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1)
PERFORMANCE :
Despite existence of overall grim economic situation on
the Industrial front, it is indeed a matter of pride
that your company has registered an increase in turnover
from Rs.322.99 lacs during the year ended 31st
March 1999 to Rs.472.19 lacs in this year. The Net
Profit of the Company was also increased from Rs.6.32
lacs to Rs.57.41 lacs in the Current year. The Provision
for depreciation made during the year under review
amounted to Rs.11.04 lacs as against Rs.8.97 lacs in the
previous year.
Your Directors state that this turnaround was possible
only because of series of cost cutting measures adopted
by the company during the last year coupled with
dedication of the management team.
2)
FUTURE PROSPECTS :
Your Directors are happy to state that due to launch of
CD-R, storage devices and floppies under the brand name
of “ABEE”,
the same will provide required fillip to push the
turnover Vis-à-vis Profitability of your Company to a
considerable extent in the years to come. During the
year under review, your Company has promoted a new
software Company named as “Abeesoft Technologies
Limited” which intends to undertake development of
educational software to be sold online with e-commerce
through its own Educational portal, which is in the
advanced stage of implementation. For this purpose,
Abeesoft Technologies Limited plans an IPO at
appropriate time, in which, members of your Company will
be offered a preferential allotment subject to the
necessary approval of shareholders, Securities Exchange
Board of India, Reserve Bank of India and any other
Statutory Authority, as applicable.
3)
INCREASE IN PAID UP CAPITAL :
In order to cater the needs of long tern funds of the
Company, your directors have successfully allotted
14,91,100 Equity Shares of Rs.10 each at a premium
Account amounting to Rs.44.73 lacs, which have pushed up
the free reserves of the Company from Rs.82.17 lacs to
Rs.126.90 lacs for the year ended 31st March
2000.
4)
DEMATERIALISATION OF SHARES :
Your directors are pleased to state of your company have
been dematerialized w.e.f. 8th May 2000 as
per the agreement entered in to with National Depository
Securities Limited (i.e. NSDL) and central Depository
Securities Limited (i.e. CDSL) and MCS Limited by the
Company.
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All
the members are hereby requested to get their
shares dematerialized at the earliest so as to
avoid inconvenience in future. This will
immensely benefit members of the Company, as it
will provide liquidity to the shares of your
Company. |
5)
DIVIDEND :Your directors do not recommend any
dividend for the current year so as to conserve the
scarce resources of the Company.
6)
PUBLIC DEPOSITS :The Company has not accepted any
deposits from the public and hence, the information as
prescribed in terms of Section 58-A of the Companies
Act, 1956 read with Companies (Acceptance of Deposits)
Rules, 1960 and any amendment thereof does not arise.
7)
PARTICULARS OF EMPLOYEES U/S 217 (2A) OF THE
COMPANIES ACT.
No employee of the Company is in receipt of remuneration
in excess of the limits laid down in Section 217 (2-A)
of the Companies Act, 1956 and therefore, the said
information is inapplicable.
8)
DETAILS OF CONSERVATION OF ENERGY, FOREIGN
EXCHANGE EARNINGS & OUT GO AND RESEARCH &
DEVELOPMENT U/S 217 (1) (e) OF THE COMPANIES ACT.
The Prescribed information in respect of Foreign
Exchange Earnings and Outgo, Conservation of Energy and
Research & Development is given by way of Annexure
No. 1, which forms part and parcel of this Report.
9)
DIRECTORS :
Mr. O. P. Mantri director retires by rotation and being
eligible, offers himself for re-appointment.
10)
AUDITORS
:
M/s.
S. L. Bagadi & Co. Chartered Accountants, Pune
retire at the ensuring Annual General
Meeting and being eligible, offer themselves for
Re-appointment.
11)
ACKNOWLEDGEMENT :
Your directors would like to place on record their
sincere appreciation for the co-operation extended by
the Banks, Creditors, Suppliers and employees in all
cadres throughout the year under review.
On
behalf of the Board
FOR ABEE INFO-CONSUMABLES LTD.
B.B.SOMANI
CHAIRMAN & MANAGING DIRECTOR
Place
: Pune
Date : 24.04.2000
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