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Persian Carpet & Textiles Ltd.

BSE: 521159 Sector: Others
NSE: N.A. ISIN Code: N.A.
BSE 05:30 | 01 Jan Persian Carpet & Textiles Ltd
NSE 05:30 | 01 Jan Persian Carpet & Textiles Ltd

Persian Carpet & Textiles Ltd. (PERSIANCARPET) - Director Report

Company director report

PERSIAN CARPET & TEXTILES LIMITED ANNUAL REPORT 1999-2000 DIRECTORS' REPORT The Board of Directors hereby present the 7th Annual Report of the Company alongwith audited accounts for the year ended 31st March, 2000. DIVIDEND: In view of the losses of the company during the year, your's directors express their inability to recommend any dividend for the financial year 1999-2000. CURRENT OPERATIONS AND FUTURE PROSPECTS During the year, the company could not do sufficient business owing to financial crunch faced by the company,. The company has become a Sick Industrial Company with in the meaning of clause (O) of Sub Section(1) of Section 3 of the sick industrial companies (Special Provisions) Act, 1985. The company has filed an application with the Board of Industrial and Financial Rehabilitation for declaration of Sick Industrial unit which is pending with BIER. The proposal for rehabilitation of the Company shall be planned by BIER after it is declared sick. DIRECTORS: Sh. Sajjan Singh Choudhary, Director of the company retires by rotation at the ensuing Annual General Meeting and being eligible offers himself for re-appointment. AUDITORS: The existing auditors of the company M/s Deepak Kumar & Associates retire at the ensuing AGM. The company has received a certificate from them to the effect that their appointment, if made, would be within the limits prescribed in section 224 (1 B) of the Companies Act, 1956. COMMENTS ON AUDITORS REPORT The notes to the accounts read with the Auditors Report are Self explanatory and therefore do not call for any further comments. EMPLOYEES: There is no employee drawing salary in excess of limits prescribed under section 217(2A) of the Companies Act, 1956. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO: The particulars relating to conservation of energy and technology absorption are given in annexure to the report. Particulars of Foreign Exchange Earnings and outgo are furnished as under:- 01. Foreign Exchange Earnings Nil 02. Foreign Exchange Outgo Nil ACKNOWLEDGEMENT The Board takes this opportunity to express its deep and sincere appreciation for co-operation received from employees, suppliers, customers and shareholders of the company. By the order of the Board sd/ Date : 01.09.2000 (Vidya Sagar Gupta) Place : Amritsar Chairman ANNEXURE -A ANNEXURE TO THE DIRECTORS' REPORT Information pursuant to Section 217(1)(e) of The Companies Ad, 1956 read with the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988. A. Measures undertaken for Conservation of Energy The manufacturing process does not involve heavy use of power and only electric power is used for running of machines. As such no special technique for conservation of energy has been adopted as the expenditure on power is not significant. B. Disclosure of Particulars with respect to Technology Absorption. The company has installed imported machinery equipped with latest technology. The manufacturing process of the company is well accepted and indigenised. The company has fully absorved the entire process technology. The nature of manufacturing process is relatively simple and the company is not undertaking significant research and development work. By the order of the Board sd/- Date : 01.09.2000 (Vidya Sagar Gupta) Place: Amritsar Chairman