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Jaimata Industries Ltd.

BSE: 514392 Sector: Industrials
NSE: N.A. ISIN Code: INE562D01015
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Jaimata Industries Ltd. (JAIMATAINDS) - Director Report

Company director report

JAI MATA INDUSTRIES LIMITED ANNUAL REPORT 1998-99 DIRECTORS' REPORT To the members, The Directors take pleasure in presenting the Seventh Annual Report on the business and operations of the Company together with the financial statement of accounts for the financial year ended 31st March, 1999. 1. PERFORMANCE The year under review has been a difficult period for Indian industry and particularly spinning industry as their was low cotton production during the year. The prices of raw materials and finished goods witnesses wide ranging fluctuations. The price of finished goods is lower than the cost of raw cotton. During the year your company incurred a cash loss of Rs. 45.27 lacs which was further increased to a loss of Rs. 1.26 crores after providing for depreciation of Rs. 80.94 Lacs. Considering the above, your directors adopted various measures to introduce improved business processes to control costs and enhance efficiency. The measures introduced have started yielding results and your directors are hopeful of improved financial results to the company during the current year. The production during the year also fell marginally to 2614 MT from 2856 MT during the year ended March 31, 1999. The Company could achieve a sales of Rs. 1501.26 lacs as against the previous years sales of Rs. 1518.74 lacs. 2. INDUSTRIAL RELATIONS Your directors are happy to report that throughout the period under review the relationship between the management and labour remained harmonious and cordial. Efforts are being made, on a continuous basis, towards creating awareness amongst the employees on the needs of business to enhance productivity, adaptation to changing technologies. 3. DIRECTORS Mr. Bodh Raj Arora and Mr. Chander Mohan Marwah, directors of the Company, retires by rotation at the ensuing annual general meeting and being eligible have offered themselves for reappointment. Lt. Gen Jagjit Singh Aurora and Mr. Baldev Pasricha resigned from office of director during the period and your board avails of this opportunity to place on record its appreciation for the advice and services rendered by them during their tenure as director of the Company. 4. AUDITORS M/s B Bhushan & Co., Chartered Accountants,New Delhi, Auditors of the Company, hold office until the conclusion of the ensuing Annual General Meeting. The said M/s B Bhushan & Co. have signified their willingness to be reappointed and have confirmed their eligibility for the same. 5. FIXED DEPOSITS The Company has not accepted any fixed deposits during the year. 6. LISTING AGREEMENT REQUIREMENT The equity shares of the Company is listed on Delhi, Mumbai, Jaipur and Ludhiana Stock Exchanges. The Listing fee payable to the various stock exchange are as follows: Delhi 40,000 Mumbai 10,250 Jaipur 10,500 Ludhiana 47,000 7. Y2K COMPLIANCE The Company has taken appropriate and effective steps to be Y2K complaint. The expenditure expected to be incurred in it shall not be significant. 8. INFORMATION PURSUANT TO COMPANIES (DISCLOSURE OF PARTICULARS IN THE REPORT OF BOARD OF DIRECTORS) RULES, 1988. The particulars required to be disclosed under Section 217(1)(e) of the Companies Act, 1956 in respect of energy conservation, technology absorption and foreign exchange earnings and outgo are as follows: CONSERVATION OF ENERGY Priority has been accorded to conservation of energy by establishing controls at various levels of production and measures for optimising consumption of the same. RESEARCH AND DEVELOPMENT OF TECHNOLOGY The Company has relied on indegenous technology rather than employing foreign technology. FOREIGN EXCHANGE Foreign exchange earned NIL Foreign exchange outgo 7,28,963 9. ACKNOWLEDGMENT Your directors wish to express their appreciation for the cooperation and assistance received from the bankers, financial institutions and other government authorities for its smooth operations. Your directors also wish to place on record their appreciation for the devoted services by executives, officers, staff and workers of the Company and its shareholders, who have all been a source of strength to the Company. for and on behalf of the Board of Directors Place : New Delhi Bodh Raj Arora Date : May 31, 1999 Chairman