RUSODAY & COMPANY LIMITED
Your Directors have pleasure in presenting the Eleventh Annual Report
together with the Audited Accounts for the year ended, 30th September,
The Company has earned an income of Rs. 145.41 lacs as compared to Rs.
286.37 lacs in the previous year. The discontinuance of Diamond business
and dull atmosphere prevalent in the Capital Market has attributed equally
to the very low level of income during the year 1995-96, resulting in a net
loss of Rs. 162,18 lacs in the current year.
Though your Company has secured a place in the Merchant Banking area the
Company could not manage many Public Issues as anticipated due to
sluggishness in the Capital Market as well as in the Economy. However,
during the year, the company has handled 19 Public Issues as Lead Managers,
7 Issues as Co-Managers and has underwritten 6 Issues as the tune of Rs.120
lacs. The Company expects good response in the current financial year in
this line of activity.
Due to the very low level of income and losses incurred during the current
year under review, the Board of Directors have not recommended any Dividend
for the financial year 1995-96.
Your Director's wish to inform that the company has made an application to
the Magadh Stock Exchange to delist the shares of the Company on account of
the negligible trading carried on the floor of the Exchange.
In compliance with the Provisions of Section 212 of the Companies Act 1956,
the audited statement of Accounts together with Directors Report of the
subsidiary company for the year ended 31st March 1996 are annexed.
PARTICULARS OF EMPLOYEES
There are no employees in the Company whose particulars are required to be
given pursuant to Section 217 (2A) of the Companies Act, 1956, read with
Company's (particulars of employees) Rules 1975.
The Company has not accepted and deposits from the public within the
meaning of Section 58 A of the Companies Act, 1956.
Shri V. V. Sastri, Director of the Company will retire by rotation and is
eligible for re appointment.
Shri J. S. Varshneya, Director of the Company resigned from the Board and
his resignation was accepted with effect from 21.08.1996. The Board places
on record their deep appreciation for the services rendered by Shri. J. S.
Varshneya, as a Director of the Company.
M/s. Kanoongo & Associates, Chartered Accountants. Auditors of the Company
retire and being eligible, offers themselves for re appointment.
ENERGY, TECHNOLOGY AND FOREIGN EXCHANGE
Information on Conservation of Energy, Technology Absorption, Foreign
Exchange Earnings and Outgo required to be given pursuant to Section
217(1)(e) of the Companies Act, 1956 read with the Companies (Disclosure of
Particulars in the Report of Board of Directors) Rules, 1988 are not
applicable since there is no such activity at present being pursued by the
Your Directors wish to place on record their appreciation and grateful
thanks to Banks, other State and Central Government agencies and the
Shareholders for their continued support.
Your Directors also wish to place on record their sincere appreciation for
the valuable services rendered by all the employees during the year.
For and on behalf of the Board
S. K. JAIN
Place : Hyderabad,
Date : 4th December, 1996.