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Laxmi Granites Ltd.

BSE: 515129 Sector: Others
NSE: N.A. ISIN Code: N.A.
BSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
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Laxmi Granites Ltd. (LAXMIGRANITES) - Director Report

Company director report

1994 LAXMI GRANITES LIMITED DIRECTORS' REPORT 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. PROJECT IMPLEMENTATION: 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. EXPORTS: 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. FINANCE: 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. PUBLIC ISSUE: 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 Exchanges. FIXED DEPOSITS: Your Company has not accepted any deposits from the Public during the year under review. DIRECTORS: 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. AUDITORS: M/s Umesh & Krishna, Chartered Accountants retire at the conclusion of the forthcoming Annual General Meeting and being eligible offer themselves for reappointment. PERSONNEL: 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 given. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO: 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. ACKNOWLEDGMENT: 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 agencies. 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 Place: Secunderabad Date : 31.08.94