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India Rubber Ltd.

BSE: 523788 Sector: Others
NSE: N.A. ISIN Code: N.A.
BSE 05:30 | 01 Jan India Rubber Ltd
NSE 05:30 | 01 Jan India Rubber Ltd

India Rubber Ltd. (INDIARUBBER) - Director Report

Company director report

INDIA RUBBER LIMITED ANNUAL REPORT 2000-2001 DIRECTORS' REPORT Dear members, Your Directors submit you this report for the Financial year 2000-2001 OPERATIONS The Manufacturing and trading activities of the Company was totally suspended during the entire year due to financial crunch. The Management has taken several measures to procure funds for recommencement of business. FUTURE PROSPECTS Your Directors are very actively exploring all possibilities for revival of operations. The Company has applied for ECB (External Commercial Borrowings) and it is under process. Your Company is also in dialogue with two parties for Joint Venture. AUDITORS M/S P.S. IYYENGAR & Co., Chartered Accountants, of the Company who retire at this Annual General Meeting, are eligible for reappointment. They have signified their willingness for reappointment and have confirmed their eligibility under Section 224(1B) of the Companies Act. 1956. REPLIES TO AUDITORS' REPORT As observed by the Auditor, the factory is closed since October 1999 and there were no operations during the year under review. Relevant / required financial information was not much that has impact on the true and fairness of the accounts. Relating to the maintenance of books and records and updation of the information was negligible/nil since no activity was undertaken during the year Management is exploring the possibilities for rehabilitation of operations in spite of by BIFR. Management felt non-provision of certain items in the accounts do not have any impact on the accounts as there were no operations, however, same would be considered in due course of time. As per Companies Amendment Act 1999 the time period for transferring the unpaid dividend account to the Government has been extended to 7 years, hence, not transferred. As advised by the Auditors provisions against the loans and advances would be made. Efforts are being put in to recover the monies. Dues to PF, ESI, Income Tax, Sales Tax would be paid to the respective departments on rehabilitation of the operations of the Company. With reference to the observations made in the Auditors' Report, the notes on accounts as contained in Schedule 22 and 23 of the Balance Sheet are self explanatory and therefore, do not call for any further comments under Section 217(3) of the Companies Act, 1956. With reference to other observations made in the Auditors' Report, the notes on accounts as contained in Schedule 22 & 23 of the Balance Sheet are self explanatory and therefore, do not call for any further comments under Section 217(3) of the Companies Act, 1956. DIRECTORS Mr. M. K. Nair who retire at this Annual General meeting, being eligible offer himself for reappointment. DIRECTORS' RESPONSIBILITY STATEMENT Pursuant to the requirement of Section 217(2AA) of the Companies Act 1956, with respect to the Directors' Responsibility Statement, Your Directors wish to confirm that: * in the preparation of the Annual Accounts, the applicable accounting standards have been followed along with proper explanations relating to material departures, if any: * such Accounting policies have been selected and applied consistently and judgements and estimates are made that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit, and loss of the Company for that period. * proper and sufficient care 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 or preventing and detecting any fraud or other irregularities has been taken. * accounts for the financial year ended on 31st March, 2001 are prepared on a going-concern basis. FIXED DEPOSITS The Company has not raised any fixed Deposits as on 31st March, 2001 so as to attract the provisions of Section 58A of the Companies Act, 1956, read with the Companies (Acceptance of Deposits) Rules, 1975 as amended from time to time. There is no amount outstanding or due to any deposit holder. PARTICULARS OF EMPLOYEES In pursuance of section 217(2A) of the Companies Act, 1956 none of the employees of the Company was drawing a remuneration exceeding Rs.12,00.000 per annum or Rs.1,00,000 per month or part thereof. Particulars of Energy conservation, Technology and absorption, Foreign Exchange out go. Particulars with respect to Conservation of Energy, Technology and absorption as required under section 217(1)(e) of the Companies Act 1956 read with the Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1988 are Nil, since there are no operations during the year. Foreign Exchange Inflow : Nil Foreign Exchange Outflow : Nil AUDIT COMMITTEE Since the Paid up Capital of the Company is less than Rs.5 Crores the provisions of Section 292A of the Companies Act, 1956 with respect to formation of Audit Committee are not applicable. LISTING DETAILS The shares of the Company are listed and traded on Hyderabad, Ahmedabad and Mumbai Stock Exchanges. PERSONNEL Your Directors place on record their appreciation for the services rendered by the employees. ACKNOWLEDGEMENTS Your Directors take this opportunity to place on record their sincere appreciation and wish to express their thanks for the assistance received from Financial Institutions i.e., IDBI, ICICI and APIDC, State & Central Government agencies, Company's bankers i.e., State Bank of India and Share holders for their continued support and faith in the Company. BY AND ON BEHALF OF BOARD for INDIA RUBBER LIMITED K. K. BALACHANDAR M. K. NAIR MANAGING DIRECTOR DIRECTOR PLACE : Secunderabad DATE : 26.11.20011