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Prime Petro Products Ltd.

BSE: 524252 Sector: Industrials
NSE: N.A. ISIN Code: INE189F01012
BSE 05:30 | 01 Jan Prime Petro Products Ltd
NSE 05:30 | 01 Jan Prime Petro Products Ltd

Prime Petro Products Ltd. (PRIMEPETROPROD) - Director Report

Company director report

1996 PRIME PETRO PRODUCTS LIMITED DIRECTOR'S REPORT Your Directors have great pleasure in presenting the 13th Annual Report and Audited statement of Accounts of the Company for the financial year ended 31st March, 1996. REVIEW OF OPERATIONS: During the year, the Company could not achieve substantial capacity utilisation in its Barrel and Tanks division but capacity utilisation in PVC Pipes division has gone up substantially. In fact, your company was the largest supplier of PVC Pipes to U.P.lal Nigam. In the Current year, your Company has expanded its wings beyond U.P and expects to make sizable supplies to Govt. Institutional buyers in M.P and Kerala besides continuing the supplies in U.P. Therefore, capacity utilisation in PVC Pipes division is likely to be better in the Current year. The contribution from Tank division also likely to be much better during the current year as your Company has already entered into a rate contract with D.G.S.& D and the orders have started flowing in. Our Barrel division has yet to pick up, though there is steady but slow improvement in this division. Your Company is making all out efforts to generate acceptability and marketability of its products of Barrel division and is confident that even this division will yield much improved performance during the current year. Your Company is in the process of negotiating plots of land for a Three Star Hotel in Gomti Nagar, Lucknow, a State of Art Nursing Home at Indira Nagar, and three 50 acre plots For development of three separate Industrial Estates with complete infrastructure facilities such as Roads, Power and Water Supply Systems etc, as a part of its diversification plan. PUBLIC DEPOSITS: The Company has not accepted any Deposit from the Public during the financial year ending 1996. DIRECTORS: Shri Susheel Kumar Saraogi has resigned vide resignation letter dated 26/02/96. The Board of Directors while accepting resignation, places on records the valuable services rendered by Mr.Saraogi during his tenure as Director. Shri. Gopal Mittal retire by rotation and offers himself for reappointment the board of Director recommended his approval. AUDITORS: M/s Gupta & Gupta Chartered Accountants, the present auditors of the Company retire at the conclusion of the ensuing Annual General Meeting and are eligible for re-appointment for the year 1996-97. CONSERVATION OF ENERGY & TECHNOLOGY ABSORPTION: The Directors while implementing the project have taken all necessary steps for conservation of energy in operating the project. FOREIGN EXCHANGE EARNING & OUTGOING: Nil SAFETY & ENVIRONMENTAL CONTROL: Adequate safety, measures have been provided wherever necessary. PARTICULARS OF EMPLOYERS: Information required under section 217 (2A) is not applicable to the company as no employee of the Company during a salary of more than Rs 3,00,000 per annum or Rs. 25,000/- per month. ACKNOWLEDGEMENT: Your Directors wish to place on record their due appreciation for the valuable services rendered and co-operation extended by all the employees of the Company. For and on Behalf of Board of Directors R.K. Misra Chairman Place : Lucknow Dated : 19th August, 1996.