Rs. 661.39 Lacs during the year.
The Company has applied for One Time Settlement (OTS) to the consortium
of Bankers and Financial Institution and is under negotiation with
them.
Your directors are making all efforts to overcome the trying times.
RBI PRUDENTIAL NORMS
Since the Company does not accept and hold any Public Deposits,
Non-Banking Companies Prudential Norms (Reserve Bank of India)
Directors, 1998 are mot applicable to the Company in regard to capital
adequacy.
FIXED DEPOSITS
The Company has neither accepted nor renewed any fixed deposit from the
public during the period and there was no outstanding deposit payable
during the financial year.
DIRECTORS
Pursuant to the provisions of the Companies Act, 1956 and Articles of
Association of the Company, Shri Narendra K. Jain, the director of the
Company retire at the ensuing Annual General Meeting. He, being,
eligible offers himself for reappointment.
* Shri Laxmansingh B. Champawat, Shri Aji P. George and Shri Mahendra
Singh Rathore was appointed as Additional Directors of the Company with
effect from 8th October, 2001, 1st June, 2002 and 1st June, 2002
respectively and pursuant to Section 260 of the Companies Act, 1956,
holds office upto the date of ensuing Annual General Meeting of the
Company. The Company has received a notice from a members proposing
individually their appointments as directors of the Company.
Subject to your approval, Shri Mahendrasingh K. Bhati was re-appointed
as Joint Managing Director of the Company for a period of 5 (Five)
years w.e.f. 1st January, 2002 and Shri Laxmansingh B. Champawat was
appoint as Managing Director of the Company w. e. f. 1st April, 2002.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 217 (2AA) of the Companies
Act, 1956, with respect to Directors Responsibility Statement, it is
hereby confirmed :
(i) that in the preparation of annual accounts for the financial year
ended 31st March, 2002, the applicable accounting standards have been
followed and there are no material departures.
(ii) that the directors have selected the accounting policies and
applied them consistently and made judgements and estimates that are
reasonable and prudent so as to give a true and fair view of the state
of affairs of the Company at the end of the current financial year and
of the loss of the Company for the year under review.
(iii) that the directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities.
(iv) that the directors had prepared the annual accounts for the
financial year ended 31st March, 2002 on a "going concern" basis.
AUDIT COMMITTEE
The Audit Committee constituted by the Board of Directors of the
Company is consisting of the following members :
Shri Aji P. George, Chairman
Shri Mahendrasingh Rathore, Member
Shri Narendra K. Jain, Member
CORPORATE GOVERNANCE
Pursuant to Clause 49 of the listing Agreement, your Company is
required to comply with the requirement of Corporate Governance by
March 2003. Necessary steps are being taken for the Compliance in this
direction.
AUDITORS
M/s. H K Maheshwarj Associates, Chartered Accountants, Ahmedabad, the
Auditors of the Company are due to retire and being eligible offer
themselves for reappointment. You are requested to consider their
appointment.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
Your Company is not engaged in any manufacturing activity and as such
has no particulars to disclose under the Companies (Disclosure of
Particulars in the Report of Board of Directors) Rules, 1988 as regards
Conservation of Energy, Technology Absorption pursuant to Section 217
(1) (e) of the Companies Act, 1956. Further, during the period under
review, your company has neither earned nor made any payment in foreign
exchange.
PARTICULARS OF EMPLOYEES
None of the employees drew remuneration of Rs. 24,00,000 or more per
annum/Rs. 2,00,000 or more per month during the year, Hence, no
information is required to be furnished as required under Section
217(2A) of the Companies Act, 1956 read with the Companies (Particulars
of Employees) Rules, 1975.
ACKNOWLEDGEMENT
Your Directors wish to place on record their appreciation for
continuous support received from its Bankers, Financial Institutions,
Government Departments and various other authorities.
By Order of the Board of Directors
Place: Ahmedabad Laxmansingh B. Champawat
Date: August 8, 2002 Managing Director | 