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Aafloat Textiles (India) Ltd.

BSE: 514476 Sector: Industrials
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Aafloat Textiles (India) Ltd. (AKAIMPEX) - Director Report

Company director report

1996 AKAI IMPEX LIMITED DIRECTORS' REPORT Your Directors have pleasure in presenting their Ninetenth Annual Report together with the Audited Statement of Accounts of your Company for the year ended 31st March, 1996. 1. DIVIDEND Your Directors are pleased to recommend a dividend of 6% on Equity Shares (Rs. 0.60 per share) subject to final approval from Bank/Financial Institutions and subject to Tax and approval by members at the Annual General Meeting. 2. PROJECT IMPLEMENTATION As you are aware, your Company's project for the manufacture of 12000 TPA of Partially Oriented Filament Yarn (POY), 6000 TPA of Texturised Yarn and 1750 TPA of Knitted Fabrics at Chinchpada, Union Territory of Silvassa is in advanced stage of completion. The erection and commissioning of 5 Nos. Texturising Machines & Knitting Machines have been completed. Erection work for Spinning Lines and remaining 5 Nos. Texturising Machines are in progress. In view of time over-run in some of the areas of project and to avail incremental capacity in Spinning/ Texturising, the cost of the project was revised upwards in September 1996. The additional cost will be financed by additional funds from Bank & Financial Institutions and partly by internal accruals. 3. DEPOSITS The Company has not accepted any Fixed Deposit from the Public within the meaning of Section 58A of Companies Act 1956 and the Rules made thereunder. 4. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTIONS AND FOREIGN EXCHANGE EARNINGS AND OUTGO a) Energy Conservation measures taken and under implementation : 1) Installation of Electronic Ballasts for Flourscent Tube Lighting in the areas where fittings yet to be completed. 2) An Electronic Power and damaged analyser has been ordered for taking studies on individual machine for evaluating and comparing Power Consumption. b) Additional Investments and proposals, if any, being implemented for reduction of consumption of energy : Use of regulated supply for total area of factory. c) Impact of measures for reduction of energy consumption and consequent impact on the cost of production of goods : Not quantifiable for this year. TECHNOLOGY ABSORPTION The technologies selected by your Company are the most modern and the state of the art. FOREIGN EXCHANGE EARNINGS AND OUTGO. The details of foreign exchange earning and outgo during the period ended 31.3.1996, are contained in schedule 17 Item No. 21(iii) and 21(ii) in Notes on Accounts. 5. PARTICULARS OF EMPLOYEES There being no employees who were in receipt of remuneration of Rs. 25000 per month (if employed for the part of the year) or Rs. 3 Lakhs per annum (if employed for whole of the year) information required under section 217 (2) (a) of the Companies Act, 1956 read with the Companies (Particulars of the Employees) Rules 1975 and forming the part of the Directors' Report for the year ended 31st March, 1996 had not been given. 6. DIRECTORS During the period Shri V. K. Taparia, Managing Director, Shri Y. M. Desai, Shri S.S. Taparia, Shri M.L. Taparia and Shri R.B. Upadhyay, Directors, resigned from the Board. The Board of Directors takes on record appreciation of valuable services rendered by them during their tenureship as a Director of the company. During the period Shri Mahendra Lodha and Shri Shailesh M. Merchant have been appointed as additional Directors of the Company. These Directors will hold the office of Directors upto the date of Annual General Meeting and are eligible for re-appointment. The company has received notices U/S 257 of the Companies Act, 1956 from members of the company signifying their intention to propose the candidature of Shri Mahendra Lodha and Shri Shailesh M. Merchant as Directors of the Company, whose period of office shall be liable to determination of retirement rotation. 7. AUDITORS M/S. LODHA & COMPANY, Chartered Accountants, the Auditors of the Company retire at the ensuing Annual General Meeting and being eligible offer themselves for re-appointment. Notes referred to by the Auditors in their report are self explanatory and therefore do not call for any further comments. 8. ACKNOWLEDGMENT Your Company and its Directors wish to take this opportunity to offer their sincere thanks to various departments of the Central/State Government, Financial Institutions, Banks & Investors for their valuable support and assistance. Your Directors also wish to place on record their appreciation for devoted services rendered by the Staff And Executives of the Company. For and on behalf of the Board S.N. BAHETI CHAIRMAN Place : Mumbai, Dated : 29th November, 1996.