Aafloat Textiles (India) Ltd.
||ISIN Code: N.A.
05:30 | 01 Jan
Aafloat Textiles (India) Ltd
05:30 | 01 Jan
Aafloat Textiles (India) Ltd
Aafloat Textiles (India) Ltd. (AKAIMPEX) - Director Report
Company director report
AKAI IMPEX LIMITED
Your Directors have pleasure in presenting their Ninetenth Annual Report
together with the Audited Statement of Accounts of your Company for the
year ended 31st March, 1996.
Your Directors are pleased to recommend a dividend of 6% on Equity Shares
(Rs. 0.60 per share) subject to final approval from Bank/Financial
Institutions and subject to Tax and approval by members at the Annual
2. PROJECT IMPLEMENTATION
As you are aware, your Company's project for the manufacture of 12000 TPA
of Partially Oriented Filament Yarn (POY), 6000 TPA of Texturised Yarn and
1750 TPA of Knitted Fabrics at Chinchpada, Union Territory of Silvassa is
in advanced stage of completion.
The erection and commissioning of 5 Nos. Texturising Machines & Knitting
Machines have been completed. Erection work for Spinning Lines and
remaining 5 Nos. Texturising Machines are in progress.
In view of time over-run in some of the areas of project and to avail
incremental capacity in Spinning/ Texturising, the cost of the project was
revised upwards in September 1996. The additional cost will be financed by
additional funds from Bank & Financial Institutions and partly by internal
The Company has not accepted any Fixed Deposit from the Public within the
meaning of Section 58A of Companies Act 1956 and the Rules made thereunder.
4. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTIONS AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
a) Energy Conservation measures taken and under implementation :
1) Installation of Electronic Ballasts for Flourscent Tube Lighting in the
areas where fittings yet to be completed.
2) An Electronic Power and damaged analyser has been ordered for taking
studies on individual machine for evaluating and comparing Power
b) Additional Investments and proposals, if any, being implemented for
reduction of consumption of energy : Use of regulated supply for total area
c) Impact of measures for reduction of energy consumption and consequent
impact on the cost of production of goods : Not quantifiable for this year.
The technologies selected by your Company are the most modern and the state
of the art.
FOREIGN EXCHANGE EARNINGS AND OUTGO.
The details of foreign exchange earning and outgo during the period ended
31.3.1996, are contained in schedule 17 Item No. 21(iii) and 21(ii) in
Notes on Accounts.
5. PARTICULARS OF EMPLOYEES
There being no employees who were in receipt of remuneration of Rs. 25000
per month (if employed for the part of the year) or Rs. 3 Lakhs per annum
(if employed for whole of the year) information required under section 217
(2) (a) of the Companies Act, 1956 read with the Companies (Particulars of
the Employees) Rules 1975 and forming the part of the Directors' Report for
the year ended 31st March, 1996 had not been given.
During the period Shri V. K. Taparia, Managing Director, Shri Y. M. Desai,
Shri S.S. Taparia, Shri M.L. Taparia and Shri R.B. Upadhyay, Directors,
resigned from the Board. The Board of Directors takes on record
appreciation of valuable services rendered by them during their tenureship
as a Director of the company.
During the period Shri Mahendra Lodha and Shri Shailesh M. Merchant have
been appointed as additional Directors of the Company. These Directors
will hold the office of Directors upto the date of Annual General Meeting
and are eligible for re-appointment. The company has received notices U/S
257 of the Companies Act, 1956 from members of the company signifying their
intention to propose the candidature of Shri Mahendra Lodha and Shri
Shailesh M. Merchant as Directors of the Company, whose period of office
shall be liable to determination of retirement rotation.
M/S. LODHA & COMPANY, Chartered Accountants, the Auditors of the Company
retire at the ensuing Annual General Meeting and being eligible offer
themselves for re-appointment. Notes referred to by the Auditors in their
report are self explanatory and therefore do not call for any further
Your Company and its Directors wish to take this opportunity to offer their
sincere thanks to various departments of the Central/State Government,
Financial Institutions, Banks & Investors for their valuable support and
Your Directors also wish to place on record their appreciation for devoted
services rendered by the Staff And Executives of the Company.
For and on behalf of the Board
Place : Mumbai,
Dated : 29th November, 1996.
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