Binaca Synthetic Resins Ltd.
||ISIN Code: N.A.
05:30 | 01 Jan
Binaca Synthetic Resins Ltd
05:30 | 01 Jan
Binaca Synthetic Resins Ltd
Binaca Synthetic Resins Ltd. (BINACASYNTHRES) - Director Report
Company director report
BINACA SYNTHETIC RESINS LIMITED
Your Directors have pleasure in submitting their 2nd Annual Report with
Audited Accounts and Balance Sheet for the period ended 30th June, 1995
Your Directors are pleased to recommend dividend @ Rs. 0.60 per equity
share pro-rata basis (subject to deduction of tax). The proposed dividend
outgo will be Rs. 27.96 lacs.
Your Directors feel pleasure in informing you that the project is nearing
to completion and scheduled to start its commercial production by January
1996. Building construction has been completed and major plant & machinery
have already reached at site and are in the process of installation.
Company has also set up Laboratory for Research and Development and quality
control for its products. The laboratory has been constructed on an area of
2000 sq. ft. and is being registered with the Govt. of India. However, the
commercial production could not start as project was delayed due to delay
in getting the required permission for construction of building and other
civil work from the Local Authorities.
Your Directors showed their vision to utilise the valued funds of
shareholders and started trading activity. By their untiring efforts the
Company has been able to achieve a total income of Rs. 2056 lacs during the
period and posted net profit of Rs. 92.29 lacs before provision for
taxation and dividend.
CURRENT YEAR PROSPECT:
With the commercial production likely to commence by the January 1996, your
Director feel that the current year's financial result shall be further
strengthened. Your Company has achieved a trading turnover of Rs. 529.00
lacs till 31st October, 1995. And with the manufacturing turnover, your
Directors expect to achieve a higher turnover in the Current year.
Your Directors and Company executive have participated in an International
Exhibition through Confederation of Indian Industry in the month of July,
1995 and established direct contacts with the major buyers of various
countries. Your Company expects substantial export orders of its products.
The Company is in the process of appointing its overseas agents.
The Company is firmly committed to integrating total quality in its
products. With this objective in view, your Company has applied to
International Standards Organisation (ISO) to get registered its product.
The Company has appointed agency to obtain ISO certificate and the Company
does not foresee any difficulty in complying with their requirements.
Your company did not accept any fixed deposit during the year under review.
Dr. V.S. Rathore, Shri Rashmi Oza and Shri R.J. Ranade were appointed as
additional Directors. They shall hold office upto the date of ensuing
Annual General Meeting.
The Company has received notices in writing from members proposing name of
Dr. V.S. Rathore and Shri R.J. Ranade for the office of Director.
Your Directors recommend the passing of resolutions.
Shri Sandeep Mittal retires by rotation and being eligible offers himself
M/s Ranka Parmar & Associates, Chartered Accountants, Auditors of the your
Company retire at the forthcoming Annual General Meeting and being eligible
offer themselves for re-appointment.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS
The Company is yet to commence commercial production as at 30th June, 1995
and therefore disclosure of particulars in respect of Conservation of
Energy in Form A and absorption of technology in Form B as prescribed under
Section 217 (1 ) (e) of the Companies Act, 1956 as well as particulars with
regard to foreign earnings and outgo have not been given for the year under
PARTICULARS OF EMPLOYEES:
There were no employees of the Company who are drawing such salary as
required to be disclosed under Section 217 (2A) read with the Companies
(Particulars of Employees) Rules, 1975.
Your Directors wish to place on record their sense of appreciation for the
excellent support received from the Union and State Government Authorities
They also extend their whole hearted thanks to the Shareholders, Suppliers
and Project Contractors for their valued support.
Yours Directors wish to further place on record their sense of appreciation
for employees at all levels.
For and on behalf of the Board
Place : Bombay
Dated : 10th November, 1995.
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