ANNUAL REPORT 1998-99
GUJARAT FISCON LIMITED
Your Directors are pleased to present their Sixth Annual Report and the
Audited Accounts ,or the year ended 31st March, 1999.
Your Directors regret their inability to recommend any dividend for the
financial year 1998-99 in view of the inadequate profits and for conserving
the resources for the future.
The Gross Income has gone up from Rs.4.93 Crores to Rs. 6.88 Crores an
increase about 40%. However, the Profit after tax has gone down to Rs. 2.66
Lakhs from Rs. 2.96 Lakhs
The Company has not accepted any overdue and unclaimed public deposits.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE
Your Company being in the financial sector, no report is necessary on
conservation of energy and technology absorption. Your Company had no
foreign exchange earnings.
Shri Manoj C. Mehta retires by rotation at the forthcoming Annual General
Meeting and is eligible for reappointment
Messrs. Parikh & Talati, Chartered Accountants, retire at the conclusion of
the,Sixth Annual Meeting and are eligible for reappointment.
PARTICULARS OF EMPLOYEES
There are no employees covered by Section 217(2) of the Companies act, 1956
read with the Companies (Particulars of Employees) Rules 1975 and hence no
particulars are attached.
The Directors place on record their gratitude to the bankers, shareholders
and the clients for their valued and continued Support and to the
employees, for their support and cooperation received during the year.
FOR AND ON BEHALF OF THE BOARD
Place : Baroda PRADIP C. MEHTA
Date : 31st May, 1999 DIRECTOR