GUJARAT TEXSPIN LIMITED
ANNUAL REPORT 1999-2000
Your directors hereby present the Eight Annual REport and Audited Account
of the Company for the year ended as on 31st March, 2000.
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.
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'.
All the properties of the Company including its Building and Plant &
Machinery are adequately insured.
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
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.
During the year, the Company did not invite public deposits within the
meaning of Section 58A of the Companies Act, 1956, & Rules made thereunder.
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.
Shri Mukund Krishnaswami Rao and Shri Krishna Kant D. Parekh, retire by
rotation and being eligible, offer themselves for re-appointment.
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.
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
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.