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Accurate Exports Ltd.

BSE: 531905 Sector: Others
NSE: N.A. ISIN Code: INE062B01010
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Accurate Exports Ltd. (ACCURATEEXPORTS) - Director Report

Company director report

ACCURATE EXPORTS LIMITED ANNUAL REPORT 2000-2001 DIRECTORS' REPORT The Members of, ACCURATE EXPORTS LIMITED Your Directors have pleasure in presenting before you the Thirteenth Annual Report together with the audited accounts of the Company for the year ended on 31-03-2001. DIVIDEND: Due to loss, directors are unable to recommend any dividend. FIXED DEPOSITS: Your Company has not accepted any Deposits from the Public during the year under review. FINANCE: The company has allotted 10000000 equity shares of Rs.10% each on preferential basis pursuant to resolution passed U/s. 81(A) of the Companies Act, 1956 on 20.06.2000. The said shares were issued in view of the proposed expansion of business and to meet the requirement of long term working capital need of the company. DIRECTORS: During the year Shri Dinnanath Khanduja, Vijay Khanduja, Ashlesh G. Shah, Pragnesh Shah, Manohar Bhai Sisodiya, Dinesh Sharma and Pawan Choudhary were appointed on the Board of the Company with a view to broadbase the Board. However due to pre-occupation and personal reasons all the directors out of above except Shri Dinesh Sharma have resigned. Smt. Meeta Kapoor and Shri Nilesh Suthar, Directors of the Company resigned due to pre-occupation during the year. AUDITOR'S REPORT: The notes to the accounts referred to in the auditor's report are self explanatory and therefore do not call for any further comments. AUDIT COMMITTEE: The Audit Committee consists of three directors, all of whom are independent directors. It provides direction to audit functions, reviews the financial accounts, interacts with statutory auditors and reviews matters of special interest. The Committee meets regularly to carry out its functions. The quorum for a meeting of audit committee is any three directors personally present at the meeting. Members of the Audit Committee are Shri Dinesh Sharma, Chairman, Shri Hement Gupta, Committee Member, Shri Pawan Chaudhary, Committee Member. Presence of Shri Dinesh Sharma, Director being mandatory. The meetings are generally chaired by Shri Dinesh Sharma who is art independent, non-executive Director on the Board who is having knowledge of Accounts. In terms of the requirements under corporate governance practices, arrangements for presence of Shri Dinesh Sharma at the forthcoming AGM in August, 2001 are being made. CONSERVATION OF ENERGY, TECHNOLOGY, ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO: Section 642 read with clause (e) of sub-section(1) of section 217 of the Companies Act, 1956 relating to disclosure of particulars of energy conservation, technology, absorption and foreign exchange earnings and outgo, pursuant to Companies (disclosure of particulars in the report of Board of Directors) rules 1988 are not applicable to the Company. PERSONNEL: Since there is no employee drawing Rs.1,00,000/- (Rupees One Lac Only) or more per month during the year or Rs.12,00,000/- (Rupees Twelve Lacs Only) or more per annum, no statement is appended to the Directors' Report as required Under Section 217(2A) of the Companies Act, 1956 and the rules made thereunder. AUDITORS: The present Auditors, M/s. Nimesh M. Shah & Co., Chartered Accountants, will retire at the forthcoming Annual General Meeting and are eligible for re-appointment. Your Director's recommend their re-appointment. LISTING: The Company's Equity Shares are listed on Ahmedabad & Mumbai Stock Exchange and Listing Fees, has been paid for the year 2001. DIRECTORS' RESPONSIBILITIES STATEMENT: Pursuant to the requirement under Section 217(2AA) of the Companies Act, 1956 with respect to Directors' Responsibility Statement, it is hereby confirmed: (i) that in the preparation of the annual accounts for the financial year ended 31st March 2001, applicable accounting standards had been followed along with proper explanation relating to material departures; (ii) that the directors had selected such accounting policies and applied them consistently and made judgements and estimates that were 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 and of the profit or loss of the Company for the year under review; (iii) that the directors had taken proper and sufficient case 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 arid other irregularities; (iv) that the directors had prepared the accounts for the financial year ended 31st March, 2001 on a 'going concern' basis. ACKNOWLEDGEMENTS: Your Directors would like to place on record their deep sense of appreciation and thanks to all the Financial Institutions, Banks, Employees, and Shareholders for their valuable assistance, support and co- operation and look forward to the same in the years to come. Date : 07.08.2001 (Dinesh Sharma) Place: Ahmedabad Director

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