The Directors have pleasure in presenting their tenth Report together
with Audited Accounts of the company for year ended 31st March 1999.
(Rs. in Lacs)
Particulars 31-03-1999 31-03-1998
Turnover and other income 366 537
Gross Profit/Loss before
interest and Depreciation (189) (301)
Interest 390 340
Depreciation 128 149
Profit/(Loss) (707) (790)
Cash Profit/(Loss) (579) (641)
Performance of the company for the period under report is not
satisfactory. Company suffered losses of Rs. 707 lacs against previous
years net loss of Rs. 790 lacs and company suffered cash loss of Rs.
579 lacs against previous year's loss of Rs. 641 lacs. Turnover has
declined to Rs. 366 lacs against Rs. 537 lacs recorded in previous
year. Due to continued demand recession in the Acrylic Industry and
severe liquidity crunch in the country, the demand of company's
products fell drastically resulting lower prices of the products and
depletion in the value of stocks. The higher costs for inputs,
increase in financial cost, higher rate of excise duty and lower
capacity utilization are some other reasons for losses.
Due to non availability of profit, as explained above the directors
are unable to recommend divided.
Pursuant to the provisions of the Companies Act., 1956 and Article of
association of the company Sh. Kishan Arora and Smt. Goldy Arora, the
directors of the company are liable to retire by rotation and being
eligible offers themselves for reappointment at forthcoming Annual
M/s Nanda and Bhatia, Chartered Accountants, Ludhiana the Auditors of
the company retire at the conclusion of ensuing Annual General Meeting
and being eligible offers themselves for reappointment.
Auditor's observations on accounts are self explanatory and do not
require any explanation as the same have been dealt with suitably in
notes on accounts.
Particulars of the employees pursuant of section 217(2A) of the
Companies Act, 1956 read with Companies (Particulars of Employees) rules
CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION
As regard disclosure under section 217(1)(e) of the Companies Act, 1956
read with Companies (Disclosures of Particulars in the Report of Board
of Director) rules 1988 a statement showing particulars of
conservations of energy, technology absorption and foreign exchange
earning and outgo is annexed hereto and forms part of this report.
The company has neither accepted any fixed deposits pursuant to the
provision of section 58A of the Companies Act, 1956 during the year
under review nor any deposit overdue is outstanding.
Particulars as required under companies (Disclosure of particulars in
the Report of Board of Directors) Rule, 1988 and forming part of the
Directors Report of the year 31st March 1999.
FORM FOR DISCLOSURE OF PARTICULARS WITH RESPECT TO ABSORPTION OF
RESEARCH AND DEVELOPMENT (R&D)
A) Research & Development Nil Nil
B) Technology absorption,
Adaptation and innovation Nil Nil
C) (i) Foreign Exchange Earnings Nil Nil
(ii) Foreign Exchange outgo (Rs.)
Raw Material Nil Nil
Capital Goods Nil Nil
Spare Parts Nil Nil
Foreign Travelling Expenses Nil Nil