shree yaax pharma and cosmetics ltd Directors report

SHREE YAAX PHARMA AND COSMETICS LTD 6TH DIRECTORS REPORT FOR THE YEAR ENDED 31ST MARCH, 2001. FINANCIAL RESULTS {RS. IN LACS) 2000-01 1999-00 ------- ------- Sales & Other Income 0.16 NIL Total Expenditure 04.31 03.59 Profit/(Loss) Before Taxation (04.16) (03.59) Provision for taxation NIL NIL Profit/(Loss) after tax (04.16) (03.59) Balance Brought Forward (84.44) (80.84) Balance Carried to Balance Sheet (88.59) (84.44) DIVIDEND In view of the Losses sustained by the Company, Your Directors are unable to declare dividend. PRESENT OPERATIONS & FUTURE PROSPECTS The Company has not yet started the manufacturing activity, Efforts are being made to commence the project to get business and profitability. PROJECTIONS VERSUS ACTUALS The company has made its maiden public issue on 16-11-1995. The projections could not be achieved due to non commencement of commercial production, subdued market conditions, etc. FIXED DEPOSIT During the year under review, the Company has not accepted any deposits from the public. PARTICULARS OF EMPLOYEES The particulars of Employees falling under the preview of section 217 (2A) of the Companies Act. 1956 read with the Companies (Particulars of Employees) rules, 1975 are Nil. EMPLOYEES RELATIONS The employees relations remained cordial through out the year. Your Directors wish to place on record their appreciations of the devoted services rendered by the staff and employees of the Company. DIRECTOR Mr. Kunaram Choudhary, Mr. Kanubhai Thakor & Smt. Parul Dave are directors retiring by rotation, Mr. Kunaram Choudhary being eligible for re-appointment, Mr. Hadmanram Choudhary & Mr. Khodaji Thakor are being eligible appointed in place of retiring directors. DIRECTORS RESPONSIBILITY STATEMENT As required under Section 217 of the Companies Act, the Directors hereby confirm that : i) In the preparation of the annual accounts, the applicable accounting standard have been followed with proper explanation relating to material departures. ii) The Directors have selected such accounting policies and applied them consistently and made judgement and estimates that are responsible and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial year and of the loss of the company for that period. iii) 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 to the best of their knowledge and ability, iv) The Directors have prepared the annual accounts on a `going concern basis. AUDITORS M/S. NAIMISH K. SHAH & CO. Chartered Accountants Auditors, of the Company hold office upto the date of next Annual General Meeting. The Company has received Certificate under section 224(1) (B) of the Companies Act, 1956 from M/s. Namish K. Shah & Co., Chartered Accountants signifying that the appointment if made, at the ensuing Annual General Meeting, will be within the limits specified. Your Directors recommend to appoint and fix the remuneration of Auditors. PARTICULARS REGARDING CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING & OUTGO. The statement of particulars with respect to conservation of energy. technology absorption and Foreign Exchange earning and outgo pursuant to section 217 (2) (e) of the Companies Act. 1956 read with the Companies (Disclosure of Particulars in the Report of Board of Director) Rules. 1988 are not applicable and hence not given. ACKNOWLEDGEMENT Your Directors place on record their sincere thanks for continuous support of the Financial Institututions, Banks, Central and State Governments valued customers and devoted employees for their continuous contribution to the company. The Directors also express their gratitude to the shareholders for the confidence reposed in the Management of the Company.