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Ambika Silk Mills Co Ltd.

BSE: 503723 Sector: Industrials
NSE: N.A. ISIN Code: N.A.
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Ambika Silk Mills Co Ltd. (AMBIKASILKMILL) - Director Report

Company director report

THE AMBIKA SILK MILLS COMPANY LIMITED DIRECTORS' REPORT To, THE MEMBERS OF THE AMBIKA SILK MILLS COMPANY LIMITED Your Directors present the Fifty Ninth Annual Report on the working of the Company along with the Audited Balance Sheet and Profit & Loss Account for the year ended 31st March, 1998. STATE OF AFFAIRS OF THE COMPANY: 1) Civil Suits filed by the Company against Gammon India Ltd. and United India Insurance Company Ltd., for settlement of the Insurance claim are still pending in the High Court. 2) You are aware that, a settlement was arrived at by the Company with the Workers Committee and the Representative Union after the award of the Industrial Tribunal. Till 31st March, 1998, out of the total Former Workers and Staff Members, 478 persons have collected their dues. OPERATIONS: The Company has incurred a loss of Rs. 39 lacs for the year under report. After adding the loss of Rs. 812 lacs brought forward from the Previous Year the total accumulated loss as on 31st March, 1998 is Rs. 852 lacs, which has been carried forward to the Balance Sheet. AUDITORS' REPORT: 4) The Report of the Auditors of the Company is with you. A self- explanatory note on their observations as contained in para 4 & 5 of their report has also been annexed to this report forming a part of it. Information Under Section 217 of the Companies Act, 1956 ii) Conservation of Energy, Research & : As the manufacturing activities Development and Technology of the Company during the period under review were at stand still, the information on this is nil. (ii) Foreign Exchange Earning & Outgo : NIL (iii) Particulars of Employees : The Company does not have any employee, whose particulars are required to be given under Section 217(2A) of the Companies Act, 1956 read with the Companies (Parti- culars of Employees) Rules, 1975. DIRECTORS: Shri Mohinder Pal Bansal would retire by rotation at the forthcoming Annual General Meeting and is eligible for reappointment. AUDITORS: M/s. Nanubhai & Co., Chartered Accountants retire at the forthcoming Annual General Meeting and are eligible for reappointment. You are requested to appoint Auditors and fix their remuneration. FOR AND ON BEHALF OF THE BOARD HEMAL V. THAKKAR CHAIRMAN PLACE: MUMBAI DATE : 27th July, 1998

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