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Shree Pomani Metals & Alloys Ltd.

BSE: 513733 Sector: Metals & Mining
NSE: N.A. ISIN Code: N.A.
BSE 05:30 | 01 Jan Shree Pomani Metals & Alloys Ltd
NSE 05:30 | 01 Jan Shree Pomani Metals & Alloys Ltd

Shree Pomani Metals & Alloys Ltd. (SHPOMANIMETAL) - Director Report

Company director report

SHREE POMANI METALS & ALLOYS LIMITED ANNUAL REPORT 1999-2000 DIRECTOR'S REPORT To, THE MEMBERS, Your Directors are pleased to present the 19th Annual Report on the business and operations of the company and the audited Statement of Account of the Company for the year ended 31st March 2000 DIVIDEND In view of operational loss during the year, your Directors regret their inability to propose any dividend during the year. OPERATIONAL REVIEW : During the year under review, although Company registered higher production of 5468 MT as compared to 4214 MT during 1998-99, the Company incurred loss of Rs. 153.47 Lacs (After interest and Depreciation) This was mainly due to increased cost of raw material, labour & other services decreased margin of profit on account of recession and cut throat competition. "Work to Rule Approach" by few workers also affected the quality and cost of production. FUTURE PROSPECTS: Due to labour unrest, the Company has declared lockout from 3-07-2000. Inspite of this lockout, the Company is able to manage Sales by conversion contract basis. The efforts are on for amicable settlement of labour dispute, further various measures are being taken to reduce the cost of production. The Company is hopeful of comming out of this difficult position in a short period of time. DIRECTORS: Shri P. R. Pomani, Directors, retire by rotation and being eligible offer himself for reappointment. Shri D.F.Bhavsar and Shri N.R.JAIN, who retire by rotation have expressed that they may not be considered for reappointment hence they have not been proposed for reappointment. Your Directors record their sincere appreciation of the support, guidance & advise received from both of these directors. CONSERVATION OF ENERGY, TECHNOLOGICAL ABSORPTION & FOREIGN EXCHANGE EARNINGS A. Research & Development: The Company with it's hard research work has developed new Dies for B.H.E.L., Bhopal, and TVS Suzuki Ltd. Further efforts are continuing for development of new Dies of various automobiles & industrial parts in the companies well equipped laboratory. B. Cash Flow Statement: Cash flow statement as required under Clause 32 of the Listing Agreement for the year ended 31-03-2000 is enclosed to the Annual Accounts. C. Particulars of Employees: The Company has not paid any remuneration attracting the amended provisions of Companies (Particulars of Employees) Rules,1975 read with Section 217 (2A) of the Companies Act, 1956 during the year hereunder report. D. Status of Y2K: During the course of year, Company had taken various steps to ensure Y2K Complaince. The system were checked and the Company did not find any disruption on account of Y2K bug and the entire system was successfully completed for a smooth transition in to the new millenium. E. SICKNESS OF THE COMPANY: The Company has become potential sick Company due to accumulated losses resulting in more than 50 % erosion of peak networth of immediately preceding four years of the Company at the close of the financial year 1999-2000. A report will be send to the B. I. F. R. regarding potential sickness of the Company and the steps which are proposed for overcoming the sickness as required under the Sick industrial Companies ( Special Resolution) Act, 1985. F. AUDITORS: M/s. R. T. Jain & Co., Chartered Accountants, Mumbai, hold office upto the conclusion of the ensuing Annual General Meeting and being eligible and available, offer themselves for reappointment. You are requested to appoint the auditors and authorise the directors to fix their remuneration. ACKNOWLEDGEMENTS: Your Directors are pleased to express their gratitude for all the co- operation and assistance received from Bankers, M/s. State Bank of India and Financial Institution M/s. Industrial Credit & Investment Corporation of India Ltd. Your Directors are also pleased to place on record their gratitude and thanks to the Shareholders, Customers, Suppliers, various Government and Semi-Government Departments connected with the company. The board also appreciates the co-operation and support received from its employees. For & on behalf of the Board of Directors Place: Sangli (S.R.JAIN) Date : 25-11-2000 Chairman & Managing Director