The Directors have pleasure in presenting the Tenth Annual Report on
the affairs of the company and Audited Accounts of the Company for the
year ended 30th June, 2000.
FINANCIAL RESULTS :
For the year ended
Sales Nil Nil
Other Income Nil Nil
Total Expenditure 12,67,232 13,79,017
Operating Loss 12,67,232 13,79,017
Interest 3,39,15,232 2,73,57,212
Depreciation 37,68,088 37,68,088
Net Loss for the Year 3,89,50,552 3,25,04,317
OPERATIONS AND FUTURE OUTLOOK :
During whole of the financial year 1999-2000, the plant of the Company
remained dosed. The Company has been referred to BIFR as a Sick Company
and its case had been registered at srl. No. 16/99 dated 10.06.1999.
The BIFR had appointed IDBI as the Operating Agency to make an inquiry
and suggest the measures for the revial of the Company upto March,
2001. The Company is continuously in touch with the Operating Agency
and the BIFR. Your Directors believe that a suitable revial package for
the Company will be approved by BIFR and the Company will be able to
re-start its operations.
In accordance with the requirements of the Company Act, 1956, and
pursuant to the provisions of the Articles of the Association of the
Company, two of your Directors Mr. Praveen Rohtagi and Mr. Rakesh
Chawla retire by rotation at the ensuing Tenth Annual General Meeting
and being eligible, offer themselves for reappointment.
M/s. S. C. Thakral & Co., Chartered Accountants, the present Auditors
of the company, retire at the forthcoming Tenth Annual General Meeting
and being eligible, offer themselves for re-appointment. The Company
has received a notice from them to the effect that their appointment if
made would be within the limits prescribed under Section 224 (1) B) of
the Companies Act, 1956.
PUBLIC DEPOSITS :
The Company has not invited or accepted any deposits from the public
during the year.
None of the employee of the Company is in receipt of a remuneration in
excess of the limits specified under sub-section (2A) of Section 217 of
the Companies Act, 1956 read with Companies (Particulars of Employees)
(a) As the unit remained closed during whole of the financial year
1999-2000, the provisions of Section 217 (1) (e) of the Companies Act,
1956 read with the Companies (Disclosure of Particulars in the Report
of Board of Directors) Rules, 1988 pertaining to the information
relating to conservation of energy and technology absorption are not
applicable to the Company.
(b) Foreign Exchange Earnings And Outgo :
- Foreign Exchange Earnings/Receipt : Nil
- Foreign Exchange Outgo : Nil
The remarks made by the Auditors in their Report have been suitably
dealt with in the Schedules and Notes and therefore do not call for any