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Oceanic Magnetics Ltd.

BSE: 517457 Sector: Engineering
NSE: N.A. ISIN Code: N.A.
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Oceanic Magnetics Ltd. (OCEANICMAGNETIC) - Director Report

Company director report

1995 OCEANIC MAGNETICS LIMITED DIRECTORS' REPORT Your Directors have pleasure in presenting the Fifth Annual Report together with the Audited Balance Sheet of the company for the year ended 31st March, 1995. PUBLIC ISSUE During the year under review, your company entered the Capital Market with a Public Issue of 28,00,000 Equity Shares of Rs. 10/- each for cash at par, the subscription list of which opened on 14th June, 1994. The allotment was made on 18th August, 1994 as per the Basis of Allotment approved by The Delhi Stock Exchange Association Ltd., New Delhi. The Company's share are listed at delhi, Bombay and Jaipur Stock Exchanges. REPORT ON PROJECT IMPLEMENTATION The Company's project for the manufacture of Audio Magnetic Tapes with an installed capacity of 15 million pancakes per annum, in financial, marketing and technical collaboration with M/s James Yorke Ltd. of U. K., has been fully implemented and ready for operation. There has been a delay in the commencement of commercial production because of the acute shortage of Polyster Film in India as well as in the overseas markets. But your Directors are confident of commencing the commercial production very shortly. In the meantime, your company has decided to import the coated Jumbo Rolls from Korea for making the pancakes & cassettes, for which there is a good demand in domestic and overseas markets. FUTURE PROSPECTS & PLANS Your company intends to diversify into manufacture of cassettes as well as recording facilities at its plant in its forward integration expansion plans. DIRECTORS In accordance with the provisions of the Companies Act, 1956 and the Articles of Association of the company, Shri Ashok Kumar Gupta and Shri Ajay Kumar Gupta, retire by rotation and being eligible offer themselves for re-appointment. MANAGING DIRECTOR The present tenure of Shri R. L. Gupta as Managing Director is expiring on 31st July, 1995. The approval of members is being sought for his re- appointment for a further period of 5 years in the ensuing Annual General Meeting of the Company. WHOLE-TIME DIRECTOR Considering the increase in. the Company's business the Board of Directors in their meeting held on 17th June, 1995 appointed Mr. Ajay Kumar Gupta as Whole-time Director for a period of 5 years to look after the day-to-day affairs at the factory site. The members approval is being sought for his appointment. AUDITORS The Auditors of the Company Mrs. S. Kalra & Associates, Chartered Accountants, New Delhi retire at the conclusion of the ensuing Annual General Meeting and being eligible, offers themselves for re-appointment. FIXED DEPOSITS Your company has not invited any deposits from the public. PARTICULARS OF EMPLOYEES Pursuant to section 217 (2A) of the Companies Act, 1956 read with Companies (Particulars of Employees) Rules, 1975, there has been no employee employed during the full year whose remuneration was Rs. 3,00,000/- or more per annum or employed for any part the year whose remuneration was Rs. 25000/- or more per month. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO Conservation of Energy, Technology Absorption Particulars with respect to conservation of energy etc. pursuant to section 217(1)(e) of the Companies Act, 1956, read with Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1988 are not applicable as the company has yet to start its commercial production. Foreign Exchange Earnings and Outgo Foreign Exchange Earnings - NIL Foreign Exchange Outgo - Rs. 152.04 Lacs towards the payment of Plant & Machinery. ACKNOWLEDGEMENTS The Board of Directors is grateful to the Government of India and Reserve Bank of India for their valuable support and guidance. The Board also expresses its sincere thanks to the Financial Institutions. Banks and shareholders for the confidence reposed in the company. The Board also wishes to place on record its deep appreciation to the employees at all levels for their efficient and loyal services rendered to the company during the year. FOR & ON BEHALF OF THE BOARD Ashok Kumar Gupta R. L. Gupta Director Managing Director PLACE : New Delhi DATED : 17th June, 1995.