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Chand Vanaspati Ltd.

BSE: 519297 Sector: Industrials
NSE: N.A. ISIN Code: N.A.
BSE 05:30 | 01 Jan Chand Vanaspati Ltd
NSE 05:30 | 01 Jan Chand Vanaspati Ltd

Chand Vanaspati Ltd. (CHANDVANASPATI) - Director Report

Company director report

CHAND VANASPATI LIMITED DETECTOR'S REPORT TO THE MEMBERS Yours Directors are presenting 5th Annual Report on the Operations of the Company along with the Audited Accounts for the 15 months ended June 30'1997. Your directors would also like to mention that the financial year has been changed to 30th June instead of 31st March. OPERATION During the period the Factory remained under the physical possession of PICUP and therefore no commercial activity was undertaken by the Company. PERFORMANCE V/S PROJECTION: FOR THE YEAR ENDING MARCH,1996 Projection Performance i. % of output of installed capacity 70% ii. Total income (Rs. Lakhs) 2813.49 iii. Net profit (Rs. Lakhs) 55.00 (95.96) We could not achieve the projections made for the reasons explained above. FUTURE OUTLOOK As informed to you in the last Annual General Meeting, the oil industry is undergoing through a difficult phase and in these circumstances your Directors do not forsee any substantial improvement in the Industry in near future. Due to liquidity problem the Company could not pay loan installments and interest to The Pradeshiya Industrial Investment Corporation of U.P.Ltd., which had given a term loan of 150 Lacs and they have therefore taken physical possession of all the assets including Land, Building, Plant and Machinery of the Company on 27.5.96. In such circumstances it is not possible to restart the operation without liquidating the dues of PICUP. Due to worst condition prevailing in the Capital Market it is not feasible to raise funds and liquidate,he dues of PICUP except by selling the fixed assets of the company. PERSONNEL Your Directors wish to record their appreciation for the co-operation received from the employees of the Company. ENERGY,TECHNOLOGY AND FOREIGN EXCHANGE -- NOT APPLICABLE EMPLOYEES PARTICULARS There are no employees receiving remuneration in excess of Rs. 25000/- per month or Rs.300,000.00 per annum and there disclosure in terms of section 217 (2A) of the Companies Act, 1956 read with Companies (Particulars of Employee's rules 1975) is not required. FIXED DEPOSITS Your Company has not invited any deposit u/s 58 A of the Companies Act.1956 during the year. DIRECTORS In accordance with the provisions of the Companies Act 1956 and Company s Articles of Association Shri S.N.Gupta Rajiv God retire by rotation and being eligible, offer themselves for re appointment. Your Directors recommend their re appointment. Keeping in view the market recession and the losses being suffered by the Company, your Managing Director has foregone his right on the salary for the full financial year under review. Mr.M. L.Gupta expired in the month of Feb'97. The vacancy caused due to said demise is not considered necessary to be filled . AUDITORS M/S TAS ASSOCIATES, Chartered Accountants, Auditors of the Company retire at the conclusion of the ensuing Annual General Meeting and your Directors recommend their re-appointment. The Company has obtained a Certificate from the Auditors that their re-appointment if made, will be within the limits specified u/s 224 (1-B) of Companies Act 1956. AUDITOR'S REPORT Inview of the fact that the factory premises were under the physical possession of PICUP, the Auditors did not have any access to the factory & as such they have expressed their inability to report on the accounts. By Order of the Board of Director Place : New Delhi (CHAND GUPTA) Date : 1st November 1997 Managing Director