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Mikado Textile Industries Ltd.

BSE: 514213 Sector: Industrials
NSE: N.A. ISIN Code: N.A.
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Mikado Textile Industries Ltd. (MIKADOTEXTILE) - Director Report

Company director report

MIKADO TEXTILE INDUSTRIES LIMITED ANNUAL REPORT 1998-99 DIRECTORS' REPORT The Directors are pleased to present their Sixteenth Annual Report together with the audited Statement of Accounts for the year ended 31 st March 1999. OPERATIONS During the year under review, the Company's operations continued to be under tremendous pressure of financial shortage. The Turnover has reduced substantially to Rs. 6.12 Crores for the year under review as compared to Rs. 19.85 Crores for the year 1997-98. The Operational Loss for the year 1998-99 amounted to Rs. 94.18 Lacs as against Rs. 34.12 Lacs for the year 1997-98. After providing Rs. 159.48 Lacs towards Depreciation (Previous Year Rs. 153.99 Lacs), the Net Loss for the year 1998-99 amounted to Rs. 854.03 Lacs as compared to Rs.805. 14 Lacs for the year 1997-98. The Company has already submitted business plans to IDBI for revival. DIVIDEND In view of the losses incurred during the year under review, your Directors regret their inability to recommend any dividend for the year ended 31 st March, 1999. SICK INDUSTRIAL COMPANY In reply to the Company's report under Section 23 of the Sick Industrial Companies (Special Provisions) Act, 1985 read with Regulation 36 of the Board for Industrial arid Financial Reconstruction Regulations, 1987, to the Board for Industrial and Financial Reconstruction (BIFR), the said authority declared the Company as a Sick Industrial Company vide its Order dated 04/02/98. In accordance with the said order, a scheme for the rehabilitation of the Company is under preparation by the Industrial Development Bank of India, the Operating Agency. However appeal by SICOM and Banks was filed before Honourable AAIFR. Honorable AAIFR has referred the matter to BIFR for review. The case was heard by BIFR on 1 st July, 1999 and directed the operating agency to further clarifications and report. DIRECTORS Mr. B. K. Modi and Mr. K. C. Chamria, Directors retire by rotation at the ensuing Annual General Meeting and being eligible, offer themselves for re- appointment. EMPLOYEES RELATIONS Employees relations remained satisfactory during the year under review. The Directors take this opportunity to record their appreciation of the continuous support and contribution from all the employees of the Company. PARTICULARS OF EMPLOYEES Particulars as per sub-section (2A) of section 217 of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975 which should be forming part of the Directors' Report for the year ended 31st March 1999, being nil, have not been furnished. CONVERSATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO Information pursuant to Section 217(1) (e) of the Companies Act, 1956 read with Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 is given in the Annexure to this Report. AUDITORS M/s. Gupta Shyam & Co., Chartered Accountants retire as the Auditors of the Company, and being eligible, offer themselves for re-appointment. AUDITOR'S REPORT The observations made by the Auditors of the Company in their report regarding the Company's operations for the year ended 31st March 1999 read with the Notes on Accounts, are self explanatory and do not require any further clarifications. Y2K COMPLIANCE The Company has taken appropriate and effective steps to meet any possible disruption in any hardware, network components and third party software products etc., due to Y2K impact. The Company does not anticipate significant materials costs which may in the opinion of the Board of Directors, materially affect Company's profitability given Y2K Compliance needs. ACKNOWLEDGMENT Your Directors would like to place on record their gratefulness for the excellent co-operation received from IDBI, SICOM. Canara Bank and State Bank of Indore. We also thank the Shareholders for reposing their confidence in the Company. Your Directors would also like to place on record the appreciation for the co-operation received from the members of the staff for the smooth operation of the Company. By order of the Board of Directors Sd/- Sd/- Place: Mumbai V. K GADIA S. K MODI Dated: 26th October, 1999. Director Director ANNEXURE TO DIRECTORS' REPORT STATEMENT SHOWING PARTICULARS TO THE COMPANIES (DISCLOSURE OF PARTICULARS IN REPORT OF BOARD OF DIRECTORS ) RULE, 1988. 1. ENERGY CONSERVATION a) i) Power losses have been reduced by timely changing / replacing / maintaining electric equipments / wiring / spares etc. ii) Energy saving methods have been used for lighting and general electric equipments to save power. b) Additional investments and proposals, if any have been implemented for reduction of consumption of energy. i) Update repair and maintenance ii) Training to staff and worker c) The effect of steps taken for conversation of energy can not be calculated, however overall reduction in consumption of energy i.e. electricity and fuel oils in general in all units having favourable impact on the cost of production. FORM 'A' II. TECHNOLOGY ABSORPTION 1. Specific areas in which 1) Process modification to R & D carried out by the company achieve quality improvement, company waste reduction & safety in the operation etc. 2) Continous developments of new designs and pattern in synthetics fabrics. 2. Benefits derived as a a) Control on wastage & better results of the above safety to workers. R & D b) Customer satisfactions 3. Further Plan of Action The R & D team continue support the development of new products & reduction of cost of utilities. 4. Expenditure on R & D a) Capital Rs. Nil b) Recurring Rs. Nil c) Total Rs. Nil d) Total R & D Expenditure as a percentage of total turnover Rs. Nil TECHNOLOGY ABSORPTION, ADAPTATION AND INNOVATION Rs. Nil III. FOREIGN EXCHANGE EARNINGS AND OUTGO: a) Activities relating to export, Company is making development of new export efforts to explore the markets for products and overseas market for services and export plans their products b) Total Foreign Exchange Used Rs. NIL (Previous Year Rs. 0.47 Lac) Earned Rs. Nil (Previous Year) Rs. Nil) By order of the Board of Directors Sd/- Sd/- Place: Mumbai V. K. GADIA S. K. MODI Dated: 26th October. 1999. Director Director