SOMANI SWISS INDUSTRIES LIMITED
Your Directors take pleasure in presenting the Annual Report of the Company
together with Audited Accounts for the year ended on 31 st March, 1998
Your company has performed very well during the financial year and the
Companys Steel Division and Maruti Sales & Services Dealership. have been
doing well even during depressed market conditions as is evident from the
results shown above.
It was decided by the Shareholders in the last Annual General Meeting to
change the parameters of the Project h1to manufacturing of Polyester
Polymer Bottlegrade Chips. Many of the Share allottees have not paid their
call money inspite of repeated reminders. ln the meantime, the depressed
market conditions continue to prevail in the industry. Further sanctions
have been imposed by U.S.A. and other countries. thereby many foreign
lenders have either deferred or stopped lending to Indian Industry. All
these factors have delayed finalising financing plan for the Polyester
Polymer Bottlegrade Chips Project and consequential delay in implementing
In view of the over capacity in the Polyester Filament Yarn Industry, it
was decided to change the product mix to produce Polyester Polymer. which
could be exported. The company took effective steps by signing foreign
collaboration for this Polyester Polymer Project. However the target export
market was largely South East Asian the company has been forced to put on
hold the project till the revival of the South East Asian economies.
In view of the above, Projection vs Performance are not relevant and hence
During the year, Mr. J.R. Gagrat, Alternate Director to Mr. W.F. Buchel,
resigned due to pre-occupation. The Board placed on record their
appreciation for the service rendered by him.
Mr. Shailendra Swarup and Mr. J.S. Nanda are retiring by rotation in the
ensuing Annual General Meeting and being eligible. offer themselves for
M/s. Pramod Kumar Co., Chartered Accountants of Delhi, Auditor of the
Company, retire at ensuing Annual General Meeting and being eligible. offer
themselves for re-appointment. Joint Auditors M/s. Suresh Binani and
Associates. New Delhi retire at the ensuing Annual General Meeting and have
not offered themselves for re-appointment. The Company has received a
notice from a member signifying his intention to propose the name of M/s.
S. Chand Mittal Co., Chartered Accountants New Delhi. for appointment as
Joint Auditors of the Company.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS
AND OUTGo, (U/S 217(I) (e) OF THE COMPANIES ACT. 1956.
Conservation of Energy : Measures have already been taken and are in
force to conserve Power, Fuels etc.
Technology : Setting up Project With Foreign Technology is
under initial stage of implementation.
Foreign Exchange lnflow : NIL
Foreign Exchange Cutflow : NIL
PERSONNEL & INDUSTRIAL RELATIONS
Your Directors are pleased to inform that the Industrial Relations during
the year under review remained cordial and no "Man Days" were lost.
PARTICULARS OF EMPLOYEES
The company did not have any employee who was in receipt of remuneration to
be reported under sub section 2A of Section 217 of the Companies Act 1956
as such no statement is furnished under the said section.
The Directors place on record their appreciation for Banks. State
Governments. RIICO and other agencies for valuable assistance and guidance.
The Directors also place on record their appreciation for the contribution
of employees at all levels for the success. growth and development of the
For and on behalf of the Board of Director
PLACE : NEW DELHI ASHISH SOMANl
DATED : 27th June,1998 Managing Director
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