You are here » Home » Companies » Company Overview » Kuber Floritech Ltd

Kuber Floritech Ltd.

BSE: 531021 Sector: Others
NSE: N.A. ISIN Code: N.A.
BSE 05:30 | 01 Jan Kuber Floritech Ltd
NSE 05:30 | 01 Jan Kuber Floritech Ltd

Kuber Floritech Ltd. (KUBERFLORITECH) - Director Report

Company director report

KUBER FLORITECH LTD. DIRECTORS REPORT To The Members, Your Directors have pleasure in presenting the 5th Annual Report together with Audited Statement of Accounts for the year ended 31st March, 1998. DIVIDEND The director not record end any dividend for the year 1997-98. OPERATION Your director are pleased to inform that net sales and other income during the year ended 31st March, 1998 is Rs 244.02 lacs Compared to Rs. 189.68 lacs in the previous year. Inspite of increase in total sales the shortfall in operating primary account of lower production of cut flower due to certain plant diseases catch loss of rose saplings national market etc. ions. EXPORT The company has distributed its product into various exports markets viz Holland, Germany, London, France and Belgium. Besides, the company is also the hope to export flowers in Kuwait, Switzerland, Japan and Abudhabi in Gulf. TECHNOLOGY ABSORPTION In our previous report we inform that company is making efforts of India, organising the technical know-how by hailing a Senior Scientist (Floriculturist) from IARI for giving technical guidance and to conduct all the related tests at IARI Laboratory. The company has improved its quality to a good extent to meet the international standard with the help of technical know-how products by the said Senior Scientist of IARI. We hope that the company will, by taking the fullest advantage of the consultancy services from different consultants, achieve the international standard in near future and will be able to earn more foreign exchange. ENERGY CONSERVATION The company is taking all possible steps for efficient use of available energy and minimize the wastage of same in the operations. In the year under consideration the company has spent Rs. 3.68 lacs on power for the plant and rest of the required power is being generated from the generator sets and incurred Rs. 18.10 lacs on the diesel for the Gensets. We are also taking the consultancy to minimize the consumption of energy and to earn maximum profit with less cost. FOREIGN EXCHANGE EARNINGS & OUTGO The details of foreign exchange and outgo during the year is as under: 1997-98 (Rs. in lacs) Earnings 11.67 Outgo Nil MODERNISATION AND EXPANSION Your company has taken significant steps for debottle necking and optimisation schemes, preparatory to the major expansion proposed and improvements are already reflected in the performance during the year in the production of cut flowers. Heating system has already been installed to have been production. Fogging system has been installed to help in minimizing the diesel during summer. PUBLIC DEPOSITS Your company has not accepted any deposits within the meaning of Section 58-A of the Companies Act, 1956 and the rules made thereunder. AUDITORS REPORT The comments in the Auditors report read with the "Notes" to the accounts in schedule are self explanatory and do not call for further explanations. AUDITORS M/s Manoj Gupta & Co., Chartered Accountants, Statutory Auditors of your company hold office until the conclusion of the ensuing Annual General Meeting and are recommended for reappointment. The company has received a certificate from them to the effect that their appointment, if made, would be within the limits prescribed under Section 224(1-B) of the Companies Act, 1956. DIRECTORS In accordance with the provisions of the Companies Act, 1956 and Article 130A & 131 of the Articles of Association of the company, Mr. Ajit Edwin and Mr.R.S. Rathore, Directors of the company retire by rotation and being eligible, offer themselves for reappointment. PARTICULARS OF EMPLOYEES There was no employee receiving remuneration during the year in excess of limits prescribed U/S 217(2A) of the Companies Act, 1956 and the relevant rules made thereunder. EMPLOYEES RELATIONS Considerable interest has been taken by your company on employees develop ment and welfare. A large number of training schemes have been conducted and a good cross section of employees at all levels given exposure thereto. The industrial relations continued to be cordial and harmonious. Your directors wish to place on record the appreciation for the devoted services rendered by the workers, staff and executives of the company at all levels and other employees who have contributed to the efficient and successful management of the company. STATEMENT UNDER CLAUSE 43 OF THE LISTING AGREEMENT The statement containing details as required under Clause 43 of the listing agreement with the Stock Exchange is given as under: (Rs. in lacs) for 1997-98 Projection V/s Actuals Projection in prospectus Actuals Sales 1359.72 214.90 Net Profit 469.15 (42.91) The shortfall in profit as compared to the projections given in the company's prospectus dated 22.04.95 is primarily on account of lower production of cut flowers due to certain plant diseases causing loss saplings, and adverse international market conditions in the export market. ACKNOWLEDGMENT Your directors wish to place on record their appreciation for the whole hearted support and sincere co-operation the company has received from company's bankers, Government and Semi-government Departments and wish to thank all the employees for their support and co-operation. On behalf of the Board for KUBER FLORITECH LIMITED Place :New Delhi (PRADYUMAN KUMAR SHARMA) (ROWENA SHARMA) Date :28.07.1998 Managing Director Director