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National Auto Accessories Directors Report, National Auto Reports by Directors
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National Auto Accessories
BSE: 520069|SECTOR: Auto Ancillaries
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Directors Report Year End : Mar '00    «
The Directors present their Sixteenth Annual Report and Audited
 Statement of Accounts for the year ended 31st March, 2000.
 
 1.   FINANCIAL RESULTS :
 
 In the absence of any operation during the year, the Company has
 incurred a loss of Rs. 3.73 lakhs before providing for interest and
 depreciation. The interest and depreciation for the year are Rs. 43.08
 lakhs and Rs. 4.37 lakhs respectively.  After considering the same, the
 Net Loss Rs. 51.19 lakhs is carried forward to the Balance Sheet.
 
 2.   OPERATIONS :
 
 The Company's operations continued to remain suspended in the absence
 of any positive proposals/assistance for the implementation of the
 approved Rehabilitation Scheme.
 
 The Directors regret to inform that the Board for Industrial and
 Financial Reconstruction (BIFR) has passed an Order on 04.09.2000 for
 winding up of your Company, having come to the conclusion that the
 Company is not likely to be revived within a reasonable time in the
 absence of any rehabilitation proposals, despite opportunities having
 been given to all concerned.
 
 3.  AUDITORS' REPORT :
 
 In respect of the remarks of the Auditors, the relevant notes to the
 Annual Accounts are self explanatory.  With regards to auditor's
 remark, the reason for non-provision for various accounts( Refer Note
 No.3)(1) is that, such provisions will have significance if they are
 charged against profit. In the case of your Company, they would amount
 to inflation of losses and therefore do not have practical
 significance.
 
 4.  DIRECTORS :
 
 The Directors regret to report the sad demise of Mr. Vasantrao S.
 Dempo, Pounder and former Chairman of the Board of Directors of your
 Company on 9-11-2000.  Late Vasantrao S.Dempo was Chairman since
 inception till his retirement from business in June 1998.  The Board of
 Directors record their appreciation for the invaluable services and the
 expert guidance and support given by Late Vasantrao S. Dempo to the
 members of the Board of Directors in the conduct of the affairs of the
 Company.
 
 The Directors regret to report the sad and untimely demise of Mr.
 Vasudeva V. Dempo, Chairman on 28.11.1999.  He had been associated with
 the Company since 15.03.1985.  The Board of Directors record their
 appreciation of the invaluable services and the valuable guidance and
 support given by late Vasudeva V. Dempo during his tenure with your
 Company as a member of the Board.
 
 Mr Bhalchandra R. Sule and Mr. Shardul J. Thacker, resigned from the
 Board of Directors on 23.03.2000 and Mr. Anilkumar S. Ruia and Mr.
 Damodar N. Naik, on 30.06.2000. The Board accepted the resignations and
 recorded the valuable services rendered by them during their tenure
 with the Company.
 
 Mr. Shrinivas V Dempo was inducted on the Board on 23.03.2000, in the
 casual vacancy caused by the demise of Mr. Vasudeva V. Dempo and Mr. S.
 K. Desphande was appointed as a Director on 23.03.2000 in the casual
 vacancy caused by the resignation of Mr. Bhalchandra R.Sule. Mr.
 S.M.Kanwar was appointed on the Board of Directors on 23.03.2000 as a
 Nominee Director of BIFR.  Mr.Srigururamnath V. Quenim, Director who
 retires by rotation and being eligible offer himself for
 re-appointment.
 
 6.   AUDITORS :
 
 M/s Naik Gaunekar & Co., Chartered Accountants, who retire at the
 conclusion of the ensuing Annual General Meeting are eligible for
 re-appointment.
 
 7.   Y2K COMPLIANCE:
 
 No software or hardware problems relating to Y2K switch-over were
 reported during the course of transition to the new mellinium.
Source : Dion Global Solutions Limited
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