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Thapar Oils and Fats Directors Report, Thapar Oils Reports by Directors
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Thapar Oils and Fats
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Directors Report Year End : Sep '00   
 The Directors of the Company are in presenting their Ninth Annual
 Report on the Affairs of the Company alongwith Audited Accounts for the
 year ended on 30th September 2000.
 
 FINANCIAL RESULTS :                                      RUPEES IN LACS
 
 FINANCIAL RESULTS :                             99-2000         1998-99
 
 Operating & Other Income                          15.54         1838.45
 
 Profit/(Loss) before Depreciation & Tax         (80.79)        (565.75)
 
 Less: Depreciation                               110.80          299.58
 
 Profit/(Loss) before taxation                  (191.59)        (865.33)
 
 Less : Provision for Taxation                      -               -
 
 Profit/(Loss) after Taxation                   (191.59)        (865.33)
 
 Add : Balance from previous year               (992.36)        (127.03)
 
 Surplus/(Deficit) carried to balance Sheet    (1183.95)        (992.36)
 
 PERFORMANCE REVIEW  :
 
 As reported in the last report, due to losses, the Company's unit was
 taken over by RIICO in November, 1999 with the consent of PNB & RFC, So
 there was no manufacturing or operational activity of the Company.  PNB
 has also filed a recovery suit in the court of Hon'ble Debt Recovery
 Tribunal at New Delhi.
 
 Inspite of Non Co-operative attitude taken by Financial institutions
 and Banks the directors are making efforts to revive the company and
 approached Hon'ble BIFR regarding potential sickness of the company and
 filed form `C' on 15-05-2000 as required under SICA Act, 1985.
 
 Now, as reported by the Auditors in Their report, the Company has
 become sick Industrial Company under clause (O) of sub section (i) of
 Section 3 of the Sick Industrial Companies (Special Provisions) Act,
 1985.  The directors are taking appropriate measures for revival of the
 Company by approach Hon'ble BIFR under SICA Act, 1985 by filing Form
 A.  Suitable action and follow up is also being taken on the uncalled
 for, FIR filed by PNB.
 
 DEPOSITS :
 
 The Company has not accepted any deposits during the year under review.
 
 DIRECTORS :
 
 Shri Ashok Goyal is retiring at this Annual General Meeting and being
 eligible, offer himself for re-appointment.
 
 AUDITORS' REPORT :
 
 The Auditors's Report read together with notes on accounts is self
 explanatory.
 
 PARTICULARS OF EMPLOYEES
 
 Information pursuant to section 217 (2A) of the Companies Act, 1956
 read with Companies (Particulars of Employees) Rules, 1975 as amended
 from time to time.
 
 NIL
 
 CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
 EARNINGS AND OUTGO
 
 In accordance with the requirements of section 217 (1) (e) of the
 Companies Act, 1955 read with the companies (Disclosure of particulars
 in the report of the Board of Directors) Rules, 1988 for the
 information as regards Energy conservation the Directors with to state
 that the Company is taking effective steps for identifying and
 implementing of the Energy Savings Systems even though the said rules
 are not applicable to the Company.
 
 As regard technology absorption, the company has installed latest
 machinery for its projects and is conscious of regular upgradation of
 technology by constant modernisation from time to time.
 
 FOREIGN EXCHANGE EARNING AND OUT GO
 
 NIL
Source : Dion Global Solutions Limited
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