ANIK STEELS LIMITED
Your Directors herewith submit the 4th Annual Report of your Company for
the Financial Year ended 31st March, 1996.
1. OPERATIONS/FUTURE PROSPECTUS:
The company has achieved a turn over of Rs. 3187 lacs and a net profit of
Rs. 56.29 lacs on the operations of the year which shows an increase of
2.15% in sales.
The Board of Directors has not recommended any Dividend to conserve the
resources of the Company and also looking to the present Market Condition.
Shri A.Y. Degani retires by rotation and being eligible offers himself for
re-appointment. During the year Shri P.P. Bhuta & Shri C.P. Bhuta have
resigned from the Board of Directors of the Company. The Board of
Directors puts on record services rendered by Shri P.P. Bhuta & Shri C.P.
Bhuta. Shri I.B. Lakhani has been appointed as additional Director as on
the effect from 20th November, 1996.
4. FIXED DEPOSITS
The Company has not accepted Fixed Deposits from Public as envisaged under
Section 58A and 58B of the Companies Act, 1956, read with the Companies
(Acceptance of Deposits) Rules, 1975.
M/s. M.K. Makati & Co., Chartered Accountant, Bhavnagar is retiring at the
end of ensuring Annual General Meeting and is eligible for re-appointment.
Your Directors recommend to appoint them as the auditor of the Company from
the conclusion of the ensuing Annual General Meeting to the next Annual
6. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO:
Towards the saving of energy and taping the natural resources for the need
of energy the Company has set up a 1 M.W. Wind Farm Project at a cost of
Rs. 4.25 crores, which will generate free energy for the company for coming
years and save considerably on the energy cost.
Particulars regarding the conservation of energy, technological absorption
and foreign exchange earning and outgo as envisaged by Sec. 217 (1) (e) of
the Companies Act, 1956 read with the Companies (Disclosure of Particulars
in the report of the Board of Directors), Rules, 1988 are placed at
7. PARTICULARS OF EMPLOYEES:
Your Directors like to place on records their appreciation of the
contribution made by employees at all levels through their hard work,
solidarity and with their co-operation and support, have made it possible
for the Company to implement the Project effectively. Employees continue
to remain our major asset, in our continuing endeavours in the pursuit for
excellence. Information under Section 217 (2-A) of the Companies Act, 1956,
read with the Companies (Particulars of Employees) Rules, 1975, has not
been given as there are no employees who have drawn salary more than Rs.
25,000/- per month, during the year.
The Board of Directors are pleased to place on record their sense of
gratitude for the continued financial support by banks and other
ANNEXURE 'A' TO THE DIRECTORS REPORT
Additional information as required under the Companies (Disclosure of
Particulars in the Report of the Board of Directors) Rules, 1988.
CONSERVATION OF ENERGY: (For Operating Period)
A. Power and fuel consumption in respect of total energy consumption.
Units (KWH) 138.51
Total Amount (Rs.) 324.43
Rate per unit (Rs.) 2.34
b. Furnace Oil/LSHS/LDO/HSQ
Qty. (K. Ltr.) Nil
Total Amount (Rs.) Nil
Average rate (Rs.) Nil
c. Consumption per unit of Production
Electricity (KWH/MT) 723
Furnace Oil/LSHS/LDO/HSQ Nil
B. Technology Absorption:
It is pleasure to report that the R & D, of your Company has developed
indigenous process of manufacturing adhering to clientele specifications in
existing product mix. Thus, it has achieved self sufficiency in
C. During the year the Company has shown following foreign exchange
Total Foreign Exchange used : 5.40
Total foreign Exchange earned : Nil
By order of the Board
For ANIK STEELS LIMITED
Chairman & Managing Director
Place : Lati Bazar, Bhavnagar
Date : 24th November, 1996.