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सुपीरियर एयर प्रोडक्ट्स निदेशकों की रिपोर्ट, सुपीरियर एयर प्रोडक्ट्स निर्देशकों द्वारा रिपोर्ट

सुपीरियर एयर प्रोडक्ट्स

बीएसई: 526469  |  NSE: N.A  |  ISIN:  |  Chemicals

खोजें सुपीरियर एयर प्रोडक्ट्स कनेक्शन
निदेशकों की रिपोर्ट वर्षांत : Mar '01
Your Directors present the 29th Annual Report on the business and
 operations of the Company together with the Audited Statement of
 Accounts and Auditor's Report for the year ended 31st March, 2001.
 
 1.  The financial highlights for the year under review are given below
 
                                             Year Ended     Year Ended
                                             31-03-2001     31-03-2000
                                              (Rs. Lacs)     (Rs. Lacs)
 
 Sales & Other Income                          1,943.10       2,539.58
 
 Profit Before Interest & Depreciation           338.56         272.82
 
 Interest                                        168.41         232.09
 
 Depreciation                                    195.24         212.25
 
 Loss Before tax and prior period 
 adjustments                                      25.09         171.52
 
 Prior Period Adjustments                         (2.33)         23.07
 
 Loss before Tax                                  22.76         194.59
 
 Tax for earlier years                             0.53         209.56
 
 Net Loss                                         23.29         404.15
 
 Transferred from General Reserve                 17.40              -
 
 Surplus Brought Forward                              -         102.78
 
 Balance of loss carried forward                   5.89         301.37
 
 2. YEAR AT A GLANCE
 
 The performance of the Company during the year under report has been
 satsifactory. Profits before interest and depreciation registered a
 growth of 24.09% at Rs. 338.56 lacs as compared to the previous year
 viz. Rs. 272.82 lacs. The turnover for 2000-01 was lower than previous
 year due to the closure of Medical Division, market pressure on prices
 of the product and reduced production due to temporary closure of one
 unit for its up-gradation by the foreign supplier to achieve the
 guaranteed parameters.
 
 3. DIVIDEND
 
 In view of the net loss for the year, your Directors have not
 recommended any dividend for the year ended 31st March, 2001.
 
 4. SUBSIDIARY COMPANY
 
 The wholly owned subsidiary company - Superior Medicare Limited, had
 not been doing any business for the past over 5 years. Your Directors
 took prudent decision to wind up the company under section 560 of the
 Companies Act. Necessary formalities were completed and certificate of
 closure was received during the year.
 
 5. MEDICAL DIVISION
 
 This division of the Company had not been performing well. Due to
 severe competition, the profit margin had almost eroded. The management
 decided to concentrate on the core activity and therefore, closed down
 the division.
 
 6. AMALGAMATION
 
 As stated in the last year Directors' Report, your Company has become a
 subsidiary of Inox Air Products Limited (INOXAP) which has acquired
 more than 93% shares of your Company. It is now proposed to merge your
 Company with Inox Air Products Limited,(INOXAP), the holding Company.
 Necessary legal formalities are being completed to give effect to the
 decision.
 
 7. DELISTING
 
 The Company has already applied for de- listing its shares from the
 Delhi and Mumbai Stock Exchanges. In principal approval from Mumbai
 Stock Exchange has also been received.
 
 8. DIRECTORS
 
 Mr. Erwin Jorge Zwicky was appointed as Additional Director of the
 Company on 28th November, 2000. He holds office of the Director upto
 the ensuing Annual General Meeting. The Company has received notice
 from a member under Section 257 of the Companies Act proposing his
 candidature for appointment as a Director of the Company.
 
 Mr. Leonard Victor Broese Van Groenou, Director of the Company resigned
 on 28th November, 2000.
 
 In accordance with the provisions of the Companies Act, 1956 and the
 Company's Articles of Association, Mr. Pavan Kumar Jain and Mr. Prabir
 Banerjee retire by rotation and being eligible, offer themselves for
 re- appointment.
 
 9. DIRECTORS' RESPONSIBILITY
 
 Directors hereby confirm that :
 
 (i) in the preparation of the annual accounts, the applicable
 accounting standards had been followed along with proper explanation
 relating to material departures.
 
 (ii) the company has 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 the period.
 
 (iii) proper and sufficient care has been taken for the maintenance of
 adequate accounting records in accordance with the provisions of the
 Act for safeguarding the assets of the company and for preventing and
 detecting fraud and other irregularities.
 
 (iv) the annual accounts have been prepared on a going concern basis.
 
 10. AUDITORS
 
 Khanna & Annadhanam, Chartered Accountants, the Auditors of the Company
 are due to retire and being eligible, offer themselves for
 reappointment.
 
 11. AUDIT COMMITTEE
 
 In compliance with Section 292A of the Companies Act, 1956, an Audit
 Committee of the Board has been formed comprising of Mr.  P.K. Jain,
 Mr. P.K. Banerjee and Mr. V.K. Jain.
 
 The terms of reference to the Audit Committee include periodical
 discussions with Auditors about Internal Control Systems, and scope of
 Audit , review Half Yearly & Annual Financial Statements before
 submission to the Board, and compliance of Internal Control Systems.
 
 12. 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 the Companies (Disclosure of
 Particulars in the Report of Board of Directors) Rules 1988, regarding
 conservation of energy, technology absorption and foreign exchange
 earnings and outgo, are given in the Annexure forming part of this
 Report.
 
 13. PARTICULARS OF EMPLOYEES
 
 There are no employees drawing remuneration in excess of the limits as
 prescribed under Section 217(2A) of the Companies Act, 1956 and the
 Companies (Particulars of Employees) Rules, 1975.
 
 14. ACKNOWLEDGEMENT
 
 Your Directors place on record their appreciation and thank the Bankers
 and Financial Institutions for their continued support and
 co-operation.
 
                                 On Behalf of the Board of Directors
 
                                              P.K.JAIN
                                              DIRECTOR
 
                                            P.K.BANERJEE
                                              DIRECTOR
 Dated: 7th August, 2001.
 
 Particulars pursuant to Section 217(1)(e) of the Companies Act, 1956
 read with the Companies (Disclosure of Particulars in the Report of
 Board of Director) Rules 1988, forming part of the Director's Report
 for the Year ended 31st March, 2001.
 
 (A) CONSERVATION OF ENERGY
 
 1.  A new 10 MVA/66 KV Transformer is being installed at the Barotiwala
 (H.P.). It is likely to be commissioned by the end of this year. The
 supplies at 66KV will give better quality of power and reduce
 interruption in the power supply, thereby, reduce the consumption of
 power.  Moreover, the cost of power will also be reduced due to rebate
 available on 66KV supplies.
 
 2.  The Liquefier Nitorgen Compressor is being replaced by more energy
 efficient compressor. A sub-cooler has also been incorporated in the
 main exchanges for better efficiency. These are likely to be
 commissioned soon.
 
 3.  Inlet Guide Vane is being incorporated in the suction line of air
 compressor in place of butterfly valve. This installation will help to
 save 8% of the energy consumed by air compressor with conventional
 butterfly valve.
 
 (B) TECHNOLOGY ABSORPTION
 
 The Company has so far not imported any technology for its activities.
 The Company does not have facilities for carrying out R & D activity.
 
 (C) FOREIGN EXCHANGE EARNINGS AND OUTGO :
 
                 Amount (Rs.)
 Expenditure             NIL
 Earnings             10,896
 
स्रोत: रेलीगरे टेचनोवा

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