REVATI ORGANICS LIMITED
ANNUAL REPORT 2001-2002
Your Directors have great pleasure in presenting the Annual Report of your
Company and audited accounts for the year ended on 31st March, 2002.
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
Conservation of Energy. Technology Absorption and Foreign Exchange Earnings
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.
Mr. Manish Shah will retire by rotation arid being eligible, has offered
himself for re-appointment at the ensuing Annual General Meeting.
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
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
(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
(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.
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.
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
For and on behalf of the Board
Place : Mumbai
Dated : 28th August, 2002