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संगम निदेशकों की रिपोर्ट, संगम निर्देशकों द्वारा रिपोर्ट

संगम

बीएसई: 513297  |  NSE: N.A  |  ISIN:  |  Aluminium

खोजें संगम कनेक्शन
निदेशकों की रिपोर्ट वर्षांत : Mar '01
Your Directors present their Thirteenth Annual Report together with the
 Audited Statement of Accounts of the Company for the year ended 31st
 March, 2001.
 
 FINANCIAL RESULTS
 
                                              2000-2001      1999-2000
                                              (Rs. Lacs)     (Rs. Lacs)
 
 Sales                                             0.77          14.79
 
 Profit/(Loss) before Interest & 
 Depreciation                                    (17.18)        (95.99)
 
 Less: Interest                                  195.29         200.81
 
 Gross Profit/(Loss)                            (212.47)       (296.80)
 
 Less: Depreciation                               59.28          59.28
 
 Operating Profit/(Loss)                        (271.75)       (356.08)
 
 Less: Provision for Taxation                       Nil            Nil
 
 Net Profit/(Loss)                              (271.75)       (356.08)
 
 Less : Previous year adjustments                  1.80          14.64
 
 Add : Waiver of Interest for earlier 
 years                                              Nil            Nil
 
 Profit/(Loss) brought forward                 (2273.59)      (1902.87)
 
 Profit/(Loss) carried to Balance 
 Sheet                                         (2547.14)      (2273.59)
 
 DIVIDEND
 
 In view of the losses incurred by the Company, your Directors regret
 their inability to recommend any dividend for the year.
 
 OPERATIONS
 
 During the year under review, your Company could not resume its
 operations. The suspension of work declared by the management on 15th
 February, 1999 is continuing till the date of this report. The
 operations could not resume as a rehabilitation scheme, acceptable to
 Financial Institutions and Banks has not yet been formulated.
 
 There was a nominal sale of Rs. 0.77 lacs of extrusion scrap lying at
 the factory at the beginning of the year.
 
 PROCEEDINGS AT BIFR
 
 The proposal for rehabilitation of the Company, submitted by the
 private promoters of the Company on 13th January, 2000 in response to
 the advertisement issued as per the directions of the Board of
 Industrial & Financial Reconstruction (BIFR) was not accepted by the
 Financial Institutions and Banks. Subsequently at a hearing held on
 31st August, 2000, BIFR had issued directives for issue of Show cause
 notice for winding up of the Company. BIFR also directed that if the
 Company submits a worthwhile rehabilitation package, the Board would be
 willing to consider the same at a further hearing and defer the show
 cause notice for some time. Accordingly the Company submitted a revised
 rehabilitation scheme.
 
 The said notice came up for hearing before BIFR on 27.11.2000, where
 based on the Company's request for consideration of its revival
 proposal, BIFR directed IFCI, the Operating Agency (OA) to examine the
 proposal and convene a joint meeting of participating Financial
 Institutions/Banks to consider the same. In the mean time, the show
 cause notice for winding up of the Company was kept in abeyance.
 
 As per the directive of BIFR the Company's aforesaid revival proposal
 was examined and discussed at the joint meeting of participating
 Financial Institutions and Banks held on 9th February, 2001. The Banks
 have sought some time to convey their stand on the Company's offer.
 
 The Company is awaiting the decision of the Banks on the above
 proposal.
 
 FINANCE
 
 The promoters of the company have further raised a sum of Rs. 73.50
 lacs by way of Equity Share Application Money/Unsecured Loan during the
 year. The amount so raised has been utilised to make payment of staff
 salaries and other fixed expenses and to repay some of the pressing
 creditors.
 
 The financial position of your Company continues to stay grim, due to
 the continuing huge losses on account of fixed expenses.
 
 DIRECTORS
 
 Shri H. K. Sinha, Chairman & Director tendered his resignation on 29th
 December, 2000 which was accepted by the Board on 29' December, 2000.
 The Board places on record its sincere appreciation for the valuable
 guidance provided by Shri H. K. Sinha during his tenure as Chairman &
 Director of the Company.
 
 Sri T. Willington, director was appointed as Chairman & Director of the
 Company by the Board on 29th December, 2000.
 
 Shri B. Elangovan was appointed as an Additional Director of the
 Company on 29th December, : 2000. He tendered his resignation on 21st
 May, 2001 which was accepted by the Board on 27th June, 2001. The Board
 places on record its sincere appreciation for the valuable guidance
 provided by Shri B. Elangovan during his tenure as Director of the
 Company.
 
 Shri S Sellaratnam and Shri V Jhunjhunwala, Directors retire by
 rotation and being eligible, offer themselves for re-appointment.
 
 AUDITORS
 
 M/s. S. Janardhan & Associates, Auditors of the Company, will retire at
 the forthcoming Annual General Meeting and are eligible for
 re-appointment. The Members are requested to appoint Auditors and
 authorise the Board to fix their remuneration.
 
 DIRECTORS' RESPONSIBILITY STATEMENT PURSUANT TO SECTION 217(2AA) OF THE
 COMPANIES ACT, 1956
 
 The Directors hereby confirm :
 
 i.  that in the preparation of the annual accounts, the applicable
 accounting standards had been followed alongwith proper explanation
 relating to material departures;
 
 ii. that the Directors had selected such accounting policies and
 applied them consistently and made judgements and estimates that are
 reasonable and prudent so as to give a true and fair view of the state
 of affairs of the Company at the end of the financial year and of the
 profit or loss of the Company for that period;
 
 iii. that the Directors had taken proper and sufficient care for the
 maintenance of adequate accounting records in accordance with the
 provisions of this Act for safeguarding the assets of the Company and
 for preventing and detecting fraud and other irregularities;
 
 iv. that the Directors had prepared the annual accounts on a going
 concern basis.
 
 AUDIT COMMITTEE
 
 In line with the requirements of the Corporate Governance relating to
 Listing Agreement and Section 292A of the Companies Act, 1956 the Board
 has constituted an Audit Committee comprising the following
 non-executive with majority of Independent member Directors:
 
 Sri S Sellaratnam - Chairman
 
 Sri S Susai
 
 Sri S Krishnamurthy
 
 The role, terms of reference and the authority and powers of the Audit
 Committee are in conformity with the requirements of the said Act and
 the Listing Agreement.
 
 PUBLIC DEPOSITS
 
 The Company did not invite or accept any deposit from the public under
 Section 58A of the Companies Act, 1956.
 
 AUDITORS'REPORT
 
 As regards observation made by the Auditors in Para 1 of their Report,
 the Directors consider that para 1(g) of the Notes to the Accounts
 explains the status on the matter, and as regards the observations made
 in para 2(a) and (b), the Directors consider the relevant Notes as
 self-explanatory and do not call for any further clarifications or
 comments under Section 217(3) of the Companies Act, 1956.  :
 
 ENERGY TECHNOLOGY AND FOREIGN EXCHANGE
 
 Additional information on conservation of energy, technology
 absorption, foreign exchange earnings and outgo as required to be
 disclosed in terms of Section 217(1)(e) of the Companies Act, 1956 read
 with the Companies (Disclosure of Particulars in the Report of Board of
 Directors) Rules, 1988 are annexed hereto and form part of this Report.
 
 PARTICULARS OF EMPLOYEES
 
 The company had no employee of the category indicated under Section
 217(2A) of the Companies Act, 1956 read with Companies (Particulars of
 Employees) Rules, 1975, as amended from time to time.
 
 ACKNOWLEDGMENT
 
 The management is grateful to The IFCI Ltd., The Industrial Development
 Bank of India, The ICICI Ltd.,TheTamilnadu Industrial Development
 Corporation Ltd., The State Industries Promotion Corporation of India,
 Canara Bank and Indian Bank for their continued co-operation. We are
 also thankful the Government of India, Government of Tamilnadu and
 other Central & State Government Departments and Local Authorities for
 their guidance and co-operation.
 
                                            For and on behalf of the
                                               Board of Directors
 
 Place : Chennai                                  T. Willington
 Dated : 27th June, 2001                             Chairman
 
 ANNEXURE TO THE DIRECTORS' REPORT
 
 DISCLOSURE OF PARTICULARS WITH RESPECT TO CONSERVATION OF ENERGY,
 TECHNOLOGY ABSORBTION, FOREIGN EXCHANGE EARNINGS AND OUTGO AS REQUIRED
 UNDERTHE COMPANIES (DISCLOSURE OF PARTICULARS INTHE REPORT OF BOARD OF
 DIRECTORS) RULES ,1988
 
 A. CONSERVATION OF ENERGY
 
 I. Energy Conservation measures taken :
 
 As the factory was under suspension of work, no energy was consumed and
 no conservation measures could take place during the year.
 
 II. Additional Investment and proposals. If any, being implemented for
 reduction of consumption of energy :
 
 - Nil -
 
 iii. Impact of measures taken at (i) and (ii) above for reduction of
 energy consumption and consequent impact on the cost of production of
 Goods :
 
 Not applicable. Refer to point (i) above iv.
 
 Total energy consumption and consumption per unit of production :
 
 Not applicable. Refer to point (i) above.
 
 B. TECHNOLOGY ABSORPTION
 
 a. Research & Development (R & D)
 
 i. Specific areas in which R & D was    : The Company is yet to
 carried out by the Company                commence R & D activities.
 
 ii. Benefits derived as a result of the : Not Applicable
 above R & D
 
 iii. Future plans of action             : Future planning will be 
                                           done after the Company's 
                                           factory restarts operations.
 
 iv. Expenditure of R & D                : Nil
 
 b. Technology Absorption, Adoption and Innovation :
 
 As the factory was under suspension of work during the year under
 review, no technology could be absorbed.
 
 C.  FOREIGNEXCHANGE EARNINGS AND OUTGO
 
 a. Activity relating to Export          \  Not applicable, as the
                                          | Company's factory was not
 b. Initiative taken to increase Exports  | operating
                                          |
 c. Development of new Export Market      |
 for product and services                 |
                                          |
 d. Export Plans                         /
 
                                          2000-2001   1999-2000
                                                Rs.         Rs.
 
 e. Foreign Exchange Used                      Nil          Nil
 
 f. Foreign Exchange Earned                    Nil          Nil
 
स्रोत: रेलीगरे टेचनोवा

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