The Directors have great pleasure in presenting their Seventh Annual
Report and the Audited Accounts of the Company for the Financial year
ended on 31st March 1998.
FINANCIAL RESULTS :
The Financial Results of the company for the year ended on 31st March
1998 as compared to previous year are summarised below.
Amount Rs. Amount Rs.
Profit Before Interest, Dep. & Taxation 1,22,52,319 1,23,86,106
Less : (i) Interest & commission. 45,42,808 48,54,025
(ii) Depreciation. 17,81,596 17,78,977
Profit Before Tax 59,27,915 57,53,104
Provision for Taxation - -
Profit After Tax 59,27,915 57,53,104
SKIPING OF DIVIDEND :
Eventhough the company has registered a very good performance for the
year, in view of the expansion programme, the directors feel that it
would serve the interest of the company better if the surplus
accumulated is ploughed back in to operations of the company to ensure
long term strength and stability the directors, therefore do not
recommend any dividend for the year.
The Company recorded an impressive performance even in adverse market
situation during the year under review. Domestic turnover, at Rs.
2102.56 lacs represents an increase of 4.08%. Export Sales has been
reduced from Rs. 69.10 to Rs. 57.03 lacs during current year due to
Interest payments and repayment of principal to the term landing
Institutions and Banks were met in time and in full during the year
ENVIRONMENTAL PROTECTION :
The Company continues to attach permanent importance to the
conservation and improvement of the environment.
PUBLIC DEPOSITS :
During the year under review, the company has accepted fixed deposits
from its employees, Members and Directors which is exempted from the
purview of sec. 58 A of the Companies Act, 1956, As there was no
deposits unclaimed or unpaid by the Company after the date on which it
has become due for payment or renewal on 31st March 1998 the
information regarding such deposits are not furnished.
All Insurable assets of the Company are Insured.
FOREIGN EXCHANGE EARNING & OUTGO :
The Company has neither any earnings nor any outgo of Foreign Exchange
during the year.
INDUSTRIAL RELATION :
The Employer-Employee relation were cordial throughout the year under
review. The Company's performance owes much to their efforts.
A. CONSERVATION OF ENERGY :
Energy conservation is high priority area for the company. Our
continued efforts to reduce and optimise the use of energy consumption
has shown positive results better controls are planned to achieve
further reduction in energy consumption.