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RSL Textiles (India) Ltd.

BSE: 532463 Sector: Industrials
NSE: N.A. ISIN Code: INE259F01013
BSE 05:30 | 01 Jan RSL Textiles (India) Ltd
NSE 05:30 | 01 Jan RSL Textiles (India) Ltd

RSL Textiles (India) Ltd. (RSLTEXTILES) - Director Report

Company director report

RSL TEXTILES (INDIA) LIMITED ANNUAL REPORT 2001-2002 DIRECTORS' REPORT RSL TEXTILES (INDIA) LIMITED Kuniamuthur Post, Coimbatore - 641 008 DIRECTORS' REPORT The Directors have pleasure in submitting the Annual Accounts of the Company for the year ended 31.03.2002. Performance Performance of the Company during the current year is encouraging despite the recessionary conditions prevailing in the textile industry. The turnover of the Company for the year ended 31.03.2002 is Rs. 5212.59 lakhs. The Profit before Interest, Depreciation and tax is Rs. 855.72 lakhs. Premium quality in yarn production matching to international levels has been achieved. The strategy of the company is to concentrate more on the overseas market. Your company is confident of improving its performance in the ensuing year. Scheme of Arrangement As the members are aware,the Scheme of Arrangement for transfer of undertaking of Textiles Division of RSL Industries Ltd with your Company, approved by the members was sanctioned by the Hon'ble High court of Madras vide its order dated 06.12.2001. The Scheme of Arrangement, is with effect from 1st October 2000. Directors Mr. M. Kumarappan, Director, retires by rotation at the ensuing Annual General Meeting and being eligible, offers himself for re-appointment. Directors' Responsibility Statement The directors confirm that: a) In the preparation of the annual accounts, the applicable accounting standards have been followed. b) Appropriate accounting policies have been selected and applied consistently and judgments and estimates made are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as on 31st March 2002 and of the profit of the company for the year ended 31st March 2002. c) Proper and sufficient care have been taken 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. d) The annual accounts have been prepared on a going concern basis. Auditors The Auditor of the Company Mr. VS. Saptharishi, Chartered Accountant Chennai, retires at the ensuing Annual General Meeting and is eligible for re-appointment. Particulars of employees The information required under Section 217(2A) of The Companies Act, 1956, read with the Companies (particulars of Employees) Rules, 1975, as amended are not given since there are no such cases during the year under review. Conservation of energy and technology absorption As in the previous years the company continues its efforts to save energy by undertaking several measures. Strict vigilance is maintained over usage of energy by constant monitoring through Load Managers and by installation of power saving equipments. Continuous efforts are also made in all areas of operations to ensure reduction in cost and adoption of new techniques in improving the quality of yarn matching to international levels. Foreign Exchange Earnings and Outgo The Foreign Exchange Earnings of the Company is Rs. 56.00 lakhs for the year ended 31 .03.2002. (Rs. 259 lacs for the year ended 31.03.2001) The Value of Imports on CIF basis is Rs.9.33 lakhs for the year ended 31.03.2002. (Nil for the year ended 31.03.2001) On Behalf of Board Place : Coimbatore M. KUMARAPPAN Date : 26.11.02 Director