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Pappilon Exports Ltd.

BSE: 530837 Sector: Industrials
NSE: N.A. ISIN Code: N.A.
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Pappilon Exports Ltd. (PAPPILONEXPORTS) - Director Report

Company director report

1995 PAPPILON EXPORTS LIMITED DIRECTORS REPORT Your Directors take pleasure in presenting the Sixth Annual Report for the financial year ended March 31, 1995. 1. DIVIDEND : Your Directors now recommend to the members the declaration of dividend of 15% aggregating to Rs. 34.50 lacs subject to deduction of tax for the year ended March 31st, 1995.The bonus shares issued during the year are also eligible for pro-rata dividend. 2. EXPORTS : Your Company's export performance excelled during the year under review with the turnover reaching a new high of Rs. 2304 lacs from Rs. 2266 lacs achieved during the previous year. Your Company has achieved this growth inspite of the sluggish market for export of hosiery garments. Your Directors are pleased to inform you that the exports for the six months ended September 1995 have already crossed Rs. 1500 lacs. Your Company also has export orders worth Rs. 2500 lacs on hand. The current year promises to surpass previous growth trends set by the Company. 3. OPERATIONS AND FUTURE PROSPECTS : The Company continues to be one of the largest exporter from India of hosiery garments. The demand for hosiery garments continue to grow in the various traditional markets, the major being Germany and other West European countries. Even though during 1994-95 general performance of exporters from Tirupur was sluggish. Your Company was in a position to maintain its growth trend in sales because of our ability to provide goods at competitive prices while maintaining the high quality standards required by the overseas buyers. Over the past six years your Company has been relentlessly pursuing the task of becoming internationally competitive in its business. A multipronged strategy has been adopted with focus on quality, cost control and productivity. During this year the strategy has paid good dividends which is reflected in the sales and profit figures for the year. As a part of future expansion programme the Company approached various Financial Institutions and Commercial Banks and funds are in the pipeline. The Company has placed further orders for various machineries with internationally renowned manufacturers which all prove the strategic vision in a rapidly progressive Global Market. Your Directors look forward to the future with confidence and determination. 4. FINANCE : During the year your Company has raised an amount of Rs. 90 lacs from Small Scale Industrial Development Bank of India, a leading financial institution and Rs. 124 lacs from Wipro Finance Ltd. to augment its Working Capital requirement and the funds have been employed for the said purpose. Subsequent to the year-end your Company also came out with its maiden public issue in May 1995 with the main object of raising fund for modernising the Company's plant and machinery and to augment its working capital requirements. The issue which was made at a premium of Rs. 40/- per share aggregating Rs. 1100 lacs, received good response and the issue was over-subscribed 1.2 times inspite of the prevailing market condition. 5. DIRECTORS : During the year the following Directors tendered their resignations due to personal reasons : 1. Sri Ashok Kumar Gupta 2. Sri Virendra Bapna 3. Sri Mukesh Chand Gupta 4. Sri K. Ravindran 5. Smt Anju Gupta Your Directors would like to record their appreciation of the services rendered by the Directors during their tenure of office. The following Additional Directors were appointed by the Board : 1. Sri Bhagwan Premchandani 2. Sri Shyam Utam Singh The Additional Directors are rich in experience and have expressed their willingness to continue as Directors of the Company, if appointed at this meeting. 6. DEPOSITS : The Company has not accepted any deposits from the public and hence no information is required to be furnished in respect of outstanding dues. 7. AUDITORS : M/s Ananthan & Kandaswami, Chartered Accountants retire at the conclusion of this Annual General Meeting and have expressed their willingness to continue as Auditors, if reappointed. 8. PARTICULARS OF EMPLOYEES : Your Directors extend their appreciation to the employees of the Company whose commitment and dedication has enabled outstanding levels of performance. Your Company does not have any employees details of which need to be disclosed under Section 217(2A) of the Companies Act, 1956. 9. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTFLOW : The particulars prescribed under the Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1988 are furnished in the Annexure to this Report. 10. ACKNOWLEDGEMENTS : Your Directors place on record their appreciation of the guidance and assistance received from the financial institutions and banks. Your Board also thanks and expresses gratitude towards the shareholders, both old and new for the confidence reposed in the Company. CONSERVATION OF ENERGY A. Power and Fuel Consumption 1. Electricity a. Purchased Unit (Kwh) 50304 Total Amount (Rs.in lacs) 1.41 Rate/Unit (Rs.) 2.40 b. Own Generation N.A. 2. Furnace Oil/LSHS Quantity (Litres) 1246 Total Cost (Rs.in lacs) 0.10 Average Rate Rs.(Litre) 7.83 A. Research and Development (R&D) The Company has its own in-house design centre wherein the latest designs as accepted in the export markets are developed. B. Technology absorption, adaptation and innovation The Company does not have any technology tie-up and hence this proviso is not applicable. Foreign Exchange Earnings and outgo : Regarding details of foreign exchange earnings and outgo, please refer note Nos. 8 and 9 in Notes to the Accounts forming part of the Balance Sheet as at 31st March, 1995. By Order of the Board MOHAN GUPTA Managing Director Place : Tirupur Date : 27th September, 1995.