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Shell Mercantile Corporation Ltd.

BSE: 531770 Sector: Financials
NSE: N.A. ISIN Code: N.A.
BSE 05:30 | 01 Jan Shell Mercantile Corporation Ltd
NSE 05:30 | 01 Jan Shell Mercantile Corporation Ltd

Shell Mercantile Corporation Ltd. (SHELLMERCANTILE) - Director Report

Company director report

ANNUAL REPORT 1998-99 Shell Mercantile Corporation Limited (Formerly Shell Securities Limited) DIRECTORS' REPORT TO THE MEMBERS Your Directors have pleasure in presenting the 8th Annual Report and Audited Accounts of the Company for the year ended 31st March, 1999. Review of Operation: The current year was very bad or the economy. In view of this the company s performance can be considered satisfactory as it has posted a small loss ot Rs. 122887/- before making provision for diminution in value of investments and substandard / doubtful assets to the extent of Rs. 78,51,981. With sustained efforts and change in activities that may be planned the shareholders can look forward to better results in the Current year. Dividend: In view of meager losses the Directors have not proposed any dividend this year. ENERGY CONSERVATION,TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING AND OUTGO The Provision under the Companies Act, 956 in regard to reporting or energy conservation and technology absorption are not applicable to the Company's activities. The company had no foreign exchange earnings during the year EMPLOYEES The Company had no employees during the year whom the provisions of Sections 21 7(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules 1975, are applicable. AUDITORS M/s P. D. Desai Co. Chartered Accountants retire at the conclusion of this Annual General Meeting an are eligible for the reappointment. The said partnership firm have given their certificate to the effect that their appointment it made at the ensuing Annual General Meeting would be within the limits specified under section 224(1 -B) of the Companies Act. The members are requested to appoint the firm as Auditors and fix their remuneration. ACKNOWLEDGEMENTS The Directors express their deep appreciation to all the bankers to the Company and in particular to Indian Bank, Thane Janata Sahakari Bank Ltd. and Punjab National Bank for their valuable support and co-operation. Your Directors also wish to record their appreciation of the unstinted co- operation received from dedicated personnel at all levels. On Behalf of the Board of Directors Mumbai NARAYAN BHARGAVA Date: 5th October, 1999. CHAIRMAN