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Hitek Industries (Bihar) Ltd.

BSE: 513003 Sector: Metals & Mining
NSE: N.A. ISIN Code: N.A.
BSE 05:30 | 01 Jan Hitek Industries (Bihar) Ltd
NSE 05:30 | 01 Jan Hitek Industries (Bihar) Ltd

Hitek Industries (Bihar) Ltd. (HITEKINDS) - Director Report

Company director report

HITEK INDUSTRIES LIMITED ANNUAL REPORT 2001-2002 DIRECTORS' REPORT To The Shareholders, Your Directors have pleasure in presenting the Eighteenth Annual Report together with the audited Balance Sheet and Profit & Loss Account of the Company for the period ended 31st March, 2002. Operations For the year under review, there was a loss of Rs. 38.84 lacs, against last year's loss of Rs.58.08 lacs, on account of recessionary trends in the business, particularly power and steel sectors, with which the Company is associated. The working capital shortage added to the problem. Most of the year was spent in restructuring the finance and getting back to improved liquidity to take advantage of expected future market. Yours Directors thank the Financial Institutions and Banks for their patience and constant cooperation offered to the Company in its period of adversity. Market Due to shortage of working capital, the Company went in for job orders on conversion basis and two Companies were added to the list of customers in this method of working. Further conversion tie-ups are planned with big steel manufacturers, which should give the required results in 2001-2002. As in the past, the Company's customers continue to support the Company in its pick-up phase. Directors Shri S. P. Verma retires from the Board by rotation and being eligible offers himself for reelection. Auditors M/s. B. Pal & Co., Chartered Accountants, retire as Auditors of the Company at the conclusion of the Annual General Meeting and being eligible offer themselves for re-appointment. Particulars of Employees Section 217 (2A) of the Companies Act, 1956 and the rules made thereunder are not applicable to the employees of the Company. Particulars regarding conservation of energy, technology absorption and foreign exchange earnings and outgo. A. Conservation of Energy i. Energy consumption is not significant in this industry. ii. As the industry is not covered under the list of industries, Form 'A' is not necessary. B. Technology Absorption R & D activities are not significant. C. Foreign Exchange Earnings Foreign Exchange used : Nil Foreign Exchange earned : Nil However, efforts are being made for exports. Industrial Relations All the staff and workmen contributed to a congenial working atmosphere. The Company is pleased to acknowledge, with gratitude, their dedication and services to the organisation. P.P. Verma (CMD) A.K. Nanda } Directors Registered Office: S.P. Verma } Mahilong, Ranchi - 835 103 Dated : 11.06.2002