The Directors present their 25th Annual Report for the year ended 31st
FINANCIAL RESULTS Current Year Previous Year
(Rs. in Lacs) (Rs. in Lacs)
Sales & other income 2.54 7.33
Loss Before Depreciation & Taxation (277.56) (149.55)
Depreciation 13.78 14.14
Loss for the year (291.34) (163.69)
Short Provision (1.09) 0.47
Balance brought forward (1071.11) (903.95)
Loss (1361.36) (1071.11)
Deduct General Reserve as per Contra 137.75 137.75
Balance Carried to Balance Sheet (1223.61) (933.36)
Report of auditors to the members and notes to accounts are self
In view of the loss, the Directors do not recommend any Dividend.
There is no improvement in the situation at Mysore.
The Company has not accepted nor renewed any fixed deposits. All
deposits matured during the year were repaid, except a sum of Rs.
59.000/- relating to 10 deposits unclaimed as on 31st March, 1999.
REFERENCE TO BIFR
As reported last year, the Company has been registered with BIFR. The
Operating Agency ICICI, on the directions of BIFR, appointed an
approved Chartered Engineer to evaluate the assets. The Chartered
Engineer has since submitted their valuation Report to ICICI. Based on
this, ICICI is required to fix the reserve price for the assets of the
BIFR Bench, in their order dated January 29, 1999 formed an opinion
under Section 20(1) of SICA, that the Company should be wound up.
Based on this order, all the papers have been sent to the High Court of
Bombay for further action under the law.
ICICI Limited, the Operating Agency, filed a Civil Suit in the High
Court of Bombay in April, 1999 for appointment of the Receiver to take
physical possession of the Assets in order to safeguard their
interests. High Court of Bombay vide their order dated July 8, 1999
appointed a Receiver to take physical possession of the Assets.
Receiver's office is in the process of taking physical possession of
the Assets of the Company.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN
EXCHANGE EARNINGS AND OUTGO.
As there were no operations during the year, information in accordance
with Section 217(1)(c) of The Companies Act, 1956 read with Companies
(Disclosure of Particular in The Report of Board of Directors) Rules,
1988 is not included.
Mr. M. C. Katakia, Director, has resigned from the Board of Directors
on 30th September, 1999. The Board places on record Lits Appreciation
for the valuable services rendered by Mr. M. C. Katakia as Director.
There are no employees of the Company whose particulars are required to
be reported under Section 217(2A) of The Companies Act, 1956 and Rules
You are requested to appoint Auditors for the period commencing from
the conclusion of the ensuing Annual General Meeting till the
conclusion of the next Annual General Meeting.
The Notes referred to in the Auditor's Report are self explanatory.