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Gujarat Texspin Ltd.

BSE: 521129 Sector: Industrials
NSE: N.A. ISIN Code: INE677C01013
BSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
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Gujarat Texspin Ltd. (GUJTEXSPIN) - Director Report

Company director report

GUJARAT TEXSPIN LIMITED ANNUAL REPORT 1999-2000 DIRECTORS REPORT Your directors hereby present the Eight Annual REport and Audited Account of the Company for the year ended as on 31st March, 2000. OPERATIONS The year under review witnessed the global industrial recession and stiff competitive market conditions due to which the sales volume is affected and consequentially the reduction in turnover leading to a loss of Rs. lacs. The management is working hard to overcome the situation and is hope full that current year will be a better. DIVIDEND In view of the losses incurred by the company and very tight liquidity position of the Company, your Directors do not recommend any dividend for the year under review. DISCLOSURE OF SPECIAL PARTICULARS Information as per Section 217 (1) (e) of the Companies Act, 1956, read with the companies (DISCLOSURE OF PARTICULARS IN THE REPORT OF BOARD OF DIRECTORS) Rules, 1988, for the year ended 31st March, 2000, is given separately in Annexure 'A'. INSURANCE All the properties of the Company including its Building and Plant & Machinery are adequately insured. INTERNAL AUDIT The Company is taking effective steps by appointing qualified people to strength then internal Audit department. STATUS OF YEAR 2000 (Y2K) PREPAREDNESS The Company has carried out a survey of all the computers and other devices as well as software in their possession/use and have listed modifications, wherever necessary, to be carried out. Most of these modifications have been completed to achieve Y2K compliance. In all areas critical for continuous functioning, the compliance has been achieved. The Company has fixed a schedule for the balance work and monitors the progress of the same regularly. PARTICULARS OF EMPLOYEES There are no employees drawing Salary exceeding Rs. 6,00,000/- per annum, if employed for whole the year or Rs. 50,000/- per month if employed for part of the year. PUBLIC DEPOSIT During the year, the Company did not invite public deposits within the meaning of Section 58A of the Companies Act, 1956, & Rules made thereunder. PERSONNEL Relations between the Management & the Employees were cordial. Your Directors wish to place on record their appreciation of the dedicated service by the executives, staff members * workers of the Company. DIRECTORS Shri Mukund Krishnaswami Rao and Shri Krishna Kant D. Parekh, retire by rotation and being eligible, offer themselves for re-appointment. AUDITORS Majithia & Associates, Chartered Accountants, Mumbai hold office until the conclusion of forthcoming Annual General Meeting and are eligible for re- appointment. The Company has received the Certificate from Auditors to the effect that their re-appointment, if made, would be within the prescribed limit u/s 224 (1) of the Companies Act, 1956. ACKNOWLEDGEMENTS The Directors wish to place on record their appreciation of the sincere co- operation the Company has received from its Bankers. For and on behalf of the Board of Directors Place: Surat DIRECTORS Date : 10.08.2000 ANNEXURE "A" a. Conversation of Energy The Company's operations do not involve substantial consumption Coal & Power in comparison to cost of production. Wherever possible energy conservation measures have been implemented. b. Technology Absorption The Company has neither purchased within India nor Imported technology.