LUNAR DIAMONDS LIMITED
The Directors are pleased to present the performance of your Company during
the financial period 1995-96 in this 7th Annual Report alongwith the
Audited accounts for this financial period.
The accounting year of the company is changed from a period commencing from
1st April and ending on 31st March every year to a period of 12 months
commencing from 1st October and ending on 30th September every year. The
company obtained permission pursuant to section 166 and section 210 of the
Companies Act, 1956 and in consequence of which, this financial year
comprises a period of 18 months commencing from 1st April 1995 and ending
on 30th September, 1996.
In the current year the performance of the Company in the fist half year
has been satisfactory.
The salient features of the Companys financial results for the year under
review are as follows:-
(Rs. in lacs)
For the Period
1.4.95 to 30.09.96 31.03.95
Gross Profit for the year 111.67 773.50
Less: Depreciation 23.56 12.22
Profit before taxation 88.11 761.28
Less: Taxation -- --
Net Profit 88.11 761.28
Profit brought forward 369.62 89.13
Income tax adjustment 8.04 3.09
Amount available for appropriation 465.77 853.50
General Reserve -- 310.00
Dividend (Subject of tax) -- 173.88
Debentures Redemption Reserve 100.00 --
Balance Carried Forward 365.77 369.62
Although the company has achieved a turnover of Rs. 12225.70 Lacs during
this period, there is delay in realisation of Exports Proceeds. The
Company as a prudent measure is not declaring any dividend for this period.
Your Companys exports continue to rise. There is a tremendous scope of
increase in the export turnover of jewellery items in the international
market and your company is actively taking steps to increase its exports
towards which the company is receiving a good response.
The company has acquired the requisite land for setting up an Export
processing zone near the L.G. International Airport, Delhi (i.e. around 13
khms only). Your approval for the same is being sought. The land being
prominently located, can also be put to alternate usage.
The deposits from the public as on 30th September, 1996 amounted to Rs.
587.74 lacs. There were no overdue or unclaimed deposits.
M/s Rajiv Prakash & Co., Chartered Accountants Auditors of the Company
retire at the Annual General Meeting and being eligible offer themselves
Mr. K.K. Agrawal and Mr. D.C. Maloo, Directors of the Company retire by
rotation at the Annual General Meeting and being eligible offer themselves
During the period Mr. S.B. Pandey resigned from the Board. The Company
appreciates valuable services rendered by him.
Sh. A.K. Mittal, Company Secretary has resigned during this period.
Sh. G.L. Minocha, F.C.A, A.C.S. Joined as Company Secretary of the Company
i) CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
Information pursuant to section 217(1)(c) of the Companies Act, 1956 read
withe Companies (Disclosure of Particulars in the Report of Board of
Directors) Rules, 1988 in respect of these matters is appended as Annexure
A and forms part of this report.
ii) PARTICULARS OF THE EMPLOYEES
There is no employee covered under Section 217 (2A) of the Companies Act,
iii) The information as required in terms of clause 43 of the listing
agreement executed with Bombay Stock Exchange is enclosed as Annexure-B.
The Directors place on record their appreciation for the sincere and
dedicated services of all the employees and convey their thanks for the co-
operation extended by all the members, bankers and all others, who are
associated with the Company.
ANNEXURE TO THE DIRECTORS REPORT
1. CONSERVATION OF ENERGY
The manufacturing process adopted by the Company do not involve use of much
energy. The plant and machinery installed by the company are state of the
art, computerised based and consume substantially lower energy than the
2. TECHNOLOGY ABSORPTION
a. Research and Development: As a part of the production process, efforts
are made for improvisations in the design and style of jewellary based on
the feed back from the market. The continuous process of developing new
designs & styles help in the growth of turnover of the Company. Two full
time designers have been employed by the company apart from the designing
support coming from buyers.
b. Technology Absorption, adaptations and Innovation: The Company has not
imparted any foreign/outside technology.
ANNEXURE TO DIRECTORS REPORT
INFORMATION UNDER LISTING AGREEMENT WITH STOCK EXCHANGE
The funds raised by the company through Right Issue which closed on 6th
July, 1993 have been utilised for the purpose they were intended.
Statement of projected profitability as per Letter of Offer and actual
profitability for the period ended on 30th September, 1996 are as follows:
(Rs. in lacs)
Projected Actual for the
for the year Period of 1.4.95
ended on to 30.9.96.
31.03.96 as per
letter of offer.
Sales & other Income 2643.75 12225.70
Net profit after tax 629.25 88.11
Reserve 1183.92 1601.40
Equity Capital 966.00 1116.00
Book Value (Rs.) 22.26 24.35
EPS (Rs.) 6.51 0.79
For & on behalf of the Board
Chairman & Managing Director
Place : NOIDA
Dated : 28th February, 1997.
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