bits ltd Directors report

DIGITAL MULTIFORMS LIMITED ANNUAL REPORT 2001-2002 DIRECTORS REPORT Dear Shareholders, Your Directors have pleasure in placing before you the 9th Annual Report and Audited Accounts for the year ended on 31st March, 2002. PROGRESS OF THE COMPANY The Indian economy was characterised by slow down growth and especially the printing industry was in a very poor shape all the round. Despite of the adverse market conditions and overall recession prevailed throughout the year, the sales during the current period was almost maintained at the same level as in the previous year with a positive increase. Though more amount but upto the expectations in the operating profits of the year. Directors are very much satisfied with the results and are hopeful of better performance for the coming period. DEPOSITS: Company has complied with the provisions of section 58 A of the Companies Act, 1956 and rules made thereunder while inviting the deposits. Company has filed the statement of Advertisement with Registrar of Companies, Gujarat and the same has been advertised in the The News Line dated 29-11-2001. The total amount of loans/ fixed deposits remained due for repayment and unclaimed on 31st March, 2002 was NIL. DIRECTORS: Shri Surendra J. Kotwal Director of the company retires by rotation at the forthcoming Annual General Meeting and being eligible offer himself for reappointment. DIRECTORS RESPONSIBILITY STATEMENT: Pursuant to the requirement under section 217(2AA) of the Companies Act, 1956 with respect to the Directors responsibility statement it is hereby confirmed: (i) That in the preparation of accounts for the financial year ended 31st March, 2002 the applicable accounting standards have been followed along with proper explanation relating to material departures; (ii) That the Directors have selected such accounting policies and applied them consistently and made judgement and estimates that were reasonable and prudent so as to give a true and fair view of state of affairs of the Company at the end of the financial year and of the profit or loss of the Company for the year under review; (iii) That the Directors have taken proper and sufficient care for the 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 irregularities; (iv) That the Directors have prepared the accounts for the financial year ended 31st March, 2002 on a going concern basis. CORPORATE GOVERNANCE: Pursuant to clause 49 of the Listing Agreement company is required to comply with the requirements of Corporate Governance by 31st March, 2003 because the paid up capital of the company is Rs. 422.10 lacs only. Company is sincerely planning to implement the schedule well before the last date. POSTAL BALLOT: The concept of postal Ballot has been introduced recently by the Companies (Amendment) Act, 2000 and hence the Company has not yet made use of the same. DEMAT OF SHARES OF THE COMPANY: Company has already deMated its existing Equity shares as per the SEBI circular No. SMDRP/POLICY/ CIR- 2000 dated 29th May, 2000 . The NSDL have activated the shares of the company on 13th September, 2000 and the securities of the company bears the ISIN No. INE927BOl 014. CDSL has activated the same w.e.f. 21-09-2000. Company has appointed M/S Intime Spectrum Registry Pvt. Limited of 260 Shanti Industrial Estate, Sarojini Naidu Road, Mulund (W) , Bombay- 400 080 as the connectivity agent . LISTING: The Equity shares of the company have been listed on the Ahmedabad and the Bombay stock exchanges and company has paid the listing fees for the year 2002-03. AUDITORS: The Auditors of the Company, M/s Parikh & Majmudar, Chartered Accountants retire at the conclusion of the ensuring Annual General Meeting and are eligible for reappointment.They have furnished a certificate that their appointment, if made shall be within the limits laid down under section 224(1B) of the Companies Act, 1956. Your Directors recommend the reappointment of M/s Parikh & Majmudar as Auditors of the Company. EMPLOYEES: None of the employees of the were in receipt of the remuneration in excess of the limites prescribed under Section 217(2A) of the Companies Act, 1956 and hence information pursuant to the provisions of Section 217(2A) of the Companies Act 1956 read with the Companies (Particulars of Employees) 1975 is not furnished. CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO: (a) CONSERVATION OF ENERGY: The company is continuously starving for the energy consumption Company has installed stabilisers and other energy saving devices to bring down the cost of power and avoid loss of and reduce the wastages in power consumption. (b) Company in mainly relying on the inclegenous technology and knowhow. However the company has imported and installedWeb Offset printing Machine from Holland, which is one of the best sophisticated machineries in printing technology, to bring out quality product with economic cost. (c) The information of foreign exchange earning and outgo during the year is furnished in the Notes to the Accounts. APPRECIATION: The Board of Directors wish to place on record their deep appreciation and gratitudes for the services rendered by the workers,staff and executives of the company. Board of Directors also convey their gratitude to the Investing Shareholders, customers, Suppliers, Banks, Financial Institutions and various Private and Government Agencies for their continued co- operation and confidence reposed in the company. For and on behalf of the Regd. Office: Board of Directors 60\1, Village Palodia, Tal. : Kalol, Dist.: Mehsana. Surendra J. Kotwal (Chairman) 31st August, 2002