TERRYFAB (INDIA) LIMITED
ANNUAL REPORT 2000-2001
Your Directors have pleasure in presenting the 8th Annual Report with the
Audited Statement of Accounts for the period ended 31st March 2001.
Your Directors have not recommended dividend for the period ended as on
31st March 2001, due to heavy losses of the Company.
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.
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.
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
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
* 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.
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)
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.
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
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".
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
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
ANNEXURE - A
DISCLOSURE FROM THE COMPANY SECRETARY
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
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
Place: Jaipur (RAJENDRA CHOUHAN)
Dated: May 23, 2001 PROPRIETOR