ANNUAL REPORT 1998-99
MINTAGE ELECTRO EQUIPMENTS LIMITED
Your Directors have pleasure in presenting the 8th Annual Report of your
Company for the year ended 31st March 1999.
During the year the Company has spent on Fixed Assets Rs.3.09 lakh. The
Company have earned the Gross Income of Rs. 772.67 lakh, and have achieved
the Net Profit after tax Rs.14.39 lakh.
Your Directors do not recommended any dividend for the year.
Since the Company has no subsidiaries, Section 212 of the Companies Act,
1956 does not apply.
4. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGOING CONSERVATION OF ENERGY :
The Company is using only electricity. However, the Company has arranged
for regular maintenance of its machinery, equipment and tools to get
optimum energy. No additional capital investment is made for reduction of
consumption of energy. As the products are more of assembly nature, the
cost of power,to the total cost of production is very negligible.
In the course of period, Company has developed various Innovative utility
based products, viz. Emergency Light, Emergency Power Supply System,
Torches, Charger, Rear Guard, Washing Machine and many other products.
FOREIGN EXCHANGE EARNINGS AND OUTGOING:
There were no activity relating to incoming or, out going of foreign
exchange during the year.
Mr.Vasant Bhide,.Director & Mr Mukund Director, Director of the Company
retires by rotation and offer themselves for reappointment. Mr.
Vishwas.B.Panse resigned as Managing Director of the Company with effect
from October 18, 1999. Mr R.Subramaniam has been appointed as Managing
Director of the Company with effect from October 19, 1999.
M/s.Kamlesh.B.Mehta & Co. Chartered Accountants, Mumbai retire at the
Forthcoming Annual General Meeting the Company and eligible for re-
appointment. They have given a,Certificate to the effect that their
appointment, if approved, shall be within the prescribed limits specified
in Section 224(1B) of the Companies Act, 1956.
7. PARTICULARS OF EMPLOYEES
There was no employees getting remuneration or Rs.3,00,000/- per annum on
Rs 25,000/- per month during the year for either part or whole of the year
pursuant to the provisions of Section 217(2A) of the Companies Act,1956
read with the Companies (Particulars of Employees) Rules,1975. Hence, no
information is given in this regard.
Your Directors wish to place on record their sincere appreciation for the
dedication shown by their employees at all levels during the year.
Your Directors are grateful to the Bankers for their Co-operation and
continued support during the year.
For and on behalf of the Board
DATE : 25TH NOV,1999.