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Paintex Chemicals (Bombay) Ltd.

BSE: 524178 Sector: Industrials
NSE: N.A. ISIN Code: N.A.
BSE 05:30 | 01 Jan Paintex Chemicals (Bombay) Ltd
NSE 05:30 | 01 Jan Paintex Chemicals (Bombay) Ltd

Paintex Chemicals (Bombay) Ltd. (PAINTEXCHEMICAL) - Director Report

Company director report

PAINTEX CHEMICALS (BOMBAY) LIMITED ANNUAL REPORT 2003-2004 DIRECTOR'S REPORT To, The Members, Your Directors have pleasure in presenting their 16th Annual Report and Audited Accounts for the year ended 31st March, 2004. 1. FINANCIAL HIGHLIGHTS (Rs. In. Lacs) 2003-04 2002-03 Gross Sales/Income 5.31 8.48 Profit/(Loss) before interest/Depreciation & (69.40) (5.56) Extraordinary item Add Interest 40.33 33.30 Profit/(Loss) before Depreciation & (109.73) (38.86) Extraordinary item Less Depreciation 15.45 15.45 Profit/(Loss) before extraordinary item (125.18) (54.31) Less : Extraordinary item 4.16 32.42 (Payment against W / back Balance - - Less : Provision for Doubtful Net Current Assets - - Net Profit/(Loss) for the Year (121.02) (21.89) 2. OPERATIONS The Directors are putting their efforts to revive the unit. The Management of the company is planning for diversification and therefore they are in the process of approaching in the market to get a suitable proposal which may help to start the production again. The operations of the company is temporarily suspended for want of working capital. 3. DIVIDEND In view of the accumulated losses the directors are unable to recommend any dividend for the year. 4. FIXED DEPOSITS The company has not accepted any deposits within the meaning of section 58A of the Companies Act, 1956 from the public. 5. AUDITORS M/s. H. N. Motiwalla & Co. Chartered Accountants retire at the conclusion of the ensuing Annual General Meeting and are eligible for reappointment. Your Directors recommend to share-holders for the appointment of M/s. H. N. Motiwalla & Co. Chartered Accountants as Auditors of the company for the year 2004-2005. 6. PARTICULARS OF EMPLOYEES The company has no employees in respect of whom information under sub- section 2A of section 217 of the companies Act, 1956 is required to be furnished. 7. AUDITORS' REMARK Our comments on the following items mentioned below: i. Your directors are taking steps to appoint a firm of Chartered Accountant as internal auditor. ii. The Company was unable to deposit the amount of Provident fund and ESIC with the appropriate authorities in time due to severe liquidity crunch. These liabilities has since been paid off. iii. Your Directors are hopeful of obtaining waiver of interest from the Income Tax Authorities with whom request for waiver of interest is pending. iv. Your Directors are taking steps to strengthen the internal control procedures to match the level of operations. v. Other comments on the other Auditors Remarks are self explanatory. 8. DIRECTORS RESPONSIBILITY STATEMENT Pursuant to Section 217 (2AA) of the Companies Act, 1956 the Directors state that (i) In the preparation of the annual accounts, the applicable accounting standards had been followed alongwith the proper explanation relating to material departures; (ii) The Directors had selected such accounting policies and applied them consistently and made judgments and estimates 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 or loss of the company for that period; (iii) The Directors had taken 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 for preventing and detecting fraud and other irregularities; (iv) The Directors had prepared the annual accounts on a going concern basis. 9. CONSERVATION OF ENERGY & TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO Information pursuant o 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 not given as the same is not applicable for the year under review. 10. APPRECIATION Your Directors wish to place on record their appreciation of whole hearted co-operation and support from Share-holders, Punjab National Bank, Maharashtra State Financial Corporation, employees, and various government Agencies. For & on Behalf of the Board of Directors RAJENDRA V. SHAH Chairman PLACE : Mumbai DATE : November 3, 2004