ANNUAL REPORT 1998-99
LUSTRE TILES LIMITED
To the Members,
Your directors have pleasure in presenting the twentieth Annual Report
together with the Audited Statement Company for the period ended 31st
Mr M.N.Gidwani Director retire by rotation and is eligible for re-
OPERATIONS AND THE FUTURE STRATEGY
The financial year 1998-99 has witnessed a slowdown in corporate
performance in most of the Sectors. It was tough year particularly for
ceramic industry which has resulted in situation of excess supply. To
bring the supply at par with the demand the companies are forced to
operate at reduced capacities thereby leading to under cutting of price and
cut throat competition. These factors have affected the price realisation.
In this scenario your Company's performance was not satisfactory. Company
is looking for remedial steps to addresss averse market conditions and
appropriate steps will be taken to stem the tide.
The observations of the Auditors are explained adequately where necessary
in the appropriate note in the Notes to Accounts.
The retiring Auditors of the Company M/s Rajendra.K.Goel Chartered
Accountants are eligible for re-appointment.
The Company has taken appropriate steps to be Y2K Compliant. The Company
does not envisage any serious threat to the Company's business activities
from the Y2K problem.
Information required under Section 217(1) (e) of the Companies Act,1956.
a) CONSERVATION OF ENERGY:
The Company has been continously making all out efforts for conservation
of energy and adequate steps are being taken.
b) TECHNOLOGY ABSORPTION
The Company carries out continous R & D for product and process improvement
to introduce new designs, cost reduction and other operational improvement.
The expenditure on R & D have been charged under primary heads of accounts.
The Company has not entered into any technical or foreign colloboration
C) FOREIGN EXCHANGE EARNINGS AND OUTGO:
The details of Foreign Exchange outgo are continued in note No 11 of
schedule 17. There was no foreign exchange earnings during the year.
PARTICULARS OF EMPLOYEES
There is no employee of the Company who is covered under Section 217(2A) of
the Companies Act,1956.
The Directors wish to record their appreciation for the wholehearted and
active cooperation the Company received from IDBI, IFCI ,ICICI,BIFR
,RIICO, SBBJ Dealers and Suppliers. The Directors also wish to place on
record their sincere appreciation for the dedicated services rendered by
the staff and workforce of the Company.
By order of the Board
Place: New Delhi
Date : 2nd Dec,1999.