General Meeting. The Company has received letter from them to the
effect that their appointment, if made, would be within the prescribed
limits under section 224 (1B) of the Companies Act, 1956. Accordingly,
the said Auditors will be appointed as Auditors of the Company at the
ensuing Annual General Meeting. The notes to the accounts referred to
in the Auditors' Report are self explanatory and therefore do not call
for any further comments.
8. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO
A statement giving details of conservation of energy, technology
absorption, foreign exchange earnings and outgo, in accordance with the
Companies (Disclosure of particulars in the Report of Board of
Directors) Rules, 1988 is annexed and marked Annexure-A which forms
part of this report.
9. CONTRIBUTION TO REVENUE
Company has contributed the following amounts to the exchequer revenues
during the year:
a) Excise Duty : 383.74
b) Sales Tax : 99.32
c) Octroi & Municipal Taxes: 19.28
Your Directors take this opportunity to record their appreciation of
the support of the Financial Institutions viz. Industrial Development
Bank of India, Industrial Investment Bank of India Limited and the
Bankers - Central Bank of India.
The Directors also wish to place on record their appreciation of the
dedication and contribution made by the workmen, staff, officers,
managers and directors of the Company.
(Additional Information in terms of Notification No. 1029 of
31.12.1988 issued by the Department of Company Affairs)
A) CONSERVATION OF ENERGY
(a) Energy conservation measures taken
Continuous efforts for improving the efficiency of oil fired furnaces
are going on, with stress on reducing the exhaust losses by design
improvement of existing furnaces.
Constant effort to control compressed air loss by monitoring &
repairing the pneumatic lines for leakages.
Continuous work on analysis of utilisation of electrical energy to
optimise the maximum demand.
(b) Additional Investments and proposals being implemented for
reduction of consumption of energy
We are analysing the possibility of introducing efficient and cost
effective oil fired normalising furnace in place of existing less
efficient electrical normalising furnaces.
(c) Impact of the measures at (a) and (b) for reduction of energy
consumption and consequent impact on the cost of production of goods
Continuous efforts for conservation of energy are creating awareness at
all levels and everybody is becoming more cautious in controlling the
consumption of these valuable resources.
a Research and Development
1) Specific areas in which R & D carried out by the Company:
The Company has a full-fledged R & D Department where R & D is made in
* Developing critical process equipments as import subsitution.
* Development of new products and processes.