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Kunal Overseas Ltd.

BSE: 530279 Sector: Consumer
NSE: N.A. ISIN Code: INE513B01012
BSE 05:30 | 01 Jan Kunal Overseas Ltd
NSE 05:30 | 01 Jan Kunal Overseas Ltd

Kunal Overseas Ltd. (KUNALOVERSEAS) - Director Report

Company director report

1997 KUNAL OVERSEAS LIMITED DIRECTOR'S REPORT The Directors have pleasure in presenting the report and audited accounts for the year ended 31st March, 1997. FINANCIAL HIGHLIGHT PARTICULARS CURRENT YEAR PREVIOUS YEAR (Rs. in Lac) (Rs. in Lacs.) Gross Income 4059.20 7922.83 Profit Before Taxation 151.94 1264.03 Provision for Tax 24.15 -- Loss on Sale of Shares 5.90 -- Profit after Tax 121.89 1264.03 Profit available for Appropriation 1330.12 1546.25 APPROPRIATIONS Proposed Dividend 41.50 92.02 General Reserve 40.00 150.00 OPERATIONAL REVIEW During the period under review, your company has achieved export turnover of Rs. 3,681.70 Lacs and Net profit of Rs. 122.58 lacs. The turnover and profits are lower compared to previous year due to all-round slump in the diamond trade world-wide. Your company got severely impacted as the local banks were shy of providing adequate working capital support to diamond industry whereas the overseas buyers were looking for longer credit due to depressed market conditions DIVIDEND Though the Company has registered a net profit for the period, our Director feel that it would serve the interest of your Company better if the surplus accumulated is ploughed back into operations of the company to ensure long term strength and stability ,therefore your directors have recommended final dividends of 10% on equity shares on pro-rata basis. FUTURE OUTLOOK The prospects for merchant traders are bright and your company expects better performance in coming years on account of growing demand and its inherent strength. FINANCE The company has been availing from time to time for its working capital requirements in the form of Post Shipment Credit Facilities. FIXED DEPOSIT During the year the company has not accepted any fixed deposits within the meaning of sec 58-A of the Companies act, 1956, along with rules made thereunder EXPORT During the year under review, the export turnover of the company was Rs 3681.70 lacs as compared to an export of Rs.7922.89 lacs in the previous year. In the year 97-98, your company is doing well as compared to concluded year. DIRECTORS Mr. Madhusudan M. Kapadia who retires by rotation at the ensuing Annual General Meeting, being eligible offers himself for re-appointment. Dr. Harish R Mehta who retires by rotation at the ensuing Annual General Meeting,being eligible offers himself for re-appointment. Mr Praful R. Mehta has been appointed as additional director of the company in the meeting of the Board of Directors held on 5th Aug., 1997. Mr. Anoop D. Gupta has been appointed as additional director of the company in the meeting of the Board of Directors held on 5th Aug., 1997. AUDITORS The retiring Auditors M/s. Alwani & Ramchandani Chartered Accountants who retires at the conclusion of the Annual General Meeting. In place of Alwani & Ramchandani Chartered Accountants, Mr. Vijay S. Jain Chartered Accountant is to be appointed as Auditor from the commencement of this Annual General Meeting to the conclusion of next Annual General Meeting. In terms of Section 224A of the Companies Act, 1956, his appointment needs to be confirmed by the Special Resolution and his remuneration has to be fixed. CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION The company is not required to furnish information in Form A related to conservation of energy and technology absorption. FOREIGN EXCHANGE EARNING AND OUTGO Foreign exchange earned Rs. 3681.70 Lacs by the company for the year under review On account of import of raw material, the foreign exchange outgo is Rs. 411.75 lacs. APPRECIATION Your Directors wishes to express their deep appreciate of co-operation and assistance from members of the company for their support extended and confidence placed in the management. Your Directors also appreciate for the valuable services rendered by all the employees of the company For & On Behalf of the Board Directors PARESH H. PAREKH Chairman & Managing Director Place : Mumbai Dated : 5th August, 1997.