thapar concast ltd share price Directors report

ANNUAL REPORT 1998-99 THAPAR CONCAST LIMITED DIRECTORS REPORT To The Members. THAPAR CONCAST LIMITED The Directors of your company have pleasure in Presenting their 8th Annual Report together with the Audited Statements of Accounts of the Company for the year ended 30th June,1999. PERFORMANCE REVIEW AND CURRENT OUTLOOK During this year your company could achieve a sum of Rs.1129.60 lacs on account of Sales & other income while in previous year, company have achieved sum of Rs.1552.03 lacs on the same account. This has been made possible despite the overall slow down in the Indian Economy and more particularly in the Steel Industry. Your management is seized of the situation and hopes that the demand for steel will increase in line with the estimated growth in Indias industrial, agricultural and infrastructural development on account of which the performance of the company is expected to be much better in future. All the four manufacturing units of the Company i.e. Rolling Mill for the manufacture of Hot Rolled Steel Strips, Iron & Steel Tube Mills, Galvanised Pipes unit and Structural Steel Rolling Mills are in operations . DIVIDEND In view of the aforesaid financial results, no dividend has been recommended for payment for the year under review. DIRECTORS Since the last Annual General Meeting Sh. Ashok Thapar and Sh. Shyam Sunder Thapar have resigned from the directorship of the company. The Board of Directors places on record its appreciation for the contribution made by Sh. Ashok Thapar Sh. Shyam Sunder Thapar during their tenure as Directors of the Company. The Board has inducted Sh. Raghbir Singh as Additional Director of the Company in terms of Section 260 of the Companies Act, 1956, to hold office upto the date of this Annual General Meeting. It is proposed to appoint Sh. Raghbir Singh as director on the Board of the Company, subject to retirement by rotation. A notice under Section 257 proposing his appointment has been received from a member of the company. Mr. Raj Singh Chhillar retire by rotation and being eligible, offers himself for re-appointment. AUDITORS M/s. Jain & Anil Sood, Chartered Accountants, Ludhiana, the Statutory auditors of the company retire at the fortheoming Annual General Meeting and are eligible for re-appointment. AUDITORS REPORT The Auditors report and notes on the accounts are self explanatory and require no further comments. YEAR 2000 (Y2K) The Companys Computer System and software are Y2K compliant and no further cost is contemplated on this account. COST AUDIT The Central Govt. had, in exercise of the powers conferred by section 233B of the Companies Act, 1956 read with notification No.GSR 574 issued by Department of company affairs, New Delhi, directed the company vide its order dated 25.08.95 that an audit of the cost accounts maintained by the Company be conducted w.e.f the financial year 1995-96 and also for every financial year thereafter. In compliance thereof the company has appointed M/s P.K. Verma & Co. Cost Accountants, Jalandhar as the Cost Auditors of the company and their appointment has been confirmed by the Central Government. Accordingly the Cost Audit has been completed upto the year 1998-99. FIXED DEPOSITS During the period under review the company did not invite or accept any deposits from the Public. PARTICULARS OF EMPLOYEES The particulars of the employees under section 217(2A) of the Companies Act,1956 read with Companies (Particulars of employees) Rules,1975 as amended are NIL. PARTICULARS UNDER SECTION 217(1)(e) In terms of section 217(1)(e) of the Companies Act,195,6 read with the Companies (Disclosure of the particulars in the report of the Board of Director) Rules/ 1988 the Director furnish here below the required additional information:- A. CONSERVATION OF ENERGY Following steps have been taken by the Company to ensure energy conservation. (a) Utilisation of natural light in the plants has been maximised. (b) Electric Motors of optimum capacity have been provided. (c) Energy saving devices have been provided in the lighting circuits. Also devices like capacitors,econormisers, insulation, improvements etc. have been provided. The company is further making all out efforts to identify and use alternate sources of energy and minimise the consumption of conventional fuels, thereby achieving optimum energy conservation C. TECHNOLOGY ABSORPTION The cornpany has brought in and successfully absorbed the conventional technology Further with the continues Research & Development (R & ,D) the company has further improved the quality of its products as well as production efficiency. The expenditure on R & D during the year ended 30.06.99 was Rs. NIL D. FOREIGN EXCHANGE EARNING AND OUTGO (AMOUNT- RS. IN LACS) 1998-99 1997-98 Foreign Exchange Earnings (FOB) -- -- Foreign exchange outgo 17.84 82.84 INDUSTRIAL RELATIONS The industrial relations with the employees and the workers continued to be cordial through out the year. The Directors of your Company place on record their appreciation for the commitment and dedication of the employees and staff who have contributed significantly to the operations of the Company. ACKNOWLEDGEMENT The Directors wish to place on record their sincere appreciation for the advice, support and co-operation received through out the year from Central Government, State Government, other Government agencies, shareholders, Companys Bankers, other business constituents and employees at all levels.. For and on behalf of the Board For THAPAR CONCAST LIMITED Sd/- PLACE:LUDHIANA (ANUP THAPAR) DATED:02.12.99 CHAIRMAN