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Binaca Synthetic Resins Ltd.

BSE: 514344 Sector: Industrials
NSE: N.A. ISIN Code: N.A.
BSE 05:30 | 01 Jan Binaca Synthetic Resins Ltd
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Binaca Synthetic Resins Ltd. (BINACASYNTHRES) - Director Report

Company director report

1995 BINACA SYNTHETIC RESINS LIMITED DIRECTOR'S REPORT Your Directors have pleasure in submitting their 2nd Annual Report with Audited Accounts and Balance Sheet for the period ended 30th June, 1995 DIVIDEND Your Directors are pleased to recommend dividend @ Rs. 0.60 per equity share pro-rata basis (subject to deduction of tax). The proposed dividend outgo will be Rs. 27.96 lacs. PROJECT STATUS: Your Directors feel pleasure in informing you that the project is nearing to completion and scheduled to start its commercial production by January 1996. Building construction has been completed and major plant & machinery have already reached at site and are in the process of installation. Company has also set up Laboratory for Research and Development and quality control for its products. The laboratory has been constructed on an area of 2000 sq. ft. and is being registered with the Govt. of India. However, the commercial production could not start as project was delayed due to delay in getting the required permission for construction of building and other civil work from the Local Authorities. Your Directors showed their vision to utilise the valued funds of shareholders and started trading activity. By their untiring efforts the Company has been able to achieve a total income of Rs. 2056 lacs during the period and posted net profit of Rs. 92.29 lacs before provision for taxation and dividend. CURRENT YEAR PROSPECT: With the commercial production likely to commence by the January 1996, your Director feel that the current year's financial result shall be further strengthened. Your Company has achieved a trading turnover of Rs. 529.00 lacs till 31st October, 1995. And with the manufacturing turnover, your Directors expect to achieve a higher turnover in the Current year. Your Directors and Company executive have participated in an International Exhibition through Confederation of Indian Industry in the month of July, 1995 and established direct contacts with the major buyers of various countries. Your Company expects substantial export orders of its products. The Company is in the process of appointing its overseas agents. The Company is firmly committed to integrating total quality in its products. With this objective in view, your Company has applied to International Standards Organisation (ISO) to get registered its product. The Company has appointed agency to obtain ISO certificate and the Company does not foresee any difficulty in complying with their requirements. DEPOSITS: Your company did not accept any fixed deposit during the year under review. DIRECTORS: Dr. V.S. Rathore, Shri Rashmi Oza and Shri R.J. Ranade were appointed as additional Directors. They shall hold office upto the date of ensuing Annual General Meeting. The Company has received notices in writing from members proposing name of Dr. V.S. Rathore and Shri R.J. Ranade for the office of Director. Your Directors recommend the passing of resolutions. Shri Sandeep Mittal retires by rotation and being eligible offers himself for re-election. AUDITORS: M/s Ranka Parmar & Associates, Chartered Accountants, Auditors of the your Company retire at the forthcoming Annual General Meeting and being eligible offer themselves for re-appointment. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS & OUTGO: The Company is yet to commence commercial production as at 30th June, 1995 and therefore disclosure of particulars in respect of Conservation of Energy in Form A and absorption of technology in Form B as prescribed under Section 217 (1 ) (e) of the Companies Act, 1956 as well as particulars with regard to foreign earnings and outgo have not been given for the year under review. PARTICULARS OF EMPLOYEES: There were no employees of the Company who are drawing such salary as required to be disclosed under Section 217 (2A) read with the Companies (Particulars of Employees) Rules, 1975. ACKNOWLEDGEMENT: Your Directors wish to place on record their sense of appreciation for the excellent support received from the Union and State Government Authorities and Bankers. They also extend their whole hearted thanks to the Shareholders, Suppliers and Project Contractors for their valued support. Yours Directors wish to further place on record their sense of appreciation for employees at all levels. For and on behalf of the Board Shekhar Jain Managing Director Place : Bombay Dated : 10th November, 1995.