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Asian Tractors Ltd.

BSE: 520098 Sector: Auto
NSE: N.A. ISIN Code: N.A.
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Asian Tractors Ltd. (ASIANTRACTORS) - Director Report

Company director report

1995 ASIAN TRACTORS LIMITED DIRECTORS' REPORT Your Directors submit their Report and Audited Accounts for the year ended 31st March 1995. FINANCIAL RESULTS The financial results of the company for the year 94-95 had not been bright owing to the non availability of funds needed to re- orient the company's product. During the year Company has treated Rs. 38.97 lakhs, the amount of expenditure in excess of receipts, as Deferred revenue expenditure. STATUS OF THE PROJECT The Research and Development efforts taken by the company have resulted in the completion of the 35 HP model tractor with the modular transmission already developed. The management was planning to start the commercial production of the new model during the year 95-96, but this may also be not possible due to the non-availability of the funds needed. However, the management is committed and is continuously trying to arrange the required funds. The production can be started within 3 months from the time the funds needed are available to the company. INDUSTRY The Tractor Industry is now witnessing various collaborations, by existing and new manufacturer and the introduction of latest technology available in the world into India. This had necessitated our company too looking for partners from various parts of the world, as indicated in the previous report and is now hoping to finalise a collaboration with an Italian Tractor Giant. DIVERSIFICATION Power generation is a core Industry in any country and with the Economic Reforms and Industrial Liberalisation the Industrial production and profits have been taking a big leap. New Industries have been coming in increasing the gap between the power needed and the power available. In Karnataka alone according to the premier KPCL the gap during 96-97 is going to be around 3000MW. The Management thought it is the right time to capitalise on the available land and infrastructure of the company to right use and has negotiated with an American company for a Joint Venture in the power Project with capacity to generate 40MW. The Government of Karnataka has been favourable in this regard. The management is hoping to announce positive developments and concrete proposals during the general meeting. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO Information Under Section 217(1)(e) of the Companies Act, 1956 read with Companies (Disclosure of Particulars in the Report of Directors) Rules, 1988 are given in Annexure-I and are forming part of the Directors' Report for the year ended 31st March, 1995. PARTICULARS OF EMPLOYEES Information as per Section 217(2A) of the Companies Act, 1956, read with the Companies (Particulars of Employees) Rules, 1975 and forming part of the Directors' Report for the year ended 31st March, 1995, has been provided as an Annexure to the Annual Report. DEPOSITS The Company has not accepted any deposit from Public. DIRECTORS Mr. R. Rao, Mr. I.R. Menon and Mr. Harigopal retire by rotation and being eligible offer themselves for re-appointment. During the year Mr. B.R.S. Murthy and Mr. Randhir Singh have resigned. The board records it's appreciation of their invaluable contribution to your company. AUDITORS M/s. S.R.R.K. Sharma Associates, retire and are eligible for re- appointment. AUDITORS' REPORT Replies to observations made by Auditors are as under:- Para 6 The bad debts in respect of advances are being evaluated. The company has internal control procedures but it was not put to use this year since there was no operation. Para 11 Since there was no operation the internal audit was not adopted. Para 18 The difference of 1.26 lacs in SBI secured loans is shown as claims not acknowledged as debts (Ref point 1 of Notes on account). ACKNOWLEDGEMENTS Your Directors acknowledge with gratitude the co-operation and assistance received from Central Government, State Government, Bankers, Dealers, Customers, Solicitors, Internal Auditors, Statutory Auditors and Investors. Your Directors also wish to place on record their appreciation for dedicated and sincere services rendered by the Executives, Staff and Workmen at all levels. ANNEXURE- I ANNEXURE TO DIRECTORS' REPORT Information pursuant to Section 217(1)(e) of the Companies Act, 1956: (A) CONSERVATION OF ENERGY (i) The company's plant is not energy intensive. (ii) No additional investment is proposed. (iii) The impact of energy conservation will be minimal, since the plant is not energy intensive. (B) TECHNOLOGY ABSORPTION: RESEARCH & DEVELOPMENT (R & D) (i) The Company has been successful in indigenising a known-how and developed its own 35 HP Tractor. (ii) The development activities continue to receive high priority with regard to design / drawings and efficient use of materials, with special emphasis on the development of fuel efficient tractors. TECHNOLOGY ABSORPTION, ADAPTATION AND INNOVATION The Technical Known-how and designs obtained from our German collaborator have been fully absorbed and totally indigenised. Continued efforts are being made to develop further models for various other applications. FOREIGN EXCHANGE EARNINGS AND OUTGO NIL M.C. SATYANARAYNA KESHAV CHANDER MANAGING DIRECTOR DIRECTOR Place: Bangalore, Dated: 28th November, 1995.

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