subhlaxmi exports ltd share price Directors report

SUBHLAXMI EXPORTS LIMITED DIRECTORS REPORT Dear Shareholders, Your Directors are pleased to present the Eleventh Annual Report alongwith Audited Balance Sheet and Profit and Loss Account for the year ended 31st March, 1999. Your Directors express their inability to recommend any dividend for the year under review, with a view to plough back the profit for the future expansion of the Company. OPERATION During the year under review, the Companys sale has been registered at Rs.962.25 Lacs as against Rs.901.63 lacs for the previous year. All the hardware and software available with the Company are fully Y2K compliant. DIRECTORS Mrs. Hina Tandon, Director of the Company retires by rotation and being eligible offers himself for re-appointment. Mrs. Sangeeta Tandon and Mr. Arvind Hanmantgad, the Directors of the Company have resigned with effect from 1st October,1998 and 8th January, 1999 respectively. The Board of Directors puts on record their appreciation for valuable guidance given by them during their tenure as Directors . AUDITORS The Auditors, M/s. Rajendra N. Agrawal & Co. Chartered Accountants, retire at the forthcoming Annual General Meeting and are eligible for re- appointment. FIXED DEPOSIT During the year under review, the Company has not accepted any deposits from the public. PARTICULARS OF THE EMPLOYEES None of the employees of the Company is covered by Section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975. (as amended) ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO 1. Conservation of Energy: The scope for conservation of energy is limited in type of industry in which your Company is engaged as the consumption of energy being power- electricity is negligible. However, the Company has been laying emphasis on the conservation of energy and has been taking several measures like regular monitoring of consumption. 2. Technology Absorption: The Company has carried out R&D work for cost reduction, improvement in quality and productivity. Expenditure incurred are charged under primary heads of accounts and not allocated separately. The Company has not imported any technology. 3. Foreign Exchange Earnings and Outgo: A. Foreign Exchange Earnings: Nil (Nil) B. Foreign Exchange Outgo : Rs. Nil (148066/- ) ACKNOWLEDGEMENT The Directors acknowledge with gratitude and wish to place on record their appreciation for the support and Co-operation received by the Company from Bankers, Shareholders, Press, Registrars and Employees at all levels during the year and look forward to their continued support. For and on behalf of the Board of Directors Place: Mumbai Saurabh Tandon Date: 31 st May. 1999 Chairman Managing Director