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Gold Multifab Ltd.

BSE: 531709 Sector: Industrials
NSE: N.A. ISIN Code: N.A.
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Gold Multifab Ltd. (GOLDMULTIFAB) - Director Report

Company director report

1996 GOLD MULTIFAB LIMITED DIRECTORS' REPORT Your Directors have pleasure in presenting the Third Annual Report together with Audited Statement of Accounts of your Company for the year ended 31st. March,1996. FUTURE PROSPECTS: Your Company has commenced production of curtains which have a very high value addition in comparison to grey fabrics. It is in the process of establishing a wide network for marketing of curtains, There is a very good demand for curtains which is expected to grow continuously, DIVIDEND: Projected Dividend for the year 1995-96 was 10%, However A larger working capital will be required for manufacturing and marketing of curtains, Your Directors feel that the cash accruals should be ploughed back in business for higher growth and profitability, Therefore, no dividend is proposed for this year. PUBLIC ISSUE: During the year the Company offered 27,50,000 Equity Shares of Rs. 10/- each for cash a par aggregating to Rs. 2,75,00,000/- to public which was oversubscribed in public category. Allotment of Shares was made on 1 st May, 1996. The equity Shares of the Company are now listed with Vadodara, Bombay, Ahmedabad, Delhi and Calcutta Stock Exchanges. Your Directors place on record their gratitude and appreciation for the overwhelming response extend by the investors in the recent public issue. DIRECTORS: In accordance with provisions of the Companies Act, 1956 and Articles of Association of the Company Smt. Priti Bhatia retire by rotation at the ensuing annual general meeting and being eligible offer herself for re- appointment. AUDITORS: Auditors of the Company M/s. J. Somani & Co., Chartered Accountants retire at the conclusion of ensuing Annual General Meeting and being eligible offer themselves for re-appointment. Your are requested to appoint Auditors and fix their remuneration . INDUSTRIAL RELATIONS: Industrial relations remained excellent during the year. PERSONNEL: There was no employee drawing remuneration during the year in excess of the limits prescribed u/s 217 (2A) of the Companies Act, 1956. CONSERVATION OF ENERGY: Information persuant to Section 217 (1) (e) of the Companies Act, 1956, read with the Companies Disclouser of particulars in the Report of Board of Directors) Rules, 1975 is enclosed, as Annexure I and forms part of this report. ACKNOWLEDGEMENT: Your Directors wish to place on record their appreciation of the support and co-operation received from the Small Industries Development Bank of India, Central Bank of India. Your Directors also wish to place on record their appreciation received from Suppliers, Customers, Brokers. Your Directors also wish to record their appreciation of the dedicated services of the employees of the Company. FORM A: FORM FOR DISCLOSURE OF PARTICULARS WITH RESPECT TO CONSERVATION OF ENERGY FOR THE YEAR l9996. 1995-96 1994-95 POWER FUEL CONSUMPTION 01. Electricity (a) Purchase -- -- (b) Own Generation (i) Through D. G. Set 1,68,794 86,200 Units per Ltr. of Diesel 3.18 3.37 Cost per Unit (Rs.) 2.62 2.25 (ii) Through Steam Turbine/Generator N.A. N.A. 02. Coal N.A. N.A. 03. Furnace oil/LSHS N.A. N.A. 04. HSD/LDO N.A. N.A. Quantity (Ltr) 53,080 31,926 Total Amount (Rs.) 4,42,786 2,41,833 Average Rate/Ltr 8.34 7.57 B. CONSUMPTION PER UNIT OF PRODUCTION (A) Electricity 2.97 3.19 (Unit per Meter of Production) FORM B DISCLOSURE OF PARTICULARS WITH RESPECT TO TECHNOLOGY ABSORPTION, RESEARCH AND DEVELOPMENT (R & D) A RESEARCH & DEVELOPMENT (R & D) 01. Specific areas in which Nil R & D earned by the Company 02. Benefit derived as a result Not Applicable of the above R & D 03. Future Plan of action To take up R & D activities to meet international standards 04. Expenditure on R & D a) Capital b) Recurring Nil c) Total d) Total R & D Not Applicable Expenditure as a percentage of total turnover B. TECHNOLOGY ABSORPTION, ADOPTION AND INNOVATION 01. Efforts in brief made towards This will be consider at technology absorption, adoption later stage and innovation. 02. Benefit derived as a result of Not Applicable the above efforts e.g. product improvement, cost reduction product development, import substitution etc. PARTICULARS OF IMPORTED TECHNOLOGY 01. Technology imported 02. Year of import 03. Has technology been Not Applicable fully absorbed 04. If not fully absorbed,areas where this has not taken place, reasons thereof and future plans of action. FOREIGN EXCHANGE EARNING AND OUTGO 01. Activities relating to exports, Not Applicable initiatives taken to increase development of new export markets for products and services and export plans. 02. Total foreign exchange Nil used and earned For and on Behalf of the Board (VIVEK BHATIA) MANAGING DIRECTOR Place : Surat Dated : The 16th July, 1996.