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Indian Electro Chemicals Ltd.

BSE: 506490 Sector: Industrials
NSE: N.A. ISIN Code: N.A.
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Indian Electro Chemicals Ltd. (INDIANELECTRO) - Director Report

Company director report

ANNUAL REPORT 1998-99 INDIAN ELECTRO CHEMICALS LIMITED DIRECTORS' REPORT DIRECTORS' REPORT TO MEMBERS Yours Directors have pleasure in presenting herewith their Forty Third Annual Report alongwith Audited statement of Accounts for the financial year ended 31st March, 1999. DIVIDEND In view of the carried forward losses of earlier years, your directors regret their inability to recommend any dividend. OPERATIONS During the year under the company's operation suffered a loss of Rs.15.22 lacs in the year under review due to lower sales, and higher manufacturing and other expenses. Though company achieved increase in sales by 20%. More over the plant was stopped for 1.5 months due to G.P.C.B. order and annual shutdown. The operation of looms division has shown sharp fall due to recession in the industry and company has closed the looms division w.e.f. 18/1/1999. CURRENT YEAR'S WORKING AND FUTURE PROSPECTS Current year had started very well. We expect that the increasing efforts of the management will be able to turn round the Company and post profits during the current year, though the company faced some problem from G.P.C.B. As regards loom division, management negotiate with the parties on the proposal for letting the looms on lease for continuous income. DIRECTORS Mr. Nalinbhai K Patel, Mr. Suresh B. Chandani will retire by rotation at the forth coming Annual General Meeting in terms of Article 144 of the Articles of Association of the company and being eligible, offer themselves for reappointment. DEPOSITS The Company has not accepted/renewed any deposits from the public. INSURANCE The Company's properties have been adequately insured against all possible risks. INFORMATION PURSUANT TO SECTION 217 (I) (E) Information in respect of conservation of energy, technology absorption and Foreign Exchange earnings and outgo in terms of section 217 (i)(e) of the Companies Act, 1956 read with the companies (Disclosure of particulars in the report of Board of Directors) Rules, 1988, and forming part of the Directors' Report for the year ended 31st March, 1988 is furnished in the Annexure. AUDITORS The Auditors, M/s Kantilal Patel & Co., Chartered Accountant retire at the forthcoming Annual General Meeting and, being eligible, offer themselves for reappointment. AUDITORS' REPORT As regards the auditors, remarks, the relevant Notes to the Accounts are self explanatory. INDUSTRIAL RELATIONS Industrial relations remained cordial throughout the year. APPRECIATION Your Directors wish to place on record their appreciation for the dedicated services rendered by the employees and timely support and the co-operation received from Customers, Traders, Bankers and other Authorities/ Institutions. for & on behalf of the Board sd/- MR. Tanay C. Parikh Director sd/- Mr. Manhar M. Bhagat Director Place : Ahmedabad Date : 4th September, 1999 ANNEXURE TO DIRECTOR'S REPORT Information as per Section 217(1) (e) read with Companies (Disclosure of particulars in the Report of Board of Directors) Rules, 1988 and forming part of the Directors' Report for the year ended on 31st March,1999. 1. TECHNOLOGY ABSORPTION AND RESEARCH AND DEVELOPMENT RESEARCH & DEVELOPMENT ( R & D ) i) Specific areas in which R & D carried out by the Company Development of Sulphur dioxide of refrigeration grade. Efficient Air Pollution Control System. ii) Benefit derived as a result of the above R & D. a) Value addition to main product. b) Value added product Ammonium Sulphite as by product from Air Pollution Control Plant. iii) Future Plan of action To develop further value added derivatives of Sulphur dioxide iv) Expenditure on R & D Not segregated being incurred in the normal course of business. TECHNOLOGY ABSORPTION, ADAPTATION AND INNOVATION i) Efforts, in brief, made towards technology absorption, adaptation and innovation. Process technology innovation in the manufacture of Sulphur Dioxide. ii) Benefits derived as a result of the above efforts. Increase in consumption efficiency of raw materials and quality of the product. Reduction in power consumption. iii) In case of imparted technology (imported during last 5 years reckoned from the beginning of financial year), following information may be furnished: (a) Technology imported. (b) Year of import. (c) Has technology been fully absorbed ? (d) If not fully absorbed, areas where this has not taken place, reasons therefor and future plans of action. Not applicable as no technology imported. 3. FOREIGN EXCHANGE EARNING AND OUTGO Foreign exchange expenditure on travelling - Rs. Nil (Previous year Rs. Nil) No Foreign exchange earned during the year. for & on behalf of the Board sd/- Mr. Tanay C. Parikh Director sd/- Mr. Manhar M. Bhagat Director Place : Ahmedabad Date : 4th September, 1999