LAXMI GRANITES LIMITED
TO THE MEMBERS,
Your Directors have pleasure in presenting the Sixth Annual Report together
with the Audited Statement of Accounts for the year ended 31st March, 1994.
The Directors are pleased to inform you that civil works at the factory site
have been completed. The necessary infrastructural facilities also have been
provided for. All the imported machineries from Breten Spa., Italy have
arrived at the Factory site during Dec. 93 and the same have been installed
and successfully commissioned. The performance test and trial runs were
completed during May/June 1994. Indigenous machineries have also arrived at
factory site and errected. The Company is expecting HT Power connection
during September and commercial production would commence by the end of
October 1994. However effective steps are being taken to commence commercial
production at the earliest.
The company has tapped the exports market, and is happy to inform that
exports orders have started coming in. The Exports Department is working on a
massive order for random slabs, and is expected to get the LC in a month's
time. Once this order is obtained, this will be one of the larnest single
order in twin cities and would boost the company's turnover.
The Board of Directors are pleased to inform that the Industrial Development
Bank of India has disbursed the Rupee Term Loan of Rs.185.00 lakhs and
Foreign Currency Loan of It.Lir. equivalent to Rs.5,09,64,759 for import of
capital goods. The Industrial Reconstruction Bank of India has disbursed
Rs.180.00 lakhs out of the term loan of Rs.200.00 lakhs sanctioned.
The company has made a PUBLIC ISSUE of 70,00,000 equity shares of Rs 10/-
each amounting to Rs 700.00 lakhs in Jan 1994. In addition to the above
Public Issue, the promoters of your Company have also brought in a sum of
Rs.747.00 lakhs by ,subscribing to 74,70,000 equity shares of Rs.10/- each.
Your Directors thank all the concerned for making the issue a success. The
Company's Shares are listed in Hyderabad, Madras Bombay and Ahmedabad Stock
Your Company has not accepted any deposits from the Public during the year
Sri.Y.V. Chander and Sri.B.V.S.S.Mani, Directors of the Company retire by
rotation and being eligible, offers themselves for reappointment. Smt.Uma
Agarwal was appointed as an Additional Director with effect from 23rd March
1994. She retires atthe forth coming Annual Gerleral Meeting in terms of
Sec.260 of the Companies Act,1956. The Company has received notice U/s 257 of
the Companies Act, 1956 proposing her appointment as Director of the Company.
Your Directors recommend their appointment as Directors liable to retire by
rotation. During the year under review Sarvasri.R.S. Gulati and V.P. Anand
have resigned from the Board. The Board places on record its appreciation for
the services rendered by them during their tenure.
M/s Umesh & Krishna, Chartered Accountants retire at the conclusion of the
forthcoming Annual General Meeting and being eligible offer themselves for
None of the employees'were in receipt of remuneration more than the limits
prescribed U/s.217(2A) of the Companies Act, 1956 read with the Companies
(Particulars of Employees) Rules, 1975. Hence the required information is not
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS
As your Company has not commenced production the details required under
Sec.217 (1) (e) of the Companies Act, 1956 relating to conservation of energy
and technology absorption are not furnished. The Foreign exchange spent
during the year is Rs.5,10,83,845/- and there were no foreign exchange
earnings during the year.
The Directors place on record their grateful thanks for the assistance
received throughout the year from IDBI, IRBI, Punjab & Sind Bank, Bank of
India, State Bank of Travancore and all other Governmental/Non Governmental
Your Directors wish to place on record their appreciation for the dedication,
involvement and committed efforts rendered by the employees at all levels.
BY ORDER OF THE BOARD
K. MAHESH KUMAR
Chairman & Managing Director
Date : 31.08.94