avon industries ltd Directors report

AVON INDUSTRIES LIMITED (Formerly known as Avon Containers Printers Ltd.) ANNUAL REPORT 1999-2000 DIRECTORS REPORT To The Members, Your Directors hereby present the Twelth Annual Report on the business and operations of the Company and Audited Accounts for the year ended 31.03.2000. OPERATIONS : As in the last year there is no commercial operations during this year also on account of suspension of production activities due to lock out of the factory. As the networth of the Company eroded fully in the last year the Company applied for Board for Industrial and Financial Reconstruction and on subsequent rejection of our registration by Board for Industrial and Financial Reconstruction, our Company has applied for Appellate Authority for Industrial and Financial Reconstruction for further consideration. ADDITIONAL INFORMATION AS REQUIRED UNDER SEC. 271(I)(E) OF THE COMPANIES ACT, 1956: a. Conservation of Energy : The Company had no manufacturing activity during the period under review b. Disclosure of particulars with respect to Technology absorption, adoptation and innovation : Nil c. Disclosure of Foreign Exchange earning and outgo, as required under Companies (Disclosure of particular in the Directors Report) Rules 1998: Nil PARTICULARS OF EMPLOYEES : In compliance of the provisions of Section 217 (2A) of the Companies Act, 1956 read with the Companies (particular of employees) Rules 1975, the Directors are to report that no employees was in receipt of remuneration of Rs. 3,00,000/- or more per annum of Rs. 25,000/- or more per month, if employed for a part of the year. AUDITORS : M/s. Ratnakara & Associates, Chartered Accountants, retiring auditors of the Company being eligible offer themselves for reappointment as auditors of the Company. They have furnished a certificate of their eligibility u/s 224 (1B) of the Companies Act, 1956, the members are requested to reappoint the auditors and authorise the Board of Directors of the Company to fix their remuneration. DEPOSITS : The Company has not accepted any deposits during the year. ACKNOWLEDGEMENTS : Your Directors wish to thank the Investors, Canara Bank, Canbank Factors Limited and the State and Central Government Agencies for their timely support, Co-operation and valuable guidance. For and on behalf of the Board of Directors C. Prakash Agarwal Managing Director Hyderabad Vinay Agarwal 22nd July, 2000 Executive Director