મેટ્રિક્સ
 
 
મોદિસ્ટોન ડિરેક્ટર્સ રિપોર્ટ, મોદિસ્ટોન ડિરેક્ટર્સ દ્વારા રિપોર્ટ

મોદિસ્ટોન

બીએસઈ: 509117  |  ઍનઍસઈ : N.A  |  ISIN:  |  Tyres

શોધો મોદિસ્ટોન કનેક્શન
ડિરેક્ટર્સ રિપોર્ટ વર્ષાન્ત : Sep '00
 The Directors present the 69th Annual Report together with the Audited
 Statement of Accounts of the Company for the year ended 30th September,
 2000.
 
 FINANCIAL RESULTS                                        (Rs. in Lacs)
 
                               For the year ended    For the year ended
                                       30.09.2000            30.09.1999
 
 Turnover/other Income                         66                  2,39
 
 Gross Profit/(Loss)                       (1,73)                (4,91)
 
 Depreciation                                2,36                  2,42
 
 Profit/(Loss) before tax                  (4,09)                (7,33)
 
 Provision for Excise Duty                      0                     7
 
 Right issue expenses written off               7                    13
 
 Net Profit/(Loss) for the year            (4,16)                (7,53)
 
 ADD : Balance brought forward 
 from previous year                       (92,45)               (84,93)
 
 Balance Profit/(Loss)                    (96,61)               (92,45)
 
 
 The losses incurred by the Company during the period are due to the
 lock out in the Company's Plant at Mumbai and various other Offices and
 Godowns.
 
 STATUS WITH BOARD FOR INDUSTRIAL AND FINANCIAL RECONSTRUCTION (BIFR)
 
 Based on the Balance Sheet as on 30.09.1997, the Board of Directors of
 the Company had decided to make a reference to the Board for Industrial
 and Financial Reconstruction (BIFR) under Section 15 of the Sick
 Industrial Companies (Special Provisions) Act, 1985 (SICA).
 Accordingly, the Company had made a reference to BIFR and it was
 declared as a Sick Industrial Company by BIFR. Industrial Finance
 Corporation of India Ltd. (IFCI) was appointed as Operating Agency (OA)
 under Section 17(3) of SICA to examine the viability and submit its
 report on revival of the Company. As directed, the Company submitted
 its rehabilitation proposal(s).
 
 BIFR in its hearing on 12.01.2000 held that the rehabilitation scheme
 submitted by the company has not been found to be acceptable by the
 secured creditors. Accordingly, the Bench decided that a change of
 management would be considered. It directed OA to issue advertisement
 in the newspapers inviting offers for the
 takeover/leasing/amalgamation/merger for rehabilitation, with or
 without OTS of the dues of the FIs and Banks. The present promoters
 were also permitted to submit their proposal in this regard.
 
 Pursuant to the advertisement released by the OA, the promoters
 submitted their rehabilitation scheme for the revival of the Company on
 10th April, 2000. Although the OA convened a joint meeting, the
 promoters / company were not invited for the same.  On 11th October,
 2000 BIFR, based on the letter dated 01.08.2000 received by them from
 OA passed an order that BIFR has come to the prima facie opinion that
 Modistone Ltd. is not likely to make its net worth exceed its
 accumulated losses within a reasonable time while meeting all its
 financial obligations. The Company, as a result thereof, is not likely
 to become viable on a long term basis and hence, it is just, equitable
 and in public interest that it is wound up under Section 20(1) of the
 Act and directed a show cause notice to be issued accordingly. The show
 cause notice dated 16.10.2000 was accordingly issued fixing the matter
 for hearing on 27th December, 2000.
 
 The Company has filed its objections before BIFR and BIFR has now fixed
 the matter on 7th March, 2001. The company is taking appropriate steps
 in the matter.
 
 INDUSTRIAL RELATIONS
 
 The lock out declared by the Company at its Factory premises at Sewree,
 Central Office, Mumbai District Office and Godown vide the lock out
 notice dated 22nd September, 1997 which became effective from 8th
 October, 1997 and the lock out declared in various other Offices and
 Godowns on different dates in October, 1997 is continuing. The various
 legal proceedings initiated consequent upon the aforesaid declaration
 of lock out are pending in different Courts and the Company is
 defending the same.
 
 FIXED DEPOSITS
 
 Out of the total deposits earlier collected from the shareholders and
 the public, a sum of Rs. 31,000/- from 11 depositors still remain
 unclaimed as on 30th September, 2000,
 
 DIRECTORS
 
 Mrs. Usha Venkatesan has resigned from the Board of Directors since the
 last Annual General Meeting. Your Directors place on record her sincere
 appreciation and gratitude for the services rendered by her.
 
 Mr. R.L. Ahuja and Mr. R.S. Dubey are liable to retire by rotation at
 this Annual General Meeting and being eligible, offer themselves for
 re-appointment.
 
 PARTICULARS OF EMPLOYEES
 
 The Company has no employee who was in receipt of remuneration as has
 been prescribed u/s 217 (2-A) of the Companies Act, 1956, read with the
 Companies (Particulars of Employees) Rules, 1975.
 
 DIRECTORS' RESPONSIBILITY STATEMENT
 
 Your Directors state that :
 
 i) in preparation of the annual accounts, the applicable accounting
 standards have been followed alongwith proper explanation relating to
 material departures;
 
 ii) the Directors had selected such accounting policy and applied them
 consistently. However, no provision has been made in the accounts in
 respect of (i) Loan and interest accrued thereon amounting to Rs. 21.50
 lacs (Note No. 18), (ii) Excise Duty liability in relation to PME case
 wherein Assessing Authority has raised a demand of Rs. 1589 lacs and
 company has provided Rs. 660 lacs (Note No. 20), (iii) Wages to workers
 at Mumbai Plant and various offices estimated at Rs. 6083 lacs [Note
 No. 24(a)(i)], interest due to financial institutions, banks and others
 amounting to Rs. 909.95 lacs [Note No. 24 (a)(ii)(iii)(v)(vi)], (iv)
 interest due on short term loan and raw material loan from holding
 company and also on security deposit from customers (amount not
 ascertained) [Note No. 24(a)(iii)] and writing down of inventories due
 to partly deterioration/damages and obsolence (amount not ascertained)
 (Note No. 25). Subject to these, the Directors had 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 at the end of the financial
 year and of the profit or loss of the company for that period;
 
 iii) the Company has still not been able to obtain some of the
 accounting and financial records (including asset registers and
 revaluation records) due to continued lockout, in the Plant and in
 various offices, which are necessary for preparing the annual accounts
 as well as for finalising the audit. Accordingly, sales, stocks,
 debtors, accrued expenses/liabilities and bank reconciliations etc. of
 the company have been compiled on the basis of available information,
 books of accounts and records. The consequential adjustments, if any,
 on above points would be made in the accounts as and when the complete
 records are available. Subject to the above, the Directors have taken
 proper and sufficient care for the maintenance of adequate accounting
 records in accordance with the provisions of this Act for safeguarding
 the assets of the company and for preventing and detecting fraud and
 other irregularities;
 
 iv) the company had been declared as a Sick Industrial Company by the
 Board for Industrial and Financial Reconstruction (BIFR) vide its order
 dated 15.04.1998 and had appointed IFCI Limited as the Operating Agency
 (OA). BIFR has now issued a Show Cause Notice to the Company for
 winding up on the ground that rehabilitation proposals submitted by the
 company/promoters were not found acceptable to the secured creditors.
 The Company has filed its objections with BIFR against the aforesaid
 Show Cause Notice and shall take such other steps as may be advised.
 Accordingly, the Directors have prepared the annual accounts on the
 postulate of a going concern basis.
 
 LISTING OF SHARES
 
 The Company's 2,07,45,132 Equity Shares of Rs. 10/- each aggregating to
 Rs. 20,74,51,320/- are listed on The Stock Exchange Mumbai and The
 Delhi Stock Exchange Association Ltd. Due to financial stringency the
 company could not pay the listing fees to the aforesaid Stock Exchanges
 since 1st April, 1998 onwards.
 
 AUDITORS
 
 Ford, Rhodes, Parks & Company who are Auditors of your Company, retire
 at this Annual General Meeting and being eligible, offer themselves for
 re-appointment. A Certificate in terms of Section 224(1B) of the
 Companies Act, 1956 has been received from them.
 
 AUDITORS' REPORT
 
 The notes on the statement of the Accounts referred to in the report of
 the Auditor have been suitably explained by way of notes to the
 accounts and may be treated as information/explanations submitted by
 the Board as contemplated u/s 217(3) of the Companies Act, 1956.
 
 TAX AUDIT
 
 The Company has re-appointed M/s. Thakur & Company as Auditors for
 submitting Tax Audit Report in terms of Section 44AB of the Income-Tax
 Act, 1961 for the financial year ended March 31, 2001.
 
 CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
 EARNINGS AND OUTGO.
 
 Since the Factory/Depots of the Company were under lockout, no
 production activity could take place during the period.  Therefore,
 Conservation of Energy, Technology Absorption, Research and Development
 and Adaptation and Innovation Activities could not be carried out.
 Foreign Exchange Earnings and outgo was nil. Hence, Form A and B
 prescribed in this regard are not attached.
 
 
 
સ્તોત્ર: રેલીગેર ટેકનોવા


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