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Superior Sox Limited
Annual Report 1998-99
REPORT OF DIRECTORS TO THE MEMBERS:
Your Directors have pleasure in submitting their seventh Annual Report and
audited results for the year ended 31st March,1999.
1. Dividend
In view of the losses, the Directors do not recommend any dividend.
2. Employee Relations:
Employee relations continue to be cordial. There is no employee drawing
remuneration in excess of limit prescribed in the Companies (Particulars of
Employees) Rules 1975, and therefore the provisions of Section 217 (2A) of
the Companies Act 1956 are not applicable.
3. Conservation of energy, technology absorption and foreign exchange
reserves outgo .
The particulars u/s 217(1)(e) of the Companies Act 1956 read with company's
(Disclosure of particulars in the report of Board of Directors) Rules 1988
are attached to this report as Annexure"A".
4. Auditor's Report:
In respect of the remarks given in the auditors report to the shareholders,
the explanation given in the notes to accounts are self explanatory,
5. Resignation of Directors:
During the year Mr. Anil Kumar Jain and Mr. Rajesh Mandawewala resigned
from the board due to their pre-occupation and other commitments. The Board
of Directors have- accepted their resignation and appreciate their valued
contribution during their tenure with the Company.
6. Y2K Compliance
The Company has taken appropriate and effective steps to achieve Year 2000
(Y2K readiness by October/November 1999. The additional expenditure
involved is marginal. Necessary contingency plan has been made.
7. Auditors:
Members are requested to appoint Auditors for the current year and to
authorise the Board of Directors to fix their remuneration. M/s Malpani &
Associates the retiring auditors have furnished the certificate of
eligibility for re-appointment under Section 224 (1 B) of the Companies
Act, 1956 and have indicated their willingness to continue.
8. Acknowledgement:
Your Board would like to place on record its sincere appreciation for the
whole hearted support and contribution mad by its employees as well as
IDBI, Vijaya Bank. Bank of Baroda, Suppliers, Overseas Associate,
Government and Semi-Government Bodies towards the conduct of the operation
during the financial year.
For and on Behalf of the Board
Date 1st September, 1999 L. K. LOHIA
CHAIRMAN & MANAGING DIRECTOR
REGD. OFF:
PLOT NO. 104/1P,
OFF MORAI VATAR APPROACH ROAD,
OFF NATIONAL HIGHWAY NO.8,
MORAI VILLAGE, TALUKA PARDI
DIST VAI SADI GUJARAT
ANNEXURE A TO DIRECTORS' REPORT:
Information pursuant to the companies (Disclosure of Particulars in the
report of the Board of Directors) Rules, 1988.
1. CONSERVATION OF ENERGY:
Total energy consumption per unit of production as under:
2. TECHNOLOGY ABSORPTION:
No special drive took place during the year on R & D directed towards
process upgradation, cost curtailment etc.
3. FOREIGN EXCHANGE EARNING AND OUTGO:
a) Foreign Exchange earned Rs. 2,78,45,325 3,44,07,115
b) Foreign Exchange outgo 75,63,108 54,93,385
(raw material, Capital goods, business travels, etc.)
For and on Behalf of the Board
Date: 1st September, 1999 L. K. LOHIA
CHAIRMAN MANAGING DIRECTOR
REGD. OFF:
PLOT NO. 104/1P,
OFF MORAI VATAR APPROACH ROAD,
OFF NATIONAL HIGHWAY NO.8,
MORAI VILLAGE, TALUKA PARDI
DIST VALSAD. GUJARAT.
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