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Delta Polysters Ltd.

BSE: 530311 Sector: Industrials
NSE: N.A. ISIN Code: N.A.
BSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
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Delta Polysters Ltd. (DELTAPOLYSTERS) - Director Report

Company director report

DELTA POLYSTERS LIMITED ANNUAL REPORT 2000-2001 DIRECTORS' REPORT Your Directors present the Eighth Annual Report together with the Audited Statements of Accounts of the Company for the year ended March 31, 2001. DIVIDEND: Your Directors do not recommend and Dividend for the year under review, because of the loss incurred by the Company. OPERATIONS: Despite overall slow down in the economy and particularly in the textile sector, the Company leas maintained the Turnover. However the operations have resulted in net loss of Rs.87.24 Lakhs. FUTURE PROSPECTS: Recent trend shows that the company, at last, is showing sign of coming out of a long recessionary phase. With the improvement of economy, the company is hopeful of improving the turnover as well as the profit margin. The result of the cost reduction and other measures shall get reflected in the operations in the coming years. DIRECTORS: Smt. Usha Mundada retires by rotation at the forthcoming Annual General Meeting and being eligible offer herself for re-appointment. Shri Bhatu Patil was appointed as an Additional Director of the Company with effect from January 10, 2001. DIRECTORS RESPONSIBILITY STATEMENT: Pursuant to section 217 (2AA) of the Companies Act, 2000, the directors confirm that: i. in the preparation of the annual accounts, the applicable accounting standards have been followed and that no material departures have been made from the same. ii. they 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 as at March 31, 2001, and of the profit of the company for the said period. iii. to the best of their knowledge and information, they have taken proper and sufficient care for 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 irregularties. iv. they have prepaid the accounts on a going concern basis. PARTICULARS REGARDING CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO: The information required under Rule 2 of the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988, relating to the Conservation of energy and technology absorption forms part of this report and is given by way of Annexure. The foreign Exchange earnings and outgo is reported to be NIL. AUDITORS: The Company has received a letter from the retiring Auditors, M/s. K.Kaveria & Co., Chartered Accountants, Mumbai, expressing their inability to continue as the Statutory Auditors of the Company for the Financial Year 2000-2001. Consequently your Board of Directors accepted the offer of M/s. Dagdulal Main & Co. Chartered Accountants, Mumbai, for their appointment as the Statutory Auditors of Company for the financial year 2000-2001. Thus the Board proposes to appoint M/s. Dagdulal Main & Co. Chartered Accountants. Mumbai, as the Statutory Auditors of Company for the financial year 2000-2001. PARTICULARS OF EMPLOYEES: The Company has no employer of the specifies categories under Section 217(2A) of the Companies Act, 1956, mad with the Companies (Particulars of Employees) Rules, 1975, as amended upto date. EXPLANATION UNDER SECTION217(3) OF THE COMPANIES ACT, 1956: POINT NO.17 IN THE ANNEXURE TO THE AUDITORS' REPORT: Currently the Company has regularized the payment of Provident Fund Contribution. ACKNOWLEDGEMENTS: The Board of Directors wishes to place on record is sincere appreciation for co-operation received from the Company's Bankers. The Directors are also thankful to the employees at also levels for their continued support. FOR AND ON BEHALF OF THE BOARD OF DIRECTORS Place: MUMBAI VIVEK R. MUNDADA Date : 24th August 2001 Chairman & Managing Director ANNEXURE TO THE DIRECTORS' REPORT: INFORMATION IN TERMS OF THE COMPANIES (DISCLOSURE OF PARTICULARS IN THE REPORT OF THE BOARD OF DIRECTORS) RULES, 1988: FORM B FORM FOR DISCLOSURE OF PARTICULARS WITH RESPECT TO TECHNOLOGY ABSORPTION: For the year For the year 2000-2001 1999-2000 A. RESEARCH AND DEVELOPMENT (R & D) Not Applicable Not applicable B. TECHNOLOGY ABSORPTION, ADOPTION AND INNOVATION For the year For the year 2000-2001 1999-2000 1. Efforts made Nil Nil 2. Benefits derived Nil Nil 3. Imported Technology Nil Nil FOR AND ON BEHALF OF THE BOARD OF DIRECTORS Place: MUMBAI VIVEK R. MUNDADA Date : 24th August 2001 Chairman & Managing Director