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Kushal Diamonds Ltd.

BSE: 523337 Sector: Consumer
NSE: N.A. ISIN Code: N.A.
BSE 05:30 | 01 Jan Kushal Diamonds Ltd
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Kushal Diamonds Ltd. (KUSHALDIAMONDS) - Director Report

Company director report

1996 KUSHAL DIAMONDS LIMITED DIRECTOR'S REPORT Your Directors have pleasure in presenting the Seventh Annual Report together with the Audited Accounts for the Year ended 31st March, 1996. 1. OPERATING PERFORMANCE Due to the general downward trend in the economy and the liquidity crunch the country has been facing, the performance of our Company has been affected. The sales of the Company have decreased by 69.25% against previous year. In view of the improvement in the international market and changes in domestic market the Company expects to do well in the current year. 2. FUTURE PROSPECT OF THE COMPANY Bright prospect exist for ready-made Gold Jewellery (plain and stone studded) Export to the middle east and also far east countries. Your Company has received export enquiries and your Directors are working to enter the Gold Jewellery Export Business so as to turn around the Company in view of the poor and recessionary trend in Diamond Trade. 3. DIVIDEND During the year Company has incurred Loss, hence your Directors are unable to recommend dividend for the year ended 31st March, 1996. 4. DIRECTORS During the year Mr. Subhash Chanana. Mr. Shamm Chanana. Mr. Mazhar Kapadia have resigned from the directorship and the Board of Directors appreciated the services rendered by them during their tenure and valuable guidance given to the Company. In accordance with the provisions of the Companies Act, 1956 and the Articles of Association of the Company, Mr. A.K. Patel will retire by rotation and being eligible, offer himself for reappointment. During the year Company appointed Mr. Vipul Amodwala as an additional Director under Section 255 of the companies Act, 1956. Who can hold the office upto ensuing Annual General Meeting and he has offered himself for reappointment. 5. PARTICULARS OF EMPLOYEES The information required under Section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975 is not given as there is no employee employed during year 1995-96 or part thereof, as mentioned under Section 217(2A). 6. AUDITORS M/S. A.J. Baliya & Associates, Chartered Accountants, the Auditors of the Company will retire at the conclusion of the ensuing Annual General Meeting and being eligible, offers themselves for reappointment. 7. AUDITORS' REPORT The notes referred to by the Auditors to their report are self explanatory and hence do not required any explanation. 8. FIXED DEPOSITS During the year under the review, the Company has not taken any deposits from public. 9. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO The particulars of conservation of energy and Technology Absorption required under Section 217(1)(e) of the Companies Act, 1956, read with the Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1988 are not given as there is no such activities at present being carried on by the Company. Foreign Exchange earnings and outgo: i) Foreign exchanges earnings 16,60,961 ii) Freight, insurance & Carriage Nil iii) Foreign exchange outgo (Travelling, Exps.) 9,88,780 10. ACKNOWLEDGMENT Your Board of Directors would like to place on record its sincere appreciation for the whole hearted support and contributions made by all its employees from across the Company, as well as the Banks. Distributors, Suppliers, other business associates towards the conduct of efficient operation of your Company. For and on behalf of the Board of Directors For KUSHAL DIAMONDS LIMITED Bakul Jhaveri Chairman Place : Mumbai Dated : 3rd August 1996.