DIRECTORS' REPORT To, The Members, THE KUTCH SALT & ALLIED INDUSTRIES LIMITED MUMBAI Your Directors are pleased to present their FIFTY-EIGHTH ANNUAL REPORT together with the Audited Results for the year ended March 31,2008. 1. OPERATIONS The Development of the Company's salt field at Kandla is going on and due to the same company has produced approx. 507316 MTS of salt as compared to 471433 MTS of salt produced in the preceding year. v Due to expansion of the operation of the company from Manufacturing of Salt to trading in Iron ore, the turnover of the Company has also increased from Rs.7744.09 Lacs to Rs. 12490.43 Lacs. 2. DEPOSITS The Company has not accepted any deposits from the public during the year under review. 3. JAKHAU SALT WORKS The Company has lost its legal battle with the Government of Gujarat in respect of cancellation of 1414.19 acres of salt land at Jakhau. Now the balance land available to the company for production of salt remains 1205.81 acres only on which production activity is going on, 4. DIRECTORS Shri Sandeep T, Singhvi and Shri Lekhraj P. Kanungo retires by rotation and being eligible, offers himself for re-election. 5. DIRECTORS' RESPONSIBILITY STATEMENT As required by the provisions of Section 217(2A A) of the Companies Act, 1956, The Directors' Responsibility Statement is attached as per Annexure - A. 6. CORPORATE GOVERNANCE As per clause 49 of the listing agreement with the stock exchange, a separate report on corporate governance together with a certificate from the Company's Auditors confirming the compliance of the conditions of corporate governance is attached to the report. 7. AUDITORS The observations made in the Auditors' Report and Notes forming part of the Accounts are self explanatory and, therefore, do not call for further comments. M/s. M. B. Sorathia & Co., Chartered Accountants, Auditors of the Company retire at the conclusion of the forthcoming Annual General Meeting and are being eligible for re appointment. 8. PERSONNEL There were no employees employed during Lie year or part thereof drawing remuneration as mentioned in Section 217(2A) of the Companies Act, The Directors wish to place on record their sincere appreciation for the contribution made by the employees to the achievements in the year. 9. ENERGY CONSERVATION. TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE The particulars prescribed by the Companies (Disclosure of particulars in report of the Board of Directors) Rules, 1988 are furnished in the Annexure to this report. 10. ACKNOWLEDGEMENT The Directors gratefully acknowledge the valued co-operation and continued support extended to the Company by its valued customers, suppliers, sub-contractors and bankers for their support and employees at all levels in the conduct of its operations. For and on behalf of the Board of Directors (BABULAL A. SINGHVI) CHAIRMAN Mumbai, 15th August 2008 |