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Essem Catalyst Ltd.

BSE: 523858 Sector: Metals & Mining
NSE: N.A. ISIN Code: N.A.
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Essem Catalyst Ltd. (ESSEMCATALYST) - Director Report

Company director report

ESSEM CATALYST LIMITED ANNUAL REPORT 1999-2000 DIRECTORS' REPORT To, The Members of ESSEM CATALYST LIMITED Your Directors present the Annual Report with the Audited Statements of Accounts along with Cash Flow Statement as per SEBI Guidelines for the year ended 31st March, 2000 on business and operations of the Company. OPERATIONS : There were no business operations during the year and the Manufacturing activity of the Company remained closed for the whole year. The Company recorded a net loss of Rs.128.43 lacs, mainly due to Interest & Depreciation cost. APPOINTMENT OF COURT RECEIVER: As already informed earlier ICICI Ltd., has filed a suit in High Court at Mumbai, against the Company and the Court Receiver has been appointed by the High Court. The Court Receiver taken over the possession of the Company's factory including Plant & Machinery and Book debts. The matter is pending before the Court. APPLICATION BEFORE THE BIFR The Company had made an application to the Board for Industrial Finance Reconstruction (BIFR), under Sick Industrial Company (Special Provisions) Act, 1985, for declaring the Company as industry undertaking under Section 31(o) of the said act. Company's application has been registered with BIFR under No.256/99 and the matter is pending before BIFR. INSURANCE: All the properties of the Company including Building, Plants, Machinery and Stocks have been adequately insured by ICICI (secured creditor of the Company). AUDITORS' REPORT: The notes to Accounts Nos.2, 3(a), 3(b), 4, 5, 6 and 8 referred to by Auditors are self-explanatory and do not require further explanation or elucidation. APPOINTMENT OF AUDITORS: M/s. C. D. Pasad & Co., Chartered Accountants, the Statutory Auditors of the Company retire at the conclusion of the ensuing Annual General Meeting and are eligible for re-appointment. Company has received the necessary Certificate under Section 224(1) of the Companies Act, 1956 from them. Members are requested to consider their reappointment and their remuneration. PARTICULARS OF EMPLOYEES: During the year the Company has not employed any employee whose particulars are required to be disclosed in the Directors' Report pursuant to Section 217 (2A) of the Companies Act, l956. CONSERVATION OF ENERGY & TECHNOLOGY ABSORPTION ETC.: Information in accordance with the provisions of Section 217(1) (e) of the Companies Act, 1956 read with the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 is given in Annexure which forms part of this Report. ACKNOWLEDGEMENT: The Board of Directors place on record its sincere thanks to Financial Institutions, Government authorities, Shareholders business associates for their continued co-operation and support. Your Directors wish to express their appreciation for the services rendered by all the employees of the Company. FOR ON BEHALF OF THE BOARD OF DIRECTORS (Sd/-) (Sd/-) JITENDRA B. SHAH ATUL R. MAHAJAN MANAGING DIRECTOR DIRECTOR-WORKS Place : Mumbai, Dated : 3rd July, 2000. ANNEXURE Statement pursuant to section 217(1)(e) of the Companies Act,1956 read with the Companies (Disclosure of particulars in the Report of Board of Directors) Rules, 1988. A. CONSERVATION OF ENERGY. a) Energy conservation is an ongoing activity in the Company and energy consumption is closely monitored in each manufacturing unit in relation to a specific program for reduction laid down at the beginning of the year. b) Additional investment and proposals, if any being implemented for reduction of consumption of energy: 1. The Company has set up an Economiser so that the flew gasses from boiler and thermic fluid heater are utilised to heat the effluent water. 2. This heated effluent water is evaporated by utilising solar energy. c) The impact of measures at (a) and (b) above is that the Company has managed to reduce the loss of steam in the processing of Nickel Catalyst. d) Total Energy consumption and Energy consumption per unit of production is given in Form `A'. B. TECHNOLOGY ABSORPTION FORM "A'' Research & Development: (R & D) 1. Specific areas in which R&D carried out by the Company: a. Development of better process by controlling of various process parameters, changing the ingredients and additives by R & D to make better quality of Nickel Catalyst of Fatty Acid hydrogenation and for hydrogenation of non-edible oils. b. Provision of assistance to customers to develop better quality of their finished products. 2. Benefit derived as a result of above R & D: Improved product quality and customer satisfaction & higher sales realisation. 3. Future plan of action: Not Applicable. Technology Absorption & Adoption and Innovations : NIL FOR AND ON BEHALF OF THE BOARD OF DIRECTORS (Sd/-) (Sd/-) JITENDRA B. SHAH ATUL R. MAHAJAN MANAGING DIRECTOR DIRECTOR-WORKS. Place : Mumbai, Dated : 3rd July, 2000.