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Sandeep Industries Ltd.

BSE: 522138 Sector: Engineering
NSE: N.A. ISIN Code: N.A.
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Sandeep Industries Ltd. (SANDEEPINDS) - Director Report

Company director report

1994 SANDEEP INDUSTRIES LIMITED DIRECTORS' REPORT Your Directors present herewith the SEVENTH ANNUAL REPORT of the Company together with the Audited Statement of Accounts for the period ended 30th June, 1994. DIVIDEND In view of loss incurred during the period under review the Board is unable to recommend any dividend. FUTURE PROSPECTS The project for Rolling Mill will be implemented by the end of current year the fruits of which will be tested in the next financial year. In view of expansion, diversification and modification by introducing manufacturing of high value steel grades it is proposed to raise funds through right cum public issue at a premium not exceeding Rs.20/- per share. The overall future of the Company is bright and your Board expect better results in the coming year. DIRECTORATE Shri A.A. Patel, Shri N.K. Somani, Shri R.K. Agrawal and Shri S.V. Joshi have resigned from the Board. The Board places n record its appreciation for valuble services rendered by them during their tenure as Director. Shri K.K. Shah and Smt. D.S. Yadav, Directors of the Company, retires from the office by rotation at the forthcoming Annual General Meeting and being eligible offer themselves for reappointment. AUDITORS Members are requested to appoint the auditor for the financial year 1994-95. The Company has received the Certificate U/S 224(1) from M/S R. Ajmeri Associates, Chartered Accountant, Ahmedabad, showing their willingness for reappointment as statutory auditor. The Board recommend the reappointment. AMALGAMATION The Company has filed the petition with Honourable High Court of Gujarat, for the Amalgamation with Sandeep Steels Limited. Upon receiving the favourable order from the Honourable High Court of Gujarat the Company will issue and allot the shares to the Shareholders of Sandeep Steel Limited as decided by Shareholders in the Meeting held on 4th June, 1994. CHANGE IN THE FINANCIAL YEAR For the purpose of giving effect to the proposed Amalgamation the Board decided to change the financial year as 30th June. Thus the year under review comprises of fifteen months. FIXED DEPOSIT The Company has not accepted any deposit from the public during the period under review. PARTICULARS OF EMPLOYEES None of the employee is drawing salary more than that prescribed U/S 217(2A) of the Companies Act, 1956 and hence particulars are not given in this report. INDUSTRIAL RELATIONS Relations between the employees and the management have remained cordial throughout the year. APPRECIATION Your Directors wish to place on record their appreciation for the efforts and the devoted services of whole Time Directos. Advisors, Officers, Technical and Administrative Staff and Workers. Your Directors also sincerely appreciate all the assistance rendered by Bankers of the Company, Financial Institution and the Government Authorities. ANNEXURE Information as per Section 217(i)(e) read with Companies (Disclosure of Particulars in the Report of Board of Directors) Rules 1988 and forming part of Directors' Report for the period ended on 30th June 1994. A. CONSERVATION OF ENERGY (a) Power and fuel Consumption (1) Electricity (i) Purchased Units 6787305 Total Amount (Rs.) 17036843 Rate per Unit (Rs.) 2.51 (ii) Own Generation Nil (2) Coal Nil Total Cost Average rate (3) Furnace Oil Nil Quantity Total Amount Average Rate (b) Consumption per Unit of Production Total Production (M.T.) 7988.462 Electricity (Unit/MT) 849.63 Per M.T. (Cost/MT) Rs.2132.68 Per M.T. B. TECHNOLOGY ABSORPTION Company has established a highly equipped Laboratory for material testing. The Company is planning to establish a separate R&D Cell to upgrade technology & increase productivity. C. FOREIGN EXCHANGE EARNINGS & OUTGO : NIL. On Behalf of the Board of Directors S.L. Yadav Chairman and Managing Director Date : 01/12/1994 Place : Ahmedabad