The Directors have pleasure in presenting the 6th Annual Report
together with the Audited Accounts of your Company for the Year ended
31st March, 1999.
FINANCIAL RESULTS (Amt.Rs. in Lacs)
SR.NO. PARTICULARS 1998-99 1997-98
1. Sales & Other Incomes 222.98 159.04
2. Profit (Loss) Before Taxation (89.20) (73.04)
3. Provision for Taxation NIL NIL
4. Profit (Loss) After Taxation (89.20) (73.04)
5. Prior period Adjustments (Net) Nil 22.96
6. Loss on investment Nil (3.28)
7. Brought Forward Profit (Loss) (82.09) (28.73)
8. Balance Carried to Balance Sheet (171.30) (82.09)
THE PROJECT AND PERFORMANCE :
Despite of recession in the industrial sector throughout the year, your
company has made a sales growth of around 40% during the current year.
However due to the poor monsoon and late rains in the Saurashtra Region
a prime source of raw materials of quality and heavy interest and
finance charges the profitability of the company was adversely
In view of the loss incurred by your Company during the year under
review your directors does not recommend dividend for the year 1998-99.
Since there is no employee in the Company drawing monthly Salary of Rs.
50,000/- or more, the provisions of Section 217 (2A) of the Companies
Act, 1956 are not applicable.
MATTER REQUIRED TO BE REPORTED AS PER COMPANIES (DISCLOSURE OF
PARTICULARS IN THE REPORT OF THE BOARD OF DIRECTORS) RULES, 1988.
A. CONSERVATION OF ENERGY
Continious efforts are put in to consume energy at all levels.
B. TECHNOLOGY ABSORPTION.
The Company is carrying R. & D. on its products. The Company is making
efforts to improve its technology resulting in to cost reduction and
product development. The Company has not imported any technology
during tile year under review.
C. F0REIGN EXCHANGE EARNING AND OUTGO :- Nil
Mr. R. A. Jamal being longest in the office as director shall retire
from office by rotation at the forthcoming Annual General Meeting and
he is eligible to offer himself for reappointment.
Mr. S. R. Shah, Mr. A. A. Andani and Mr. B. M. Patel have been
appointed as additional directors w.e.f. 17-10-98, 01-01-99 and
01-01-99 respectively and Mr. S. R. Shah and Mr. B. M. Patel have been
appointed as whole time director w.e.f. 01-02-99 for a period of five
years and Mr. A. A. Andani has been appointed as the Chairman and
Managing Director w.e.f. 01-02-99 for 4 period of five years.
The Managing Director Mr. D. B. Patel has resigned from the board
w.e.f. from 27-10-98. Mr. M. H. Alarakhia and Mr. H. D. Dedhia has
resigned as director w.e.f. 01-03-99.
M/S. Dinesh R. Thakkar & Co., Chartered Accountants, Ahmedabad, the
Auditors of the Company retires, at the conclusion of the forthcoming
Annual General Meeting and being eligible offers themselves for
Y2K COMPLIANCE :
Your company has made preparations to enable its systems to operate