SARASH INDIA MINES AND MARINES LIMITED
To the Members,
Heartiest Welcome to the members. Your Directors have great pleasure in
placing before you the Third Annual Report of the Company for the year
ended 31st March 1998. The working results of the company are summarised
below, giving the financial highlights for the last two financial years.
REVIEW OF OPERATIONS:
During the year the company has maintained the gross income inspite of the
recessionary trends through out the globe and specially in its area of
operations namely Japan, Taiwan and East Asian Markets. During the current
year (1998-99), we have planned to enter the European market in a big way
which is expected to improve the gross income considerably.
All the deposits matured during the year were either repaid and the Company
has no fixed deposits which are matured and unpaid.
Conservation of Energy
a. Conservation of Energy
Optimisation of achieving available energy through strict control and
monitoring and restricted use. As a result substantial saving inn energy
has been achieved. However, no additional investments have been made in
b. Technology absorption
Not applicable since the company has adopted the latest state of the art
plant and machinery and these machinery are currently available all over
the world. However, no further Technology absorption is necessary for the
c. Foreign Exchange earnings and outgo
1. Your company being a 100% export unit, the production has been exported
to highly quality conscious countries such as Taiwan, Japan, Malaysia,
Singapore. Your company is also exploring new markets for its products in
developed countries like Germany, France and other European countries.
2. The total foreign exchange earned and used:
Earnings in foreign currency Rs. 422.87 Lakhs
Outgo in foreign currency Rs. 2.86 Lakhs
At the forthcoming Annual General Meeting Mr. C.K. Chandrasekar and Mr.
Sridhar retire in accordance with the Articles of Association of the
Company and being eligible, offer themselves for re-election.
CASH FLOW STATEMENT:
Cash Flow Statements for the period 1997-98 is enclosed elsewhere in this
M/s. MAHADEV & CO., Chartered Accountants, Chennai retire from the office
of Auditors and are eligible for re-appointment as Auditors of the Company
till the conclusion of the next Annual General Meeting.
Your Director's take this opportunity to Thank the Companies Shareholders,
employees, bank, companies, customers, suppliers and all other associated
for their continued support and assistance at all levels.
For and on behalf of the Board
Place : Chennai R. RAVENDRAN
Date : 29-06-1998 Managing Director