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Sumura Maritime Traders Ltd.

BSE: 519437 Sector: Others
NSE: N.A. ISIN Code: N.A.
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Sumura Maritime Traders Ltd. (SUMURAMARITIME) - Director Report

Company director report

1994 SUMURA MARITIME TRADES LIMITED DIRECTORS' REPORT Dear Shareholders, Your directors take pleasure in presenting the Tenth Annual Report together with the Audited Statement ot Account of the Company br the year ended 31st March, 1994. OPERATIONS Since the bme ot declaring commercial operations in mid April,1993 the Cornpany's Tuna Long Liner "MFV Sumuratna during its voyages has aggregated a catch ot 154.50 MT valued at 193.42 lacs br the year under report. This apart your Company has achieved an export turnover of 56.77 MT realising valuable foreign exchange amounting to Rs. 56.97 lacs. The major portion of the inventory has since been realised, while the volume ot catch has not been of the expected quanbbes, the quality ot marine catch has been well accepted in the Japanese Market. The operations br the year have resulted in a loss of Rs. 177.94 lacs after charging interest and financial charges aggregating to Rs.194.89 lacs. The scenario has emerged due to non receipt ot necessary approvals in connection with the proposed public issue ot the company originally slated in December'93/January'94 which has put back the projections for the said year on all fronts including working capital needs. You will be pleased to note that the public issue ot your Company during May ' 94 was subscribed. This would go a long way to augment the funds ot the company br the ensuing year and enable operabons to be carried out more profitably in the years to come. FUTURE OUTLOOK The Company is confident ot a turnaround as it is in the process ot acquiring four Mini Long Liners as a complement to the Main Vessel. These Mini Long Liners are capable of catching the fresh Tuna and the catch is air flown in chilled condibon, and such tresh catch is highly sought atter in the Japanese Markets. By this, the company proposes to increase the export - both frozen and fresh Tuna, in terms ot volume and value. The Indian crew is now well trained and adopted the technique ot Tuna Fishing and processing. The Company has dispensed with the Foreign Crew except for the Fishing Master, thereby conserving a considerable amount of Foreign Exchange out flow. Further, due to the liberalisation policies of the Government, unlike in the past, the vessel is allowed to obtain and load the necessary fuel, baits and provisions in mid-sea and tranship the catch into a reefer vessel on prior arrangement - thereby reducing the cost ot tuel ot transhipping the catch and taking supplies at intervals in base ports thus resulbng in an increase in the number ot fishing days too. PURLIC ISSUE As you are aware that the public issue ot 45,95,000 Equity Shares ot Rs.10/- each for cash at par aggregating to Rs.459.50 Lacs which was subscribed. The purpose ot the issue was to part finance the acquisition ot Mini Long Liners to complement the operations ot the main vessel, and achieve export of Fresh/Chilled Tuna by air, purchase new fishing gear and essential spare parts, repayment ot part ot the term loan and to meet the margin money for the Company's working capital requirement. DIRECTORS Pursuant to Article 99 of the Articles ot Association of the Company, Dr M.R. Naidu, Sri K.M. Badshah and Sri. K. Jitendra Reddy rebre by rotation and being eligible, otter themselves br reappointment. AUDITORS The Auditors, M/s Bhaskara Rao & Co., Chartered Accountants retire at the conclusion ot this Annual General Meeting, and are eligible br reappointment. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE EARNINGS AND OUT TO GO The details as required under Companies (Disclosures of partculars in the Report ot Board ot Directors) Rubs, 1988 are annexed to this Report. PARTICULARS OF EMPLOYEES During the year under review no employee ot the company was in receipt ot remuneratibon which aggregated to Rs.1,44,000/- or more per year, nor was any employee in receipt of remuneration tor any part of the year which aggregated to Rs.12,000/- per month in accordance with section 217 (2A) ot the Companies Act, 1956, read with the Companies (Parbculars ot Employces) Rules, 1975 . ACKNOWLEDGMENTS Your Directors wish to thank the Investors, SCICI Ltd, State Bank of India, Canara Bank and the State & Central Government Agencies for their timely support, co-operation and valuable guidance. The Directors also appreciate the continued support and co-operation extended by the workers, staff and executives of the Company. for and on behalf ot the Board K.M. Badshah Director Brig. R. Lokaranjan Director R.P. Venkataiah Managing Director Place: Hyderabad Date : 05-09-199444