ASIAN CONSOLIDATED INDUSTRIES LIMITED
The Directors are pleased to present the 10th Annual Report of the Company
together with audited accounts for the year upto 31st March, 1995
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.
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
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.
During the year the Company has not accepted fixed deposits from the
public, shareholders and employees of the Company.
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.
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.
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
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.
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
Place : New Delhi
Dated : 28th November, 1995.