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Bhuvan Tripura Industries Ltd.

BSE: 524725 Sector: Industrials
NSE: N.A. ISIN Code: INE604B01027
BSE 05:30 | 01 Jan Bhuvan Tripura Industries Ltd
NSE 05:30 | 01 Jan Bhuvan Tripura Industries Ltd

Bhuvan Tripura Industries Ltd. (BHUVANTRIPURA) - Director Report

Company director report

BHUVAN TRIPURA INDUSTRIES LIMITED ANNUAL REPORT 2002-2003 DIRECTORS' REPORT Your Directors have pleasure in Presenting the 9th Annual Report on the business and operation of the company for period ended on 30.06.2003. FINANCIAL RESULTS: Rs. in Lacs PARTICULARS 30/06/2003 30/06/2002 Gross Income NiL Nil Profit/ Loss before depreciation 8.39 (48.42) Add : Depreciation 0.11 8.06 Profit / (Loss) before taxes (8.50) (56.48) Less : Provision for taxes - - Profit / (Loss) after taxes (8.50) (56.48) Transferred to Balance Sheet (8.50) (56.48) INCOME: During the year under review, company has incurred net loss of Rs. 8,50,028/-. DIVIDEND: As the Company has incurred loss during the year under review, your Directors have not recommended any Dividend for the year ended on 30.06.2003. OPERATIONS: Your Directors, with pleasure, would like to inform the members that Net Loss, as compared to previous year, has been reduced to the great extent. Directors are confident that the trend of improvement will continue in the next year. REFERENCE TO GSFC: The composite Assets of the Plant are in possession of M/s. Gujarat State Financial Corporation (GSFC) and it has issued final caution notice u/s 29 of State Financial Act, for disposal of the Assets/ Undertaking of the company on account of default in repayment of outstanding Term Loan payable by the company. The company has already undertaken further proceedings in relation to the aforesaid notice. FUTURE OUTLOOK: Your company is making turn-around and it has already ventured into the High-Tech area of Information Technology with Special reference to Bio- Informatics. The Company is also in the process of finalizing financial offer received from Foreign Investors. Looking to various positive developments taking place, your Directors are hopeful to achieve good commercial prospects. DIRECTORS: Your Board of Directors to be heated by Mr. D.T.Vaishnav as a Chairman. Mrs. Devangi N. Vaishnav and Mr. Apurva R. Hathi resigned from the Directorship of the company w.e.f. 06.01.2003. The Board acknowledges, with great pleasure, the contribution given by them during their tenure as Directors of the company and wish them all the Best for happy and prosperous future. Ms. Minaxi T.Vaishnav & Mr. Sachin Prabhakar Pawar, who were appointed as Directors in a casual vacancy w.e.f. 06.01.2003 in place of Directors resigned as above and holds office up to the date of the ensuing Annual General Meeting of the Company, and are eligible for re-appointment, shall be appointed as Directors of the company and are liable to retire by rotation and are eligible for re-appointment subject to the approval of the members of the Company in the ensuing Annual General Meeting. DIRECTORS' RESPONSIBILITY STATEMENT: The Board of Directors of the Company confirms: i. that in the preparation of the Annual Accounts the applicable accounting standards have been followed and there has been material depenture. ii. that the selected accounting policies were applied consistently and the and directors made judgments and estimates that are reasonably prudent so as to give a true and fair view of the state of the affairs of the company as at June, 30, 2003 and of the Profit and Loss Account of the company for the year ended on that date. iii. that 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 the fraud and other irregularities. iv. that the Annual Accounts have been prepared on a going concern basis. AUDITORS: Messrs. D. Burman and Associates, Chartered Accountants, retire at the ensuing Annual General Meeting and have confirmed their eligibility and willingness to accept the office, are recommended for re-appointment. AUDITORS' REPORT: The Auditors Report to the Shareholders do not contain any qualifications. PERSONNEL: The employees at all levels stood by the Company all through the year and continued to render the best of their series with deep dedication. Any achievement was possible because of their uniform and unstinted support. Your Directors whole heartedly thank all the employees. PARTICULARS OF EMPLOYEES: There are no employees drawing remuneration in excess of the limits proscribed under Section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975, and hence the matter of furnishing the information hereunder does not arise. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGES 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 furnished in the Annexure 'A' forming part of this report. OTHER DISCLOSURES: In respect of the disclosures required to be made under the guidelines on Employees Stock Option Scheme, your directors submit that as the comply has not exercised the scheme of Stock Option, the same is not applicable to the company. LITIGATION / LEGAL CASES AGAINST: Litigation / Legal proceeding against the company is going on in respect of following: 1. Dena Bank, Mumbai for outstanding liability in respect of Letter of Credit Account at Debt Recovery Tribunal. 2. The United Western Bank Mumbai for outstanding liability in respect of Letter of Credit Account at Mumbai Court. 3. Gujarat State Financial Corporation for outstanding Liability in respect of Term Account at Vadodara Court. 4. Labour Case against the company at Labour Court Vadodara. CORPORATE GOVERNANCE: Pursuant to clause 49 of the listing agreement, a report on Corporate Governance is given in Annexure - 'B'. ACKNOWLEDGEMENT: Your Directors wish to place on record their deep appreciation for the continued co-operation rendered by the state and the Central Governments, Banks, all Stock Exchanges, Vendors, Customers, business associates and the shareholders. By Order of the Board For BHUVAN TRIPURA INDUSTRIES LIMITED DATE : 6th DECEMBER 2003 D.T.VAISHNAV PLACE : BARODA CHAIRMAN ANNEXURE 'A' TO THE DIRECTORS' REPORT Particulars pursuant to the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 and forming part of the Directors Report for the period ended 30th June, 2003. A. CONSERVATION OF ENERGY: 1. Power and Fuel Consumption Electricity As on 30.06.2003 a) Purchased Nil Total Amount per Unit N.A. b) Own generation Nil 2. Consumption per unit of production Not Applicable since No production activities during the year. B. TECHNOLOGY ABSORPTION, ADAPTION AND INNOVATION: a) Research and Development: I) Specific areas in which R & D carried out by the Company are: * Import substitution and substitutions of catalysts and chemicals * New Product Development. * Process Development and optimizing the process parameters. II) Future Plans: To develop downward and value added products. III) Expenditure on R & D: It is not possible to apportion on the exact amount spent during the period. IV) In case of Import Technology: a) Technology Imported : Nil b) Year of Import : Nil C. FOREIGN EXCHANGE EARNING AND OUTGO (Rs. in lacs) 30/062003 30/06/2002 Total Foreign Exchange Earnings NIL NIL Total Feign Exchange Outgo NIL NIL