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B J Duplex Boards Ltd.

BSE: 531647 Sector: Industrials
NSE: N.A. ISIN Code: INE265C01017
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B J Duplex Boards Ltd. (BJDUPLEXBOARD) - Director Report

Company director report

B.J.DUPLEX BOARDS LIMITED ANNUAL REPORT 1999-2000 DIRECTOR'S REPORT To, The Shareholders Your Directors hereby presents the sixth Annual Report together with the Audited Accounts of the Company for the Year ended 31st March, 2000. During the year company's turnover was Rs. 737.31 lacs as compared to Rs. 1429.51 Lacs during the previous year declining substantially. The total production during the year was 6545 M. Tonnes as compared to 10282 M.T during the previous year. During the year under review, your Company has suffered heavy losses resulting the erosion of net worth of the Company, Your company could not operate the plant in a stabilised manner during the year on account of various factors viz; The manufacturing process employed in the plant uses a large quantity of water. The used water was being discharged after treatment through effluent treatment plant into a drain. Due to construction of bridge over the drain, the Company was asked to discontinue discharging the water as the discharge would hamper the bridge construction work. The Company was thus forced to recycle the waste effluent treated water and the same effected the performance of the plant, particularly the M.G. Cylinder, which developed pitting on its surface, in turn effecting the surface of the finished and quality of the board. Due to this a large quantity of defective goods entered in the market, for which payments have been held up resulting in shortage of working capital. The Company has to shut down the plant for about one and half month for the repair of M.G. Cylinder. The Company's on going efforts to stabilise the production operation caused distruption in continues operation of the plants working. The consumption of various material increased significantly including fuel for firing the boiler as steam was being wasted, wastage of chemical in the pulper at the time of stoppage of machine, consumption of chemical for improvement of quality, consumption of oil and lubricants for maintenance of boiler and other plants and equipment due frequents shut down of the plant. A fire occured in the plant in November, 1999 resulting loss of raw material estimated at Rupees 195 lacs causing major distruption in production operation. The company has filed the claim to recover the loss and the Insurance Company is yet to settle the claim. In view of the technological advancement in paper industry/status of Plant & Machinery of the Company and other commercial consideration, in respect of plant and machinery the method of depreciation has now been changed from straight line method to written down value method at the rates and in the manner specified under schedule XIV (as amended) to the Companies Act, 1956. Due to heavy losses and short fall of working capital, the Company could not make the payment to the Financial Institutions i.e. the Haryana State Industrial Development Corporation Limited (HSIDC) towards the repayment of term loan and interest. Your Company has made repeated request to the institution for the reschedulement of the loan but the same has not been done. Despite this, the HSIDC had taken over the unit u/s 29 of the SFC Act, 1951 on 25th March, 2000 and the HSIDC on persuation by the Company handed over the unit to the Company on 2nd April, 2000. EROSION OF NET WORTH During the year the losses of the Company as on 31.03.2000 has exceeded the net worth of the Company and your Company has become Sick Industrial Company within the meaning of Section 3(1)(o) of the Sick Industrial Companies (Special Provisions) Act, 1985 as per the provision of section 15 of the Sick industrial companies (Special Provision) at 1985 a reference is required to be made to the Board for Industrial and Financial Reconstruction. Mr.Satya Bhushan Jain, Director of the Company has been authorised by the Board of Directors to file the reference and to take the necessary steps in this regard. Your directors are making their sincere efforts to pull out the Company from the red. DIRECTORS Shri Vishwa Bandhu has been appointed Additional Director during the year w.e.f. 25.02.2000 by the Board of Directors of the Company. Due to sudden fall in his health Shri Vishwa Bandhu has resigned as director of the Company w.e.f. 15.03.2000. Shri Satya Bhushan Jain and Shri Pankaj Jain, Directors of the company has resigned as directors of the Company w.e.f. 03.03.2000 and the board accepted the same with due appreciation for the efforts taken by them for the promotion of the Company during their tenure. Shri Satya Bhushan Jain and Shri Pankaj Jain, have been appointed as additional director of the Company w.e.f. 11.03.2000. Your board recommend their appointment as director of the Company. Shri Ram Narain Jain, Director of the company retires at ensuing Annual General Meeting and being eligible, offers himself for re appointment. AUDITORS M/s. Rajiv Srichand & Co. Chartered Accountants, auditors of the Company retires at the conclusion of the ensuing Annual General Meeting and are being eligible for re-appointment. They have indicated the willingness to accept the re-appointment and have further confirmed their eligibility under section 224 (IB) of the Companies Act, 1956. AUDITOR'S OBSERVATION The observation of the Auditor's are explained where ever necessary to the extent of their satisfaction. FIXED DEPOSITS The Company has not accepted any fixed deposits from the public. PARTICULARS OF EMPLOYEES There was no employee during the year under review whose particulars are to be given pursuant to the Section 217 (2A) of the Companies Act 1956, hence information required under this section is not given. FOREIGN EXCHANGE EARNING AND OUTGO During the year there was no earning and outgo in Foreign Exchange. CONSERVATION OF ENERGY The plant and all auxiliaries were operated in the most optimum way to consume minimum auxiliary power Research and Development and Technological Absorption. a. Research & Development:: There is no separate Research & Development department of the Company, however the efforts of the management in the normal course are directed towards productivity, improvement and better control on quality improvement and higher efficiencies. There is no other particulars to be furnished as per "Form B". b. Technological Absorption : The management has created a work culture in the organisation to foster innovations in all functions including production. The Company has machineries of latest technology and is adopting the processes of production to the state of art technology. ACKNOWLEDGEMENT Your Directors would like to express their grateful appreciation for the co-operation and continued assistance received from various state and central government authorities, financial Institutions and banks. By the Order of the Board for B.J. DUPLEX BOARDS LIMITED Place: Delhi SATYA BHUSHAN JAIN Dated: 13/04/2000 Chairman

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