ANNUAL REPORT 1999
SHETH PLASTOMERS LIMITED
To the Members,
Your Directors are pleased to present the Fifteenth Annual Report and
Audited Accounts for the year ended June 30, 1999.
In order to conserve resources, your directors do not recommend any
dividend for the year.
The operation during the year has shown marked improvement as Total Income
during the year ended 30th June, 1999 has gone upto Rs.518.58 lacs as
compared to 421.04 lacs during the previous year. The Net Profit for the
year has increased to Rs.11.79 lacs as compared to Rs. 3.90 lacs for the
previous year. The Company is confident of achieving better performance in
the years to come.
Your Company is considering diversification in the field of information
technology, computer software, E-commerce,E-Business, Web designing-and Web
hosting etc. The Company has entered into an agreement with Price
Waterhouse Coopers in this direction. To reflect the changed business
activity, the name of the Company is proposed to be changed to SPL Infoweb
Shri Rajesh.T.Sheth, Director of the Company, retires by rotation and being
eligible offers himself for reappointment.
Shri Hasmukh is appointed as Additional Director of the Company on April
21,1999 to hold office only upto the date of the Annual General Meeting.
being eligible, offers himself for reappointment.
PARTICULARS OF EMPLOYEE
There are no employees whose particulars are to be given under Section
217(2A) of the Companies Act, read with the Companies (particulars of
Employees Rules, 1975.
PARTICULARS OF CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGN
EXCHANGE EARNINGS AND OUTGO:
Information required under Section 217(1(e) of the Companies Act,1956, read
with the Companies (Disclosure of Particular in the Report of Board of
Directors) Rules, 188 does not apply to the Company.
There are no foreign exchange earnings or outgo during the year.
The Company has not accepted any deposit from the Public during the year.
AUDITORS AND AUDITORS REPORT
Your Company's auditors M/s SINGRODIA GOYAL & Co Chartered Accountants,
retire at the ensuing Annual General Meeting; they are available for
reappointment and have indicated their willingness for appointment as
auditor of the Company at the ensuing Annual General Meeting.
The Notes to Accounts referred to in the Auditor's Report are self
explanatory and therefore do not call for further comments.
YEAR 2000 COMPLIANCE (Y2K)
The Company has taken effective steps to deal with the Y2K issues that
pertain to all possible risk areas that could relate to customers concern,
business systems, manufacturing system and office equipments.
Your Directors take this opportunity to thank the bankers, financial
institutions, the trade supplier, customers, shareholders and the employees
for their continued co-operation and support.
FOR SHETH PLASTOMERS LTD
Date : November 3,1999.