Raghoji Cement Manufacturing Co Ltd.
BSE: 518077 |
Sector: Industrials |
NSE: N.A. |
ISIN Code: N.A. |
BSE
05:30 | 01 Jan
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Raghoji Cement Manufacturing Co Ltd
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NSE
05:30 | 01 Jan
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Raghoji Cement Manufacturing Co Ltd
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Raghoji Cement Manufacturing Co Ltd. (RAGHOJICEMENT) - Director Report
Company director report
1995
RAGHOJI CEMENT MANUFACTURING COMPANY LIMITED
DIRECTORS' REPORT
Your Directors have pleasure in presenting the twelveth Annual Report
together with the Audited Balance Sheet as at 31st March 1995 and Auditors'
Report thereon.
Financial Results:
Due to reasons beyond the control of the Management, regular commercial
production could not commence during the year under report. However,
Company's fortune has turned for the better, after sorting out the
technical and financial problems. The Company has been able to commence
commercial production at the beginning of the accounting year 1995-96, and
the production is now stabilised. Accordingly the Company has capitalised
the project expenses. The Company has taken steps to appoint Dealers and
the Directors are hopeful to show better performance from now onwards.
Capital Outlay:
As against the Capital Outlay of Rs. 1084.25 lakhs envisaged in the
prospectus the actual cost of the Project has gone upto Rs. 1500 lakhs on
account of further delay in the implementation resulting in further accrual
of interest dues to the Institutions/Bank.
Increase in the Authorised Share Capital:
Members at the previous Annual General Meeting have approved resolution to
increase the Authorised Share Capital of the Company upto Rs. 10 Crores.
However this resolution could not be implemented since the Company was
preoccupied with technical problems in the operation of the Plant
immediately thereafter. However now that the Plant operation is stabilised
Company desires to bring this resolution once again before the Members for
their consideration and approval. Directors recommend the resolution to be
passed as an ordinary resolution.
Increase in the Borrowing Powers:
Members at the Extraordinary General Meeting held on 20th September 1986
have approved Borrowing by the Company upto a limit of Rs. 1000 lakhs.
Directors feel that this amount has to be raised upto Rs. 1500 lakhs taking
into account the likely need for raising funds to meet the day to day
requirement of the Company for attaining stabilised Production level. A
suitable resolution has been proposed which the Directors recommend
approval of the Members as an ordinary resolution.
Future Outlook:
In the liberalised economy Directors feel that there is lot of scope for
diversified expansion of economic activities in the Country and thus for
Company's White Cement product. Directors are hopeful to take advantage of
this situation with better production in the years to come and reward the
Members who have waited long with patience.
Directors:
Sri. Neville H. Irani retires by rotation under the provisions of the
Articles of Association of the Company and being eligible offers for
reappointment at this Annual General Meeting.
Auditors:
M/s M.A.Narasimhan & Co., the retiring Auditors have given their consent
for being reappointed as Auditors of the Company for the year 1995-96.
Members are requested to consider approval of the same.
The notes on the accounts are self explanatory with regard to observations
made by the Auditors in their report to the, Members of the Company.
The Company has not accepted any Public Deposit during the year under
review.
The information under section 217 (2A) of the Companies Act, 1956 may be
taken as Nil.
Information regarding Conservation of Energy and Technology Absorption is
not required to be given since the Company has not commenced Commercial
Production during the year under review. However adequate steps are being
taken for Conserving Energy at all levels of Plant operation and continuous
efforts are being made to improve technology and development. There is no
Foreign Exchange earning or outgo during the year under review
Continuous efforts are being made to improve Environmental Protection and
Safety measures in the Plant operations. Efforts are also on to improve the
Pollution control measures in the Plant.
Acknowledgements:
1) The Directors wish to place on record their appreciation for the support
received from KSIIDC, KSFC, Canara Bank, Company's Bankers and look forward
to their continued support.
2) The Directors wish to place on record their gratitude to M/s Associated
Cement Companies Limited, who are the pioneers in the country in the field
of cement manufacturing for their consultancy service.
3) The Directors acknowledge the dedication and unstinted support of the
Employees at all levels and also the Customers, Distributors and Members of
the Company.
By Order of the Board,
For Raghoji Cement Manufacturing Company Limited
Sd/- Sd/-
Ashok Kumar S. Raghoji Sharada Ashok Raghoji
Managing Director Director
Place : Bangalore
Dated : 12th August, 1995.
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