ANNUAL REPORT 1998-99
HIM CONTAINERS LIMITED
TO THE SHAREHOLDERS
The Directors present the Nineteenth Annual Report of the Company for the
year ended 31 st March, 1999.
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
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.
In accordance with the Articles of Association of the Company, Mr. S. K.
Kasera retires by rotation and being eligible, offers himself for re-
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.
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.
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
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.
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
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'
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
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
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
For and on behalf of the
Board of Directors
Date :5th October, 1999
Noomati Guhawati -781 020