NEW ERA URBAN AMENITIES LIMITED
Your Directors have pleasure in presenting you the Fifth Annual Report
together with the audited accounts of your Company for the year ended
As Miscellaneous Expenditure for Rs. 26.73 lakhs is yet to be written off,
the Company is not in a position to declare dividend.
HIGHLIGHTS OF OPERATIONS
The Company is in the process of completing its prestigious project at
Semmenchery Village consisting of 648 dwelling units in an area of 4,33,570
sq. ft. Infrastructural facilities like Post Office, Bank, School and
Shopping Complex will be provided in the project.
The Company is also developing deluxe flats at Kotturpuram, Madras in an
area of 22 grounds consisting of 40 flats with constructed area of 1,09,500
sq. ft. Amenities like Health Club, Swimming Pool, etc. will be provided.
The Company has successfully completed its contract for construction of
Software Technology Park at Taramani for a value of Rs. 3.4 Crore.
The Company is in the continuous process of acquiring more house sites in
and around Madras City.
New Era Urban Amenities Ltd. has promoted a company in the name and style
of Newam Power Company Limited n joint sector with Tamil Nadu Industrial
Development Corporation Ltd. (TIDCO). This Company will be producting
power from non-conventional sources. The Company has signed a foreign
collaboration agreement for the generation of 5 MW power using Municipal
Solid Waste at a project cost of Rs. 19 Crore. The Madras Metropolitan
Water Supply and Sewerage Board (MMWSSB) has given 10 acres of land on
lease to the Company at Perungudi dumping yard. Ministry of Non-
Conventional Energy Sources (MNES) has sanctioned a subsidy of Rs. 150
lakhs and Central & State Financial Institutions have sanctioned Rs. 750
lakhs as Term Loan. This Company has started implementing this project.
Besides a Wind Mill Farm with 5 MW is proposed to be established at
Kanyakumari District at project cost of Rs. 201 Crore. Lease financial
assistance from ICICI & SCICI to the tune of Rs. 111 Crore has been
The Company has not invited Fixed Deposits from the public during the year.
Shri H.U. Bijlani and Shri Dilip Bhatt, Directors, will retire by rotation
and eligible for re-appointment.
The Auditors, M/s. C.V. Ramaswamy & Co., Chartered Accountants, Madras will
retire at the conclusion of this Annual General Meeting and are eligible
As regards comments made in Auditor's Report, the Directors wish to state
1) Encumbrance Certificates for the land as on date has been applied and
will be furnished to the Auditors on receipt of the same.
2) The Company has been following up with the concerned parties and is
hopeful of realising the debts. Since book debts due as pointed out by the
Auditors are recoverable in the opinion of the management, no provision
need to be made.
3) Clarification regarding "Search and Seizure" has been given in point
no. 8 of the Notes on Accounts.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS
These particulars required under Section 217(1)(e) of the Companies Act,
1956 are not applicable to the Company, not being an industrial company.
PARTICULARS OF EMPLOYEES
None of the employees are in receipt of remuneration exceeding Rs. 25,000/-
per month and hence furnishing of particulars of employees under Section
217(2A) of the Companies Act, 1956 is not applicable.
Your Directors wish to express their sincere thanks for the support and co-
operation extended to the Company during the year by the Company's bankers
and financial institutions, mainly Ind Bank Housing Ltd., National Housing
Bank Ltd., LIC Housing Finance Ltd., Standard Chartered Bank and Bank of
Baroda and the good work put in by the employees of the Company. Your
Directors also wish to thank the customers for their support.
By Order of the Board
THIAGARAJ S. CHETTIAR
Place : Madras
Date : 26th February, 1996.