shree industries ltd Directors report

ANNUAL REPORT 1998-99 SHREE INDUSTRIES LIMITED DIRECTORS REPORT To, ALL THE MEMBERS Your Directors present the 15th Annual Report along with the audited accounts of your Company for the year ended 30th June, 1999. OPERATIONS During the year under review, the sales has amounting to Rs.472.43 lacs as against Rs.307.31 lacs during the previous year registering an increase of 54% on annualised basis. The production has also increased substantially to 3186 MT (previous year 1929 MT) thereby achieving capacity utilization of 32%. The Company has incurred cash losses of Rs.133.98 lacs during the year under review. The Directors are hopeful that with the improvement in the sentiments ot the paper industries, revival of the Company will be faster. The revival package/rehabilitation scheme is being prepared by the Company as per the directions of the BIFR. DIRECTORS Mrs. Kum Kum Mittal, Director of the Company, retire by rotation at the fortheoming Annual General Meeting and being eligible offers herself for reappointment. INDUSTRIAL RELATIONS The overall industrial relations In the organisation remained cordial throughout the year. the Directors are pleased to place on record their sincere appreciation of the valuable contributions made during the year by the employees at all levels. PARTICULARS OF EMPLOYEES The Company has no employee in the category of employees specified under Section 217 (2A) of the Companies Act, 1956. STATUTORY AUDITORS The auditors M/s. Pandey Dua & Mathur, retire at the ensuing Annual General Meeting. Your Directors recommend their re-appointment for the current year. The Auditors have qualified their report and the same have been suitably explained in the Notes to Accounts. In view of the heavy loses, the Company has not provided for depreciation and sales-tax liabilities which will be provided for when the company earns profits. CONSERVATION OF ENERGY, RESEARCH AND DEVELOPMENT,TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO As required by the Companies (Disclosure of Particulars in the Report of the Directors) Rules. 1988, , statement showing the information relating to Conservation of Energy, Research and Development. Technology Absorption and Foreign Exchange Earnings and Outgo attached as Annexure A and should be treated as a part of the Directors Report. ACKNOWLEDGEMENTS Your Directors take this opportunity to offer sincere thanks to various Departments of Central and State Government, the Industry Associations, Financial Institutions and the Companys banker, Punjab National Bank for their valuable assistance from time to time. for and on behalf of Board Place: Delhi Ravi Mittal Sandeep Mittal Dated: 6th September, 1999 Director Director ANNEXURE PARTICULARS AS REQUIRED UNDER COMPANIES (DISCLOSURE OF PARTICULARS IN THE REPORT OF BOARD OF DIRECTORS) RULES,1988 AND FORMING PART OF DIRECTORS REPORT FOR THE YEAR ENDED 30TH JUNE, 1999 II. RESEARCH AND DEVELOPMENT 1. Specific areas in which R & D carried out by the Company : No R & D Carried out 2. Benefits derived as a result of the above R & D : N.A. 3. Future plan of action : To be chalked out later on 4. Expenditure on R & D : Nil III. TECHNOLOGY ABSORPTION ADAPTATION AND INNOVATION 1. Efforts made towards technology More use of Indignous waste paper to manufacture high quality paper 2. Benefits derived as a result of the above efforts Lower input costs 3. Particulars relating to imported technology Produced & processed indigenous technology only IV. FOREIGN EXCHANGE EARNINGS AND OUTGO 1. Export activities & export plan : No export activities 2 Total foreign exchange used (Rs. in Lacs) Nil 11.02 3. Total foreign exchange earned (Rs. in Lacs) Nil Nil