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Goodearth Organic (India) Ltd [Wound-up].

BSE: 524300 Sector: Industrials
NSE: N.A. ISIN Code: N.A.
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Goodearth Organic (India) Ltd [Wound-up]. (GOODEARTHORG) - Director Report

Company director report

1995 GOODEARTH ORGANIC (INDIA) LIMITED DIRECTORS' REPORT Your Directors are pleased to present their Third Annual Report together with Audited Statement of Accounts of the Company for the year ended 30th June, 1995. Dividend As you are aware an Interim Dividend of 12% was declared during the year. The Board does not propose any final dividend, with a view to plough back profits. Operations During the year the sales was Rs. 4962.16 Lacs, inclusive of export sales of Rs. 264.64 Lacs, as against Rs. 1082.24 Lacs for the previous year. The current trend for the Company is encouraging. Issue of Capital The Company has allotted, 12 Lacs shares at a premium of Rs. 30/- per share aggregating Rs. 480 Lacs, to promoters/associates on preferential basis under the authority of the Special Resolution passed by the members in the Extraordinary General Meeting held on 28th June, 1995. The said allotment was done under the guidelines issued by Securities and Exchange Board of India in this regard. Directors Dr. Govindan V. Nair was appointed as Additional Director of the Company of the Board and hold office upto the forthcoming Annual General Meeting. As required under Section 257 of the Companies Act, 1956, the Company has received notice in writing from members proposing Dr. Govindan V. Nair, as candidate for the office of Director. In accordance with the Companies Act, 1956 and Articles of Association of the Company Mr. V. Narayan and Mr. Suresh R. Jain retire by rotation and being eligible offer themselves for re-appointment. Particulars required to be furnished under the Companies (Disclosure of particulars in the Report of Board of Directors) Rules 1988. A. Conservation of Energy : Conservation of energy continues to be a high priority objective for existing unit as well as new projects. Cost of production has been reduced through various measures such as improvement in power factor of electrical system and optimization of process Parameters. B. Technology Absorption : The Company's Quality Control and Research and Development departments are fully equipped with sophisticated equipments and a modest pilot plant is also available to handle product development. The achievements during the financial year includes MONO CHLORO ACETIC ACID (MCAA) process of optimization, isolation techniques and by product utilization, conservation of effluent generation, material balance accounting, economic raw material usage, packaging developments etc. Products developed using technologies developed in-house are MCAA, NTA, EDTA, IDA etc., utilizing by-products to give excellent quality products. The Research and Development function also includes training of chemist, production people and transfer of technology. The products developed by Research and Development are now marketed by the company and are rated as high quality products. The Company is continuously endeavouring to upgrade its manufacturing technology to improve plant capacity utilization, technical efficiencies. C. Foreign Exchange Earnings and Outgo : (Rs. in lacs) 1994-95 1993-94 Earnings 263.99 - (FOB value of exports) Expenditure - - Deposits The Company has not accepted any fixed deposits from the public. Auditors M/s. Dosi & Jain and Chaturvedi & Shah Chartered Accountants, retire on the ensuing Annual General Meeting and have expressed their willingness to continue if re-appointed. Acknowledgements The Directors place on record their appreciation of the co-operation and efforts put in by the employees and assistance received from Company's Bankers, Local Bodies and other government authorities. For and on behalf of the Board RAMESH R. JAIN Chairman & Managing Director Place : Bombay Date : 30th September, 1995.