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GTCL Mobile-Com Technology Ltd.

BSE: 532080 Sector: Engineering
NSE: N.A. ISIN Code: INE037D01018
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GTCL Mobile-Com Technology Ltd. (GTCLMOBILECOM) - Director Report

Company director report

GTCL MOBILE COM TECHNOLOGY LIMITED ANNUAL REPORT 2002-2003 DIRECTOR'S REPORT TO, The Members GTCL MOBILE COM TECHNOLOGY LIMITED Your Directors have pleasure in presenting their Ninth Annual Report together with the Audited Statements of Accounts, for the year ended 30th June. 2003. FINANCIAL RESULTS (Rs In Lacs) PARTICULARS Year Year Ended Ended 30.6.2003 30.6.2002 Gross Total Income 1461.38 5240.62 Profit Before interest. (345.64) 349.94 Depreciation & Tax Less: Interest 37.69 749.42 Profit after Interest but (383.33) (399.48) before Depreciation and Tax Less: Depreciation 126.61 120.82 Profit / (Loss) before Tax (503.94) (520.36) Profit /(Loss) after Tax (563.94) (520.36) Surplus carried forward (2284.45) (1763.91) from the Previous year Less Prior Period (487.14) (0.24) expenditure Balance Carried to Balance Sheet (2301.25) (2284.45) OPERATIONS AND FUTURE OUTLOOK During the year under review, your Company was able to achieve a turnover of Rs.1392.62 Lacs as compared to Rs. 5137.44 achieved during the previous year. The Income during the year has come down to Rs. 1461.38 as compared to Rs. 5240.62 during the previous year. The decline it the Turnover and income is mainly cue to the steep decline in the prices of Jelly Filled Cables not limited to your Company alone, but also covered the industry itself. With a view to offset the effect of the falling prices, your Company has embarked upon A Major Cost cutting Exercise in the entire operations of the Company. Further, your Company is also exploring the possibility of diversifying in outer areas, with the opening up of the Telecom Sector, the number of players has increased to a great extent This throws open various opportunities as well as challenges to the Company. The Company is aware of the said fact of dwindling demand of the PIJF Cables and taking into consideration the existing state-of-the art manufacturing facilities which is coupled with quality manpower, the Company has identified and developed a wide range of electrical and specialised communication cables and the Company is making vigorous efforts to cater the market thereof. DIRECTORS: Shri Ramjibhai H. Patel, Director of the Company retires by rotation at the ensuing Annual General Meeting and being eligible, offer himself for reappointment. AUDITORS: M/s Doctor & Patel Chartered Accountants, hold Office till the conclusion of the ensuing Annual General Meeting and are eligible for reappointment. The Auditors Report, the observation of the Auditors read In conjunction with the Notes on accounts are self explanatory. DIRECTORS' RESPONSIBILITY STATEMENT AS REQUIRED UNDER SECTION 217 (2AA) OF THE COMPANIES ACT, 1956: The Directors confirm that (1) in the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating material departure; (ii) appropriate accounting policies have been selected and applied 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 loan 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 the 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. CORPORATE GOVERNANCE; Pursuant to Clause 49 of the Listing Agreement with the Stock Exchanges, Management Discussion and Analysis, Corporate Governance Report and Auditors Certificate regarding compliance of Corporate Governance are made a part of the Annual Report. PARTICULARS OF EMPLOYEES There are no Employees who are covered as per the Provisions of Section 217 (2A) of the Companies (Particulars of Employees) Rules, 1975. COMPANIES (DISCLOSURE OF PARTICULARS IN THE REPORT OF "THE BOARD OF DIRECTORS) RULES, 1998: in terms of the above rules, the Board is pleased to give the particulars as proscribed therein in the annexure which forms part of this report. ACKNOWLEDGEMENT Your Directors are grateful for the assistance and co-operation received from the Financial Institutions, Banks. and Employees of the Company. For and on behalf of the Board Place: Ahmedabad R. H. PATEL Date : 29th November, 2003 CHAIRMAN COMPANIES ( DISCLOSURE OF PARTICULAR& IN THE REPORT OF THE BOARD OF DIRECTORS) RULES, 1988. A) CONSERVATION OF ENERGY As in the past, the company continued its efforts to improve methods of energy conservation and utilisation. (b) TECHNOLOGY ABSORPTION RESEARCH AND DEVELOPMENT (R & D) RESEARCH AND DEVELOPMENT ( R & D) 1. Specific Areas in which R & D : Process Improvement, Product carried out try the Company. Improvement & Cost effectiveness. 2. Benefits derived as a result of : Reduction in cost of Production & above R & D Improvement it quality & Productivity. 3. Future Plan of Action : Efforts will continue to be made in the areas of cost reduction and product and process improvement 4. Expenditure on R & D : R & D Expenditure has not been accounted separately. TECHNOLOGY ABSORPTION, ADAPTATION AND INNOVATION 1) Efforts in Brief toward : The Company has successfully technology absorption absorbed the to manufacture all adaptation and innovation types and sizes of PIJF Telephone Cables and efforts are continuously on to upgrade the same with innovation in design, process controls and logistics. 2) Benefits derived as a result : Cost has been reduced where ever of the above efforts. possible. (C) FOREIGN EXCHANGE EARNINGS AND OUTGO Total Foreign Exchange earned : Rs. Nil Total Foreign Exchange Outgo : Rs. Nil For and on behalf of the Board Place: AHMEDABAD R.H. PATEL Date : 29-11-2003 CHAIRMAN MANAGEMENT DISCUSSIONS AND ANALYSIS OVERALL REVIEW The Company is in the business of manufacture and safe of Jelly Filled Telephone Cables. Jelly Filled Telephone Cables ware introduced by the erstwhile Department of Telecommunications (DOT) to substitute paper covered unfilled cables in order to solve the problem of water seepage in Telecom Cables resulting in distortion of signals. The Telecom Industry in India form part of the priority sector of the Industrial Policy of the Government of India and a total outlay of As.40000 Crores have been planned for this sector in the 8th Five year plant. Bharat Sanchar Nigam Limited (BSNL), part of erstwhile Department of Telecommunications (DOT) and Mahanagar Telecom Nigam Limited (MTNL) are the major purchasers of the cables accounting for more than 80% of the domestic consumption, other users include railways, defence and other private sector telecom service providers, At present there are 48 PIJF Cable Manufacturers in India, which has resulted in the increase in competition and pressure on the prices of the cables. The year under review was a difficult year for the Telecom Industry due to steep decline in the prices and increased competition FINANCIAL REVIEW 1) Lower demand resulting into lower sales volume of Jelly Filled Cables. 2) Steep fall of about 15 % in the cable prices. The turnover of the Company has come down to Rs. 1392.62 from Rs. 5137.44 achieved during the previous year on account of the reasons mentioned above. OPPORTUNITIES AND THREATS: With the Telecom Industry being part of Priority vector, the Government of India has ambitious plans carved out for the Industry in its Eighth Five- year , plan. Gujarat Telephone Cables Limited, with its huge manufacturing capacity and being one of the major players of the Industry, is in a better position to reap the fruits of the same. The Telecom Cables Industry depends on the Bharat Sanchar Nigam Limited (BSNL) and Mahanagar Telephone Nigam Limited (MTNL). During the year BSNL has floated the tender for a quantity which its less by about 50 % of the Tender for the previous year, This reduction is mainly due to Increased use of wire Less in Local Loop (WLL) technology by BSNL and MTNL and other private operators. This is in addition to the increased competition from the existing as wall as new entrants in the Industry. Order are being accepted by the competitors at the rate below the variable cost. The Company is taking steps, to offset the implications of this by undertaking major cost cutting exercise. INTERNAL CONTROL SYSTEMS: The Company has proper arid adequate Internal Control System, which ensures the proper authorization , recording and reporting of all the transactions and safeguard of all assets from the risk of toss due to unauthorised use and disposition. The in place internal control system ensures prompt financial reporting, optimum utilisation of various resources and quick reporting of deviations. Compliance with laws and regulations is also ensured and confirmed and is reported In every Board Meeting. The Company has fully computerised and Integrated various financial and accounting functions, information feed back system of process parameters and back tracing from finished goods to raw-material stage. All financial, operating and information technology systems are reviewed from time to time by the Management. INDUSTRIAL RELATIONS AND HUMAN RESOURCES The biggest of any Company is its committed staff and work force, and your Company sees its relationship with its employees as vary critical to the existence of the Company. The Company has a proper mix of experienced and youth among its employees. The Company is committed to provide the necessary training and opportunity to Its employees, which helps them to develop themselves to face the future challenges. The company's relations with the employees At all levels are vary cordial and peaceful.