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Lustre Tiles Ltd.

BSE: 508857 Sector: Consumer
NSE: N.A. ISIN Code: N.A.
BSE 05:30 | 01 Jan Lustre Tiles Ltd
NSE 05:30 | 01 Jan Lustre Tiles Ltd

Lustre Tiles Ltd. (LUSTRETILES) - Director Report

Company director report

ANNUAL REPORT 1998-99 LUSTRE TILES LIMITED DIRECTORS' REPORT: To the Members, Your directors have pleasure in presenting the twentieth Annual Report together with the Audited Statement Company for the period ended 31st March. 1999. DIRECTORS: Mr M.N.Gidwani Director retire by rotation and is eligible for re- appointment. OPERATIONS AND THE FUTURE STRATEGY The financial year 1998-99 has witnessed a slowdown in corporate performance in most of the Sectors. It was tough year particularly for ceramic industry which has resulted in situation of excess supply. To bring the supply at par with the demand the companies are forced to operate at reduced capacities thereby leading to under cutting of price and cut throat competition. These factors have affected the price realisation. In this scenario your Company's performance was not satisfactory. Company is looking for remedial steps to addresss averse market conditions and appropriate steps will be taken to stem the tide. AUDITOR'S OBSERVATIONS: The observations of the Auditors are explained adequately where necessary in the appropriate note in the Notes to Accounts. AUDITORS: The retiring Auditors of the Company M/s Rajendra.K.Goel Chartered Accountants are eligible for re-appointment. Y2-K COMPLIANCE The Company has taken appropriate steps to be Y2K Compliant. The Company does not envisage any serious threat to the Company's business activities from the Y2K problem. ADDITIONAL INFORMATION: Information required under Section 217(1) (e) of the Companies Act,1956. a) CONSERVATION OF ENERGY: The Company has been continously making all out efforts for conservation of energy and adequate steps are being taken. b) TECHNOLOGY ABSORPTION The Company carries out continous R & D for product and process improvement to introduce new designs, cost reduction and other operational improvement. The expenditure on R & D have been charged under primary heads of accounts. The Company has not entered into any technical or foreign colloboration agreements. C) FOREIGN EXCHANGE EARNINGS AND OUTGO: The details of Foreign Exchange outgo are continued in note No 11 of schedule 17. There was no foreign exchange earnings during the year. PARTICULARS OF EMPLOYEES There is no employee of the Company who is covered under Section 217(2A) of the Companies Act,1956. ACKNOWLEDGEMENTS: The Directors wish to record their appreciation for the wholehearted and active cooperation the Company received from IDBI, IFCI ,ICICI,BIFR ,RIICO, SBBJ Dealers and Suppliers. The Directors also wish to place on record their sincere appreciation for the dedicated services rendered by the staff and workforce of the Company. By order of the Board T.R.Swaminathan Managing Director Place: New Delhi Date : 2nd Dec,1999.