NOVA INTERNATIONAL LIMITED
TO THE MEMBERS
Your Directors have pleasure in presenting the Third Annual Report together
with the Audited Accounts of the Company for the Financial year ended 31st
During the year under review your Company was able to complete the factory
civil works & most of the machineries have been installed. There has been a
delay in commencing trial production particularly due to non availability of
power supi)ly from the State Electricity Board. In order to save time your
Company has installed diesel generating set for taking trials on individual
machines. Your Directors are happy to inform youtthat trials with most of the
machines have already commenced as on the date of this report.
The future prospects of your Company are relatively bright. The sophisticated
& modern plant & machineries ensurinq higher productivity, improved
efficiency & lower overheads will enable the company to market its products
at competitive prices. The market indicator are very encouraging regarding
acceptability of the bearings manufactured by your Company. Your Company is
giving due thrust to explore the export market'for special bearings for
better value addition.
During the year under review, your Company has not accepted any deposits from
During the year under review your Company has broad based the Board of
Directors by 1ntroducing Professionals. The Following directors have been
appointed as Executive Directors from the dates mentioned in the peranthesis:
Shri Bipin V. Modha (06.10.93), Shri Dilip H. Shah (27.1 t.93), Shri Shyam
As per the provisions of the Companies Act, 1956 and Articles of Association
of your Company, Shri Gulabrai V. Modha & Shri Mahendra G. Lodha retire by
rotation and, being eligible, offer themselves for reappointment.
During the year under review Shri Shailesh R. Gandhi has resigned from the
Board. Your Directors place on record their appreciation for the cooperation
& guidance extended by Shri Gandhi.
M/s. N. K. Kheskani & Co., Chartered Accountants, the present auditors of
your Company retire at the ensuing Annual General Meeting and being eligible,
pffer themselves for reappointment.
The Auditor's observations are self-explanatory & hence do not require any
CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS &
As your Company has only commenced machine trials the details pertaining to
Conservation of Energy, Technology Absorption & Foreign Exchange earnings &
outgo required under sec. 217 (I j (e) of the companies Act,1956 read with
the Companies (disclosure of particulars in the reports of Board of
Directors) Rules, 1988 are not attached.
PARTICULARS OF EMPLOYEES
Intormation as per Section 217 (2) (a) of the Companies Act 1956 read with
Companies (particular of Employees) Rule, 1975 and under section 217 (1') (e)
of the said Act read with the companies (Disclosure of Particulars in the
Report of Board of Directors) Rules,1988 forms part of this report. However,
as per the provision of section 219 (1) (b) (iv) of the Companies Act,1956,
the report and accounts are being sent to all Shareholders of the Company
excluding the aforesaid information. Any Shareholder interested in obtaining
such particulars may write to the Secretary at the Registered office of the
Your Directors would like to place on record their deep appreciation for the
valuable support extended by various Central & State Govt., Commercial Bank &
Financial Institution. The Directors also acknowledge their deep appreciation
tor the services rendered by employees.
For and on behalf of the Board
Date: 22 June, 1994.