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S G Global Exports Ltd.

BSE: 531745 Sector: Others
NSE: N.A. ISIN Code: N.A.
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S G Global Exports Ltd. (SGGLOBAL) - Director Report

Company director report

TINNA OVERSEAS LIMITED Annual Report 1997-98 DIRECTORS' REPORT To, The Members Your Directors present the Eleventh Annual Report and audited accounts for the financial year ended 31st March, 1998. REVIEW OF OPERATIONS During the year under review, the Company could achieve a level of total income to the tune of Rs.1573.64 lacs and incurred a net loss of Rs.305.90 lacs. This has been attributed mainly due to the continued recession in TPR exports which adversely affected the manufacturing, export turnover and profitability of the Company, sluggish international market for commodities leading to depletion in commodity export and forced sales of substantial stock in the domestic market under depressed market conditions, high incidence of financial charges resulted due to prolonged delays in realisations of TPR compounds export receivables. The Company has however, been able to steadily improve upon its performance under export of footwear & is expected to do better in the current financial year. In view of the continued recession in market for TPR compounds & little chances of revival in the near future, the Company has suspended the TPR compounds manufacturing operations at its Mumbai units. The Company has also recently developed a Bitumen Modifier trade named "TBN-Super' which substantially improves the vital properties of Bitumen and in turn quality and life of roads, as evidenced by laboratory reports of the Central Road Research Institute (CRRI), New Delhi Highways Research Station, Chennai & Indian Institute of Technology, Kharagpur. The product is being test launched & its commercial production is expected to commence by the end of the current financial year. The launch of this product is expected to more than offset the depletion in Company's performance resulting out of suspension of TPR Compounds manufacturing operations. The new product line would also enable the Company to make use of the existing plant & machinery & other infrastructure of the TPR manufacturing facilities at Mumbai. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS/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, as amended, regarding conservation of energy, technology absorption & foreign exchange earnings & outgo is given in the Annexure forming part of the Report. SUBSIDIARY COMPANIES As required under Section 212 of the Companies Act, 1956, the audited statements of accounts alongwith the Reports of the Board of Directors of Tinna Finex Ltd. (earlier known as Tinna Finlease Ltd.), Tinna Shipping & Warehousing Ltd. and their respective Auditors' Reports thereon for the year ended 31st March, 1998 are annexed. FIXED DEPOSITS The Company has not accepted deposits from the public. Hence, the provisions of Section 58A of the Companies Act, 1956 and the rules made under the Companies (Acceptance of Deposits) Rules, 1975, as amended, with regard to the deposits accepted from the public are not applicable to the Company. AUDITORS M/s RAWLA & CO., Chartered Accountants, New Delhi, retire at the conclusion of the ensuing Annual General Meeting and being eligible, offer themselves for re-appointment. AUDITORS' REPORT With reference to the observations made by the Auditors in their report, the Directors with to report that further efforts are being made to adopt new/improved systems of accounting/recording/reporting. PARTICULARS OF EMPLOYEES The Company has not paid any remuneration attracting the provisions of Section 217 (2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975 as amended. Hence, no information is required to be appended to this Report in this regard. DIRECTORS Shri Kasturi Lal Mehta has been relieved from the Directorship/Whole time Directorship of the Company w.e.f. 1st April, 1998. However, he has again been inducted as an Additional Director w.e.f 30th Sept., 1998 Shri Hemant Kumar Sekhri resigned on 1st April, 1998. The Board places on record its appreciation for the valuable guidance received from Shri Kasturi Lal Mehta & Shri Hemant Kamar Sekhri during their tenure as Director of the Company. Shri Sat Paul Chopra and Shri Bhupinder Kumar retire by rotation and being eligible offer themselves for re-appointment. PROMISE Vs PERFORMANCE (Rs. in Lacs) S.No. PARTICULARS PROJECTED ACTUALS 1. Turnover 9200.00 1503.44 2. Net Profit/(Loss) 1928.04 (305.90) The reasons for variation are as under: a. Continued recession in export of TPR compounds forcing suspension of TPR manufacturing operations leading to substantial reduction in export turnover and profitability. b. Sluggish international market for commodities leading to forced-sales of substantial stock in the domestic market under depressed market conditions. c. Prolonged delays in realisation of TPR compounds export receivables due to recession in international market resulting in unduly high incidence of financial charges. ACKNOWLEDGEMENTS Your Directors wish to place on record their appreciation of the assistance and co operation extended to the Company by the Banks/Government Authorities and Other Agencies. The Directors also thank all the employees of the Company for their valuable services and continued support during the year. For and on behalf of the Board BHUPINDER KUMAR Chairman Place : New Delhi Dated : 28th Nov., 1998. ANNEXURE TO THE DIRECTORS' REPORT Information as per Section 217 (1)(e) read with the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 and forming part of the Directors' Report for the year ended on 31st March, 1998. A. CONSERVATION OF ENERGY (a) Energy conservation measures taken : The imported & indigenous machinery is of latest technology and conserving energy to the maximum. (b) Additional investments and proposals, if any, being implemented for reduction of consumption of energy : During the year the Company has made only marginal additions in the machinery. (c) Impact of the measures at (a) & (b) above for reduction of energy consumption and consequent impact on the cost of production of goods : The machines used by the Company are of latest technology and conserving energy to the maximum. The Company further continues to improve productivity by employing trained manpower for efficient utilization on machinery. (d) Not applicable. B. FORM FOR DISCLOSURE OF PARTICULARS WITH RESPECT OF TECHNOLOGY ABSORPTION 1. RESEARCH & DEVELOPMENT (R & D) (a) Specific areas in which R&D is being carried out by the Company : Improvement of Samples/Models & Convenient Shoes for export market is being continuously undertaken in R & D Department. (b) Benefits derived as a result of above R & D. - New models developed are of better quality. - This has resulted in reduction in cost. (c) Future plan of action : Continuous efforts are being made to improve the quality and reduce the cost so as to expand our export market. (d) Expenditure on R & D : The Company incurred Rs. 24.14 lacs on R & D during the year. 2. TECHNOLOGY ABSORPTION, ADAPTATION & INNOVATION (a) The Company is using latest technology/machinery. Further the Company interacts with its foreign buyers for product/model improvement. (b) Benefits derived as a result of the above efforts e.g. product improvement, cost reduction, produce development, import substitution etc.: The results are encouraging. Use of latest developed techniques has enabled the Company to improve quality of Shoes/Shoes upper and productivity of factory staff. (c) Not applicable. C. FOREIGN EXCHANGE EARNINGS & OUTGO 1. Activities relating to exports, initiatives taken to increase exports, development of new export markets for products and services, and export plan : The Company is mainly exporting to European countries. Middle east & far east countries. The Company has also been making serious efforts to expand and diversity the export market in view of the liberalised policies of the Government. 2. Total Foreign Exchange Used and Earned (Rs. in lacs) (a) Total Foreign Exchange Used : 269.96 (b) Total Foreign Exchange Earned : 952.42 For & on Behalf of the Board of Directors for Thinna Overseas Limited BHUPINDER KUMAR Chairman Place : New Delhi Dated : 28th Nov., 1998.