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Surgiplast Ltd.

BSE: 523077 Sector: Health care
NSE: N.A. ISIN Code: N.A.
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Surgiplast Ltd. (SURGIPLAST) - Director Report

Company director report

ANNUAL REPORT 1998-99 SURGIPLAST LIMITED DIRECTOR'S REPORT Your Directors present their Annual Report and Audited Statement of Account for the year ended 31st March, 1999 DIVIDEND: Due to non-availability of profits, your Directors express their inability to recommend dividend for the year 1998-99. OPERATIONS: The total sales for the year is about Rs. 92.59 Lacs. The level of operations has gone down considerably. Compared to earlier period there is less access to funds from customer advances. Suppliers credit too has reduced with the slow-down in economy. Efforts are made so that orders can be executed and operation level can be maintained. STATUS REGARDING BIFR: The company's appeal at AAIFR was partially allowed and its various schemes for rehabilitation are pending before BIFR. DIRECTORS: IFCI has withdrawn, its Nominee Director, Shri. A.A. Khan from the Board. The Directors place on record their appreciation of his service to the Company. In accordance with the provisions of the Companies Act, 1956, Shri. K.N. Singh and Dr. H.S. Jana retire by rotation at the Annual General Meeting and they offer themselves for re-appointment. AUDITORS REPORT: Regarding qualifications in the auditors report, attention is drawn to their respective notes which are self explanatory. AUDITORS: M/s. M.G. Ved & Company, Chartered Accountants, Mumbai hold office until the conclusion of the ensuing Annual General Meeting and recommended for re-appointment. The Company has received a certificate from that their re- appointment, if made, would be within the prescribed limit under section 224(1-b) of the companies Act, 1956. ENERGY CONSERVATION: Particulars with respect to conservation of energy etc. pursuant to Section 217(1) of the Companies Act, 1956 are set out in Annexure 'A' to the Report. PARTICULARS OF EMPLOYEES: None of the employees of the Company was drawing remuneration of Rs. 3 Lacs or more, if employed throughout the year or Rs. 25,00o or more per month, if employed for part of the year. APPRECIATION : Your Board of Directors would like to express its appreciation for co- operation for co-operation received during the five year from the financial institutions. Your Directors wish to place on record their appreciation of the service rendered by employees of the Company. For & on Behalf of the Board of Directors (B.M. SHAH) CHAIRMAN & MANAGING DIRECTOR Place : Ahmedabad Date : 11.6.99 ANNEXURE TO THE DIRECTORS REPORT PARTICULARS UNDER COMPANIES (DISCLOSURE OF PARTICULARS IN THE REPORT OF BOARD OF DIRECTORS) RULES, 1988 FOR THE YEAR ENDED 31ST MARCH, 1999. A) CONSERVATION OF ENERGY: (a) Energy conservation measures taken: The Company is conscious of energy conservation and has taken wherever possible steps to conserve energy. (b) Additional investment and proposals, if any, for reduction of consumption of energy. There is no investment proposal. (c) Impact of the above measures: Better energy input is available. B) TECHNOLOGY ABSORPTION: a) Research & Development: 1. Specific areas in which R & D carried out by the Company. Continuous efforts are made to improve upon labour processes and machine processes to improve quality and quantity of output. 2. Benefits derived as a result of the above R & D. Improved quality and increased productivity of out-put is achieved. 3. Future plan of action: To continue innovative approach. 4. Expenditure on R & D: No separate record of the expenditure incurred is maintained since there is no specific project. b) Technology absorption and innovation: 1. Efforts, in brief, made towards technology absorption, adapting and innovation, during the year 1998-99 no new technology was introduced. 2. Benefits derived as a result of the above efforts: NOT APPLICABLE 3. Imported technology a) State of art technology from M/s. Pharmaplan GmbH, Germany for Disposable Syringe Project. b) Year of Import : 1988-89 c) Has technology been fully absorbed: Yes d) If not fully absorbed areas where this has not taken place : Not Applicable. c) FOREIGN EXCHANGE EARNING AND OUTGO: During the year 1998-99, the Company had earned Foreign Exchange earning of Rs. 51.97 Lacs: though no outgo. For & on Behalf of the Board of Directors (B.M. SHAH) CHAIRMAN & MANAGING DIRECTOR Place : Ahmedabad Date : 11.6.99