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Do-Max Steel Ltd.

BSE: 513339 Sector: Metals & Mining
NSE: N.A. ISIN Code: N.A.
BSE 05:30 | 01 Jan Do-Max Steel Ltd
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Do-Max Steel Ltd. (DOMAXSTEEL) - Director Report

Company director report

1994 DO-MAX STEEL LIMITED DIRECTORS' REPORT To, The Shareholders, 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- 1994. 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 Industrial activities. 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 unabsorbed depreciation. 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 & OUTGO : 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 the workers. 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 Managing Director Dated : 24th November, 1994