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Ganesh Foundry & Castings Ltd.

BSE: 513448 Sector: Engineering
NSE: N.A. ISIN Code: INE449U01019
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Ganesh Foundry & Castings Ltd. (GANESHFOUNDRY) - Director Report

Company director report

GANESH FOUNDRY & CASTINGS LTD. DIRECTORS REPORT REPORT OF THE BOARD OF DIRECTORS TO THE MEMBERS OF GANESH FOUNDRY & CASTINGS LTD. FOR THE FINANCIAL YEAR ENDED 31ST MARCH 1998. Your directors submit their 10th Report and Accounts for the financial year ended 31st March,1998. 1. PRODUCTION AND MARKETING: Your directors present before you the financial statements of your Company as below:-- The Company's turnover and profit has increased significantly during the financial year 1997-98 in comparison to earlier years, due to resumption of Electrical power by B.S.E.B. on 01.01.98. Your Company had started its Rolling Division initially from 07.01.98 and there after Foundry unit from 12.02.98. But normal production could not be achieved due to long closure of the unit. Your Company, however has achieved a production of 434.630 MT of M. S. Ingots and 451.865 MTs. of CTD Bars during the year. 2. FINANCIAL RESULTS (i) Your Company is engaged in iron and steel manufacturing activity. The electric energy is the basic input and vital component therein. Production activity of the unit was stopped on 4th August.95 due to illegal disconnection of power supply by Bihar State Electricity Board, Patna, and who had also arbitrarily raised a bill for additional energy consumption amounting to Rs. 39.41 crores. The Company had not acknowledged the debt and accordingly provision against the same has not been made in accounts. Aggrieved by the bill your Company had filed a civil writ petition before the Hon'ble High Court Patna for restoration of energy supply and quashing of the additional demand. The dispute was referred to the arbitration by the Hon'ble High Court Patna. The Hon'ble Arbitrator had passed an interim award on 28.05.97 directing the Company to deposit Rs.23.09 lakh (Rs.13.09 lacs towards outstanding dues on the company and Rs. 10 lacs deposit money to be adjusted after the final award) with B.S.E.B. for resumption of power. B.S.E.B. had filed an appeal against the interim award before the Hon'ble Patna High Court. Simultaneously your company had also filed a writ petition for implementation of the interim award. The Hon'ble High Court Patna dismissed the appeal filed by B.S.E.B. and directed them to implement and give effect to the arbitration interim award. Accordingly power was resumed on 01.01.98. Final award of arbitration is under process. Your Directors hope that power resumption will increase the financial viability of your Company considerably. 3. INDUSTRIAL RELATION: Industrial Relations have been cordial throughout the year. 4. DIRECTORS: Sri Om Prakash Bajoria is liable to retire by rotation from the board of the Company and has expressed his willingness to be reappointed. It has also been recommended by the Board to appoint Mr. Bajoria as a whole time Director on the Board w.e.f.1 st January,1999 to hold office as such in view of increased responsibility level in the Company. 5. DIVIDENDS: Your directors do not consider it appropriate to recommend a dividend for the year, in view of financial losses for the year. 6. AUDITORS REPORT: Auditors report is self-explanatory, as such no further comments are necessary. 7. AUDITORS: The Auditors, M/s A. K. Jalan & Associates, Chartered Accountants, retire at the forthcoming AGM and being eligible, are willing to be reappointed. 8. PUBLIC DEPOSITS: Your company has not accepted deposits from members of the public during the year. 9. OTHER PARTICULARS: Particulars in respect of conservation of energy, technology absorption and foreign exchange earnings and outgo pursuant to Section 217(1)(e) of the Companies Act,1956 are as follows: (a) CONSERVATION OF ENERGY: Energy efficient equipments have been used and emphasis has been laid on preventive maintenance. This will reduce cost of production by utilising power judiciously. The benefits out of steps taken above will be derived by the Company in course of time. Power and fuel conservation - as per form "A" annexed below, (b) TECHNOLOGY ABSORPTION: Efforts made in this regard are given in Form "B" annexed below. (c) FOREIGN EXCHANGE EARNINGS AND OUTGO: Total foreign exchange used and earned: Total Usage - Nil Total Earnings - Nil. 10. PARTICULARS OF EMPLOYEES: In accordance with Section 217 (2A) of the Companies Act,1956 read with the Companies (Particulars of Employees) Rules,1975 as amended are not applicable to your Company as none of the employee is getting remuneration in excess of the stipulated limits, i.e., Rs.3,00,000/= if employed for the year and Rs. 25,000/= or more p.m. if employed for part of the yea 11. THANKS: Your Company owes a debt of gratitude to the investing public financial Institutions, suppliers and banks for their continued support. Also the outstanding loyalty and dedication shown by employees at all levels has made your Company to grow to this level. On your behalf and ours, we express our thanks for their cooperation extended to the Company. On behalf of the Board sd/- Place: Muzaffarpur- 1 (A. K. Bajoria) Dated: 31st October, 1998 Chairman ANNEXURE TO DIRECTORS' REPORT FORM - B Disclosures of particulars with respect to absorption in 1997-98. Research and Development: Specific area in which R & D carried out by the Company. Product development. Benefits derived as a results of above R & D. As a result of above the Company was able to improve its quality of product with savings in consumption of Raw materials and consumable. Future Plan of Action: The R & D proposes to cover more areas of cost reduction improvement in productivity, quality standardisation and adoption of specifications. Technology absorption, adoption and innovation: Efforts, in brief made towards technology absorption, adoption and innovation and benefits thereof - Nil. Import of Technology etc. - Nil. On behalf of the Board sd/- Place: Muzaffarpur- 1 (A. K. Bajoria) Dated: 31st October, 1998 Chairman