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Terryfab (India) Ltd.

BSE: 530727 Sector: Industrials
NSE: N.A. ISIN Code: N.A.
BSE 05:30 | 01 Jan Terryfab (India) Ltd
NSE 05:30 | 01 Jan Terryfab (India) Ltd

Terryfab (India) Ltd. (TERRYFABI) - Director Report

Company director report

TERRYFAB (INDIA) LIMITED ANNUAL REPORT 2000-2001 DIRECTORS' REPORT Dear Members, Your Directors have pleasure in presenting the 8th Annual Report with the Audited Statement of Accounts for the period ended 31st March 2001. DIVIDEND Your Directors have not recommended dividend for the period ended as on 31st March 2001, due to heavy losses of the Company. WORKING RESULTS During the year your Company has maintained turnover upto Rs.627.36 lacs as compare to Rs.662.30 lacs in the previous year inspite the networth is fully eroded. The main reason of losses is the Depreciation and interest burden on the Company. The Company is 100% Export Oriented Unit (E.O.U.) status and hope to better in future. DIRECTORS Shri R.B.Arora and Shri L. J. Rajpurohit, Directors, retire by rotation at the ensuring, Annual General Meeting, and are eligible for re- appointment. AUDITORS The retiring Auditors M/s S. Bhandari & Co, Chartered Accountants, P-7, Tilak Marg, C- Scheme, Jaipur are willing to their re - appointment and the Board of Directors proposes to re-appoint them as Statutory Auditors, from the conclusion of this Annual General Meeting until the conclusion of the next Annual General Meeting. Observations made by Auditors are self-explanatory and do not require any further comments except the following: The CST reimbursement Claims which are lodged by the company within a period of 6 month from the end of the concerning quarter and the amount of the claims were also not ascertainable due to the certain factors which may be fluctuate the amount of claim. Hence the Company has not in the position to account for on accrual basis. Liabilities on account of Gratuity has not been ascertained and provided for as none of the employees have completed the qualifying period of service. The Central Bank of India has not update the Company time to time about the changes in the Interest Rates and Penal interest hence the rate charged in the Books of Accounts are as per contractual rate and the variation will be accounted for as and when settled. DIRECTORS RESPONSIBILITY STATEMENT: As required under section 217(2AA) of the Companies Act, 1956 your Directors confirm and state that :- * In the preparation of the Annual Accounts, the applicable accounting standards have been followed. * The Company has selected such accounting policies applied them consistently, made judgements and estimates that are reasonable and prudent so as to give true and fair view of the state of affairs of the Company as at the end of the financial year and the loss of the company for that period. * The Directors have taken proper and sufficient care 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. * The Company has prepared the attached annual Statement of Accounts for the year ended 31st March, 2001 on a going concern basis. FIXED DEPOSIT: The Company has not invited any deposit from the public in terms of Section 58 A of the Companies Act, 1956. PARTICULARS OF EMPLOYEES: During the year under review, no employee of the Company was in receipt of remuneration in excess of the limits prescribed under section 217 (2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975. OTHER INFORMATION: Disclosure of information regarding conservation of energy, technology absorption and foreign exchange earning and outgo u/s. 217 (1)(e) of the Companies Act, 1956 are annexed as " Annexure A" to this report. SICK COMPANY Company has filed an application under section 15(1) of Sick Industrial Companies (Special Provisions) Act, 1985 to BIFR on 12.07.2000 and application has registered as case No.238/2000 vide their letter no.3(T- 22)/BC/2000. The matter is pending for final bearing. The IDBI and Central Bank of India has filed suit in the debt Recovery Tribunal, at Jaipur for recovery of their outstanding dues. The matter is still pending. CORPORATE GOVERNANCE: The importance of Corporate Governance lies in its contribution both to business property and to accountability. Directors fully support basic tenets corporate governance as the prudent exercise of management rights in the best interest of all stakeholders in a company - in particular, its shareholders and creditors, the state and its employees. Directors are fully committed to implement all requirements of clause 49 of the listing agreements by next financial year. The Disclosure from the Company Secretary is enclosed as "Annexure-A". APPRECIATION: Your Board would like to place on record their appreciation for the support received from Government of India, Rajasthan State Government, Industrial Development Bank of India, Central Bank of India, shareholders and others. The Directors also wish to place on record their deep and sincere appreciation of dedicated services rendered by colleagues, workmen and staff of the Company. ON BEHALF OF THE BOARD -Sd- -Sd- Place: Jaipur (S.R. Bamb) (V.M. Dawra) Date : 26th May, 2001 Director Managing Director ANNEXURE TO DIRECTORS REPORT A. TECHNOLOGY ABSORPTION The Company is having Research & Development cell which is continuously working for improving of the quality of material and reducing the wastage and loss. ANNEXURE - A DISCLOSURE FROM THE COMPANY SECRETARY To, The Board of Directors, TERRYFAB (INDIA) LIMITED N.H. 08, Village- Chandwaji, Distt. - JAIPUR. We have examined the registers, records, books and papers of M/s. TERRYFAB (INDIA) LIMITED, having its registered office at N.H. 08, Village- Chandwaji, Distt.-Jaipur, as required to be maintained under the Companies Act, 1956, during the financial year 2000-2001. In our opinion and to the best of our information and according to examinations carried out by us and explanations furnished to us by the company and its officers. We certify that during the year ended March 31, 2001, the company has: 01. Kept and maintained all registers and books of accounts as per the provisions of the Companies Act, 1956 and the rules made thereunder, and all entries therein have been duly recorded; 02. Duly filed all forms and returns to the Registrar of Companies, and/or other authorities as required under the Companies Act. 03. Issued all notices required to be given for Board and General Meetings as per requirement of the Companies Act, 1956. 04. Ensured proper conduct of Board Meetings and Annual General Meeting, Like chairman, quorum, proxies etc. as per the requirement of the Act. 05. Complied with the requirements relating to maintenance of minutes of the proceeding of meetings of Directors and Shareholders. 06. Duly complied with the requirements of listing agreements entered into with the Stock Exchanges. 07. Effected share transfer/transmission and dispatched certificates as per Companies Act. 08. Not paid any dividend since incorporation. 09. Duly complied with the instructions issued by BIFR. 10. Properly addressed shareholder's complaints. FOR R. CHOUHAN & ASSOCIATES COMPANY SECRETARIES -Sd- Place: Jaipur (RAJENDRA CHOUHAN) Dated: May 23, 2001 PROPRIETOR