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Incorporated Engineers Ltd.

BSE: 522095 Sector: Engineering
NSE: N.A. ISIN Code: INE801D01017
BSE 05:30 | 01 Jan Incorporated Engineers Ltd
NSE 05:30 | 01 Jan Incorporated Engineers Ltd

Incorporated Engineers Ltd. (INCENGINEERS) - Director Report

Company director report

ANNUAL REPORT 1998-99 INCORPORATED ENGINEERS LIMITED DIRECTORS REPORT Your Directors present herewith their Report for the year ended 31.03.1999. OUTLOOK FOR THE CURRENT YEAR Although there is an overall adverse scenario, the Company could bag orders worth about Rs 4 Crores and more Orders are under finalisation. Your Directors therefore are hopeful of having better results next year. As reported last year, Award of an Arbitrator for settlement of dues of one of the major contracts has been received and the same is now pending before the Hon'ble High Court at delhi for its confirmation. The Company has already initiated dialogues with both the Financial Institutions i.e.BOIMF AND IFCI for One time Settlement of its outstanding. The negotiations are on the final stage . With the approval to this OTS, the interest burden will be negligible for the early years. Further, the Company has given a proposal to its Bankers for enhancement of various facilities. But due to the Overdues in DL and IBR, they can't process the same. The Company has also given a proposal to the Bankers for clearance of the said overdues. DIRECTORS Mr M.D.Holden and Mr.N.Roy retire by rotation and being eligible offers for themselves for re-appointment. PARTICULARS OF EMPLOYEES Particulars pursuant to the provisions of Section 217( 2AO) of the Companies Act,1956 is given under annexure -a herein which forms part of this report. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND ADAPTATION AND FOREIGN EXCHANGE EARNINGS AND OUTGO: The information required under Section 217(1)(e) of the Companies Act,1956 read with the Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1988 with respect to the conservation of energ, technology and adapatation and foreign exchange earnings and outgo is appended hereto as annexure -b which forms part of this report. AUDITORS The Auditors of the Company M/s J.G.Dalal & Company , Chartered Accountants, Mumbai retire at the Forthcoming annual general meeting but are eligible for re-appointment. ACKNOWLEDGEMENT The Bankers places on record its appreciation to its Employees,Bankers, Financial Institutions , Mutual Funds and Asssociates for their continued support and co-operation extended to the Company. For and on behalf of the Board of Directors M.K.Sen Mg Director Place: Vadodara Date : 10.08.1999. ANNEXURE B Information required under the Companies (Disclosure particulars in this Report of the Board of Directors) Rules,1988 A.CONSERVATION OF ENERGY Efforts are always made to reduce the consumption of energy although the Company is not a power intensive unit. Form of Disclosure of Particulars with respect to Absorption of Technology ,Research & Development (R & D) 1. Specific areas in which R & D carried out by the Company ) The Company has entered into several 2. Benefit derived as a )technical collaboration and as such result of the above R & D ) has not established any major R & D 3. Future plan of action. )centre. However from time to time it has 4. Expenditure on R & D )been trying to improvise the Indian ) conditions and need. TECHNOLOGY ABSORPTION, ADAPTATION AND INNOVATION: 1. Efforts in brief made toward technology absorption adapatation and innovation :- Please refer "Research and Development". 2. Benefits derived as a result of the above efforts eg product improvement , cost reduction , product development , import substitutions etc:- Benefits from the above is mainly of cost savings, improved sales and products. 3. 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 : During last five years the Company has finalised few of the Technical Collaboration for its major products b. Year of import : 1994-95 c. Has technology been fully absorbed : ? since most of the items are tailor made design & engineering etc is made separately for each project. As such the absorption of technology is on case to case basis. d. If not fully absorbed areas where this had not taken place and reasons thereof and future plan of actions. Please refer (c) above. C. FOREIGN EXCHANGE EARNINGS & OUTGO: The information containing foreign exchange earnings and outgo is given in the notes of accounts.