ambuja zinc ltd Directors report

1996 AMBUJA ZINC LIMITED DIRECTORS REPORT Your Directors have pleasure in presenting their Report and Audited Accounts of the Company for the year ended 31.03.96. DIVIDEND In view of loss sustained by the company during the year, your directors express their inability to recommend any dividend. REVIEW OF OPERATIONS During the year company sustained loss of Rs. 86.34 Lacs. Plant was not in operation from January 1996 as Import of Zinc Ash has been banned under OGL and Zinc Ash has been classified as hozardous waste. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING & OUTGO Company is not required to furnish the information in Form A. Company has spent Rs. 2579914 for import of raw materials (Previous Year Rs. 13336585). DIRECTORS Smt. Sushila Devi Gupta, Director is retiring by rotation but being eligible, has offered herself for reappointment. RIGHT ISSUE/BRIGHT BAR PROJECT Right Issue of 39,60,000 Equity Shares at premium of Rs. 10/- per share was not subscribed upto 90% of Issue amount, hence Company refunded the amount in full to investors. Board of Directors of the Company has dropped the plan to manufacture Bright Steel Bars as stated in Letter of Offer. AUDITORS M/s. P. Agrawal & Co. Chartered Accountants retire at the ensuing Annual General Meeting, but being eligible, offer themselves for reappointment. APPRECIATION We wish to place on record our appreciation of the devoted services of the workers, staff and executives of the Company. Your Directors also wish to place on record their appreciation of the cooperation and support given by BIClCO and Bank of India during the year. For and on behalf of Board of Directors DURGA PRASAD GUPTA Chairman Place : Patna Dated : 20th August, 1996.