Srinivasa Ferro Alloys Ltd

BSE: 531796 | NSE: NA | ISIN: NA 
Market Cap: [Rs.Cr.] 9 | Face Value: [Rs.] 10
Industry: Mining / Minerals / Metals

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Director's Report

SRINIVASA FERRO ALLOYS LIMITED ANNUAL REPORT 2001-2002 DIRECTORS' REPORT TO THE SHAREHOLDERS Your Directors take pleasure in presenting their Fourteenth Annual Report together with the annual accounts for the year ended on 31st March, 2002. FINANCIAL RESULTS: The financial results of the company for the year 2001-2002 are summarised below :- PARTICULARS 2001-2002 2000-2001 M.T. M.T. PRODUCTION High Carbon Ferro Chrome - - High Carbon Ferro Manganese 7,483 9,354 Silico Manganese 16,601 15,093 SALES High Carbon Ferro Chrome - - High Carbon Ferro Manganese 7,579 9,258 Silico Manganese 16,668 15,030 FINANCIAL HIGHLIGHTS : Rs. in lakhs Rs. in lakhs Sales & Other income 5528.45 5674.62 Operating Profit before Interest & Depreciation 150.40 (32.79) Less : Interest 442.55 505.08 (292.15) (537.87) Less : Depreciation 110.28 108.05 Net Profit before Tax (402.43) (645.92) Tax Liability - - NET PROFIT AFTER PROPOSED DIVIDENDS - - OPERATIONS Your Directors regret to report that the Company could not do well during the year under report due to following reasons : 1. Due to inadequate working capital the company could operate only at 67% capacity which resulted into high fixed cost per unit of production. the L.C. facilities from February 1999 onwards and the C.C. 2. The bank stopped limits also was brought down to Rs. 700.00 lacs which led to inadequate working capital. Due to inadequate working capital the company could not purchase the required raw materials in bulk quantities thereby deprived of the quality material as well as the quantity rebates the Company had to transport the raw materials by road than rail leading to increase the transportation costs. Frequent shut downs for want of raw materials and usage of low grades of raw materials resulting in higher consumption of raw materials and power and also production of off grade materials. 4. Inadequate working capital forced the company to sale the metals against cash reducing the profit margins drastically in competitive market. has to pay a minimum demand charges of Rs.80.00 lacs per month 5. The company has to pay a minimum demand charges of Rs. 80.00 lacs per month to DVC towards power. Apart from that the Unit has to pay heavy risk purchase cost to all PSUs for failure to supply the contracted quantities for every month if the operations are stopped at any time. 6. The Company achieved a turnover of Rs. 55.28 crores. Your company suffered a net loss of Rs. 4.03 crores during the year under report as against the previous years loss of Rs. 6.45 crores. DIRECTORS : Mr. C.V.S.S.R.R.Raju, Director of the Company is liable to retire by rotation and being eligible offers himself for reappointment. DIRECTORS' RESPONSIBILITY STATEMENT : As per the provisions of section 217 (2AA) of the companies Act 1956, the directors state that :- 1. That in the preparation of Annual Accounts, the applicable accounting standards had been followed along with the proper explanation relating to material departures. 2. That the Directors had selected such accounting policies and applied them consistently made judgements and estimates that are reasonable and prudent so as to give a true fair view of the state of affairs of the Company at the end of the financial year and of the profit or loss of the company for that period. 3. That the Director had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the company and for preventing and detecting graud and other irregularities. 4. That the Directors had prepared the Annual Accounts on a going concern basis. REGISTRATION WITH B I F R :- This is to inform that the company is a sick company in terms of provisions of section 3 (1) (o) of the sick Industrial Companies (Special Provisions) Act, 1985 and the case was registered with BIFR vide their No. 281/01. AUDITORS The present Auditor's, M/s. P.S. Raju & Co., Chartered Accountants, Visakhapatnam, will retire at the conclusion of this Annual General Meeting. However, being eligible he offers himself for reappointment and confirmed that his reappointment, if made, will be within the limits specified under section 224 (1B) of the Companies Act, 1956. PARTICULARS OF EMPLOYEES There are no employees failing with the purview of section 217(2A) of the Companies Act, 1956 read with the companies (particulars of employees) rules, 1975. ADDITIONAL INFORMATION Additional information on conservation of energy technology absorption, foreign exchange earnings & outgo as required to be disclosed in terms of Section 217(1)(e) of the Companies Act, 1956 read with the companies (disclosure of particulars in the report of Board of Directors) rules 1988 is given in Annexure-I and forms part of this report. ACKNOWLEDGEMENTS: The Board of Directors of the Company take this opportunity to place on record their appreciation of the co-operation and support extended by the company's bankers State Bank of India, DVC, ADDA, IDBI, WBIDC, investors and various Central and State Government Agencies and local authorities. Your Directors also wish to place on record their sincere appreciation of unstinted support and co-operation extended by all personnel at various levels of the organisation. For and on behalf of the Board. Sd/- (C. Sanyasi Raju) Chairman & Managing Director Place : Visakhapatnam Date : 15-07-2002 ANNEXURE - I COMPANIES (DISCLOSURE OF PARTICULARS IN THE REPORT OF BOARD OF DIRECTORS) RULES, 1988. A. CONSERVATION OF ENERGY Where ever possible energy conservation measures have already been implemented and there is no major area further energy conservation measures can be taken. However, efforts to conserve and optimise the use of energy through improved operational methods and other means will continue. Utmost priority has been given in achieving reduction in per unit consumption of energy as well as finding alternate cheaper source of energy. 1. Power and Fuel consumption : Current year Previous year ELECTRICITY (a) PURCHASED Units (lacs) 1050.57 926.69 Total amount (in Rs.) 2652.36 2311.66 Rate / Unit (in Rs.) 2.525 2.495 (b) OWN GENERATION Through D.G. Units (lacs) Nil Nil Unit/ Lt. Of Diesel Nil Nil Cost / Unit (in Rs.) Nil Nil 2. CONSUMPTION PER UNIT OF PRODUCTION (PER MT) :- Ferro Manganese Silico Manganese 01-02 00-01 01-02 00-01 (a) Production (MT) 7483 9354 16601 15093 (b) Consumption/Units (KWA) 3244 2896 4866 4345 (c) Average Cost / Unit 8191 7225 12287 10840 B. TECHNOLOGY ABSORPTION Research and Development 1. Specific area in which R&D carried out by the company :- R & D related tasks were carried out for improvement of process parameters to reduce the power consumption by utilising quality raw material. 2. Benefits derived as a result of the above R&D. : Efficiency in Power Consumption could be achieved. 3. Further plan of action: Continuous emphasis being given for research and development. 4. Expenditure of R & D (a) Capital : Nil (b) Recurring : Nil c)Total : : Nil (d) Total R&D expenditure as a percentage : Nil of total turnover (e) Technology absorption, adoption and innovation:Most of the new methods being adopted are developed in house. A FOREIGN EXCHANGE EARNINGS & OUTGO: Activities relating to exports initiative taken to increase exports, development of new export markets for products and services and export plans : (a) Foreign Exchange Outgo The total foreign exchange earnings and the particulars of purchase of raw materials are given as under :- Sl.No. Description of Qty. in Kgs. Value in US $ Import 2001-02 2000-01 2001-02 2000-01 -Nil- (b) Foreign Exchange Earnings The total exports made by the company is given below : Year Quantity (Kgs). Value in US $ 1999-00 - - 2000-01 - - Current Period - - An amount of US $ 000000 has been spent on import of capital goods. For and on behalf of the Board. Sd/- (C. Sanyasi Raju) Chairman & Managing Director Place : Visakhapatnam Date : 15-07-2002
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Key Information

Key Executives:

C Sanyasi Raju , Chairman & Managing Director 

C V S S R R Raju , Vice Chairman 

P V Ramani , Director 

C Girija , Director 

Company Head Office / Quarters:
MIG 225 North Extension,
Andhra Pradesh-530013
Phone : 91-891-553255/550637
Fax :
E-mail :
Web : http://
Srinivasa Ferro Alloys Ltd
MIG 225
North Extension
Visakhapatnam 530013

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