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Natural Stone Exports Ltd.

BSE: 513638 Sector: Others
NSE: N.A. ISIN Code: INE893G01017
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Natural Stone Exports Ltd. (NATURALSTONE) - Director Report

Company director report

NATURAL STONE EXPORTS LIMITED ANNUAL REPORT 2003-2004 DIRECTOR'S REPORT Dear Members, Your Board of Directors have pleasure in presenting the Nineteenth Annual Report together with the Audited Statement of Accounts for the year ended 31st March, 2004. FINANCIAL RESULTS : Rs. In lacs Current Year Previous Year 2003 - 2004 2002 - 2003 Sales and other income 35.95 - Profit / (Loss) before depreciation, Interest and tax (167.59) (0.34) Less : Depreciation 0.07 0.00 Interest - - Profit / (Loss) before tax (167.66) (0.34) Less : Provision for tax - - Profit /(Loss) after tax (167.66) (0.34) Add : Balance b/fd. (99.85) (99.51) Balance available for appropriation (267.51) (99.85) Add/(Less): Prior year adjustment (Net) 0.00 0.00 Surplus/(Deficit) carried to B/S (267.51) (99.85) Paid up equity share capital 941.19 941.19 Reserves 25.00 25.00 DIVIDENDS : In view of the carried forward losses your Directors regret their inability to recommend any dividend. OPERATIONS : During the year under review, no business was undertaken by the Company, but the Company could succeeded in collecting the old export dues in part and hope to collect the balance amount in the forthcoming year. Due to collection of the export dues the Company has earned an exchange difference of Rs.35.45 lakhs. After deducting the expenses, a net loss of Rs.167.66 lakhs is adjusted with the carried forward losses of Rs.99.85 lakhs and a net loss of Rs.267.51 lakhs is carried to the Balance Sheet. DIRECTOR : In accordance with the provisions of the Companies Act, 1956 and the Articles of Association of the Company Shri. Ashok P.Chopra, retire by rotation and being eligible; offer him-self for re-appointment. AUDITORS AND AUDITORS' REPORT : Messrs JAYESH R.SHAH & CO. Chartered Accountants, Mumbai retire as auditors at the ensuing Annual General Meeting and are eligible for re-appointment. The notes to the accounts referred to in the Auditors' Report are self- explanatory and therefore does not call for any further comments. FIXED DEPOSITS : The Company has not accepted any fixed deposits during the year. PARTICULARS OF EMPLOYEES : There was no employee drawing remuneration in excess of the limits prescribed under Section 217 (2A) of the Companies Act, 1956 and hence the question of furnishing details hereunder does not arise. DIRECTORS' RESPONSIBILITY STATEMENT : Pursuant to sub-section (2AA) of Section 217 of the Companies Act, 1956, the Board of Directors of the Company hereby state and confirm that; (i) In the preparation of the Annual Accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures; (ii) The Directors had selected such accounting policies and applied them consistently and made judgement and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit of the Company for the period; (iii) The Directors had taken proper and sufficient care for the maintenance of adequate records in accordance with the provisions of the Companies Act, 1956 for safeguarding tire assets of the Company for preventing and detecting fraud and other irregularities; (iv) The Directors had prepared the annual accounts on a going concern basis. CORPORATE GOVERNANCE : In order to enhance customer satisfaction and stakeholder value, your Company continues to benchmark its Corporate Governance practices that are best. Your Company has complied with the mandatory requirements of clause 49 of the listing agreement entered into with the Stock Exchanges regarding the Corporate Governance for the Financial Year 2003-04. The compliance report along with Auditors Certificate is provided in the Corporate Governance Report annexed to this report. AUDIT COMMITTEE : Pursuant to the provisions of the section 292A of the Companies Act, 1956. The Company is required to constitute an Audit Committee and the composition thereof is to be disclosed in the Directors' Report. The audit committee is consist of three independent Directors Shri Ashok Chopra, Shri Kirit Dholakia and Shri Vijay N. Shah. DEMATERIALISATION : As the Members are aware your company shares are tradable compulsorily in electronic format your company has applied for connectivity with the depositories with National Securities Depository Limited (NSDL), and Central Depository Services (India) Limited (CDSL) . FUTURE PROSPECTS : The Company is not doing any activity presently because of the liquidity problems. But your directors have realized the export dues in part during the year under the report, and are hopeful of realizing the balance very soon. ADDITIONAL INFORMATIONS : The particulars required under section 217 (i)(e) of the Companies Act, 1966 read with the Companies (Disclosure of particulars in the Report of the Board of Directors) Rules, 1988 is given as an Annexure to this report. FINANCE & OTHERS : The Directors' would like to bring to your notice that its major part of the fund has been stuck in export receivables which is outstanding since a few years. The directors are trying their best to realize the said outstanding and have recovered the part of the dues, and are hopeful to recover the entire amount very shortly. Due to non - realization of old export proceeds and the consequential financial crunch, the Management was compelled to shut down its productions and to stop repayment of dues to financial institutions ACKNOWLEDGEMENT : Your Board of Directors wishes to place on record its deep appreciation for the continued support and co-operation extended by the Employees and the Staff at all levels and for their Joy-pity. The Board further thanks the Bankers, KSFC, esteemed Customers, suppliers, Government authorities and other agencies for the kind co-operation and assistance rendered through out the year. By the Order of the Board FOR NATURAL STONE EXPORTS LTD. Sd/- (Vijay N. Shah) Director Place : Mumbai Dated : 28th June, 2004 ANNEXURE TO THE DIRECTORS REPORT Information under section 217 (1) (e) of the Companies Act, 1956 read with the Companies (Disclosure of particulars in the Report of the Board of Directors) Rules, 1988 and forming part of the Directors' a) CONSERVATION OF ENERGY : Adequate measures have been taken to avoid wastage of energy. FORM - `A' Power and Fuel Consumption : Current Year Previous Year 1. Electricity : NIL NIL Purchased Unit (Kwh) NIL NIL Total Amount NIL NIL Rate : Unit NIL NIL 2. Coal NIL NIL 3. Furnace Oil NIL NIL 4. Others NIL NIL b) TECHNOLOGY ABSORPTION, ADAPTION AND INNOVATION : The Company keeps itself abreast of technical developments and innovations occurring in the industry. The Company is making efforts to eliminate wastage's in all operations. c) FOREIGN EXCHANGE EARNINGS AND OUTGO : Activities relating to exports; The Company has been taking initiative to increase exports and development of new export markets of it`s products. Total Foreign Exchange used and earned : (Rs. In Lacs) Current Year Previous Year i) Foreign Exchange earned : - - Sale of Products (FOB) - - ii) Foreign exchange used : - - - On imports of stores - - - On imports of capital goods - - - On business travels - - - On dividends - - d) PARTICULARS OF EMPLOYEES : Information as per section 217(2) of the Companies Act, 1966 read with Companies (particular of employees) Rules, 1975, is not applicable as none of the employees have earned an aggregate remuneration in excess of the limit specified in the section. By the order of the Board FOR NATURAL STONE EXPORTS LID. Sd/- (Vijay N. Shah) Director Place : Mumbai Dated : 29th June, 2004