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Bonanza Biotech Ltd.

BSE: 532027 Sector: Industrials
NSE: N.A. ISIN Code: INE050C01013
BSE 05:30 | 01 Jan Bonanza Biotech Ltd
NSE 05:30 | 01 Jan Bonanza Biotech Ltd

Bonanza Biotech Ltd. (BONANZABIOTECH) - Director Report

Company director report

RELIABLE PLASTICS LIMITED DIRECTORS REPORT To. The Members, Your Directors are pleased to present their 17th Annual Report on the Business and Operation of the company and audited statement of Accounts for the year ended 31 st March,1988. During the year, the Company has dropped the Turnover mainly because of the restructuring process. However due to increased interest burden, low sales and proportionate expenses of Public issue the Company has incurred a operational loss of Rs. 30.00 lacs (Previous year loss of Rs.6.98 lacs). DIVIDEND In view of losses, your Directors do not propose any dividend for the Year. OPERATIONS & RESTRUCTURING The Company has registered a drop in income from Rs.123.51 lacs in 1997 to Rs.33.69 lacs in 1998 is mainly because of very depressed market conditions and less of profits because of high competition. As mentioned in the last Annual report the Company is not able to execute its DISPOSABLE LIGHTER PROJECT because of the non receipt of the major portion of the allotment money. Since the project have been substantially delayed because of reasons mentioned in the last Annual report your Director's recommend to shelve the said project.Inspite of various reminders to the members of the Company for non- payment of allotment money, Directors are proposing to forfeit the shares on which allotment money is due and reissue the same. PROJECTIONS V/S PERFORMANCE: Comparison of Actuals with the projections cannot be made as the proposed project could not be implemented as stated above. INDUSTRIAL RELATIONS Industrial relations at units and job remained cordial during the year under review. AUDITORS M/s Vijay K. Jain & Associates, Chartered Accountant, Indore retires at the ensuing Annual General Meeting are eligible for reappointment. PARTICULARS OF EMPLOYEES During the year there was no employee drawing remuneration in excess of the limit laid down in Section 217(2A) of the Companies Act, 1956 read with the Companies ( Particulars of Employees) Rule, 1975. STATUTORY INFORMATION Information as required under Section 217 (1)(e) of the Companies Act, 1956, is given in Annexure-1 to this report. ACKNOWLEDGMENT Your Directors take this opportunity to express their greatful appreciation for the assistance and co-operation the Company has received at all times from the various departments of Central and State Governments, Financial Institutions and Bankers. Your Directors further express their gratitude for the invaluable contributions made by the people at all levels in the organisation towards the growth of the Company. FOR AND ON BEHALF OF THE BOARD Sunil Bajaj Date : 05-08-1998 Managing Director Place: Indore ANNEXURE (1) TO DIRECTORS REPORT CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION FOREIGN EXCHANGE EARNINGS AND OUT GO. A. CONSERVATION OF ENERGY. The Company's energy conservation measures have ensured that energy consumption grows at a much slower rate than total value processed.The company has taken steps to save power loss at various stages. The impact of the above measures on the cost of production is not precisely ascertainable. B. TECHNOLOGY ABSORPTION. The Company keep itself exposed to latest developments in Plastic Moulding through visits, attending seminars etc. It has a Unique scheme of conveying the latest Technical developments right down to the first line of supervisors. All these steps have resulted in development of communication channels with end users, forcasting market trend through such knowledge and achieving cost efficiency. C. RESEARCH AND DEVELOPMENT. The Company carries Research & Development as a continuous on-going process in different divisions of the factory for improving quality of finished goods.This has helped the Company in improving the quality and reduction of cost. D. FOREIGN EXCHANGE EARNING AND OUT GO Foreign Exchange earnings and out go during the year is NIL. FOR AND ON BEHALF OF THE BOARD Place: Indore Sunil Bajaj Date : 05-08-1998 Managing Director