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Lohia Polyester Ltd.

BSE: 514203 Sector: Industrials
NSE: N.A. ISIN Code: N.A.
BSE 05:30 | 01 Jan Lohia Polyester Ltd
NSE 05:30 | 01 Jan Lohia Polyester Ltd

Lohia Polyester Ltd. (LOHIAPOLYESTER) - Director Report

Company director report

LOHIA POLYSTER LIMITED DIRECTOR'S REPORT Dear Members, Your Directors have pleasure in presenting the 12th Annual Report together with audited Statement of Accounts of the Company for the year ended 31st March, 1999. REVIEW OF OPERATIONS During the year under review the company has produce 8,66,369 kgs. of Synthetic Yarn as compared to 15,20,842 kgs. in the previous year. DIVIDEND Due to losses no dividend has been declared during the year. DEPOSITS Your Company has not accepted any deposit within the meaning of Section 58 A of the Companies Act, 1956 and the rules framed there under. DIRECTORS Shri Suresh Lohia, Director retires by rotation at the ensuing Annual General Meeting and being eligible offers himself for reappointment. Shri Pawan Lohia, Managing Director whose terms expired on 31st March, 1997 was re-appointed for a period of five years on the same terms & condition effective from 1st April, 1997. The Board increased his basic salary to Rs. 30,000/-p.m. from 1st October, 1998. Your directors recommended his re appointment and increase in remuneration. AUDITORS M/S. Mittal Rajeev & Associates, Chartered Accountants retires at the ensuing Annual General Meeting and being eligible offers themselves for re- appointment. The Company has been taking effective steps to comply with Y2K problems. The cost for the same will be negligible PARTICULARS OF EMPLOYEES There were no employees drawing Rs. 50,000/- or more per month as remuneration during the year. (A) PARTICULARS OF CONSERVATION OF ENERGY, TECHNOLOGY ABSORBPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO Information regarding Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and outgo required under Section 217(1) (e) of the Companies Act, 1956 are annexed and form part of this Report. (B) RESEARCH AND DEVELOPMENT The Company has no specific Research and Development Department. However, the Company has well equipped quality improvements developing more efficiency to check the quality of the different products manufactured. (C),FOREIGN EXCHANGE EARNINGS/ OUTGOINGS 1998-99 1997-98 1) Total Foriegn Exchange Earned Nil Nil 2) Total Foriegn Exchange Used Nil Nil ACKNOWLEDGEMENT Your Directors acknowledge with gratitude the co-operation and assistance received from the Government authorities,financial institutions, Banks, Shareholders, Employees and all those associated with the Company during the year under review. On behalf of the Board of Directors Place: Mumbai PAWAN LOHIA Date : 9th August ,1999 CHAIRMAN & MANAGING DIRECTOR