paper mill plant mach mfr ltd Directors report

TOP MEDIA ENTERTAINMENT LIMITED (Formerly Navyug Electric Limited) ANNUAL REPORT 1999-2000 DIRECTORS REPORT To, The Shareholders. TOP MEDIA ENTERTAINMENT LIMITED. Yours Directors are pleased to present the 8th Annual Report together with the Audited Accounts of the Company for the year ended March 31st, 2000. DIVIDEND Based on the results for the year, your Directors do not recommend payment of dividend. OPERATION During the year your Company has started new activities of Media and Entertainment has made significant improvement in performance, and earned gross income of Rs. 33.74 lacs. CHANGE IN OBJECT CLAUSE AND NAME Some New clause inserted in the Object Clause of the Memorandum of Association of the Company after passing the Special Resolution in the Extra-Ordinary General Meeting. Name of the Company have been changed from Navyug Electric Limited to TOP MEDIA ENTERTAINMENT LIMITED as per certificate issued by the Registrar of Companies, Gujarat, Dadra and Nagar Haveli on Dt. 31/07/2000. REGISTERED OFFICE Registered office of the Company has been shifted at 703, Anand Mangai-III, Opp, Core Biotech, Rajnagar Club Lane, Ambawadi, Ahmedabad-380 006 with effect from 22nd August, 2000. CAPITAL Authorized Share Capital of the Company increased from 6,00,00,000/- (Rs. Six Crore) to 10,00,00,000/- (Rs. Ten Crore only). During the year 40,00,000 equity shares of Rs.10/- each at a price of Rs. 10/- per share issued on Preferential basis to strategic investors for meeting capital cost for setting up of Media entertainment business as per SEBI (Preferential Issue) Guidelines. All required formalities have been completed. PROJECTION V/S PERFORMANCE The financial projections for the year ended 31st March, 2000, are not indicated in the Companys Prospectus dated 6th May, 1996 and thus comparison to the actual performance for the year is not required. STOCK EXCHANGES The Companys shares are listed on Ahmedabad and Mumbai Stock exchanges, the Company has paid necessary listing fees for the year 2000-2001. DIRECTORS In accordance with the provisions of the Companies Act, 1956, and the Articles of Association of the Company, Mr. Dharmesh Desai retires by rational and he expressed his desire not to be reappointed. Therefore his post has been vacated. Mr. Ashvin Naik and Smt. Charushila Naik, Directors of the Company resigned from the Board. The Board thanks them for guidance given to the Company during their tenure. During the year Mr. Deep Trivedi, Mrs. Jyoti Trivedi and Mr. Indrajit Vaghela appointed as additional Director and they hold the office till the date of ensuing Annual General Meeting. The Directors recommend their appointment for which necessary notices under Section 257 of the Companies Act, 1956, have been received. DEPOSITS During the year Company has not accepted any deposits under Section 58-A of the Companies Act, 1956. PARTICULARS REQUIRED TO BE FURNISHED BY THE COMPANIES (DISCLOSURE OF PARTICULARS IN THE REPORT OF THE BOARD OF DIRECTORS) RULES,1988. Part A & B pertaining to the conservation of energy and technology absorption are not applicable to the Company. The Company has not earned any income in Foreign Exchange during the year under review. There was no expenditure in foreign currency. PARTICULARS OF EMPLOYEES COVERED UNDER THE (PARTICULARS OF EMPLOYEES) RULES, 1975. During the year Company has not paid to any employee remuneration exceeding Rs. 6,00,000/- per annum if employed throughout the year or Rs. 50,000/- per month if employed for any part of the year. ACKNOWLEDGEMENTS Yours Directors record their appreciation for the valuable services rendered by all the employee of the Company, their gratitude to the Banks and to the Members of the Company for their support. For And on Behalf of Board of Directors PLACE : AHMEDABAD (DEEP TRIVEDI) DATE : 04/09/2000 CHAIRMAN