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STARVOX ELECTRONICS LIMITED
DIRECTORS' REPORT
Dear Shareholders,
Your Directors present herewith their Fourteenth Annual Report for the year
ended 31st March 1999 together with the Audited Accounts and the Auditors'
Report thereon.
FINANCIAL RESULTS
On account of general trade depression, financial crunch faced by the
industry, not-so-encouraging state of the economy and political
uncertainty, the working of the Company was adversely affected. The Company
could not achieve the desired turnover and the Sales has declined from Rs.
55.42 Lacs to Rs. 36.34 Lacs.
Your Directors regret their inability to recommend a dividend for the year
under review, due to loss. The Directors are hopeful that the Company shall
be in a position to wipe off its accumulated losses in future and shall be
in a position to declare dividend.
DIRECTORS
Shri V. S. Narayanan and Shri Chandrakant P. Mehta, Directors retires by
rotation and being eligible offer themselves for re-appointment.
You are requested to re-appoint the above Directors.
AUDITORS
M/S B. M. Vashi, Chartered Accountants, Ahmedabad, retires at the ensuing
Annual General Meeting of the Company and have expressed their willingness
to have the appointment as Statutory Auditors of the Company in a firm's
name M/S Shah Merchant & Associates, Chartered Accountants, Ahmedabad, in
which Mr. B. M. Vashi, the sole proprietor of M/S B. M. Vashi is a partner.
You are requested to appoint M/S Shah Merchant & Associates, Chartered
Accountants, Ahmedabad as Statutory Auditors and fix their remuneration.
DEPOSITS
During the year, the Company has not accepted any deposits pursuant to the
provisions of Section 58- A of the Companies Act, 1958.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS
AND OUTGO
The particulars regarding conservation of energy in Form-A are not
applicable, as the Company is engaged in manufacturing and assembly of
Electronic Items. During the year, the Company has spent Foreign Currency
of Rs. 3,88,446 on purchase of Raw Material and has earned Foreign Currency
of Rs. 1,17,732 on sale of SMPS Units.
PARTICULARS OF EMPLOYEE
There is no employee, who is in receipt of remuneration exceeding the
limits specified under Section 217 (2-A) of the Companies Act, 1956.
AUDITORS REPORT
With reference to the comments made by Auditors in their Report, the
explanations given in the Notes on Accounts are self explanatory.
Y2K COMPLIANCE
The Computer Systems of your Company are in compliance with Y2K related
issues.
APPRECIATION
The Board of Directors places on record its appreciation for the services
and support provided by the Employees of the Company and the co-operation
received from the Bankers, Government Departments, Customers and other
associates and look forward to their continued support in the years to
come.
For and on behalf of Board of Directors
Jitendra C. Mehta G. S. Patel
Managing Director Director
Place: Ahmedabad
Date: 22nd July, 1999
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