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Condequip Engineers (India) Ltd.

BSE: 531891 Sector: Engineering
NSE: N.A. ISIN Code: N.A.
BSE 05:30 | 01 Jan Condequip Engineers (India) Ltd
NSE 05:30 | 01 Jan Condequip Engineers (India) Ltd

Condequip Engineers (India) Ltd. (CONDEQUIPENGS) - Director Report

Company director report

CONDEQUIP ENGINEERS (INDIA) LIMITED ANNUAL REPORT 1998-99 TO The Member, DIRECTORS' REPORT Your Directors hereby present their Thirteenth Annual Report on the business and operations of the Company and the financial accounts for the Year ended 31st March 1999. DIVIDEND Your Directors do not recommend any dividend in absence of profit. OPERATIONS During the year under review the turnover was Rs. 216.91 lacs as against Rs. 436.37 lacs during the previous year on account of the Economic recession prevailing upon the Country in general especially in Capital Market and the libaralisation policy of National Government has adversily affected our performance. The trend is likely to continue in the current year . Report to BIFR Board: In the Audited Report for the year ended 31st March 1999, it is pertainently reported by the Auditor that, Companies networth is erroded by morethan 50%. It is therefore necessary to inform the BIFR Board about the facts that the Company has become sick unit. Y2K COMPLIANCE The Company has taken appropriate and effective steps to face the Y2K Copliance without any additional cost and it dose not call for contingency plan. DIRECTORS In accordance with the provisions of the Companies Act 1956 and the Company's Articles of Association, Shri. Winston Fernandes retire by rotation at ensuing Annual General Meeting and being eligible offer for reappointment. AUDITORS M/s. Shyam Agrawal & Co., Chartered Accountants, hold office of the Auditors of the Company until the conclusion of the ensuing Annual General Meeting and are eligible for reappointment. The Company has received a letter from them to the effect that, their appointment made would be within prescribed limits u/s 224(1B) of The Companies Act, 1956. Accordingly the said Auditor will be appointed as auditor of the Company at the ensuing Annual General Meeting. PARTICULARS OF EMPLOYEES No employees of the Company is covered under the provision of section 21 7(2A) of the Companies Act 1956, read with Companies (Particulars of employee) amendment Rule 1988. DIRECTOR OF PARTICULARS U/S 217(1) (E) OF THE COMPANIES ACT,1956 The Company has setup a research and development department for standardisation and improvement of road construction machinery and its components. Energy consumption is quite moderate and doses not justify efforts for further conservation. ACKNOWLEDGEMENT Your Director are pleased to place on record their appreciation of value contribution, devotion and sense of commitment entered by employees of the Company which inspires confidence to plan for greater access in current financial year. Your Directors also like to place on record its appreciation for the whole hearted support and contribution made by the support and contribution made by the Banks, Central & State Governments & local bodies, distributors, suppliers and other business association towards conduct of efficient operations of your Company. For and on behalf of Board Place : Mumbai Date : 28th May 1999. CHAIRMAN.