APEX INTERTECH LIMITED
ANNUAL REPORT 2002-2003
The Directors hereby present the 36th Annual Report alongwith audited
accounts of the Company for the year ended March 31, 2003.
In view of continued financial stringency, the Company could not restart
trading in autoparts which was suspended last year. During the year,
therefore, the only revenue was on account of interest received on income
tax refund, some balances written back and miscellaneous income totalling
to Rs.6.50 Lacs.
After providing for depreciation, the year closed with a net loss of
Both Mr. Deepak Singh, the former Chairman and Mr. S. K. Sharma, Director
of the Company did not charge interest on their outstanding loans to the
Company resulting in substantial savings in interest cost. Mr. Deepak Singh
as well as Mr. S. K. Sharma have confirmed that they will not be charging
any interest on their outstanding loans during the current year also.
In view of carried forward losses as well as loss for the year, the
Directors recommend that no dividend be paid for the year both on Equity as
well as Preference Shares.
The Company hived off its various manufacturing divisions in the previous
years. The trading in auto parts was also discontinued during the last
financial year 2001-02 due to working capital resource crunch.
Consequently, the Company could not carry out any manufacturing or trading
operations during the year under review.
One of the creditors of the Company has filed a petition with the Delhi
High Court seeking winding up of the Company under section 433(e) and 434
of the Companies Act, 1956 on account of its inability to repay the debts.
A notice confirming the admission of petition has been received by the
Company in this regard.
There was no change in the Board of Directors of Your Company during the
Mr.S.K.Sharma, Director, retires by rotation at the forthcoming Annual
General Meeting and being eligible, offers himself for re-appointment.
The Auditors, M/s. V Sahai & Co., Chartered Accountants, New Delhi will
retire at the ensuing Annual General Meeting of the Company and being
eligible, offer themselves for re-appointment.
No deposits were invited and accepted by the Company during the year under
the provisions of Section 58A of the Companies Act, 1956 read with the
Companies (Acceptance of Deposits) Rules, 1975.
CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION/ FOREIGN EXCHANGE EARNINGS
During the year under review, the Company had no activities involving any
consumption of Energy and/or utilising Technology Sourced from
Furthermore, the Company neither earned nor spent any foreign exchange
during the year under review.
PARTICULARS OF EMPLOYEES
During the year under review, the Company had no employee whose particulars
are required to be mentioned pursuant to the provisions of Section 217(2A)
of the Companies Act, 1956 read with the rules framed thereunder.
The observations made by the Auditors are generally self-explanatory.
However, we wish to clarify as follows :-
Observation of the Auditors about 'going concern concept' is explained in
Note No. 5 of part 'B' of Annexure No. 10 of the Balance Sheet.
LISTING OF SECURITIES OF THE COMPANY
The Equity Shares of the Company are listed on Delhi (Regional), Mumbai.
Ahmedabad, Jaipur and Ludhiana Stock Exchanges.
DIRECTORS' RESPONSIBILITY STATEMENT
Your Directors confirm:
i) that in the preparation of annual accounts, 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 and of the profit or loss of the
Company for the year under review;
iii) that the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with 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
The Directors wish to place on record their thanks to various Government
departments, Company's Bankers, Shareholders and other business associates
for their support and their appreciation of the devoted services rendered
by the Company personnel during the year.
FOR AND ON BEHALF OF
THE BOARD OF DIRECTORS
Place : New Delhi (S.K.SHARMA)
Date : 18.08.2003 Director