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Oriqua Ltd.

BSE: 530031 Sector: Others
NSE: N.A. ISIN Code: N.A.
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Oriqua Ltd. (ORIQUA) - Director Report

Company director report

1995 ORIQUA LIMITED DIRECTORS REPORT 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. PROJECT STATUS 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 1995. 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. FINANCE 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 India. PUBLIC ISSUE 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. DIRECTORS 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. AUDITORS 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 1956. 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 - Managing Director Gross Remuneration : Rs. 2,02, 500/- Experience : 31 years Previous Experience : Self Employment Date of joining : 17th January, 1994 ACKNOWLEDGEMENT 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 Company. On Behalf of the Board H.N. Bhunia Managing Director Place: Orissa, Dated: 16th August, 1995.