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ADHATA GLOBAL LTD.

01 April 1997 | 12:00

Industry >> Textiles - Spinning - Cotton Blended

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ISIN No INE586D01014 BSE Code / NSE Code 531286 / ADHHATA Book Value (Rs.) 3.81 Face Value 10.00
Bookclosure 04/09/2023 52Week High 8 EPS 0.00 P/E 0.00
Market Cap. 2.59 Cr. 52Week Low 5 P/BV / Div Yield (%) 1.44 / 0.00 Market Lot 1.00
Security Type Other

DIRECTOR'S REPORT

You can view full text of the latest Director's Report for the company.
Year End :1999-03 
The Directors have pleasure in presenting the 6th Annual Report together with the Audited Statement of Accounts for the year ended 31st March, 1999.

FINANCIAL HIGHLIGHTS

The working results of the Company for the year under review are as under :

                                                 (Rs. in Lacs)
                                    31st March, 1999   31st March, 1998

Turnover & other income                      2031.68           1694.90

Operating Profit                              273.34            175.16

 Less : Interest                             (227.48)          (134.84)

Gross Profit                                   45.86             40.32

 Less : Depreciation                          (96.84)           (12.51)
     
Provision for taxation                           --              (2.92)

Net Profit/(Loss)                             (50.98)            24.89

Current year Operations

The Company has posted a turnover of Rs. 20.17 crores during 1998-99, an increase of over 20% over last year. The recessionary trends in the global textile markets continued unabted in the year under review. Inspite of the above conditions the company was able to post higher operating profits at 273.34 lacs against 175.16 lacs last year due to increase in volumes from additional capacity installed and commissioned during 1998-1999.

The cotton crop during the year under review continued to be adversely affected and even though it is estimated to be 16.25 million bales against 14.80 million bales in 1997-98, it is still lower than 17.65 million bales in the year 1996-97. The prices of Indian cotton in the year under review were higher than comparable international cotton prices.

Total exports has increased to Rs. 12.50 crores against Rs. 9.53 in 97-98 an increase of 31%. The Company is committed to focus more on exports and expand global markets which will provide volumes and better reasisation in time to come.

Y2K Preparedness Level

The Directors are glad to report that the areas where Y2K problems will be faced are very limited. Full Y2K compliance is expected to be achieved by September, 1999. An internal team has been formed to address this problem. The expenditure to ensure Y2K compliance is not expected to be significant,

Public Deposits

The Company has not accepted any deposit from the public during the year under review.

Directors

Shri S. S. Kothari and Shri Arvind Kumar, Directors of the Company retire by rotation at the ensuing Annual General Meeting and being eligible offer themselves for re-appointment.

Conservation of Energy, Technology absorption and Foreign Exchange earnings and outgo

The information in accordance with the provisions of Section 217(i)(e) of the Companies Act 1956 read with the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 is given in the Annexure to the Report and form an integral part thereof.

A. DISCLOSURE OF PARTICULARS WITH RESPECT TO CONSERVATION OF ENERGY :

The Company is making all round efforts for the Conservation of energy, which will reduce consumption of energy in per unit of production. However, no specific investment is contemplated for reduction of Consumption of energy.

B. DISCLOSURE OF PARTICULARS WITH RESPECT TO TECHNOLOGY ABSORPTION

(See Rule 2)

a) Research and Development (R & D)

During the year under review no significant research work has been undertaken by the Company.

Benefits Derived

Not Applicable.

b) Technology absorption, adaptation and innovation effort

The Company has installed the latest state-of-art imported Plant & Machinery at its unit to produce a superior quality product.

Benefits

Consequent to installation of latest plant & machinery, the Company produced good quality of cotton yarn which is well accepted in the premium segment both in domestic as well as in international market.

c) Foreign Exchange Earnings and Outgo

                                                  (Amount in Rs.)

                                          Current Year    Previous Year
                                               1998-99          1997-98
1. Foreign Exchange earned Export of Cotton Yarn (FOB. Value) 84,799,576 51,278,314

2. Expenditure in foreign Currency
   Capital Goods (C.I.F. Value)                  --          29,881,875
          
   Spare Parts (C.I.F. Value)                2,089,110          316,464
          
   Travelling Expenses                         250,746          401,370

    Export Commission                           48,019        1,660,504