Exxoteq Corporation Ltd.
||Sector: Oil & Gas
||ISIN Code: INE860B01017
05:30 | 01 Jan
Exxoteq Corporation Ltd
05:30 | 01 Jan
Exxoteq Corporation Ltd
Exxoteq Corporation Ltd. (EXXOTEQCORPN) - Director Report
Company director report
EXXOTEQ CORPORATION LIMITED
ANNUAL REPORT 2003-2004
TO THE SHAREHOLDERS
Your Directors have pleasure in presenting the 22nd Annual Report together
with the Audited Statement of Accounts for the Year Ended 31st March 2004.
FINANCIAL HIGHLIGHT (RUPEES IN LACS)
YEAR ENDED YEAR ENDED
Gross Earning 0.02 0.03
Profit/(Loss) before Tax & Depreciation (47.80) (55.71)
Depreciation 0.90 2.04
Profit/(Loss) after Tax (48.70) (57.75)
In keeping with our global efforts, the Company established close working
relationships and strategic associations in Iraq. UAE. South Africa and
Texas USA during the course of the last Financial Year. Such painstaking
efforts led to the formation of tactical alliances with companies such as
Exxoteq Corporation (Overseas) LLC in UAE; Exxoteq LTD in RSA (Republic of
South Africa); Exxoteq USA Inc. in USA and Exxoteq (UK) LTD in UK to pursue
the goal of promoting the FPSO Technology developed by the Company as well
as to seek overseas contracts that could culminate in projects initiation
during the current Financial Year. In this regard, in order to maximize the
benefit of strong overseas networking. the Company also decided to change
the name from Zenergy LTD to Exxoteq Corporation LTD. for which, the
necessary ROC approval was duly obtained.
We regret to inform you that Chairman & Managing Director of the Company
Mr. Prem VS Sawney Expired on 31st May 2004 due to sudden accident in
Dhubai. The Board Expresses its deep sense of sorrow and heartfelt
condolences to the bereaved family.
Shri Rumi BH Palsetia retires by rotation and otters himself for re-
FINANCIAL INSTITUTIONS AND BANKS
During the month of January 2002, the Reserve Bank of India issued Revised
Guidelines for Compromise Settlement of Chronic Non Performing Assets
(NPAs) of Public Sector Banks that had to be initiated by the Applicant
Company on or before the end of April 2003. Consequently, your Company duly
applied under the stipulated scheme to the concerned Financial Institutions
& Banks and we are pleased to report that the response from Financial
Institutions have keen most encouraging since they have invited the Company
for discussing the submitted proposal for one time settlement.
PARTICULARS OF EMPLOYEES
None of the employee is drawing salary as per Section 217(2a) of the
Companies Act, 195#, read with the Companies (Particulars of Employees)
Trading in Equity Shares of your Company is permitted only in dematerliased
from with effect from 25th September 2000, in term's of a notification of
Securities and Exchange Board of India (SEBI). As such the company has
entered into Agreements with both the Depositories viz National Securities
Depository Limited (NSDL) and Central Depository Services (India) Limited
(CDSL) for custody and Dematerilalisation of securities and with Computech
Sharecap Limited to enable members to hold shares in dematerialised form.
Your Company has also made arrangements for simultaneous dematerialisation
of share certificates lodged for transfer. Those sharholders who have not
opted for this facility are advised to dematerialise their shares with
either of the depositories, since dematerialisation facilitates quick
transfer of shares and prevent forging of documents.
Pursuant to Section 217 (2AA) of the Companies Act 1958, the Directors
a) that the applicable accounting standards have been, followed along with
proper explanation wherever required in the preparation of Annual accounts;
b) that the Company has adopted prudent accounting policies;
c) that proper care has been taken for maintenance of accounting records in
accordance with the provisions of the Act: and
d) that the Annual Accounts of the Company have been prepared on a going
Listing Agreements with Stock Exchanges prescribe uniform code of Corporate
Governance for the Listed Companies. It will be mandatory for your Company
to implement Corporate Governance during the Financial Year 2001-2002 i.e.
before 31st, March, 2002. Your Company already complies with majority of
the requirements of the Code. Compliance of the Code to the full extent
will be ensured before the prescribed date.
Your Company has constituted an Audit Committee comprising the present
Directors as Members of the Committee.
The Company's Auditors, M/s N B Shetty & Co, Chartered Accountants, retire
at the conclusion of the ensuring Annual General Meeting and being eligible
offer themselves for re-appointment.
The Directors wish to express their appreciation of the work done by the
Employees of the Company at all levels. The Directors are very pleased to
record their appreciation of the continued guidance and support extended by
Bankers of the Company. And finally, the Directors wish to thank all
members for their continued support.
for and on behalf or the BOARD
Place : Mumbai Smeeta P. Sawney
Dale : 30th OCTOBER. 2004 Director
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