National Switchgears Ltd.
||ISIN Code: N.A.
05:30 | 01 Jan
National Switchgears Ltd
05:30 | 01 Jan
National Switchgears Ltd
National Switchgears Ltd. (NATLSWITCHGEAR) - Director Report
Company director report
NATIONAL SWITCHGEARS LIMITED
ANNUAL REPORT 2001-2002
THE MEMBERS OF
THE NATIONAL SWITCHGEARS LIMITED
The Directors of your company present their 19th Annual Report alongwith
the Audited Annual Accounts for the year ended 31st March 2002.
The Company has discontinued its manufacturing operations w.e.f.
20th November 1998. There ware no sales during the year 2001-2002. The
Company has suffered a loss of Rs. 104.31 sacs during the year. The
financial results are as under
The impairment loss as mentioned above is on account of restating the value
of the fixed assets to the net realisable value since the assets are being
held for disposal.
Mr. T.A. Jayakumar resigned as a Director of the Company with effect from
15th October, 2001. The Directors placed on record their appreciation for
valuable services and guidance rendered by Mr. Jayakumar during his tenure
as a Director of the Company.
The Board of Directors appointed Mr. Chandrakant P. Pandit as a Director of
the Company with effect from 22nd October, 2001 in the casual vacancy
caused by the resignation of Mr. T.A. Jayakumar.
Mr. C.A. Venkateshwaran resigned as a Director of the Company with effect
from 22nd May, 2002. The Directors placed on record their appreciation for
valuable services and guidance rendered by Mr. Venkateshwaran during his
tenure as a Director and Chairman of the Board of Directors.
The Board of Directors appointed Mr. Devender Singh as a Director of the
Company with effect from 20th June, 2002 in the casual vacancy caused by
the resignation of Mr. C.A. Venkateshwaran. He would hold office up to the
date of the forthcoming Annual General Meeting and is eligible for re-
The Board of Directors appointed Mr. R. Ramesh as an additional Director of
the Company with effect from 20th June, 2002. He would hold office up to
the date of the forthcoming Annual General Meeting and is eligible for re-
Under the Articles of Association of the Company Mr. K. Rajagopal will
retire by rotation at the ensuing Annual General Meeting and is eligible
AUDITORS AND AUDITORS' REPORT
M/s Krishna Sharma & Co., Chartered Accountants, Lucknow, auditors of the
company hold office up to the conclusion of the ensuing Annual General
Meeting. The Company has received a requisite Certificate pursuant to
Section 224(1B) of the Companies Act, 1956 regarding their eligibility for
re-appointment as Auditors of the company.
PARTICULARS OF EMPLOYEES
The Company did not have any employee drawing a remuneration of Rs.
12,00,000/- or more per annum if employed throughout the year under review
or Rs. 1.00,000/- or more per month if employed for a part of the said
INFORMATION IN RESPECT OF ENERGY. TECHNOLOGY AND FOREIGN EXCHANGE
The Company's power connection has been disconnected by UPSEB. There is
nothing to mention about the conservation of the energy technology
absorption and adaptation and there was no foreign exchange earning and out
go during the year.
SECRETARIAL COMPLIANCE CERTIFICATE
As required under section 383A of the Companies Act, 1956 a Secretarial
Compliance Certificate is enclosed herewith.
DIRECTORS RESPONSIBILITY STATEMENT UNDER SECTION 217(2AA) OF THE COMPANIES
The Directors confirm that :
i) In the preparation of the annual accounts, the applicable accounting
standards have been followed by the Company.
ii) Such accounting policies have been selected and consistently applied
and judgements and estimates made that are reasonable and prudent so as to
give a true and fair view of the state of affairs of the Company as at
31st March, 2002 and of the loss of the Company for the year ended on that
iii) Proper and sufficient care has been taken for the 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 irregularities;
iv) The annual accounts has been prepared taking in to consideration
AS-28 which pertains to impairment of fixed assets.
For & On Behalf of the Board of Directors
Place : LUCKNOW
Date : 20.06.2002
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