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Rhutu Udyog (India) Ltd.

BSE: 531788 Sector: Infrastructure
NSE: N.A. ISIN Code: N.A.
BSE 05:30 | 01 Jan Rhutu Udyog (India) Ltd
NSE 05:30 | 01 Jan Rhutu Udyog (India) Ltd

Rhutu Udyog (India) Ltd. (RHUTUUDYOG) - Director Report

Company director report

RHUTU UDYOG (INDIA) LIMITED DIRECTOR'S REPORT To the Members, Your Directors have pleasure in presenting the Third Annual Report and the Audited Statement of Accounts for the period ended 31st March, 1998. OPERATIONS: The Company achieved a total income of Rs. 77.12 lakhs during the year under review. The overall economic recession and adverse market conditions have affected the working of the Company. IMPLEMENTATION OF THE PROJECT: Both the real estate projects of the Company were successfully completed and sold. FUTURE OUTLOOK: The future outlook of the Bearing Industry appears to be very bleak. However, the Company is planning to diversify its business into other profitable avenues and efforts are on to explore the same. FIXED DEPOSITS: The Company has not invited any deposits from Public for the year under review within the meaning of Section 58A of the Companies Act, 1956 and the rules made thereunder. AUDITOR'S REPORT: The observations of the auditors are explained, wherever necessary, in appropriate notes to the accounts. DIRECTORS: Shri Dhimant C. Mehta, Director of the Company will retire by rotation at the ensuing Annual General Meeting and eligible, offers himself for re-appointment. At the Board Meeting held on 30th July, 1998, Shri Samir C. Mehta was appointing as Managing Director of the Company for a period of 3 years with effect from 1st August, 1998. Shri Dhimant C. Mehta resigned form the post of Managing Director but he will continue to be the Chairman of the Board of Director of the Company. AUDITORS: M/s Hari Vara Prasada & Associates, Chartered Accountants, Auditors of the Company retire at the Annual General Meeting and are eligible for re- appointment. The members are requested to reappoint them and to authorise the Board to fix the remuneration. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO: The Company has not yet started manufacturing activities and therefore relevant provisions are not applicable. FOREIGN EXCHANGE, EARNINGS & OUT GO: Foreign Exchange earnings : Nil Foreign Exchange outgo : Rs.591730/- STATEMENT UNDER CLAUSE 43 OF THE LISTING AGREEMENT: Performance Vs Projections Projection as per Actual Performance Particulars Prospectus dated for the year 1977-98 19.02.1996 (Audited) Sales 1424.23 160.48 Net Profit/(Loss) 217.77 (0.99) The targetted result could not be achieved due to non-receipt of major part of allotment money, overall economic recession and adverse market conditions. PERSONNEL: During the period under report, there was no employee drawing a remuneration of more than Rs. 3,00,000/- per annum or Rs. 25000/- per month as per the provisions of the Section 217 (2A) of the Companies Act, 1956. ACKNOWLEDGEMENTS: The Directors thank the Company's Bankers, employees and officials of concerned Government Departments for their cooperation and continued support to the Company. The Directors also take this opportunity to express their appreciation for the sincere and dedicated services of the Employees of the Company at all levels. For and on behalf of the Board of Directors Sd/- Place:Secunderabad Dhimant C. Mehta Dated:30-07-1998 Chairman