The Directors have pleasure in presenting the Annual Report alongwith
Audited Statement of Act counts for the year ended 31st December, 1998.
FINANCIAL RESULTS (Rs. in lakhs)
Year Fifteen months
Ended Period Ended
Profit Before Interest & Depreciation (62.81) (41.49)
Interest 318.44 402.75
Depredation 160.31 219.77
Profit / (Loss) Before Taxation (541.56) (664.01)
Expenses Related to previous year 2.71 --
Profit / (Loss) After Taxation (544.27) (664.01)
Balance brought forward
from previous year (1152.30) (488.29)
Balance Carried to Balance Sheet (1698.57) (1152.30)
CURRENT OPERATION AND FUTURE OUTLOOK
During the period under review most of the loss sustained by the
company are on account of interest and depredation which couldn't be
recovered due to adverse market condition. Further, working result of
the company was fueled due to persistent labour unrest in the factory
which has resulted in bottom line adversely. However management has
resolved the problem and are hopeful about commencement of regular
production in November 99.
The Granite Phase II is near completion and is likely to be commenced
in November 99.
Mr. N. K. P. Varma and Mr. A. Pathak retire by rotation at this meeting
and are eligible for re-appointment.
The Auditors, M/s. P. K. Himmatsinghka & Co., Chartered Accountant,
retire at the conclusion of the ensuing Annual General Meeting and
being eligible have expressed their willingness to be reappointed.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO
The Statement pursuant to Section 217(1) (e) of the Companies Act,
1956, read with the Companies (Disclosure of Particulars in the Report
of the Board of Directors) Rules, 1988 is given in the Annexure forming
part of this report.
No employee of the Company is covered Under Section 217(2A) of the
Companies Act, 1956 read with Companies (Particulars of Employees)
A. CONSERVATION OF ENERGY :
a) Energy Conservation measures taken :
The Company Continues to make every effort to Conserve energy by
constant monitoring of production process.
b) Additional Investments & proposals, if any being implemented for
reduction of consumption of Energy
c) Impact of the measures of (a) & (b) above for reduction of energy
consumption & consequent impact on the cost of production of goods
B. TECHNOLOGY ABSORPTION :
I. Research & Development (R & D)
1. Specific areas in which R & D carried Out by the Company.
2. Benefits derived as a result of the above R & D.
3. Future plan of action
Plan is under consideration and detailed plan will be taken up after
commencement of Commercial Production of Phase II of 100% EDU Granite
4. Expenditure on R&D :
II. Technology Absorption, Adaption & Innovation.
1. Efforts, in brief, made towards Technology Absorption, Adaptation.
Technology absorption will be taken place on a continuous basis after
the commencement of commercial production of Phase II of 100% EOU
2. Benefits derived as a result of the above efforts.
C. FOREIGN EXCHANGE EARNINGS AND OUTGO