The Directors have pleasure in presenting the THIRTEENTH Annual Report and Audited Accounts for the year
ended March 31, 1997.
1. FINANCIAL RESULTS
Gross Profit before interest 1,40,99,498 2,04,92,259
Less : Depreciation 41,74,909 33,99,935
Interest 97,78,628 55,98,441
Profit for the year 1,45,961 1,08,93,883
Add : Balance in Profit & Loss A/c. 2,58,04,707 1,49,10,824
Add : Prior year's Income NIL NIL
Surplus available for appropriation 2,59,50,668 2,58,04,707
General Reserve NIL NIL
Dividend recommended on equity shares NIL NIL
Balance carried to balance sheet 2,58,04,707 2,58,04,707
Shri Sumesh Agarwal retires at the forthcoming Annual General Meeting and being eligible offers himself for
3. FIXED DEPOSITS
The company has not accepted any deposits from the public.
M/s. C.R. More & Associates, Chartered Accountants, Mumbai, Auditors of the Company hold office till the
conclusion of the ensuing Annual General Meeting and are eligible for reappointment. The notes to the
accounts referred to in the Auditors' Report are self explanatory.
5. PARTICULARS OF EMPLOYEES
The information required under section 217(2A) of the Companies act, 1956 read with the (Particulars of
Employees) Rules 1975, as amended is
not given as the same is not applicable to the company.
6. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
Information in accordance with the provisions of Section 217(1)(e) of the Companies Act, 1956 read with
Companies (Disclosures of Particulars
in the Report of Board of Directors) Rules, 1988 regarding conversation
of energy, technology absorption and foreign exchange earnings and outgo is given in the Annexure forming
part of this report.
7. INDUSTRIAL RELATIONS
The company has maintained excellent industrial relations. There has been no labour trouble and the company
continues to enjoy cordial relations with all its personnel.
The Board wishes to acknowledge the sincere services rendered by all the staff members for enhancing
performance of the company, and to the valued clients, financial institutions and bankers for their
CONSERVATION OF ENERGY
The company is engaged in the process of rolling of hot rolled steel and the standard procedure for the
process of rolling of hot rolled steel is adopted by the company. No modifications can be made in the above
process as it may result in relaxation in quality of the finished product. The company has tied up with
Electricity Board (MSEB) for its power requirements.
The company does not have any technological tie-up with any company and hence the question of technology
absorption does not arise.
FOREIGN EXCHANGE EARNINGS AND OUTGO
There have been no foreign exchange earnings or outgo during the relevant financial year.