UNITED WIRE ROPES LIMITED DIRECTOR'S REPORT The Directors presents to you their Thirty Seventh Annual Report together with Audited Statements of Accounts for the year ended 31st March, 1998. FINANCIAL RESULTS The sales for the current year amounted to Rs. 8.13 Lacs as compared to previous year Rs. 109.48 Lacs due to the lock-out of the company effective 1st March, 1997. The profit earned by the company during the year is 46.91 lacs as compared to previous year loss of Rs. 223.07 lacs. The profit is due to (a) on account of their being no liabilities to pay interest to the banks, as the company had given One Time Settlement offer to the Bank's for liquidation of their entire dues for Rs. 2 crore each as per BIFR sanction scheme; (b) write back of excess provision for liabilities which are written back during the year amounting to Rs. 69.39 lacs. Foreign Exchange earned during the year 31st March, 1998 was NIL as compared to previous year Rs. NIL. Foreign Exchange spent during the year 31st March, 1998 was NIL, for the previous year also it was NIL. The company does not have any R & D department nor any Technological absorption and energy conservation measures. Hence separate details are not given as required under amended Companies Act, 1988. DIRECTORS: Mr. Ashok Chaudhary retires by rotation and being eligible offers himselves for re-appointment. AUDITORS: M/s. Gondalia & Mandiviwalla, Chartered Accountants, retire at the close of the Annual General Meeting and being eligible offer themselves for re- appointment. You are requested to appoint Auditors for the current year and fix their remuneration. ACKNOWLEDGMENTS: Your Directors express their gratitude for the assistance and support extended by the Company's Banker's viz Bank of India and Canara Bank. The provisions of Section 217 (2A) are not applicable, hence separate particulars of employees are not annexed to this report. For and on behalf of the Board of Directors Mumbai, Ashok Choudhary Dated : 17th October, 1998. (Directors & Chairman of the Meeting)