maya rasayan ltd Directors report

MAYA RASAYAN LIMITED DIRECTORS REPORT To the Members Your Directors present the Tenth Annual Report covering the operations of the Company for the Year ended 31st March, 1998. DIVIDEND The Directors regret their inability to declare any dividend. OPERATIONS During the year the company had to discontinue with the expansion of various facilities due to sluggish market for your products and tight money market. Hence your company was able to achieve turnover of Rs. 466.49 Lacs from manufacture and sale of companys product as against Rs. 409.59 Lacs achieved during the same period last year. Also the company recorded a loss as the margins continued under pressure. PROJECTION V/S PERFORMANCE The projections are given in the prospectus dated 31/10/94 with corresponding figures of actual as per audited accounts for the year ended 31/03/98 are given below: (Rs. in Lakhs) Particulars Projections Actuals Total Income 2067.96 480.56 Profit/Loss after Tax 312.35 (135.43) The actual results are lower than projections because of the reasons stated in operations. DIRECTORS Mr. Nikhil .N. Basu retires at this Meeting by rotation. He is eligible for re-appointment. AUDITORS The Companys Auditors M/s. Bharat Parikh & Associates retire at this meeting and are eligible for re-appointment. DEPOSITS Your Company has not accepted any deposit within the meaning of Section 58A of the Companies Act, 1956 and the rules made thereunder. PARTICULARS UNDER THE COMPANIES (DISCLOSURE OF PARTICULARS IN THE REPORT OF BOARD OF DIRECTORS) RULES, 1988 The particulars prescribed under Section, 217(1) of the Companies Act, 1956 read with Companies (Disclosure of particulars in the report of Board of Directors) Rules, 1988 to the extent applicable are set hereto. CONSERVATION OF ENERGY A) RESEARCH AND DEVELOPMENT (R & D) During the year under review the company continued R & D efforts which were initiated in the previous year. 1. Ammonia Recovery Ammonia Recovery for one batch was to take 12 hours time but modification in the system has reduced the recovery time to 2 hours which will save the company on power costs and increase in production. 2. Water Water was one of the biggest problem in the plant. Due to the irregular supply and the short supply of water the production was affected, but after introducing the recycling system not only water problem is solved but also there is a saving in the batch time and cost. 3. Power Saving After recalculating the power requirement and some modification today the requirement of power is almost less by approx. 100 HP which is a big saving on the cost point of view and also it is saving for the nation. 4. Steam After little modification and using of some special type valves it has been made possible to save lot of steam which was wasted earlier. 5. Ammonia Unloading Ammonia Unloading was earlier carried out with the help of Chilling Plant but now with little modification the unloading is being done through Cooling tower resulting in the availability of chilling power capacity used for the expansion and reduction in cost. Since the demand of our product is going up everyday this is definitely a happy situation and expect to increase the marketability of the product. C) FOREIGN EXCHANGE EARNING AND OUTGO Foreign Exchange Outgo Rs. 1,26,188 Foreign Exchange Earning Rs. 48,73,000 PARTICULARS OF EMPLOYEES There were no employees in receipt of remuneration within preview of Section 217(2-A) of the Companies Act, 1956 during the year ended 31st March, 1988. ACKNOWLEDGMENT We wish to place a record our appreciation of the continued support and assistance by our Customers, Bankers, Financial Institutions, Suppliers and Employees at all levels. For and on behalf of the Board Rajkumar S. Makharia Place: Mumbai Date: 19.08.98 Partner