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SIV Industries
BSE: 500462|NSE: SIVIND|ISIN: INE639A01017|SECTOR: Textiles - Manmade
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SIV Industries is not traded in the last 30 days
SIV Industries is not traded in the last 30 days
Directors Report Year End : Mar '03   
Your Directors present their Forty-Fifth Annual Report with the Audited
 Accounts for the year ended 31st March 2003.  
 
 FINANCIAL RESULTS
 
 The accounts presented for 12 months ended March 31 2003 arc not
 comparable with the previous period which was for six months only.
 
                                     12 Months ended    6 Months ended
                                          31-03-2003        31-03-2002
                                          Rs. Crores        Rs. Crores
 
 Gross sales                                    0.13             13.17
 Profit/(Loss) before interest, depreciation   (5.18)           (19.65)
 Interest/Financial charges                    78.56             38.92
                                              (83.74)           (58.57)
 Depreciation                                  28.77             14.52
                                             (112.31)           (73.09)
 Balance brought forward                     (489.58)          (416.49)
                                             (602.09)          (489.58)
 
 The operations at the factory were suspended from October 2001 and
 continued to remain sof throughout the year under review. As a result,
 there has been no internal cash generation during the year.
 
 Theworkmen have been agitating for the wages. Their protests took an
 ugly turn during October 2002 and they resorted to violence forcing the
 Management to declare a lock-out with effect from 31-10-2002. The same
 continues to be in force.
 
 EDIBLE OIL DIVISION
 
 With termination of agreement for oil refining on job work basis, the
 activity at the Edible Oil Plant had to be curtailed substantially
 during the year. The agreement for seed crushing also expired on
 31.03.2003. Consequently the operations at Edible Oil factory have also
 been suspended from 26.05.2003.
 
 FIXED DEPOSITS
 
 Fixed deposits as on 31.03.2003 amounted to Rs. 3.79 lakhs which,
 though matured have not been claimed by the Depositors. Of these,
 deposits aggregating Rs. 24000/- have since been claimed and paid. As
 directed by the Board, the Company does not accept any fresh deposits.
 
 Fixed deposits as on 31.03.2003 include deposits amounting
 to-Rs.26555/- including interest which have remained unclaimed fora
 period of seven years from lh6 date of maturity. This amount has since
 been transferred to the Investor Education and Protection Fund as
 required under Section 205-C of the Companies Act.
 
 CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
 EARNINGS AND OUTGO
 
 Information required pursuant to Section 217 (i) (e) of the Companies
 Act, 1956 are given in the Annexure forming part of the Report.
 
 SUBSIDIARY COMPANIES
 
 Based on the opinion of BIFR, the Hon'btc High Court of Madras ordered
 winding up of I.A.E.C. Boilers Ltd. The High Court also .  appointed
 the Official Liquidator for the purpose of winding up of the Company.
 The Official Liquidator has taken possession of the Company's assets in
 November 2002.
 
 In compliance with the provisions of Section 212 of the Companies Act,
 1956, the Audited Statements of the Accounts for the year ended
 31.03.2003 of the following Subsidiary Companies together with the
 respective reports of the Auditors and Directors and also the statement
 under the said section arc enclosed to the Balance Sheet.
 
 1. SIV.-Magcobar Lignins Ltd                2. Mice Farm Chemicals Lid
 3. Bhavani Seeds &Agro Products(  Ltd     4. Coir Products (India) Ltd
 5. Baug-E-Sarah lnvestments Ltd          6. Rose Garden Finance Co Ltd
 7. Good Luck Finance Co Ltd                  8 Charming Finance Co Ltd
 
 DIRECTORS
 
 During the year, Tamil Nadu Government had nominalec! Thiru
 S.Ramakrislinan.'I.A.S., and Thiru T.N.Ramanathan, I A.S., to the Board
 in place of Tint. Girija Vaidyanathan, I.A.S., and Thiru B. Anand,
 I,A.S., respectively Subsequently, the Government has withdrawn their
 nominees Thiru S. Ramakrishnan, I.A.S.; and ThiruT.N. Ramanathan and
 have, in their places, nominated Thiru S.R [langovan, l.A.S., and Ms.
 Lcona Nair, 1.A.S., to the Board.
 
 IDBI has withdrawn the nominee Ms. RS. Prema from the Board with effect
 from 31st July 2002 .
 
 As per the provisions of the Companies Act, 1956. Sri C.V. Kapadia and
 Thiru S.R Elangovan l.A.S., retire by rotation at the ensuing Annual
 General Meeting of the Company and being eligible, offer themselves for
 reappointment.
 
 DIRECTORS' RESPONSIBlLITY STATEMENT
 
 Pursuant to the requirement of Section 217 (2AA) of the Companies Act,
 195(), with respect( to Directors* Responsibility lily Statement, it is
 hereby confirmed:
 
 I.  that in the preparation of annual accounts for the year ended
 31-03-2003, the applicable accounting standards have been followed
 alongwith proper explanation relating to material departures
 
 II.  that the Directors have selected such accounting policies and
 applied them consistently and made judgements and estimates that arc
 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 Ihc
 profit of the Company for Ihc period under review.
 
 III.  that the Directors have 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
 irregularities;
 
 IV.  that the Directors have prepared the accounts for the year ended 3
 1st March 2003 on a going concern basis.
 
 CORPORATE GOVERNANCE
 
 Your Company conforms to the norms of Corporate Governance. In
 accordance with the Listing Agreement with the Stock Exchanges, a
 compliance report on Corporate Governance along with a certificate I
 from I Auditors forms part of this Report.
 
 AUDITORS
 
 M/s. M.S. jagannathan &Visvanalhan, the Company's Auditors retire at
 the forthcoming Annual General Meeting and arc eligible for
 re-appoinment.
 
 COST AUDIT
 
 The Central Government has issued directives to conduct the cost audit
 for Rayon yarn and Sulphuric Acid. However, considering the fact that
 the operations at the factory continued to remain suspended during the
 year, the Company proposes to take necessary steps to seek exemption
 from cost audit for the year ended 31 st March 2003.
 
 ACKNOWLEDGEMENTS
 
 Your Directors thank the Central Government, Tamil Nadu Government,
 Financial Institutions, Company's Bankers and others lor their support
 and co-operation.
 
                                                 FOR BOARD OF DIRECTORS
 
 Mumbai                                                     G.V KAPADIA
 25.06.2003                                               Vice Chairman
Source : Dion Global Solutions Limited
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