NAGARJUNA GRANITES LIMITED
ANNUAL REPORT 1998-99
Your Directors present the 11th Annual Report of the Company together with
the Audited Accounts for the year ended 31st March, 1999.
Your Directors did not recommend any dividend because of losses incurred-
during the year under review.
2. REVIEW OF OPERATIONS DURING THE YEAR:
Due to the factors beyond the control of the management such as continued
several reasons in the granite industry, pending finalisation of mining
policy by the State Government, Nexals threats, the company could not run
the factory and consequently there was nil income earned during the year
Sri N.V. Naidu will retire at the ensuing annual general meeting and being
eligible offers himself for reappointment.
Sri O. Panduranga Reddy, Director of the company resigned on 30th April,
1999. The Board places on record its warm appreciation of the valuable
advice and services rendered by him during his tenure of office.
The Company has not accepted any deposits from the public during the year
The present Auditors of the Company M/s A.M. Reddy & Co., Chartered
Accountants, retire at the conclusion of this Annual General Meeting and
they are eligible for reappointment.
6. REFERENCE TO BIFR:
Your directors considered the fact that the erosion of more than 100% of
net worth of the company on adoption of the audited accounts for the year
1998-99 at the ensuing 11th Annual General Meeting will require to be
reported to the BIFR as required under section 15 of the Sick Industrial
Companies (Special Provisions) Act, 1985.
7. PARTICULARS OF EMPLOYEES: .
The particulars required under Section 217(2A) of the Companies Act. 1956
read with the provision contained in Companies (Particulars of employees)
Rules, 1975 as amended to date were not applicable to your company as none
of the employees was in receipt of remuneration which in aggregate was Rs.
6,00,000/- or more per year nor was in receipt of remuneration for any part
of the year, of Rs. 50,000/- or more per month.
8. INDUSTRIAL RELATIONS:
The company has had harmonious industrial relations throughout the year
under review at all levels of organisation. The Company would endevour hard
to maintain this cordial relationship in future also.
9. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS
Information pursuant to Section 217(1) (e) of the Companies Act. 1956 read
with the Companies (Disclosure of Particulars in the Report of the Board of
Directors) Rules,1988 regarding conservation of energy, technology
absorption was not given since there were no production operations and
foreign exchange earnings and outgo were nil during the year under review.
The Directors have pleasure in recording their appreciation for the
valuable assistance extended to the Company by the State Bank of India.
Secunderabad Branch and other Government authorities and business
Your directors also place on record their deep sense of appreciation for
the dedicated services rendered by all the executives, staff and workers of
For and on behalf of the Board
Place: Secunderabad, P.L. VARADARAJAN
Date: 24th June, 1999. CHAIRMAN