AMBUJA ZINC LIMITED
Your Directors have pleasure in presenting their Report and Audited
Accounts of the Company for the year ended 31.03.96.
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
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).
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.
M/s. P. Agrawal & Co. Chartered Accountants retire at the ensuing Annual
General Meeting, but being eligible, offer themselves for reappointment.
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
Place : Patna
Dated : 20th August, 1996.