Rajinder Steels Ltd

Market Cap: [Rs.Cr.] 8 | Face Value: [Rs.] 10
Industry: Steel - Medium / Small

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Director's Report

RAJINDER STEEL LIMITED DIRECTORS' REPORT To The Shareholders, Your Directors are pleased to present the 12th Annual Report together with the Audited Accounts for the financial year ended 30th June, 1997. DIVIDEND In view of the need for conserving resources for the ongoing Capital Expenditure Programme, dividend has not been recommended for the year ended 30th June, 1997. OPERATIONS Sales and other income for the year under review has risen to Rs.3954 Millions as against Rs.3325 Millions in the previous year, representing an increase of 19%. However the profitability has been under pressure on account of high cost of funds, increase in cost of input, liquidity crunch and sluggish steel market conditions. Thus the Net Profit is Rs. 25 Millions as compared to Rs. 254 Millions at the end of the previous year. Further to keep pace with the changing scenario of steel industry in India, the Company continues its efforts for upgradation of technology and modernisation of the facilities. The Company undertook backward integration of HR Coil Project at Raipur. During the course of project implementation, based on the recommendations of world renowned technology consultants, the changes incorporated resulted in the Hot Strip Mill being of the state-of-the-art technology with an inherent capacity of one million tonne/annum of Hot Rolled Coils. The project is in trial production and has a niche market for value added products. Since the HR Coil plant capacity utilisation depends on the availability of consistent quality and economic power, the 50 MW Captive Power Plant project for Raipur has also been approved by the Financial Institutions. Having tied up and received sanction for financial assistance for major portion of the cost of the project the Company is implementing the Captive Power Plant Project. ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO The particulars required to be disclosed 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 are annexed hereto. PARTICULARS OF EMPLOYEES As required by the provisions of Section 217 (2A) of the Companies Act, 1956, read with Companies (Particulars of Employees) Rules, 1975 as amended, the names and other particulars of the employees are set out in the annexure to the Directors' Report. FIXED DEPOSITS The Company has accepted Fixed Deposits during the year under review as per Section 58A of the Companies Act, 1956 read with the Companies (Acceptance of Deposit) Rules, 1975. However no deposit has fallen due for repayment/renewal as at the end of the financial year. Thus no deposit is remaining unpaid or unclaimed. DIRECTORS Shri K.L. Ahuja, Shri B.M. Chaturvedi and Shri H.B.S. Jolly have resigned from the Board. Shri B.K. Batra, nominee of IDBI has been replaced by Shri R.S. Agarwal. The Board places on record its appreciation of the services rendered by Shri K.L. Ahuja, Shri B.M. Chaturvedi, Shri H.B.S. Jolly and Shri B.K. Batra during their tenure as Directors of the Company. Shri T. Raghavendran and Shri J. Jayaraman have been inducted into the Board as Additional Directors. They hold office upto the date of ensuing Annual General Meeting. However notices under Section 257 of the Companies Act, 1956 have been received from members proposing their candidature as Directors. Dr. Dharmendra Bhandari has been appointed as Director by Unit Trust of India as its nominee. Shri B.K. Tandon and Shri Umesh Pandey retire by rotation at the ensuing Annual General Meeting and being eligible offer themselves for reappointment. AUDITORS AND AUDITORS' REPORT M/s. Kamal Gupta Associates hold office until the conclusion of the ensuing Annual General Meeting. The Company has received a certificate from the Auditors to the effect that their appointment, if made, would be within the prescribed limits under Section 224 (1-B) of the Companies Act, 1956. Accordingly, the said Auditors will be appointed as Auditors, of the Company at the ensuing Annual General Meeting. The notes to the Accounts referred to in the Auditors' Report are self explanatory and therefore, do not call for any further comments. ACKNOWLEDGEMENT Your Directors wish to express their sincere thanks to the Financial Institutions, Banks, Investors and Customers for their continued support and co-operation during the year under review. Your Directors also wish to place on record their sense of appreciation for the devoted service rendered by the Executives, Staff and Workers of the Company for its continued growth. For and on behalf of the Board D.S. BATRA Chairman Place: Mumbai Date : 1st December, 1997 ANNEXURE TO DIRECTORS' REPORT Particulars required under the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988. A. CONSERVATION OF ENERGY: a) Energy Conservation measures taken: I. Tube Galvanising For optimum fuel consumption improved design of Molten Zinc Bath heating furnace is employed for hot dip galvanising of Steel Tubes utilising waste heat for preheating/flux drying of steel tubes. II. Steel Making 1. Regulated control of Fume Exhaust Fan Motor at EAF. 2. Avoidance of over or under heating at EAF by standardisation and tuning of process of DRI Feeding System to EAF. 3. Reduction in fuel oil consumption for Ladle Preheating by adequate covering of Ladies at preheat stand once after 2 heats. 4. Electrode cooling at EAF. 5. Harmonic filter capacitor banks both on 33 KV and 11 KV to improve power factor from existing values of 0.85 to above 0.9 thus reducing the maximum demand and energy consumption. 6. Provision of thermal panel between Roughing Mill and Finishing Mill for heat retention and subsequent reduction of rolling power. 7. Continuous Hot Slab Charging from Caster to Reheat Furnace. b) Additional investments and proposals, if any, being implemented for reduction of consumption of energy: 1. Installation of Coil box for heat conservation during rolling longer slab of 11 in to achieve 6T of Coil weight. 2. Improved design of ladle lid system in circulating hot steel ladles for maintaining the temperature of ladle. c) Impact of the measures at (a) and (b) above for reduction of energy consumption and consequent impact on the cost of production of goods: Reduction in power and fuel consumption. Hence reduced cost of production. d) Total energy consumption and energy consumption per unit of production: As per Form `A' annexed. B. TECHNOLOGY ABSORPTION: e) Efforts made in technology absorption: As per Form 'B' annexed. C. FOREIGN EXCHANGE EARNINGS AND OUTGO: f) Activities relating to exports; initiative taken to increase exports; development of new export markets for products and services; and export plans: The Company has produced 1.20mm of HR Coils which has got a good potential for export. g) Total foreign exchange used and earned: Used : Rs. 7.54 Millions Earned : Rs. 34.48 Millions
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Key Information

Key Executives:

D S Batra , Chairman 

R S Agarwal , Director 

Dharmendra Bhandari , Director 

Y N Dhingra , Director 

Company Head Office / Quarters:
Rajinder House 117/H-1/303,
Model Town Pandav Nagar,
Uttar Pradesh-208005
Phone : 91-512-216605/218160/215881
Fax : 91-512-218260
E-mail :
Web : http://
Rajinder Steels Ltd
Rajinder House
Model Town P Nagar
Kanpur - 208 005

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