| The Directors take pleasure in presenting the Annual Report together
with the audited Balance Sheet as on 30th September 1999 the Profit and
Loss Account for the year ended on that date and the Auditor's Report
thereon.
FINANCIAL RESULT
Rupees in Lakhs
September 1999 September 1998
Total Income 12522.86 10142.56
Profit before depreciation and interest 1276.15 1130.75
Interest and Financial Charges 336.05 241.97
Profit After Interest and Depreciation 808.27 756.97
Tax 185.44 12.08
Profit after Tax 622.84 744.89
DIVIDEND
The Board is pleased to recommend a dividend of 12%
FUTURE PLANS
The Company is pleased to inform that they have been successful
completed first phase of the project. And also placed orders for
machines for second phase. In order to part finance the cost of the
expansion program, M/s IFCI have sanctioned 10.00 Crores as term loan
and bank a working capital limits of 44.50 Crores. The company is also
planning to avail further 30.00 Crores from IFCI under Technical Up
gradation Fund at concessional Rate of interest of about 10%.
Considering the vast Business opportunity due to global boom in usage
of computers, the Software Industry is doing extremely well.
Indicators are that the trend is likely to continue for the next few
years. The Company has already invested in Mysore near the Silicon
Valley of India (Bangalore) in a big way The directors are of the
opinion that the company diversify into software development for which
necessary consultation have already begun. And the Company Bankers
have shown interest in lending in the same also.
YEAR 2000
The Company has taken appropriate steps to be Y2K compliant. The
expenditure to ensure Y2K compliance have not any material financial
impact.
AUDITORS
M/s. R. Ramesh Kumar & Co., Chartered Accountants, Auditors of the
Company, retire at the conclusion of the forthcoming Annual General
Meeting and are eligible for re-appointment. The Company has received
a certificate from the Auditors certifying that their re-appointment,
if made, would be within the specified limits under Section 224 (1 B)
of the Companies Act, 1956.
DEPOSITS
The Company has neither invited nor accepted any deposits from Public
ENERGY, TECHNOLOGY AND FOREIGN EXCHANGE
Efforts have been initiated for conservation of energy and technology
absorption including R & D. The outcome of the efforts will be
reflected from the ensuing year. There has been no inflow or outflow
of foreign exchange during the current year.
DIRECTOR
Shri R.N. Yadav, Shri K.B. Singh are appointed as additional directors
as per the advice of IFCI. Company will gain by their experience in
the Textile Industries. Company is further broad basing the Board of
Directors to bring more professionalism in the company.
PERSONNEL
Since the Company has not attracted the provisions under Section
217-(2A) information in this regard has not been furnished.
LISTING
The Company's shares are listed at Mumbai Hyderabad Stock Exchanges And
Traded at NSE The Company has paid the listing fee to the Stock
Exchanges.
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