elite appliances ltd Directors report

ANNUAL REPORT 1998-99 MINTAGE ELECTRO EQUIPMENTS LIMITED DIRECTORS REPORT To THE MEMBERS. Your Directors have pleasure in presenting the 8th Annual Report of your Company for the year ended 31st March 1999. 1. ACCOUNTS During the year the Company has spent on Fixed Assets Rs.3.09 lakh. The Company have earned the Gross Income of Rs. 772.67 lakh, and have achieved the Net Profit after tax Rs.14.39 lakh. 2. DIVIDEND Your Directors do not recommended any dividend for the year. 3. SUBSIDIARIES Since the Company has no subsidiaries, Section 212 of the Companies Act, 1956 does not apply. 4. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGOING CONSERVATION OF ENERGY : The Company is using only electricity. However, the Company has arranged for regular maintenance of its machinery, equipment and tools to get optimum energy. No additional capital investment is made for reduction of consumption of energy. As the products are more of assembly nature, the cost of power,to the total cost of production is very negligible. TECHNOLOGY ABSORPTION: In the course of period, Company has developed various Innovative utility based products, viz. Emergency Light, Emergency Power Supply System, Torches, Charger, Rear Guard, Washing Machine and many other products. FOREIGN EXCHANGE EARNINGS AND OUTGOING: There were no activity relating to incoming or, out going of foreign exchange during the year. 5. DIRECTORS Mr.Vasant Bhide,.Director & Mr Mukund Director, Director of the Company retires by rotation and offer themselves for reappointment. Mr. Vishwas.B.Panse resigned as Managing Director of the Company with effect from October 18, 1999. Mr R.Subramaniam has been appointed as Managing Director of the Company with effect from October 19, 1999. 6. AUDITORS M/s.Kamlesh.B.Mehta & Co. Chartered Accountants, Mumbai retire at the Forthcoming Annual General Meeting the Company and eligible for re- appointment. They have given a,Certificate to the effect that their appointment, if approved, shall be within the prescribed limits specified in Section 224(1B) of the Companies Act, 1956. 7. PARTICULARS OF EMPLOYEES There was no employees getting remuneration or Rs.3,00,000/- per annum on Rs 25,000/- per month during the year for either part or whole of the year pursuant to the provisions of Section 217(2A) of the Companies Act,1956 read with the Companies (Particulars of Employees) Rules,1975. Hence, no information is given in this regard. 8. PERSONNEL Your Directors wish to place on record their sincere appreciation for the dedication shown by their employees at all levels during the year. 9. ACKNOWLEDGMENTS Your Directors are grateful to the Bankers for their Co-operation and continued support during the year. For and on behalf of the Board (VISHWAS.B.PANSE) Chairman PLACE: MUMBAI. DATE : 25TH NOV,1999.