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Paramount Steels Ltd.

BSE: 513062 Sector: Metals & Mining
NSE: N.A. ISIN Code: N.A.
BSE 05:30 | 01 Jan Paramount Steels Ltd
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Paramount Steels Ltd. (PARAMOUNTSTEELS) - Director Report

Company director report

1996 SRIYANSH STEEL LIMITED DIRECTORS' REPORT Your Directors have pleasure in submitting the 151h Annual Report together with Audited Statement of Accounts for the year ended 31st March 1996. PERFORMANCE REVIEW In the year under review production of the Company was 10499.170 M.T as compared to 10961.756 M.T in the previous year. The sales of the Company in the year 1995-96 was Rs.1025 39 Lacs as compared to Rs.1026.32 lacs in the year 1994-95. RIGHT ISSUE The Right Issue of the Company will be opened soon. DIVIDEND As there was no profit during the year so no dividend is declared for the year under review. INDUSTRIAL RELATIONS Industrial relations continued to be cordial during the year under review. AUDITORS The Auditors M/s VIRDI & COMPANY. Chartered Accountants. Ludhiana retire at the conclusion of this Annual General Meeting and being eligible offer themselves for reappointment. They have furnished a certificate to the effect that the re-appointment. if made will be in accordance with sub- section (1-B) of section 224 of the Companies Act 1956. DIRECTORS Sh. D.N. Khanna Director of the Company retires from the board by rotation and being eligible offers himself for re appointment. PUBLIC DEPOSITS The Company has not accepted or invited any fixed deposits from the public. PARTICULARS OF EMPLOYEES The information as required by the provisions of section 217(2A) of the Companies Act, 1956 read with the companies ( Particulars of Employees ) Rules 1975 as amended is Nil. SECTION 217(1)(e) OF THE COMPANIES ACT, 1956 In accordance with the provisions of section 217(2A) of the companies Act 1956 the required information relating to Conservation of Energy Technology Absorption and Foreign Exchange Earnings and Outgo is annexed. SRIYANSH STEEL LIMITED ACKNOWLEDGEMENTS The Directors wish to place on record their thanks to Punjab National Bank Director of Industries Punjab. Punjab State Small Industries and Export Corpn. Ltd. and Punjab State Electricity Board for their assistance given to the company and also wish to thank the customers as well as suppliers of Raw Materials for their support and co-operation from time to time. The Directors also take this opportunity to record their sense of appreciation of devoted services rendered by executives staff and workers of the company. ANNEXURE TO THE DIRECTORS' REPORT ADDITIONAL INFORMATION GIVEN IN TERMS OF NOTIFICATION 1029 OF 31/12/88 ISSUED BY DEPARTMENT OF COMPANY AFFAIRS 1. Conservation of Energy The manufacturing process of the Company is based on the power supply from P.S.E.B to optimise the use of energy the Company is having separate maintenance department which employ well experienced and qualified staff to keep strict vigil over the use of power. These measures adequately reduce the wastage of energy. FORM-A (See Rule-2) Form for disclosure of particulars with respect to conservation of Energy. A. Power and Fuel Consumption Current Year Previous Year 1. Electricity a) Purchased Unit 11683860 12836970 Total Amount 2,40,51,218 2,43,91,742 Rate/Unit Rs. 2.06 Rs.1.90 b) Own Generation i) Through Diesel generator 15224 14440 Unit per Ltr. of Diesel Oil 3 5 Cost/Unit Rs. 2.33 Rs.1.39 ii) Through Steam Turbine/generator unit NIL NIL Unit per Ltr. of Fuel Oil/Gas NIL NIL Cost/Unit NIL NIL 2. Cost ( specify quality and where used) Quantity ( Tonnes ) NIL NIL Total Cost NIL NIL 3. Furnace Oil Quantity NIL NIL Total Cost NIL NIL Average Rate NIL NIL 4. Other/internal generation Quantity NIL NIL Total Cost NIL NIL Rate/Unit NIL NIL B. Consumption per unit of Production Products Electricity 1112.84 Units 1171.07 Units P.M.T P.M.T. 2. Technology absorption To keep the standard of the products and to ensure proper use of raw material the company has employed well qualified staff and experienced metallurgist. A small laboratory is also maintained by the company for this purpose. Nature of the manufacturing process is such that no separate R&D cell is required. Further no technology has been imported in the last five years. (Rupees in Lacs) 3. Foreign Exchange earned and used Current Year Previous Year a) Foreign Exchange earned NIL NIL b) Foreign Exchange Used CIF Value of Imports 50.38 114.66 Travelling -- 0.79 For and on behalf of the Board SUDESH BANSAL SUDERSHAN BANSAL CHAIRMAN CUM MANAGING DIRECTOR DIRECTOR PLACE : NEW DELHI DATED : 5TH AUGUST, 1996.