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માઇકાલ ફાઇબર્સ ડિરેક્ટર્સ રિપોર્ટ, માઇકાલ ફાઇબર્સ ડિરેક્ટર્સ દ્વારા રિપોર્ટ

માઇકાલ ફાઇબર્સ

બીએસઈ: 514380  |  ઍનઍસઈ : MAIKALFIBR  |  ISIN: INE341C01016  |  Textiles - Spinning - Cotton Blended

શોધો માઇકાલ ફાઇબર્સ કનેક્શન
ડિરેક્ટર્સ રિપોર્ટ વર્ષાન્ત : Mar '04
Dear Shareholders, 
  
 The Directors present their 13th Annual Report together with the
 audited results for the year ended March 31, 2004 as under 
 
 FINANCIAL RESULTS                         2003-2004     2002-2003 
                                         (Rs. in Lacs) (Rs. in Lacs)
  
 Total Sales & Other Income                   4,613.62      4,118.45 
  
 Less : Expenditure excluding Depreciation, 
 Interest & Extra ordinary item               4,611.07      4,636.06 
  
 Profit/(Loss) before Interest,
 Depreciation & Extra Ordinary item               2.55      (517.61) 
  
 Less :  
  
 i) Interest                                    488.78        666.97
 
 ii) Depreciation                               404.07        405.04
 
 iii) Exchange Loss                              71.54         70.49
 
 iv) Sundry Adjustment                          331.35          3.15
 
 v) Provision for Doubtful Debts                540.03         68.83 
  
 Profit/(Loss)                              (1,833.22)    (1,732.09) 
  
 In view of the losses incurred during the year under review, no
 dividend is recommended.
  
 OPERATIONS AND FUTURE OUTLOOK 
  
 During the year under review, the sales and other income increased to
 Rs. 4613.62 sacs from Rs. 4118.45 lacs in the previous year. The
 effective utilisation of working capital has helped your Company in
 reducing the interest cost by over 26%. Strict control over cost and
 other manufacturing and administrative expenses has made it possible to
 post an operating profit of Rs. 2.5 lacs from a loss of over Rs. 517
 lacs in the previous year. With a view to long term benefits, damaged
 raw materials to the extent of Rs. 327 lacs has been written off and a
 provision for doubtful debts and advances has been made for Rs. 540
 lacs which have effectively increased the bottom line.
  
 The shortage of working capital did not allow your Company to meet
 export commitments but forced to sell in the domestic market. The
 Company could not achieve optimum production capacity.
  
 The Company's high quality products enjoy well acceptance, both in
 domestic and export markets. The domestic raw material prices still
 continue to be favourable compared to the ruling international raw
 material prices and the Company is optimistic to improve its
 performance provided the working capital needs are augmented in the
 coming financial years. The Company is in serious negotiations with
 Banks and Financial Institutions to restructure its long term debts and
 once it is achieved, it will go a long way in improving the overall
 profitability of the Company. The demand for cotton yarn continue to be
 buoyant and the Company expects to take full advantage of this
 opportunity to improve its both export and domestic sales.
  
 DEMATERIALISATION OF EQUITY SHARES 
  
 Pursuant to the Notification issued by the Securities & Exchange Board
 of India, the equity shares of the Company have been activated for
 trading in electronic form for all investors effective February 01,
 2001 in both NSDL and CDSL. As per SEBI directions, trading in equity
 shares of your Company is compulsory in dematerialised form.
 Shareholders are free to hold shares in demat form with a Depository
 Participant' or can keep shares in physical form. Dematerialised shares
 can also be rematerialised at any time.
  
 DIRECTORS' RESPONSIBILITY STATEMENT 
  
 Pursuant to Section 217(2AA) of the Companies Act, 1956, your Directors
 state that in the preparation of the annual accounts of the Company,
 the normally accepted accounting standards have been followed and there
 is no material departure. The accounting policies selected have been
 applied consistently and they have made reasonable and prudent
 judgements and estimates so as to give a true and fair view of the
 state of affairs of the Company at the end of the financial year and of
 the Profit or Loss of the Company for that period. Significant
 accounting policies and other information are appearing in Schedule-11
 to the Notes to Accounts forming part of the Statement of Account.
 Proper and sufficient care has been taken for the maintenance of
 adequate accounting records in accordance with the provisions of the
 Companies Act, 1956, for safe guarding the assets of the Company and
 for preventing and detecting fraud and other irregularities. The annual
 accounts have been prepared on a going concern basis and have been
 audited by M/s. A. K. Kumar & Company, Chartered Accountants, and as
 required under the law, their report to the members of the Company is
 attached with the annual accounts. Commensurate with the size and
 nature of business, the Company has adequate internal control system
 maintained by an independent internal audit team. The Internal
 Auditors, Statutory Auditors and Audit Committee Members have free and
 full access to information contained in the records of the Company for
 carrying out their respective responsibilities.
  
 CORPORATE GOVERNANCE 
  
 A report on Corporate Governance and Management Discussion & Analysis
 together with the Auditors Certificate regarding compliance of
 conditions of Corporate Governance as stipulated in Clause 49 of the
 Listing Agreements with the Stock Exchange are given separately and
 form part of the Annual Report.
  
 CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
 EARNINGS AND OUTGO
  
 The details of Conservation of Energy, Technology absorption and
 Foreign Exchange earnings and outgo as required under the Companies
 (Disclosure of Particulars in the Report of Board of Directors) Rules,
 1988 pursuant to Section 217(1)(e) of the Companies Act, 1956 are
 annexed and form part of the Report.
  
 DIRECTORS 
  
 Mr. S. S. Kejriwal resigned from the Board with effect from December
 02, 2003. The Board records its appreciation for the valuable
 contributions made by Mr. S. S. Kejriwal during his tenure as Director
 of the Company. In the Board Meeting held on March 29, 2004, the Board
 appointed Mr. Roop Kumar Patney as a Director of the Company in the
 casual vacancy caused by the resignation of Mr. S. S. Kejriwal with
 effect from 29th March, 2004. Mr. Patney - B. Sc. (Agriculture) has
 over 38 years experience in fields of plantation, excise and legal
 affairs. His in-depth experience in Textile industry will be of immense
 advantage for the future growth of the Company. The Board considers him
 as the most suitable candidate for the position. Mr. Deepak Nagar is
 retiring by rotation at this Annual General Meeting and, being
 eligible, offers himself for reappointment.
  
 AUDITORS 
  
 Messrs. A. K. Kumar & Company, Chartered Accountants, retire at the
 conclusion of this Annual General Meeting and are eligible for
 reappointment. An application has been made to the Central Government
 for the appointment of Mr. D. N. Banerjea as Cost Auditor for
 conducting the cost audit for the year ending March 31, 2005.
  
 PERSONNEL 
  
 The employer-employee relations were very cordial and an atmosphere of
 understanding prevailed throughout the year. Training, development and
 safety & welfare of the employees were given top priority by the
 Management. There was no employee of the Company who received
 remuneration in excess of the limit as prescribed under Section 217(2A)
 of the Companies Act, 1956 read with the Companies (Particulars of
 Employees) Rules 1975, as amended.
  
 ACKNOWLEDGEMENTS 
  
 The Directors place on record their deep appreciation for the continued
 support and co-operation extended by the Financial Institutions, Banks
 and REMEI AG of Switzerland. The Directors also wish to thank the
 Company's esteemed shareholders, customers, the State and Central
 Governments and the dedicated employees at all levels for their
 valuable contribution and continued support.
  
                                           On behalf of the Board 
 
                                              MRIGENDRA JALAN 
                                             Managing Director 
  
 Place : Kolkata                              R. K. PATNEY
 Date : 3rd September, 2004                     Director 
  
 ANNEXURE - TO DIRECTORS' REPORT 
  
 CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
 EARNINGS & OUTGO
  
 Pursuant to Section 217 (1)(e) of the Companies Act, 1956 read with the
 Companies (Disclosure of Particulars in the Report of Board of
 Directors) Rules, 1988.
 
 RESEARCH AND DEVELOPMENT (R & D) 
  
 Research and Development continues to provide valuable support to our
 exports and also to keep pace with changing customers requirement. High
 priority is being given to in-house research and innovation. It also
 subscribes to the Ahmedabad Textile Industries Research Association
 which does extensive R & D for the Textile Industry.
  
 TECHNOLOGY ABSORPTION 
  
 The Company is not using imported technology. 
  
 FOREIGN EXCHANGE EARNINGS AND OUTGO 
  
 Foreign Exchange Earned Rs. 14,11,14,609/-
 Foreign Exchange Outgo Rs. 5,76,834/- 
 
                                              On behalf of the Board 
 
                                                 MRIGENDRA JALAN 
                                                Managing Director
  
 Place : Kolkata                                   R. K. PATNEY
 Date : 3rd September, 2004                          Director 
 
સ્તોત્ર: રેલીગેર ટેકનોવા


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