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Nisha Synthetics Ltd.

BSE: 514126 Sector: Industrials
NSE: N.A. ISIN Code: N.A.
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Nisha Synthetics Ltd. (NISHASYNTHETICS) - Director Report

Company director report

EVEREST ORGANICS LIMITED DIRECTOR'S REPORT TO THE MEMBERS Your Directors have pleasure in presenting the Sixth Annual Report and the audited statements of accounts for the year ended 31st March, 1999. REVIEW OF OPERATlONS The Company has achieved a turnover of Rs.2843.39 lacs during the year under review and Exports stood at Rs. 1711. 11 lacs which constitutes 60% of the total turnover. The prices of the Bulk Drugs and Intermediates are encouraging. The Company's Exports are increasing progressively. Your company is planning to get approval from United States Food & Drug Administration (USFDA). To meet the capital investment for lSFDA approval and environmental protection, your company would like to issue Preferential Capital to the extent of Rs.3,50.00,000/- on private placement basis to NRl/ and Promoter On getting the USFDA approval the market growth of your company's product to U..A. would be remarkable. DEPOSITS During the year under review. the Company has not invited and received any deposits from the Public for Which the provisions of Section 58A of the Companies Act. 1956 apply. DlRECTORS Sri C. Prasanna and Sri Krishna R. Kakarlapudi retire by rotation at this Annual General Meeting . The Directors being eligible, offer themselves for reappointment. AUDITORS M/s. P.S.N .Ravi Shanker & Associates, Chartered Accountants, Auditors of the Company, will retire at the Annual General Meeting and are eligible for re-appointment. Y2K COMPLIANCE The Company is taking effective steps to be Y2K complaint by the end of October. 1999. The estimated cost would be about Rs.5 lacs. TECHNOLOGY ABSORPTION & ENERGY CONSERVATION Information on conservation of energy, technology absorption foreign exchange earnings and outgo required to be disclosed under section 217(I)(e) of the Companies Act, 1956 is given in the Annexure FORElGN EXCHANGE EARNINGS AND OUTGO (Rs.in lacs) Foreign Exchange Earned 1555.00 Foreign Exchange Outgo 718.47 PERSONNEL The company do not have any employees coming under the provision of Section 21 7(2A) of the Companies Act. 1956. ACKNOWLEDGEMENTS Your Directors take this opportunity to express their sincere thanks to the ICICI Ltd., State Bank of India and State Bank of Travancore and various departments of the Central and State Governments for their continued support and co-operation. Your Directors place on record their- appreciation of the services of all the employees for their sincere efforts put in by them for the smooth functioning of the affairs of the company. (Dr. S.K.SRIHARI RAJU) Chairman & Managing Director DIRECTOR'S REPORT - ANNEXURE FORM FOR DISCLOSURE OF PARTlCULARS WITH RESPECT OF ABSORPTION Research and Development (R&D) 1. Specific areas in which R&D carried out by the Company :- Process validation and improvement and simplification and practicability. 2. Benefits derived as a result of the above R&D :- Cost of Production has been reduced to certain extent. Ease of operation of the new molecules. 3. Expenditure on R&D (a) Capital : Rs. 7,07,999/- (b) Recurring : Rs. 5,45,473/- (c) Total : Rs. 12,53,472 (d) Total R&D expenditure as a : 0.44% percentage of total turnover. TECHNOLOGY ABSORPTION, ADOPTION AND INNOVATION 1 . Efforts, in brief, made towards technology absorption. adaptation and innovation. Efforts are made to absorb the technology from the Consultants. The company could adopt the new technology. Innovation in the process is an on going process. 2. Benefits derived as a result of the above efforts., e.g. product improvement, cost reduction product development, import substitution. etc., a) Cost reduction and development of Enrofloxacin process in-house. b) In House technology in Manufacturing of intermediates is completed and commercialised. Established the process to recycle and refuse piperzine from the effluent. 3.In case of Imported technology (imported during the last 5 years reckoned from the beginning of the financial year) following information may be furnished. (a) Technology imported (b) Year of Import (c) Has technology been fully : N.A. absorbed? (d) If not fully absorbed, areas where this has not taken place, reasons therefore and future plans of action.