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1995
AVIKEM RESINS LIMITED
DIRECTORS REPORT
Your Directors have pleasure in submitting the 6th Annual Report for the
year ended 30th June, 1995.
OPERATIONS
The sales of the current year have been Rs.114.74 lacs compared to
Rs.242.18 in the previous year. The reduction in sales is due to Company
deploying its fund in manufacturing activity and reducing trading business.
PROJECT
The Company has commenced commercial production of Synthetic Resins/
Adhesives in the month of October 1994. The commercial production of
Monomer Plant is expected to be commenced by 1996. Hence the better
results will be reflected in the financial year 1996-97.
CAPITAL
The Company issued and allotted 13,45,000 Equity Shares of Rs.10/- each
aggregating to Rs.134.50 lacs on preferential basis to promoters and
shareholders on 27th March, 1995 as approved by the members at the Annual
General Meeting held on 27th December, 1994 as per SEBI guidelines.
DIVIDEND
No dividend has been recommended for the reason of inadequacy of profit.
DEPOSITS
The Company has not invited or accepted any deposits during the year.
DIRECTORS
In accordance with the Articles of Association of the Company Shri Raj
Kumar Govil and Shri Harilal T. Agnani, Directors of the Company retire by
rotation and being eligible offer themselves for re-appointment.
AUDITORS
The retiring Auditors M/s Jain and Associates, Chartered Accountant,
Bombay, have intimated their eligibility u/s 224 (1) of the Companies Act,
1956 for re-appointment. Members are requested to appoint the Auditors for
the current year and to fix their remuneration.
AUDITOR'S REPORT
The notes to the Account bearing No. 6 and 17 referred to in the Auditor's
Report are self explanatory and therefore do not call for any comments u/s
217 (3) of the Companies Act, 1956.
PARTICULARS OF EMPLOYEES
Information as per Sub Section (2A) of Section 217 of the Companies Act,
1956 read with the Companies (Particulars of Employees) Rules, 1975 and
forming part of the Directors' Report is not applicable.
CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION
The details regarding conservation of Energy and Technology absorption have
not been given since the project is under implementation. The Company has
not incurred any expenditure in foreign currency during the year nor
earning in foreign exchange.
ACKNOWLEDGEMENT
Directors wish to take this opportunity to thank SICOM, Bank of India and
Union Bank of India, Collaborators and Employees for their valuable
cooperation and support to the Company.
By Order of the Board
Vinay C. Govil
(Chairman & Managing Director)
Place: Bombay,
Dated: 1st December, 1995.
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