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Origin Agrostar
BSE: 524170|NSE: SQUAREDBIO|ISIN: INE964A01019|SECTOR: Miscellaneous
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Origin Agrostar is not traded in the last 30 days
Origin Agrostar is not traded in the last 30 days
Directors Report Year End : Mar '04   
Your Directors have pleasure in presenting the Fifteenth Annual Report
 of your Company together with the Audited Accounts for Fifteen Months
 Period ended 31st March 2004.
 
 FINANCIAL RESULTS
 
                                                           (Rs. In lacs)
                                      15 months period  15 months period
                                      ended 31.03.2004  ended 31.12.2002
 
 Turnover                                        60.97           1071.71
 
 Other Income                                     8.87             30.75
 
 Total                                           69.84           1102.46
 
 Gross Profit/(Loss)                          (211.21)          (670.28)
 
 Depreciation                                   214.99            216.32
 
 Interest                                       136.81            166.82
 
 Taxation                                            -                 -
 
 Net Profit/(Loss)                            (570.11)         (1053.41)
 
 REVIEW OF OPERATIONS
 
 The Income of the Company has decreased drastically to Rs. 69.84 Lacs.
 
 The Company could not operate the plant for most of the time due to
 various reasons including high raw material prices. Most of the time,
 the Company was engaged in the implementation of project for producing
 Maize Starch. This would provide alternative raw material to the
 Tapioca Tuber. The project is in the advanced stage of implementation
 and is expected to be completed by the Second Quarter of this year. The
 Company is expected to turn around during Second half of the year.
 
 In addition to this project, the Company is also implementing an
 expansion project to produce additional 10 MTPD of Dextrose Monohydrate
 and 10 MTPD of Maltodextrine which would add substantially to the
 turnover and also improve the profitability.
 
 DIRECTORS RESPONSIBILITY STATEMENT
 
 As required by Section 21 7 (2AA) of the Companies Act, 1956, in
 respect of Annual Accounts of the Company for 15 months period ended
 31st March, 2004, the Directors confirm that:
 
 a. In the preparation of the Annual Accounts, the applicable
 accounting standards have been followed.
 
 b. The Directors have selected such accounting policies and applied
 them consistently and make judgements and estimates that are reasonable
 and prudent so as to give a true and fair view of the state of affairs
 of the Company as at 31st March, 2004 and of the loss of the Company
 for the period ended on that date;
 
 c. The Directors have taken proper and sufficient care for the
 maintenance of adequate accounting records in accordance with the
 provisions of the Companies Act, 1 956 for safeguarding the assets of
 the Company and for presenting and detecting fraud and other
 irregularities;
 
 d. The Directors have prepared the annual accounts on a going concern
 basis.
 
 DIVIDEND
 
 Your Directors regret their inability to pay dividend to the
 sharesholders for 15 months period ended 31st March 2004, in view of
 loss incurred by the Company.
 
 CORPORATE GOVERNANCE
 
 The report on Corporate Governance is given elsewhere in the Annual
 Report.
 
 DIRECTORS
 
 Shri. K. Gopalakrishnan resigned as Director with effect from 04th
 June, 2003.
 
 Shri. M.C. Agarwal has been appointed Additional Director of the
 Company in the Board Meeting held on, 30th April, 2003.
 
 AUDITORS REPORT
 
 The Auditors in their report have made certain observations which have
 been suitably explained in the notes to the accounts. These notes are
 self-explanatory and do not call for further explanations.
 
 AUDITORS
 
 M/s. N.K. Tharad & Co., Chartered Accountants, retire at the completion
 of ensuing Annual General Meeting and are eligible for reappointment.
 
 LISTING FEES
 
 The Company has not paid Listing Fees to the following Stock Exchanges
 for the year 2003-2004.
 
 1. Ahmedabad Stock Exchange
 
 2. The Calcutta Stock Exchange Association Limited
 
 3. The Delhi Stock Exchange Association Limited
 
 4. National Stock Exchange of India Limited
 
 5. Madras Stock Exchange Limited
 
 6. The Stock Exchange, Mumbai
 
 GENERAL
 
 1. Development in Human Resources
 
 Your Directors wish to acknowledge the contribution made by each and
 every employee. The direct employment strength stood at 139 compared to
 159 in the previous Accounting Period. Your company has embarked upon
 reorganization of its capacities, marketing and distribution systems as
 part of the Total Cost Management efforts. This includes right sizing
 of the companys total Human Resources.
 
 Information under Section 217 (2A) of the Companies Act, 1956 read with
 Particulars of Employees Rules 1975, is not applicable for this
 Accounting Period and does not form part of this report.
 
 2. Conservation of Energy, Technology Absorption and Foreign Exchange
 Earnings and Outgo.
 
 As required under Section 217 (1) (e) of the Companies Act, 1956, read
 with the Companies (Disclosure of Particulars in the Report of Board of
 Directors) Rules, 1988, particulars relating to conservation of energy,
 technology absorption and foreign exchange earnings and outgo are
 annexed.
 
 ACKNOWLEDGMENT
 
 Your Company is grateful for the cooperation and assistance extended by
 Government of India, Government of Tamilnadu, Financial Institutions,
 Consortium of Banks, Shareholders, our valued Customers and Suppliers.
 
                                          For and on behalf of the Board
 Chennai                                                   M. C. AGARWAL
 24th May, 2004                                                 Director
 
 ANNEXURE TO DIRECTORS REPORT
 
 STATEMENT PURSUANT TO SECTION 217 (1) (E) OF THE COMPANIES ACT, 1956
 
 A. CONSERVATION OF ENERGY
 
 a. Energy conservation measures taken:
 
 1. The Company had taken action during design stage of Maltodextrine
 and DMH expansion to incorporate energy conservation techniques in the
 process.
 
 2. Thermal and cold insulation have been provided to vessels and pipes
 to conserve energy.
 
 3. Thermic Fluid Heater Burner Nozzles have been changed to conserve
 fuel.
 
 4. Energy conservation audit team has been formed to evaluate the
 areas in which further action can be taken to conserve energy.
 
 b. Total Energy consumption and energy consumption per unit of
 production :
 
 FORM-A
 
 A. Power and fuel consumption   UNIT  From  01.01.2003  From 01.10.2001
                                          To 31.03.2004    To 31.12.2002
 
 1. Electricity
 
 (a) Purchased:
 
 Units                            KWH               NIL        12,74,472
 
 Total Amount               Rs.(Lacs)               NIL           116.84
 
 Rate/Unit                        Rs.               NIL             9.17
 
 (b) Own Generation
 
 (i) Through Diesel Generator
 
 Units                           KWH             33,878           41,201
 
 Unit per Itr. of Diesel Oil     KWH                2.1             1.81
 
 Cost/Unit                       Rs.              10.95            11.66
 
 (ii) Through Steam Turbine
 
 Generator Units                 NIL                NIL
 
 Units per Itr of fuel oil/gas   NIL                NIL
 
 Cost/Unit                       NIL                NIL
 
 2. Coal (Specify Quality and where used)
 
 Quality-Leco & Husk used in boiler
 
 Quantity                         MT                NIL              925
 
 Total Cost                Rs.(Lacs)                NIL             9.25
 
 Average Rate/MT                  Rs.               NIL             1000
 
 3. Diesel Oil (for thermic fluid heater)
 
 Quantity                         KL                NIL            49.88
 
 Total Amount              Rs.(lacs)                NIL            10.46
 
 Average rate/litre              Rs.                NIL            21.00
 
 4. Others/Internal Generation
 
 Quantity                                           NIL              NIL
 
 Total Cost                                         NIL              NIL
 
 Average rate/Tonne                                 NIL              NIL
 
 5. Consumption per tonne of production with standards (if any)
 
                                  UNIT             From             From
                                             01.01.2003       01.10.2001
                                          To 31.03.2004    To 31.12.2002
 
 Production                         MT              NIL             1039
 
 Electricity                       KWH              NIL             1226
 
 Light Diesel Oil                Ltrs.               16               48
 
 Leco                             Kgs.              NIL              NIL
 
 Husk                             Kgs.              NIL              890
 
 B. Technology Absorption
 
 Form - B
 
 I. Research and Development
 
 The Company has a well equipped testing and application laboratory for
 carrying out Research and Development work on Starch products. The
 Company had developed a pilot farm in the factory premises for
 multiplying their hybrid varieties.
 
 a. Future Plan of Action :
 
 The present efforts in regard to Tapioca Development will continue, and
 discussions are under way with Research Institutions for propagating
 improved hybrid varieties of Tapioca.
 
 b. Expenditure on Research and Development
 
 i. Capital NIL
 
 ii. Recurring NIL
 
 iii. Total NIL
 
 iv. Total R & D expenditure as a percentage of total turnover. NIL
 
 II. Technology Absorption, Adaptation and Innovation
 
 1. a. Technology imported :
 
 Basic engineering drawings have been obtained from overseas technical
 collaborator for the project.
 
 Starch Process know-how from Starcosa GmbH.
 
 b. Year of Import 1990-91
 
 c. Has technology been fully absorbed. Yes
 
 d. If not fully absorbed, areas where this has not taken place,
 reasons therefor and further plan of action. N.A.
 
 2. Technology Indigenous
 
 a. In house process has been developed for high Maltose Syrup, Malto
 Dextrine and energy powder with a variety of flavours such as Orange,
 Strawberry and Cola
 
 C. Foreign Exchange earnings and outgo
 
 a. Efforts :Company has exported Starch, Liquid Glucose and Honey to
 many countries. Further possibilities of export to other countries are
 being explored.
 
                                                                (In Rs.)
 
 b. i Export of Goods                                                NIL
 
 ii Services of Exports                                        60,89,540
 
 iii Foreign Exchange earnings - Export sales (FOB)                  NIL
 
 iv Foreign exchange outgo                                           NIL
 
 v Net foreign exchange earnings                                     NIL
Source : Dion Global Solutions Limited
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