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Goodearth Industries Ltd.

BSE: 526929 Sector: Industrials
NSE: N.A. ISIN Code: N.A.
BSE 05:30 | 01 Jan Goodearth Industries Ltd
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Goodearth Industries Ltd. (GOODEARTHINDS) - Director Report

Company director report

1995 GOODEARTH INDUSTRIES LIMITED DIRECTORS' REPORT The Directors are pleased to present their Eighth Annual Report together with Audited Statement of Accounts of the Company for the year ended 30th June, 1995. Dividend Your Directors are pleased to recommend a dividend of 20% on enhanced capital (Prorata) (18% previous year) subject to deduction of tax at source as applicable. Operations During the period, the Company has earned a total income of Rs. 3021.31 Lacs resulting in a net profit of Rs. 210.88 Lacs, as against Rs. 849.50 and Rs. 80.68 Lacs respectively, in the previous year. In order to part finance the manufacture of CPC green/crude the Company entered the capital market, with a public issue of 10,00,000 Equity Shares of Rs. 10/- each for cash at a premium of Rs. 30/- per share aggregating Rs. 400 Lacs. The issue evoked good subscription and is now listed on Vadodara, Bombay and Ahmedabad Stock Exchanges. During the year under consideration the Company made a preferential offer of 10,00,000 Equity Shares of Rs. 10/- each at a premium of Rs. 33.00 to the promoters / associates. The Company also issued 10,00,000 Equity Shares of Rs. 10/- each at a premium of Rs. 32.50 to Chetan Chemicals (P) Ltd., in consideration of taking over of the assets. The above allotment was done as per the SEBI guidelines in this regard. Bonus Shares During the year the Company had issued 5,00,000 Equity Shares as bonus shares in the ratio of 1 for every 3 shares held. Directors In terms of provisions of the Companies Act, 1956 and Article 132 (B) of the Article of Association of the Company, Mr. V. Narayan, Mr. Suresh R. Jain and Mr. S.V. Sunder Rajan, retire by rotation and being eligible offer themselves for re-appointment. Energy Conservation, Technology Absorption and Foreign Exchange 1. Specific areas in which R&D carried out by the company: a. Process development of speciality chemicals and development of specifications and analytical data for the same. b. Scale-up process and transfer of technology for production. c. Trouble shooting of process used in current production and refining them with reference to quality, yield and effluents. 2. Benefits derived: a. On the basis of work carried out by R&D centre, technology transfer to our chemical plant to manufacture certain chemicals were also carried out based on know-how developed. b. Technology Absorption, adaptation and innovation: In-house technology developed at the R&D centre has been constantly implemented in the manufacturing programs increasing the profitability of the Company. 3. Foreign Exchange Earnings and Outgo [Rs. in Lacs] Earnings: FOB Value of Exports 274.26 Expenditure: Travelling expenses 1.49 Personnel The Industrial relations remained cordial throughout the year. None of the employees of the Company is earning remuneration to the extent specified under Section 217 (2A) of the Companies Act, 1956. Public Deposits The Company has not accepted any fixed deposits from the public. Projection v/s. performance for the year 1994-95 (pursuant to clause 43 of listing agreement). [Rs. in Lacs] Particulars Actual Projection Sales 3021.31 1100.25 Gross Profit 276.29 142.40 Net Profit 210.88 84.20 E.P.S. [Rs.] 9.88 4.21 [Annualised] Auditors M/s. Hegde & Associates, Chartered Accountants, retire as Auditors of the Company at the conclusion of the forthcoming Annual General Meeting and being eligible offer themselves for re-appointment. Acknowledgements The Directors place on record their appreciation of the co-operation and efforts put in by the employees and assistance received from Company's Bankers, Local Bodies and other government authorities. For and on behalf of the Board RAMESH R. JAIN Chairman Place : Bombay Date : 14th August, 1995.