MULTICOLOUR OFFSET LIMITED
ANNUAL REPORT 2001-2002
Multicolour Offset Limited
Your Directors have pleasure in presenting the Eleventh Annual Report and
the Audited Accounts of the Company for the year ended 31st March, 2002.
FINANCIAL REVIEW OF THE YEAR
The company has not commenced manufacturing operation during the year under
review, hence Profit & Loss Account has not been drawn up and considered.
STATUS OF THE PROJECT
Erection of the main Plant & Machinery are delayed due to the supply of
machinery of imprecise nature labelling & no Inspection Certificate with
the Machine. The Company has filed detailed and elaborated written
statement in a suit filed by the IDBI.
THE COMPANY HAS FILED SUITS AGAINST:
MAN Roland for compensation, at MRTP commission, New Delhi.
IDBI and MAN Roland at Bombay High Court.
Krause Bingoach, Germany.
BPT for Compensation.
Some other cases are also pending which have been defended by the Company.
The Company has already gone through initial transaction of papers against
MAN Roland at ICC Paris Court. The Company is further Investigating about
the filing of cases civil/criminal against MAN Roland even at the German
RE-APPOINTMENT OF AUDITORS
The Statutory Auditors of the Company M/s. M.V. Damania & Company,
Chartered Accountants retire at the ensuing Annual General Meeting of the
Company and are eligible for re-appointment.
The observations made in the Auditors Report are Self-explanatory and
therefore do not call for any further comments.
There were no employees whose remuneration was in excess of the limits
prescribed under Section 217 (2A) of the Companies Act 1956 read with the
Companies (Particulars of Employees) Rules 1975.
CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION
Prescribed information regarding compliance of Rules relating to
Conservation of Energy And Technology Absorption is not provided, as the
Company has not commenced production.
The company has not accepted any Fixed Deposits in the year under review.
Due to the change in the composition of the Board of Directors by the
resignation of all the existing directors and consequent appointment of new
directors in the Board of Directors meeting held on 22nd July 2002 and 25th
July 2002, the audit committee pursuant to Section 292A of the Companies
Act, 1956 had to be reconstituted. The Audit Committee now consist of the
following members i.e. Mr. C. Vaz, Mr. Manoj Singh and Mr. Sandeep Shinde.
The Audit Committee had duly met four times during the financial year ended
31st March 2002 viz., on 27th July 2001, 24th August 2001, 29th October
2001 & 28th January 2002.
Pursuant to schedule XIII of the Companies Act, 1956 remuneration committee
of the Directors was formed in the Board of Directors meeting of the
Company held on 2511 July, 2002 consisting of three non executive
independent directors viz., Mr. Manoj Singh, Mr. Sandeep Shinde and
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to Section 217 (2AA) of the Companies Act, 1956 as inserted vide
The Companies (Amendment) Act, 2000 the Directors of the Company hereby
1. In the preparation of the annual accounts, the applicable accounting
standards had been followed along with proper explanation relating to
2. The Directors have selected such accounting policies and applied them
consistently & made judgements & estimates that are reasonable & prudent so
as to give a true & fair view of the state of affairs of the Company at the
end of the financial year & of the profit or loss of the Company for that
3. The Directors had taken proper and sufficient care for the maintenance
of adequate accounting records in accordance with the provisions of the Act
for safeguarding the assets of the Company and for preventing and detecting
fraud and other irregularities
4. The Directors have prepared the annual accounts on going concern basis
The directors wish to place on record their sincere appreciation for the
encouragement and co-operation received by the Company from Shareholders,
Financial Institutions and employees of the Company.
For and on behalf of the Board
Rupesh Desai Manoj Singh
Date : 20th August, 2002