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Orion Acids & Chemcials Ltd.

BSE: 524450 Sector: Others
NSE: N.A. ISIN Code: N.A.
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Orion Acids & Chemcials Ltd. (ORIONACIDSCH) - Director Report

Company director report

1996 ORION ACIDS & CHEMICALS LIMITED DIRECTOR'S REPORT Your Directors hereby present their Eighth Annual Report and Audited Accounts for the year ended 31st March, 1996. 2. OPERATIONS: 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 year. 3. DIVIDEND: Yours directors do not recommend any dividend for the year ended 31st March, 1996. 4. DIRECTORS: 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. 5. AUDITORS: 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 general meeting. 6. EMPLOYEES: There were no employees who were in receipt of remuneration of more than Rs. 3,00,000/25,000 p.a/p.m. 7. DISCLOSURES: 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. 8. APPRECIATION: 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) RULES, 1988. 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. : No proposal (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 quality. 2. Benefits derived as a result : Continuous research effort of the above R&D have yielded improved process of manufacture. 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 innovation : 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 : Not imported (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 exporters. (g) Total foreign exchange Used : Nil Earned : Nil For & on behalf of the Board of Directors G.L. KEDIA Chairman and Managing Director PLACE: MUMBAI. DATED: 30TH AUGUST, 1996.