BAY LINERS LIMITED
Your Directors have pleasure in presenting the Sixth Annual Report together
with the Audited Accounts for the year ended 31st March, 1995.
Your Directors wish to inform you that world wide tuna fishing industry is
passing through recession. Along with many other companies your Company
also incurred losses. The various factors for this performance are (1) the
price of sashimi grade tuna in Japan plummeted to a rock bottom price of
Yen 600/kg, (2) the inconsistent catch rate in Indian Ocean and (3) due to
Yen appreciation by more than 20%, the import of Bait Fish, spares and
hiring of Japanese manning have become quite expensive for the operations.
This scenario has affected not only your Company but also other Indian
It has been further observed that most of the companies from Taiwan, Korea
and Japan also incurred heavy losses in tuna fishing. Added to the above
problems, as Japan was the only market for us, the Kobe earth quake,
certain internal disturbances in the society of Japan are also some of the
factors for the sashimi grade tuna market crash.
Under the circumstances, the company reduced all its overheads, operating
cost to a minimum extent to sustain the ongoing recession.
PARTICULARS OF EMPLOYEES
The company had no employee drawing Rs. 3 lakhs or more during the year was
in receipt of monthly remuneration of Rs. 25,000/- and as such no
particulars as required under Section 217(2A) of the Companies Act 1956
have been furnished .
The company has not accepted any deposits during the year under review.
PARTICULARS REGARDING ENERGY CONSERVATION ETC.
Disclosure of particulars regarding energy conservation are not applicable
to the Company.
FOREIGN EXCHANGE EARNINGS AND OUTFLOW:
Foreign Exchange earnings 1994-95 1993-94
(Rs. lakhs) (Rs. lakhs)
(On FOB basis) 197.87 225.95
Foreign Exchange Outflow:
Capital goods --- 0.74
Bait Fish 15.84 38.07
Stores & Spares 43.57 40.14
Business supervision fee 93.36 55.06
Sales Commission 11.36 12.66
Dry Docking 17.03 ---
Others 4.29 46.46
Shri G.V. Rama Raju and Shri D. Gopala Krishna retire by rotation at the
ensuing Annual General Meeting and being eligible offer themselves for
M/s A.M. Reddy & Co., Chartered Accountants are the Auditors of your
company who are retiring at the conclusion of this Annual General Meeting.
They are eligible for re-appointment.
Your Directors wish to express their thanks for the guidance and assistance
received from SCICI Ltd, MPEDA, State Bank of India, State and Central
Your Directors also express their gratitude to the shareholders of the
Company for the confidence reposed on the management.
Your Directors would also like to record their appreciation for the sincere
and dedicated services rendered by the employees of the Company at all
For and On behalf of the Board
V.S. PRASAD REDDY
Dated: 03rd August, 1995.