You are here » Home » Companies » Company Overview » Kavini Ispat Ltd

Kavini Ispat Ltd.

BSE: 513494 Sector: Engineering
NSE: N.A. ISIN Code: N.A.
BSE 05:30 | 01 Jan Kavini Ispat Ltd
NSE 05:30 | 01 Jan Kavini Ispat Ltd

Kavini Ispat Ltd. (KAVINIISPAT) - Director Report

Company director report

1994 KAVINI ISPAT LIMITED DIRECTORS REPORT To The Members of Kavini Ispat Limited Your Directors have pleasure in presenting the second Annual Report together with the audited accounts for the year ended 31 st March 1994. PROJECT IMPLEMENTATION: Your directors are happy to inform you that the project to manufacture 9000 tons of Cast Iron Castings has been implemented within time and cost parameters. There has been a saving in the cost of about Rs.1.81 Lakhs. With a view to operating efficiently your campany has created necessary infrastructure facilities. Your company attaches utmost importance to quality and is working towards the goal of achieving and surpassing its projections. We take this opportunity to record our gratefulness to the contractors, suppliers, consultants, Govt. Departments for their support in enabling us in executing the project in time. Our, appreciation goes to the staff, who have shown dedication in completing the various tasks on time during the implementation stage. COMMENCEMENT OF COMMERCIAL OPERATION The company commenced commercial operation from the 20th April 1994 and is already through with executing the orders/supplies in a satisfactory manner. The company has achived a turnover of Rs.146.40 lakhs and a gross profit of Rs.36.27 lakhs during the current year in its operations untill June 1994. DIVIDEND As there was no commercial operation during the period under review, the question of declaring dividend does not arise. THE INDUSTRY: Despite recessionary conditions in major importing countries, Indian exports of steel and services have increased drastically. The impressive export performance is a result of the liberalised economic environment and the strong image India has acquired in the international market over the years. PUBLIC ISSUE AND LISTING: The company offered 23,40,000 Equity Shares of Rs.10/- each in December 1993 to the Indian public aggregating to Rs. 234 Lakhs for cash at par and the Board of Directors are pleased to inform that the issue was fully subscribed despite adverse conditions prevailing in the Capital Market. The Directors thank the investing public for the confidence reposed in the company. Allotment of shares was made on the 21st February 1994 and the listing applications were made on the 24th February 1994 to the Bombay, Madras and Hyderabad Stock Exchanges. Trading permission was granted by Bombay, Hyderabad and Madras Stock Exchanges on the 9th March 1994. INFORMATION PURSUANT TO SECTION 217(1) OF THE COMPANIES ACT 1956 READ WITH COMPANIES (DISCLOSURE OF PARTICULARS IN THE REPORT OF DIRECTORS) RULES, 1988. - NIL Particulars in respect of conservation of energy and technology absorption are nil for the period under review. There was no foreign exchange outgo or earnings during the year under review. EMPLOYEES There are 114 employees on the works of the company as of date. DIRECTORS Sri Basu Bhuwalka & S.M. Uday Kumar retire by rotation and being eligible offers themselves for re-election. The company has received a separate notice in writing from a member under section 257 of the Companies Act 1956 signifying his intention to propose the appointment of Sri S.M. Uday Kumar. AUDITORS M/s Basil Miranda & Co. auditors of the Company retire at the conclusion of this Annual General Meeting and offer themselves for re-appointment. The directors recommend Rs. 7,500/- towards audit fees for the next year. ACKNOWLEDGEMENT The Board of Directors gratefully acknowledge the warm and overwhelming support from the shareholders of the company and solicit their continued patronage in nurturing this company to a bright future. Your directors wish to clace on record their appreciation for the devoted service of all employees. Basu Bhuwalka Bimal K Bhuwalka S.M. Uday Kumar Directors 17/08/94 P.K. Dutta Madras. S.K.Ganeriwala