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Orient Organics Ltd.

BSE: 524766 Sector: Industrials
NSE: N.A. ISIN Code: N.A.
BSE 05:30 | 01 Jan Orient Organics Ltd
NSE 05:30 | 01 Jan Orient Organics Ltd

Orient Organics Ltd. (ORIENTORGANICS) - Director Report

Company director report

1995 ORIENT ORGANICS LIMITED DIRECTORS' REPORT Your Directors have pleasure in presenting the FOURTH Annual Report and Audited Accounts for the period ended 31st March 1995. 1. FINANCIAL RESULTS: Commencement of commercial Production is expected in October 1995. Though the Company has drawn Rs. 16.16 lakhs only out of the Total Term Loan of Rs. 52 lakhs from SIPCOT, the remaining amount of Rs. 35.84 lakhs is to be drawn in the first week of September'95. There has been cost overrun in the project, due to changes in the building plan to accommodate more and similar products having the same extraction proceedure. 2.DIVIDEND: Your Directors do not propose any dividend as the Commercial Production is yet to commence. 3. STATUS OF THE PROJECT: The Project implementation work for manufacturing Vincristine Sulphate and Vinblastine Sulphate is in full swing. The project is expected to go on stream in October 1995. We are aware that there has been some delay in the commencement of commercial production. Your Directors would like to inform you that the plant layout at Maraimalainagar had to undergo some basic changes than the one planned earlier, as enquiries for additional pharmaceutical products were received from buyers. Your Directors felt that with some changes in the infrastructure and plant layout, your company can manufacture additional products and also function efficiently. Your Directors are sure that you will understand the delay in the light of the above circumstances and with the need for the growth and prosperity of your company. Your Directors are sure that with your continuous patronage and support your Company will attain a formidable stature in the pharmaceutical industry. 4. PARTICULARS OF EMPLOYEES UNDER SECTION 217 (2A) OF THE COMPANIES ACT, 1956: During the year under review, no employee of the Company was in receipt of remuneration which in the aggregate was Rs. 3,00,000/- or more nor was any employee in receipt of remuneration for any part of the year at the rate of Rs. 25,000/- per month. PERSONNEL: The personnel for the project at Maraimalainagar have been selected, and are presently undergoing training to commence the commercial production in October 1995. AUDITORS The term of office of the Company's Auditors M/s Karthikeyan and Prakash, Chartered Accountants, 29/2-A, Musiri Subramania Salai (Oliver Road), Madras 600 004. will expire at the conclusion of the ensuing Annual General Meeting and being eligible, they offer themselves for re-appointment. DIRECTORS: In accordance with the provisions of the Companies Act,1956 and Article 80 of the Articles of Association of the Company the following Directors, namely: 1. Shri. R.J.Rathnakar 2. Shri. T.A.S. Rathnakumar retire by rotation at the ensuing Annual General Meeting and being eligible offer themselves for re-appointment. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS/OUTGO: The information required under Section 217 (1) (e) of the Companies Act, 1956 read with the Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1988 is not required to be given as Commercial Production is yet to commence. ACKNOWLEDGEMENT: Your Directors would like to thank all the investors and particularly the shareholders for showing their confidence by investing in the Company, and pledge that the Directors will strive to make this Company a successful venture with the continued support from You. Your Directors would like to thank National Chemcial Laboratories, Pune for imparting the Technical Knowhow of the Project, and all its officials for the excellent support and co-operation they had extended . Your Directors would like to thank Dr P.K. Ramanathan, the Technical Consultant of the Company for imparting his knowledge. Your Directors would like to place on record their deep sense of gratitude to the Government of India, the State Government, SIPCOT, and Canara Bank (Overseas Branch), and all the other banks which participated in the public issue for their continuing support and co-operation . Our thanks are also due to all the suppliers, customers and finally to all the employees of the Company for their untiring efforts and commitment to their duties. For and on behalf of the Board K.SRINIVASAN Chairman & Managing Director Place : Madras Dated : 1st September 1995.