undefined share price Directors report

GUJARAT REFRACTORIES LIMITED ANNUAL REPORT 2002-2003 DIRECTORS REPORT To The Members, Your Directors present their EIGHTEENTH ANNUAL REPORT together with the Audited Statements of Accounts of the Company for the year ended 31st March, 2003. FINANCIAL RESULTS Year ended 31/03/2003 31/03/2002 Rs. in lacs Rs. in lacs Deficit 3.84 2.79 Add: Depreciation 2.38 2.56 Deficit for the year 6.22 5.35 Add : Previous Years deficit brought forward 400.69 395.34 Total deficit carried forward 406.91 400.69 OPERATIONS: During the year under review, the operation of the Company remained suspended as explained in reports of Directors of earlier years. In spite of that, the Directors finance to the Company as of date as interest free unsecured loan stands at Rs.172.72 Lacs. The loss during the year was Rs.6.22 Lacs. DIRECTORATE: Shri Ashir Shantilal Doshi and Shri Kirti Rasiklal Shah, Directors of the Company retires by rotation at the ensuing Annual General Meeting. They being eligible offers themselves for re-appointment. REQUIREMENT UNDER SECTION 217(2A) OF THE COMPANIES ACT. 1956: Information in accordance with sub-section (2A) of Section 217 of the Companies Act, 1956, read with the Companies (Particulars of Employees) Rules, 1975 as amended and forming part of the Directors Report is not given in this Report as the Company had no employees covered under the aforesaid Section. DIRECTORS RESPONSIBILITY STATEMENT: As required under Section 217(2AA) of the Companies Act, 1956 your Directors confirm: (i) that in the preparation of the annual accounts, the applicable accounting standards have been followed; (ii) that the Directors have 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 financial year ended 31st March, 2003 and of the loss of the Company for that year; (iii) that 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; (iv) that the Directors have prepared the annual accounts on a going concern basis (v) Regarding observation - Item No. 2(f) in the Auditors Report as to preparation of the accounts on going concern assumption and non-adjustment in the assets and liabilities at the year end, the Board of Directors have decided to adjust the same on disposal of the Assets. The Current economic conditions in general and particularly in Gujarat are not favourable for investments and hence the Company is unable to sell the assets at reasonable price. CONSERVATION OF ENERGY. TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO: Information pursuant to sub-section 1(e) of Section 217 of the Companies Act, 1956, read with the Companies (Disclosure of particulars in the Report of Board of Directors) Rules, 1988, is not given in this Report as the Company had no manufacturing or business activity. AUDITORS: M/s. C.C. Chokshi & Co., Chartered Accountants, the auditors of your Company retire at the ensuing Annual General Meeting and are eligible for re-appointment. You are requested to re-appoint M/s. C. C. Chokshi & Co., Chartered Accountants, as auditors of the Company for the current year and authorise the Board to fix their remuneration. INSURANCE: The properties and assets of the Company are adequately insured. For and on behalf of the Board Place : Mumbai KIRTILAL K. DOSHI Date : 15th July, 2003. Chairman FORM - `A Current Year Previous Year (A) Power and Fuel Consumption 1. Electricity (a) Purchased units (kwh) - - Total Amount (Rs.) 33,460 33,497 Rate per Unit (Rs.) - - (b) Own Generation (1) Through Diesel Generator units (Ltr.) - - Units per litre of Diesel - - Cost per unit (Rs.) - - (2) Through Steam Turbine/ } Generator Units } NOT APPLICABLE Units per litre of } Fuel Oil/Gas } Cost per unit } 2. Coal (Specify Quantity and where used) Quantity (Tonnes) } Total Cost } NOT APPLICABLE Average Rate } 3. Furnace Oil Quantity (Litres) - - Total Amount (Rs.) - - Average Rate (Rs.) - - 4. Others/internal Generations Quantity } Total Cost } NOT APPLICABLE Rate per Unit } (B) Consumption per unit of production Electricity Furnace Oil Coal Product Current Previous Current Previous Current Previous Year Year Year Year Year Year Alumina Bricks Nil Nil Nil Nil Not Applicable FORM B B. Disclosure of particulars with respect to Absorption, Research and Development. 1. Specific areas in which R & D carried out by the Company. 2. Benefit derived as a result of the above R & D 3. Future plan of action 4. Expenditure on R & D (a) Capital } (b) Recurring } NIL (c) Total } (d) Total R & D expenditure } as a percentage of total turnover } Technology Absorption, Adaptation and Innovation 1. Efforts in brief made towards technology absorption, adaptation and innovation NOT APPLICABLE 2. Benefit derived as a result of the above efforts e.g. product improvement, cost NOT APPLICABLE reduction, product development, import substitution etc. 3. In case of imported technology (imported during the last 5 years reckoned from the beginining of the financial year) following information may be furnished (a) Technology imported NIL (b) Year of import NOT APPLICABLE (c) Has Technology been fully absorbed NOT APPLICABLE (d) It not fully absorbed, areas where NOT APPLICABLE this has not taken place, reasons thereof and future plans of action (C) FOREIGN EXCHANGE EARNINGS AND OUTGO NIL