Your Directors have pleasure in presenting the Nineteenth Annual Report
together with the audited Balance Sheet and Profit & Loss Account of
the Company for the period ended 31st March, 2003.
(Rs. in Lakhs)
Sales & Other Income 22.13 51.69
Less : Expenditure 70.67 70.47
Profit/(Loss) tor the year before depreciation (48.54) (18.78)
Less: Depreciation 20.04 20.06
Total Profit/(Loss) for the year (68.58) (38.84)
Provision for Income Tax NIL NIL
Net Profit/(Loss) after provision for Income Tax (68.58) (38.84)
In view of the carried over losses, your Directors regret their
inability to recommend any dividend.
For the year under review, there was a loss of Rs. 68.58 lacs, against
last years loss of Rs.38.84 lacs, on account of recessionary trends in
the business, particularly power and steel sectors, with which the
Company is associated. The working capital shortage added to the
Most of the year was spent in restructuring the finance and getting
back to improved liquidity to take advantage of expected future market.
Yours Directors thank the Financial Institutions and Banks for their
patience and constant co-operation offered to the Company in its period
Due to shortage of working capital, the Company went in tor job orders
on conversion basis. As a result of the effort put in, the Company
signed a Conversion Agreement with TISCO to manufacture crash barriers
tor National Highways. As in the past, the Companys customers continue
to support the Company in its pick - up phase.
Shri A. K. Nanda retires from the Board by rotation and being eligible
offers himself for re-election.
M/s. B. Pal & Co., Chartered Accountants, retire as Auditors of the
Company at the conclusion of the Annual General Meeting and being
eligible offer themselves for re-appointment.
Particulars of Employees
Section 217 (2A) of the Companies Act, 1956 and the rules made
thereunder are not applicable to the employees of the Company.
Particulars regarding conservation of energy, technology absorption and
foreign exchange earnings and outgo.
A. Conservation of Energy
i. Energy consumption is not significant in this industry.
ii. As the industry is not covered under the list of industries, Form
`A is not necessary.
B. Technology Absorption
R & D activities are not significant.
C. Foreign Exchange Earnings
Foreign Exchange used : Nil
Foreign Exchange earned : Nil
However, efforts are being made for exports.
All the staff and workmen contributed to a congenial working
atmosphere. The Company is pleased to acknowledge, with gratitude,
their dedication and services to the organisation.
P.P. Verma (CMD)
A. K. Nanda Directors
Registered Office : S. P. Verma
Mahilong, Ranchi - 835 103
Dated : 4.07.2003