The Directors present the Twentieth Annual Report of the Company for
the year ended 31st March, 2000.
The Directors regret to report that there is no operations since the suspension of work
at Company's factory and office reported in earlier Direcotrs Reports. The Company
does not have any employee working at present due to continued suspension of work
excepting the essential security staff at the factory.
Net loss for the year ended 31st March, 2000 amounted to Rs.6,45,75,103 due to interest
and finance charges and other standing expenses. The cumulative loss as at 31st
March, 2000 amounted to Rs.53,16,01,798.
Pursuant to the dismissal of company's appeal against BIFR ofrder by the Appellate
Authority for Industrial & Financial Reconstruction (AAIFR) vide its order dated
5.9.97, hearing of winding up proceeding of the company is in progress at Guwahati
Meanwhile, State Bank of India has submitted its claim for recovery of their dues for
Rs.4022 lacs at the Debt Recovery Tribunal, West Bengal. The Claim amount is
subject to reconciliation with the records of the company.
In accordance with the Articles of Association of the Company, Mr. Rajat
Jalan retires by rotation and being eligible, offers himself for
Messrs D. Basu & Co., Statutory Auditors of the Company retire at the
conclusion of this Annual General Meeting and being eligible, offer
themselves for re-appointment.
The auditors have referred to Notes in Item 1(i) (b), 4 to 9, 10, 12,
13, 16 to 18 of Schedule 16. The explanations contained in the
relevant Notes on Schedule 16 may be treated as
information/explanations submitted by the Board of Directors, these
being self explanatory.
The Directors thank the security staff and other employees for their
services as and when called upon during the year under review.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
Pursuant to the provisions of 217(1)(e) of the Companies Act, 1956 read
with the Companies (Disclosure of Particulars in the Report of Board of
Directors) Rules, 1988, particulars as applicable are given in Annexure
`A' to the Directors' Report.
PARTICULARS OF EMPLOYEES
The Company does not have any employee in the Category specified in
Section 217(2A) of the Companies Act, 1956 read with the prescribed
LISTING OF SHARES
Listing fees payable to stock exchanges are in arrears.
ANNEXURE `A' TO THE DIRECTORS' REPORT
Information pursuant to the Companies (Disclosure of Particulars in the
Report of Board of Directors) Rules, 1988 and forming part of
A. CONSERVATION OF ENERGY
(a) Energy conservation measures taken
(b) Additional investments and proposals, if any, being implemented for
reduction of consumption of energy
(c) Impact of the measures at (a) and (b) for reduction
of energy consumption and consequent impact on the cost of production
(d) Total energy consumption and energy consumption per unit of
Company's factory and office are under suspension of work.
B. TECHNOLOGY ABSORPTION
I. Research and Development (R & D)
a. Specific areas in which R & D carried out by the Company
b. Benefits derived as a result of the above R & D
c. Future plan of action
d. Expenditure on R & D
II. Technology Absorption, Adaptation and Innovation
a. Efforts, in brief, made towards technology : absorption, adaptation
The Company has fully absorbed and adapted the technology on existing
b. Benefits derived as a result of the above efforts : -
c. Imported technology :
The Company has not imported any technology in the last five years.
C. FOREIGN EXCHANGE EARNINGS AND OUTGO
Activities relating to exports, initiative taken to increase export,
development of new export markets for products and services and export
The Company, being an Export Oriented Unit, is capable of increasing
exports and augment Country's foreign exchange earnings if its
operations are re-started with appropriate financial relief package
from the Central and State Governments, Banks, Financial Institutions
and other Pressing Creditors.