LOHIA POLYSTER LIMITED
Your Directors have pleasure in presenting the 12th Annual Report together
with audited Statement of Accounts of the Company for the year ended 31st
REVIEW OF OPERATIONS
During the year under review the company has produce 8,66,369 kgs. of
Synthetic Yarn as compared to 15,20,842 kgs. in the previous year.
Due to losses no dividend has been declared during the year.
Your Company has not accepted any deposit within the meaning of Section 58
A of the Companies Act, 1956 and the rules framed there under.
Shri Suresh Lohia, Director retires by rotation at the ensuing Annual
General Meeting and being eligible offers himself for reappointment.
Shri Pawan Lohia, Managing Director whose terms expired on 31st March, 1997
was re-appointed for a period of five years on the same terms & condition
effective from 1st April, 1997. The Board increased his basic salary to Rs.
30,000/-p.m. from 1st October, 1998. Your directors recommended his re
appointment and increase in remuneration.
M/S. Mittal Rajeev & Associates, Chartered Accountants retires at the
ensuing Annual General Meeting and being eligible offers themselves for re-
The Company has been taking effective steps to comply with Y2K problems.
The cost for the same will be negligible
PARTICULARS OF EMPLOYEES
There were no employees drawing Rs. 50,000/- or more per month as
remuneration during the year.
(A) PARTICULARS OF CONSERVATION OF ENERGY, TECHNOLOGY ABSORBPTION AND
FOREIGN EXCHANGE EARNINGS AND OUTGO
Information regarding Conservation of Energy, Technology Absorption and
Foreign Exchange Earnings and outgo required under Section 217(1) (e) of
the Companies Act, 1956 are annexed and form part of this Report.
(B) RESEARCH AND DEVELOPMENT
The Company has no specific Research and Development Department. However,
the Company has well equipped quality improvements developing more
efficiency to check the quality of the different products manufactured.
(C),FOREIGN EXCHANGE EARNINGS/ OUTGOINGS
1) Total Foriegn Exchange Earned Nil Nil
2) Total Foriegn Exchange Used Nil Nil
Your Directors acknowledge with gratitude the co-operation and assistance
received from the Government authorities,financial institutions, Banks,
Shareholders, Employees and all those associated with the Company during
the year under review.
On behalf of the Board of Directors
Place: Mumbai PAWAN LOHIA
Date : 9th August ,1999 CHAIRMAN & MANAGING DIRECTOR