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Rencal Chemicals (India) Ltd.

BSE: 524510 Sector: Industrials
NSE: N.A. ISIN Code: N.A.
BSE 05:30 | 01 Jan Rencal Chemicals (India) Ltd
NSE 05:30 | 01 Jan Rencal Chemicals (India) Ltd

Rencal Chemicals (India) Ltd. (RENCALCHEMICAL) - Director Report

Company director report

RENCAL CHEMICALS (INDIA) LIMITED DIRECTORS REPORT To the Members, Your Directors have pleasure in presenting the Twelfth Annual Report and Audited Accounts for the year ended 31st March' 1999. OPERATlONS The Directors of the Company are pleased to inform you that despite difficult Market Conditions, your company was able to maintain sales at a reasonable level Various tringent cost reduction meaure have helped the company in maintaining the operations profitability, though at a low level DIVIDEND In the absence of adequate profit for distribution, the Directors have decided to skip the dividend for the year and conserve the resources for expansion CURRENT WORKING During the four months ending 31st July' 1999 your company achieved a Sales turnover of Rs. 12.72 Lakhs (Previous Year 196.64 Lakh). The Company is hopeful of getting new orders in the current year which will increase the turnover and profitability substantially. EXPANSION / DIVERSIFICATION The implementation of the project to manufacture Oil Field Chemicals is under progress st our new site located at MIDC, Lote in Ratnagiri district. We expect to commence commercial production in current financial year itself This project is expected to make significant contribution to company's operation on achieving the rated capacity. DIRECTORS We are pleased to inform you about the appointment of Dr. M.K.Saha as Additional Director of our Company w.e f 13.8.99. Dr. M.K Saha is a well known Polymer Scientist and he would brin8 in invaluable knowledge and experience for contribution to our new Polymer Project and hence your director recommends his appointment at the ensuing meeting . DELISTING OF SHARES Equity Shares of our Company are listed at Bombay, Ahmedabad and Madras Stock Exchange. However they have never been traded at Ahmedabad and Madras Stock Exchange, Hence our public issue. Hence, the Board of Directors have decided to Delist the Share from these two Stock Exchange EMPLOYEE RELATION Employee relation were cordial during the year. Employee at all level put in their sincere effort for improving the Company's operation. lnformation per Section 217 (2A) of the Companies Act 1956 is not furnished, since none of the employees were in receipt of remuneration in excess of Rs. 3,00,000/- per annum or Rs 25,000/- per month. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTlON, ETC. The information required under Section 217 (1) (e of the Companies Act. 1956 is appended hereto and form part of this report AUDITORS AND AUDITORS REPORT M/s. Krisnakumar Thakkar & Co., Auditors of the Company hold office until the conclusion of the enuing Annual Ceneral Meeting. The Company has received letters from them to the affect that their appointment, if made, would be within the prescribed limits under Section 224(1-B) of the Companies Act, 1956. Accordingly, the said auditors will be appointed as auditor of the Company at the ensuing Annual General Meeting. The notes to the accounts referred to in th Auditor' Report are self explanatory and, thereofore, do not call for any further comments. PLACE:NAVI MUMBAI For and on behalf of the board of Director DATE: 30TH AUGUST,1999 R.D.Pade Managing Director Annexure to Directors report Information under Section 217 (1) e) of the Companies Act, 1956 read with Companies (Diclosure of Particulars in the Report of Directors) Rules 1988, and forming part of the Directors' report for the year ended March 31, 1999. 1. CONSERVATION OF ENERGY The Company has taken various steps of energy conservation such as improving efficiency of Boiler and Chilling Plants, insulation of pipeline, servicing of electric motors, increasing batchsizes etc. With the above measure, there has been substantial reduction in energy consumption. 2. TECHNOLOGY ABSORPTION The Company is continuously carrying out work for technology improvement, which has led to better quality, improved yields and less effluents. The Company has also set-up new R &D Centre, development of new products is under way. 3. FOREIGN EXCHANGE EARNING & OUTGO Not applicable as on foreign exchange transactions were involved.