BAHUMA POLYTEX LIMITED
ANNUAL REPORT 2003-2004
DIRECTORS REPORT
To
The Members,
Bahuma Polytex Ltd.
Yours Directors have pleasure in presenting the Seventeeth Annual Report of
the Company together with the audited accounts of the company for the
Financial Year ended on 31st March 2004
1. FINANCIAL HIGHLIGHT:
2003-2004 2002-2003
(12 Months) (12 Months)
Amt.(Rs. In lacs) Amt.(Rs. In lacs)
Profit/Loss before Depreciation &
taxes -49.35 -646.45
Less : Depreciation 0.00 17.28
Loss Before Tax -49.35 -663.73
Less Provision for Taxation 0 0
Net Loss -49.35 -663.73
Balance B/f from Previous Year -2049.88 -1386.15
Balance carried to Balance Sheet -2099.24 -2049.88
2. OPERATION:
The Company has stopped its entire business activities.
The Company has provided for a sum of Rs.47605316/- towards provision for
bad and doubtful debts in the previous year and the same has been written
off during the current year. Further debtors considered as unrecoverable
amounting to Rs. 1273460.00 has been written off during the year.
The company is a sick unit as its cumulative losses exceed its net worth.
The company has stopped its operations and there is no revival plan
proposed by the management in the near future.
In light of this the going concern status of the company is no longer
applicable and hence the accounts are drawn considering the realisability
of the assets and liabilities.
3. DIVIDEND:
Due to loss your Directors regret not to recommend dividend.
4. BOARD OF DIRECTORS:
Pursuant to the provisions of the Companies Act, 1956 and Articles of
Association of the Company Shri H. L. Khar retire by rotation at the
ensuing Annual General Meeting and being eligible, offer himself for the
reappointment.
5. BORROWING:
2003 -2004 2002-2003
Financial Institutions Amount (Rs. In lacs) Amount (Rs. In lacs)
IFCI 142.23 142.23
ICICI 111.84 111.84
State Bank of India 741.30 741.30
Interest due but not paid 694.78 694.78
(on all above loans)
6. LISTING:
Equity Shares of the Company are listed with The Stock Exchange at
Ahmedabad and Mumbai. Due to financial crisis the Company has not paid
listing fees to Stock Exchange, Ahmedabad. The Company has been suspended
by the Stock Exchange, Mumbai since last five years.
7. PUBLIC DEPOSIT:
The Company has not accepted any deposit from the public.
8. AUDITORS:
M/S. Dharmendra & Associates, Chartered Accountants, Auditors of the
Company, retire at the ensuing Annual General Meeting and eligible for
reappointment.
9. PARTICULARS OF EMPLOYEES:
There were no employees drawing remuneration of Rs. 24,00,000/- or more
employed throughout the year or Rs. 2,00,000/- or more per month employed
for a part of the year and hence pursuant to Section 217(2A) of the
Companies Act, are not given.
10. CONSERVATION OF ENERGY/TECHNOLOGY/ABSORPTION ITC:
The information pursuant to Section 217(1)(e) of the Companies Act read
with the Companies (Disclosure of particulars in the Report to the Board of
Directors) Rules 1988 is not applicable as the company has closed its
entire activities.
11. DIRECTORS' RESPONSIBILITY STATEMENT:
Pursuant to Section 217 (2AA) of the Companies Act, 1956, your Directors
state that:
In the presentation of Annual Accounts, the applicable accounting standard
had been followed along with proper explanation relating to material
departure.
The Directors had selected such accounting policies and applied them
consistently and made judgments and estimates that are reasonable and
prudent so as to given true and fair view of the state of affairs of the
Company at the end of financial year and the profit on loss of the Company
for the period.
The Directors had taken proper and sufficient care for the maintenance of
adequate accounting records in Accordance with the provisions of the
Companies Act for preventing and detecting fraud and other irregularities.
In light of this the going concern status of the Company is no longer
applicable and hence the accounts are drawn considering the realisability
of the assets and liabilities.
12. APPRECIATION:
Your Directors wish to place on record their sincerely appreciation for the
efforts and spirits of dedication shown by the employees at all levels.
REGISTERED OFFICE : For & on behalf of the Board
Survey No. 194 (part)
Village : Karannagar,
Ta. : Kadi. Dist. : Mehsana H. L. KHAR
Date : 26.08.2004 Chairman Cum Managing Director
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