| The Directors have pleasure in presenting their Fifteenth Annual Report
together with the Audited Accounts of the Company for the year ended
31s March, 1999.
FINANCIAL RESULTS
As at 31.3.99 As at 31.3.98
Profit/Loss before Tax 390873 (-) 13686
Less : Provision for Tax 32000 21000
358873 (-) 34686
Add : Profit brought forward from
previous year 1896903 1931853
Add/Less : Income Tax adjustment for the
previous years. 262029 (-) 264
Balance carried to Balance Sheet. 1993747 1896903
DIVIDEND
The Directors do not recommend any Dividend for the year under review
due to inadequate Profit earned during the year.
DIRECTORS
In accordance with the provision of the Companies Act, 1956 Shri.
Shantial M Jain retire by rotation at the Annual General Meeting and is
eligible for re-appointment
PARTICULARS OF EMPLOYEES.
None of the employees of the Company were in receipt of aggregating of
remuneration by more than Rs.6,00,000/- per annum, if employed for the
full year more than Rs. 50,000/- per month if employed for the part of
the year. Therefore provision of Section 217 (24) of the Companies Act
1956 are not applicable.
AUDITORS.
M/s. Vijay R. Tater & Co., Chartered Accountants, Mumbai, retire at
ensuing Annual General Meeting and are eligible for re-appointment have
offered themselves for re-appointment, if re-appointed so.
SECTION 217 (1) (e) OF THE COMPANIES ACT, 1956.
The Company has no activity relating to conservation of energy or
technology absorption. The Company did not have any foreign exchange
earnings expenditure.
AUDITORS REPORT.
The Auditors in their report have referred to the notes forming part of
Accounts. The said notes are self explanatory.
Year 2000 Status : The Company has initiated prudent and reasonable
steps to minimise the risk of exposure to the Y2K compliant. The
Financial impact on the Company as anticipated would not be material to
its Financial or its operations.
Listing of shares : The company's shares are listed with Mumbai
stock Exchange, Dalal Street, Fort, Mumbai-23 and the listing fees for
the year 1998-99 has been paid on time.
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