banka india ltd Directors report
BANKA (INDIA) LIMITED
DIRECTORS REPORT
Dear Shareholders,
Your Directors have pleasure in presenting the Report and Audited Statement
of Accounts for the Year ended 31st March, 1998.
DIVIDEND
In view of continued liquidity crunch and loss incurred during the year
your Directors regret to recommend Dividend for the year under review.
Review of operations:
The Indian Industries in general and construction industry in particular
since last two years have undergone a difficult period with financial
crunch and uncertainity. Your Company was also one of the victims of such
situation. In addition to this the real estate business which was commenced
by your Company last year was also at a standstill due to recessionnary
atmosphere in the market. Your Company during the period earned income of
Rs. 606.93 lakhs.
Your Directors are pleased to inform that despite of all odd facts and
stiff competition your Company was able to bag further prestigious
contracts worth Rs. 1360 lakhs during the year under review bringing the
total order book position to Rs. 3300 lakhs. Further negotiations are on
for bagging contracts around Rs.1800 lakhs during current year. Your
Directors hope that the demand in housing sector will improve and with more
and more infrastructure works coming up will enable your company to turn
around in the near future.
The Company has effective internal control system to keep control over all
the activities of the Company and also is taking steps to implement
effective internal Audit system for the Company.
The comments made by the Auditors are dealt with at appropriate places in
the notes to the Accounts which are self explanatory.
Deposits:
The company made a repayment of Rs. 11.35 lakhs towards fixed deposits
during the year. As at the year end due to financial crunch faced by the
Company overdue payments towards fixed deposits was Rs. 24.89 lakhs. The
Company is in the process of coming out with a revival package for
repayment of these overdue deposits.
Particulars of Employees, conservation of Energy and other additional
information:
Information required pursuant to Section 217 (1) (e) of the Companies Act,
1956 read with Companies (Disclosure of Particulars in the Report of the
Board of Directors) Rules, 1988 regarding conservation of energy,
technology absorption and foreign exchange earnings and outgo is given in
the annexure forming part of this report.
Information required pursuant to Section 217(1A) of the Companies Act, 1956
read with Companies (Disclosure of particulars in the Report of the Board
of Directors) Rules,1988 is Nil for Part A as well as for Part B.
Director
Shri K. P. Banerjee and Shri Kantilal G. Underkat have resigned from their
Directorship during the year. The Board places on record their contribution
towards the Company.
Auditors
M/s Vora & Associates, the Auditors of the Company will retire at the
conclusion of the forthcoming Annual General Meeting and are eligible for
reappointment. They have given their consent to be reappointed as per
Section 224 of the Companies Act, 1956 for the current year. Members are
requested to consider reappointing them as Auditors and fix their
Remuneration.
Industrial Relations:
Relations with staff and labour remained peaceful and cordial during the
year under review.
Acknowledgment
The Directors wish to express their sincere thanks to all the employees for
their sincere efforts and contributions made to the progress of the Company
and also to the Shareholders, Customers, Government Departments both,
Central and State Governments and Bankers for the faith reposed on them and
for their continuing support.
For and on behalf of the Board of Directors of
BANKA (INDIA) LIMITED
Mumbai. RADHESHYAM H. BANKA
Date: 30th November, 1998. CHAIRMAN
Annexure to the Directors Report
Statement pursuant to Section 217 (1) (e) of the Companies Act, 1956.
A) Conservation of Energy:
The Company has no activities relating to conservation of energy.
B) Technology Absorption:
The Company is in the process of developing and implementing its own in-
house technology for the speedy completion of work and to improve its
profitability.
C) Foreign Exchange Earnings and outgo:
The Company did not have any exports and did not incur any expenditure in
foreign currency during the year under review. However the Company is
exploring the possibilities of securing contracts overseas in its field of
activities
For and on behalf of the Board of Directors of
BANKA (INDIA) LIMITED
Mumbai. RADHESHYAM H. BANKA
Date: 30th November, 1998. CHAIRMAN