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Dravya Industrial Chemicals Ltd.

BSE: 512058 Sector: Others
NSE: N.A. ISIN Code: N.A.
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Dravya Industrial Chemicals Ltd. (DRAVYAINDLCHEM) - Director Report

Company director report

DRAVYA INDUSTRIAL CHEMICALS LIMITED DIRECTORS' REPORT Your Directors have great pleasure in presenting to you the Thirteenth Annual Report of your Company alongwith Audited Statement of Accounts for the year ended 31st March, 1998. REVIEW OF PERFORMANCE Despite a marked increase in the sales, your Company incurred a net loss of Rs.268.28 lacs during the year under review. This was mainly due to the rise in expenses under certain heads. The Company's profit further eroded by Rs. 342.62 lacs due to hike in foreign exchange rate during the year under review The bank charges commission and rent, rates taxes are more than double during the year. There was steep rise in expenses under the head 'Electricity Charges B others'. Loss on sale of investment was 2.5 times that suffered during previous year On the income side, interest received during the year was lower by about Rs.1.20 Crores, while dividend received was negligible. Insurance claims received recorded a steep fall as compared to the previous year. We have taken some drastic steps to improve the position of the company. The effect of these steps will be reflected during the current fiscal. DIRECTORATE In accordance with the provisions of Section 256 of the Companies Act, 1956 and Article No.100 read with Article 102 of the Articles of Association of the Company, Ms. Neeta H. Desai retires by rotation at the fortheoming Annual General Meeting and being eligible offer herself for reappointment. The Board is of the opinion that the continuance of Ms. Neeta H. Desai on the Board of Directors will be in the interest of the Company. Mrs. Uma K. Jhaveri has resigned as Director of the Company with effect from 10th September, 1998. The Board places on record the services rendered by her during her tenure as Director of the Company. AUDITORS M/s. A. C. Matalia B Co., Chartered Accountants, hold office till the conclusion of the ensuing Annual General Meeting. The Company has received a letter from them to the effect that their appointment, if made, would be within the prescribed limits of Section 224(1 B) of the Companies Act, 1956. Accordingly the said Auditors will be eligible for appointment as Auditors of the Company The notes to the Accounts referred to in the Auditors' Report are self explanatory and therefore do not call for any further comments. PUBLIC DEPOSITS The Company has been accepting deposits rom public and shareholders. Total amount of Fixed Deposits accepted during the year were Rs.46.10 Lacs. There is no deposit which is matured but not claimed or which is matured and claimed but not paid. PROMISES VS. PERFORMANCE (IN TERMS OF CLAUSE 43 OF LISTING AGREEMENT) Your Company had given the profitability projection as Total Income Rs.23763.71 Lacs and Profit after Tax as Rs.2214.91 Lacs as projected in the Prospectus dated 4th April,1994 against which the Company could achieve Total Income Rs.9024.61 Lacs l; incurred a Loss of Rs.268.28 Lacs. Due to the reasons as mentioned under the head 'REVIEW OF PERFORMANCE', your Company could not achieve the projected result. PARTICULARS OF EMPLOYEES AS REQUIRED UNDER SECTION 217 (2A) OF THE COMPANIES ACT, 1956 READ WITH THE COMPANIES (PARTICULARS OF EMPLOYEES) RULES, 1975. There is no employee covered by Section 217 (2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975. DISCLOSURE OF PARTICULARS Information as per the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 relating to conservation of energy, technology absorption, foreign exchange earnings and outgo is given in Annexure "A" forming part of this report. INDUSTRIAL RELATIONS The Company continued to maintain harmonious and cordial relations with its workers in all its divisions. ACKNOWLEDCEMENTS The Directors wish to place on record their thanks to the Government Authorities (Central and State), Financial Institutions, Bankers and Other Business Associates and Shareholders for the co-operation and encouragement extended to the Company The Directors also place on record their deep appreciation of the contribution made by the employees at all levels. For and on behalf of the Board of Directors PLACE : MUMBAI B. M. PATEL DATE : 27TH NOVEMBER, 1998 DIRECTOR ANNEXURE "A" TO DIRECTORS' REPORT PARTICULARS AS REQUIRED UNDER THE COMPANIES (DISCLOSURE OF PARTICULARS IN THE REPORT OF BOARD OF DIRECTORS) RULES, 1988. (A) CONSERVATION OF ENERGY Considerable emphasis is given to improve the quality of the products, energy saving and controlling waste. (B) TECHNOLOGY ABSORBTION N. A. (C) FOREIGN EXCHANGE EARNINGS/ OUTGO Foreign Exchange Earnings Rs. 1969.81 Lacs Outgo Rs. 7278.59 Lacs