TRANSPOWER ENGINEERING LIMITED
ANNUAL REPORT 2000-2001
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.
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.
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
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.
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