gujarat fiscon ltd Directors report

ANNUAL REPORT 1998-99 GUJARAT FISCON LIMITED DIRECTORS REPORT To, The Members Your Directors are pleased to present their Sixth Annual Report and the Audited Accounts ,or the year ended 31st March, 1999. DIVIDEND Your Directors regret their inability to recommend any dividend for the financial year 1998-99 in view of the inadequate profits and for conserving the resources for the future. OPERATIONS The Gross Income has gone up from Rs.4.93 Crores to Rs. 6.88 Crores an increase about 40%. However, the Profit after tax has gone down to Rs. 2.66 Lakhs from Rs. 2.96 Lakhs FIXED DEPOSIT The Company has not accepted any overdue and unclaimed public deposits. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE Your Company being in the financial sector, no report is necessary on conservation of energy and technology absorption. Your Company had no foreign exchange earnings. DIRECTORS Shri Manoj C. Mehta retires by rotation at the forthcoming Annual General Meeting and is eligible for reappointment AUDITORS Messrs. Parikh & Talati, Chartered Accountants, retire at the conclusion of the,Sixth Annual Meeting and are eligible for reappointment. PARTICULARS OF EMPLOYEES There are no employees covered by Section 217(2) of the Companies act, 1956 read with the Companies (Particulars of Employees) Rules 1975 and hence no particulars are attached. ACKNOWLEDGEMENT The Directors place on record their gratitude to the bankers, shareholders and the clients for their valued and continued Support and to the employees, for their support and cooperation received during the year. FOR AND ON BEHALF OF THE BOARD Place : Baroda PRADIP C. MEHTA Date : 31st May, 1999 DIRECTOR