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Exxoteq Corporation Ltd.

BSE: 526498 Sector: Oil & Gas
NSE: N.A. ISIN Code: INE860B01017
BSE 05:30 | 01 Jan Exxoteq Corporation Ltd
NSE 05:30 | 01 Jan Exxoteq Corporation Ltd

Exxoteq Corporation Ltd. (EXXOTEQCORPN) - Director Report

Company director report

EXXOTEQ CORPORATION LIMITED ANNUAL REPORT 2003-2004 DIRECTOR'S REPORT TO THE SHAREHOLDERS Your Directors have pleasure in presenting the 22nd Annual Report together with the Audited Statement of Accounts for the Year Ended 31st March 2004. FINANCIAL HIGHLIGHT (RUPEES IN LACS) YEAR ENDED YEAR ENDED 31.3.2004 31.3.2003 Gross Earning 0.02 0.03 Profit/(Loss) before Tax & Depreciation (47.80) (55.71) Depreciation 0.90 2.04 Profit/(Loss) after Tax (48.70) (57.75) OPERATION In keeping with our global efforts, the Company established close working relationships and strategic associations in Iraq. UAE. South Africa and Texas USA during the course of the last Financial Year. Such painstaking efforts led to the formation of tactical alliances with companies such as Exxoteq Corporation (Overseas) LLC in UAE; Exxoteq LTD in RSA (Republic of South Africa); Exxoteq USA Inc. in USA and Exxoteq (UK) LTD in UK to pursue the goal of promoting the FPSO Technology developed by the Company as well as to seek overseas contracts that could culminate in projects initiation during the current Financial Year. In this regard, in order to maximize the benefit of strong overseas networking. the Company also decided to change the name from Zenergy LTD to Exxoteq Corporation LTD. for which, the necessary ROC approval was duly obtained. DIRECTORS We regret to inform you that Chairman & Managing Director of the Company Mr. Prem VS Sawney Expired on 31st May 2004 due to sudden accident in Dhubai. The Board Expresses its deep sense of sorrow and heartfelt condolences to the bereaved family. Shri Rumi BH Palsetia retires by rotation and otters himself for re- appointment. FINANCIAL INSTITUTIONS AND BANKS During the month of January 2002, the Reserve Bank of India issued Revised Guidelines for Compromise Settlement of Chronic Non Performing Assets (NPAs) of Public Sector Banks that had to be initiated by the Applicant Company on or before the end of April 2003. Consequently, your Company duly applied under the stipulated scheme to the concerned Financial Institutions & Banks and we are pleased to report that the response from Financial Institutions have keen most encouraging since they have invited the Company for discussing the submitted proposal for one time settlement. PARTICULARS OF EMPLOYEES None of the employee is drawing salary as per Section 217(2a) of the Companies Act, 195#, read with the Companies (Particulars of Employees) Rules, 1975. DEPOSITORY SYSTEM Trading in Equity Shares of your Company is permitted only in dematerliased from with effect from 25th September 2000, in term's of a notification of Securities and Exchange Board of India (SEBI). As such the company has entered into Agreements with both the Depositories viz National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL) for custody and Dematerilalisation of securities and with Computech Sharecap Limited to enable members to hold shares in dematerialised form. Your Company has also made arrangements for simultaneous dematerialisation of share certificates lodged for transfer. Those sharholders who have not opted for this facility are advised to dematerialise their shares with either of the depositories, since dematerialisation facilitates quick transfer of shares and prevent forging of documents. RESPONSIBILITY STATEMENT Pursuant to Section 217 (2AA) of the Companies Act 1958, the Directors confirm: a) that the applicable accounting standards have been, followed along with proper explanation wherever required in the preparation of Annual accounts; b) that the Company has adopted prudent accounting policies; c) that proper care has been taken for maintenance of accounting records in accordance with the provisions of the Act: and d) that the Annual Accounts of the Company have been prepared on a going concern basis. CORPORATE GOVERNANCE Listing Agreements with Stock Exchanges prescribe uniform code of Corporate Governance for the Listed Companies. It will be mandatory for your Company to implement Corporate Governance during the Financial Year 2001-2002 i.e. before 31st, March, 2002. Your Company already complies with majority of the requirements of the Code. Compliance of the Code to the full extent will be ensured before the prescribed date. AUDIT COMMITTEE Your Company has constituted an Audit Committee comprising the present Directors as Members of the Committee. AUDITORS The Company's Auditors, M/s N B Shetty & Co, Chartered Accountants, retire at the conclusion of the ensuring Annual General Meeting and being eligible offer themselves for re-appointment. ACKNOWLEDGEMENT The Directors wish to express their appreciation of the work done by the Employees of the Company at all levels. The Directors are very pleased to record their appreciation of the continued guidance and support extended by Bankers of the Company. And finally, the Directors wish to thank all members for their continued support. for and on behalf or the BOARD Place : Mumbai Smeeta P. Sawney Dale : 30th OCTOBER. 2004 Director