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Samarth International Finlease Ltd.

BSE: 530485 Sector: Financials
NSE: N.A. ISIN Code: INE503C01011
BSE 05:30 | 01 Jan Samarth International Finlease Ltd
NSE 05:30 | 01 Jan Samarth International Finlease Ltd

Samarth International Finlease Ltd. (SAMARTHINTL) - Director Report

Company director report

SAMARTH INTERNATIONAL FINLEASE LIMITED ANNUAL REPORT 1998-1999 DIRECTORS' REPORT Dear Members; Your Directors have pleasure in presenting the 5th Annual Report together with the Audited Accounts of the Company for the year ended on 31st March, 1999. DIVIDEND In view of adverse financial position, your directors are unable to recommended any dividend on Equity Shares. OPERATIONS: During the year under review primary as well as secondary market continued to be sluggish and company could not achieve targetted results. However, as compared to previous year financial position of the company has the improved. The company registered a Gross Profit Rs.1,07,028/-, Whereas after Depreciation of Rs.96,760, Net Profit of the company was posted at Rs.10,267/-. The results of the company has been remained lower than the expectations mainly due to liquidity crunch and rat race competion in the market. The directors are optimistic of achieving better result in comming years. YEAR 2000 The company has taken appropriate steps to make it systems compatable to the millennium change the management is confident of mitting the year 2000 requirements without any difficulty and the same would not have any impact on accounts on going concern assumption. Shri P. T. Patel, Director of the company retires by rotation and being eligible offers himself for reappointment. PARTICULARS OF EMPLOYEES: There is no employee of the Company drawing total remuneration of Rs.3,00,000/- per annum or Rs.25,000/- per month as required U/S 217 (2A) of the Companies Act, 1956. FIXED DEPOSITS: Your Company has not accepted any deposits and, as such, no amount of principal or interest was outstanding on the date of balance sheet. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO: Since your company renders financial services, the provisions under Section 217 (1) (e) of the Companies Act 1956 requiring disclosure of conservation of energy and technology absorption are not applicable. Further there has been no Income and outflow of foreign exchange during the year under review. AUDITORS: The auditors of the company M/s.Manubhai Panchal & Co., Chartered Accountants auditors of the company who retires and being eligible, offer themselves for reappointment. ACKNOWLEDGEMENT: Your Directors would like to express their appreciation for the support extended by Bankers and Office bearers of Government Department and Financial Institutions. Your Directors also place on record their deep appreciation of the services rendered by the Officers, staff and workers of the company at all levels. Your Directors also acknowledge the continued invaluable support extended by you - our shareholders- and the confidence that you have placed in the company. For & on behalf of the Board Place: Vadali J.S. Patel Date : 25/08/99 Managing Director