RMI FOOD LIMITED
Your Directors hereby present their 22nd Annual Report on the operations of
the Company together with the Audited Accounts of the Company for the year
ended 31st March 1998.
The year under review has been a tough year as regards the operations of
the Company. The Turnover of the Company has declined as compared to the
previous year i.e. from Rs. 5917.21 Lacs to Rs. 4568.88 Lacs in the current
year but the Net loss has decreased from Rs. 596.67 Lacs to Rs. 230.13
The Company did not operate the Unit-II during the year as the availability
of the Milk supply was not adequate as compared to the previous year. The
prices of Milk also remained on the higher side. However, your directors
are hopeful to achieve better results in the current year.
In view of the losses your Directors are unable to recommend any dividend
for the year under review.
The Company has neither accepted nor invited any Deposits within the
meaning of Section 58 A of the Companies Act, 1956 read with Companies
(Acceptance of Deposit) Rules, 1975.
Sh. Ashok Goal and Dr. K. K. Khurana, Directors of the Company retire by
rotation and being eligible offers themselves for re-appointment. Sh.Subash
Goyal was re-appointed as Managing Director of the Company for the period
of five years w.e.f. 01.07.98.
M/S V. Gupta & Associates Chartered Accountants, the retiring auditors,
being eligible offer themselves for reappointment. The Company has received
the requisite certificate, in Pursuance to the provision of section 224
(1B) of the Companies Act, 1956.
The Auditor Report is self explanatory and needs no further explanations
INFORMATION REGARDING CONSERVATION OF ENERGY ETC. AND EMPLOYEE
Information regarding the conservation of Energy, technology absorption and
foreign exchange earnings and outgoes, as required under Section 217(1)(e)
of the Companies Act, 1956 read with Rule 2 of the Companies (Disclosures
of the particular in the Report of the Board of Directors) Rules 1988 as
amended from the part of this report. However, as per the provisions of
Section 219 (1) (b) (iv), the report and Accounts are being sent to all
shareholders of the Company excluding the information relating to
conservation of energy, technology absorption and foreign exchange earning
and outgo. Any shareholder interested in obtaining such particulars may
inspect the same at the registered office of the Company or write to the
Company for a copy.
No employee is in receipt of remuneration exceeding the limit to laid down
u/s 217(2) of the Companies Act 1956. Hence no annexure is being attached.
The Directors wish to place on record their appreciation for the efficient
and loyal service rendered by the employees of the Company at all levels.
Your Directors place their gratitude for the co-operation and assistance
extended by the Financial Institutions, Banks, Government Agencies and
other organization during the year under review
On Behalf of Board of Directors
Hari Chand Goyal
Place : NEW DELHI
Date : 28.10.98