INDIA CASTOR LIMITED
Your Directors have pleasure in presenting the Fourth Annual Report
together with the Audited Accounts of your company for the period ended
30th June, 1996.
During the period under review your company has successfully commenced
commercial production of Castor Oil.
During the period under review your company has earned a profit of Rs.
110.66 Lakhs comprising profit on Seed Marketing operations, Interest
income and Technology fees.
Regarding the Auditors comment on income accounting technology, as your
company has been successful in entering into an arrangement for sale of its
niche technology for exploitation in overseas markets, it was thought fit
to take credit for the same during the current period, as only
formalisation of the arrangement is pending completion. Notes No. 3 and 4
are self explanatory. Steps are being taken to employ an internal auditor.
With respect of item 2 (a) of the Auditors' Report the TDS amount was since
paid in full.
The Directors deeply regret to record the sad demise of Sri. V.K. Sundaram
on 27.12.95 who had rendered yeoman service to your company during his
tenure as a Director.
At the forthcoming Annual General Meeting, Mr. K.P. Gopalakrishna and Mr.
Murthy R. Vinnakota retire by rotation as Directors of the Company in
accordance with the Article 114 of the Articles of Association of the
Company, but being eligible, offer themselves for re-appointment.
No dividend is recommended, as the Company has just commenced its
commercial production, and Directors would like to reserve the profits.
M/s. J.A. ASSOCIATES, CHARTERED ACCOUNTANTS, CHENNAI, retire from the
office of Auditors and are eligible for re-appointment as Auditors of the
Company till the conclusion of the next Annual General Meeting. The
remuneration recommend is Rs. 20,000/- for Audit plus reimbursement of out
of pocket expenses. Shareholders are requested to consider and pass
necessary Resolution for appointment and payment of remuneration.
PARTICULARS OF EMPLOYEES :
Your Directors state that, in terms of the requirement of Section 217 (2A)
of the Companies Act, 1956, no employee of the Company was in receipt of
remuneration in excess of the limits prescribed under the Act.
The Company has taken necessary steps to appoint a qualified Company
Secretary in terms of Section 383 A of the Companies Act, 1956. In the
absence of Secretary, the accounts are signed by the Directors of the
CONSERVATION OF ENERGY :
The particulars required to be mentioned in this report pursuant to Section
217 (1) (e) of the Companies Act, 1956, being measures for conservation of
energy are not applicable, as your Company does not fall within the purview
of any of the Industries listed under the Schedule to the rules.
The Company had no Foreign Exchange Earnings and the outgo during the year
under reference on account of Foreign Travel is Rs. 4,75,996.
Your Directors wish to place on record their due appreciation for the
devoted services rendered by the employees of your Company at all levels,
and the support received from the Banks, Shareholders and others.
For and on behalf of the Board
of INDIA CASTOR LIMITED
Place : Chennai
Date : 30th October, 1996.