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1996
KOCHER OIL MILLS LIMITED
DIRECTORS' REPORT
Your Directors have immense pleasure in presenting the Eighth Annual Report
of the Company together with the Audited Statement of Accounts of the
Company for the year ended 31st March, 1996.
OPERATIONS
Your Company has performed well during the year ended 31st March,1996. The
Net Sales of your Company touched Rs.2,453.22 lacs as compared to
Rs.1,855.66 lacs for the previous year, there by registering an increase of
32% during the year.
The profit after tax couldn't kept pace with the increased turnover and the
same has gone down to Rs.58.04 lacs as against Rs.91.81 lacs for the
previous year, thereby registering a decrease of 36.78% over the previous
year.
DIRECTORS
Out of the present Directors, Sh. Ajay Kumar Vermani and Sh. Rajiv Kumar
Vermani retire by rotation at the ensuing Annual General Meeting and being
eligible, offer themselves for re-appointment.
AUDITORS
Auditors of the Company M/s Rajeev Trilok & Co., Chartered Accountants,
retire at the conclusion of the ensuing Annual General Meeting and are
eligible for re-appointment.
COMMENTS ON THE AUDITORS' REPORT U/S 217(3) OF THE COMPANIES ACT,1956
As regards the qualification of the Auditors on Provident Fund, the matter
was under reconciliation with the Provident Fund Commissioner. The same was
sorted out in the subsequent year and the liability of Rs. 4.21 lacs is
being cleared in the current year.
PARTICULARS OF EMPLOYEES
The Company has not employed any person drawing remuneration equal to or in
excess of the limits prescribed under Section 217 (2A) of the Companies
Act,1956 read with Companies (Particulars of Employees) Rules,1975 as
amended from time to time.
PARTICULARS OF CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN
EXCHANGE EARNINGS AND OUTGO
The information as regards Conservation of Energy, Technology Absorption
and Foreign Exchange Earnings and Outgo, required under Section 217 (1),
(2) of the Companies Act,1956, read with the Companies (Disclosure of
Particulars in Report of Board of Directors) Rules,1988 is annexed hereto
as per Annexure and forms an integral part of the report.
SAFETY AND POLLUTION CONTROL MEASURES
The safety and pollution control measures have been given a pride of place
in the Company's scheme of things & the Company is strictly following the
requisite guidelines issued by the appropriate authorities from time to
time.
ACKNOWLEDGEMENT
Your Directors express their grateful appreciation and sincere thanks to
various departments of Central and State Governments, Financial
Institutions and Banks for their valuable assistance. Your Directors wish
to place on record deep sense of appreciation of the devoted services
rendered by the executives, officers, staff and workers of the Company at
all levels and look forward to their continued support in future prosperity
of the Company.
ANNEXURE TO THE DIRECTORS' REPORT
Particulars with respect to conservation of energy etc. as per Companies
(Disclosure of Particulars in the Report of Board of Directors) Rules, 1988
and forming part of Directors' Report for the year ended 31st March, 1996.
1. CONSERVATION OF ENERGY
a) Energy conservation measures taken
Adequate capacitor bank has already been installed to have better power
factor maintaining a level of 0.90.
b) Additional investments and proposal, if any, being implemented for
consumption of energy Nil
c) Impact of the measures at (a) & (b) above for reduction of energy
consumption and consequent impact on the cost of production of goods
We have not paid any penalty for low power factor, since it is maintaining
a level of 0.90.
d) Total energy consumption & energy consumption per unit of production
As per Form 'A' annexed.
2. TECHNOLOGY ABSORPTION
a) Research & Development
Detailed inhouse analytical laboratory has been set up for the fine tuning
of operations. Accordingly, success has been achieved increasing the
quality of goods with higher yield percentage.
b) Technology Absorption
The Company neither entered into any technical foreign collaboration nor
received/imported any technology from any foreign organisation.
3. FOREIGN EXCHANGE EARNINGS AND OUTGO
a) Activities relating to exports initiatives taken to increase export
developments of new export markets for products and export plans.
Finished products of the Company is an import substitutive. There is
shortage of C.R. Strips in the Country and imports are continuing.
b) Total Foreign Exchange used & earned
The Company has not exported its products during the year under review,
therefore,'there is no foreign exchange earning. There is no out-go of
foreign exchange during the year on any account.
FORM 'A'
Form of Disclosure of particulars with respect to conservation of energy
for the year ended 31st March, 1996.
A. POWER AND FUEL CONSUMPTION
Current Previous
Year Year
1. Electricity
a) Purchased
UNITS 1145392 689972
Total Amount (Rs.) 3361419 2036110
Rate/Unit (Rs.) 2.93 2.95
b) Own generation (through Diesel Generator)
UNITS 41080 76780
Units/Ltr. of Diesel 3.92 3.89
Cost/Unit (Rs.) 2.25 1.83
2. Coal Nil Nil
3. Furnace Oil/LDO Nil Nil
4. Others/lnternal Generator Nil Nil
B. Consumption Per Unit of Production
Product - Cold Rolled Steel Strips
Electricity (Units/Ton) 83.37 65.88
LDO (Ltrs./Ton) Nil Nil
Coal (Specify Quality) Nil Nil
Others (Specify) Nil Nil
for Vermani Steel Strips Ltd.
A.K. Vermani
Chairman-Cum-Managing Director
Place : Delhi
Dated : 1st October, 1996.
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