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Him Containers Ltd.

BSE: 523535 Sector: Industrials
NSE: N.A. ISIN Code: N.A.
BSE 05:30 | 01 Jan Him Containers Ltd
NSE 05:30 | 01 Jan Him Containers Ltd

Him Containers Ltd. (HIMCONTAINERS) - Director Report

Company director report

ANNUAL REPORT 1998-99 HIM CONTAINERS LIMITED DIRECTORS' REPORT TO THE SHAREHOLDERS The Directors present the Nineteenth Annual Report of the Company for the year ended 31 st March, 1999. FINANCIAL RESULTS The Directors regret to report that net loss for the year under review amounts to Rs. 8,30,50,799 due to interest and finance charges and other standing charges. The cumulative loss amounts to Rs. 46,70,26,695 as at 31.3.99. Since the dismissal of Company's appeal against BIFR order by the Appellate Authority for Industrial & Financial Reconstruction (AAIFR) vide its order dated 5.9.97, several meetings with Government of West Bengal and other interested parties took place but no progress for revival of the Company could be made. The matter is awaiting High Court's confirmation of BlFR's opinion regarding winding up of the Company. The Company has since received legal notice from State Bank of India recalling its dues. As reported earlier, the Company does not have any employee working at present due to continued suspension of work. The Company has been allowed extension of time by the Registrar of Companies,Assam for holding its Annual General Meeting within 31st December, 1999. DIRECTORS In accordance with the Articles of Association of the Company, Mr. S. K. Kasera retires by rotation and being eligible, offers himself for re- appointment. AUDITORS Messrs D. Basu & Co., Statutory Auditors of the Company retire at the conclusion of this Annual General Meeting and being eligible, offer themselves for re-appointment. AUDITORS' REPORT The auditors have referred to Notes in Item 1(i) (b), 4 to 9, 10, 12, 13, 16 to 18 of Schedule 16. The explanations contained in the relevant Notes on Schedule 16 may be treated as information/explanations submitted by the Board of Directors, these being self- explanatory. PERSONNEL The Directors thank the security staff and other employees for their services as and when called upon during the year under review. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING AND OUTGO: Pursuant to the provisions of 217 (1) (e) of the Companies Act, 1956 read with the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988, particulars as applicable are given in Annexure 'A' to the Directors' Report. PARTICULARS OF EMPLOYEES The Company does not have any employee in the Category specified in Section 217(2A) of the Companies Act, 1956 read with the prescribed Rules. ACKNOWLEDGEMENT Your Directors acknowledge with thanks the continued support and co- operation extended by the Government of India, Government of West Bengal, State Bank of India, Financial Institutions, customers as well as Commissioners of Customs/Central Excise and Calcutta/Haldia Port Commissioners during the year under review. For and on behalf of the Board of Directors C.S.SAHA Director Place : Calcutta, Date :5th October 1999 ANNEXURE 'A' TO THE DIRECTORS' REPORT Information pursuant to the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 and forming part of Directors' Report. A. CONSERVATION OF ENERGY (a) Energy conservation measures taken (b) Additional investments and proposals, if any, being implemented for reduction of consumption of energy (c) Impact of the measures at (a) and (b) for reduction of energy consumption and consequent impact on the cost of production of goods (d) Total energy consumption and energy consumption per unit of production Company 's factory and offices are under suspension of work. B. TECHNOLOGY ABSORPTION 1. Research and Development (R & D) 1. Specific areas in which R & D carried out by the Company 2. Benefits derived as a result of the above R & D 3. Future plan of action 4. Expenditure on R & D Company factory's and office ar under suspension of work II. Technology Absorption, Adaptation and Innovation 1. Efforts, in brief, made towards technology absorption, adaptation and innovation The Company has fully absorbed and adapted the technology of work. 2. Benefits derived as a result of the above efforts 3. Imported technology The Company has not imported any technology in the last five years. C. FOREIGN EXCHANGE EARNINGS AND OUTGO Activities relating to exports, initiative taken to increase export, development of new export markets for products and services and export plans: The Company, being an Export Oriented Unit, is capable of increasing exports and augment Country's foreign exchange earnings if its operations are re-started with appropriate financial relief package from the Central and State Governments, Banks, Financial Institutions and other Pressing Creditors. For and on behalf of the Board of Directors C.S.SAHA Director Place:Calcutta, Date :5th October, 1999 Registered Office: Noomati Guhawati -781 020 Assam.