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Pasupati Haryana Woollens Ltd.

BSE: 514132 Sector: Industrials
NSE: N.A. ISIN Code: N.A.
BSE 05:30 | 01 Jan Pasupati Haryana Woollens Ltd
NSE 05:30 | 01 Jan Pasupati Haryana Woollens Ltd

Pasupati Haryana Woollens Ltd. (PASUPATIHARYANA) - Director Report

Company director report

Pasupati Haryana Woollens Ltd. Date: 2001.03.31. Directors report 14TH DIRECTORS' REPORT FOR THE YEAR ENDED 31ST MARCH, 2001. (Rs. in Lakh) FINANCIAL RESULTS : Current year Previous year ----------------- ------------- ------------- Sales and other income 0.97 0.47 Gross Operating Profit/(Loss.) (9.71) (27.07) Interest & Financial Charges - 0.02 Depreciation 2.34 2.63 Net Profit /(Loss) (9.71) (29.72) During the year under review the manufacturing activities of the Company continued to remain suspended and consequently there was no production. POSITION IN BOARD FOR INDUSTRIAL AND FINANCIAL RECONSTRUCTION (BIFR) : During the last hearing held on 15/12/1998, the BIFR has recommended for winding up of the company to the Honourable High Court of Punjab and Haryana, Chandigarh. The Company had filed an appeal against this order with the Appellate Authority for Industrial and Financial Reconstruction (AAIFR) which has been dismissed by the AAIFR. AUDITORS' REPORT : The notes on accounts as referred to in the Auditors Report are self explanatory and therefore, do not call for any further comments, except point no. E(iii), wherein the Company's a financial position does not permit to engage a whole time secretary. DIRECTORS : Mr. Ramesh Kumar Jain retires by rotation at the ensuing Annual General Meeting of the Company and is eligible for re-appointment: DIRECTORS' RESPONSIBILITY STATEMENT : Pursuant to the requirement under Section 217 (2AA) of the Companies Act, 1956, with respect to Directors Responsibility Statement, it is hereby confirmed; (i) That in the preparation of the accounts for the financial year ended 31st March, 2001, the applicable accounting standards have been followed alongwith proper explanation relating to material departures; (ii) That the Directors have selected such accounting policies and applied them consistently and made judgement and estimates that were 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 the year under review: (iii) That the Directors have 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) That the Directors have prepared the accounts for the financial year ended 31st March 2001 on a going concern basis. AUDITORS : M/s. N. D. Kapur & Co., Chartered Accountants, Statutory Auditors of the Company retire and offer themselves for re-appointment as Auditors of the Company for the year 2001-2002 at the remuneration as may be fixed by the Shareholders of the Company. They have furnished a Certificate to the effect that their appointment, if made will be in accordance with the limits specified in Section 224 (1-B) of the Companies Act, 1956. APPRECIATION : The Directors also place on record their appreciation for the services of the remaining Workmen and members of Staff.