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Motorol Speciality Oils Ltd.

BSE: 506954 Sector: Industrials
NSE: N.A. ISIN Code: INE642B01019
BSE 05:30 | 01 Jan Motorol Speciality Oils Ltd
NSE 05:30 | 01 Jan Motorol Speciality Oils Ltd

Motorol Speciality Oils Ltd. (MOTOROLSPECOIL) - Director Report

Company director report

ANNUAL REPORT 1999-2000 MOTOROL SPECIALITY OILS LIMITED DIRECTORS' REPORT Dear Members, Your Directors have pleasure in presenting their Nineteenth Annual Report together with the Audited Statement of Accounts for the year ended March 31, 2000. OPERATIONS Despite of sluggish business environment and general slackness in industry, your Company was able to achieve a turnover of Rs.1329.70 Lacs and a profit after tax of Rs.167.28 Lacs for the year under review. Rigorous cost control measures has enabled the Company to show improved profit level. The Management of the Company has decided to mainly embark on manufacturing activities to take advantage of increased demand in the Market. The Management has decided to acquire rights of design, drawings, technology etc. concerning to Petrochemical Project for the production of various items like Formaldehyde, Paraformaldehyde, Hexamine & Pentaerythritol. The Board of Directors of the Company is also glad t inform that the Company has made investment in the Flexpack (India) Ltd., the Company engaged in flexible lamination and is in process of acquiring technical & Marketing support. Use of Flexible laminates has spreaded upto an extent that Paper and other mode has become obsolete as far as Packing is concerned. The Management of the Company also feels that the Company should make forays into export of various products, thereby exploring advantages of Indian establishment as a Major trading hub of South East Asia. The Company also plans to open offices and to create related infrastructure in Malaysia and other South Asian Countries. This can be achieved through strategic investments in other Companies and also from creating Trading Alliances. Keeping pace with the thumping tune of the jargon called "IT" the management of the Company has also decided to venture into the Software / Hardware sector by creating wholly Owned subsidiary specifically to evaluate and embark on the Information Technology sector. The Management of the Company has also decided to utilise resources in the tune of Rs. 15 - 20 crores to Modernise and also to expand the present plant and production facility. The thrust is to build & convert the existing facility to a State of the art modern unit with ISO standard DIVIDEND In view of volatility and changing Government policy, the Directors have decided to conserve the resources by skipping the dividend for the year under review. DIRECTORS Directors of the Company who retire by rotation and were eligible for re- appointment, have already been re-appointed in the earlier Meeting which was held on 19th July 2000. PARTICULARS OF EMPLOYEES During the year none of the employees was in receipt of remuneration of Rs. 50,000/- p.m. or aggregating Rs. 6,00,000/- or more per year. CONSERVATION OF ENERGY Your Company-accords considerable importance to conservation of energy and to achieve this objective, continuous monitoring mechanism has been installed in the plant to optimise saving of energy per unit of production. FOREIGN EXCHANGE EARNINGS OUTGO 1.4.1999 to 1.4.1998 to 31.3.2000 31.3.1999 (Rs. in Lacs) (Rs. in Lacs) 1. Foreign exchange used 3.59 NIL 2. Foreign exchange earned 7.57 31.76 RESEARCH AND DEVELOPMENT During 1999-2000, number of new products have been introduced with emphasis' on fuel-economy and eco-friendliness. R & D also continued its efforts to achieve cost control measures like alternate sourcing. This has resulted in substantial savings, which enabled the Company to reduce its production cost. AUDITORS M/S. Ambalal M. Shah & Co., Chartered Accountants, Baroda, the existing Auditors of the Company retire and are eligible for reappointment. The Members are requested to consider their reappointment. ACKNOWLEDGEMENT Your Board of Directors express their gratitude to the shareholders, customers and suppliers for the confidence reposed in the Company. Your Directors also take this opportunity to thank the employees of the Company for their contribution to improved performance of your Company. For and on Behalf of the Board of Directors Place: Baroda. S. K. GANDHI Dated: 02/12/2000 Chairman