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Mangalwedhe Sun-Soya Ltd.

BSE: 523834 Sector: Industrials
NSE: N.A. ISIN Code: N.A.
BSE 05:30 | 01 Jan Mangalwedhe Sun-Soya Ltd
NSE 05:30 | 01 Jan Mangalwedhe Sun-Soya Ltd

Mangalwedhe Sun-Soya Ltd. (MANGALWEDHESUN) - Director Report

Company director report

1996 MANGALWEDHE SUN-SOYA LIMITED DIRECTORS' REPORT Your Directors have pleasure in presenting their Fifth Annual Report on the business and operations of the Company and the audited accounts for the year ended 31st March 1996. OPERATIONS Your Directors regret to state that the operations for the year under review have resulted in a loss of Rs. 64,61,923 as stated above. As the members are aware that the incessant power cut in the State of Karnataka had added fuel to the fire besides the shortage of raw material. It is also pertinent to note that the amount the Company had realised from the manufacturing activity was much less in the year under review as compared to the previous year. Also the Company could not do any processing activity resulting in no income from that part of the operations. Incidentally, the role played by the vagaries of the weather such as poor monsoon continuously for a period of three years which ultimately resulted in the shortage of raw material. Another factor which led to the poor performance of your company was the unhealthy competition from the new entrants in the industry for procurement of raw material. Your Directors, however, wish to state that the Company was not an exception in as much as the scenario of the entire solvent extraction industry was in doldrums and the situation continues to be so as on the date of the report. Despite all the odds, your Directors have been striving hard to turn the corner in the current year. 2. DIRECTORATE Sri Rajshekhar Mangalwedhe and Sri Gurlingappa B. Mangalwedhe retire by rotation, being eligible, offer themselves for re-election. 3. AUDITORS The Auditors, M/s. B. R. Bhutada & Co., Sangli, will hold office till the conclusion of the forthcoming Annual General Meeting. They have given their consent to act as auditors of the Company, if appointed. 4. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS PURSUANT TO SECTION 217(1)(e OF THE COMPANIES ACT, 1956. The Company's operations during the year under review have not resulted in any foreign exchange inflow or outgo. The particulars prescribed by the Companies Disclosure of particulars in the report of Board of Directors) Rules, 1988 are furnished in the Annexure to this Report. 5. PERSONNEL There was no employee who was in receipt of salary as prescribed under Section 217(2A) of the Companies Act, 1956 and the Rules made thereunder, thus not annexed hereto. 6. ACKNOWLEDGEMENT The Directors wish to place on record their appreciation of whole-hearted and sincere cooperation, the Company has received from various departments of Central and State Governments, Company's bankers, Financial Institutions, Employees and the shareholders and look forward to their continued support. ANNEXURE TO THE DIRECTORS' REPORT FORM A DISCLOSURE OF PARTICULARS WITH RESPECT TO CONSERVATION OF ENERGY A. POWER AND FUEL CONSUMPTION 1. Electricity Current Year Previous Year Purchased: Units 5,53,199 6,83,304 Total Amount (Rs.) 15,09,288 15,94,925 Rate/Unit (Rs.) 2.73 2.33 Own generation: Units 2,45,940 2,03,79 Total Amount (Rs.) 8,70,191 5,70,762 Rate/Unit (Rs.) 3.54 2.80 2. HUSK Quantity (Tonnes) 2034 2235 Total Cost (Rs.) 14,13,851 14,52,686 Average Rate (Rs.) 695 650 B. CONSUMPTION PER UNIT OF PRODUCTION Oil Seeds/Cakes processed (Tonnes) 13,197 15,318 Electricity - Units / Ton 60.55 57.91 For and on behalf of the Board of Directors Rajshekahr S. Mangalwedhe Chairman Place : Bijapur Date : 20th June, 1996.