SUMEX CHEMICALS LIMITED
ANNUAL REPORT 1999-2000
The Members of SUMEX CHEMICALS LIMITED
The Directors hereby present their Fourteenth Annual Report together with
the audited statements of account for the year ended 31st March 2000.
In view of loss, Directors do not recommend any dividend for distribution
The award of BIFR is still awaited and the Sick status of the company
continues. The Marketing arrangements with Zagro Industries (India) Private
Ltd. (ZAGRO) stopped during the year. Hoping for an early resolution of
BIFR reference and revival of the company, the promoters continued
operations to a limited extent by injecting own funds. However, the non
acceptance of rehabilitation scheme by bankers and financial institutions
and inability of operating agency to change management have made chances of
revival bleak. The year under review also resulted in a huge loss of Rs.
406.36 Lacs (Rs. 419.89) on Sales of Rs. 181.61 Lacs (Rs. 371.46) The
losses are due mainly to interest, depreciation and bad doubtful debts.
3) CURRENT YEAR:
The operations of the company have stopped completely in the current year.
The company has dispensed with all employees and minimised the expenses.
Pursuant to the provisions of the Companies Act 1956 and Articles of
Association of the Company Mr. Dinesh Chaturvedi shall be the Director
liable to retire by rotation at the ensuing Annual General Meeting and
being eligible has offered himself for re-appointment. During the year Mr.
D. N. Chaturvedi, Chairman & Managing Director of the Company resigned with
effect from 01st February 2000 due to ill health. The Board decided not to
fill the casual vacancy caused by his resignation; Dr. S. Chaturvedi
resigned with effect from 15th May 2000. Mr. K. B. Jangir was appointed on
the Board as additional director to hold office till conclusion of next
Annual General Meeting of the Company.
5) AUDITORS REPORT:
Directors refer to the observations made in the auditor's report and the
same is explained in the notes to Accounts.
The company maintained good relations with the employees in general.
7) CONSERVATION OF ENERGY / TECHNOLOGY ABSORPTION / RESEARCH DEVELOPMENT,
FOREIGN EXCHANGE EARNINGS & OUTGO ETC.
Particulars as required under the Companies (Disclosure of particulars in
the Report of the Board of Directors) Rules, 1988 are annexed in Form A&B.
The present statutory auditors M/s. Anand Jain & Associates, Chartered
Accountants retire at the conclusion of the ensuing Annual General Meeting
and are eligible for re-appointment. Members are requested to appoint
9) Listing of Shares:
The shares of the company are listed on Mumbai & Ahmedabad Stock Exchanges.
For and on behalf of the Board of Directors
Dated: 30th June 2000 Dinesh Chaturvedi