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Skip Plastics Ltd.

BSE: 532043 Sector: Industrials
NSE: N.A. ISIN Code: N.A.
BSE 05:30 | 01 Jan Skip Plastics Ltd
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Skip Plastics Ltd. (SKIPPLASTICS) - Director Report

Company director report

SKIP PLASTICS LIMITED ANNUAL REPORT 2001-2002 DIRECTORS' REPORT Your directors are hereby submitting the 20th Annual Report of the company together with its Audited Accounts for the year ended 31st March, 2002. In view of the loss for the year your Directors have not recommended Dividend for the year ended 31st March' 2002. Operations: 1) The year under review recorded Sales/Other Income of Rs.218.73 Lacs against previous year's Sales/ Other Income of Rs. 639.99 Lacs. Production and turnover has declined during the current year due to overall recession in the economy and due to severe competition in white Good Industry and orders from ail regular customers reduced drastically. Directors: Shri K.R. Parikh & Shri Leelaram S. Jangid Directors of the Company will retire by rotation at this Annual General Meeting in accordance with the provisions of the Companies Act. 1956 and the Company's Articles of Association and being eligible offer himself for re-appointment. Fixed Deposits: Your Company has not accepted any deposits from the Public. Quality: The company has committed itself to quality. The concept of Total Quality Management (TQM) is being implemented from grass root level to the top. Your company has received U.L. Certification - a must for export for export of electronic goods/parts to America and European countries. Your company is the only one in this industry to possess these prestigious approvals. Insurance: The assets of the Company are adequately insured. Auditors Report: The notes to accounts referred to in Auditors Report are self-explanatory and do not require any further explanation. Auditors: Members are requested to appoint Auditors for the Current Year and to authorize the Board of Directors to fix their remuneration. M/S. T.M. Fasikh & Co., the retiring Auditors, have given their consent to act as Auditors of the company if re-appointed and have confirmed that their appointment, if made. would be within the prescribed limits under Section 224(IB) of the Companies Act, 1956. Directors Responsibility Statement: Pursuant to Section 217(2AA) of the Companies Act 1956, your Directs confirm that: (i) In the preparation of the Annual Accounts, the applicable accounting standards had been followed. (ii) They had selected such accounting policies and applied them consistently and made judgements and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company ad 31st March, 2001 and of the profits of the Company for the year ended 31st March,2001. (iii) They had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities. (iv) They had prepared the Annual Accounts on a going concern basis. Conservation of Energy. Technology Absorption Foreign Exchange Earnings and Outgoings: The information pertaining to conservation of energy, technology absorption, foreign exchange earnings and outgoings foaming part of this report is annexed. Particulars of Employees: Particulars of the employees, as required, pursuant to the provisions of section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975 as amended are annexed and form part of the report. Industrial Relations: Industrial Relations at Pune Factory as well as at administrative office continued to be cordial during the year under review. While the same was not the case at Vasai Factory. This and other business reasons force us to take a decision to close Vasai Factory in last year. Though we have offered all legal dues to the Employee as per Law the labour union has filed a case against the company u/s 28 read with complain no.ULP NO. 720/2000 Item no. 6 of schedule Il and Item no. 9 & 10 of schedule IV of MRTU & PULP Act, 1971 which is pending in Thana Labour Court. Listing Agreement Committee: Pursuant to the recommended of the listing Agreement the company declares that its equity shares are listed on the stock exchange at Mumbai, Pune and Ahmedabad. Acknowledgement: The Directors wish to thank The Saraswat Co-op Bank Ltd., customer depositors, suppliers and the shareholders for their continued support. The Directors also thank all the employees of the company in their contribution to the Company's operations during the year under review. Gut no 568. Koregaon Bhima, For and on behalf of the Board Nagar Road, Tal Shine, Pune 412 216. India ASHOK P. DAMLE Date: 27th July,2002 MANAGING DIRECTOR Annexure: 1 to the Director's Report CONSERVATION 0F ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGOINGS: 1. CONSERVATION OF ENERGY: Conservation of energy continues to be a priority area for the company. Efforts are made on continuous basis, wherever possible to reduce the energy cots. Form A: Form for disclosure of particulars with respect to Technology absorption, adoption and and innovation I. TECHNOLOGY ABSORPTION, ADOPTION & INNOVATIONS a) Efforts Made : Constant product development and absorption to being done to meet the specific requirements of the market. Improving labour productivity and installation of latest may is also a part of these efforts. b). Benefits : The production of the Company would be of improved quality. c). Improved Technology : The Company is presently using Indian Technology. II. RESEARCH & DEVELOPMENT: The company manufactures standard products for which technology has stabilize, and therefore no further research is being carried out. During the year there was no expenditure on Research & Development activity. III. FOREIGN EXCHANGE EARNINGS AND OUTGOINGS: Current Year Previous Year (Rs. In Lakhs) (Rs. In Lakhs) i) Foreign Exchange Earnings Nil Nil ii) Foreign Exchange Outgo a) Import on CIF basis Nil 45.32 b) Travelling Nil 1.70 Gut no 568. Koregaon Bhima, For and on behalf of the Board Nagar Road, Tal Shirur, Pune 412 216. India ASHOK P. DAMLE Date: 27th July 2002 MANAGING DIRECTOR