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Om Sindhoori Capital Investments Ltd.

BSE: 530489 Sector: Financials
NSE: N.A. ISIN Code: N.A.
BSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
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Om Sindhoori Capital Investments Ltd. (OMSINDHOORICAP) - Director Report

Company director report

Annual Report 1998-99 Om Sindhoori Capital Investments Limited DIRECTORS REPORT The Board of Directors of your company have great pleasure in presenting the 11th Annual Report of the company together with the Audited Accounts for the year ended 30th September 1999. OPERATIONS :- The year under review was more a consolidation period. The recovery continued to be slow. The company made provisions for the NPAs to the tune of Rs 73.26 Lacs. In addition, the company has not recognised income to the extent of Rs 12.78 Lacs in accordance with the prudential norms of the Reserve Bank of India. After all these provisions, the operations resulted in Loss of Rs 26.61 Lacs. The company continues to comply with the prudential norms prescribed by Reserve Bank of India. The company has a capital adequacy of 48% as on 30.9.99 against the minimum of 8% stipulated by Reserve Bank of India. DEPOSITS :- In line with the RBI directives the company has stopped accepting fresh deposits. The outstanding deposits have come down to Rs 173.98 Lacs as on 31.12.99 against Rs.229.88 Lacs as on 31.12.98. There had been no instance of delay in repayment of deposits and interest. Out of the said outstanding deposits, an amount of Rs.25.96 Lacs pertains to deposits matured but not claimed. BANK BORROWINGS :- The outstanding dues to the bank which were at Rs.165Lacs as on 31.12.98 has been brought down to Rs 47.02 Lacs as on 31.12.99. FUTURE OUTLOOK :- As there has been no favourable macro economic factors that would cheer-up the NBFCs, the company has to satisfy with its recovery / consolidation process. The company continues to withdraw from its fund based activity. DIRECTORS :- Your Directors Mr K Padmanabhan and Mr. B Natarajan retire by rotation at the ensuing Annual General Meeting and being eligible, offer themselves for reappointment. AUDITORS :- M/s R Subramanian & Company, Chartered Accountants,retire at the conclusion of the 11th Annual General Meeting and are eligible for reappointment. COMPANIES (DISCLOSURE OF PARTICULARS IN THE REPORT OF BOARD OF DIRECTORS) RULES, 1988:- Statement of information as per Section 217 (1)(e) of the Companies Act, 1956 relating to conservation of energy or technology absorption etc. is not applicable to the activities of the company. The company does not have any foreign exchange or outgo. PARTICULARS OF EMPLOYEES:- There is no employee coming under the purview of Section217 (2A) of the Companies Act, 1956 and hence the particulars are not furnished. DIRECTORS' REPLY TO AUDITORS' OBSERVATIONS :- (i) Note No.9 of the Notes on Accounts Your Directors felt that on prudential consideration, it would be appropriate to account the penal charges on realization basis. (ii) Note No.10 of the Notes on Accounts The diminution in the value of certain long term investments have not been considered, as the Directors were of the opinion that the diminution is not of a permanent nature. ACKNOWLEDGEMENTS :- Your directors place on record their appreciation to the Company's Bankers, shareholders and depositors, for the continued co-operation and support & look forward to receive the same in all the endeavours of the Company in future. Your Directors wish to place on record their deep sense of appreciation for the contribution of all the employees for their dedicated performance. For and on behalf of the Board Place: CHENNAI Dr PRATHAP C REDDY Date : 28/02/2000 CHAIRMAN