spl technochem ltd Directors report

ANNUAL REPORT 1999 SHETH PLASTOMERS LIMITED DIRECTORS REPORT To the Members, Your Directors are pleased to present the Fifteenth Annual Report and Audited Accounts for the year ended June 30, 1999. DIVIDEND In order to conserve resources, your directors do not recommend any dividend for the year. OPERATIONAL PERFORMANCE The operation during the year has shown marked improvement as Total Income during the year ended 30th June, 1999 has gone upto Rs.518.58 lacs as compared to 421.04 lacs during the previous year. The Net Profit for the year has increased to Rs.11.79 lacs as compared to Rs. 3.90 lacs for the previous year. The Company is confident of achieving better performance in the years to come. FUTURE PROSPECTS Your Company is considering diversification in the field of information technology, computer software, E-commerce,E-Business, Web designing-and Web hosting etc. The Company has entered into an agreement with Price Waterhouse Coopers in this direction. To reflect the changed business activity, the name of the Company is proposed to be changed to SPL Infoweb Limited. DIRECTORS Shri Rajesh.T.Sheth, Director of the Company, retires by rotation and being eligible offers himself for reappointment. Shri Hasmukh is appointed as Additional Director of the Company on April 21,1999 to hold office only upto the date of the Annual General Meeting. being eligible, offers himself for reappointment. PARTICULARS OF EMPLOYEE There are no employees whose particulars are to be given under Section 217(2A) of the Companies Act, read with the Companies (particulars of Employees Rules, 1975. PARTICULARS OF CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO: Information required under Section 217(1(e) of the Companies Act,1956, read with the Companies (Disclosure of Particular in the Report of Board of Directors) Rules, 188 does not apply to the Company. There are no foreign exchange earnings or outgo during the year. DEPOSITS The Company has not accepted any deposit from the Public during the year. AUDITORS AND AUDITORS REPORT Your Companys auditors M/s SINGRODIA GOYAL & Co Chartered Accountants, retire at the ensuing Annual General Meeting; they are available for reappointment and have indicated their willingness for appointment as auditor of the Company at the ensuing Annual General Meeting. The Notes to Accounts referred to in the Auditors Report are self explanatory and therefore do not call for further comments. YEAR 2000 COMPLIANCE (Y2K) The Company has taken effective steps to deal with the Y2K issues that pertain to all possible risk areas that could relate to customers concern, business systems, manufacturing system and office equipments. ACKNOWLEDGEMENT Your Directors take this opportunity to thank the bankers, financial institutions, the trade supplier, customers, shareholders and the employees for their continued co-operation and support. FOR SHETH PLASTOMERS LTD DIRECTOR Date : November 3,1999. Place: Mumbai.