Divine Entertainment Ltd.
||ISIN Code: INE376B01014
05:30 | 01 Jan
Divine Entertainment Ltd
05:30 | 01 Jan
Divine Entertainment Ltd
Divine Entertainment Ltd. (DIVINEENTERTAIN) - Director Report
Company director report
ANNUAL REPORT 1998-99
DENIM ENTERPRISES LIMITED
DIRECTORS' REPORT 1998-99
DENIM ENTERPRISES LIMITED,
Your Directors have pleasure in presenting herewith the Fourth Audited
Annual Report of your company.
YEAR UNDER REVIEW:
During the year under review the company has not earned any income of
revenue nature from any business activities or from any other sources. The
company has during the year incurred total cash expense of Rs. 109289 of
general Administrative Expenses. The company has also written off during
the year preliminary Expenses to the extent of Rs.121078. After making
necessary adjustment the total operational loss of Rs.230367 has been
carried forwarded to the profit & loss account (Debit Balance) and shown
under the head Reserves & Surplus of the Balance Sheet.
As your Company has not started any commercial activity there was no profit
earned during the Year. Your directors regret their inability to recommend
INFORMATION PURSUANT TO THE LISTING AGREEMENT AND SEBI CIRCULAR NO.SHDRP/
CIR-14/98 DATED APRIL 29TH, 1998.
The company's shares are at present Listed on Ahmedabad and Mumbai Stock
Exchange. The complete address are given on page-2 of this report. The
company has duly paid the annual listing fees upto and including the year
1999-2000 i.e. upto 31 -03-2000 on both the Stock Exchange. The shares of
the company are freely tradable and has not been at any time delisted or
the trading thereof has not been suspended on any of the above stock
During the year under review your company has neither invited nor accepted
any public deposit or deposits from the private parties as defined under
section 58A of the companies Act,1956.
ENVIRONMENT AND POLLUTION:
The Members are aware that the company has not yet obtained the clearance
from the pollution control Board for its proposed project due to which the
funds for the company are blocked with the suppliers of plant and
Machineries, and loans and advances given to various parties. The company
has also not commenced any commercial business activities, manufacturing
activities which generates any water or Air pollution.
INSURANCES AND RISK COVERAGE:
The Board of Directors of the company have indentified all the areas and
operations including financial transactions which are likely to be affected
by the year 2000 problems (Y2K). The Board has also drawn up an advance
protective action plans and has started taking up actions in this
directions. The Employees of the company are properly being trained to take
adequate care of any systems failure. The company has also taken steps to
protect the shareholders data and all share department informations. The
company is taking steps to maintain all documentary proofs of all financial
and banking transactions in physical form apart from the electionic
computers maintenance. The expenditure like to be incurred on this account
shall be met out of the funds of the company and the same will be accounted
for as the normal business expenses. The amount to be incurred on this
account is also not of much quantum requires making any specific provision
for the same.
Shri Mahen M. Bavishi being a director, retire by rotation as per the
provisions of the Act at the ensuing Annual General Meeting and being
eligible offers himself for reappointment.
Your directors recommended to pass a resolution.
M/s. Vipul N. Shah & Associates, Chartered Accountant the retiring auditors
hold office of the Auditors upto the date of this Annual General Meeting as
per the provisions of the Act. The company has received a letter from the
said auditors to the effect that their appointment shall be within the
limits laid down under section 224(1 B) of the companies Act. A resolution
proposing their appointment as the regular Auditors of the company for the
period from the conclusion of this Annual General Meeting upto the Date of
the next Annual General Meeting is required to be passed. Your directors
recommend to pass the said resolution.
OBSERVATIONS OF THE AUDITORS:
All the observations of the auditors made in their report have been
suitably explained in the notes to the accounts which are self explanatory
and hence does not warrant for further clerifications.
No material development have taken place during the period from the closure
of the financial year upto the dave of this report which may have
substantial bearing on the finances and operations of the company.
There are no employees of the company who were in receipt of the
remuneration of Rs.3,00,000/ - in the aggregate if employed for the year
and in receipt of the monthly remuneration of Rs.25000 /- in the aggregate
if employed for a part of the year under review. Hence the information
required under section 217 (2A) of the Companies Act, 1956 being not
applicable are not given in this report.
As the Company has yet not commenced any commercial operation the
information required to be disclosed in the report of the Board of
Directors as per the provisions of Section 217 (1)(e) of the Companies Act
- 1956 and the Companies (Disclosure of Particulars in the Report of Board
of Directors) Rules 1988 are not available and not given in this report.
Your directors take this opportunity to acknowledge the trust reposed in
your company by its Shareholders, Banker and clients. Your Directors also
keenly appreciate the dedication & Commitment of all our employees, without
which the countinuing progress of the company would not have been possible.
Place: Ahmedabad ON BEHALF OF THE BOARD OF DIRECTORS
Dated: June 26, 1999 OF DENIM ENTERPRISES LIMITED
(Bankim J. Shah) (Mahen M. Bavishi)
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