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H P M Industries Ltd.

BSE: 531575 Sector: Agri and agri inputs
NSE: N.A. ISIN Code: N.A.
BSE 05:30 | 01 Jan H P M Industries Ltd
NSE 05:30 | 01 Jan H P M Industries Ltd

H P M Industries Ltd. (HPMINDS) - Director Report

Company director report

HPM INDUSTRIES LIMITED ANNUAL REPORT 1999-2000 DIRECTORS' REPORT The Members of HPM Industries Ltd. Your Directors submit their report on Accounts of the Company for the year ended 31st March, 2000. OPERATIONS During the year 1999-2000, the Company was successful in launching new molecules, but on account of heavy recession in the industry the results are not satisfactory. The business of the Company is directly related with agriculture crop production and realisation value in the market. Unfortunately, during this year major cotton growing areas were opted or paddy where incidence of pest attack is 16 times less than cotton. Though the nature helped the farmers by giving them bumper crop of rice, but the same could not be sold and exported at good prices, because cheap prices offered in the adjoining and South Asian Countries. As a result, consumption dropped and payment of earlier supplies made held up. Considering change in scenario, your Directors have revised the production plans to make a basket of products which can yield good profits. DIVIDEND Since your Company has not made any profits during the year under review, your Directors have not recommended any dividend. DIRECTORS In accordance with the Section 255 of the Companies Act, 1956, and pursuant to the Article 106 of the Article of Association of the Company. Dr. S. K. Mukherjee, will be retiring by rotation and being eligible, offer himself or re-appointment. AUDITORS M/s S. K. Jain Associates, Chartered Accountants, Auditors of the Company, retire at the ensuing Annual General Meeting and a special notice, pursuant to Section 255 of the Companies Act, 1956, has been received to appoint M/s. Ahmad Shukla Jain Associates, in their place. The observations made by the Auditors with reference to the Notes on the Accounts for the year under report are self-explanatory and need no further explanation except regarding non;confirmation of balances. Regarding the same we wish to clarify that inspite of our efforts, some of parties are not responding to our request to confirm their balances. EMPLOYEES During the year no employee, whether employed for the whole or part of the year was drawing remuneration exceeding the limits mentioned under Section 217 (2A) of the Companies Act, 1956. Hence, the information required under Section 217(2A) read with the Companies (Particulars of Employees) Rules, 1975, is not required to be given. The Industrial Relations remained harmonious & cordial throughout the year. The Board of Directors wishes to express its appreciation all the employees for their contribution. ENERGY CONSERVATION, TECHNOLOGY ABSORPTION FOREIGN EXCHANGE The information required under Section 217 (1) (e) of the Companies Act, 1956 read with the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 with respect to Conservation of Energy, Technology, Absorption and Foreign Exchange Outgo is appended hereto and forms part of this Report. Y2K COMPLIANCE The Company did not face any Y2K related complications and the transition to the year 2000 was quite smooth. ACKNOWLEDGEMENTS Your Directors would like to express their grateful appreciation or the co- operation & assistance received from the Banks. Central & State Government Departments, shareholders & business constituents during the year. For and on behalf of the Board Place: New Delhi Prem Parkash Aggarwal Ajay Kumar Aggarwal Dated: 1st November, 2000 Managing Director Whole time Director ANNEXURE TO THE DIRECTORS' REPORT INFORMATION AS REQUIRED UNDER SECTION 217 (1) (e) READ WITH THE COMPANIES (DISCLOSURE OF PARTICULARS IN THE REPORT OF BOARD OF DIRECTORS) RULES, 1988 A. CONSERVATION OF ENERGY a. Energy Conservation Measures taken In addition to steps already taken by your Company to conserve energy, efforts are continuing to improve further by use of latest technology. b. Additional Investments and proposals being implemented or reduction of consumption of the energy The Company had commenced production during the year 1995-96 and installed all latest energy saving devices on the recommendations of the technical consultants. Hence no additional investment is required to be made in the year under report. c. Impact of measures taken at (a) and (b) above for reduction of energy consumption and consequent impact on the cost of production of goods The impact of the measures taken above, would result in substantial reduction in energy consumption B. TECHNOLOGY ABSORPTION The management continued its efforts to bring in cost effectiveness and technological innovations. Total quality management and product development have been the prime thrust areas. C. FOREIGN EXCHANGE EARNINGS AND OUTGO The information is contained in Notes forming part of accounts in Schedule 'M'.