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Gwalior Strips Ltd.

BSE: 513014 Sector: Metals & Mining
NSE: N.A. ISIN Code: N.A.
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Gwalior Strips Ltd. (GWALIORSTRIPS) - Director Report

Company director report

1994 GWALIOR STRIPS LIMITED DIRECTORS' REPORT Your Directors have pleasure in presenting their Tenth Annual Report and the Audited Statement of Accounts for the year ended 31st March 1994. AUDITORS REPORT The comments in the Auditors Report with the notes to Accounts in schedule 18 are self explanatory. OPERATION During the current year despite strenuous efforts, the Company could not achieve the targetted production mainly on account of the following reasons: 1. The Company could not get required working capital funds for its operation for a major part of the year; and 2. There was disruption in the flow of job work orders to the Company owing to disturbed condition in the country. However, despite the above stated problems the company had achieved a level of production of 1235 MT and sale of 1257 MT as compared to last year production of 1897 MT and sale of 2107 MT. During the previous year, the members had approved a proposal for the infusion of promoters' equity to meet the shortfall in the working capital funds. This proposal could not be implemented owing to delay in the approval of the High Court to the merger of Spring Steel Limited with Gwalior Strips Limited. In the scheme approved by the members proposing merger of Spring Steel Limited with your Cornpany there was a clause barring change in the capital structure before the merger was completed. This matter would therefore, be pursued at an appropriate time. It is hoped that your Company could proceed with the issue during the current year. The draft scheme for the rehabilitation of your Company had been approved by the BIFR at its meeting held on 11.07.1994 and the same had been published in the newspapers for the information and objection, if any, of all the concerned parties. Your Board is hopeful that the Company will receive the support of Bank and Financial Institutions for the implementation of the rehabilitation scheme. MERGER As there had been difficulties in fulfilling the conditions of merger scheme envisaged in the merger order of the Madhya Pradesh High Court, Gwalior, the proposal of the merger of Spring Steel Limited with Gwalior Strips Limited had been since dropped. The efforts are being made for infusion of promoters' equity to meet the shortfall in the working capital funds. DIRECTORS Shri Vinod Gupta and Shri J.P. Gupta retire by rotation at the forthcoming Annual General Meeting and being eligible offer themselves for re- appointment. Shri P.L. Joseph had resigned from the directorship of the Company due to his keeping poor health. The company placed on record its appreciation for the valuable services rendered by him during his tenure. PARTICULARS OF EMPLOYEES Information required under section 27(2A) of the Companies Act, 1956 is given in the annexed statement marked Annexure '1'. INFORMATION REGARDING ENERGY CONSERVATION ETC. The information pursuant to Section 217(i)(e) of the Companies Act, 1956 read with Companies (Disclosures of Particulars in the Report of the Board of Directors) Rule, 1988 is annexed hereto and forms an integral part of the Annual Report. DEPOSITS The Company had not accepted or invited any deposit from the public during the year. AUDITORS The retiring Auditors M/s. D.R. Malik & Co., Chartered Accountants are eligible for re-appointment and have indicated their willingrless to act as such. The Company had obtained from them a certificate to the effect that their re-appointment, if made, would be in conformity with the limits prescribed in the relevant Section of the Companies Act, 1956. INDUSTRIAL RELATIONS The relation between the staff and management remained cordial throughout the Financial year under report. ACKNOWLEDGEMENT Your directors would like to express their thanks for the assistance and co- operation extended by the Financial Institutions, Banks and Government Authorities both at the centre and in the state. The Directors also thank the employees of the Company for the services rendered by them during the year and also to the shareholders for the confidence reposed by them in the Company. ANNEXURE TO THE DIRECTORS' REPORT Information as per Section 217(1)(e) of the Companies Act, 1956 read with Companies (Disclosure of Particulars in Report of the Board of Directors) Rule, 1988 of the period ended 31.3.1994. 1. CONSERVATION OF ENERGY Current Year Previous Year 93-94 92-93 (A) Power & Fuel Consumption 8.13 13.56 Purchased Unit KWH (in lacs) Total Amount (Rs. in lacs) 31.58 38.14 Rate/Unit (Rs./KWH) 3.07 02.81 (B) Own Generation (Through DC Unit) Unit KWH (in lacs) NIL 00.10 Unit /per Ltr. of Diesel oil NIL 03.38 Cost/Unit (Rs.) NlL 1.67 (C) Consumption per Unit of production (CR Strips & Job works) Production with details Unit Electricity 658 Standard Unit 720 2. TECHNOLOGY ABSORPTION Research & Development (R&D) (a) Sustained efforts are made towards energy conservation: R&D Activities ofthe Company are directed towards energy conservation, minimise wastage, improve quality with minimal tolerance. (b) Sustained efforts are made, to improve quality, reduction in wastage and environment & pollution protection. (c) Future plan: The above activities shall continue and more efforts in this direction will be made. (d) Expenditure on R & D: No separate records for R&D are maintained and recurring expenditure is merged with various other heads of expenses. TECHNOLOGY ABSORPTION AND INNOVATION: (a) Continuous efforts are made to improve production by valuing actual performance against set standards. These measures have helped in imoprovement in quality, level of production and limiting wastages. (b) Details of imported technology: No technology has been imported during the last five years. 3. FOREIGN EXCHANGE EARNING AND OUTGO: (a) Activities relating to exports: Company's activities are aimed at providing import substitution. Total Foreign Exchange Used and Earned: (Rs. in lacs) Foreign Exchange used NIL Foreign Exchange Earned NIL For and on behalf of Board of Directors (R.C. GUPTA) Chairman Place : New Delhi Date : 25th Noyember 1994