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National Auto Accessories Ltd.

BSE: 520069 Sector: Auto
NSE: N.A. ISIN Code: N.A.
BSE 05:30 | 01 Jan National Auto Accessories Ltd
NSE 05:30 | 01 Jan National Auto Accessories Ltd

National Auto Accessories Ltd. (NATLAUTOACCES) - Director Report

Company director report

ANNUAL REPORT 1998-99 NATIONAL AUTO ACCESSORIES LIMITED DIRECTORS REPORT TO THE MEMBERS Your Directors present their Fifteenth Annual Report and Audited Statement of Accounts for the year ended 31st March,1999. 1. FINANCIAL RESULTS: The Company s turnover for the year under review is Rs. 11.29 lakhs as against Rs.83.05 lakhs or the previous year. The Company has made a loss of Rs. 32.44 lakhs before providing for interest and depreciation. The interest and depreciation for the year are Rs.48.41 lakhs and Rs.4.66lakhs respectively. After considering this the Net Loss is Rs.85.52 lakhs. 2. OPERATIONS: The Company s operations remained suspended throughout the year since the declaration of lock - out in April 1998. In view of the extreme recession in automobile industry your Company is not receiving the required support from original equipment manufacturers. Besides the prolonged suspension of operation has resulted in the Company losing its managerial and technical personnel hampering the efforts for revival of the operations. The Rehabilitation Programme approved by BIFR is in state of suspension and your Company has approached the Financial Institutions for appropriate measures/assistance for revival o the rehabilitation scheme. 3. AUDITORS REPORT: In respect of the remarks of the Auditors the relevant notes to the Annual Accounts are self explanatory. 4. CONSERVATION OF ENERGY & ECOLOGY: The Company having ceased operations during the year the reporting required under this head does not arise 5. DIRECTORS: Mr. Amit Majumdar and Mr. Bhalchandra R. Sule retire by rotation and being eligible offer themselves for re-appointment. 6. AUDITORS: M/s. Fraser & Ross Associates who would retire at the ensuing Annual General Meeting have not opted for reappointment. Notice has been received from a share holder for appointment of M/s Naik Gaunekar & Co. as auditors of the Company for the Financial year now current. 7.Y2K COMPLIANCE: Appropriate steps are being taken to make Y2K compliance by September 1999. 8. ACKNOWLEDGEMENT: Your Directors thank sincerely the Bankers of the Company M/s Bank of India Ltd. the Financial Institutions and suppliers of Raw Materials for their valued assistance and support in the critical times faced by your company The Directors also place on record their deep sense of appreciation for Financial and Managerial support from the Promoters M/s. V. S. Dempo & Co. Ltd. FOR AND ON BEHALF OF THE BOARD Place : Panaji Sd/- Date : 5th June 1999. VASUDEVA V.DEMPO CHAIRMAN