DO-MAX STEEL LIMITED
The Directors of your Company take opportunity to submit the 3rd Annual
Report with the Statement of Accounts for the financial year ended 31-03-
1. PERFORMANCE SCENARIO :
As all you are aware, the economic/organisational activities and Industries
related thereto have been passing through a severe demand recession, poor
market absorption and high cost vicious circle owing to the bottom line
activities in the steel. Industry, the overall flow of performance was
adversely affected leading to the financial working capital paucity hampering
the persistent production. However the company has managed to sustain the
2. LOOK IN FUTURE :
The management having assessed the position and planning the diversified
activities by setting up Rolling Mill in other steel sector. The negotiations
are in advanced stage of concluding the business tie up with Middle east
business partner M/s. Naaman Trading & Contracting Co., Sultanate of Oman to
export Company's product to the Gulf Countries and setting up the project of
Steel Rolling Mills at OMAN on turnkey basis with option of managing the
project for 3 to 5 years.
3. FINANCIAL SCENARIO :
Inspite of the fact that the Company was facing severe demand recession, the
company has sustained to post the operating and cash profit.
PERFORMANCE IN NUTSHELL
We have pleasure in presenting following working results of the Company for
the year ended 31-03-94.
During the year, the management is confident of having achieved remarkable
performance with new business association referred elsewhere.
4. DIVIDEND :
No dividend could be recommended due to operating loss attributed to
5. DIRECTORS :
In the terms of the provision of the Companies Act, 1956, Mrs. R. B. Ralhan
shall be the director retiring by rotation who however will be eligible for reappointment.
6. PARTICULARS OF EMPLOYEES
Information in the terms of Sec. 217 (2-A) of the Companies Act, 1956, read
with the Companies (Particulars of Employees) Rules, 1975 need not be given
as no employee is covered under the ceiling.
7. AUDITORS :
M/s. Akshay Shah & Co. Chartered Accountant, Vadodara who are retiring at the
conclusion of this Annual General Meeting of Members being eligible offer
themselves for reappointment.
8. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNING &
A. CONSERVATION OF ENERGY :
The Company has been undertaking the study of the manufacturing process and
adequate steps are taken for minimising the energy and power wastage,
specially electricity & power consumption.
B. TECHNOLOGY ABSORPTIONT :
Being the fact that manufacturing process has been indigenously developed,
the status of technology absorption need not be mentioned.
C. FOREIGN EXCHANGE EARNING & OUTGO :
No foreign exchange earning or outgo has occured for the year.
D. SAFETY MEASURES :
The Company has taken adequate measures for the safety of labourers from fire
and furnace operation and the training to that effect has been provided to
10. PUBLIC DEPOSITS :
The Company has not accepted any deposites falling within the limits of the
provisions of Companies (Acceptance of Deposits) Act, 1956.
11. ACKNOWLEDGEMENTS :
The Board places on record appreciation to its Senior Executives, Staff
personnel, Bankers, Gujarat Electricity Board and all other Associates for
their support and Co-operation extended to the Company.
For and on behalf of the Board
H. P. Ralhan
Dated : 24th November, 1994