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Rajendra Mining Spares Company Ltd

BSE: 530225 | NSE: ISIN:
Market Cap: [Rs.Cr.] 0.57 Face Value: [Rs.] 10
Industry: Miscellaneous

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Director's Report
ANNUAL REPORT 1998-99 RAJENDRA MINING SPARES COMPANY LIMITED DIRECTORS REPORT To, The Shareholders, RAJENDRA MINING SPARES COMPANY LIMITED, Dear Sirs, Your Director have pleasure in presenting the Eighteenth Annual Report together with the audited statement of account for the year ended on 31st March, 1999. PERFORMANCE: 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 company. DEPOSITS: The Company has not accepted any deposit under section 58A of the Companies Act, 1956. AUDITORS APPOINTMENT: 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. DIRECTORS: 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 AND OUTGO: Adequate steps have been taken for conserving energy while designing the plant itself. 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 review. 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. APPRECIATION: 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 (R.D.SETH) CHAIRMAN PLACE :- 105 Bajson Industrial Estate, 40, Chkala Road, Andheri (E), Mumbai - 400 099 DATE :- 27th AUGUST, 1999
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Key Information

Key Executives:

Rajendra D Seth , Chairman & Managing Director

Gopal R Seth , Director

Kalawati R Seth , Director

Company Head Office / Quarters:

105 Bajson Ind Estate,
40 Chakala Road Andheri (E),
Phone : Maharashtra-91-22-8321586/8348634 / Maharashtra-
Fax : Maharashtra-91-22-8384841 / Maharashtra-
E-mail :
Web :


Intime Share Services Pvt Ltd
260-A Shanti Ind Est,Sarojini Naidu Road,Mulund (W),Mumbai - 400080

Fund Holding
Scheme Name No. of Shares
Mon Tue Wed Thu Fri Sat Sun
22 23 24 25 26 27 28