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Global Syntex (Bhilwara) Ltd.

BSE: 531872 Sector: Industrials
NSE: N.A. ISIN Code: N.A.
BSE 05:30 | 01 Jan Global Syntex (Bhilwara) Ltd
NSE 05:30 | 01 Jan Global Syntex (Bhilwara) Ltd

Global Syntex (Bhilwara) Ltd. (GLOBALSYNTEX) - Director Report

Company director report

GLOBAL SYNTEX (BHILWARA) LTD. ANNUAL REPORT 1999-2000 DIRECTORS' REPORT Members' Your Directors have pleasure in presenting the 15th Annual Report together with the Audited Accounts for the year ended 31.03.2000 With a view to retain the profit in the working of the Company and taking a conservative view your directors do not recommed any dividend. The Company has paid Rs. 347.34 lacs as excise duty to the exchequer during the year (Previous year Rs. 311.02 lacs). In View of Clause 43 of the listing agreement the net sales/Income & profit after tax projected for the year 1999-2000 were Rs.2213.21 lacs. (Actual Rs. 1875.42 lacs) and Rs.151.39 lacs (Actual Rs.35.80 lacs) respectively. The delay in project as envisaged in the public issue is on account of awaited allotment money and depressed market condition. OPERATIONS: The company has achieved turnover of Rs.1875.42 lacs and earned cash profit of Rs. 66.72 lacs. as against previous year turnover of Rs.1331.09 lacs & cash profit of Rs. 47.39 lacs. DIRECTORS' REPORT The company has incurred capital expenditure on updating the plant & machinery and further installed Jet Dyeing Machines and other balancing equipments to optimise the production and reduce the operation cost with simultaneous increase in quality of fabric processed. This resulted in increase in the production from 74.01 lacs mtrs in previous year to 169.02 lacs mtrs of the year under review. The Directors are also making continous efforts to improve the capacity utilisation for the better profitability. CAPITAL EXPENDITURE: During the year company has further installed jet dyeing & other equipments & modernise some of machines with the total outlay of Rs.101.00 lacs which has further improved the capacity utilisation as well as operating profits. Company is further installing jet dyeing & other machineries during current Financial year with the term loan assistance from RIICO and total capital expenditure of Rs.79.00 lacs. DEPOSITS: The Company has not accepted any deposit from the public. INFORMATION TECHNOLOGY Necessary steps were taken by your company to ensure y2k compliance by upgradation/re-placement of hardware and software. consequently, the company had a smooth transaction to the year 2000. CONSERVATION OF ENERGY,TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNING AND OUT GO A statement containing the necessary information as required under the Companies (disclosure of particulars in the report of Board of Directors) Rules,1988 is annexed hereto and marked annexure - 'A' to this report. DIRECTORS: Shri B.M. Bhadada retires by rotation and being eligible offers themselves for reappointment. OBSERVATION OF AUDITORS IN ANNUAL ACCOUNTS: With reference to the observation contained in the Auditors report, your Directors wish to state that the respective notes to the accounts are self-explanatory. EMPOYLEES: During the year under review, relation between the management, staff and workers continued to be cordial. Your Directors place on record their appreciation for the dedicated service rendered by executives, staff and workers. None of the employee of the company is covered U/s 217 (2A) of the Companies Act.1956 read with the companies (Particulars of employees) Rules 1975 as amended. AUDITORS: M/s P. Mehta & Associates, Chartered Accountants, Bhilwara the auditors of the company retires at the ensuing Annual General Meeting and being eligible offers themselves for reappointment. ACKNOWLEDGEMENT: The Board records its grateful appreciation for the co-operation, guidance and encouragement given to the company by the financial Institutions, Banks and various departments of the Central & State Governments and our esteemed customers. FOR & ON BEHALF OF THE BOARD Place: Bhilwara (D.S. RANKA) Date: 12.08.2000 MANAGING DIRECTOR PARTICULARS AS REQUIRED UNDER THE COMPANIES (DISCLOSURES OF PARTICULARS IN THE REPORT OF BOARD OF DIRECTORS) RULES 1988 AND FORMING PART OF THE DIRECTORS' REPORT FOR THE YEAR ENDED 31ST MARCH 2000. A) CONSERVATION OF ENERGY. a) Energy Conservation measures : Attention paid to power factor and taken ongoing process of creating awareness among employees of the need to conserve electricity, oil & lubricants and the like. b & c) Additional investment : Steps already taken for conservation of proposals and impact. energy while installing the plant. There is no further scope in this regard. d) Power & Fuel consumption. : Form 'A' appended. B) TECHNOLOGY ABSORPTION : Nil C) FOREIGN EXCHANGE EARNING : Nil AND OUTGO a) Export activities & export : Nil plans. b) Total foreign exchange used : Nil (equivalent Rs.) c) Total foreign exchange : Nil earned.