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MLG Industries Ltd.

BSE: 513619 Sector: Industrials
NSE: N.A. ISIN Code: N.A.
BSE 05:30 | 01 Jan MLG Industries Ltd
NSE 05:30 | 01 Jan MLG Industries Ltd

MLG Industries Ltd. (MLGINDUSTRIES) - Director Report

Company director report

MLG INDUSTRIES LIMITED DIRECTORS REPORT Dear members, The Directors have pleasure in submitting the fifteenth Annual Report together with audited accounts for the year ended on 31st March, 1998. BUSINESS OPERATION Since the company's factory are in possession of the Haryana Financial Corporation. the manufacturing activities of the company are not continuing. Your company has already instituted a suit against Haryana Financial Corporation. FINANCE The Financial position of the company is not good. The company has been passing through heavy resources crunch. Your company has also not been able to mobilise any resources due to inconducive financial market of the country. SICK STATUS The Board of Directors after examination of accounts for the financial year 1997-98 particularly the provisions of interest and financial status of the company, it has formed the opinion that the company has became sick as per provisions of clause o of sub section (1) of section 3 of the Sick Industrial Companies (Special Provisions) Act, 1985. The same has also been reported in the Report of Auditors of the company for abovesaid financial year. AUDITORS At the fortheoming Annual General Meeting, Members are required to appoint Auditors for the current year. M/s. N. C. Raj & Associates, Chartered Accountant, Delhi may be appointed at the place of M/S Deepak Bansal & Associates who retires by rotation and who shall hold office till the conclusion of next Annual General Meeting of the company. The Board recommend their appointment for your approval. SUBSIDIARY COMPANY There are three companies which are subsidiary of your company namely Brahma Products Pvt. Ltd., Delhi Synthetic Pvt. Ltd. and Bhawana Chemicals Ltd. and the statement of accounts of the said companies for the year ended on 31.03.1g98 together with Directors and Auditors Report thereon form parts of this report and attached. A statement pursuant to section 212 of the Companies Act, 1956 is attached herewith. DEPOSIT During the year of report, your company-has not accepted any deposit under section 58A of the Companies Act, 1956. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING AND OUTGOING CONSERVATION OF ENERGY The company has already installed required equipments for conservation of energy and has commissioned energy saving devices. TECHNOLOGY ABSORPTION The. company has not entered into any collaboration or arrangement for absorption of technology or know how during the year of report. FOREIGN EXCHANGE EARNING AND OUTGOING During the year of report company has not entered/involved into any transaction involving any foreign technology. EMPLOYEES As no employee is getting remuneration of more then Rs.3,00,001- (Rupees Three Lakhs only) per annum or more then 25,000/- (Rupees Twenty five thousand only) per month, if employed for part of the year. The statement required under section 217 t2A) of the Companies Act, 1956 is not required. ACKNOWLEDGE The Board of Directors wish to place on record the sincere appreciation and assistance/support received from its employees, Banks, Financial Institution and other Government Authorities. FOR AND ON BEHALF OF THE BOARD Place: Delhi NARESH KUMAR GUPTA Date : 02.04.1998 Managing Director