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Transpower Engineering Ltd.

BSE: 517282 Sector: Infrastructure
NSE: N.A. ISIN Code: N.A.
BSE 05:30 | 01 Jan Transpower Engineering Ltd
NSE 05:30 | 01 Jan Transpower Engineering Ltd

Transpower Engineering Ltd. (TRANSPOWERENGG) - Director Report

Company director report

TRANSPOWER ENGINEERING LIMITED ANNUAL REPORT 2000-2001 DIRECTORS' REPORT TO THE MEMBERS OF TRANSPOWER ENGINEERING LIMITED Your Directors present their 19th Annual Report of your company together with the audited accounts for the year ended 31st March, 2001. 1. OPERATIONS: During the year ended 31st March, 2001 your company achieved a turnover of Rs. 235.13 lacs as compared to Rs. 682.76 lacs and the loss during the year arrives at RS. 248.58 lacs and the total loss including the previous year's loss is Rs. 4210.32 lacs, The company's activities basically received set back on account of banks freezing operations and initiating action for the recovery of advances and hence the company being unable to participate and execute any new orders, however inspite of this, your company could achieve the aforesaid turnover without any external financial help which itself shows the potential and strength of your company. 2. BIFR UNDER SICA: Your company was originally been registered as Sick company in the year 1998 based on FY Ending 1997 before BIFR, however the admission was turned down as a Sick company subsequently. Your company Again filed Balance Sheet for 1998 with BIFR and presently the case is pending before AAIFR. 3. DIRECTORS: Mr. Laxman Handa was appointed as the Additional Director of the Company with effect from 10th October, and notices have been received from certain members signifying their intention to propose Mr. Laxman Handa for the appointment as the Additional Director of the company. Mr. S.R. Athalye retires by rotation and being eligible offers himself for re-appointment. 4. AUDITORS: M/G. M.A. Shah & Co., Chartered Accountants, the Statutory Auditors of the company hold the office until the conclusion of the ensuing Annual General Meeting and are recommended for the re-appointment. 5. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO: During the year the business activities of company has been completely stopped hence the matter related to the conservation of energy, technology absorption and foreign exchange earnings and outgo are not applicable. 6. PARTICULARS OF EMPLOYEES: As required by the provisions of Section 217(2A) of the Companies Act, 1956, read with the Companies (Particulars of Employees) Rules 1975 as amended the names and other particulars of employees are set out in the annexure to the Directors' Report. 7. LISTING DETAILS: Our Company is listed at Mumbai and Ahmedabad Stock Exchanges and the necessary Listing fees for the year 2001-2002 have been paid by the Company for Mumbai and Ahmedabad Stock Exchanges. 8. DIRECTORS RESPONSIBILITY: Your Directors confirm the following Director's responsibility statement pursuant to provisions of Section 217 (2AA) of the Companies Act, 1956: 1. in the preparation of Annual Accounts for the year ended 31st March, 2001 the Company has followed the applicable accounting standards with proper explanations relating to material departures,if any. 2. appropriate accounting policies have been selected and applied consistently and judgement, and estimates are made prudently and reasonably so as to give true and fair view of the state of affairs of the Company as at 31st March,2001 and of the profit or loss of the company for that year. 3. proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the applicable provisions of the Companies Act,1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities. 4. the annual accounts have been prepared on a going concern basis. 9. INDUSTRIAL RELATIONS: The industrial relations in the factory have remained cordial during the year under review. 10. ACKNOWLEDGEMENT: Your company and its Directors wish to sincerely thank the Government of India, BIFR Board, Customers, Suppliers, Dealers, Creditors, Agents, Bankers, Financial Institutions, Business Associates, Employees at all level and Shareholders for their sustained support. For and on behalf of the Board For TRANSPOWER ENGINEERING LIMITED Place: Mumbai K.A. SHETTY Date : 29th October, 2001 Chairman