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SRH Synthetics Ltd.

BSE: 530981 Sector: Industrials
NSE: N.A. ISIN Code: INE416C01016
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SRH Synthetics Ltd. (SRHSYNTHETICS) - Director Report

Company director report

SRH SYNTHETICS LTD. ANNUAL REPORT 2000-2001 DIRECTORS' REPORT To the members, Your Directors are pleased to present the Seventh Annual Report and the Audited Statement of Financial Accounts of the Company for the year ended 31st March, 2001. OPERATIONS The year in question has been very tough for the Company due to the overall depression in the economy and also continous bad conditions in the synthetic yarn industry. The sales during the year dropped to Rs.4.22 Crores. The Fixed assets decreased to Rs.9.04 crores with no addition during the year. The depreciation dipped to .41 crores. The Financial charges again rose steeply to Rs.177.03 lacs resulting in very heavy losses. The production of the company had been stopped since the closure of factory due to labour unrest from 10.7.2000 DIVIDEND The directors do not recommended any dividend, bearing in mind the losses in this fiscal and cash flow requirements for ploughing back of the company and in order to conserve them for future needs. DIRECTORS In accordance with provisions of the Companies Act, 1956 and Articles of Association of the Company Smt. Lata Garera and Shri S. B. Pandey retire by rotation and being eligible, offer themselves for re-appointment. AUDITORS M/s.M.M.Babbar & Co., Chartered Accountants retires at the conclusion of the Annual General Meeting as Statutory Auditors and being eligible for re- appointment, offer themselves for reappointment. AUDITORS' OBSERVATIONS As regards the Auditor's observations, the explanations given in their report and in the Accounting Policies and Notes on Accounts (contained in Schedule 19 of the Balance Sheet) are self explanatory and therefore doesn't call for any further comments or explanation from the Board. FIXED DEPOSIT The Company has not accepted any deposit under Section 58A of the Companies Act, 1956 from public during the year. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO Information pursuant to 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 is given in Annexure 1 to this report. DIRECTORS RESPONSIBILITY STATEMENT Pursuant to the requirement under Section 217(2AA) of the Companies amendment Act, 2000 with respect to Directors Responsibility Statement, it is hereby confirmed. i) That in the preparation of the annual accounts for the financial year ended 31st March, 2001, the applicable accounting standards had been followed along with proper explanations relating to material departures. ii) That the directors had selected such accounting policies and applied them consistently and made judgements and estimates that were 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 or loss of the Company for the year under review. iii) That the directors had prepared the accounts for the financial year ended 31st March, 2001 on at going concern' basis. PARTICULARS OF EMPLOYEES The company has not employed any employee covered by Section 217 (2A) of the Companies Act. Thus statement Under Section 217 (2A) is not required. ACKNOWLEDGEMENTS Your Directors acknowledge the contribution made by the Executives, Staff & workers of the company. For and on behalf of the Board SRH SYNTHETICS LTD. (Shri Chand Garera) Chairman & Managing Director Place : New Delhi Dated : 29th June, 2001. Annexure 1 Report on conservation of energy, technology absorption and foreign exchange earnings and outgo in the manner prescribed as per Companies (Disclosure of Particulars in the respect of Board of Directors) Rules 1988, read with provision of section 217 (1) (e) of the Companies Act, 1956. Form for disclosure of particulars with respect to conservation of energy: A. CONSERVATION OF ENERGY i) Energy Conservation measures taken: The Company has already installed plant and machineries which are energy efficient. ii) A combination of genset & electricity is used in production. iii) Use of automatic power factor correction system. iv) Lighting ficture are sodium vapour which effect saving in lighting energy usage. v) Uninterupted Power supply system are being used. b) Additional investments and proposal,if any, being for reduction of consumption of energy. i) General measures for conservation of energy are pursued on an on going basis. ii) No specific investment is proposed in isolation but additional investment in fixed assets of the company, will be done keeping in view need for optimising energy conservation. c) Impact of the measures at (a) & (b) above for reduction of energy, consumption and consequent impact on the cost of production of goods: -Reduction in cost of production, though exact quantification is not felt necessary. -Improvements in energy usage efficiency. -improvements in plant efficiencies. RESEARCH AND DEVELOPMENT (R&D) FORM B Disclosure of particulars with respect to technology absorption. A. RESEARCH AND DEVELOPMENT (R&D). 1) Specific Area in which Company carried out the R&D : None 2) Benefits derived as a result of the above R & D : None 3) Future plant of action: Continue to introduce new ranges. None 4) Expenditure on R & D Total : NIL Total R & D Exp. as percentage of total sales : NIL B.TECHNOLOGY ABSORPTION, ADOPTION AND INNOVATION. 1) Efforts in brief made towards technology absorption, adoption and innovation: No new technology has been imported by the company. 2) Benefits derived as a result of the above efforts e.g. product improvement, cost reduction, product development, import substitution etc. NIL 3) In case of improved technology imported during the last 5 years, following information may be furnished: A) Technology imported N.A. B) Year of import N.A. C) Has Technology been fully absorbed N.A. D) if not absorbed N.A. FOREIGN EXCHANGE EARNINGS AND OUTGO i) Activities relating to export, initiatives taken to increase export, development of new export markets for products and services, and export plan:- None ii) Total foreign exchange used and earned Rs. Nil (P.Y NIL) For and on behalf of the Board of Directors SRH SYNTHETICS LTD. Place: Delhi (Shri Chand Garera) Date : 29th June, 2001 Chairman & Managing Director