kengold india ltd Directors report

KENGOLD (INDIA) LIMITED ANNUAL REPORT 2000-2001 DIRECTORS REPORT TO THE MEMBERS, KENGOLD (INDIA) LIMITED Your Directors are presenting the 8th Annual Report together with the audited Accounts of your Company for the period ended 30th June, 2001. Your Company posted a turnover of Rs. 3706.95 Lacs showing an increase of 741.40 Lacs over the previous year on pro-rata basis. Even though the production and sales showed an upward trend quantitatively relative to previous year the huge import of edible oils in the market exerted pressure on the selling price. The price realizations gradually slided and once again hit the bottom during the period under report. PROJECT AND PERFORMANCE. The Project of the Company at Naroda could not operated upto satisfactory revel during the period under review, due to the changes in the Govt. policies, Import Export Policies and heavy import of edible oils has adversely affected the domestic crushing and refining units like your company. The unit of the company at Sanand also could not worked well due to non availability. of raw materials of standard quality from the Saurashtra region affected by poor monsoon. STATUTORY INFORMATION Since there is no employee in the Company drawing monthly salary of Rs. 1,00,000/- p.m. or more and hence the provisions of Section 217(2A) of the Companies Act, 1956 are not, applicable. MATTER REQUIRED TO BE REPORTED AS PER COMPANIES (DISCLOSURE OF PARTICULARS IN THE REPORT OF THE BOARD OF DIRECTORS) RULES, 1988 A, CONSERVATION OF ENERGY Information on conservation of energy, required to be disclosed under 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 are provided as an Annexure to this report. B. TECHNOLOGY ABSORPTION The Company is having its own Laboratory and R & D is being carried on its products with continuous efforts to improve technology to reduce the cost of production and product development. During the period under report your company has not imported any technology. C. FOREIGN EXCHANGE EARNING AND OUTGO: Nil DIRECTORS Mr. M. M. Patel being longest in the office of director shah retire from office by rotation at the forthcoming Annual General Meeting and being eligible offers himself for reappointment. Mr. K. M. Bekshi and Mr. S. R. Shah, directors have resigned from the Board during the period under report. AUDITORS M/s. Dinesh R. Thakkar & Co. Chartered Accountants Ahmedabad the Auditors of the Company retires at the conclusion of the forthcoming Annual General Meeting and being eligible offers themselves for reappointment. DIRECTORS RESPONSIBILITY STATEMENT Pursuant to sub-section (2AA) of Section 217 of the Companies Act, 1956, the Board of Directors of the Company hereby state and confirm that: (i) in the preparation of the Annual Accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures; (ii) the Directors had 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 at the end of the period and of the profit of the Company for that period; (iii) the Directors had 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) the Directors had prepared the annual accounts on a going concern basis. ACKNOWLEDGEMENTS Your Directors take this opportunity to express their grateful appreciation for the co-operation and assistance received from the Central Government and the a Government of Gujarat, the Financial Institutions, Banks as well as the shareholders during the year under review. Your Directors also wish to place on record their appreciation, of the devoted and dedicated services rendered by all employees of your company. For and on behalf of the Board Place: Ahmedabad A. A. ANDANI Date : 20.11.2001 (Chairman & Managing Director) ANNEXURE TO DIRECTORS REPORT INFORMATION UNDER CLAUSE 49 OF THE LISTING AGREEMENT a) De-listing:- No application for de-listing the Companys securities has been made to any of the Stock Exchanges. b) Suspension in Trading:- Trading in the Companys securities has not been suspended for any reason during the period under review. c) Listing Fees : The arrears of listing fees payable as on 30.06.2001 to the various Stock Exchanges has since been paid, except Rs. 10,500/- payable to Madras Stack Exchange Ltd.