You are here » Home » Companies » Company Overview » Greenfield Corp Ltd

Greenfield Corp Ltd.

BSE: 531912 Sector: Industrials
NSE: N.A. ISIN Code: N.A.
BSE 05:30 | 01 Jan Greenfield Corp Ltd
NSE 05:30 | 01 Jan Greenfield Corp Ltd

Greenfield Corp Ltd. (GREENFIELDCORP) - Director Report

Company director report

GREENFIELD CORP LIMITED DIRECTORS' REPORT Your Directors have pleasure in presenting their Nineth Annual Report and audited accounts for the year ended 31st March, 1998. DIVIDEND Your directors do not propose any dividend for the year in view of the loss incurred by the Company. PERFORMANCE The performance of the Company during the year under review has been unsatisfactory. But, this was mainly due to lack of Government orders on account of political instability in Uttar Pradesh which is the main market for Company products. The Company achieved total sales of Rs. 324 02 Lacs and a Loss of Rs.27 31 Lacs as against the projections given in the Prospectus dated 29.02.1996 of sales of Rs 1794.45 Lacs and profit of Rs.125 68 Lacs respectively. DIVERSIFICATION The project to set up facilities for manufacture of HDPE and PP Woven Sacks with an installed capacity of 1080 MT per annum has been delayed due to liquidity problems and is now, likely to be commissioned by the end of the current year. INDUSTRIAL RELATIONS Relations with employees and workmen remained cordial and satisfactory. PARTICULARS OF EMPLOYEES There was no employee drawing remuneration to be covered under Section 217 (2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) (Amendment) Rules,1994. CONSERVATION OF ENERGY Conservation of energy has been receiving adequate attention at all levels. TECHNOLOGY ABSORPTION The technology adopted by the Company is indigenous. R&D efforts are made regularly for reduction in cst and improvement in quality. Expenditure is being incurred on R&D but it is not shown separately. FOREIGN EXCHANGE EARNINGS AND OUTGO There has been no earnings and outgo of foreign exchange during the year under review -SUBSIDIARY COMPANY As required under Section 212 of the Companies Act, 1956, the audited Statement of Accounts alongwith the reports of Directors and Auditors thereon of KOYOTO POLYMER (P) LTD. are annexed. A Statement pursuant to Section 212 of the Companies Act,1956 is also attached. DIRECTORS Shri Ramesh Chand Dublish will retire from the Board by rotation and being eligible, offers himself for re-appointment. AUDITORS AND AUDITORS' REPORT The auditors, M/s Nem Chand & Co., Chartered Accountants retire at the conclusion of the forthcoming Nineth Annual General Meeting and being eligible, offer themselves for re- appointment. The notes to the accounts reFerred to in Auditors' Report are self explanatory and, therefore, do not call for any further comments. APPRECIATION Your Directors acknowledge with gratitude the co-operation and continued assistance extended by the banks, financial institutions, investors, customers and suppliers of the Company Your Directors wish to place on record their appreciation of the sincere and efficient services rendered by the executives, staff and workmen of the Company On behalf of the Board, SUNIL DUBLISH Chairman & Managing Director Place: Meerut Date : 1st September,1998