shree neelachal laboratories ltd Directors report

ANNUAL REPORT 1998-99 SHREE NEELACHAL LABORATORIES LIMITED DIRECTORS REPORT Dear Members, Your Directors have pleasure in presenting the 8th annual Report together with Audited statement of Accounts of the Company for the year ended 31st March, 1999. OPERATIONS The Company has achieved a Turnover of Rs. 30 lakhs during the year under review. During the year the Company was not able to meet its target due to under utilisation of Paracetamol plant capacities. Barring unforeseen circumstances, your Directors expect better result in the following years. DIRECTORS :- Sri K. R. K. Raju, Director resigned from the Office of Director w. e. f. 1st September, 99. Your Directors place on record their sincere appreciation of the guidance and advice received from Mr. Raju in the deliberations of the Board during his tenure as Director. Sri P. J. J. S. Verma retire by rotation and being eligible offer him selves for re- appointment at the ensuing Annual General Meeting. DEPOSITS : Company has not accepted any deposits during the year 98-99. AUDITORS : M/s AMARKANTA & ASSOCIEATES, Chartered Accountants, the Auditors of your Company retire at the conclusion of the forth coming Annual General Meeting and are eligible for the re-appointment. The Company has received a certificate from the said Auditors to the effect that their re- appointment, if made, we would be within the prescribed limits under section 224 (IB) of the Companies Act, 1956. PERSONNEL : The Company does not have any employee who is drawing Rs. 3 lakhs per annum or Rs. 25,000/- per month attracting section 217 (2A) of the Companies Act, 1956. CONSERVATION O ENERGY, TECHNOLOGY OBSERVATION AND FOREIGN EXCHANGE EARNINGS AND OUTGO: The information required under Section 217 (1) (e) of the Companies Act, 1956 read with the Companies (disclosure of particulars in the report of the Board of Director ) Rules, 1988, with respect to these matter is not applicable given in annexure to this report. INFORMATION PURSUANT TO CLUASE 43 OF THE LISTING AGREEMENT PROJECTIONS ACTUALS FOR THE YEAR FOR THE YEAR 1998-1999 1998-1999 (Rs. in lacs) (Rs. in lacs) Sales 245.00 30.73 Profit/(Loss) after Tax 2.45 (110.60) Dividend 15% Nil ACKNOWLEDGEMENT Your Directors wish to place on record their deep appreciation and gratitude to the Companys members for their continued support and confidence. Your Directors wish to think and deeply acknowledge the co-operation and assistance extended by the Bankers, financial institutions, Government Authorities and other Business Associates. The Board would also like to take this opportunity to commend the employees of the Company at all levels for their contribution to the companys success. For AND ON BEHALF OF THE BOARD For Shree Neelachal Laboratories Ltd. Place : Berhampur (A. R. MANTENA) Date : 6-9-1999 Chairman & Managing Director For Shree Neelachal Laboratories Ltd. Director