The Directors present the 15th Annual Report together with the Audited
Accounts and Cash Flow statement of year ended 31st March, 1998.
OPERATIONAL RESULTS :
FINANCIAL RESULTS :
The financial results of the company for the year ended 31st March, 1998 and for the previous year are
Rs. in Lakhs
Particulars 1998-98 1996-97
Gross Sales inclusive of other income 130 401
Operating Profit before Interest,
Depreciation and Tax (13) 80
Less Interest 53 50
Operating Profit before Depreciation
and Tax (66) 30
Less Depreciation 14 18
Operating Profit before Tax (80) 12
Accumulated Loss 149 69
PRODUCTION & SALES
Particulars 1997-98 1996-97
Cement Production (MT) 5470 20145
Sales (MT) 5618 19688
The operational results present a depressing scenario. The company had
to curtail production and eventually stop production for a considerable
period due to extremely depressed market conditions. The financial
erosion reflects this situation.
In these circumstances it has not been possible to provide for any
dividend to the shareholders.
The future outlook for all infrastructural industries, such as Cement
Industry is dependent not only on Govt. and large corporate policies
but also the actual ground level investments. The heartening feature is
that Govt. of India has realised the urgency of committing sizeable
investment in the Country's infrastructural sector such as Power Plants, Irrigation Projects, Roadways and
Bridges & Housing Sector. The policies have already been announced and it is hoped that the 'Investment
Rupees' will soon show progress at the grass roots.
The Cement Industry would show a 'pick-up' by the middle of the 1999-2000, the current year 1998-99 being
again a depressed year.
In line with the adversities being faced by the Company, the employees
have also had to suffer a great deal. In these difficult circumstances, there has been general
understanding of the problems for which the management is very appreciative.
Sri. R.K. Rath, IAS (Retd.), Director of the Company retires by rotation at the ensuing Annual General
Meeting and, being eligible, offers himself for reappointment.
M/s. S.N. Adlakha & Co., Chartered Accountants, the Statutory Auditors
of the company, retire at the conclusion of this Annual General Meeting
and have expressed their willingness to be re-appointed as Auditors of
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
As required under section 217(1)(a) of the Companies Act, 1956 read with Rule of the Companies (Disclosure
of particulars in Report of Board of Directors) Rule, 1988 the particulars relating to the conservation of
energy, technology absorption and foreign exchange earnings are as follows :
I. Conservation of energy :
The company continued to give priority to conservation of energy and
proposals are being implemented for reduction of energy consumption.
II. Foreign exchange earnings and outgo :
The company has neither earned nor used any foreign exchange during the
period ended 31st March, 1998.
PARTICULARS OF EMPLOYEES
The particulars required pursuant to the provision of section 217(2A)
of the Companies Act, 1956 read with the Companies (Particulars of
Employees) Rule, 1975 as amended by the Companies (Amendment) Act, 1988
the name & other particulars of employees of the company who were in
receipt of remuneration of not less than Rs. 3,00,000/- p.a. during the
period ended 31st March 1998 or not less than 25,000/- per month during
the period under review was nil.