ORION ACIDS & CHEMICALS LIMITED
Your Directors hereby present their Eighth Annual Report and Audited
Accounts for the year ended 31st March, 1996.
Company's products have been well received in the market Export sales were
through merchant exporters, The company achieved improved Sales turnover
Rs.1155.00 Lacs as compared to Rs. 720.00 Lacs during the previous year.
Your directors are hopeful of achieving better results during the current
Yours directors do not recommend any dividend for the year ended 31st
Shri. B.L. Maheshwari retire by rotation at the ensuing Annual General
Meeting, being eligible offer himself for reappointment. During the year
under review Mr. S.R. Kedia, Mr. R.G. Chaudhary resigned from the
Directorship of the company. Mr. V.H. Savalia retired by rotation in the
last year s Annual General Meeting and he was not re- appointed by members
of the company.
The retiring Auditors M/s. P.D. Saraf & Co, Chartered Accountants have
furnished the necessary certificate U/S 224(1- B) of the companies Act,
1956. Members are requested to appoint Auditors at the ensuing Annual
There were no employees who were in receipt of remuneration of more than
Rs. 3,00,000/25,000 p.a/p.m.
Information under section 217 (1)(E) is as per annexure. Information
required on Balance Sheet Abstract and the Company's General Business
Profile under Part iv of Schedule VI to the Companies Act, 1956, inserted
by Notification No. GSR 388 (E), dated 15.5.1995 is given in Annexure.
The Board places on record its appreciation for assistance rendered by the
Maharashtra State Financial Corporation and SICOM. Thanks are due to the
employees for their hard work during the year.
ANNEXURE TO REPORT OF THE BOARD OF DIRECTORS
THE COMPANIES (DISCLOSURE OF PARTICULARS IN REPORT OF BOARD OF DIRECTORS)
A. CONSERVATION ENERGY:
(a) Energy conservation measures taken :
The Company continued its efforts to conserve energy during the year.
(b) Additional investments and proposals, it any, being implemented for
reduction of consumption of energy. :
(c) Impact of the measure at (a) and (b) above for reduction of energy
consumption and consequent impact on the cost of production of goods. :
Manufacturing process has stabilised impact will be known in next year.
(d) Total energy consumption
and energy consumption
per unit of production.
(i) Power & Fuel Consumption
Electricity Purchase (KWH) 1,41,594
Total Amount Rs. 4,95,655
Rate/Unit Rs. 3.50
Furnace Oil purchased (kg) 90,000
Total Amount Rs. 3,68 ,059
Average Rate per kg Rs. 6.31
(ii) Consumption per (kg)
of production of chemicals
electricity (WH) 0.079
Furnace Oil (Kg) 0.050
(B) TECHNOLOGY ABSORPTION
(e) Research and Development (R&D) :
1. Specific Areas in which R&D carried out by the Company :
The Company's in house R&D. activities were focused on improvement in
2. Benefits derived as a result :
Continuous research effort of the above R&D have yielded improved process
3. Future plans of action :
Improved processes will be implemented.
4. Expenditure on R&D :
R&D expenditure not separately grouped.
TECHNOLOGY ABSORPTION ADAPTATION AND INNOVATION
1. Efforts in brief made towards to technology absorption adaptation and
Steps have been taken to strengthen interaction between R&D, production &
marketing to ensure relevant research and smooth implementation.
2. Benefits derived as a result of the above efforts eg. product:
Improvement cost reduction, product development, import substitution etc. :
Implementation of modified processes has resulted in improved quality.
3. Incase of imported technology :
(imported during the last 5 years reckoned from the beginning of the
financial year) following information may be furnished.
(a) Technology Imported
(b) Year of Import
(c) Has technology been fully absorbed.
(d) If not fully absorbed, are where this has not
taken place, reasons therefore & future plans of action.
C. FOREIGN EXCHANGE EARNING AND OUT GO:
(f) Activities relating to exports initiatives taken to increase export,
development of export markets for products and services and export plans. :
The company has exported : 15.40 MT of chemicals through merchant
(g) Total foreign exchange
Used : Nil
Earned : Nil
For & on behalf of the Board of Directors
Chairman and Managing Director
DATED: 30TH AUGUST, 1996.