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Kabra Agro Industries Ltd.

BSE: 519010 Sector: Industrials
NSE: N.A. ISIN Code: N.A.
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Kabra Agro Industries Ltd. (KABRAAGROINDS) - Director Report

Company director report

KABRO AGRO INDUSTRIES LIMITED DIRECTOR'S REPORT TO THE MEMBERS Your directors present their 17th Annual Report together with the accounts for the financial year ended 31st March, 1998. PERFORMANCE AT A GLANCE During the year under review your Company has made a settlement with M.P. State Industries Development Corporation Limited who has taken over the industrial unit in 1994 under Section 29 of SFC Act by one time settlement at the Hon'ble High Court of Judicature at Jabalpur & the payment spread over the next 51 months, against all the institutional & Bank liabilities and was able to get back the possession of the unit on 1.8.1997. After the overhauling, repairs and with modifications, the production was started on its won on 23.11.97 and subsequently the job work was undertaken with APR Ltd. (an unit on BILT Group). The Company was able to turn the corner. The performance would have been better had the extended rains would not have spoiled the beans. PRESENT STATUS The Directors has formed the opinion that the Company is Sick Industrial Company within the meaning of clause (o) of Subsection (1) of Section 3 of Sick Industrial Companies (Special Provision) Act, 1985 as reported by Auditors also in their report and are making reference to BIFR for determi nation of measures which shall be adopted with respect to the Company. The crop so far is excellent and the company hopes to turn the corner during the year. Conservation of Energy, Technology Absorption and Foreign Ex change Earnings and outgo: The relevant data is given in the Annexure forming part of this report. DIRECTORS Shri Balkrishna Kabra retires by rotation in accordance with Article 128 of the Articles of Association of the Company and being eligible, offer him self for reappointment. AUDITORS R.C. Baheti & Co., Auditors of the Company retire and being eligible offer themselves for reappointment. PARTICULARS OF EMPLOYEES Since no employees of the Company has been drawing more than Rs. 25,000/- pm or Rs. 3,00,000/- per annum during the period, section 217(2-A) of the Companies Act is not applicable. ACKNOWLEDGEMENTS Your Directors place on record their appreciation for the continued support extended by suppliers, customers, MPSIDC Ltd. & State Bank of Indore during the year under review. for and on behalf of the Board Place : Piparia Bhagwan Das Kabra Dated : 31.07.1998 Chairman & Managing Director ANNEXURE TO THE REPORT OF THE BOARD OF DIRECTORS TO THE MEMBERS OF KABRA AGRO INDUSTRIES LIMITED IN ACCORDANCE WITH SECTION 217(1)(8) OF THE COMPA NIES ACT, 1956 READ WITH THE COMPANIES (DISCLOSURE OF PARTICULARS IN THE REPORT OF THE BOARD OF DIRECTORS) RULES, 1988 AND FORMING PART OF THE DIRECTOR'S REPORT FOR THE YEAR ENDED 31ST MARCH, 1998. A) CONSERVATION OF ENERGY (i) Energy Conservation measures taken Company is monitoring the energy consumption. Transmission losses of power and heat losses are minimised by operating at high power factors and providing adequate insulation respec tively. (ii) Additional investment and proposal, if any, being implemented for reduction of consumption of energy:- No additional investment has been made. The conservation of boiler to fluidised system has been deferred due to shortage of long-term finance sources available with the company presently. (iii) Impact of measures (i) & (ii) above for reduction of energy consump tion and subsequent impact on the cost of production of goods:- The results of measures are under constant review and it is expected that benefits will accrue to the Company under normal course. (iv) Total energy, energy consumption and energy consumption per unit of production. FORM 'B' RESEARCH & DEVELOPMENT (R&D) 1) Specific Areas in which R&D carried out by the Company:-improving Product quality. 2) Benefits derived as a result of the above R&D D:- Better consumer ac ceptance. 3) Future plan of action:- Reduction in the cost of chemicals. 4) Expenditure on R&D: a) Capital It has not been (b) Recurring accounted for (c) Total separately. (d) Total R&D Expenditure as % of turnover TECHNOLOGY ABSORPTION, ADAPTION AND INNOVATION: i) No significant progress has been made for adoption of any technology. Efforts were made for improving product quality. ii) There was an improvement in the quality of the product manufactured by the Company. iii) Not technology has been imported by the Company. FOREIGN EXCHANGE EARNINGS & OUTGO: Foreign Exchange Used Nil Foreign Exchange Nil earned directly. For and on behalf of the Board of Directors. Place:Piparia Bhagwan Das Kabra Dated: 31.07.98 Chairman & Managing Director