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HEMI PETRO PRODUCTS LTD.
To,
The Members of
Hemi Petro Products Limited
Your Directors have pleasure in presenting herewith the seventh Annual
Report alongwith Audited Accounts of the Company for the year ended 31st
March, 1998.
STATUS OF THE PROJECT:
Your Directors are pleased to inform you that the Company's main plant
meant for Blown Bitumen Products, with the installed capacity of 45 MT per
day will be DOUBLED in the year 1998-99 with the successful commissioning
of second Blowing unit. The Tarfelt plant with the installed capacity of
700 nos. Tarfelt per day has successfully been commissioned from April '98.
Whereas the plant of Bituminous emulsion section is under progress and is
expected to commission before ensuing Diwali.
With the commissioning of the three plants in the current year, the Company
is expected to perform better in the year to come.
OPERATIONS:
The manufacturing process of Blown Bitumen and Tarfelt is well set and
production is upto the standard. In order to facilitate its operations, the
Company has acquired during the year 4 tanker trucks to bring Raw Bitumen
from Refinery which has put the Company in a advantageous position to
capture Raw Bitumen even in peak season or in a shortage period.
MARKET POTENTIALS:
Both, Blown Bitumen and Tarfelt products are well received in the market
and has earned number of inquiries for the Company. Although, the market is
competitive, with its quality products, the Company could successfully find
its place in a short time.
DIRECTORATE:
Mr. Hemant T. Shah, the Director of the Company, retire by rotation at the
ensuing Annual General Meeting, but being eligible, offer himself for
reappointment.
FINANCE:
During the period under review, the loan of Rs. 9 lacs for acquiring four
tanker trucks and term loan of Rs. 15 lacs for II phase of plant were
obtained respectively from Anyonya Sahayakari Mandli Co. Op. Bank Limited
Vadodara.
The Company's application for availing Sales Tax Exemption benefit to the
extent of Rs. 200.00 lacs under the State Government 1990 - 95 scheme is in
final stage of clearance, which would certainly give an edge to the Company
while pricing its products.
PUBLIC DEPOSITS
The Company has not accepted any public deposits for the period under
review within the meaning of section 58A of the Companies Act, 1956 and the
rules framed thereunder.
STATUTORY INFORMATION
Particulars of Conservation of Energy, Technology Absorption etc. to the
extent applicable are furnished in Annexure - A forming part of this re
port.
PARTICULARS OF EMPLOYEE
None of the employees of the Company was drawing remuneration exceeding Rs.
300000/- p.a. employed throughout the year or Rs.25000/- p.m. if employed
for part of the year. Particulars of Employees u/s 217(2A) of the Companies
Act, 1956 are therefore, not required to be mentioned.
AUDITORS
M/s. B.R. Pancholi & Co., Chartered Accountants, Baroda, the Statutory
Auditors of the Company, retire at the ensuing Annual General Meeting. They
being eligible, have given their consent to act as Auditors of the Company
if reappointed. Members are requested to consider their reappointment as
statutory Auditors of the Company for the current year and fix their remu
neration.
ACKNOWLEDGEMENTS:
Your Directors wish to place on record their appreciation for the support
and co-operation continuously received from its valued customers, share
holders, vendors, suppliers and all the agencies associated with the Compa
ny. Your Directors also place on record their appreciation for the sincere
efforts put in by all employees.
For and on behalf of the Board
Place: Baroda Hemant T. Shah
Date : 30-6-98 Managing Director
ANNEXURE
DISCLOSURES OF PARTICULARS WITH RESPECT TO ABSORPTION, RESEARCH AND
DEVELOPMENT (R & D)
A. CONSERVATION OF ENERGY:
(a) Energy conservation measures taken
Sincere, regular H.T. Power supply is yet to be erected by Gujarat
Electricity Board, Pertaining in formation are not available But being
with, regular preventive maintenance of all capital goods equipments are
carried out. Further, adequate steps will be taken to conserve energy with
carrying out erection and installation of H.T. line.
(b) Additional investments and proposals, if any, being implemented for
reduction of consumption of energy.
(c) Impact of measures at (a) and (b) above for reduction of energy
consumption and consequent impact on the cost of production of goods.
Enhancement in efficiency of equipments, resulting into energy savings.
(d) Total energy consumption and energy consumption per unit of production
as per Form A of the Annexure in respect of industries specified in the
Schedule thereto
B. TECHNOLOGY ABSORPTION:
(e) Efforts made in technology absorption as per Form B of the Annexure.
FORM B
Form for disclosure of particulars with respect to absorption
Research and Development (R & D) Nil. The Company has yet to identify
1. Specific areas in which R&D the areas for R&D activity.
carried out by the company.
2. Benefits derived as a result Nil
of the above R & D.
3. Future plan of action The Company presently do not envisage
any plan for R&D activity in near
feature.
4. Expenditure on R & D:
(a) Capital Nil
(b) Recurring
(c) Total
(d) Total R&D expenditure as a
percentage of total turnover
Technology absorption, adaptation and innovation
1. Efforts in brief made towards technology There is a such no involve-
absorption, adaption and innovation. ment of kind of technology
in the project, there is
nothing significant to rep-
ort under this head.
2. Benefits derived as a result of the above
efforts, e.g. product improvement, cost red-
uction, development, import substitution etc.
3. In case of imported technology (imported
during the last 5 years reckoned from the The Company has not import-
beginning of financial year), following ed any technology and hence
information may be furnished: not applicable.
a) Technology
b) Year of import
c) Has technology been fully absorbed ?
d) If not fully absorbed, areas where
this not taken place reasons therefore
and future plans of action.
C. FOREIGN EXCHANGE EARNINGS AND OUTGO:
(f) Activities relating to exports, initiates taken to increase exports,
development of new export markets for products and services and export
plans - Nil.
(g) Total foreign exchange used and earned Amount (Rs. in lacs)
(i) CIF value of imports Nil
(ii) Earning in foreign exchange Nil
For and on behalf of the Board
Place: Baroda. Hemant T. Shah
Date : 30-06-98 Managing Director
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