Your Directors have pleasure in submitting their 2nd Annual Report for the
year ended 31st March, 1995, alongwith the Balance Sheet as at the date. In
view of no manufacturing, trading or service activity having been carried
out during the year no Profit & Loss Account has been prepared.
During the year under review the achievable progress in the excavation of
all the ponds has been attained and the production process by way of
stocking of prawn larvae in 20 ponds already commenced from the end of July
Construction of Hatchery could not be completed during the year as planned.
Failure to honour the contractual obligations forced us to replace the
original contractor. It is likely that the hatchery will be operational by
the end of December 1995.
Industrial Development Bank of India has disbursed Rs. 190 lacs out of Rs.
385 lacs sanctioned by them.
State Bank of India has in principle agreed to provide need-based working
capital/export packing credit.
Because of rigorous monitoring of the project cost your Directors do not
envisage any over-run in the cost of the project, in the presence of
circumstances even though the total water spread has increased to 60
hectares from 45 hectares appraised by the Industrial Development Bank of
The Company offered in February, 1995 for public subscriptions 16,50,000
equity shares of Rs. 10/- each for cash at par. It received enthusiastic
support from the investing public as well as institutions like Unit Trust
of India. The issue was over subscribed by more than four times. Your
Directors take this opportunity to thank the public and institutions for
their overwhelming response and welcome the members to Oriqua family.
Mr. T. Dutta, Joint Director, Marine Products Export Development Authority
was nominated by them as a Director on the Board. Having been appointed as
additional Director during the year, Mr. Dutta holds office upto the
forthcoming Annual General Meeting. The company has received notices from
some members signifying their intention to propose Mr. T. Dutta as a
candidate for the office of Director.
Mr. R. Chandra and Mr. K.L. Roy retire from office by rotation in
accordance with the requirements of the Companies Act, 1956 and the
provisions of the Articles of Association of the Company, and being
eligible offer themselves for the re-appointments.
M/s M. N. Gangopadhyay & Company, Chartered Accountants, Statutory Auditors
of your Company hold office until the conclusion of the 2nd Annual General
Meeting and are recommended for re-appointment. The Company has received a
certificate from them to the effect that their re-appointment if made would
be within the limits prescribed under Section 224(1) of the Companies Act
PARTICULARS OF EMPLOYEES
Particulars of employees as required under Section 217 (2A) of the
Companies Act, 1956 are given hereunder.
Name : H. N. Bhunia (55) FCA, ACMA,AICWA -
Gross Remuneration : Rs. 2,02, 500/-
Experience : 31 years
Previous Experience : Self Employment
Date of joining : 17th January, 1994
Your Directors acknowledge the recognition given and trust reposed in your
Company by the investors, Financial Institutions, Banks, Securities &
Exchange Board of India and other Government agencies and record their
appreciation of the support given by them. Your Directors also place on
record their sense of appreciation of the valuable contribution made by our
collaborators C. P. Group of Thailand, as well as all the employees of the
On Behalf of the Board
Dated: 16th August, 1995.