Today's Top Gainer
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The Company does not have any aluminium manufacturing operations as the production is closed since July 2013. The Company sold its land &building and other substantially whole of assets in financial year 2016-17, pursuant to resolution passed through postal ballot by members of the Company on 18th March, 2016.
On 11.07.2017 the promoter (OSI India Holding A/S) entered into share purchase agreement with Acquirers (Mrs. Utpal Agrawal and Mr. H.P. Agrawal) for selling their entire equity shareholding of 75,00,000 shares in the Company. Pursuant to completion of takeover open offer, there is a change in the promoter, which has been taken on record by the board at its meeting held on 13.09.2017.
The new promoters are in discussions with the management regarding future business plans of the company. Hence, the industry structure is not being discussed in the current circumstances.
(B) Risk, Concerns, Opportunities and Threats
Same as above, and company is re-evaluating its business options.
(C) Internal Control Systems and Their Adequacy
The Company has internal control system commensurate with its size and nature of business to ensure that all assets are safeguarded and protected against unauthorised use and that all transactions are authorised, recorded and correctly reported. The audit observations and corrective action taken thereon are periodically reviewed by the independent audit committee to ensure effectiveness of the internal control system.
(D) Financial and operational results
The Company had stopped production in July 2013. Hence, there were no operations in the year ended 31.03.2018.
(E) Human Resource/Industrial Relations
As the production of the Company is discontinued with effect from July, 2013 there are no workmen. The Company has settled all the pending issues with the workmen by entering into mutual agreements with them and also paid all the amounts payable to workmen.
The Board of Directors and the Management of the Company are pursuing various available options to rehabilitate the Company and considering future business plans for the Company.
(G) Cautionary Statement
The statements in this section describe the Companys objectives, projections, estimates, expectations and predictions, which may be "forward looking statements" within the meaning of the applicable laws and regulations. Actual results could differ materially from those expressed or implied. Important factors that could make difference to the Companys operations include economic conditions affecting demand/supply and price conditions in the domestic and overseas markets in which the Company operates, changes in the Government regulations, tax laws and other incidental factors.