rmi foods ltd Directors report

RMI FOOD LIMITED DIRECTORS REPORT To The Members, Your Directors hereby present their 22nd Annual Report on the operations of the Company together with the Audited Accounts of the Company for the year ended 31st March 1998. OPERATIONS The year under review has been a tough year as regards the operations of the Company. The Turnover of the Company has declined as compared to the previous year i.e. from Rs. 5917.21 Lacs to Rs. 4568.88 Lacs in the current year but the Net loss has decreased from Rs. 596.67 Lacs to Rs. 230.13 Lacs. The Company did not operate the Unit-II during the year as the availability of the Milk supply was not adequate as compared to the previous year. The prices of Milk also remained on the higher side. However, your directors are hopeful to achieve better results in the current year. DIVIDEND In view of the losses your Directors are unable to recommend any dividend for the year under review. PUBLIC DEPOSIT The Company has neither accepted nor invited any Deposits within the meaning of Section 58 A of the Companies Act, 1956 read with Companies (Acceptance of Deposit) Rules, 1975. DIRECTORS Sh. Ashok Goal and Dr. K. K. Khurana, Directors of the Company retire by rotation and being eligible offers themselves for re-appointment. Sh.Subash Goyal was re-appointed as Managing Director of the Company for the period of five years w.e.f. 01.07.98. AUDITORS M/S V. Gupta & Associates Chartered Accountants, the retiring auditors, being eligible offer themselves for reappointment. The Company has received the requisite certificate, in Pursuance to the provision of section 224 (1B) of the Companies Act, 1956. The Auditor Report is self explanatory and needs no further explanations INFORMATION REGARDING CONSERVATION OF ENERGY ETC. AND EMPLOYEE Information regarding the conservation of Energy, technology absorption and foreign exchange earnings and outgoes, as required under Section 217(1)(e) of the Companies Act, 1956 read with Rule 2 of the Companies (Disclosures of the particular in the Report of the Board of Directors) Rules 1988 as amended from the part of this report. However, as per the provisions of Section 219 (1) (b) (iv), the report and Accounts are being sent to all shareholders of the Company excluding the information relating to conservation of energy, technology absorption and foreign exchange earning and outgo. Any shareholder interested in obtaining such particulars may inspect the same at the registered office of the Company or write to the Company for a copy. EMPLOYEE No employee is in receipt of remuneration exceeding the limit to laid down u/s 217(2) of the Companies Act 1956. Hence no annexure is being attached. The Directors wish to place on record their appreciation for the efficient and loyal service rendered by the employees of the Company at all levels. ACKNOWLEDGEMENT Your Directors place their gratitude for the co-operation and assistance extended by the Financial Institutions, Banks, Government Agencies and other organization during the year under review On Behalf of Board of Directors Hari Chand Goyal (Chairman) Place : NEW DELHI Date : 28.10.98