piyush steels ltd Directors report

PIYUSH STEELS LTD. DIRECTORS REPORT Dear Members, Your Directors are pleased to present the Seventh Annual Report and Audited Statement of Accounts for the year ended 31 st March,1998. PROGRESS OF THE PROJECT: Foundation work of the Plant Building with services/ancillary area is completed to take up machinery installation work. Production machinery is received and installed. Balance machinery is under supplies, Effluent treatment erection and commissioning work taken up. HT power supply line (9Km) including over head line and under ground line is in last stage of completion. The company has approached various financial institution/banks for financial assistance for the project and will hope to obtain in the near future to complete the balance work for commissioning the plant. DIVIDEND: As the Company has not commenced its production, your directors do not recommend any dividend. FIXED DEPOSITS: The Company has not invited/accepted any Deposits from public during the year under review. DIRECTORS: Shri Jay Kothari and Shri Mahesh Patel, Director of the company retire by rotation at ensuing Annual General Meeting. Shri Mahesh Patel eligible offers himself for reappointment. Shri Piyush Desai resigned from the Board with effect from 13th April, 1998, and Shri Harish Shah ceased to the a Director with effect from 215 August, 1998 in terms of Section 283 (1) (9) of the Companies Act, 1956 Smt. Jigisha Desai and Ms. Nin Desai were appointed as Additional Directors during the year. They hold the office until the ensuing Annual General Meeting. Notice has been received from member under section 257 of the Companies Act,1956 proposing their name for appointment to the office of Director. The Directors wish to place on record their appreciation for the-guidance and valuable contribution received from Shri Jay Kothari, Shri Piyush Desai and Shri Harish Shah. PARTICULARS OF EMPLOYEES: Particulars of the employees of the company, required to be reported I J/S 217 (2A) of the Companies Act,1956, who is in receipt of remuneration of Rs.25,000/- or more per month or Rs.3,00,000/- p.c has been set out as under :- AUDITORS :- M/s. Akshay Shah & Co. Chartered Accountants, Auditors of the company retire at the conclusion of the ensuing Annual General Meeting and being eligible offer themselves for re-appointment. With regard to the observations made by the Auditors, our notes of Accounts are self- explanatory. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNING AND OUTGOING The Company has not yet commenced its commercial production and hence the Company has no particulars to offer as required under the companies( Disclosure of particulars in Report of Board of Director) Rules.1988 ACKNOWLEDGEMENT: Your Directors would like to express their grateful appreciation for the assistance and co-operation received from the Financial Institutions and Banks during the year under review. Your Directors wish to place on record their deep sense of appreciation of the devoted services. rendered by the executives and staff of the company. FOR AND ON BEHALF OF THE BOARD DATE : 25th August, 1998 PRAKASH DESAI JIGISHA DESAI PLACE: Anand MANAGING DIRECTOR DIRECTOR