| Your Directors present the Ninth Annual Report together with the
Audited Statements of Accounts Of the Company for the year ended March
31, 2002.
(Rs. In Lacs)
For the year ended For the year ended
31st March 2002 31st March 2001
(Loss) before Depreciation & Taxation (152.04) (50.41)
Less: Depreciation - 36.83
(Loss) before Taxation (152.04) (87.24)
Less: Provision for Taxation (8.78) 71.21
Transfer from General Reserve - 7.25
Balance carried to Balance Sheet (160.82) (8.78)
DIVIDEND
Your Directors do not recommend any Dividend for the under review,
because of the loss incurred by the Company.
OPERATIONS:
During the year Company closed down manufacturing unit. The Turnover
includes only Trading Turnover. The operation for the year has resulted
in a Loss of Rs. 152.04 Lakhs.
DIRECTORS:
Shri Bhatu Patil retires by rotation at the forthcoming Annual General
Meeting and being eligible offer himself for re-appointment.
CORPORATE GOVERNANCE:
Your Company has complied with the provisions of Clause 49 of the
Listing Agreement as more than half of the Board of directors comprises
of independent Directors along with executive Chairman.
DIRECTORSRESPONSIBILITY STATEMENT:
Pursuant to section 217 (2AA) of the Companies Act, 1956, the Directors
confirm that:
i. in the preparation of the annual, the applicable accounting
standards have been followed and that no material departures have been
made for the same;
ii. they have selected such 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 as at march 31, 2002, and of the profit of the company for
the said period,
iii. to the best of their knowledge and information they have taken
proper and sufficient care for maintenance of 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. They have prepared the accounts on going concern basis.
PARTICULARS REGARDING CONSERVATION OF ENERGY, TECHNILOGY ABSORPTION AND
FOREIGN EXCHANCE EARNINGS AND OUTGO:
The information required under Rule 2 of the Companies ( Disclosure of
Particulars in the Report of Board of Directors) Rules, 1988, relating
to the conservation of energy and technology absorption forms part of
this report and is given by way of Annexure. The Foreign Exchange
earnings and outgo is reported to be NIL.
AUDIT COMMITTEE:
The Company has an Audit Committee as constituted by the Board of
Directors. The Committee deals with accounting mattes internal
auditors, observation, concurrent auditors observation, and adequacy
of internal controls and statuary.
AUDITORS:
M/s. Dagdulal K. Jain & Co., Chartered Accountants, Mumbai, the
Statutory Auditors of Company retire at the ensuing Annual General
Meeting and being eligible offers themselves for re-appointment.
PARICULARS OF EMPLOYEES:
The Company has no employees of the specified categories under Section
217 (2A) of the Companies Act, 1956 read with the Companies
(Particulars of employees) Rules, 1976. As amended upto date.
EXPLANATION UNDER SECTION 217(3) OF THE COMPANIES ACT, 1956: POINT NO.
17 IN THE ANNEXURE TO THE AUDITORS REPORE:
Currently the Company has regularized the payment of Provident Fund
Contribution..
ACKNOWLEDGEMENTS:
The Board of Directors wishes to place on record its sincere
appreciation for co-operation received for the Companys Bankers. The
Directors are also thankful to the employees at all levels for their
continued support.
FORM B
FORM FOR DISCLOSURE OF PARTICULARS WITH RESPECT TO RECHNOLOGY ABSORPTION:
Current Year Previous Year
A. RESEARCH AND DEVELOPMENT (R & D) Not Applicable Not applicable
B. TECHNOLOGY ABSORPTION, ADOPTION AND INNOVATION
1. Efforts made Nil Nil
2. Benefits derived Nil Nil
3. Imported Technology Nil Nil
FOR AND ON BEHALF OF THE BOARD OF DIRECTORS
Place: MUMBAI VIVEK R. MUMDADA
Date: 30th August 2002 Chairman & Managing Director | 