| The Directors has the pleasure in presenting the Fifteenth Annual
report for the period ended 31st, March 2000.
FINANCIAL RESULTS
Particulars Year Ended Year Ended
31.3.2000 31.03.1998
(18 months) (12 months)
(In Lakhs) (In Lakhs)
Sales/Turnover 1322.07 1241.97
Profit before Depreciation 35.23 26.20
& Income Tax
Depreciation 33.02 20.13
Profit before tax 2.21 6.07
Less : Provision for tax 0.65 0.74
Net Profit after Tax 1.56 5.33
PERFORMANCE VS PROJECTIONS (IN LAKHS)
Projects Actual
Income from operations 3924.25 1288.21
profit 758.76 2.21
REASONS FOR SHORTFALL :
Due to unprecedented demand recession in the automobile industry and
down trend in the prices of the products of competitors and also entry
of new players in the market. Lower sales realisation and increased
cost of inputs have adversely affected the sales and profit margin of
the company.
DEPOSITS :
The Company did not accept any deposits during financial Year under
review.
SUBSIDIARIES :
M/s. APPOLLO CHAINS & ZIPS PVT. LTD. The audited accounts along with
the Directors report of r the year ended 31-03-2000 in respect of the
said subsidiary company is annexed as required u/s 212 of the
companies Act, 1956.
DIVIDEND
Due to inadequate of profits, the Directors do not recommend the
dividend for the period under consideration.
OPERATIONS
The operations of the Company for the period under review are
satisfactory. The Sales for the period is Rs. 1322.07 lacs (for the 18
months period) despite the prevailing market conditions and tough
competition. The Company is taking steps to substantially increase the
production.
DIRECTORS
Sri V. Srinivasa Rao will retire by rotation by ensuing Annual General
Meeting, and being eligible, offers himself for re-appointment.
Sri V. Shekhar will retire by rotation by ensuing Annual General
Meeting, and being eligible, offers himself for re-appointment.
The Board taken on record the sudden demise of Sri Arvind Bhai R.
Pharik and expressed its condolence.
PARTICULARS OF EMPLOYEES
During the year under review, none of the employees of the company were
in receipt of remuneration which in aggregate of Rs. 6,00,000/- or more
per year and in receipt of remuneration for any part of the year of Rs.
50,000/- or more per month in accordance with Section 217(2A) of the
Companies Act, 1956 read with Companies (Particulars of Employees)
Rules, 1975.
LISTING
The Company shares are listed in The Hyderabad Stock Exchange Ltd.,
Hyderabad, The Stock Exchange, Mumbai and The Ahmedabad Stock Exchange
Association Limited, Ahmedabad and the listing fees for the year
1999-2000 was paid.
INDUSTRIAL RELATIONS
Industrial relations are cordial. The directors wish to express their
appreciation for the dedicated services rendered by the staff, officers
and workers of the company.
Information as per Section 217(1)(e) read with the Companies
(Disclosure of particulars in the Report of Board of Directors) Rules,
1988 and forming part of the Directors' Report for the period ended
31st March, 2000.
(A) CONSERVATION OF ENERGY : Nil
a) Energy Conservation Measures taken
b) Additional investment and proposals, : Nil
if any being implemented for reduction
of consumption of energy
c) Impact of the measures at (a) and : Nil
(b) above for reduction of energy
consumption and consequent impact
of the cost of production.
d) Total energy consumption and energy
consumption per unit of production : Nil
(B) TECHNOLOGY ABSORPTION :
e) Efforts made in technology : Nil
absorption as per Form B
FORM FOR DISCLOSURE OF PARTICULARS WITH RESPECT OF ABSORPTION
Research and Development (R & D)
1. Specific areas in which R & D carried out by the company.
A new steering model vehicle 6+1 seater has been developed in the
in house and sent to ARAI, Pune for statutory approval and obtained the
approval.
2. Benefits derived as a result of the above R & D.
The Commercial vehicles are already released in the market for which
there is good response from the market.
3. Future plan of action
A regular plan has been chalked out to develop some more new models of
vehicles and relevant components in the in house.
4. Expenditure on R & D :
(a) Capital : Nil
(b) Recurring : Nil
(c) Total : Nil
(d) Total R & D expenditure : Nil
as a percentage of total
turnover.
Technology absorption, adaptation and innovation,
1. Efforts, in brief, made towards
technology absorption, : Nil
adaptation and innovation.
2. Benefits derived as a result
of the above efforts e.g.,
product improvement, cost
reduction, product development,
import substitution, etc.
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 : Nil
(b) Year of import : Nil
(c) Has technology been fully absorbed? : Nil
(d) If not fully absorbed, areas
where this has not been taken : Nil
place, reasons therefore and
future plans of action.
(C) FOREIGN EXCHANGE EARNINGS & OUTGO
(f) Activities relating to exports, : Nil
initiatives taken to increase
exports, development of new
export markets for products
and services and export plans.
(g) Total foreign Exchange used
and earned : Nil |