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Singhal Swaroop Ispat Ltd.

BSE: 513391 Sector: Metals & Mining
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Singhal Swaroop Ispat Ltd. (SSISPAT) - Director Report

Company director report

1996 SINGHAL SWAROOP ISPAT LIMITED DIRECTORS' REPORT Your Directors have pleasure in presenting their Eleventh Annual Report together with the Statement of Accounts for the year ended June 30, 1996. The performance of the Company for the year under review is summarised below: DIVIDEND : In order to conserve the resources of the Company, your Directors recommend a dividend of 5% subject to deduction of tax for the year under review. REVIEW OF OPERATIONS The turnover of the Company has increased from Rs.10823 lacs to Rs.13963 lacs from the previous year representing an increase of 29% over the previous year. The Profit after tax has increased from Rs.539 lacs of the previous year to Rs.619 lacs representing an increase at 14% over the previous year. The Company could achieve the desired results despite adverse market conditions and reduced margins. RIGHTS ISSUE During the year under review, your Company had come out with a Rights Issue of 1,10,37,500 Equity Shares of Rs.10/- each (at a Premium of Rs.20/- per share) in the ratio of 5 Equity Shares for every 2 held. The Directors thank you for the positive response. DEPOSITS There are no unclaimed deposits as on June 30, 1996. The total amount of Deposits (Net) as on June 30, 1996 was Rs. 7.05 Lacs. DIRECTORS During the year under review the following Directors Viz. Shri Jagdish Doshi, Shri.Subhash Chandra, Shri.Vinod B. Agarwal, Shri. Sushil Bhuwalka resigned from the Board. The Board wishes to place on record its sincere thanks to the above persons for their valuable contribution extended to the Company during their tennure as Directors. Prof. Niranjan Murti, Col. I.P. Singh and Shri.V. B. Gadkari were appointed as Additional Directors during the year under review to hold the office till the conclusion of the next Annual General Meeting of the Company. They being eligible offers themselves for appointment. The Company has received from some of its members a notice under Section 257 of the Companies Act, 1956 proposing their appointment as Directors, liable to retire by rotation. OTHER INFORMATION Information required by the Companies (Amendment) Act, 1988, is given as Annexure I to this Report. Information in accordance with sub-section (2A) of Section 217 of the Companies Act, 1956, read with the Companies (Particulars of Employees) Rules, 1975, and forming part of the Directors' Report for the year ended June 30, 1996 is also given as Annexure II to this Report. AUDITORS You are requested to appoint Auditors and fix their remuneration at the ensuing Annual General Meeting. The retiring Auditors M/s. M.G.Bhandari & Co., Chartered Accountants, Mumbai are eligible for re-appointment. The notes to the accounts referred to in the Auditor's Report are self explanatory and therefore do not call for any further elucidation. ACKNOWLEDGMENT Your Directors would like to express their grateful appreciation for the assistance and co-operation received from the Financial Institutions and the Banks, during the year under review. Your Directors wish to place on record their deep sense of appreciation for the devoted services of the Executives, Staff and Workers of the Company for its success. ANNEXURE TO THE DIRECTORS' REPORT ADDITIONAL INFORMATION AS REQUIRED UNDER THE COMPANIES (DISCLOSURE OF PARTICULARS IN THE REPORT OF BOARD OF DIRECTORS) RULES, 1988. A) CONSERVATION OF ENERGY : a) The Company is striving continuously to conserve energy. b) Additional investments and proposals, if any, being implemented for reduction of consumption of energy. : NIL c) Impact of the measures at (a) & (b) above for reduction of energy consumption and consequent impact on the cost of production of goods : Helps reducing costs d) Total energy consumption and energy consumption per unit of production as per Form A (Annexure) B) TECHNOLOGY ABSORPTION: Research and Development At present the company is not carrying out any research and development activities and therefore, there is neither any expenditure on this head nor any other benefit accrued from it. Plan for future action for Research and Development is being worked out. Technology absorption, adaptation and innovation 1) Efforts in brief made towards technology absorption, adaption and innovation : Nil 2) Benefits derived as a result of the above efforts : Nil 3) Information regarding technology imported during the last five years : Nil C) FOREIGN EXCHANGE EARNINGS AND OUTGO : 1) Activities relating to exports, initiatives taken to increase exports, development of new export markets for products and services and export plan : (Rs. '000) 2) Total Foreign Exchange used and earned: Used : 2,36,903 Earned : 398 1. DISCLOSURE OF PARTICULARS WITH RESPECT TO CONSERVATION OF ENERGY A. Power & Fuel Consumption 1995-96 1994-95 ELECTRICITY a) Ingots Purchased Units 1,70,37,818 2,29,60,623 Total Amount (Rs.) 5,96,10,067 7,42,83,031 Rate/Unit 3.50 3.23 b) Rolled Products Purchased Units 8,04,860 32,040 Total Amount (Rs.) 31,82,643 5,57,612 Rate/Unit 3.95 17.40 B. Consumption per unit of Production Product Standard Special Alloy Steel 1025 892 (No Specific Standard) Rolled Products 67 96 (No Specific Standard) On behalf of the Board of Directors DEWAT SINGHAL Chairman Place : Mumbai, Date : 28th February, 1997.