ELANGO STEELS LIMITED
Your Directors have pleasure in presenting Sixth Annual Report with the
Audited Accounts of your Company for the year ended 31st March 1995.
Your Directors already declared and paid a Dividend of 10% amounting to Rs.
38.16 Lakhs for the year 1994-95.
PERFORMANCE AND FUTURE PROSPECTS
Production is steadily increasing and the Company is confident of earning
more profits during this year. The second furnace could not be installed
last year due to non availability of power at the right voltage for the
expanded capacity. A new power substation is being erected by the
Electricity Board and is expected to be completed by March 96. Once it is
ready second furnace will be installed.
The Company plans to enter into activities like Power Generation, Ferro
Alloys manufacturing and Financing etc. The Company plans to invest in the
above through formation of subsidiary Companies in the future.
During the year under review Shri. M.A.A. Annamalai has vacated the
Directorship of the Company. The Board places on record the services
rendered by him during the tenure of the office.
Shri. P.E. Subramaniam, Shri. R. Marimuthum, Shri. K. Murugan are retiring
by rotation and being eligible, offer themselves for re-appointment.
Shri. Sa. Ganesan, who was appointed as Director Marketing resigned from
the post in April 1995 and he continues as a Director in the Company.
Your Company has not accepted any Deposits from the Public.
M/s. C. Ramasamy & B. Srinivasan, Chartered Accountants, the auditors of
your Company retire at the conclusion of the forthcoming Annual General
Meeting and are eligible for reappointment.
Regarding the report of the Auditors on Internal Control System and
Internal Audit the Directors wish to state as follows :
The Company has employed qualified people in the respective areas in the
current year and comprehensive Internal Control System is being designed
None of the employees of your Company were drawing a remuneration exceeding
Rs. 3,00,000/- p.a. or Rs. 25,000/- p.m. or part thereof. Hence no
particulars of employees as per Section 217 (2A) of Companies Act., 1956,
need to be furnished.
Conversion of Energy, Technology Absorption and Foreign Exchange Earning
and out go.
Please Refer Annexure A,
Your Directors would like to place on record their deep appreciation and
gratitude towards the members for their continued support and confidence.
The Directors wish to thank and deeply acknowledge the co-operation and
assistance extended by the financial institution, Bankers, Govt.
authorities and other business associates. The Board would also like to
take this opportunity to commend the employees of the Company of all levels
for their contribution.
A. Power and Fuel Consumption
Current Year Previous Year
(a) Purchased Unit 5585360 NIL
Total Amount Rs. 90,72,676
Rate/Unit Rs. 1.62 NIL
(b) Own Generation
i) Through diesel generator
Unit per Ltr. of diesel oil
Cost/Unit NIL NIL
ii) Through steam turbine/generator
Unit per ltr of fuel oil/gas
cost/unit NIL NIL
2. Coal (Specify quality and where used)
Average Rate NIL NIL
3. Others/Internal generation
Rate/Unit NIL NIL
B. Consumption per unit of production
Electricity (Units per ton) 507 NIL
Coal (specify quality)
FORM B :
A. Technology absorption NIL NIL
B. Foreign Exchange Earnings NIL NIL
C. Foreign Exchange Outgo Rs. 10,44,252 NIL
For and on behalf of the Board
Place : Madras
Dated : 11.10.95
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