| The Directors hereby present the 15th Annual Report including the
Audited Annual Accounts for the year ended 30th June 1998.
FINANCIAL RESULTS : During the year, the turnover of the company was
Rs. 14210.96 lacs, as compared to Rs. 12547.73 lacs in the previous
year. The company faced a difficult time in both its trading and
rolling operations. Profitability margins came under a lot of pressure
and the company has suffered a net loss of Rs. 100.77 lacs.
DIVIDEND : In view of the loss during the year, no dividend has been
recommended by the Board for the financial year ended 30th June, 1998.
FUTURE OUTLOOK : The Company is still converting billets for Rashtriya
Ispat Nigam Limited and other clients as well as continuing its rolling
activities. It hopes that the market in future will improve.
DIRECTORS : During the year Mr. Vinay Rai, Mr. Anil Rai, Mr. S. K.
Dey, Mr. D.P. Singh, Mr. M.F. Mehta and Mr. B.B. Kapila have resigned
from the Directorship of the Company. The Board places on record its
appreciation for their services rendered during their tenure.
PUBLIC DEPOSITS : The Company has not accepted any deposit from the
public in terms of the Companies (Acceptance of Deposits) Rules, 1975.
CAPITAL : During the year has allotted 660 equity shares of Rs. 10/-
each at par arising of conversion of Optional Detachable Warrants.
PARTICULARS OF EMPLOYEES UNDER SECTION 217(2A) OF THE COMPANIES ACT,
1956.
The particulars of employees as required under section 217(2A) of the
Companies Act 1956 are given in the enclosed statement and form part of
this report.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
INFLOW AND OUTFLOW
The relevant details pursuant to section 217 (2A) of the Companies Act
1956 and rules framed thereunder are given in addendum forming part of
this report. There has been inflow or outgo in foreign exchange during
the year.
AUDITORS : The retiring auditors of the Company M/s. Bansal & Co.
Chartered Accountants will hold office till the conclusion of this
Annual General Meeting, and being eligible offer themselves for
re-appointment and the re-appointment, if approved by the members, to
be in accordance with the provisions of section 224 (1B) of the
Companies Act 1956.
APPRECIATION : The Directors thank the Government Authorities,
Financial Institutions, Banks and Business Associates for their
continued support and co-operation. The Directors are also pleased to
record their appreciation of the devoted services rendered employees of
the company at all levels.
FORM A
(SEE RULE 2)
Form for disclosure of particulars with respect to Conservation of
energy
Current Previous
year year
Power and Fuel consumption
1. Electricity
(a) Purchased
Unit 2265841 2051045
Total amount (Rs. lacs) 98.14 84.39
Rate/Unit 4.33 4.11
(b) Own Generation
(i) Through diesel generator NIL NIL
Unit NIL NIL
Unit per Ltr. of diesel oil NIL NIL
Cost/Unit NIL NIL
(ii) Thorough steam turbine NIL NIL
2. Coal (specify quality and where used) NIL NIL
3. Furnace Oil
Quantity (k. Ltrs.) 868.854 827.788
Total amount (Rs. lacs) 51.72 54.93
Average rate (Rs./KL) 5952.08 6636.00
4. Others/Internal generation NIL NIL
B. Consumption per unit of production
Standards Current Previous
(if any) year year
CTD Bars CTD Bars
Products (with details) MTs 15423 13251
Electricity (Units) 146.91 154.79
Furnace Oil (Ltrs) 56.33 62.47
Coal (Specify quality) NIL NIL
Others (Specify) NIL NIL
FORM B
(SEE RULE 2)
Form for disclosure of particulars with respect to absorption
Research and Development (R & D)
1. Specific areas in which R & D carried out by : NIL
the company
2. Benefit derived as a result of the above (R&D) : NIL
3. Future plan of action : NIL
4. Expenditure on (R&D)
(a) Capital : NIL
(b) Recurring : NIL
(c) Total : NIL
(d) Total R&D expenditure as a percentage of
total turnover : NIL
Technology absorption, adaption and Innovation
1. Efforts, in brief, made towards technology
absorption, adaption and innovation : NIL
2. Benefits derived as a result of the above
efforts e.g. product improvement, cost
reduction, product development, import
substitution etc. : NIL
3. In case of imported technology (imported : NIL
during last five years reckoned from the
beginning of the financial year), following
information may be furnished.
(a) Technology imported
(b) Year of import
(c) Has technology been fully absorbed
(d) If not fully absorbed, areas where this has
not been taken place, reasons therefore and
future plan of action.
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