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1995
AURIFEROUS AQUA FARMS LIMITED
DIRECTORS' REPORT
Your Directors have pleasure in presenting the Second Annual Report
together with the Audited Statements of accounts
for the year ended 31-3-1995.
REVIEW OF OPERATIONS:
The Commercial operations in farming started from 29th December, 94 as
against July, 1994 as projected in the prospectus. The delay of five
months to start commercial operations was mainly because the company was
advised to go in for open RCC Canal instead of pipe line system and the
increase in length of the RCC Canal from 3 to 4 KM. Since there will be
enormous problems to cleanse the pipe mechanically, where as open RCC Canal
would be more desired from the operational & ecological point of view
wherein the periodical cleansing of the open RCC Canal is very much within
the control of the Company, a slight change was undertaken for the benefit
of the company in the long run. Hence, there was a cost over run of Rs. 60
lacs in the Farm, which was brought in by the promoters in the form of
unsecured Loans.
The Company a part from Farming activities has under taken to set up a
Hatchery for 120 Million Fry's per annum capacity in technical
collaboration with M/s. J.V. Marine Enterprises Co. Ltd., Taiwan. This
Hatchery proposal is an additional project which the company has undertaken
subsequent to the public issue, since there were a large number of entrants
in this field the demand for seed as well as the cost of the seed has been
persistently growing. Keeping in view of the growing requirements of seed
the Company took up the hatchery with the financial assistance of the
Federal Bank Limited.
The Company is in the final stage of completion of the hatchery and with
the induction of some more funds the project will be completed such that
the commercial operations can commence by end of the current Financial year
DIRECTORS:
Sri. Virendar Ganda who was co-opted as Additional Director with effect
from 27th May, 1995 holds office upto the date of the Annual General
Meeting and notice from a Member to appoint him as Director under Section
257 of the Companies Act, 1956 has been received. A resolution for
appointing Sri. Virendar Ganda as a director will be placed before the
meeting.
AUDITORS:
The Statutory Auditors M/s. S. Daga & Co., Chartered Accountants, 403,
Paigah Plaza, Basheer Bagh, Hyderabad-500 029 holds office upto the
conclusion of the ensuing Annual General Meeting and being eligible offer
themselves for re- appointment.
PERSONNEL:
Your Directors place on record their appreciation for the dedicated
services rendered by the employees at all levels and for their contribution
for the speedy implementation of the project.
FIXED DEPOSITS:
The Company has not accepted any fixed deposits from the Public.
CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION:
Information on consumption of energy, technology absorption, foreign
currency earnings and outgo as required under Section 217(1)(e) of the
Companies Act, 1956 is set out in Annexures 1 & 2 respectively which form
part of this report.
PARTICULARS OF EMPLOYEES:
In pursuance of the provisions of Section 217 (2A) of the Companies Act,
1956 read with the Companies (Particulars of Employees) Rules 1975, the
Directors are to report that no employee was in receipt of remuneration of
Rs. 3,00,000/- or more per annum or Rs. 25.000/- or more per month where
employed for a part of the year.
ACKNOWLEDGMENTS:
Your Directors convey their sincere thanks to the Government of India,
Government of Andhra Pradesh, the MPEDA, C. P. Aquaculture Business grow
up, Thailand and its associates, State Bank of India, The Federal Bank
Ltd., customers and all others concerned for the support and co-operation
extended by them to the Company.
ANNEXURE - I
Information as per Section 217 (1) (e) of the Companies Act, 1956, forms
part of Director's Report
FORM - A
1. Disclosure of Particulars with respect to conservation of energy
Year Ended
31.03.1995
A) Power and Fuel Consumption:
1. Electricity:
a) Purchased:
Number of Units
Total Cost (Rs.) Nil
Rate per Unit Nil
b) Own generation:
1) Through diesel Generators
Number of Units 120820
Units per litre of Diesel Oil (Rs.) 3.90
Cost per Unit. (Rs.) 2.05
2) Through Steam Turbine Nil
2. Coal Nil
3. Furniture Oil Nil
B) Consumption per Unit of Production: Nil
Electricity units consumed per Kilo Gram
of Production. 3.26
FORM - B
II. Disclosure of Particulars with Respect to Technology Absorption,
Adoption and Innovation -
The Company is constantly adopting the latest technology in Aqua Culture
and Hatchery.
ANNEXURE - II
Disclosure of Foreign Exchange Earnings and outflow as required under the
Companies (Disclosure of Particulars in Directors' Report) Rules, 1988.
Earning in Foreign Currency: (Rs. In Lacs)
Others 183.37
Expenditure in Foreign Currency:
Technical knowhow 14.64
Raw Materials 11.93
Capital Goods 18.73
Bank Charges Nil
Others Nil
For and on behalf of the Board of Directors
YUVRAJ KARAN
CHAIRMAN
PLACE : HYDERABAD
DATED : 30TH NOVEMBER, 1995.
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