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Deeps Special Steels Ltd.

BSE: 513570 Sector: Metals & Mining
NSE: N.A. ISIN Code: N.A.
BSE 05:30 | 01 Jan Deeps Special Steels Ltd
NSE 05:30 | 01 Jan Deeps Special Steels Ltd

Deeps Special Steels Ltd. (DEEPSSPECSTEEL) - Director Report

Company director report

1995 DEEPS SPECIAL STEELS LIMITED DIRECTORS' REPORT Your Directors present their 12th Annual Report and the audited statement of Accounts of your Company for the financial period ended 30th Sept., 1995 FINANCIAL PERIOD The Financial Period of the Company was extended to 18 months after taking approval of Registrar of Companies, Jaipur, Rajasthan. DIVIDENDS In view of the loss your directors regret their inability to recommend any dividend. OPERATIONAL REVIEW Inspite of the best efforts by Management, no settlement could be arrived with old workers. The sales during the year were very meagre and Company Incurred a heavy loss. MODERNISATION SCHEME The implementation of the modernisation scheme had to be suspended due to ongoing strike of old workers. The implementation will be taken up only after the strike is called off. DEPOSITS During the year Company has not accepted any fixed deposits within the meaning of section 58-A of the Companies Act, 1956 and the rules made thereunder. DIRECTORS Shri Sandeep Jain and Shri S.K.Jain retires by rotation at the forthcoming Annual General Meeting and eligible for reappointment. AUDITORS M/s Ashwani & Associates Chartered Accountants New Delhi retire at the conclusion of the ensuing Annual General Meeting and being eligible offer themselves for re-appointment. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNING AND OUTGO : As required under the companies (Disclosure of particulars in the report of Board of Directors) rules,1988 the necessary particulars are given in the Annexure-l to the report PARTICULARS OF EMPLOYEE (S) TERMS OF SECTION 217 (2A) OF THE COMPANIES ACT, 1956 None of the employees fall within the purview of the above section and the rules formed thereunder: REFERENCE TO BIFR The company had infact become a Sick Company based on the audited accounts for the year ended 31st March 1994 and company had accordingly after passing the requisite resolution at the last Annual General Meeting applied to BIFR for registration as Sick Unit. The BIFR had however declined the company's application on technical grounds,as according to BIFR, the number of workers in the company was less than fifty. The company is advised to apply to BIFR afresh based on latest audited accounts,since during the relevant current period number of workers was in excess of hundred and hence this resolution. ACKNOWLEDGMENT Our Directors thanks to The Industrial Finance Corporation of India Ltd. and State Bank Of Patiala for their continued support. For and on behalf of the Board S. K. JAIN DIRECTOR Place : Ludhiana