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Usha Iron & Ferro Metals Corporation Ltd.

BSE: 513464 Sector: Metals & Mining
NSE: N.A. ISIN Code: N.A.
BSE 05:30 | 01 Jan Usha Iron & Ferro Metals Corporation Ltd
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Usha Iron & Ferro Metals Corporation Ltd. (USHAIRONFER) - Director Report

Company director report

Annual Report 1998-99 USHA IRON AND FERRO METALS CORPORATION LIMITED DIRECTORS' REPORT To The Shareholders, Usha Iron and Ferro Metals Corporation Limited Your Directors hereby present the 16th Annual Report including the Audited Annual Accounts for the year ended 30th June, 1999. FINANCIAL RESULTS During the year ended 30th June, 1999, the turnover of the Company was Rs.14947.52 lacs, as compared to Rs. 14210.96 lacs in the previous year. The Company's trading and rolling operations were marginally profitable during the year and Company has earned a Net profit of Rs. 7.88 lacs. DIVIDEND In view of the inadequate profits during the year, no dividend has been recommended b the Board for the financial year ended 30th June, 1999. REVIEW OF OPERATIONS & FUTURE OUTLOOK The Company's rolling operations at the Vizag plant were under pressure due to adverse market conditions. The Company is still converting billets for Rastriya Ispat Nigam Limited besides its rolling activities. It hopes that the market will improve in future. DIRECTORS During the year no changes have been taken place among the Directors of the Company. PUBLIC DEPOSITS The company has not accepted any deposit from the public in terms of the Companies (Acceptance of Deposits) Rules, 1975. CAPITAL During the year there has been no increase in the capital of the Company. PARTICULARS OF EMPLOYEES UNDER SECTION 217(2A) OF THE COMPANIES ACT, 1956 None of the employees of the Company are covered within the definition of employees for the purpose of Section 217(2A) of the Companies Act, 1956 read with Rule 2 of the Companies (Disclosure of particulars in the Report of the Board of Directors) Rules, 1988 during the year ended 30th June, 1999. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE INFLOW AND OUTFLOW The relevant details pursuant to Section 217(1)(e) of the Companies Act, 1956 and rules framed thereunder are given in addendum forming part of this report. There has been no inflow or outgo in foreign exchange during the year. AUDITORS The retiring Auditors of the Company M/s. Bansal & Co. Chartered Accountants will hold Office till the conclusion of this Annual General Meeting, and being eligible offer themselves for re-appointment and the reappointment, if approved by the members, will be in accordance with the provisions of Section 224(1B) of the Companies Act, 1956. APPRECIATION Your Directors thank the Government Authorities, Financial Institutions, Banks and Business Associates for their continued support and co- operation. The Directors are also pleased to record their appreciation of the devoted services rendered by employees of the Company at all levels. For and on behalf of the Board Place: New Delhi J.R. GUPTA M.L. WADHWA Date : 27th July, 1999 Director Director ADDENDUM TO DIRECTORS' REPORT (IN COMPLIANCE TO SECTION 217(1)(e) OF THE COMPANIES ACT, 1956) A. CONSERVATION OF ENERGY: (a) Energy Conservation Measures taken : NIL (b) Addition investments and proposals, if any, being implemented for reduction of consumption of energy : NIL (c) Impact of the measures at (a) and (b) above for reduction of energy consumption and consequent impact on the cost of production of goods : NIL (d) Total energy consumption and energy consumption per unit of production : As per Form A B. TECHNOLOGY ABSORPTION: (e) Efforts made in technology absorption : As per Form B C. FOREIGN EXCHANGE EARNINGS AND OUTGO: (f) Activities relating to exports; initiatives taken to increase exports; development of new export markets for products and services; and export plans : NIL (q) Total foreign exchange earned : Rs. NIl Used : NIL FORM "B" (See Rule 2) Form for Disclosure of Particulars with respect to Absorption. Research and development (R&D): 1. Specific areas in which R & D carried out by the Company : NIL 2. Benefits derived as a result of the above: (R&D): : NIL 3. Future Plan of action: : NIL 4. Expenditure on (R&D) (a) Capital : NIL (b) Recurring : NIL (c) Total : NIL (d) Total R&D expenditure as a percentage of total turnover : NIL Technology absorption, adaption and innovation 1. Efforts, in brief, made towards technology absorption adaptation and innovation : NIL 2. Benefits derived as a result of the above efforts, e.g. product improvement, cost, reduction, product, development, import substitution, etc. : NIL 3. In case of imported technology (improved during the last 5 years reckoned from the beginning of the financial year), following information may be furnished : NIL (a) Technology imported (b) Year of import (c) Has technology been fully absorbed? (d) If not fully absorbed, areas where this has not taken place, reasons therefore and future plans of action. For and on behalf of the Board J.R. GUPTA M.L. WADHWA Director Director Place: New Delhi Date : 27th July, 1999