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RUNEECHA TEXTILES LIMITED
(FORMERLY AMETHI TEXTILES LIMITED)
ANNUAL REPORT 2000-2001
DIRECTOR'S REPORT
Dear Members,
Your directors present hereunder their 15th annual report, together with
the audited statement of accounts for the financial year ended 31st March,
2001.
As there is no available surplus, the directors do not recommend the
payment of any dividend for the year.
OPERATIONS
The Company's manufacturing activities has not been in operation during the
year as the plant was under overhauling and maintenance. IDBI and IFCI have
disbursed a sum of Rs.157 lacs (out of total sanction of start up expenses
of Rs.250 lacs). The funds have been utilized for all major renovation
/overhauling of plant to put the same in running condition. The Directors
are pleased to inform that your plant has started production now and we are
fully hopeful to work in a better way in future.
FUTURE PROSPECTS
The company has successfully undertaken all preventive maintenance work and
now the trial run of plant going on. The directors have now started
discussing with overseas suppliers for their order schedule and related
letter of credit. The directors are very confident that during the year
estimated turnover will be over Rs.10 Crores.
PUBLIC DEPOSITS
During the year under report, the Company has neither invited any fixed
deposit under section 58 - A of the Companies Act, 1956 nor has previously
received any deposit from the public.
INDUSTRIAL RELATIONS
The industrial relations during the year continued to be cordial.
DIRECTORS
Shri S.K.Mandal has been nominated by IFCI on the Board of the Company.
Shri Paras Kochar and Shri N.K.Tandon, Directors of the Company will retire
by rotation at the ensuing Annual General Meeting and being eligible, offer
themselves for re-appointment.
AUDITORS COMMENTS
Observations made in paragraph 5 and point No. 20 of Annexure to Auditors'
Report have been dealt within Notes No. 9 & 10 of the Notes of Accounts
(Schedule K).
PARTICULARS OF EMPLOYEES
None of the employees of the company was paid remuneration in excess of the
limits prescribed. Hence, the particulars of employees within the meaning
of section 217 (2A) of the companies Act, 1956 read with Companies
(Particulars of Employees) Rule, 1975 as amended up to date, are not given.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING
AND OUTGO
In accordance with the requirements of Section 217 (1)(e) of the Companies
Act, 1956 read with the Companies (Disclosure of Particulars in the Report
of the Board of Directors) Rules, 1988, the statement showing particulars
with respect to Conservation of Energy, Technology absorption and Foreign
Exchange earnings and outgo is annexed hereto and forming part of this
report.
AUDITORS
M/s Haribhakti & Co, Chartered Accountants, are being proposed as the next
auditors of the company from the conclusion of the ensuing annual general
meeting until the conclusion of the next annual general meeting.
ACKNOWLEDGEMENTS
Your Directors wish to place on record their sincere thanks to Central and
State Governments, Industrial Development Bank of India, The ICICI Ltd.,
The IFCI Ltd. SREI International Finance Limited and Indian Overseas Bank
for their valuable support and guidance. Your Directors also express their
gratefulness to the staff at all levels for their dedicated support and co-
operation.
For and on behalf of the Board of Directors
Sd/-
Place : New Delhi R.R. Kumar
Dated : 08th August, 2001 (Chairman)
ANNEXURE 'A' TO DIRECTOR'S REPORT
Information pursuant to the Section 217(I)(e) of the Companies Act, 1956
read with Disclosure of particulars in the Report of the Board of Directors
Rules, 1988
1. CONSERVATION OF ENERGY
a) Energy Conservation measures taken : Nil
b) Additional investment and Proposals, if any, being
implemented for reduction of consumption of energy : Nil
c) Impact of measures taken at (a) and (b) above for reduction of energy
consumption and consequent impact on the cost of production of goods.
A. TECHNOLOGY ABSORPTION
(efforts made in technology absorption as per Form B)
FORM 'B'
(Form for disclosure of particulars with respect to absorption Research &
Development).
Particulars Current Year Previous Year
1. Specific areas in which R&D
carried out by the company. Nil Nil
2. Benefits derived as a result of
the above R&D. Nil Nil
3. Future plan of Action Nil Nil
4. EXPENDITURE ON R&D
a) Capital Nil Nil
b) Recurring Nil Nil
c) Total Nil Nil
d) Total R&D expenditure as a
percentage of total turnover Nil Nil
5. Technology absorption, adaptation
and innovation
1. Efforts in brief, made towards technology Nil Nil
2. Benefits derived as a result of the above
efforts e.g. Product improvement, Cost
reduction, product Development, import
substitution etc. Nil Nil
3. In case of imported technology
(imported during the last Five years reckoned
from the beginning of the financial year)
Following information may be furnished
a) Technology imported Nil Nil
b) Year of import Nil Nil
c) Has technology been fully absorbed? Nil Nil
d) If not fully absorbed, areas where this
has been taken place, reasons therefore
and future plans of action. Nil Nil
Foreign Exchange earnings and outgo
e) Activities relating to exports; initiatives
taken to increase exports, developments of
new export market for products and services;
and export plans; Nil Nil
f) Total foreign exchange used Nil Nil
g) Total foreign exchange earned Nil Nil
For and on behalf of the Board of Directors
Sd/-
Place : New Delhi R.R.Kumar
Dated : 08th August,2001 (Chairman)
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