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Fleetweld (India) Ltd.

BSE: 523830 Sector: Others
NSE: N.A. ISIN Code: N.A.
BSE 05:30 | 01 Jan Fleetweld (India) Ltd
NSE 05:30 | 01 Jan Fleetweld (India) Ltd

Fleetweld (India) Ltd. (FLEETWELDI) - Director Report

Company director report

1995 FLEETWELD (INDIA) LIMITED DIRECTORS' REPORT Your Directors herewith submit the 5th Annual Report of your Company for the Financial Year ended 31st March, 1995. 1. PROGRESS OF THE PROJECT: As informed to you earlier the project is implemented now and majority of the products -more than 100 products have been developed and put into market. Received overwhelming response and acceptability of the products. The cable is now ISI marked and other products have also got several approvals. Co2 Division and Machinery Division now standardised and maximum stress is given on expansion of this Division. Similarly Low Heat Input Welding Alloys Division is getting excellent response. This project is now fully implemented by standardising its quality and acceptability by the customers. 3. EXPORT OPPORTUNITIES: On export front Company has made remarkable progress by securing orders from several AFRICAN COUNTRIES, DUBAI, SAUDI ARABIA, SYRIA, JORDEN, KUWAIT, BEHRAIN, MAURITIOUS, SEYCHELLES etc. Export orders worth Rs. 3 Crores on hand. Company hopes to export almost all varieties of welding products be ranked among major players in the field of welding in the International Market. We, being the third largest integrated Welding Company serving entire need of the welding products consumers and Company hopes for making strong foothold in welding field. 4. DIVIDEND: In order to conserve the Financial resources of the Company, the Board of Directors have not recommended any dividend. 5. DIRECTORS: Shri M. A. Lokhandwala and Shri P. K. Kohli Directors, retire by rotation and being eligible offer themselves for re-appointment. 6. FIXED DEPOSITS: The Company has not accepted Fixed Deposits from public as envisaged under Section 58 A and 58 B of the Companies Act, 1956 read with the Companies (Acceptance of Deposits Rules) 1975. 7. AUDITORS present Auditors M/s. J. HARKISON DAS & Co. Chartered Accountants, Baroda, are retiring at the conclusion of 5th Annual General Meeting. You are requested to appoint them as they are eligible for re-appointment. 8. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO: Particulars regarding the conservation of energy, technological absorption and Foreign exchange earnings and outgo as envisaged by Sec. 217 (1) (e) of the Companies Act, 1956 read with the Companies (Disclosure of Particulars in the report of the Board of Directors) Rules, 1988 are placed at Annexure, 'A' 9. PARTICULARS OF EMPLOYEES: Your Directors like to place on record their appreciation of contribution made by the employees at all levels their stead- fastness, solidarity and with their co-operation and support, have made it possible for the Company to implement the project effectively. Employees continue to remain our major assets, in our-continuing endeavors in the pursuit for excellence. Information under Sec. 217 (2-A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975, has not been given as there are no employees who have drawn salary more than Rs. 25,000 per month, during the year. 10. ACKNOWLEDGMENT: The Board of Directors are pleased to place on record their sense of gratitude for the continued financial support by banks and other associates. ANNEXURE DIRECTORS' REPORT Particulars required under the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988. A. CONSERVATION OF ENERGY: Abundant care and attention has been exercised in selection of equipment in order to minimise the consumption of fuel and power. B. TECHNOLOGY ABSORPTION, ADOPTATION AND INNOVATION: Efforts in brief are made towards Technology absorption, adoptation and innovation. Benefits derived as a result of the above efforts, e.g. product development cost reduction and improvement in quality of products. C. FOREIGN EXCHANGE EARNINGS AND OUTGO: During the year the company has shown following foreign exchange transaction. Total foreign exchange used NIL Total Foreign exchange earned. Rs. 3,75,240. By Order of the Board D.S. PATEL Chairman Place : Baroda Dated : 28th August, 1995.