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Arochem Silvassa Ltd.

BSE: 531593 Sector: Consumer
NSE: N.A. ISIN Code: N.A.
BSE 05:30 | 01 Jan Arochem Silvassa Ltd
NSE 05:30 | 01 Jan Arochem Silvassa Ltd

Arochem Silvassa Ltd. (AROCHEMSILVASSA) - Director Report

Company director report

ANNUAL REPORT 1998-99 AROCHEM SILVASSA LlMlTED To, The Members, 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 March, 1999. 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 forward losses. 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. 4. DIVIDEND In the absence of profits no dividend is recommended this year. 5. DIRECTORS During the Current year, there is no change in the Board of Directors. 6. DEPOSITS During the year Your Company has not accepted any deposits from th public. 7. EMPLOYEES 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). 8. AUDITORS 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 31.03.1999 31.03.1998 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. 12. SUBSIDIARIES Since the Company has no subsidiaries Section 212 of the Company Act,1956 does not apply. 13. APPRECIATION 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 Sd/- Dr S.C.JAIN (CHAIRMAN & MANAGING DIRECTOR) Place: SILVASSA Date : 30/07/99.