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Autocomps India Ltd.

BSE: 522056 Sector: Auto
NSE: N.A. ISIN Code: INE337D01012
BSE 05:30 | 01 Jan Autocomps India Ltd
NSE 05:30 | 01 Jan Autocomps India Ltd

Autocomps India Ltd. (AUTOCOMPSINDIA) - Director Report

Company director report

AUTOCOMPS INDIA LIMITED ANNUAL REPORT 1999-2000 DIRECTORS' REPORT Your Directors have pleasure in presenting the Fifteenth Annual Report together with the audited statement of Accounts for the financial year ended 31st December. 2000. The significant accounting policies on the basis of which accounts have been drawn and other significant matters have been detailed in the Notes to the Accounts 'N' and are self explanatory Your Company achieved a gross revenue of Rs. 1124.93 lacs for the period under review as compared to Rs. 1812.19 lacs (18 months) in the previous Financial Year. The operational losses during the period under review were Rs. 116.73 lacs as compared to the loss of Rs.986.19 sacs (18 months) in the previous Financial year. The net loss, for the period under review, after depreciation of Rs. 75.09 lacs (Rs. 128.09 lass in the previous Financial Year) are Rs. 191.82 lacs as spared to the loss of Rs.1114.28 (18 months) in the previous Financial year which resulted a decrease in net loss of 82.8% Your Company's turnover had registered a negative growth of approximately 7% during the year under review inspite of orders in hard as the working capital limits of the Company were sanctioned but not available for disbursement by the Banks. Your Company has consistently concentrated on export to Eastern Countries such as Sri Lanka and Bangladesh. It also continues to explore new export markets and avenues for its. product. Your Directors are pleased to inform that the Company continued with its sustained efforts in improving the quality of its products and regularly checking on rejections. During the period under review, the Company continued supplies to LML, Bajaj Auto Ltd., and other OEMs. The net worth of your company has been consistently improving by induction of Rs. 19 crores towards the equity share capital which was allotted to Mannesmann Sachs AG and then transferred to Mr. Ashish Dasgupta on the directions of the Board for Industrial and Financial Reconstruction. The name of the Company was changed from Sachs India Limited to AUTOCOMPS INDIA LIMITED with effect from 21 June, 2000. DIRECTORS Mr. Chinubhai R. Shah retires by rotation and being eligible offers himself for re-appointment. On the basis of stipulated conditions of sanctioned letter issued by the Canara Bank, Mr. Arun Kumar Nahar, Asst. General Manager, Canara Bank was appointed as Nominee Director of Canara Bank. AUDITORS M/s. Goyal Sanjay & Associates, Chartered Accountants were appointed as Auditors of the Company. They have confirmed that their appointment, if made, will be within the limits specified in Section 224(1-B) of the Companies Act, 1956. AUDITORS' OBSERVATIONS/QUALIFICATIONS The Auditors' observations and/or qualifications are detailed in the Auditors' Report annexed hereto and are self explanatory and be read together with the Notes to the Accounts in Schedule 'N' annexed to the Accounts. EMPLOYEES Information pursuant to Section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975 forms part of this Report and enclosed as Annexure - 1. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO The information relating to conservation of energy, technology absorption and foreign exchange earnings and outgo as required under section 217(1)(e) of the Companies Act, 1956 read with the Companies Rules, 1988 forms part of this Report and enclosed as Annexure - II. ACKNOWLEDGEMENTS We wish to convey our sincere thanks to the Board for Industrial and Financial Reconstruction, the Central Government, State Government of Himachal Pradesh, Financial Institutions, Banks and other concerned Agencies for their co-operation extended to the Company. We also wish to record our deep appreciation of the contributions made by the employees at all levels towards our efforts to revive the Company and make it a profitable venture in the near future. For and on behalf of the Board Place: New Delhi Date : 15.01.2001 MANAGING DIRECTOR DIRECTOR ANNEXURE I TO THE DIRECTORS' REPORT PARTICULARS WITH RESPECT TO CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS & OUTGO AND FORMING PART OF DIRECTORS REPORT FOR THE PERIOD ENDED 31ST DECEMBER, 2000. A. Conservation of energy : a. Energy conservation measures taken Efforts have been taken to conserve and optimise use of energy through improved operation methods, machinery and other means. b. Additional investments and proposals, if any, being implemented for reduction of consumption of energy --NONE-- c. Impact of the measures at (a) and (b) above for reduction of energy consumption and consequent impact on the cost or production of goods. --NOT APPLICABLE-- d. Total energy consumption and energy consumption per unity of production as per Form A of the annexure in respect of Industries specified in the Schedule thereto. --NOT APPLICABLE-- B. Technology absorption : a. Efforts made in technology absorption as per Form B of the Annexure. FORM A (See Rule 2) Form for disclosure of particulars with respect to absorption Research and Development (R&D) 1. Specific areas in which R&D carried out by the Company. Development of different Shock Absorbers for new applications in the OE and After Market segments 2. Benefits derived as a result of the above R & D. Some of the abode developments have resulted in regular commercial production during the period under review Sustained results are expected during the current year also. 3. Future plan of action The R&D activities are being focussed on improving ride comfort and safety through improved design of Shock Absorbers to be used in the Motor Cycle and Scooters segment. Investment has been made in acquiring high quality machinery for testing and performance monitoring. Expenditure on R & D (a) Capital (Work in Progress) (b) Recurring Rs. 35985.97 (c) Total Rs. 35985.97 (d) Total R & D expenditure as a percentage of total turnover. 0.04% Technology absorption, adaptation and innovation 1. Efforts in brief made towards technology absorption, adaptation and innovation. With the technology available, AutoComps is developing Shock Absorbers for new applications. During the year the Vario Gas Charged Shock Absorbers have been developed and are under field trials. In addition, constant review is being carried out of the designs, manufacturing processes, quality and process control and materials management systems of the Company. 2. Benefits derived as a result of the above efforts, e.g. product improvement, cost reduction, product development, import substitution, etc. The Benefits derived shall further reflect constant improvement in the quality of Company's products in the coming years. In case of imported technology (imported during the last 5 years reckoned from the beginning of the financial year), following information may be furnished : (a) Technology imported ) (b) Year of import. ) (c) Has technology been fully absorbed? ) NOT APPLICABLE (d) If not fully absorbed, areas where ) this has not taken place, reasons therefore ) and future plans of action. ) G. Foreign Exchange earnings and outgo (f) activities relating to exports; initiatives taken to increase exports; development of new export markets for products and services; and export plans The Company executed a small export order. However constant efforts are being rnade to explore neighbouring export markets. (g) Total foreign exchange used and earned. Foreign Exchange earning - Rs. 18,G7,110/- Foreign Exchange Outgo - NIL