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Uma Maheshwari Mills Ltd.

BSE: 530463 Sector: Industrials
NSE: N.A. ISIN Code: N.A.
BSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
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Uma Maheshwari Mills Ltd. (UMAMAHESHMILL) - Director Report

Company director report

UMA MAHESWARI MILLS LIMITED ANNUAL REPORT 1999-2000 REPORT OF THE BOARD OF DIRECTORS TO THE SHAREHOLDERS Ladies and Gentlemen, Your Directors are presenting this 22nd Annual Report together with the Audited Statement of Accounts and Cash Flow Statement for the year ended 31st March, 2000. Your Directors recommend that the balance loss of Rs.9,68,23,545/- be carried to next year and adjust against future profit. In view of the adverse Working results, your Directors with regret are forced to skip the dividend for this year as well. WORKING OF THE COMPANY The year under review has witnessed major upheavals in the Indian Economy. The other major economic factors have resulted in a liquidity crisis and shortage of resources. Your Company was also no exception to these factors. In line with adverse trend in Cotton Textile Industry & high cost of inputs and services has resulted in operating loss. All these adverse factors have resulted in a loss of Rs.3,02,30,263/-. PROSPECTS The period 2000-2001 has not started with any good omen. A major restructuring programme has been undertaken by the Company. These plans include streamlining of product mix & operation, rationalisation of labour force, achieving productivity at optimum level in terms of capacity, negotiating for lower cost debts, management is confident that the above measures would enable the Company to turn around and reach to break even level before the end of current year. FIXED DEPOSITS No fixed deposits which has become due remain unpaid as on 31.3.2000. DIRECTORS Sri.K.A.Manoharan resigned from the Board during the period under review. The Directors wish to place on record their appreciation of contributions made by him during his tenure. AUDITORS M/s.S.V.Visvanathan & Associates, Auditors retire at the ensuing Annual General Meeting and they are eligible for re-appointment. DISCLOSURE OF PARTICULARS A statement showing the details of employees,as required under Section 217(2A) of the Companies Act, 1956 is not annexed as none of the employee is drawing the ceiling limit of Rs.6,00,000/- per annum. Particulars under Rule 2 of the Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1988 are given in the Annexure to this Report. For and on behalf of the Board of Directors, Place: Salem, R.RAMANATHAN Date : 11th December, 2000. Managing Director. ANNEXURE Forming part of the Report of Board of Directors for the year ended 31st March, 2000. Particulars as required under Rule 2 of the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 made under Section 217(1)(e) of the Companies Act, 1956. FORM A PARTICULARS OF TECHNOLOGY ABSORPTION: NIL For and on behalf of the Board of Directors, Place: Salem, R.RAMANATHAN Date : 11th December, 2000. Managing Director.