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DELTA POLYSTERS LIMITED
ANNUAL REPORT 2000-2001
DIRECTORS' REPORT
Your Directors present the Eighth Annual Report together with the Audited
Statements of Accounts of the Company for the year ended March 31, 2001.
DIVIDEND:
Your Directors do not recommend and Dividend for the year under review,
because of the loss incurred by the Company.
OPERATIONS:
Despite overall slow down in the economy and particularly in the textile
sector, the Company leas maintained the Turnover. However the operations
have resulted in net loss of Rs.87.24 Lakhs.
FUTURE PROSPECTS:
Recent trend shows that the company, at last, is showing sign of coming out
of a long recessionary phase. With the improvement of economy, the company
is hopeful of improving the turnover as well as the profit margin. The
result of the cost reduction and other measures shall get reflected in the
operations in the coming years.
DIRECTORS:
Smt. Usha Mundada retires by rotation at the forthcoming Annual General
Meeting and being eligible offer herself for re-appointment.
Shri Bhatu Patil was appointed as an Additional Director of the Company
with effect from January 10, 2001.
DIRECTORS RESPONSIBILITY STATEMENT:
Pursuant to section 217 (2AA) of the Companies Act, 2000, the directors
confirm that:
i. in the preparation of the annual accounts, the applicable accounting
standards have been followed and that no material departures have been made
from the same.
ii. they have selected such accounting policies and applied them
consistently and made judgements and estimates that are reasonable and
prudent so as to give a true and fair view of the state of affairs of the
company as at March 31, 2001, and of the profit of the company for the said
period.
iii. to the best of their knowledge and information, they have taken proper
and sufficient care for 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
irregularties.
iv. they have prepaid the accounts on a going concern basis.
PARTICULARS REGARDING CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND
FOREIGN EXCHANGE EARNINGS AND OUTGO:
The information required under Rule 2 of the Companies (Disclosure of
Particulars in the Report of Board of Directors) Rules, 1988, relating to
the Conservation of energy and technology absorption forms part of this
report and is given by way of Annexure. The foreign Exchange earnings and
outgo is reported to be NIL.
AUDITORS:
The Company has received a letter from the retiring Auditors, M/s.
K.Kaveria & Co., Chartered Accountants, Mumbai, expressing their inability
to continue as the Statutory Auditors of the Company for the Financial Year
2000-2001. Consequently your Board of Directors accepted the offer of M/s.
Dagdulal Main & Co. Chartered Accountants, Mumbai, for their appointment as
the Statutory Auditors of Company for the financial year 2000-2001. Thus
the Board proposes to appoint M/s. Dagdulal Main & Co. Chartered
Accountants. Mumbai, as the Statutory Auditors of Company for the financial
year 2000-2001.
PARTICULARS OF EMPLOYEES:
The Company has no employer of the specifies categories under Section
217(2A) of the Companies Act, 1956, mad with the Companies (Particulars of
Employees) Rules, 1975, as amended upto date.
EXPLANATION UNDER SECTION217(3) OF THE COMPANIES ACT, 1956:
POINT NO.17 IN THE ANNEXURE TO THE AUDITORS' REPORT: Currently the Company
has regularized the payment of Provident Fund Contribution.
ACKNOWLEDGEMENTS:
The Board of Directors wishes to place on record is sincere appreciation
for co-operation received from the Company's Bankers. The Directors are
also thankful to the employees at also levels for their continued support.
FOR AND ON BEHALF OF THE BOARD OF DIRECTORS
Place: MUMBAI VIVEK R. MUNDADA
Date : 24th August 2001 Chairman & Managing Director
ANNEXURE TO THE DIRECTORS' REPORT:
INFORMATION IN TERMS OF THE COMPANIES (DISCLOSURE OF PARTICULARS IN THE
REPORT OF THE BOARD OF DIRECTORS) RULES, 1988:
FORM B
FORM FOR DISCLOSURE OF PARTICULARS WITH RESPECT TO TECHNOLOGY ABSORPTION:
For the year For the year
2000-2001 1999-2000
A. RESEARCH AND DEVELOPMENT (R & D) Not Applicable Not applicable
B. TECHNOLOGY ABSORPTION, ADOPTION AND INNOVATION
For the year For the year
2000-2001 1999-2000
1. Efforts made Nil Nil
2. Benefits derived Nil Nil
3. Imported Technology Nil Nil
FOR AND ON BEHALF OF THE BOARD OF DIRECTORS
Place: MUMBAI VIVEK R. MUNDADA
Date : 24th August 2001 Chairman & Managing Director
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