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1996
ARVIND RASHAYANA UDYOG LIMITED
DIRECTORS REPORT
We have pleasure in presenting the 10th Annual Report and the Audited
Statement of Accounts for the year ended 31st March, 1996.
OVERVIEW OF PROJECT IMPLEMENTATION & OPERATIONS:
Your Directors are happy to report that the Civil works are almost nearing
completion. Rs.65.00 lakhs was spent so far to complete the civil works.
Advance to the tune of Rs.153.42 lakhs are given for machinery by 31-03-96.
Advances towards Raw materials to the tune of Rs.99.36 lakhs given so far.
Implementation of the project has been delayed for delay in disbursement of
funds from Financial Institutions. Management has been taking necessary
steps to withdraw the funds and to implement the project at the earliest.
Your Directors are confident of Trial productions by January'97 little
behind schedule because of some problems in construction.
FUTURE OUT LOOK:
The Companies future looks to be bright barring unforeseen circumstances.
Your Company expected trial production by January' 97.
The Company has already entered into MOU with M/s. VISHNU ENGINEERING
INDUSTRIES LIMITED, HYDERABAD to lift entire production for the period of 5
years and therefore the Company does not have any marketing problems.
Your Directors strongly feel that barring slight delay in schedule of
implementation, the future of the company is undoubtly bright.
BOARD
Sri. M. Laxman Rao and Sri.M. Nagendar, who retire by rotation and being
eligible offers themselves for re-appointment.
AUDITORS
M/s. Sarath & Associates, Chartered Accountants, 102, Gowri Apartments,
Hyderabad retire at this Annual General Meeting and are eligible for
reappointment.
FIXED DEPOSITS
The Company has not invited any deposits from the public in terms of
Section 58 A if the Companies Act. 1956.
INDUSTRIAL RELATIONS
Your Directors are happy to report that the Industrial relations are
extremely cordial at all levels throughout the year.
CONSERVATION OF ENERGY ETC.,
The information required under Sec.217(1) (e) of the Companies Act, 1956
read with the Companies (Disclosure of particulars in the report of Board
of Directors) Rules, 1988 with respect to these matters are NIL as the
commercial operations are not started.
PARTICULARS OF EMPLOYEES:
The particulars of employees as required under Sec. 217 (2A) of the
Companies Act, 1956 are NIL, as they are no employees drawing Salaries
Rs.3,00,000/- per annum if employed throughout the year or Rs.25,000/- if
employed for part of the year.
ACKNOWLEDGMENTS:
Directors express their thanks to the financial institutions, Banks and
others connected with the Company for the excellent Co-operation and
valuable Assistance.
The Directors are thankful to the employees for their co-operation. Finally
the Directors express their gratitude to the shareholders of the company
for the confidence reposed in the Management.
FOR AND ON BEHALF OF THE BOARD
M. ARVIND KUMAR M. NAGENDAR
MANAGING DIRECTOR EXECUTIVE DIRECTOR
PLACE : SECUNDERABAD
DATED : 15th October, 1996.
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