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Sarigam Steels Ltd.

BSE: 513324 Sector: Metals & Mining
NSE: N.A. ISIN Code: N.A.
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Sarigam Steels Ltd. (SARIGAMSTEELS) - Director Report

Company director report

1994 SARIGAM STEELS LIMITED Directors Report Your Directors have pleasure in presenting TENTH ANNUAL REPORT on the affairs of the Company together with Audited Accounts for the year ended 31st March, 1994. DIVIDEND In view of inadequate profit the Board do not recommend any dividend for financial year 1993-94. PERFORMANCE DURING THE YEAR The sale turnover of the Company during the year shows an increase of 37%. Net Profit has been reduced to Rs.10.63 Lacs. The reduction in Profit despite increase in turnover was on account of increase in overheads and enhancement of cost with no simultanous increase in Sales Price. Over and above there was recession in the Steel Industry during the year under review. Inspite of same Company could avoid losses on account of corrective measures taken by management by making change in product mix. This has been possible due to in built-technology and wide experience of key promoters. FUTURE PROSPECTS The products of the Company enjoy a good reputation in the market. In the current the Company has received export order worth Rs.16 crores from Saudi Arab Countries. The Company has achieved steady growth and the Dirctors are hopeful to achieve better results incoming year. Company has also planned for expansion & modernisation by introducing A.O.D. & L.F.R to manufacture high value Steel of international grades. For this purposed to raise is propose to raise the required funds through public cum right issue of equity shares at premium not exceeding Rs.20/- per share. FIXED DEPOSITS The company has not accepted any deposit from the public during the period under review. DIRECTORATE Mr. Maitray D. Patel, Director of the Company retires from the office by rotation at the forthcoming Annual General Meeting and being eligible offer himself for re-appointment. In the last Annual General Meeting the appointment of Mr. Rajesh Chhatrala Under Section 255 of the Company's Act, 1956 was not confirmed. Your Director would like to place on record their appreciation of the valuable services rendered by him during his tenure as Director. With a view to Broad Base the Board, it is proposed to appoint three Directors. Mr. Arun G. Verma, Mechanical Engineer has given his consent to act as Director. The proposed director has vast experince in Steel Industry and it will be in interest of the Company to avail advantage of his experience . In said connection the Company has received a notice u/s 257 of Companies Act, 1956 alongwith security of Rs.500/- proposing his appointment as director at forthcoming Annual General Meeting. Mr. Dashrath J. Patel has vast experience in administration field and it will be in the interest of the Company to aveil the advantage of his academic experience. In said connection the Company has received a notice u/s 257 of Companies Act, 1956 along with security of Rs.500/-proposing his appointment as director at forthcoming Annual General Meeting. Mr. Deepak Madia leading Chartered Accountant at Bombay has show his willingness to join the Board. He has vast experience in project consultancy and financial matters. Thus it will be in the interest of the Company to avail advantage of his experience. In said connection the Company has received a notice u/s 257 of Companies Act, 1956 along with security of Rs.500/-proposing his appointment as director at forthcoming Annual General Meeting. PERSONNEL/CONSERVATION OF ENERGY Particulars of employees, as required under section 217(A) of the Company's Act, 1956 read with companies (Particulars of Employees) Rules, 1975 as amended and information as per Companies (Disclousre of Particulars in the report of Board of Directors) Rules, 1988 are annexed to this report. AUDITORS M/s. R. Ajmeri Associate, Chartered Accountant, hold office until the conclusion of enusing Annual General Meeting and being eligible offer themselves for re-appointment. The Board recommends their re-appointment as statutory Auditors at the forthcomming Annual General Meeting. The qualifications made by the Auditors in their report are suitably replied in the notes forming the part of the Account. APPRECIATION The Board acknowledges with gratitude the co-operation and assistance extended by the Company's Bankers, Government Authorities and Inveting Public. The Directors also place on record their appreciation for the sincere efforts made by the employees at all levels which has lead to the satisfactory working of the Company. ANNEXTURE TO DIRIECTORS REPORT FROM A Form for disclosure of particulars with rspect to conservation of energy Current Year Previous Year A. POWER AND FUEL CONSUMPTION 1. Electricity (a) Purchased Units 3357372 3366405 Total Amount Rs. 10956703.29 Rs. 9915886.00 Rate/Unit (Rs.) Rs. 3.26 Rs. 2.95 2. Coal Quantity (Tonnes) Nil NIl Total Cost Nil Nil Average Rate Nil Nil 3. Furnace Oil Qty. (K. Lts.) 30000 Nil Total Amount Rs.168645 Nil Average Rate (Rs./K.L.t) Rs. 5.62 Nil 4. Other/lmternal Generation Qty. Nil Nil Total Cost Nil Nil Rate/Unit Nil Nil B. CONSUMPTION PER UNIT OF PRODUCTION (i) Total Production (M.T) 4320.37 4438.04 (ii) Electricity units per (M.T.) 777.10 758.53 (iii) Furnace Oil L.T. Per M.T. 6.94 Nil (iv) Cost/per M.T. Rs. 2575.09 Rs. 2234.29 From B Form of disclosure of particulars with respect to Absorption of Technology, Research & Development (R & D) FOREIGN EXCHANGE EARNING AND OUTGO 1. Total Foreign Exchange Earned Rs. 4900609 Nil 2. Total Foreign Exchange Used Nil Nil C. TECHNOLOGY ABSORPTION Research & Development The Company is planning to estabilish a seperate R & D cell to up grade increase productivity. lt plans to install VODC (Vaccum Oxidising Decarbonising Convertor) to manufacture high value added products to cater to the special needs of industrial users. At present, there are very few units in the country using this type of technology the company also plans to install spectrometer for immediate analysis of metals and their better quality control. On behalf of the Board of Directors S.L. YADAV Chairman & Managing Director Regd.Office : 6-A, Kum Kum Socity, Stadium Road Naranpura, Ahmedabad - 380 013. Date : 30.11.94