INTECON (INDIA) LIMITED
The Directors have pleasure in presenting the Thirteenth Annual Report on
the business operations of the company and the Audited Statement of
Accounts for the period ended 31st March, 1996.
Since the company has suffered loss, no amount has been carried forward in
reserves to the Balance Sheet.
Since the financial position of the company is deterioting, no dividend for
payment has been recommended.
OUTLOOK FOR THE PERIOD UNDER REVIEW AND FUTURE STRATEGY
During the period under review the company has launched few new models of
Toys which will benefit us in the coming year. The Telecom order, which was
awarded to the company by the Department of Telecommunication (DoT) to the
tune for Rs. 9.32 crores, is being executed in the current year.
FOREIGN EXCHANGE INFLOW & OUTFLOW
The company used foreign exchange to the extent of Rs. 4.68 Lacs for import
of raw materials and Rs. NIL Lacs on foreign travels during the period
under review. There is no foreign exchange inflow during the year.
ABSORPTION OF TECHNOLOGY
Company has not imported any technology during the period under review.
CONSERVATION OF ENERGY
Every effort has been made by the company for conservation of the energy.
PARTICULARS OF EMPLOYEES
Pursuant to tile requirement of Section 217(2-A) of the Companies Act, 1956
read with Companies Particulars of Employees Rules 1975, the particulars of
the employees who are drawing remuneration Rs.25,000/- and above per month
The company has neither invited nor accepted any deposits from the public
during the period under review.
Shri Rajeev Shukla, Managing Director and Shri B. S. Jain, Jt. Managing
Director, Shri. Ram Singh, Nominee Director and Shri Praveen Shukla,
Director continued to hold their office throughout the year. Shri Bharat
Bhushan Mittal was appointed as an Additional Director on 2nd January, 1996
and his appointment on regular basis will be considered at the Annual
General Meeting. Shri. B.S. Jain will retire at the Annual General Meeting
being eligible offers himself for re-appointment.
CHANGE OF ACCOUNTING YEAR
The Company has decided that the financial year of the company is changed
to the period fm 1st July, 1995 to 31st March, 1996 (both days inclusive)
and that "Subsequent Financial Year" of the company be changed to a period
of one calendar year beginning from 1st April of one year and concluding on
31st March of the subsequent year.
M/s. Gambhir Nanda & Associates, Chartered Accountants, the retiring
auditors are eligible for re-appointment. M/s. Gambhir Nanda & Associates
have under Section 224 (1) of the Companies Act. 1956 furnished a
certificate of their eligibility for re-appointment.
Relations between Labour and management remained very cordial throughout
The Directors wish to place on record their gratitude and deeply
acknowledge the assistance extended by the U.P. State Government, Financial
Institutions and Company's Bankers.
The Directors appreciate the dedicated and sincere service of the employees
of the company during the year.
for and on behalf of the Board
(Rajeev Shukla) (B.S. Jain)
Managing Director Jt. Managing Director
Place : New Delhi
Dated : 26th August, 1996.