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APR Ltd.

BSE: 503749 Sector: Industrials
BSE 05:30 | 01 Jan APR Ltd
NSE 05:30 | 01 Jan APR Ltd

APR Ltd. (APRAYON) - Director Report

Company director report

ANNUAL REPORT 1998-99 APR LIMITED DIRECTORS' REPORT The Members, Your Directors have pleasure in presenting their report together with the Accounts for 9 months period ended June 30, 1999. The period under review was significant one for your Company. The plant operations stabilised during the period and achieved several milestones in terms of production, cost and quality. This trend is continuing in the current year and with the expected firming up of pulp prices the operating performance for the current year is expected to be better. With increasing global competition and keeping in mind the need for meeting the challenges of the market economy, it has become imperative to align the different strengths and synergies within the Group. This, as per the Group's strategy, could be achieved by integrating the pulp business of the Company with the Writing and Printing Paper Business of the Group. The Scheme of Arrangement to give effect to these proposals would be put forth to you for consideration and approval. This proposal, your Directors are confident, would be beneficial to the interests of the shareholders. Post the Scheme of Arrangement your Company would cease to be a manufacturing company and would become an Investment Company. DIVIDEND Due to paucity of operating profits for the period under review your Directors thought it prudent not to recommend any dividend on equity shares for the financial year. FIXED DEPOSITS Your Company continued to accept Public Deposits during the period under review. The outstanding deposits as on June 30, 1999 were Rs.708.51 lakhs. SUBSIDIARIES As required under Section 212 of the Companies Act, 1956, the Statement and Accounts of Subsidiary Company viz., BILT Chemicals Limited are attached herewith. DIRECTORS Mr A K Kelappan has ceased to be Executive Director with effect from 1st October/ 1999 and continues to a Director on the Board and is liable to retire by rotation. During the period under review, Mr M.M.Kapur, representative of UTI resigned from the Board and Mr. R Subramanian has been appointed as Additional Director with effect from 28.06.1999. The tenure of Mr. R Subramanian being Additional Director comes to an end at the ensuing AGM. A notice has been received intending to appoint Mr R Subramanian as Director of the Company. M/s.Hemant Luthra, N Santosh Reddy, C.P.Mapa, Directors of your Company are retiring at the ensuing Annual General Meeting and are eligible for re- election. RAW MATERIALS Your Company had maintained adequate levels of raw material inventory during the period under review. Farm Forestry measures are also being continued as a long term strategy and is expected to bear fruit in the years to come. Post the proposed restructuring, these efforts would be further strengthened. AUDITORS M/s M.R.Devineni & Co., Chartered Accountants, Auditors of the Company retire and are eligible for reappointment. A Special Resolution pursuant to Section 224-A of the Companies Act, 1956 has to be adopted for this purpose. AUDITORS' REPORT The Auditors' comments in para 2(d),(e),(f) and (g) of their report read with Notes 2(e), 11,13,14, and 15 are considered to be self explanatory. The Company has complied with the Accounting Standards 6 and 10 on capitalising the project and the related expenditure. The Investments held by the Company are strategic in nature and hence the Company has decided to value them at cost. Y2K COMPLIANCE Your Company had taken all steps and achieved Y2K Compliance in all its utilities and processes. Contingency plans have been made to meet any kind of eventuality. EMPLOYEE RELATIONS Industrial relations were cordial during the period under review. PARTICULARS OF EMPLOYEES Information pursuant to Section 217 (2-A) of the Companies Act, 1956 is annexed hereto and forms part of this Report. Information regarding employees seconded from Ballarpur Industries Limited does not form part of this report. PARTICULARS IN RESPECT OF CONSERVATION OF ENERGY, ETC. Pursuant to Section 217(1)(e) of the Companies Act, 1956, as required by the Companies (Disclosure of particulars in the Report of Board of Directors) Rules, 1988, Your Directors are pleased to furnish the required information in the Annexure hereto which forms part of the Report. ACKNOWLEDGEMENTS Your Directors convey their sincere thanks to all the Shareholders, Ballarpur Industries Limited, the State Government of Andhra Pradesh, Financial Institutions and Banks for the co-operation extended to he Company. By Order of the Board A.K.KELAPPAN GAUTAM THAPAR Director Managing Director Place: New Delhi Date : 27-10-1999. ANNEXURE TO DIRECTORS' REPORT Energy Conservation Measures Taken-Specific Measures taken during the year 1998-99: Reduction in power consumption by system improvement & effective load engagement in own power plant. FORM - B FORM FOR DISCLOSURE OF PARTICULARS WITH RESPECT TO TECHNOLOGY ABSORPTION, RESEARCH & DEVELOPMENT 1.Specific areas in which R & D Carried out by the Company Optimization of different bleaching sequence to improve final whiteness of the pulp optimization of wood mix ratio for increasing the yield. 2 Benefits derived as a result of above R & D Cost saving inputs improvement in Pulp quality. 3 Future plant of action 4 Expenditure on R & D Technology Absorption, Adaptation & Innovation: 1.Efforts made in brief towards Technology absorption improvement of pulp In house R & D technology has been successfully absorbed for the improvement of pulp 2 Benefits derived as a Result of the above Further improvement in quality of pulp 3 In case of Imported Technology (imported during the last 5 years reckoned from the beginning of the financial year) a.Technology Imported b.Year of Import c.Has Technology been fully absorbed d.If not fully absorbed areas where this has not taken place, reasons therefor and future plan of tin C. Foreign Exchange Earnings and Outgo a. Activities relating to exports, initiatives taken to increase b. Total foreign used Rs 103.20 lacs c. Foreiqn Exchange earned Rs.231796 lacs