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Canvay Chemicals Ltd.

BSE: 531535 Sector: Industrials
NSE: N.A. ISIN Code: N.A.
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Canvay Chemicals Ltd. (CANVAYCHEMICALS) - Director Report

Company director report

CANVAY CHEMICALS LIMITED ANNUAL REPORT 1998-99 DIRECTOR'S REPORT To: THE MEMBERS: Your Directors have pleasure in submitting sixth Annual Report and Audited Accounts of your Company for the year ended on 31st March, 1999. REVIEW OF OPERATIONS: The sales turnover of the company is increased by more than 100 % and there is simultaneous increase in Gross profit of the Company. However, due to higher interest cost and other sales and administrative expenses, there is a net loss of Rs. 45.63 lakhs before Depreciation. After providing depreciation of Rs. 18.8 Lakhs the net loss comes to Rs. 64.11 lakhs. FINANCE : The company has received additional term loan of Rs. 13.04 lakhs and Rs. 30.00 Lakhs from GSFC and GIIC respectively to meet the cost over run in the project implementation. The company has also approached the financial institution for reschedulement of payments to them. The company has also availed additional working capital facility from State Bank of India, Vapi on full working of the company. DEPOSITS: The Company has not accepted any deposits during the year which attracts the provisions ot section 58 (A) of the companies Act, 1956. PERSONNEL: There are no employees drawing salary exceeding the limits specified under section 217 (2A) of the Companies Act, 1956 read with the companies (Particulars of Employees) Rules, 1975. INFORMATIONS REGARDING CONSERVATION OF ENERGY ETC: The particulars as required under the provisions of Section 217 (1) (e) of the Companies Act, 1956 are attached as Annexure - I and forms the part of this report. DIRECTORS: Mrs. Ketki T. Patel and Dr. Istvan Iros retire by rotation and being eligible, offers themselves for reappointment. Mr. Jatin B. Patel has resigned from the Directorship of your company due to preoccupation. The Board records its sincere appreciation of the services render by him during his directorship. AUDITORS: M/s. KAKARIA & ASSOCIATES, Chartered Accountants, Vapi retires at the Annual General Meeting and being eligible, offers themselves for reappointment. You are requested to appoint them and to fix their remuneration. LISTING OF THE COMPANY'S EQUITY SHARES: The Equity shares of your Company continue to be listed during the year under review at Vadodara Stock Exchange Limited, Mumbai stock Exchange and Ahmedabad Stock Exchanges. The Company has paid the annual listing fees for the financial year 1999-2000 to these Stock Exchanges. Y2K COMPLIANCE: The Company has taken appropriate and effective steps to be Y2K compliant by Sept. '99. The expenditure to ensure Y2K compliance is not expected to have any material financial impact. ACKNOWLEDGMENTS: Your Directors wish to place on record their appreciation for whole heated Co-operation received from Financial Institutions, Bankers and all the Employees and Customers of the Company. ON BEHALF OF THE BOARD OF DIRECTORS. Date : 29/07/1999. (BHOGIBHAI B. PATEL) Place : VAPI. CHAIRMAN. ANNEXURE - I A. Conservation of Energy: Wherever possible, your Company has been making efforts to conserve use of energy during the year under review: B. Technology Absorption: a) Research Development: The Company has not so far formally established any Research & Development department. b) Technology absorption, adaptation & Innovation: The Company entered into a Technology Transfer Agreement with M/s. Remi & Mediretran Ltd., Hungary for supply of technical know-how. The Company has already received approval from the RBI for this technical collaboration. C. Foreign Exchange earnings and outgo: Foreign Exchange Earnings: Rs. Nil Foreign Exchange Outgo: Rs. Nil ON BEHALF OF THE BOARD OF DIRECTORS. (BHOGIBHAI B. PATEL) CHAIRMAN

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