ANNUAL REPORT 1998-99
RAJENDRA MINING SPARES COMPANY LIMITED
RAJENDRA MINING SPARES COMPANY LIMITED,
Your Director have pleasure in presenting the Eighteenth Annual Report
together with the audited statement of account for the year ended on 31st
The Company experienced teething problems and operational difficulties.
However despite this and recessionary conditions in the economy, the Sales
increased from Rs. 18.69 lacs in the previous year to Rs. 53.95 lacs in the
current year. This is an increase of 288% and is an encouraging sign. The
Company also maintained strict control over costs resulting in a reduction
in Administrative and other costs from Rs. 80.05 lacs to Rs. 35.32 lacs.
However inspite of these efforts the Company incurred a cumulative loss of
Rs.131.72 lacs after providing depreciation. The Company was severely
hampered by inadequate working capital and the Company has approached its
Bankers for rehabilitation and further working capital facilities. This
will help the Company tide over the present difficulties.
There was a major fire in the factory on 5th MAY 1999 as a result of which
the factory operations have ceased. The Company has the estimated the loss
at about Rs. 80 lacs for which a claim has been made with the insurance
The Company has not accepted any deposit under section 58A of the Companies
The present Auditor of the Company M/S. G.R.Shetty & Co., the Chartered
ACcountants, Mumbai will retire at the ensuring Annual General Meeting and
being eligible, offer themselves for re-appointment as Auditors of the
Company for the financial year 1999-2000.
During the year Mr. Giridhar R. Seth submitted his resignation which was
accepted with immediate effect. The Board placed on record its sincere
appreciation of the services rendered by him during his tenure. Mr.
R.D.Seth retires by rotation at the close of the ensuing Annual General
Meeting and being eligible offers himself for re-appointment.
PARTICULARS OF EMPLOYEES:
None of the employees of the Company was paid remuneration of Rs. 6,0,000/-
pa. or more for the year or Rs. 50,000/- p.m. or more and hence the
information required under section 217 (2-A) of the Companies (Particulars
of Employees) Rules, 1975 is not required to be given.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING
Adequate steps have been taken for conserving energy while designing the
The Company is in process of developing the latest technology through R & D
for its better line of products and to yield better quality, cost reduction
and world wide acceptability of its range of products.
There was no foreign exchange earnings and outgo during the year under the
The Company is listed;on Mumbai Stock Exchange and the listing fees has
been paid. The Company has passed Special Resolution in 17th Annual General
Meeting seeking delisted from Ahmedabad Stock Exchange, Madras Stock
Exchange and Jaipur Stock Exchanges and therefore the listing fees of these
stock Exchange are not paid.
The Directors take this opportunity to express their appreciation for
continued co-operation and assistance extended by State Bank of India,
Government Authorities, Suppliers, Customers and for services of the
devoted workers. staff and Executives of the Company.
FOR AND ON BEHALF OF BOARD
PLACE :- 105 Bajson Industrial Estate,
40, Chkala Road, Andheri (E),
Mumbai - 400 099
DATE :- 27th AUGUST, 1999