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Hilton Rubbers Ltd.

BSE: 509613 Sector: Others
NSE: N.A. ISIN Code: N.A.
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Hilton Rubbers Ltd. (HILTONRUBBER) - Director Report

Company director report

ANNUAL REPORT 1998-99 HILTON RUBBER LIMITED DIRECTORS' REPORT TO THE MEMBERS, Your Directors have pleasure in presenting their Twenty Sixth Annual Report and Audited Accounts of the Company for the year ended 31 st March, 1999. OPERATIONS The Gross Sales for the year were is.2115.32 Lacs against Rs.2828.18 lacs in the previous year. REVIEW OF OPERATIONS Production of conveyor belting througnout the year remained low due to adverse market conditions. The Company had invested heavy amount in Unit IV with an expectation that it will become a major player for supply of conveyor belts in new projects. However due to political instability in the country, many infrastructure projects having been shelved, the market remain depressed. Also the company sufferad serious liquidity crunch because of non- receipt/delayed receipt of sales amount from cash starved public sector companies like Steel, Cement, Mines, State Electricity 130ard etc. Further because of stay order passed by the Honorable Delhi High Court on 17th Sept. 1998, the Company could not hold any meeting of the Board and therefore could not pass any resolution for arranging working capital term loan. The Company reduced its manpower to cut down its fixed expenses but even after taking such a drastic step, the company continued to incur its unproductive fixed expenses coupled with mounting interests. The Company has become sick and it was decided by the Board of Directors in their discretion to refer it to BIFR. DIRECTORS 1. Mr. Deepak Sahay who was appointed as an additional Director of the company w.e.f March 27th 1998 had submitted his resignation on Dec. 1. 1938. As there was stay of Board meetings, the same could be accepted only on 29th Sept. 1999 when the Board was re-constituted in terms of order passed by the Hon'ble Delhi High Court, Delhi on 27th Aug. 1998. 2. Mr Sanjay .S.Kilachand who was managing Director has resigned from the Board as Chairman & Managing Director as well as Director w.e.f 31st August,1998. 3. Mr C.B.Sharma who was Executive Director has resigned from the post of Executive Director as well Director w.e.f 30th September,1999. 4. Mr N.S.Sharma has been re-appointed as Chairman & Whole time Director of the Company w.e.f. Sept 29,1999. 5. Mr. S, R. Kasliwal was appointed as Additional Director of the Company w. e. f 29th September, 1999 and he was further appointed Managing Director w.e.f. 29th September, 1999 DIVlDEND In view of losses during the year. the Directors are unable to recommend any dividend. FIXED DEPOSITS The Company has accepted /renewed deposits upto 30th September,1998 during the year from Public, Shareholders & Employees. And after 30th September,1998 has not accepted or renewed any deposit. AUDITORS M/s. S Prashad & Co., Chartered Accountants retire at the ensuing Annual General Meeting and are recommended for reappointment. A certificate has been received to this effect that their reappointment, if made, will be in conformity with the provisions of Section 224 (1) of the Companies Act, 1956. AUDITORS REPORT As regards qualifications in Auditors Report the amount due towards Provident Fund, Employee State Insurance, Income Tax and Tax deducted at Source could not be deposited with appropriate authorities due to cash crunch in the Company. The over due amount of Fixed deposit of Rs.138.59 Lacs includes an amount of Rs. 120.68 lacs of promoters. The remaining payable amount towards fixed deposits amounting to Rs. 17.91 Lacs could not be paid due to cash crunch. DISCLOSURE OF PARTICULARS Information as per the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 relating to conservation of energy, technology absorption, foreign exchange earnings and outgo are given in Annexure forming part of this report. PERSONNEL Information as per Section 217 (2A) of the Companies Act. 1956 read with Companies (Particulars of Employees) Rules 1975, as amended, is given in Annexure forming part of this report. Y2K COMPLIANCE The only computerised operations of the Company are in the field of Accounts and Book-keeping The Efforts are on to comply with theY2K requirements. ACKNOWLEDGEMENT The Board places on record its gratitude to the Government Authorities, Financial Institutions, eankers and Investing Public for their continued support, co-operation and confidence in the Company. The Board also places on record its appreciation of the valuable services rendered by all the employees of the Company For and on behalf of the Board N.S.KHANNA Chairman Place: New Delhi Date : September29,1999. ANNEXURE TO DIRECTORIES REPORT Information as per Section 217 (1 ) (a) of the Companies Act, 1956 read with Companies (Disclosure of particulars in the Report of Board of Directors) Rules, 1988 and forming part of the Directors Report for the year ended 31 st March. 1995 1) CONSERVATION OF ENERGY: i. New State - of - the - Art Oil Fired Boiler has been installed and commissioned. This boiler has a efficiency of 88% as against 60% of the old coal fired steam boiler. ii. Further experiments are being carried out to reduce operation Cycle Time of the Presses and Intermix by improved methods, procedures and systems. iii. Separate cell has been created for monitoring wastage and loss of utilities on day-to-day basis, which has resulted In reduction of wastage and loss of utilities. 2) TECHNOLOGY ABSORPTION Research & Development (R&D) :- a) Specific area in which R&D is carned out by the Company: Fire Resistant Conveyor Belt with High Abrasion has been developed and its commerclal production has started. R81D work is also under progress for OR -HR (Oil Resistance + Heat Resistance) and FR-HR (Fire Resistant + Heat Resistant ) Conveyor Belts. b) Benefits derived as a result of above R&D :- Having developed our own special compounds for Fire Resistant Belts with high abrasion Resistant, Hilton is able to cater to the needs of important domestic and export customers. c) Future Plan of Action :- R&D work is in further progress to develop compounds at reduced cost without making any compromise on quality of Conveyor belts. 3) TECHNOLOGY ABSORPTION, ADAPTATION AND INNOVATION Technology received from M/s. Trellex AB, Sweden has been fully absorbed and adopted for Manufacturing Rubber Sheets for export market. 4) FOREIGN EXCHANGE EARNINGS AND OUTGO (A) Activities relating to exports, initiatives taken to increase export, development of new export markets for products and services plans: Visits are being made by companys personnel to develop new export markets from time to time and export possibilities are being explored. (B) Total foreign exchange used and earned Used Earned Rs 274.78 lacs Rs 156.34 lacs For and on behalf of the Board N.S.KHANNA (Chairman) Place: New Delhi Date : 29th September,1999.