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Stellar Exports Ltd.

BSE: 512577 Sector: Others
NSE: N.A. ISIN Code: N.A.
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Stellar Exports Ltd. (STELLAREXPORTS) - Director Report

Company director report

1995 STELLAR EXPORTS LIMITED DIRECTORS REPORT Your Directors take pleasure in presenting the Eighth Annual Report of your Company together with the Audited Accounts for the year ended June 30, 1995. THE YEAR IN RETROSPECT : The year 1994-95 has been of great significant for your Company. The Company had made the first issue of equity shares to the Public and has accordingly attained the status of a Listed Company. The Company's shares are listed on the Bombay, Hyderabad and Jaipur Stock Exchanges. The Hand Knotted Carpets being produced under the supervision of the company have found good market in India, in addition to the USE and Canada, and during the current year emphasis was mainly laid on the domestic sales. The export markets for carpets, during the Financial Year 1994-95, were very much depressed on account of the issues relating to Child Labour and a general sluggish off take at the retail levels in North America and Western Europe. This trend is however expected to change for the better during the current financial year. The Company had recorded a gross sales volume of Rs. 527.88 lakhs, posting an operating profit of Rs. 47.38 lakhs. during the year 1994-95. On account of the depressed market conditions and an uncertain future for the industry, your management had considered appropriate to rely more on the job working for the production of carpets, and to implement the company's project fully after a definite trend emerges in the near future. The civil works for the project have been completed and the critical machinery has arrived at the factory site. YEAR IN PROSPECT : During the current financial year 1995-96, your company has made some strategic changes in the activities, which will have a long term positive impact on the turnover and the earnings of your Company. The Company commenced in International Trading Division at Hyderabad, with focus on the export of Agro Products. Extensive campaign has been done with respect to these products in CIS, West Africa and the Middle East. The Company has bagged good orders for execution during the current year and the following year. A good rapport has been established with large importers in the above countries. The turnover and profitability of the company are expected to improve substantially on account of this diversification. A new beginning has also been made in the export of carpets, with the appointment of a permanent representative in USA to look after the distribution of carpets in USA. Several new wholesalers and retailers have started working with the company, due to the good quality product supplied by the Company. All this will add well to the carpet export sales of the Company during 1996-97 and the following years. PUBLIC DEPOSITS The Company has not accepted Deposits from the Public during the year 1994- 95 and hence, the provisions of Section 58-A of the Companies Act, 1956 are not applicable to the Company. DIRECTORS Mr. Bala S. Mallela retires by rotation at the ensuing Annual General Meeting and being eligible, offers himself for re-appointment. AUDITORS M/s. K.R. Bapuji & Co., Chartered Accountants, Hyderabad, the Company's Statutory Auditors, hold office until the conclusion of the ensuing Annual General Meeting and, being eligible, are recommended for re-appointment. Their re-appointment, if made, will be within the limits prescribed under Section 224(1B) of the Companies Act, 1956. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO The Company had no activities relating to conservation of energy and technology absorption during the year 1994-95. The information relating to Foreign Exchange earnings and outgo as required under Section 217 (1)(e) of the Companies Act, 1956 is given below. The Foreign Exchange outgo on account of travelling is Rs. 5.72 lakhs. PARTICULARS OF EMPLOYEES Section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975 is not applicable to your Company as none of the employees is in receipt of remuneration of more than Rs. 25,000/- per month. ACKNOWLEDGEMENTS Your Directors take this opportunity to express their sincere thanks to the Bankers, Rajasthan State Industrial Development and Investment Corporation Limited (RIICO), Suppliers, Clients/Customers and various other agencies for the valuable assistance, support and co-operation extended by them to the Company. Your Directors place on record their appreciation of the good work done by the employees of the Company at all levels. For and on behalf of the Board of Directors A. MAHIPAL REDDY M.V. SIVA RAM Director Managing Director Place : Hyderabad, Dated : 12th December, 1995.