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Mahaganesh Texpro Ltd.

BSE: 521139 Sector: Industrials
NSE: N.A. ISIN Code: N.A.
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Mahaganesh Texpro Ltd. (MAHAGANESHTEXPR) - Director Report

Company director report

1996 MAHAGANESH TEXPRO LIMITED DIRECTORS REPORT Yours Directors have pleasure in presenting the Fourth Annual Report and Audited Accounts of the Company for the year ended 31 st March,1996. DIVIDEND In view of in sufficient Profit and also for conserving the funds for business Directors have decided to skip the Dividend. OPERATIONS The Company has achieved total Income of Rs. 1605.33 lacs (previous year Rs. 1491.03 lacs.) The increase of 8% is mainly attributed to turnover from established fabric process division. The Profit before depreciation and tax during the year under review amounted to Rs. 53.65 lacs against Rs. 99.81, lacs during the previous year. After providing for Depreciation of Rs.21.84 lacs (previous year Rs.22.53 lacs) the net profits have touched Rs.31.81 lacs for the year ended 31 st March 1996 from Rs.77.28 lacs in the previous year. After adding Balance brought forward from last year amounting Rs.3.77 lacs, the year has ended with a profit available for appropriation amounting to Rs. 35.58 lacs. Your directors have decided to transfer amount of Rs.10/- lacs to General reserve thereby leaving a balance to be carried forward amounting to Rs. 25.58 lacs for the year under review. FIXED DEPOSITS : There are no unclaimed/unpaid deposits. INSURENCE : All the properties of the company including its building, plant and machineries and stocks have been adequately insured. DIRECTORS : In accordance with the Provisions of the Companies Act, 1956 and Article 136 of the Articles of Association of the Company, Shri Anantrai M. Patel and Shri Prakash R. Balar retire by rotation at the ensuing Annual General Meeting and being eligible, offer themselves for reappointment. Shri Dhillon P. Shah, Shri Arvind P. Zatakia and Smt. Shivangi D. Shah, who have been appointed as addi- tional Directors by the Board with effect from 30.9.95 as per Section 260 of the Companies Act, 1956, hold office of Directors till conclusion of ensuing Annual General Meeting. Necessary items have been included in the Notice convening the Annual General Meeting and appointments are commended for adoption by the Members. During the year under report Shri Mahesh H. Bhuta erstwhile Chairman & Managing Director, submitted resignation. Your Directors place on record valuable guidance provided and advice rendered by Shri Mahesh H. Bhuta during the formation stage and thereafter. Shri Mukesh R. Patel Director expressed inability to continue on the Board due to pre-occupation. Similarly Shri R.M. Gandhi Director submitted resignation on 5.6.96 due to indifferent health. Your Directors have placed on record their gratitude towards the valuable guidance provided by Shri R.M. Gandhi and Shri Mukesh R. Patel Directors during their tennure of office as Directors on the Board. AUDITORS M/s. M.A. Shah & Co. Chartered Accountants, retire at the ensuing Annual General Meting and being eligible have offered themselves for reappointment. Members are requested to appoint the auditors and fix their remuneration. ANNEXURE TO DIRECTORS' REPORT: 1) Since none of the employees of the Company is drawing more than Rs. 25000/- per month particulars of employees u/s 217 (2A) of the Companies Act, 1956 for the ended 31 st March 1996 are not required to be annexed. 2) Pursuant to Section 217 (1) (e) of the Companies Act, 1956 read with Companies (Disclosure of Particulars in Directors 'Report) Rules 1988, the relavant information is given in the annexure forming part of this Report. INDUSTRIAL RELATIONS : Relations with the employees continued to remain cordial throughout the year. Your Directors wish to place on record their appreciation for sincere and dedicated services rendered by the executives, staff and workmen at all levels. ACKNOWLEDGEMENTS: Your Directors acknowledge with gratitude the co-operation and assistance received from the Central and State Governments, Bankers, staff members and all those associated with the company during the year under review. Disclosure of particulars In respect of Conservation of Energy Technology Absorption and Foreign Exchange earnings and Outgo required under Companies (Disclosure of particulars in the Directors Report) Rules 1988. A) Conservation of Energy Imported dyeing vessel have resulted in less electricity consumption hence saving in power cost. b) Additional investments and proposals if any being implemented for reduction of consumption of energy : NIL c) Impact of measures at (a) & (b) above for reduction of energy consumption and consequent impact on the cost of production of goods : The above mentioned measures have resulted in energy saving and consequent reduction in energy cost and hence in cost of production. d) The total energy consumption and energy consumption per unit of production : C) TECHNOLOGY ABSORPTION a) Research & Development: The Company has no specific Research & Development department. However the Company has well equipped y quality control department to check the quality of the different products manufactured. b) Technology Absorption, Adptation and Innovation not applicable. D) FOREIGN EXCHANGE EARNINGS & OUTGO: a) Activities relating to exports: initiative taken to increase exports,development of new export markets for products and services and export plans. The company has so far not exported any of its products to overseas market but is actively concentrating on improvement of quality of products manufacturing to promote the export in established and new markets. b) Total Foreign Exchange used and Earned : Rs. lacs. Total Foreign Exchange Used NIL Total Foreign Exchange Earned NIL Dhillon P. Shah Chairman Place : Bombay Dated : 1st August 1996