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Asian Consolidated Industries Ltd.

BSE: 500022 Sector: Industrials
NSE: ASIANCONSO ISIN Code: N.A.
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Asian Consolidated Industries Ltd. (ASIANCONSO) - Director Report

Company director report

1995 ASIAN CONSOLIDATED INDUSTRIES LIMITED DIRECTOR'S REPORT The Directors are pleased to present the 10th Annual Report of the Company together with audited accounts for the year upto 31st March, 1995 OPERATIONS The Sales and other income during the year was Rs. 7576.62 lacs as against Rs. 5662.75 lacs in the previous year, which shows an increase of 44.95%. The Net Profit after tax of the Company for the year ended 31.03.95 was Rs. 585.24 lacs as against Rs. 894.34 lacs in the previous year showing a decrease of 29.1% over the previous year. The decrease in profits of your Company is due to setting off the loses of Trans Asia Packaging Limited from the profits of your Company arising due to merger of Trans Asia Packaging Limited with your Company. DIVIDEND The Directors are pleased to recommend Dividend @ 30% on Equity Shares (subject to deduction of tax wherever applicable) for the year ended 31 st March, 1995, compared to the rate of 60% for the previous year. The recommended Dividend, if approved, by Members will absorb a sum of Rs. 33237295 compared to Rs. 20713278 in the previous year. CONVERSION OF FULLY CONVERTIBLE DEBENTURES The Company has converted the 2nd part of its fully convertible debentures of Rs. 160/- each into four shares of Rs. 10/- each at a premium of Rs. 22/- each on 25.1.1995. MERGER OF TRANS ASIA PACKAGING LIMITED WITH ASIAN CONSOLIDATED INDUSTRIES LIMITED Your Directors' have pleasure in informing you that the Hon'ble High Court of Punjab & Haryana at Chandigarh pronounced its judgment order on 28th July, 1995 for merger/ amalgamation of Trans Asia Packaging Ltd. with your Company with effect from 1.4.92 as per the scheme of amalgamation/merger. Therefore, in compliance to the order of Hon'ble High Court, the merged/amalgamated account of Trans Asia Packaging Limited with your Company as at 31st March, 1995 are placed for adoption. As Per the Scheme of Amalgamation/Merger, your Company shall issue one fully paid equity share against 10 fully paid Equity Shares held by the shareholders of Trans Asia Packaging Ltd. MERGER OF ASIAN CLOSURES LIMITED WITH ASIAN CONSOLIDATED INDUSTRIES LIMITED The review petition for amalgamation/merger u/s 391/394 of the Companies Act, 1956, of Asian Closures Limited with your Company is pending for final decision of the Hon'ble High Court of Punjab & Haryana at Chandigarh. It would result in substantial benefit to all the shareholders. FIXED DEPOSITS During the year the Company has not accepted fixed deposits from the public, shareholders and employees of the Company. DIRECTORS Shri A. K. Mahajan and Shri Kenneth Miller retire by rotation at the conclusion of this Annual General Meeting and being eligible offer themselves for reappointment. Lt. Gen. (Retd.) S. P. Malhotra has resigned from the Directorship of the Company w.e.f. 24.06.1995. ADDITIONAL INFORMATION The additional information required to be disclosed in terms of Notification No. 1029 dated 31.12.1988 issued by the Department of Company Affairs regarding conversation of energy, technology absorption and foreign exchange earning and outgo is as follows. A) CONSERVATION OF ENERGY The Company's operations involve very low energy consumption. Wherever possible, energy conservation measures have already been implemented. However, efforts to conserve and optimise the use of energy through foreign operational methods and other means will continue. B) TECHNOLOGY ABSORPTION The improvements in the manufacturing process suggested by the technical collaborators are being carried out and with that, the Company has been able to reduce the wastage and the production has also increased. C) FOREIGN EXCHANGE EARNING AND OUTGO During the year, there is no Foreign Exchange earning. However, an expenses of Rs. 13,37,599 has been incurred. EMPLOYEES During the period under review there were no employees who were in receipt of remuneration exceeding the limits as specified under Section 217 (2A) of the Companies Act, 1956 (i.e. Rs. 300,000/- per annum or Rs. 25,000/- per month). AUDITORS M/s J. Kumar & Company, New Delhi, Chartered Accountants, Auditors of the Company retire at the conclusion of this Annual General Meeting and being eligible offers themselves for reappointment. The requisite certificate U/s 224 (IB) of the Companies Act, 1956 has been received from them. ACKNOWLEDGEMENT Your Directors convey their sincere thanks to the various agencies of Central Government, State Governments, Financial Institutions, Banks and other concerned agencies for the continued cooperation, held and encouragement extended to the Company during the period under review. The Directors also thank the shareholders and investors for their support and confidence in the Company. Your Directors also wish to place on records the deep appreciation for the services rendered by the officers, staff and workers of the Company at all levels. By order of the Board of Directors Sanjay Jain Managing Director Place : New Delhi Dated : 28th November, 1995.

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