The Directors present herewtih their Thirteenth Annual Report of the
Company together with the Audited accounts for the year ended 31st
In view of the brought forward loss, your Directors do not wish to
recommend any dividend for the year 2001-2002.
During the year under report, operations of the company suffered badly
due to poor demand from U.S.A. & West European countries. However your
Company is improving its production and marketing network to achieve
improved sales. Due to poor sales & heavy fixed cost, profit margin of
your company has suffered and continued to remain under pressure.
Further due to sharp increase in input cost and overheads, tough market
competitive pricing and high break even point the Company has incurred
losses. However the company is trying, to increase its sales network
and is confident of getting better price realization and higher sales
during die current year. Your Company is also exploring the possibility
of the Launching its products in domestic markets.
During the current year your Company is expanding its production,
quality wise & is also exporting newer products to foreign markets in
addition to consolidating and existing ones. Your company also intends
to launch its Products in the domestic markets.
LISTING OF THE SHARES:
The Share of your Company are listed at Bombay stock Exchange (Regional
Stock Exchange), Ahmedabad Stock Exchange, Jaipur Stock Exchange &
Delhi Stock Exchange. While the company has paid the listing fees up to
year 1999-2000 to Bombay Stock Exchange. The company has applied for
voluntary delisting of shares from Ahmedabad, Jaipur, & Delhi Stock
Exchange in view to conserve Financial resources.
Shri Kamal Bhangar, a Director of the Company has resigned from
Directorship of the Company.
Shri Amit Bhangar, has been appointed as an additional director of the
Company, being eligible and is seeking the re-appointment as Director
of the Company.
Shri Mohanlal Bhangar, a Director of the Company, is retiring by
rotation at the ensuing Annual General Meeting and is seeking
DIRECTOR'S RESPONSIBILITY STATEMENT:
Pursuant to the requirement under section 217 (2aa) of the Companies
Act, 1956 with respect to Director's Responsibility Statement, it is
(i) that in the preparation of the annual accounts for the financial
year ended 31st March 2002, the applicable accounting standards had
been followed along with proper explanation relating to material
(ii) that the directors had selected accounting policies and applied
them consistently and made judgements and estimates that were
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 financial year and of the
profit or loss 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 Companies Act, 1956 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
(iv) that the directors had prepared the accounts for the financial
year ended 31st March, 2002 on a going concern basis.
The Company did not accept any deposits during the year.
M/s. P. Bohra & Company, Chartered Accountants, hold office until the
conclusion of the ensuing Annual General Meeting and being eligible
offer themselves for re-appointment.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, EOREIGN EXCHANGES
EARNINGS AND OUTGO:
a) In view of the nature of the company's operations, your Directors
have nothing to report on conservation of energy, technology absorption
b) Foreign Exchange Earning 4,92,359
(FOB Value of Export)
Foreign & change Outgo 2,29,593
PARTICULARS OF EMPLOYEES:
The Company does not have any employees pursuant to Section 217 (2A) of
the Companies Act 1956 read with the Companies (Particulars of
Employees) Rules 1975 as amended.
The Directors wish to express their sincere appreciations to their
customers, bankers, Share holders and employees at all levels for their
continued valuable support.
FOR AND ON BEHALF OF THE BOARD
PLACE: MUMBAI SATISH BHANGAR
DATE : 02.09.2002 MANAGING DIRECTOR