SANDEEP INDUSTRIES LIMITED
Your Directors present herewith the SEVENTH ANNUAL REPORT of the Company
together with the Audited Statement of Accounts for the period ended 30th
In view of loss incurred during the period under review the Board is unable
to recommend any dividend.
The project for Rolling Mill will be implemented by the end of current year
the fruits of which will be tested in the next financial year. In view of
expansion, diversification and modification by introducing manufacturing of
high value steel grades it is proposed to raise funds through right cum
public issue at a premium not exceeding Rs.20/- per share.
The overall future of the Company is bright and your Board expect better
results in the coming year.
Shri A.A. Patel, Shri N.K. Somani, Shri R.K. Agrawal and Shri S.V. Joshi have
resigned from the Board. The Board places n record its appreciation for
valuble services rendered by them during their tenure as Director.
Shri K.K. Shah and Smt. D.S. Yadav, Directors of the Company, retires from
the office by rotation at the forthcoming Annual General Meeting and being
eligible offer themselves for reappointment.
Members are requested to appoint the auditor for the financial year 1994-95.
The Company has received the Certificate U/S 224(1) from M/S R. Ajmeri
Associates, Chartered Accountant, Ahmedabad, showing their willingness for
reappointment as statutory auditor. The Board recommend the reappointment.
The Company has filed the petition with Honourable High Court of Gujarat, for
the Amalgamation with Sandeep Steels Limited. Upon receiving the favourable
order from the Honourable High Court of Gujarat the Company will issue and
allot the shares to the Shareholders of Sandeep Steel Limited as decided by
Shareholders in the Meeting held on 4th June, 1994.
CHANGE IN THE FINANCIAL YEAR
For the purpose of giving effect to the proposed Amalgamation the Board
decided to change the financial year as 30th June. Thus the year under review comprises of fifteen months.
The Company has not accepted any deposit from the public during the period
PARTICULARS OF EMPLOYEES
None of the employee is drawing salary more than that prescribed U/S 217(2A)
of the Companies Act, 1956 and hence particulars are not given in this
Relations between the employees and the management have remained cordial
throughout the year.
Your Directors wish to place on record their appreciation for the efforts and
the devoted services of whole Time Directos. Advisors, Officers, Technical
and Administrative Staff and Workers. Your Directors also sincerely
appreciate all the assistance rendered by Bankers of the Company, Financial
Institution and the Government Authorities.
Information as per Section 217(i)(e) read with Companies (Disclosure of
Particulars in the Report of Board of Directors) Rules 1988 and forming part
of Directors' Report for the period ended on 30th June 1994.
A. CONSERVATION OF ENERGY
(a) Power and fuel Consumption
(i) Purchased Units 6787305
Total Amount (Rs.) 17036843
Rate per Unit (Rs.) 2.51
(ii) Own Generation Nil
(2) Coal Nil
(3) Furnace Oil Nil
(b) Consumption per Unit of Production
Total Production (M.T.) 7988.462
Electricity (Unit/MT) 849.63 Per M.T. (Cost/MT) Rs.2132.68 Per M.T.
B. TECHNOLOGY ABSORPTION
Company has established a highly equipped Laboratory for material testing.
The Company is planning to establish a separate R&D Cell to upgrade
technology & increase productivity.
C. FOREIGN EXCHANGE EARNINGS & OUTGO : NIL.
On Behalf of the Board of Directors
Chairman and Managing Director
Date : 01/12/1994
Place : Ahmedabad