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Towels India Exports. Directors Report, Towels India Reports by Directors

Towels India Exports.

BSE: 512612|SECTOR: Textiles - Terry Towels
Towels India Exports. is not listed on BSE
Towels India Exports. is not listed on NSE
Directors Report Year End : Mar '02   
1.0 Your Directors hereby present their Sixteenth Annual Report
 together with the Audited Balance Sheet & Profit &Loss Account for the
 year ended on 31st March 2002 on the business and operations of the
 2.0  Financial Results:
                                         2001-2002       2000-2001
                                     (Rs. in lacs)   (Rs. in lacs)
 Sales and Other income                     795.23          532.74
 Gross Profit (Loss)                        (7.12)         (57.87)
 Less: - Interest                             8.96            5.85
 Cash Profit (Loss)                        (16.08)         (63.72)
 Less: Depreciation                          93.71           93.63
 Net Profit (Loss)                        (109.79)        (157.35)
 Balance Brought forward                 (1557.28)       (1399.93)
 Balance Carried forward                 (1667.07)       (1557.28)
 3.0 Performance & Finance :
 3.1 The turnover for the current year includes income from operations
 Rs. 760.26 as against Rs.501.42 lacs in the previous year recording
 increase of 51.62%. This was possible on account of improvement in the
 Capacity utilization from 17% to 28% resulting into increase in
 production tonnage and a corresponding increase in sales.
 3.2  With the persistent scenario of negative net worth, pressing
 creditors and non availability of further assistance from Banks, the
 Company continued its arrangement with the local merchant exporters
 for the procurement of basic raw material & other services against
 their sales orders. In this process the Company sacrificed on the
 percentage of sales margin and managed, to keep its Solapur Unit in
 4.0 The Honourable Board for Industrial & Financial. Reconstruction
 (BIFR) vide its order dated 01.04.2002 dismissed Companys Reference
 Application declaring Companys net worth is positive. Being aggrieved
 with this order, the Company preferred on Appeal before the Honourable
 Appellate Authority for Industrial & Financial Reconstruction (AAIFR)
 and the matter having heared on 20.06.2002 remains undecided. The
 Company also filed a fresh Reference Application based on Audited
 Accounts for the year ended 31.3.2001. However the Honble BIFR
 declined to register the same initially because of the pendency of
 earlier Application & subsequently treating it as a time barring one.
 The Company is in the process of filing an Appeal before Honble
 Secretary B.I.F.R. praying for the Registration and the outcome of the
 case is awaited.
 5.0 Prospects:
 5.1 The Company is in process of formulating a detailed Rehabilitation
 Scheme providing inter alia, reliefs in form of waiver of penal
 interest, reschedulement of term loan, funding of irregularities and
 Working Capital for future operations.
 5.2 If the reliefs as suggested in para 5.1 above be made available,
 the Company expects to achieve optimum utilization of its capacity
 within a short span of 3 to 4 months from the date of introduction of
 the reliefs. Company having well established itself in foreign as well
 as local market, is capable to sell its production in entirety.
 5.3 Having successfully completed experiment in developing technology
 for quality printed towels of international standard, your Company
 expects to further its production of towels from present sixty five
 percent to seventy five percent of the total production which will
 improve sales realisation.
 6.0 The industrial relations continued to be cordial.
 6.1 The Companys Chiplun unit is not in operation since1.4.1999. The
 Management is negotiating with the Trade Union representing the
 workers employed at Chiplun Unit for formulating scheme for the
 settlement of workers dues.
 7.0 Directors:
 7.1 Mr. D.R.Chheda who will be retiring by rotation, being eligible,
 offers himself for re-appointment.
 8.0 Auditors:
 8.1 The observation in para 2 (v) of the Auditors Report find
 explanation in Schedule 16 of Notes to the Accounts.
 8.2 The Companys Auditors M/s K.M.Vasudeva & Co. retire as auditors
 and are eligible for re-appointment.
 9.0 Particular of Exployees.
 9.1 The Company has no employee of the category specified under
 section 217 (2A) of the Companies Act 1956.
 10.0 Conservation of Energy:
 10.1 The energy consumption per ton of production during the year is
 marginally improved. However the conservation of energy will be
 achievable with the higher capacity utilization.
 11.0 Research & Development:
 The Company is constantly working on improvement in the quality of
 product at every stage of production.
 12.0 Acknowledgement:
 The Directors wish to place on record their appreciation for the
 support given to the Company by its Employees in these difficult days.
 They would also like to thank the customers, suppliers, shareholders,
 institutions, banks and government agencies for the assistance and
 support given to the Company.
                                          For and on Behalf of the Board
 MUMBAI                                                 KULIN H. KOTHARI
 Date:28th June, 2002                     (Chairman & Managing Director)
Source : Dion Global Solutions Limited
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