M S SHOES EAST LTD
MANAGEMENT DISCUSSION AND ANALYSIS REPORT FOR THE YEAR ENDED 31ST MARCH,
a) Industry Structure and Developments
The industry is dominated by few major players in organised sector and by
others who are in un-organised sector. Due to unavoidable circumstances,
the plants of the company are closed since April, 1995.
The company went into financial troubles due to illegal
cancellations/forfeiture of amount of Hotel Project and due to
non-subscription of the public issue of February, 1995 by the underwriters.
Further because of losses suffered during the last several years and
consequently, the net worth of the company having been eroded completely a
reference was made under section 15(1) of SIC (SP) Act, 1985 to the Honble
Board of Industrial & Financial Reconstruction under reference no.
F-3(M-6)BC/2002 and registered as case no. 237/2002.
b) Productivity/efficiency norms
The productivity/efficiency norms of the company were in line with the
similar type of industries when the units were in operations.
c) Discussion on financial performance with respect to operational
The company could not undertake any commercial activity during the year
under review on account of financial crunch and pre-occupancy of the
Companys Managing Director in the matters concerning litigation going on
in respect of various corporate matters and hotel project of the company.
Rs. In lacs
Particulars 31.03.2004 31.03.2003
Export turnover - -
Other income 31.83 0.32
Expenditure 217.86 265.20
(Includes depreciation) (101.17) (115.87)
Interest & Bank Charges 15419.97 14993.38
Loss for the year 15606.00 15258.26
Loss carried to Balance Sheet 15606.00 15258.26
d) Material Developments in Human resources/Industrial Relations including
number of people employed:
The Companys operations are temporarily closed since June 1996 and there
was no commercial activity during the year. The company had no employee.
Since there was neither any business nor any employee in the company during
the year, consequently, there were no internal control procedures in
various operations of the Company.
The future performance/results of the company will take place as per
settlement of pending litigation as well as the decisions of the BIFR.
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