AMBIK PROTEINS LIMITED
THE MEMBERS OF
AMBIK PROTEINS LTD
Your Directors present herewith 2nd Annual Report together with Audited
Balance sheet as at 31st March, 1994 and the Profit and Loss Account for
the period ended on that date.
1. PUBLIC ISSUE
Your Directors are pleased to inform you that the Public Issue of the
company which opened on 8-2-93 and closed on 11-2-93 for 127.50 lacs equity
shares of each for cash at par was fully subscribed.
Your Directors have to inform you that the object for which the company
entered the capital market, has become economically unviable, Your
Directors have therefore dropped the implementation of the integrated
edible Oils project at Kota in Rajasthan.
Your Directors have decided to diversify the company's activity and to
pursue the business of financing, leasing, investment, Merchant Banking,
and also of horticulture and exports. The cost of the diversification
programme is estimated at Rs. 3000 lacs which your Directors propose to
meet out of the available resources and partly of the proceeds of the Right
4. RIGHT ISSUE
Your Directors are pleased to inform you that the Board has decided,
subject to your approval, to issue 90,00,000 equity shares of Rs. 10 each
for cash at par as right issue in the ratio of 5 equity shares for 10
equity shares held in the company as on the record date, as may be decided
by Board in consultation with the Regional Stock Exchange.
5. CHANGE IN THE BOARD
The Board has accepted there signation of Mr. D.B. PATEL and Mr. S.V.
PATEL, who resigned with effect from 29/3/93 and 24/10/94 respectively. The
board appreciated the valuable services rendered to the company by both of
them during their tenure as Director of the company. Mr. H.K. SONI who was
appointed as additional Director with effect from 24/10/94 vacates the
office at the AGM. The company has received notice under or section 257 of
the Companies Act, 1956 for appointment of Mr. H.K. SONI. The appropriate
resolution for his reappointment is being placed for consideration of the
members at the ensuing meeting.
6. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO :
As required by the companies (Disclosure of particulars in the Report of
Board of Director) Rules 1988, the relevant information is given in
Annexture to this Report.
7. PARTICULARS OF EMPLOYEES
The information pursuant to section 217 (2A) of the Companies Act, 1956
read with the Companies (particulars of Employees) Rules 1975 is as per
8. NOTES ON ACCOUNTS :
The various notes on accounts to which attention has been drawn by the
Auditors are self explanatory and do not warrant any further information/
M/S M.R. PANDHI & ASSOCIATE, Chartered Accountant, Ahmedabad retire at the
ensuing Annual General Meeting and are eligible for reappointment.
10. ACKNOWLEDGMENTS :
Your Directors, place on record the appreciation for the support and co-
operation that the company received from central and state governments,
Banks and employees of the company.
Information as per section 217(1)(E) read with companies (disclourse of
particulars in the report of directors) rules, 1988 and forming part of the
directors report for the period ended 31/03/1994.
1. ENERGY CONSERVATION :
Company is aware of the importance of saving energy consumption at all
levels and has made endavours to conserve energy whereever possible.
2. TECHNICAL ABSORPTION :
The company is carring out inhouse impronement.
3. FOREIGN EXCHANGE EARNING AND OUT GO :
(I) The Company is exploring the possibilities of exporting its products.
(II) Total foreign exchange used : Rs. NIL.
(III) Total foreign exchange earned : Rs. NIL
Expenditure incurred on R. & D. : NIL
FOR & ON BEHALF OF THE BOARD OF DIRECTORS
[CHAIRMAN & MANAGING DIRECTOR]