JAY IRON AND STEELS INDUSTRIES LIMITED
ANNUAL REPORT 1998-1999
Your Directors have pleasure in presenting their 18th Annual Report
together with Audited Statement of Accounts for the year ended 31st March
During the year under review Company's manufacturing operations remained
suspended. The Company did continue with its trading operations in steel
related items and despite slackness in demand the Company earned sufficient
profits to absorb the overheads. Despite all efforts the manufacturing
activities could not be started during the year but to avoid any delay in
operations the factory building and plant & Machineries are kept well
maintained and ready to use. Keeping in view the progress made towards the
restart it is expected that the manufacturing operations at plant will
commence very soon.
The Company has not accepted any deposits from the public during the year
within the meaning of Section 58 A of the Companies Act, 1956.
PARTICULARS OF CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN
EXCHANGE EARNINGS AND OUTGO:
The particulars in respect of conservation of Energy, Technology Absorption
and Foreign Exchange Earnings and outgo as required under section 217 (1)
(e) of the Companies Act, 1956 with the Companies (Disclosure of
particulars in the report of Board of Directors) Rules, 1988 are not
applicable, as the manufacturing unit of the Company was not in operation
during the year.
PARTICULARS OF EMPLOYEES:
Particulars in accordance with requirement of section 217 (2A) of the
Companies Act, 1956 read with the companies (Particulars of Employees)
Rules, 1975 as amended have not been furnished as there was no employee in
the aforesaid category during the year.
Shri G.D. Singi, Director of the Company retires by rotation and being
eligible offers himself for re-appointment.
The nomination of Shri A. N. Gadgil was withdrawn by SICOM Ltd. and
consequently Shri A.N. Gadgil ceased to be a director of the Company with
effect from 30th July 1999. The Board has recorded with appreciation the
valuable services rendered by Shri. A.N. Gadgil during his tenure as a
director of the Company.
Shri G.P. Jhawar resigned from his directorship during the year. The Board
places on record its appreciation for the valuable services rendered by him
during his tenure as a director of the Company.
Shri Shirish Mehta was appointed as an additional director of the Company
by the Board of Directors in their meeting held on 29th September 1998 and
retires at the ensuing Annual General Meeting. The Company has received a
requisite notice under section 257 of the Companies Act, 1956 from a member
signifying his intention to propose the candidature of shri Shirish Mehta
for the office of the director, he is eligible for appointment.
Your Company is holding 100% of paid-up share capital of Finance &
Investment Pvt. Limited. Since it is a wholly owned subsidiary of your
Company it's accounts and other statement under section 212 of the
Companies Act, 1956 are included in the report.
M/S. KHANDELWAL JAIN & COMPANY, Chartered Accountants, the Auditors of the
Company will retire at the forthcoming Annual General Meeting and are
eligible for re-appointment. The Company has received a certificate from
the Auditors to the effect that their re-appointment, if made would be
within the prescribed limits under section 224 (1-B) of the Companies Act,
1956. The members are requested to appoint the Auditors and fix their
Your Directors place on record the appreciation of the valuable Co-
operation and support of customers, Shareholders and Government
Authorities. The Board also places on record its profound admiration and
sincere appreciation of the continued hard work put in by the employees at
FOR AND ON BEHALF OF THE BOARD
Place : Mumbai G.D. SINGI
Date : 24th August, 1999 CHAIRMAN