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Arti Agro Industries Ltd.

BSE: 519301 Sector: Industrials
NSE: N.A. ISIN Code: N.A.
BSE 05:30 | 01 Jan Arti Agro Industries Ltd
NSE 05:30 | 01 Jan Arti Agro Industries Ltd

Arti Agro Industries Ltd. (ARTIAGROINDS) - Director Report

Company director report

1994 ARTI AGRO INDUSTRIES LIMITED DIRECTORS' REPORT Dear memhers, Your Directors have pleasure in presenting the Third Annual Report together with Audited Accounts for the year entitled 1st March, 1994 together with the Auditors' Report thereon. OPERATIONS As there was no activity during the year under review, profit and loss account has not been prepared. STATUS OF THE PROJECT IMPLEMENTATION During the year under review, the company has taken in hand the implementation of proposed project of Solvent extraction and oil refinery plant. The civil work for constrction of godowns, tanks, plant foundation, etc. is compleled. The suppliers has started delivery ot Plant and Machinery. The commissioning of Oil refinery is taken up on priority basis. The company has deposited money with Rajasthan State Electricity Board to put up separate power line system for our project. It is hoped to get power connection within two months i.e. by mid October '94. It is expected that refining section may be installed by end of September '94 and the trial and commercial production will start by the end of October '94. PUBLIC ISSUE Your Directors are happy to inform you that inspite of the very difficult timing of the Public Issue of the company which opened on 5th May '94, the public issue was subscribed. The Board wish to place on record their sincere thanks to the public as well as the bankers, ICICI for making success of our Public Issue. DIRECTORS Mr. B.L. Agarwal retire by rotation at this Annual General Meeting and being eligible offer himself for re-appointment. Mr. Satish Ajmera was appointed as Additional Director and hold office till the conclusion ot this Annual General Meeting and heing eligible offer himself for reappointment. PARTICULARS OF EMPLOYEES & OTHER INFORMATION Since the company is under installation stage, and yet not commenced production, other particulars required to be given as regards technology, R&D, Power consumptions etc. are not applicable. None of the employees employed during the year or part of the year whose particulars are required to disclose under subsection 2(a) of Section 216 of sthe Companies Act, 1956. AUDITORS M/s. Nenawati & Associates, Chartered Accountants, Dhan Mandi, Udaipur has been proposed for re-appointment as the Auditors of the company. ACKNOWLEDGEMENT The Directors take this opportunity to record their apreciation and offer their sincere thanks to various departments of Central and State Governments, Industrial Credit & Investment Corpn. of India Ltd., and Company's bankers for their valuable guidance and assistance from time to time. By Order of the Board Place: Ahmedabad B.R. Agarwal Dated: 22.08.1994 Director