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Gopikrishna Granites India Ltd.

BSE: 526361 Sector: Others
NSE: N.A. ISIN Code: N.A.
BSE 05:30 | 01 Jan Gopikrishna Granites India Ltd
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Gopikrishna Granites India Ltd. (GOPIKRISHNAGRAN) - Director Report

Company director report

1996 GOPIKRISHNA GRANITES INDIA LIMITED DIRECTOR'S REPORT The Board of Director s have pleasure in presenting the 11th Annual Report together with the audited accounts for the year ending 31st March, 1996. COMMENCEMENT OF COMMERCIAL PRODUCTION Your Directors are happy to report that the Company has commenced Commercial Production in October, 1995. OUTLOOK FOR THE FUTURE Since the date of Commercial Production the Company has received repeat orders for US $ 9.5 lakhs equivalent to Rs 3.34 Crores (US $ 35) and is at present having orders worth US$ 7.85 lakhs for various products. The Company approached the Financial Institutions namely IDBI, IFCI and SBI for funding and deferrement of interest, principal instalments. In order to overcome the financial problems the Company has submitted to IRBI a strategic business integration plan involving expenditure which includes Quarry Development, Quarry Equipment, Equipment for Monuments and additional margin money for Working Capital. In view of the Export orders on hand your Company is confident of over coming the present problems and improve their turnover and profitability after the infusion of further funds. DISCLOSURE Information required under Section 217 (d) (e) of the Companies Act, 1956 read with Companies disclosure of particulars with report of Board of Directors rules 1988 are given below: A. CONSERVATION OF ENERGY: The consumption of power is in conformity with industry norms and hence no special measures were taken. FOREIGN EXCHANGE EARNINGS & OUTGO : Your Company had earned Foreign Exchange to the tune of US$ 2298017.67 equivalent to Rs. 1,00,82,442/- by export of Polished Slabs FOB Value and spent Rs. 56,54,011/- on foreign exchange during the year under review. FIXED DEPOSITS Your Company has not accepted any deposits form public during the year. PARTICULARS OF EMPLOYERS There are no employees covered by the provision of Section 217 (2A) of the Companies Act, 1956. AUDITORS REPORT In terms of the provision of the manufacturing and other Companies (Auditors Report) Order 1988 the auditors have reported that the Company does not have internal audit system. Your Company has adequate internal control system commensurate with the needs and proposes to appoint internal auditors during the current year. DIRECTORS Shri G. Kumaraswamy Reddy resigned as Executive Vice Chairman. The Board places on record the appreciation of the good services rendered by him as the Executive Vice Chairman. Shri U. Krishnam Raju, Dr S.R.K. Rao, Shri K.S. Raju and Shri P. Gandhi Raju retire by rotation and being eligible offer themselves for reappointment. ACKNOWLEDGEMENTS Your Directors place on record their appreciation of the whole hearted co- operation received by the Company from Industrial Development Bank of India, Industrial Finance Corporation of India Limited, Industrial Reconstruction Bank of India, Andhra Pradesh Industrial Development Corporation, State Bank of India. The Board of Directors appreciate the dedicated and sincere service rendered by all employees of the Company. For and on behalf of the Board U. KRISHNAM RAJU Company Chairman Place : Secunderabad, Date : 29th November, 1996.