Gleitlager (India ) Ltd.
||ISIN Code: INE190C01017
05:30 | 01 Jan
Gleitlager (India ) Ltd
05:30 | 01 Jan
Gleitlager (India ) Ltd
Gleitlager (India ) Ltd. (GLEITLAGERINDIA) - Director Report
Company director report
GLEITLAGER (INDIA) LIMITED
ANNUAL REPORT 2001-2002
Gleitlager (India) Limited
Your Directors present the 40th Annual Report together with the Audited
Statement of Accounts of the Company for the year ended 31st March, 2002.
In view of the losses incurred, your Directors do nut recommend any
dividend for the year under review.
The total income for the year Rs.1445.47 lacs which is inclusive of
Rs.400.00 lacs received from the property development activities. The
company's sales amounted to Rs.867.22 lacs as compared to Rs.1124.09 lacs
in the previous year.The paucity in working capital funds has led to the
decline in production/sales. On the other side, the fixed costs such has
salary and wages and interest continued to remain on higher side resulting
in to losses.
The company has successfully completed its programme of expansion of Copper
Lead sinter plant and has started the commercial production from July 2002.
The company has already begun to explore local and international markets to
procure further orders.
The company has received Arbitration Award in the matter of Arbitration
with Tata Housing Development Co. Ltd. thereby settling all pending issues.
In terms of the said Award the company has received a sum of Rs.4
Crores(Four Crores only) from Tata Housing Development Co.Ltd. thereby the
total amount received by 31st March 2002 aggregating to Rs.11.40 Crores
(Eleven point forty crores only) and has further received Rs. 1 Crore in
June, 2002. In terms of the settlement our company has to forego in favour
of Tata Housing Development Co.Ltd. from its share at a later date Rs.4
Crores(Four Crores only).
During the course of the year, the company has taken a review of the
inventory of non-moving and mismatched stock of Work-in-progress. The
technical inspection/ evaluation has revealed that these items are not
marketable and their retreival would be costly/unviable and these are not
fit for further processing. Consequently the company has during the year
made provision for the same aggregating to Rs.147.44 lacs.
The networth of the company has been fully eroded and the company has
become a sick company under the provision of Sick Industrial Companies
(Special Provisions) Act, 1985 (SICA). The company is required to make a
reference to the Board of Industrial and Financial Reconstructions (BIFR).
The financial institution who are term lenders of company have filed a case
with Debt Recovery Tribunal, Mumbai for recovery of its outstanding dues.
The company is negotiating with financial institution to arrive at some
amicable solution and settle the matter.
Mr.Ravindra C.Kapadia retires by rotation at the 40th Annual General
Meeting and is eligible for reappointment.
There has been no deposits due for repayment before 31st March 2002 which
has remained unpaid or unclaimed.
The non-convertible debentures due for redemption in June 2000 are fully
redeemed under a settlement arrived at between the debenture holders and
Conservation of Energy etc.:
Particulars in regard to Conservation of Energy and Technology absorption
prescribed under Section 217(1)(e) of the Companies Act, 1956, read with
Companies (Disclosure of particulars in the Report of the Directors) Rules,
1988, to the extent applicable are given in AnnexureI forming part of this
There were no employees during the year under review, who were drawing
remuneration in excess of Rs.6,00,000/- per annum or Rs.50,000/- per month.
Hence, the name and other particulars as required by Section 217 (2A) of
the Companies Act, 1956 read with the Companies (Particulars of Employees)
Rules, 1975, have not been furnished.
M.M.Nissim & Company, Chartered Accountants, Mumbai, retire at the
conclusion of the forthcoming Annual General Meeting and being eligible
offer themselves for reappointment.
The Directors also wish to place on record their deep appreciation of the
services of the devoted Workmen, Staff and Executives of the company.
FOR AND ON BEHALF OF THE BOARD OF DIRECTORS
J. K. MORARJI
Chairman & Managing Director
Place : MUMBAI
Dated : 10th October, 2002
ANNEXURE - I TO THE DIRECTORS' REPORT
A. CONSERVATION OF ENERGY
1. Conservation of Energy cost:
By adding additional capacitors Power Factor is improved from 0.94 to 0.99
and thereof getting rebate from MSEB to the extent of Rs. 20,000/- every
B. TECHNOLOGY ABSORPTION:
a. Research & Development:
1) Specific areas for which R & D is carried out by the Company and
Benefits derived from R & D:-
The Company has successfully manufactured trial batch of Thickwall flange
bearings from bimetal strip instead of centrifugal casting.
2) Future Plan:
The Company has already started work of "Quality of International Standard"
ISO 9002 Certification & expects to get final Certificate by March, 2003.
3) Expenditure on R & D
The Company has not separately maintained expenditure incurred on R & D and
hence no specific figures are mentioned.
b. Technology Absorption, Adaptation and Innovation:
Efforts and Benefits:
1. The Company has successfully developed Tata, Cummins 'B' Series bearings
including Thrust Bearings both for indigenous & Export markets.
C. FOREIGN EXCHANGE EARNINGS AND OUTGOINGS:
The Company's foreign exchange earnings and outgoings are referred to in
notes on accounts.
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