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Sanvan Software Ltd.

BSE: 531829 Sector: IT
NSE: N.A. ISIN Code: INE156B01010
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Sanvan Software Ltd. (SANVANSOFTWARE) - Director Report

Company director report

1995 KAR MOBILES LIMITED DIRECTOR'S REPORT Your Directors are pleased to present the fiftyeighth Annual Report together with the accounts for the year ended 31st March 1995. DIVIDEND AND RETAINED PROFITS From the profits available for appropriation, Preference dividend at 14% per annum for the period 1st April 1994 to 30th June,1994, subject to deduction of tax, has been paid at the time of redemption. Dividend at 24% on equity capital of the company amounting to Rs.26,88,000 subject to deduction of tax is recommended for 1994-95. This would leave the company with a retained profit of Rs.77,62,586 out of which Rs.15,00,000 is transferred to Debenture Redemption Reserve and Rs.60,00,000 to General Reserve, leaving behind Rs.2,62,586 as surplus in profit and loss account. GENERAL REVIEW OF THE YEAR In forecasting for the Financial Year 1995-96, the board had taken a view that subject to inflation being under control, the automotive industry would register significant growth. All the industrial sectors were buoyant during the year and registered a growth of nearly 9%. The board is particularly pleased that the automotive industry led the growth with the medium and heavy commercial vehicles registering 55% and the passenger car segment 26%. The opening up of the Indian economy, consumer friendly policies, and favourable monsoon conditions sustained the consumers' confidence in the Indian economy. The company has registered a sales growth of 29.66% including a growth of 28.58% in exports. OUTLOOK FOR THE YEAR The expectation is that the industry would continue to grow. Action initiated to optimise utilisation of capacities at both the plants would enable the company to increase sales. As is known, leading global players have announced plans for manufacturing ventures in India. Your company has already taken necessary steps to tap this potential. Technology agreements are under discussion and is expected to be concluded shortly. PREFERENCE SHARE CAPITAL The 14% Cumulative Redeemable Preference shares of the face value of Rs.8,47,500 was redeemed on 30th June, 1994. DEPOSITS The deposits outstanding as on 31.3.1995 amounted to Rs.33.85 lacs. All deposits that matured during the year were repaid/renewed except for a sum of Rs.46,001, for which claims were not lodged with the company. DIRECTORATE Mr R K Chari relinquished the Chairmanship of the Board after six years of leadership Mr L Ganesh was appointed Chairman of the Board at its meeting held on 16th June. 1995. The Board placed on record its appreciation for the guidance given by Mr Chari during his tenure. Mr S Krishnamurthy joined the Board as nominee of the Industrial Credit and Investment Corporation of India Ltd. on 16th June, 1995. Mr K Vishnumurthy Yerkadithaya and Mr. T M Ramachandran retire by rotation under Article 116 of the Company's Articles of Association and being eligible offer themselves for re-election. CONSERVATION OF ENERGY The company has taken various measures for optimising usage of energy. TECHNOLOGY ABSORPTION Your company has been taking steps to enhance productivity, keeping "consistent quality" and "process reliability" as important objectives. The Tumkur plant received accredition of ISO 9002 from BVQI of UK during the year. Your company is actively working to get ISO 9002 accredition for its Peenya Plant during the current year. Statement giving information as required under the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 are enclosed as a part of this report. FOREIGN EXCHANGE EARNINGS AND OUTGO Your company has registered significant growth in exports during the year under review. Compared with the previous year. the exports have increased from Rs. 580.76 lacs to Rs. 746.72 lacs registering growth of 28.58%. The total foreign exchange earned and used during the period are as under: (Rs. in Lacs) Foreign exchange earned (FOB Value) 730.93 Foreign exchange used 395.31 EMPLOYEES Statement of particulars of employees pursuant to Section 217(2A) of the Companies Act,1956 read with rules thereunder is annexed. AUDITORS M/s Varma & Varma and Sankaran & Raman, Chartered Accountants, the retiring joint Auditors of the company are eligible for reappointment. Certificates u/s 224 (1-B) of the Companies Act,1956 has been received from them. ACKNOWLEDGEMENT The directors wish to place on record the continued patronage received from the original equipment customers, state transport undertakings and dealers. The directors wish to place on record the assistance received from the various departments of Central and State Governments, Electricity Board, the financial institutions and the company's bankers and the employees of the company. FORM-B Information as per Section 217(1)(e) of the Companies Act, 1956 read with Companies (Disclosure of particulars in the report of the Board of Directors) Rules, 1988 and forming part of the Directors' Report for the year ended 31st March,1995. RESEARCH & DEVELOPMENT (R&D) The R&D activities already initiated for improving the production process technology aiming to reduce cost of production is continuing. TECHNOLOGY ABSORPTION The actions already initiated by the company to improve production technology is actively continuing. The company has developed certain special purpose machines to improve productivity and quality of production. The company has not imported any technology during the last 9 years. For and on behalf of the Board L. GANESH Chairman V. RAMACHANDRAN Managing Director Place : Bangalore, Dated : 16th, June 1995.