ANNUAL REPORT 1998-99
SHREE INDUSTRIES LIMITED
ALL THE MEMBERS
Your Directors present the 15th Annual Report along with the audited
accounts of your Company for the year ended 30th June, 1999.
During the year under review, the sales has amounting to Rs.472.43 lacs as
against Rs.307.31 lacs during the previous year registering an increase of
54% on annualised basis. The production has also increased substantially to
3186 MT (previous year 1929 MT) thereby achieving capacity utilization of
32%. The Company has incurred cash losses of Rs.133.98 lacs during the year
under review. The Directors are hopeful that with the improvement in the
sentiments ot the paper industries, revival of the Company will be faster.
The revival package/rehabilitation scheme is being prepared by the Company
as per the directions of the BIFR.
Mrs. Kum Kum Mittal, Director of the Company, retire by rotation at the
fortheoming Annual General Meeting and being eligible offers herself for
The overall industrial relations In the organisation remained cordial
throughout the year. the Directors are pleased to place on record their
sincere appreciation of the valuable contributions made during the year by
the employees at all levels.
PARTICULARS OF EMPLOYEES
The Company has no employee in the category of employees specified under
Section 217 (2A) of the Companies Act, 1956.
The auditors M/s. Pandey Dua & Mathur, retire at the ensuing Annual General
Meeting. Your Directors recommend their re-appointment for the current
year. The Auditors have qualified their report and the same have been
suitably explained in the Notes to Accounts. In view of the heavy loses,
the Company has not provided for depreciation and sales-tax liabilities
which will be provided for when the company earns profits.
CONSERVATION OF ENERGY, RESEARCH AND DEVELOPMENT,TECHNOLOGY ABSORPTION AND
FOREIGN EXCHANGE EARNINGS AND OUTGO
As required by the Companies (Disclosure of Particulars in the Report of
the Directors) Rules. 1988, , statement showing the information relating to
Conservation of Energy, Research and Development.
Technology Absorption and Foreign Exchange Earnings and Outgo attached as
Annexure 'A' and should be treated as a part of the Directors' Report.
Your Directors take this opportunity to offer sincere thanks to various
Departments of Central and State Government, the Industry Associations,
Financial Institutions and the Company's banker, Punjab National Bank for
their valuable assistance from time to time.
for and on behalf of Board
Place: Delhi Ravi Mittal Sandeep Mittal
Dated: 6th September, 1999 Director Director
PARTICULARS AS REQUIRED UNDER COMPANIES (DISCLOSURE OF PARTICULARS IN THE
REPORT OF BOARD OF DIRECTORS) RULES,1988 AND FORMING PART OF DIRECTORS'
REPORT FOR THE YEAR ENDED 30TH JUNE, 1999
II. RESEARCH AND DEVELOPMENT
1. Specific areas in which R & D carried out
by the Company : No R & D Carried out
2. Benefits derived as a result of the above
R & D : N.A.
3. Future plan of action : To be chalked out later on
4. Expenditure on R & D : Nil
III. TECHNOLOGY ABSORPTION ADAPTATION AND INNOVATION
1. Efforts made towards technology
More use of Indignous waste paper to manufacture high quality paper
2. Benefits derived as a result of the above efforts
Lower input costs
3. Particulars relating to imported technology
Produced & processed indigenous technology only
IV. FOREIGN EXCHANGE EARNINGS AND OUTGO
1. Export activities & export plan : No export activities
2 Total foreign exchange used (Rs. in Lacs) Nil 11.02
3. Total foreign exchange earned (Rs. in Lacs) Nil Nil