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Volvo Terry Industries Ltd.

BSE: 526289 Sector: Industrials
NSE: N.A. ISIN Code: N.A.
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Volvo Terry Industries Ltd. (VOLVOTERRYINDS) - Director Report

Company director report

1996 VOLVO TERRY INDUSTRIES LIMITED DIRECTORS' REPORT Your Directors present herewith their Fourth Annual Report for the year ended 31st March, 1996. PROJECTION V. PERFORMANCE The performance of the Company vis-a-vis projection for the year ended 31st March, 1996 made in the Prospectus dated 2nd July, 1993 is as under: (Rupees in Lacs) Particulars Projected Actuals Turnover 954.53 169.13 Profit after Tax 211.24 (147.30) Dividend (pro rata) 30% NIL EPS (Rs.) 3.95 NIL The projection could not be achieved on account of delay in implementation of the project and shortage of working capital funds. DEPOSITS During the year, the Company has not accepted any deposits from public. The Company, has compiled with the provisions of Section 58A of the Companies Act, 1956, and the deposit rules made thereunder. DIRECTORS Mr. Babubhai G. Patel and Mr. Arvind L. Shah, Directors retire at the ensuing Annual General Meeting of the Company and being eligible offer themselves for re-appointment. Mr. Arunbhai P. Patel has resigned from the Directorship of the Company with effect from the 29th day of November, 1995. The Directors place on record their appreciation for the services rendered by Mr. Arunbhai P. Patel during his association with the Company as a Director. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO The Company has earned Foreign Exchange equivalent to Rs. 80,21,742/- on account of export of its products and spent Rs. 14,347/- during the year under review. The particulars regarding Conservation of Energy and Technology Absorption pursuant to Section 217(1) (e) of the Companies Act, 1956 are as per the enclosed Annexure - 'A', which forms part of this report. PARTICULARS OF EMPLOYEES There is no employee who is in receipt of remuneration exceeding Rs. 3,00,000/- per annum or Rs. 25,000/- per month, as the case may be, being the limits prescribed under the Rules pursuant to Section 217(2A) of the Companies Act, 1956. AUDITORS M/s. J.T. Shah & Co., Chartered Accountants, Ahmedabad retire at the ensuing Annual General Meeting of the Company and being eligible offer themselves for reappointment. You are requested to reappoint the Auditors and fix their remuneration. AUDITORS' REPORT The Company had to borrow funds from other group finance company at a higher rate of interest, which is normal in the finance sector, as outside funds were not available and if such borrowings could not have been made, the production and other operations could have come to a stand still [Point VII]. ACKNOWLEDGEMENT Your Directors place on record their appreciation for the co-operation received from the Dena Bank and services rendered by the employees of the Company, and look forward to their continued support in the years to come. ANNEXURE TO THE DIRECTORS' REPORT ANNEXURE - A A. CONSERVATION OF ENERGY: (a) Energy conservation measures taken : NIL (b) Additional Investments and Proposals if any, being implemented for reduction of consumption of energy : NIL (c) Impact of the measures at (a) and (b) above for reduction of energy consumption and consequent impact on the Cost of production of goods : NIL (d) Total energy consumption and energy : AS MENTIONED consumption per unit of production as HEREUNDER per Form A of the Annexure in respect of industries specified in the Schedule thereto Power & Fuel Consumption 1. Electricity 1995-96 1994-95 a) Purchased Unit 4,08,922 1,14,050 Total Amount (Rs.) 11,86,621 4,20,197 Rate/Unit (Rs.) 2.90 3.68 b) Own Generation Diesel Generator Unit 27,760 18,500 Diesel Consumption (ltrs.) 12,405 11,387 Total Amount (Rs.) 99,240 91,097 Cost per Unit (Rs.) 3.57 4.92 2. Coal NIL NIL 3. Furnace Oil NIL NIL 4. Others (L D O) - (Itrs.) 99,000 24,000 B. TECHNOLOGY ABSORPTION : NOT APPLICABLE C. FOREIGN EXCHANGE EARNINGS AND OUTGO: The required information is contained in the Notes to the Accounts, Schedule 19 [Note No. 11 (f)]. FOR AND ON BEHALF OF THE BOARD LALBHAI D. SHAH CHAIRMAN PLACE : AHMEDABAD DATE : 23RD AUGUST, 1996.