mukund syntex ltd Directors report

MUKUND SYNTEX LIMITED DIRECTORS REPORT DIRECTORS REPORT OF MUKUND SYNTEX LTD. The Members, Mukund Syntex Ltd. Your directors present to you the sixteenth Annual Report of the Company together with the Audited Statement of Accounts for the year ended 31st March, 1998. Dividend In view of the inadequacy of Profits,your Directors do not recommend any dividend. Deposits Your Company has not accepted any deposits during the year under review. Directors Shri Manmohan R.Agarwal and Shri R.K.Srivastava Directors retire by rotation and being eligible, offer themselves for re - appointment. Your directors recommend their re appointment. Conservation of Energy Etc. As required under the provisions of Sec.217(1 ) (e) of the Companies Act, 1956, information relating to Conservation of energy, technology absorption and foreign exchange earnings and outgo is given below: A. Conservation of energy i) Electricity a) Purchased Unit 13,50,985 Amount Rs. 49,52,165 b) Own Generation Rs. 11.30.720 B. Research & Development No research activity is being carried out at present and no expenditures have been incurred on research and development during the year under review. C. Technology absorption, adoption and innovation No efforts have been made towards technology absorption, adaption and innovation. No technology has been imported by the Company during the year under review. D. Foreign Exchange earnings and outgo The Company has neither used nor earned foreign exchange during the year under review Auditors The auditors M/s.Bhuwania & Agrawal Associates, Chartered Accountants,hold their office until the conclusion of the ensuing Annual General Meeting and are eligible for reappointment Acknowledgement The Board wish to place on record its sincere appreciation for the contribution and support of the institutions, bankers and employees of the Company. For and on behalf of the Board Place: Mumbai Mukund U. Agarwal Date: 28th August.1998 (Chairman & Managing Director)