The Directors presents to you their Thirty Eighth Annual Report
together with Audited statements of accounts for the year ended 31st
Current Year Previous Year
Profit/((Loss) for the year before charge of
Interest and depreciation 7,47,60,933 48,28,672
Interest & Depreciation :
Interest NIL NIL
Depreciation 1,17,271 1,38,061
Profit for the year after interest
and Depreciation 7,46,43,662 46,90,611
The sales for the current year amounted to Rs. 4.35 Lacs as compared to
previous year Rs. 8.13 lacs. The company is under lock effective from
1st March, 1997.
The profit earned by the company during the year is Rs. 746.44 lacs as
compared to previous year profit of Rs. 46.91 lacs. The company profit
is due to waiver of the liabilities towards bank and other liabilities.
The members are aware that the company is Sick Industrial Company as
admitted by the Board of Industrial and Financial Reconstruction
(BIFR). The company has made full payment of the One Time Settlement
(OTS) offer amount to Bank of India and Canara Bank during the year
amounting to Rs. 2 Crore each.
Foreign Exchange earned during the year 31st March, 1999 was NIL and
spent during the year 31st March, 1999 was NIL as compared to previous
year 31st March, 1998 also it was NIL. The company does not have any R
& D department nor any technological absorption and energy conservation
measures. Hence separate details is not given as required under the
Companies Amendment Act, 1988.
Brig. Atma Singh and Mr. S. M. Shetty retire by rotation and being
eligible offers themselves for re-appointment.
M/s. Gondalia & Mandviwalla, Chartered Accountants, retire at the close
of the Annual General Meeting and being eligible offer themselves for
re-appointment. You are requested to appoint Auditors for the current
year and fix their remuneration.