The Directors hereby submit the Seventh Annual Report of the Company
together with Audited Statement of Accounts for the year ended on 31st
OPERATING RESULTS (Rs. in Lacs)
Turnover & Other Income 397.74 281.88
Net Profit before Dep. 2.59 (430.44)
Depreciation 2.82 2.82
Net profit before taxation (00.23) (433.47)
Net profit after taxation (00.23) (433.47)
Profit for the previous year
brought forward (149.09) 284.38
Profit carried to Balance Sheet (149.32) (149.09)
In the absence of profit, the Directors regret their inability to
propose any dividend.
CURRENT YEAR PERFORMANCES AND PROSPECTS
During the year under review the company could export goods worth
Rs.397.74 Lacs as against Rs.281.88 Lacs in the previous year. It has
incurred net loss of Rs.0.23 Lacs as against net loss 433.47 Lacs in
the previous year. The loss incurred by the Company was primarily due
to heavy administrative loss and cost of production.
As intimated to you, in our last years directors report the company's
rehabilitation program before its banker could not get through, it has
resulted in heavy losses and rather, it can be said that the company is
on the verge of closure.
PARTICULARS OF EMPLOYEES
Information required as per section 217(2A) of the Companies Act, 1956
read with companies (Particulars of Employees) Rule 1975 forming part
of this report for the year ended 31st March, 2000 is NIL.
The Company has not accepted any public deposits during the year or in
In accordance with the requirements of the Companies Act, 1956 and the
Article of Association of your company, Shri Prakash Gupta & Shri
Swadesh Mishra will retire by rotation & being eligible, offer
themselves for re-appointment.
Kiran Ravi & Associates, Chartered Accountants, Bikaner, the company's
auditors retire at the conclusion of the ensuing Annual General
Meeting. They have further confirmed their eligibility under section
224(1B) of the Companies Act, 1956.
The notes on accounts appearing in schedule 18 and refer to in the
Auditor's Report are self explanatory. As regard the qualification as
contained in the report, the Directors wish to state as follows :-
1. Regarding Book Debts - Note No.3
The company has been advised that no provision for bad debts can be
made in the books of Accounts of the company unless until it has
necessary permission from Reserve Bank of India.
3. Regarding secured loans from the banks and financial institutions -
It is also expected that once rehabilitation package of the company is
accepted by the bank, the company will get substantial relief in the
interest/penal interest charged by the institution.
3. Audited Statement of Accounts of trading office - Note No.5
The directors are seriously pursuing the matter and it is expected that
the statement of Accounts will be ready within this financial year.
4. Regarding Bank Account - Note No. 7
The company has sent various reminders to these banks for bank
statements. However, according to our information the balance appear
in the balance sheets are more or less correct and these are not going
to affect the trading result of the Company materially.
CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION :
The Company is not using any Plant & Machinery for manufacturing of
Carpets. With the result, no comment is required on conservation of
energy and Technology Absorption.
FOREIGN EXCHANGE EARNINGS & OUTGO
Details of foreign exchange earnings and outgo are provided in the
Annexure to this report.