GREENFIELD CORP LIMITED
Your Directors have pleasure in presenting their Nineth Annual Report and
audited accounts for the year ended 31st March, 1998.
Your directors do not propose any dividend for the year in view of the loss
incurred by the Company.
The performance of the Company during the year under review has been
unsatisfactory. But, this was mainly due to lack of Government orders on
account of political instability in Uttar Pradesh which is the main market
for Company products. The Company achieved total sales of Rs. 324 02 Lacs
and a Loss of Rs.27 31 Lacs as against the projections given in the
Prospectus dated 29.02.1996 of sales of Rs 1794.45 Lacs and profit of
Rs.125 68 Lacs respectively.
The project to set up facilities for manufacture of HDPE and PP Woven Sacks
with an installed capacity of 1080 MT per annum has been delayed due to
liquidity problems and is now, likely to be commissioned by the end of the
Relations with employees and workmen remained cordial and satisfactory.
PARTICULARS OF EMPLOYEES
There was no employee drawing remuneration to be covered under Section 217
(2A) of the Companies Act, 1956 read with the Companies (Particulars of
Employees) (Amendment) Rules,1994.
CONSERVATION OF ENERGY
Conservation of energy has been receiving adequate attention at all levels.
The technology adopted by the Company is indigenous. R&D efforts are made
regularly for reduction in cst and improvement in quality. Expenditure is
being incurred on R&D but it is not shown separately.
FOREIGN EXCHANGE EARNINGS AND OUTGO
There has been no earnings and outgo of foreign exchange during the year
As required under Section 212 of the Companies Act, 1956, the audited
Statement of Accounts alongwith the reports of Directors and Auditors
thereon of KOYOTO POLYMER (P) LTD. are annexed. A Statement pursuant to
Section 212 of the Companies Act,1956 is also attached.
Shri Ramesh Chand Dublish will retire from the Board by rotation and being
eligible, offers himself for re-appointment.
AUDITORS AND AUDITORS' REPORT
The auditors, M/s Nem Chand & Co., Chartered Accountants retire at the
conclusion of the forthcoming Nineth Annual General Meeting and being
eligible, offer themselves for re- appointment. The notes to the accounts
reFerred to in Auditors' Report are self explanatory and, therefore, do not
call for any further comments.
Your Directors acknowledge with gratitude the co-operation and continued
assistance extended by the banks, financial institutions, investors,
customers and suppliers of the Company
Your Directors wish to place on record their appreciation of the sincere
and efficient services rendered by the executives, staff and workmen of the
On behalf of the Board,
Chairman & Managing Director
Date : 1st September,1998