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Great Western Industrial Ltd.

BSE: 531504 Sector: Agri and agri inputs
NSE: N.A. ISIN Code: N.A.
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Great Western Industrial Ltd. (GREATWESTINDL) - Director Report

Company director report

GREAT WESTERN INDUSTRIES LIMITED DIRECTORS' REPORT To the Members, The Directors have pleasure in presenting the Sixth Annual Report of the Company together with the Audited Balance Sheet as at 30 th September 1998 and the Profit and Loss Account for the year ended on that date. OPERATIONS: The Company presently exports gherkins and white onions. Whilst for gherkins the Company has an extension program where in the Company selects farmers, provides seeds, fertilizers, pesticides and other advances added with technical inputs regarding timing of sowing, plucking etc., for white onions it buys in bulk from the market. The Company's products are exported to Australia, France, Belgium, Spain, United Kingdom, Netherlands, Holland, United States of America, Canada and Philippines and all the Company's customers are ECGC cleared. The Company processes in all mediums viz. Natural Imported Vinegar, Brine or Acetic acid as per Individual receipes of the foreign buyer. The Company's turnover increased by 2.77 times compared to last year. This was possible due to a tie up with NV Intergarden S A, Belgium for supply of gherkins in bulk where the Company received advance payments for the same. The Company has set up during the year a new plant near Tirunelveli, Tamilnadu to cater to the growing export markets and the increasing demand of the foreign buyers and also increased its scale of operations of the Bangalore unit. The Tirunelveli plant was set up during the year and commenced commercial production on 1 .10.1997. The Tirunelveli factory has a total 70,000 sq. feet built up area of processing and storage space and is as per F.P.O. and international standards and has also been recognised by L.M.A. (Amora Maille, Group, Danone, France) The Company has acquired a recognised Export House Status from the Government of India for a period of 3 years upto 31/3/2001 and is eligible for all benefits accorded to a recognised export house. The Company's expansion program was also increased to cover Tirunelveli and other areas. The Company has experienced field managers, field officers, field assistants, buyers and classifiers to look after the field operations and extension program in herkins. The Company has repaid all the term loans to the Bank and Net Profit before/after tax has increased by over 5 times. The Company plans a payout on dividend of 10% for the current year. FUTURE OUTLOOK: At a time when the whole Country is going through a tremendous economic slowdown, the foreign / export demand for processed food especially gherkins is increasing world wide. Gherkins are consumed in (a) salads, (b) starters, (c )pickles, (d) addendum to hamburgers etc and is a speciality delicacy and a dietary food too. The Company plans to set up more gherkins processing centres as well as one more production facility . The company also plans to make forays into export of other processed vegetable like baby corn, carrots, paprika, green peppers, cauliflower and mango pulp and has already received enquiries and trial orders from some of the above. The Company plan to get into bottling and canning once complete marketing is tied up from the foreign buyers. EMPLOYEE RELATIONS: Employee relationship continued to be cordial during the year. FIXED DEPOSITS: The Company has not accepted any Fixed Deposits from the Public during the year, hence there were no unclaimed / outstanding deposits as on 30th September 1998. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS /OUTGO: The information required under Section 217 (1) (e) of the Companies Act,1956 read with the Companies (Disclosure of Particulars in the Report of the Board of Directors) rules, 1988 is annexed hereto and forms part of this Report. DIRECTORS: Mr.M.Narayanan Dr.D.Ashok and Mr.Peeroz.S.Hataria are appointed as additional Directors of the Company. DIVIDEND: Your Board of Directors are happy to inform you that, a 10% Dividend for the financial year 1997-98 is recommended to be paid tn all the members whose name appear in the Register of Members as on. 11/12/98. PERSONNEL: There is no employee who was in receipt of remuneration of more than Rs.25,000/- per month or part thereof or Rs.3,00,000/- per annum in the aggregate. AUDITORS: M/s Srinaga & Giridhan, Chartered Accountants, Bangalore, Auditors of the Company retire at the ensuing Annual General Meeting and offers themselves for re-appointment. LISTING: The Company's share are presently listed with A) Madras Stock Exchange : No.11,Second Line Beach, Chennai 600001 B) Stock Exchange of Mumbai : Phiroza JeejeeBhoy Towers, : Dalal Street, : Mumbai 400001 C) Bangalore Stock Exchange : Bangalore Stock Exchange : UNI Building Millers Tank : Vasanth Nagar : Bangalore 560052 ACKNOWLEDGMENT: The Board wishes to place on record its appreciation to all the farmers, workers and Executives of the Company, and the Bankers for their valuable support and look forward to their continued co-operation and support in the growth of the Company. On behalf of the Board on behalf of the Board M.NARAYANAN Dr.D.ASHOK DIRECTOR DIRECTOR Place: Bangalore Date :30th December 1998 ANNEXURE - TO DIRECTORS' REPORT ANNEXURE 1 Statement under Section 217 (1) (e) of the Companies Act, 1956, with Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules,1988, and forming part of the Directors Report for the period ended 30th September 1998: A. CONSERVATION OF ENERGY: Whenever possible energy conservation measures are being taken and implemented by the Company. B. TECHNOLOGY ABSORPTION: Research and Development (R & D) The Company has its own in house research unit manned by qualified and experienced professionals. The unit carries on research and development in specific areas of upgrading the growing and processing of gherkins and onions and standardization of quality control measures. Technology Absorption, Adaption and Innovation 1. Continuos efforts to upgrade and improve technology has been made in all areas of operation of the Company. 2. The Company has obtained imported technology which has been fully absorbed. C. FOREIGN EXCHANGE EARNINGS AND OUTGO: The foreign exchange earnings during the year under report stood at Rs.730.72 lacs. The foreign Exchange outgo was Rs.3.92 lacs. The main activities relating to export were to increase exports, development of new export markets for existing and new products.