Karnataka Chemical Industries Corp Ltd

BSE: 530105 | NSE: NA | ISIN: NA 
Market Cap: [Rs.Cr.] 2 | Face Value: [Rs.] 10
Industry: Chemicals

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Director's Report

1996 KARNATAKA CHEMICAL INDUSTRIES CORPORATION LIMITED DIRECTORS' REPORT The Directors are hereby presenting the 17th Annual Report on the business and operations of the Company together with the Financial Accounts for the period ended 31st March, 1996. CHANGE OF ACCOUNTING YEAR : During the year the Company has changed its Accounting year by passing necessary resolution and decided to maintain uniform accounting year as per Income Tax Act. Hence, the end under reference the Company has prepared its accounts only for 9 months i.e., from 1.7.1995 to 31.3.1996 and in coming years the accounts will be maintained from 1st April to 31st March every year. OPERATIONAL RESULTS : During the, year under reference, the Company has produced 280 MT. of Copper Oxychloride as against 394 MT. of Copper Oxychloride in the previous year. The Turnover for the 9 months under reference is Rs. 2,91,71,948/- as against Rs. 3,36,81,348/- for the previous year. Net loss during the year is Rs. 33,65,753/-. The loss is mainly attributable to liquidity problems and inadequate Working Capital Facility coupled with the heavy fluctuation in the Copper price in the International market and increase in the cost of other raw materials resulting in higher cost of production which the company could not able to pass it on to the customers in view of the servere competition in the Industry. Apart from this there was substantial power cut which hampered the production schedule. The impact in stopage to production in the previous year due to labour un-rest was the main cause for the Working Capital resulting in reduced capacity utilisation. CURRENT YEAR PROSPECTS : The Company is confident to achieve better results if it gets timely assistance of working Capital from financial institution/s. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO : As required U/s 217 (1) (e) of the Companies Act, 1956 read with the Companies (disclosure of Particulars in the reports of Board of Directors) Rules 1988, Particulars relating to Conservation of Energy, Technology Absorption and Foreign Exchange Exchange Earnings and Outgo to the extent applicable are annexed. DIVIDEND : As the Company has incurred Net Loss, your directors do not propose any dividend for the period under reference. PARTICULARS OF EMPLOYEES U/s 217 (2A) : None of the employees of the Company during the period under reference were in receipt of an aggregate remuneration of Rs. 3,00,000/- per annum or Rs. 25,000/- per month when employed for part of the year. AUDITORS : Mr. G.S. Ravikumar, Chartered Accountant, Bangalore retires and is eligible for re-appointment. DIRECTORS : In accordance with the provision of the Companies Act, 1956 and Articles of Association of the Company Mr. Deepak A. Mehta and Mrs. Meera Kotak retires by rotation and being eligible, offer themselves for re- appointment. INDUSTRIAL RELATIONS : Industrial relations was cordial throughout the year under review. Your Directors appreciate the services and co-operation of employees at all levels. ACKNOWLEDGEMENT : Your Directors place on record their thanks to various Govt. Authorities, Banks and Auditors for their support/ guidance to the Company. They also appreciate the sincere efforts of workmen, staff and executives of the Company. ANNEXURE TO THE DIRECTORS REPORT In terms of section 217 (1) (e) of the Companies Act, 1956 (as amended) and the Companies (Disclosure of particulars in the Report of Board of Directors) Rules 1988, and forming part of the Directors' Report for the period ended 31st March, 1996. A. CONSERVATION OF ENERGY : Energy conservation is being improved by bringing about greater awareness among employees at all levels for minimum use of energy. Power and fuel consumption Current Previous Year Year 1. Electricity (a) Purchased Unit 256,454 385,080 Total Amount 482,496 642,507 Rate/Unit (Rs.) 1.88 1.67 (b) Own generation (i) Through diesel generator Unit 55,440 62,262 Unit per ltr. of diesel oil 6.00 6.00 Cost/Unit (Rs.) 8.17 8.17 1. Furnace Oil/LDD Quantity (K.Ltrs.) 68090 75410 Total amount 437,129 470,671 Average rate/K.Ltr.(Rs.) 6.42 6.24 B. Consumption per unit of production: Standards Current Previous (if any) year year 1 2 Products 1. Copper Oxychloride (Kgs.) 279992 393452 2. Copper Sulphate (Kgs.) 5677 Nil Electricity Consumed (Units) Nil 256454 385080 Furnace Oil/LDO (K.Ltr.) Nil 68090 75410 Coal (Specify quality Nil Nil Nil Others (Diesel) (Ltr.) Nil 9240 10877 NOTES : 1. Even though the Company has installed capacity to produce Copper Oxychloride and Copper Sulphate, the Company is mainly producing Copper Oxychloride and the manufacturing of Copper Sulphate is negligible during the year under reference. Both copper Oxychloride and Copper Sulphate is produced in the two Units. Hence there is no biffurcation being made. 2. No standards has been fixed regarding utilisation of power in relation to number of units manufactured. B. TECHNOLOGY ABSORPTION : a) Research and Development (R&D) : (i) Specific areas in which R&D carried out by the Company : R&D studies have been carrying out to reduce the cost of production by choosing cheaper raw material other than the Copper Scrap which we are presently using. (ii) Benefits derived as a result of the above R & D : If the costing permits the company may switch over to such raw materials which are cheaper than Copper Scrap. Till date no apparent benefits have been derived. (iii) Future Plan of action : As stated in item No. 2 above (iv) Expenditure on R&D: Rs. 52,302/- (v) Total R&D Expenditure as a percentage of total Turnover : 0.18% C. FOREIGN EXCHANGE OUTGO : (i) Expenditure in foreign currency was Rs. 1.72 Lakhs as against previous year figure of Rs. 1.58 lakhs. (ii) Foreign Exchange outgo on account of import of raw material was Rs. 115.03 lakhs (CIF value of imports) as against previous year figure of Rs. 139.55 lakhs. For & on behalf of the Board of Directors, DEEPAK A. MEHTA Director. Place : Bangalore Dated : 14th August, 1996
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(Rs. in Cr.)
Pidilite Inds. 19,061.03 39.77 9.35 19.58 29.7 36.6 0.10
Castrol India 16,651.88 35.52 33.04 37.84 72.6 107.1 0.00
Godrej Inds. 11,304.67 0.00 7.88 48.80 1.0 4.1 0.77
Guj Fluorochem 5,747.77 80.21 2.28 5.44 17.2 20.8 0.37
Solar Inds. 3,718.65 40.51 8.16 17.76 25.2 20.7 0.70
BASF India 3,612.98 26.82 2.89 11.60 10.4 12.8 0.26
Linde India 3,186.49 90.25 2.23 13.35 3.8 4.6 0.95
Clariant Chemica 2,159.19 35.21 3.76 6.48 15.2 19.8 0.00
Aarti Inds. 1,907.56 12.83 2.45 4.11 22.1 18.3 1.24
Micro Inks 1,584.47 11.78 1.98 0.00 18.5 25.5 0.38
Gulf Oil Lubrica 1,191.97 0.00 120.23 0.00 0.0 0.0 0.00
Tide Water Oil 986.57 13.97 2.41 5.43 19.1 26.6 0.00
Deepak Nitrite 848.33 22.48 2.77 8.20 13.1 11.9 1.45
Gulf Oil Corpn. 765.65 11.83 1.70 6.31 12.7 13.7 0.66
Alkyl Amines 637.50 15.36 4.55 4.41 34.7 28.1 1.20

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Key Information

Key Executives:

Prabhavati A Mehta , Director 

Deepak A Mehta , Director 

Meera Kotak , Director 

B L Akshara , Company Secretary 

Company Head Office / Quarters:
A-151,152 Ist Stage,
Peenya Industrial Estate,
Phone : 91-80-8395066/5987/8394605
Fax : 91-80-8394605
E-mail :
Web : http://
Karnataka Chemicals Inds Corpn
A 3 & 4 Ist Main
Peenya Indl Estate
2nd Stage
Bangalore - 560 058

Fund Holding

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