ANNUAL REPORT 1998-99
AROCHEM SILVASSA LlMlTED
AROCHEM SILVASSA LIMITED
Your Directors have great pleasure in presenting 23rd Annual Report
together with the audited statement of Accounts for the year ended 31st
2. FINANCIAL PERFORMANCE
During the year due to sustained management efforts, the Company reported
better turnover of Rs. 14,75,81,533/- (Rupees Fourteen Crores Seventy Five
Lacs Eighty One Thousand Five Hundred Thirty Three Only) in comparison to
Rs. 6,34,28,603/- (Rupees Six Crores Thirty Four Lacs Twenty Eight Thousand
Six Hundred Three Only). The net loss is also reduced considerably from Rs.
2,29,98,861/- (Rupees Two Crore Twentv Nine Lacs Ninety Eight Thousand
Eight Hundred Sixty One Only) to Rs. 74,13,290/- (Rupees Seventy Four Lacs
Thirteen Thousand Two Hundred Ninety Only). In the coming years, your
Directors expect improved financial performance & wiping out of the carry
The Company could not achieve the projections was due to depressed market
conditions & recessionary trend prevailing every where. However due to
improved financial performance this year your Directors expect in
turnaround in the coming years.
In the absence of profits no dividend is recommended this year.
During the Current year, there is no change in the Board of Directors.
During the year Your Company has not accepted any deposits from th public.
Particulars of employees as required by Section 217(2A) of the Companies
(Particulars of Employees) Rules, 1975 are not given as employees are
drawing salary in excess of the limits of the Section 217(2A).
During the year Mls. LALIT CHHAJED & ASSOCIATES, Chartered Accountants,
Mumbai, Statutory Auditors of your Company resigned Statutory Auditors &
the Casual vacancy caused due to resignation filled up by appointing Mls.
Gupta Saharia & Co., Chartered Accountants Mumbai as Statutory Auditors in
the Extra-ordinary General Meeting Mls. Gupta Saharia &Co., Chartered
Accountants, Mumbai. Statutory Auditors of your Company holds office until
the conclusion of the coming Annual General Meeting. They signified their
willingness to accept their re-appointment and have further confirmed their
eligibility under Section 224 1-B) of the Companies Act, 1956.
The significant Accounting Policies & Notes on Account are self explanatory
hence no further explanations are required.
9. FOREIGN EXCHANGE PER UNIT OF PRODUCTION
Year Ended Year Ended
Foreign Exchange Earnings 60.49 14.20
Foreign Exchange Outgo 7.40 -
C.I.F. Value of Imports 13.10 -
Travelling Expenses 0.36 -
10. TECHNOLOGY ABSORPTION:
Your Company has not imported any technology, hence no details are given.
10. ENVIRONMENT & SAFETY
Adequate safety measures have adopted by the Directors at the Silvassa Unit
Plant and also at the office premises.
Since the Company has no subsidiaries Section 212 of the Company Act,1956
does not apply.
Your Directors wish to take this opportunity to thank the Shareholders,
Bankers for their co-operation and support extended to the company.
By order of the Board
For AROCHEM SILVASSA LIMITED
(CHAIRMAN & MANAGING DIRECTOR)
Date : 30/07/99.