Patodia Textile Industries Ltd

BSE: 514310 | NSE: NA | ISIN: NA 
Market Cap: [Rs.Cr.] 1 | Face Value: [Rs.] 10
Industry: Textiles - Processing

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Director's Report

PATODIA TEXTILE INDUSTRIES LIMITED DIRECTORS' REPORT Dear Members, Your, Directors are presenting 16th Annual Report together with Audited Accounts of the Company for the 16 months period ended 31st July, 1998. OPERATIONS The textile industry around the country, (even around the world) particular the texturising industry passed through worst phase of recession during the period for which financial results are under review. During this period the prices of the Polyester Texturised & Twisted Yarn crashed to the bottom level whereas the price of Partially Oriented Yarn (POY) was more or less stagnant due to which many texturising units in the industry were closed down. Your company tried to resist the recession for quite some time, but the market conditions didn't permit to do so, hence the manufacturing activities at all three plants was closed down during the second week of August, 1998. The Sales Turnover for the 16 months period of the Company was Rs.15,823.92 lacs compared to previous year Sales turnover of Rs.11,896.13 lacs. But the cost of raw material has increased substantially over the previous year, hence your company incurred a loss of Rs. 808.32 lacs before interest and depreciation for the 16 months period against the previous years net profit of Rs. 663.22 lacs due to recession in the texutirising industry. The present market conditions have compelled us to make provisions for bad and doubtful debts to the extent of Rs. 805.97 lacs. The Company has incurred the net loss of Rs. 2,596.86 lacs for the 16 months period, which has completely eroded the net worth of the Company as on 31st July, 1998. REFERENCE TO BIFR: Networth of the Company as on 31st July, 1998, according to provisions of Section 3 (1) (0) of The Sick Industrial Companies (Special Provisions) Act, 1993, has been completely eroded / has become negative, hence the directors of your Company have decided to make a reference to Board for Industrial and Financial Reconstruction, Jawahar Vyapar Bhawan, 1, Tolstoy Marg, New Delhi - 110 001, under the provisions of The Sick Industrial Companies (Special Provisions) Act. 1993. FIXED DEPOSITS During the year the Company has not received any amount as Fixed Deposits and hence there is no unclaimed deposit as on date. INSURANCE: All the properties of the Company are adequately insured. DIRECTORS: During the year Mr. T.B. Subramaniam, Mr. Sunil Kumar Goyal and Mr. Ramawatar Chhawchharia Director(s), have resigned from the directorship in the company due to their pre-occupation. Board is thankful to these directors for the co-operation and guidance provided during the course of their tenure as Directors. As per Article 61 of the Article of Association of the Company, Mr. Mahendra Kumar Patodia, will retire by rotation and being eligible offers himself for re-appointment. AUDITORS: M/s. Praful M. Joshi, Chartered Accountants, Mumbai, the Auditors of the Company retire at the conclusion of the ensuing Annual General Meeting and being eligible, are recommended for re-appointment. The observations made in Auditors Report & Notes to the Accounts are self- explanatory and therefore do not call for further comments under Section 217 of the Companies Act, 1956. INDUSTRIAL RELATIONS: The relations with the employees continue to be cordial and satisfactory. PARTICULARS OF EMPLOYEES: Information in accordance with provisions of Section 217 (2A) of the Companies Act, 1956, read with Companies (Particulars of Employees) Rules 1975 as amended regarding employees is not given as there are no employees covered under the said provisions. INFORMATION ON ENERGY CONSERVATION: Information pursuant to 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 is given in the Annexure to the Report. INFORMATION PURSUANT TO CLAUSE 43 OF LISTING AGREEMENT: Projections as given in the Letter of Offer for Issue 11,46,475 Equity Shares of Rs.10/- each for cash at a premium of Rs.30/- per share dated 14.02.1995 are given till 31st March, 1997 only. Hence the projects and achievement there against are not given. APPRECIATION: Your Directors wish to place on record their sincere appreciation and thanks for the co-operation and assistance extended by the Financial Institutions, Bankers, Suppliers and Employees of the Company. For and on behalf of the Board of Director For PATODIA TEXTILE INDUSTRIES LTD. Place : Mumbai l.K. PATODIA Date : 31st August, 1998 Chairman & Managing Director. ANNEXURE Information pursuant to 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 forming part of the Directors' Report, for the period ended 31st July, 1998. (A) CONSERVATION OF ENERGY a) Energy conservation measures taken: Consumption of power is relatively small and efforts are taken to save maximum energy. b) Additional investment and proposals, if any, being implemented for reduction of consumption of energy: As regards electricity the necessary power saving device like capacitors have been installed. The Company has installed D.G. Sets during the last year and is having its own power generation at Achhad and Sarigam Units to supplement power supply from Maharashtra State Electricity Board and Gujarat Electricity Board. c) Impact of measures at (a) and (b) above for reduction of energy consumption and consequent impact on the cost of production of goods: The above measures has helped to reduced the dependency on state supplied power and stabilisation of Production. (B) TECHNOLOGY ABSORPTION: FORM B Research And Development (R & D): 1. Specific areas in which R & D carried out by the Company. Some additions have been made to laboratory to have better study of yarn produced 2. Benefits derived as a result of above R & D Reduction in cost of output, improvement of quality, better marketability. 3. Future plan of action The above activities shall continue and more efforts in this direction will be made. 4. Expenditure on R & D No system of separate maintenance of R & D records has yet been developed. The expenditure is merged with various other heads of expenses. Technology Absorption, Adoption and Innovation 1. The efforts in brief towards technology absorption, adaption and innovation. The plants are based on indigenous technology, every effort is made to know the latest development in technology in India as will A.S AhroAll 2. Benefits derived as a result of the above e.g. Output improvement, cost reduction, product development, import substitution. It has helped the company to improve the quality of products manufactured. 3. Details of imported technology; Not Applicable. (C) FOREIGN EXCHANGE EARNING AND OUTGO: Efforts are being made to export our products Total Foreign Exchange used during the year Nil Total Foreign Exchange earned during the year Nil
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Key Information

Key Executives:

I K Patodia , Chairman & Managing Director 

M K Patodia , Director 

Subhash Harlalka , Director 

Deepak Patodia , Director 

Company Head Office / Quarters:
2 PK & 3 1/1 PK Achhad P O,
Achhad Indl Est Opp Savani Tpt,
Phone :
Fax :
E-mail :
Web : http://
Choksh Securities Company Ltd
35 Ajanta House
Marol Co-op Indl Est
Sakinaka Andheri (E)
Mumbai - 400059

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