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U P Lime Chem Ltd.

BSE: 524677 Sector: Industrials
NSE: N.A. ISIN Code: N.A.
BSE 05:30 | 01 Jan U P Lime Chem Ltd
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U P Lime Chem Ltd. (UPLIMECHEM) - Director Report

Company director report

U. P. Lime Chem Ltd. Annual Report 199-99 DIRECTORS' REPORT THE MEMBERS The Directors have pleasure in presenting their Tenth Annual Report together with the Audited Accounts for the year ended 31st March, 1999. OPERATIONS During the financial year 1998-99, your Company has achieved gross Turnover of Rs.542 02 Lacs and the working of the Company has resulted into net loss of Rs.36.37 Lacs as against profit of Rs.5.49 Lacs during the previous year ending on 31.03.98. Though there is no cash loss yet the Company incurred net loss due to high financing costs, material cost & written off of insurance claims filed during earlier years. FUTURE PROSPECTS Your Directors are of the view that after the changes that have taken place in the market scenario and the efforts that have been made to increase the market share of the Company, the Company shall be in a position to earn profits during the current year. In addition to this, the Company has been cost effective on its power and fuel expenses after the commissioning and running of the Co-gen system. Further, Company's Bankers State Bank of India have enhanced limits of the Company from Rs.160 Lacs to 235 Lacs. This will result into uninterrupted production at desired levels & the Company will earn profit during the current year. DIVIDEND In view of the financial status of the Company, the Directors express their inability to declare any dividend for the year 1998-99. FIXED DEPOSITS The Company has not accepted any fixed deposits from the public during the year 1998-99. DIRECTORS Sh. Ashwini K. Singh & Sh. Piyoush Kumar, Directors of the Company, retire by rotation at this Annual General Meeting and being eligible offer themselves for re-appointment . AUDITORS Mts. R. M. Lail & Co., Chartered Accountants, Lucknow, the Auditors of the Company retire at the fortheoming meeting of members and being eligible offer themselves for re-appointment & they may be re-appointed Auditors of the Company accordingly. The notes on accounts referred to in the report of Auditors are self- explanatory and therefore do not call for any comments on the observations. PARTICULARS OF EMPLOYEES These are not applicable since there was no employee covered under Section 217 (2A) of the Companies Act (Particulars of Employees) Rules, 1975 as amended. Y2K STATUS The Management has assessed the problem relating to year 2000 date relating to electronic Hardware and Software used by the Company. On such assessment, the Management is of the opinion that the computer system in use are Y2K complaint and no significant liability is expected consequent to this issue. ENERGY CONSERVATION In terms of Section 217 (1E) of the Companies Act, 1956 read with Companies (Disclosure of particulars in the report of the Board of Directors) Rules,1988, the relevant information is given in Annexure 'A' to this report and forming part of the report. LISTING OF SHARES The Company's shares are listed with Kanpur, Delhi, Madras & Mumbai Stock Exchange. Upto date fee have been paid to Kanpur & Mumbai Stock Exchange but fee payable to Madras & Delhi Stock Exchange for the year 1999-2000 has not been paid. ACKNOWLEDGEMENTS Your Directors take this opportunity to offer their sincere thanks to various Departments of Central & State Governments, Financial Institutions, Banks, Investors & all employees for their unstinted support, co-operation and assistance. On behalf of the Board of Directors Place: Bijnor (ASHWINI K. SINGH) Dated: 2nd September, 1999 Chairman ANNEXURE 'A' Information as required u/s 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 (A) CONSERVATION OF ENERGY a) Energy conservation measures taken i) Co-generation plant being installed which will make the Company self sufficient in power generation. ii) Energy efficient fittings. iii) Vapour absorption chiller installed. iv) Prevention of idle machines running. v) Saving in burning of oil for drying is being done by changing the system of fiiteration. b) Additional investment & proposals Overhead transmission lines are being replaced by sufficient capacity cables to reduce the losses. c) Impact of measures at (a) & (b) for reduction of energy consumption on the cost of production of goods After installation of Co-Gen. system, the power cost will be reduced cost per unit of finished goods will be reduced by at least 10%. d) Total energy consumption and energy consumption per unit of production (As per Form A enclosed). (B) TECHNOLOGY ABSORPTION a) Efforts made in technology absorption (As per Form B) b) Foreign Exchange Earnings and Outgo: Nil FORM 'B' FORM FOR DISCLOSURE OF PARTICULARS WITH RESPECT TO TECHNOLOGY ABSORPTION Research & Development 1) Specific areas in which R&D carried out by the Company Utilisation of extra heat consistency in quality of the products. 2) Benefits derived as a result of above R & D Quality of the product has been improved 3) Future plan of action Expert advice is being taken for better utilisation of extra heat emitted by kiln which may be used in process. 4) Expenditure on R&D Not separately accounted. Modern lab. with latest equipments is proposed in the current year. 5) Technology Absorption During the year, we have not taken any foreign technology.