| The directors have pleasure in presenting before you the Twelth Annual
Report together with the audited accounts of the company for the year
ended on 31-03-2000.
DIVIDEND
Due to loss, directors are unable to recommend any dividend.
FIXED DEPOSIT
The Company has not accepted any Deposits from the Public during the
year under review.
FINANCE
The company has allotted 10000000 equity shares of Rs. 10/- each on
preferential basis pursuant to resolution passed u/s 81 (1A) of the
Companies Act, 1956 on 20.06.2000. The said shares were issued in view
of the proposed expansion of business and to meet the requirement of
long term working capital need of the company.
DIRECTORS
In accordance with the Provisions of the Companies Act, 1956 and the
Company's Articles of Association, Mr Nilesh Suthar who retires by
rotation at the forthcoming Annual General Meeting and being eligible
offer himself for reappointment.
During the year under review Smt Indu Bhandari and Mr Ramesh Bhandari
ceased to be directors pursuant to Section 284 of the Companies Act,
1956 and Mr Nilesh S Shah and Mr Hemant Y Gupta were appointed in their
place at the Extra Ordinary General Meeting of the Members held of
February 16, 2000.
Mrs Meeta P Kapoor was appointed as additional director of the company
and special notice is terms of Section 257 of the Act alongwith Deposit
of Rs. 500/- in cash for her candidature has also been received.
AUDITORS' REPORT
The notes to the accounts referred to in the auditor's report are self
explanatory and therefore do not call for any further comments.
CONSERVATION OF ENERGY, TECHNOLOGY, ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
Section 642 read with clause (e) of sub-section (1) of section 217 of
the Companies Act, 1956 relating to disclosure of particulars of energy
conservation, technology, absorption and foreign exchange earnings and
outgo, pursuant to Companies (disclosure of particulars in the report
of Board of Directors) rules 1988 is not applicable to the Company.
PERSONNEL
Since there is no employee drawing Rs. 50,000/- (Rupees Fifty Thousand
Only) or more per month during the year or Rs.6,00,000/- (Rupees Six
Lacs Only) or more per annum, no statement is appended to the
Directors' Report as required Under Section 217(2A) of the Companies
Act, 1956 and the rules made thereunder.
AUDITORS
The present Auditors, M/s. Nimesh M Shah & Co, Chartered Accountants,
will retire at the forthcoming annual general meeting and are eligible
for re-appointment. The Directors recommend their re-appointment.
LISTING
The Company's Equity Shares are listed on Ahmedabad and Mumbai Stock
Exchanges and listing fees have been paid for the year 2000.
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