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Noble Brothers Impex Ltd.

BSE: 530591 Sector: Others
NSE: N.A. ISIN Code: N.A.
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Noble Brothers Impex Ltd. (NOBLEBROTHERS) - Director Report

Company director report

ANNUAL REPORT 1998-99 NOBLE BROTHERS IMPEX LIMITED DIRECTOR'S REPORT To the Members Your Directors hereby submit the Sixth Annual Report and the Audited Accounts for the year ended March 31, 1999. REVIEW OF FINANCIAL PERFORMANCE The year under review was rather a bad year for the Company & it has recorded a turnover of Rs. 814.96 lacs as compared to Rs.2328.75 lacs of the previous year. The Company was pursuing vigorously the exports but suffered a set back. More than 50% of the Company's net worth has been eroded and best efforts are being made to bring the unit back to its normal health. PERFORMANCE Vs PROJECTIONS The Statement of projections as per prospectus dated 23.03.95 as compared to the performance for the current year is given below: (Rs.In.Lacs) Projection 1998-99 Actual 1998-99 Sales 5974 814.96 Net Profit/(Loss) after tax 786 (390.02) DIRECTORS Sh. S. S. Pruthi retires by rotation and being eligible offers himself for reappointment. Shri Jaspal Singh Batra, Chairman & Managing Director of the Company has tendered his resignation as Director of the Company w.e.f. the forthcoming Annual General Meeting of the Company. Your directors place on record their deep appreciation for the valuable services/guidance provided by Sh. Jaspal Singh Batra during his tenure. Mr. Singh has expressed his willingness to co-operate the company in respect of Company's matter whenever required. The Board of Directors of the Company has recommended the appointment of Shri Gurvinder Singh Arora, as whole time Director of the Company. AUDITORS M/s Mohinder Arora & Company, Chartered Accountants, Delhi Auditors of the Company hold office until the conclusion of the ensuing Annual General Meeting and being eligible offer themselves for re-appointment. The Company has received certificate from them u/s Section 224 (1B) of the Companies Act, 1956. Your Directors recommend their re-appointment. AUDITOR'S REMARKS There being no any adverse remark in the auditor report comment from the directors are not required. PARTICULARS OF EMPLOYEES During the financial year under review, none of the Company's employees was in receipt of remuneration as prescribed under section 217(2A) of the Companies Act, 1956. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE END OUTGO Information regarding conservation of Energy, Technology and Foreign Earning and outgo required under Section 217(1)(e) of the Companies Act, 1956 are annexed as annexure-I and form part of this Report. FIXED DEPOSITS During the year under review the company has not raised any money by way of Fixed Deposits under Section 58A of the Companies Act, 1956. ACKNOWLEDGEMENT Your Directors take this opportunity to offer their sincere thanks to the various Departments of Central and State Government, State /Financial Institutions, Banks, Customers and suppliers for their continued valuable assistance and support. Your Director also wish to place on record their sincere appreciation of dedicated efforts by officers and workers of Company at all levels. By order of the Board For NOBLE BROTHERS IMPEX LIMITED Sd/- Place : New Delhi (JASPAL SINGH BATRA) Date : July 12,1999. Chairman & Managing Director ANNEXURE TO DIRECTOR'S REPORT ANNEXURE-I A. CONSERVATION OF ENERGY Your Company is not covered in the Schedule of Industries given under rule 2 Of the Companies (Disclosure of particulars in the Report of Board of Directors)Rule,1988 requiring furnishing of information regarding conservation of energy in all phases of its operations. B. TECHNOLOGY ABSORPTION, ADAPTATION & INNOVATION The Company has carried out various product development activities in cotton and knitted garments and upgraded the products for making international quality and prevailing market demand style garments and has focused on productivity improvement & Technology efficiencies and Quality improvement. FOREIGN EXCHANGE EARNINGS AND OUTGO The Company is exporting 100% of its production and has earned valuable foreign exchange as per details given below: 1998-99 1997-98 1. Earning in foreign Exchange Export of Goods on FOB basis --Direct 298.03 2053.88 --Third Party Export 217.12 - 2. Expenditure in Foreign Exchange Import purchase & accessories 2.69 21.74 Foreign Travelling 24.69 66.15 Professional Charges 4.29 5.30 Export Promotion 1.70 1.10 Freight - 0.14 -------- --------- 33.37 94.43 --------- ---------- By order of the Board For NOBLE BROTHERS IMPEX LIMITED Sd/- Place : New Delhi (JASPAL SINGH BATRA) Date : July 12, 1999 Chairman & Managing Director