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MV Cotspin Ltd.

BSE: 531286 Sector: Industrials
NSE: N.A. ISIN Code: INE586D01014
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MV Cotspin Ltd. (MVCOTSPIN) - Director Report

Company director report

MV COTSPIN LIMITED DIRECTORS REPORT To The Members, Your Directors have pleasure in presenting the 6th Annual Report together with the Audited Statement of Accounts for the year ended 31 st March,1999. Current year operations The Company has posted a turnover of Rs. 20.17 crores during 1998-99, an increase of over 20% over last year. The recessionary trends in the global textile markets countinued unabted in the year under review. Inspite of the above conditions the company was able to post higher operating profits at 273.34 lacs against 175.16 lacs last year due to increase in volumes from additional capacity installed and commissioned during 1998- 1999. The cotton crop during the year under review continued to be adversely affected and even though it is estimated to be 16.25 million bales against 14.80 million bales in 1997-98, it is still lower than 17.65 million bales in the year 1996-97. The prices of Indian cotton in the year under review were higher than comparable international cotton prices. Total exports has increased to Rs. 12.50 crores against Rs. 9.53 in 97-98 an increase of 31%. The Company is committed to focus more on exports and expand global market which will provide volumes and better reasisation in time to come. Y2K Preparedness Level Your Directors are glad to report that the areas where Y2K problems will be faced are very limited. Full Y2K compliance is expected to be achieved by September, 1999. An internal team has been formed to address this problem. The expenditure to ensure Y2 compliance is not expected to be significant, Public Deposits The Company has not accepted any deposit from the public during the year under review. Directors Shri S. S. Kothari and Shri Arvind Kumar, Directors of the Company retire by rotation at the ensuing Annual General Meeting and being eligible offer themselves for re-appointment. Auditors ; Auditor's Report M/S. P.K. Ajitsaria & Co., Chartered Accountants, Calcutta the present auditors of the Company retire at the conclusion of the ensuing Annual General Meeting and being eligible offer themselves for rappointment. The observation made in the Auditor's Report read with notes of accounts are self explanatory. Particulars of Employees The information required under Section 217 (2A) of the Companies Act,1956 read with the Companies (Particulars of Employees) Rules 1975 regarding employees not required. Conservation of Energy, Technology absorption and Foreign Exchange earnings and outgo The information in accordance with the provisions of Section 217(i)(e) of the Companies Act 1956 read with the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 is given in the Annexure to the Report and form an integral part thereof Acknowledgement The Directors would like to place on record their grateful appreciation and thanks to IDBI, State Bank of Bikaner & Jaipur, State Bank of India for all the timely help and encouragement they have extended to the Company. The Directors also wish to place on record their deep sense of appreciation for the devoted services rendered by the officers, employees and workers of the Company for its success. For and on behalf of the Board of Directors Vivek Agarwal Managing Director Place: Calcutta Date : June 18,1999. A.DISCLOSURE OF PARTICULARS WITH RESPECT TO TECHNOLOGY ABSORPTION a) Research and Development (R & D) During the year under review no significant research work has been undertaken by the Company. Benefits Derived Not Applicable. b) Technology absorption, adaptation and innovation effort The Company has installed the latest state-of-art imported Plant & Machinery at its unit to produce a superior quality product. Benefits Consequent to installation of latest plant & machinery, the Company produced good quality of cotton yarn which is well accepted in the premium segment both in domestic as well as in international market. (Amount in Rs) Current Year Previous Year 1998-99 1997-98 c) Foreign Exchange Earnings and Outgo 1. Foreign Exchange earned Export of Cotton Yarn (F.O.B. Value) 84,779,576 51,278,314 2. Expenditure in foreign Currency Capital Goods (C.l.F. Value) - 29,881,875 Spare Parts (C.l.F. Value) 2,089,110 316,464 Travelling Expenses 250,746 401,370 Export Commission 48,019 1,660,504 For and on behalf of the Board of Directors Vivek Agarwal Managing Director Place: Calcutta Date : June 18,1999.