satkar electronics ltd Directors report

SATKAR ELECTRONICS LIMITED ANNUAL REPORT 2000-2001 DIRECTORS REPORT The Directors present their Fourteenth Annual Report on Audited Accounts for the year ended 31st March 2001 REVIEW OF OPERATION: The overall performance of the Company was not encouraging enough due to the overall slow down in the economy. However in the later part of the year the company was able to source several good Health and Household products like Chitosan Capsules, Quit, PVC Mop and Ervamatin for which the company is getting good response, and the impact of the same is also reflected in the current year working resulting in higher turnover of over Rs. 2 crores during first six months of working. In vie1w of the above development the Board feels that the company will achieve a substantial growth in the turnover during the current financial year. DIVIDEND: In view of the lower profits, the directors Express their inability to pay any dividend on equity shares. FIXED DEPOSITS : The company has not accepted / renewed any deposits from the public during the year under review. DIRECTORS: Shri Balakrishna D. Mittal director who retires by rotation at the ensuing annual general meeting, being eligible, do not offer himself for re- appointment. However, the company has received a notice U/s 257 from a member of Company proposing appointment of Shri Salim Peerjade as a Director of the company, who retires by rotation. Further Shri Sudarshan Bandi has resigned from Directorship of the Company due to personal reasons. The Board took on the record his valuable contribution to the company during his tenture. AUDIT COMMITTEE: Your company has set up an Audit Committee of directors as required u/s 292A of the Companies Act, 1956 Shri Vinod Agarwal, Shri Balkrishna D.Mittal and Shri Kamaleshwar M. Shigh are member of the committee. This committee has reviewed account for the year ended 31-3-2001. DEMATERIALISATION OF SHARES: The Company has been advised to demat the entire shares vide letter dated 30-3-2001 issued by the stock Exchange, Mumbai. The Company has made arrangements for dealing in the Deposition System operated by National Securities Depository Ltd. (NDSL) and Central Depository Service (India) I Ltd. (CDS) which facilitate scripless trading in companys shares. It has accordingly setup connectivity through M/S SRG Infotech Ltd., its R & T agents to carry out the dematerialisation of the share certificate. Members are requested to avail the facility of dematerialisation on either of the depositaries. PARTICULARS OF EMPLOYEES: The company does not have any employee drawing salary in excess of limits prescribed under Section 217 (2A) of the Companies (Particulars of employees) Rules, 1975. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO ETC.: As required by the Companies (Disclosure of Particulars in the Report of Board of Directors Rules, 1988, the Report on Conservation of Energy, Technology Absorption and Foreign Exchange, Earnings and outgo etc. is given as Under. The company has consumed the electricity as under: Unit Consumed Values (10,236 Units) (Rs. 21,985) AUDITORS: M/s. Gupta Shyam & Co. Chartered Accountants retire as Auditors of the Company in the ensuing Annual General Meeting and being eligible u/s 224 (I-B) of the Companies Act 1956, offer themselves for re-appointment. You are requested to reappoint them for the next year. Further Auditors Qualification in their report are self explanatory hence does not require any explanation from the Board. DIRECTORS RESPONSIBILITY STATEMENT: Persuant to the provisions contained in See. 217 (2) (AA) of Companies Act., 1956, the Directors of your company confirms that : (i) That in the preparation of the annual accounts, the applicable accounting standards have been followed and no material departures have been made. (ii) That the directors have selected such accounting policies and applied them consistently and made judgments 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 finanacial year and of the profit and loss of the company for that, period. (iii) That the directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safequarging the assets of the company and for preventing and detecting fraud and ether irregularities; (iv) That the directors have prepared the annual accounts on a going concern basis. APPRECIATION; Your Director wish to place on record their appreciation for the valuable services rendered by the employees at all levels and also Bankers for the timely assistance and support. on behalf of the Board For SATKAR ELECTRONICS LIMITED Sd/ Mumbai: Vinod J. Agarwal Date : 20th August, 2001 Managing Director