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Bhagwati Cottons Ltd.

BSE: 532197 Sector: Others
NSE: N.A. ISIN Code: N.A.
BSE 05:30 | 01 Jan Bhagwati Cottons Ltd
NSE 05:30 | 01 Jan Bhagwati Cottons Ltd

Bhagwati Cottons Ltd. (BHAGWATICOTTONS) - Director Report

Company director report

BHAGWATI COTTONS LIMITED Directors Report To the Members Your Directors have pleasure in presenting the Fourth Annual Report along with the audited accounts for the year ended 31st March, 1999. FINANCIAL RESULTS Due to the melt down of the currencies and ensuing recessions, the Textile market was perhaps the worst hit, world over. In the backdrop of economic adversity in South East and Far East Asia and Latin American countries, your company had to be very cautious while entering into new contracts, which has resulted in low turnover and losses during the year under review. The same could not be substituted by domestic sales also, because of adverse market situation. DIVIDEND In view of the losses suffered, your Directors regret that no dividend could be recommended for the financial year 1998-99. DIRECTORS During the year under review, Mr.Sanjay Gupta resigned from the office of the Director. The Board of Directors record his appreciation of the valuable contributions made by Mr.Sanjay Gupta during the tenure as Director of the Company. Mrs. Minoo Bansal, Director of your company, is retiring by rotation at this Annual General Meeting and being eligible, Offers herself for re- appointment. SUBSIDIARY COMPANY Khushboo Consultancy & Investment Pvt. Ltd. is 100% subsidiary company of your company. The results of the subsidiary company as required under section 212 of the Companies Act, 1956 are attached to this report. AUDITORS AND THEIR REPORT M/s V.M. Khandwala & Co. Chartered Accountants retire at the forthcoming Annual General Meeting and being eligible, offers themselves for reappointment. The observations made by the auditors in their report are explained in the respective notes to the accounts which are self-explanatory. Y2K COMPLIANCE The company has taken adequate steps to ensure that computer systems are Y2K compliant. The company has also formulated a contigency plan. PARTICULARS OF EMPLOYEES None of the employee is in receipt of remuneration in excess of the limits prescribed under section 217 (2A) of the Companies Act, 1956 and hence no report is to be annexed. ENERGY, TECHNOLOGY & FOREIGN EXCHANGE A statement giving details of conservation of energy, technology absorption and foreign exchange earning and outgo in terms of the Companies (Disclosure of particulars in the Report of Board of Directors) Rules, 1988 is annexed hereto, forming part of this report. ACKNOWLEDGEMENT Your Directors wish to place on record their deep appreciation of the active support and co-operation received from Bankers, Shareholders, the state and Central Government. Your Directors also wish to thank all the employees and Shareholders for their active support and Co-operation. On Behalf Of The Board Of Directors Place: Mumbai Shailendra Bansal Date : 27th August, 1999 Chairman Annexure To Director's Report ADDITIONAL INFORMATION AS REQUIRED UNDER THE COMPANIES (DISCLOSURE OF PARTICULARS IN THE REPORT OF THE BOARD OF DIRECTORS) RULES, 1988 A) CONSERVATION OF ENERGY a) The company is striving continuously to conserve energy. b) Additional investment and proposals, if any, being implemented for reduction of consumption of energy: NIL c) Impact of the measures at (a) and (b) above for reduction of energy consumption consequent impact on the cost of production of goods. Helps reducing cost. d) Total energy consumption as per form A. B) TECHNOLOGY ABSORPTION Research & Development At present the company is not carrying out any research and development activity and therefore there is neither any expenditure on the head nor any benefit accrued from it. C) FOREIGN EXCHANGE EARNINGS AND OUTGO Exchange Used Rs. 2.41 Lacs Exchange Earned (FOB) Value Rs.1739.74 Lacs On Behalf Of The Board Of Directors Place: Mumbai Shailendra Bansal Date : 27th August, 1999 Chairman