The Directors present the 10th Annual report of the Company alongwith
the Audited Annual Accounts for the year ended 31st March, 2000. The
highlights of the financial results are as follows :-
(Amount in Lacs)
Year ended Year ended
Net Sales 68,25,207.53 1,20,63,545.43
Other Income 4,500.00 1,04,022.72
Total Income 68,29,707.53 1,21,67,568.15
Total Expenditure 74,35,911.39 2,48,12,379.15
Gross Profit/(Loss) before interest,
depreciation and taxation (6,06,203.86) (1,26,44,811.00)
Interest 1,20,63,339.00 1,21,25,888.00
Depreciation 43,11,901.00 43,42,434.25
Provision for Taxation NIL NIL
Net Profit/(Loss) (1,69,81,443.86) 29,11,31,123.25
Paid up Equity Capital 3,87,55,000.00 3,87,55,000.00
YEAR IN RETROSPECT
During the year under review, the Company suffered heavy losses. The
Directors are concerned about the state of affairs and are putting
their best efforts to improve the performance of the Company.
In view of the loss suffered by the Company, the Directors regret their
inability to recommend any dividend for the year.
Consequent upon the adoption of the recommendations of Kumar Manglam
Birla Committee on Corporate Governance by SEBI, provisions relating to
the corporate governance have been incorporated in the listing
agreement by the stock exchanges. As per the Schedule of
implementation prescribed the Company is required to implement the
Corporate Governance Code within financial year 2002-2003 but not later
than March 31, 2003. The Company will take suitable action in this
During the year under report, the Company did not accept any deposits
from the public in terms of Section 58A of the Companies Act, 1956.
PARTICULARS OF EMPLOYEES
During the financial year under review, none of the Company's employees
was in receipt of remuneration as prescribed under Section 217(2A) of
the Companies Act, 1956 read with the Companies (Particulars of
Employees) Rules, 1975 as amended and hence no particular are required
to be disclosed in this report.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
(a) Conservation of Energy : Abundant care and attention has been taken
to maximize the conservation of energy.
(b) Technology Absorption : The Company is taking care of latest
developments and advancements in technology and all steps are being
taken to adopt the same.
(c) Foreign Exchange Earnings and Outgo : There was no foreign exchange
earning or outgo in the year under review.
In accordance with the provisions of the Companies Act, 1956 and the
Articles of Association of the Company, Mr. C. K. Gupta, Managing
Director of the Company retire by rotation and being eligible, offers
himself for re-appointment. It is recommended that members may appoint
him at the General Meeting. Mr. M. L. Kumaria, Director resigned from
the Board of the Company due to his pre-occupation.
The nomination of Mr. A. C. Joshi was withdrawn by MPAVN And Mr Mukesh
Kumar Jain was nominated by IDBI on the Board. The Board expresses its
sincere gratitude towards the valuable services rendered by Mr. A. C.
Joshi and Mr. M. L. Kumaria during their tenure as director of the
M/s. Gupta Deepak & Associates, Chartered Accountants, Statutory
Auditors of the Company hold office until the conclusion of the ensuing
Annual General Meeting and being eligible offer themselves of
re-appointment. A certificate under Section 224 (1) of the Companies
Act, 1956 regarding their eligibility for the proposed re-appointment
has been obtained from then. The Directors recommend their
YEAR Y2K ISSUE
There was smooth transition to year 2000 and no Y2K problems were
STOCK EXCHANGE LISTING
The Company's shares are listed on Delhi, Mumbai and Madhya Pradesh
Stock Exchanges. The Company has duly paid the annual listing fees to
these Stock Exchanges.