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Sheena Textiles Ltd.

BSE: 521026 Sector: Industrials
NSE: N.A. ISIN Code: N.A.
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Sheena Textiles Ltd. (SHEENATEXTILES) - Director Report

Company director report

Annual Report 1999-2000 TEXPORT TEXTILES LIMITED DIRECTORS REPORT TO THE MEMBERS The Director are hereby present the 9th Annual Report and Accounts for the year ended 31st March, 2000 Operations/Project: The directors are pleased to inform you that the new project at Surat started commercial production from the 15th of Jan. 2000, the unit is presently exporting about 45 containers per month and the same is expected to increase significantly on receipt of additional spares and balancing equipment that is lying at port. This is the largest unit in Asia in terms of weaving capacity under single roof. The Towel Export in the next Calender year 2001 is expected to cross Rs. 150 Crore and the management is already in the process of expanding the capacity and diversifying into production of Bath mats and other tufting articles, which is expected to give big boost to Exports as the company will be the only producer of such articles on a large scale. The directors envisage an additional turnover of 100 crores for the expansion project in the first year itself. During the year the company has been sanctioned a term loan of Rs. 26 crore from financial institutions and availed of Rs. 10 Crore before March 2000, the said funds have been utilised towards the new unit of TerryTowel at Surat. Further the management is planning to expand and diversify the companies product range in order to gain unshakeable foothold in the export market, in line with the larger objectives of consolidation and restructuring it is necessary to sell off the unit at Navi Mumbai and utilise the proceeds for reducing the higher cost loans, this will add to the overall profitability of the company. During the earlier year the company had repaid the secured loan of ICICI of Rs. 450 lacs, which was secured by charge over the fixed assets of the company and additionally by corporate guarantees given by Texport Industries Ltd. and Rajesh Garments Pvt. Ltd., which have been released. In lieu of the release of these guarantees the outgoing promoters and their associate concerns have agreed to waive their unsecured to the tune of Rs. 34.5 lacs. With the permission in preceding AGM. CHANGE THE NAME OF COMPANY After getting the approval from Members in the last AGM the name of the Company was approved for change by the Registrar of Companies as "SHEENA TEXTILES LTD." During the year 2000- 2001 the Company name be changed titled as "SHEENA TEXTILES LTD." (Formerly known as TEXPORT TEXTILES LIMITED) and cut off date will be informed to the interested parties well within time. Fixed Deposit: The company has not invited or accepted any deposit from the public during the year, except interest free deposits of Rs. 699.52 lacs from partnership firms in which the directors are interested as partners. Further the company has availed Term loan from IDBI to the tune of Rs. 1000.00 Lacs during the year. Directors: The term of the following additional directors terms expires on the date of the AGM, who are eligible for reappointment as regular directors and in respect of whom the company has received notices proposing them as directors. Shri Ramesh Kumar Chugh. Shri Luvkesh Chaudhary. Shri Eric Loges. Shri Satish Kumar Chugh who retires by rotation, being eligible has offered himself for reappointment. Shri Gautam Dutta was also appointed as an Nominee director during the year by IDBI, the Board of directors ratified the same on 29th Aug. 2000. Auditors: The Auditors M/s. M.M. Chaturvedi & Co., hold office until the conclusion of the ensuing Annual General Meeting. The Company has received a notice from some shareholders for appointment of M/s. Balram & Associates, Chartered Accountants as auditors in place of the retiring auditors, since they are the auditors of all the other group companies and are based at Panipat which is the main financial and marketing stronghold of the group, and from where the companies are controlled. Certificate from M/s. Balram & Associates has been received to the effect that their appointment, if made would be within the prescribed limits under section 224(1 B) of the company's act 1956. Conservation of energy and technology absorption, foreign exchange earnings and outgo: Conservation of energy: The management has taken effective steps for periodical preventive maintenance to ensure optimum power utilization and avoid wastage of fuel energy. Technology absorption: The company has successfully installed and operated the Stabuli Software for Loom Operation during the year apart from this the company has not been employing any imported foreign technology during the year. Foreign exchange earnings and outgo: (Rs. In (00) as Annexure Y2K Compliance: The computer systems of your company are Y2K compliant and the cost thereof has been met from the internal resources of your company. Particulars of employees: There was no employee who was employed throughout the year under review and was in receipt of remuneration aggregating to not less than 600000.00 or employed for part of the year and were in receipt of remuneration aggregating to not less than 50000.00 per month. Acknowledgment: The Directors wish to take this opportunity to thank the Industrial Development Bank of India, Punjab National Bank, Maharashtra Industrial Development Corporation, State Bank Of Patiala, Canara Bank, the investing public and employee for their invaluable co-operation and support to the company. By Order of the Board of Director Place: MUMBAI RAMPRAKASH CHUGH Dated: 30th Aug 2000 Chairman & Managing Director