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Revati Organics Ltd.

BSE: 524504 Sector: Industrials
NSE: N.A. ISIN Code: INE270D01015
BSE 05:30 | 01 Jan Revati Organics Ltd
NSE 05:30 | 01 Jan Revati Organics Ltd

Revati Organics Ltd. (REVATIORGANICS) - Director Report

Company director report

REVATI ORGANICS LIMITED ANNUAL REPORT 2001-2002 DIRECTORS REPORT Dear members, Your Directors have great pleasure in presenting the Annual Report of your Company and audited accounts for the year ended on 31st March, 2002. Fixed Deposits The Company has not accepted any deposits from the Public within the meaning of Section 58A of the Companies Act, 1956, in the period under review. Conservation of Energy. Technology Absorption and Foreign Exchange Earnings & Outgo The Company has not done any manufacturing activity during the year under review and therefore, particulars regarding Conservation of Energy, Technology Absorption and Research & Development are not given. As far Foreign Exchange Earning & Outgo is concerned, the Company has neither earned nor used any foreign exchange during the period under review. Directors Mr. Manish Shah will retire by rotation arid being eligible, has offered himself for re-appointment at the ensuing Annual General Meeting. Auditors M/s. A. M. Topiwala & Co., Chartered Accountants, retire at the ensuing Annual General Meeting and being eligible, offered themselves, for reappointment as the Auditors of the Company Corporate Governance Clause 49 of the Listing Agreement dealing with various Corporate Governance requirements is applicable to your company within financial year 2002-2003. Your Board has already taken steps in this regard and hope to comply with all requirements before 31st March, 2003. Particulars of Employees There is no employee covered pursuant to Section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975 as amended. Hence, no particulars are given. Directors' Responsibility Statement As required under Section 217(2AA) of the Companies Act, 1956, your Directors hereby confirm that - (i) in the preparation of these annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures; (ii) the accounting policies are consistently applied and reasonable and prudent judgements and estimates are made, so as to give a true and fair view of the state of affairs of the Company at the end of the financial year ended on 31st March, 2002 and of the loss of the Company for that year; (iii) proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of this Act, for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities ; (iv) these annual accounts have been prepared on a "going concern" basis. Future Outlook Your Company was incorporated with the object of carrying on the business of chemicals and allied products. In the last Annual Report, we had explained that the intense competition, high input costs, sluggish market conditions in chemical industry and general recession in Indian economy has left very little scope in chemical business and that your Company will be diversifying into media business. ' Accordingly, a Special Resolution was passed at the last Annual General Meeting of the Company held on 22nd September, 2001 for altering the Clause III of the Memorandum of Association of the Company by deleting existing clause 1 (in respect of chemical business ) and substituting in its place new clauses 1 to 5 (in respect of media business). Another Special Resolution changing the name of the Company from 'Revati Organics Limited' to 'Cinevision India Limited' was also passed in the same meeting. The Registrar of Companies, Maharashtra approved the alteration of the object clause vide his "Certificate of Registration of Special Resolution passed for Alteration of Objects" dated 13th November, 2001. However, the Registrar is yet to approve the change of name of the Company. The matter is being followed up with the Registrar. We will commence the media activity once the Registrar approves the change of name. Acknowledgement Your Directors wish to place on record their sincere appreciation for timely assistance, guidance and co-operation received from Financial Institutions, shareholders, bankers, the employees at all levels and from all others whose continued support has been a source of strength to the Company. For and on behalf of the Board (Girish Shah) Chairman Place : Mumbai Dated : 28th August, 2002