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Munis Forge Ltd.

BSE: 532079 Sector: Engineering
NSE: N.A. ISIN Code: N.A.
BSE 05:30 | 01 Jan Munis Forge Ltd
NSE 05:30 | 01 Jan Munis Forge Ltd

Munis Forge Ltd. (MUNISFORGE) - Director Report

Company director report

MUNIS FORGE LIMITED DIRECTORS' REPORT The Members, The Directors of your Company have the pleasure in presenting their Report for the year ended on 30.06.1998 alongwith the Balance Sheet as at 30.06.1998. PERFORMANCE: Following is the comparison between operating results for the year ended 30.06.1998 and the projections as per the prospectus dated 16.05.1996 issued at the time of public issue of share capital. (Rs. in Lacs) Particulars Projections as per Prospectus Actuals Net Sales 5291.00 1932.65 Net Profit/ (Loss 566.00 214.99 IMPLEMENTATION OF PROJECT: The implementation of the project has been rescheduled and the commercial production is envisaged to commence from November, 1999. DEPOSITS: During the year the Company received deposits amounting to Rs. 14.14 lacs and the total deposits outstanding as at end of the year are Rs. 14.14 lacs. DIRECTORS: Shri Amarchand Mehta and Shri M. G. Diwan resigned with effect from 31.08.1998 and Shri Paresh Mehta was appointed as the additional director w.e.f. 31.08.1998. Shri Manish Mehta resigned w.e.f. 14.09.1998. Shri Rajendrakumar Mehta retires by rotation at the ensuing Annual General Meeting and being eligible be re-appointed. AUDITORS' REPORT & AUDITORS: The notes of the Auditors in their report are self explanatory and hence require no further explanations. The Auditors, M/s Bang Gupta & Co., Chartered Accountants retire at the end of the Annual General Meeting and have informed their eligibility for their re-appointment as Auditors. PARTICULARS OF EMPLOYEES UNDER SECTION 217 OF THE COMPANIES ACT: During the year no employee was in receipt of remuneration in excess of the limit prescribed under Section 217 (2A) of The Companies Act, 1956 and, therefore, there are no particulars of such employees to be disclosed under this section. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO: a) CONSERVATION OF ENERGY: Conservation of energy has been taken into account while selecting plant, design and equipments. b) TECHNOLOGY ABSORPTION: The Directors are experienced persons in the line of production and are very particular about the quality and variety of productions. The process adopted is as per the well established practice in the industry. Disclosure of particulars regarding Conservation of Energy, Research and Development and Technology Absorption are annexed in Form A & B respectively. c) FOREIGN EXCHANGE EARNING AND OUTGO: The Company has been net foreign exchange earner and during the period earned foreign exchange equivalent to Rs. 216.17 lacs and has spent Rs. 1.23 lacs on overseas traveling and on import of Raw Materials Rs. 194.78 lacs. ACKNOWLEDGMENT: The Board of Directors expresses its sincere gratitude to various Government Authorities, IDBI,SICOM, Central Bank of India and Shareholders. The Board also places on record its appreciation of the whole-hearted services rendered by the employees and workers of the Company and look forward for their continued co-operation. FOR AND ON BEHALF OF THE BOARD Place : Nagpur YATIN MEHTA PARESH MEHTA Dated : 27th November, 1998 MANAGING DIRECTOR DIRECTOR FORM A Form for disclosure of Particulars with respect to technology absorption Research & Development (R & D) 1) Specify areas in which R & D is carried out by the Company. Nil 2) Benefits derived as a result of above R & D Nil 3) Future plan of action 4) Expenditure on R & D Nil a) Capital b) Recurring c) Total d) Total R&D expenditure as a percentage of total turnover. TECHNOLOGY ABSORPTION, ADOPTION AND INNOVATION : 1. Efforts, in brief,made towards technology absorption. 2. Benefits derived as a result of above efforts. 3. In case of imported technology following information may be furnished. a) Technology imported b) Year of import c) Has the technology fully absorbed d) If not fully absorbed, where this has not taken place, reasons and future plans of action. FOR AND ON BEHALF OF THE BOARD Place : Nagpur YATIN MEHTA PARESH MEHTA Date : 27th November,1998 MANAGING DIRECTOR DIRECTOR