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E I Granites Ltd.

BSE: 515131 Sector: Others
NSE: N.A. ISIN Code: N.A.
BSE 05:30 | 01 Jan E I Granites Ltd
NSE 05:30 | 01 Jan E I Granites Ltd

E I Granites Ltd. (EIGRANITES) - Director Report

Company director report

1994 EAST INDIA GRANITES LIMITED DIRECTOR'S REPORT Your Directors have pleasure in presenting the Fifth Annual Report and Audited Accounts for the year ended 31st March, 1994. 1. PROGRESS OF THE PROJECT IMPLEMENTATION The Members would be glad to note that your Company has, after overcoming several difficulties, completed implementation of the project by 30.06.94. Samples produced from trial runs have been sent to markets of Europe, Middle East and U.S.A. The products have been well received. Commercial production has been commenced from 1st July 1994. The members are aware that the Company owns large areas of quarry lands. The Management has taken steps to optimally exploit the quarries to maximise profits of the Company. 2. PUBLIC ISSUE 39,60,000 Equity Shares of Rs. 10/- each offered to public were over subscribed and all the formalities have been complied with. 3. MARKETING M/s Suss & Helm of Germany have been appointed as Company's Agents to market its products in Germany and other parts of Europe. Similar arrangements are being made in respect of American markets. The order book position is satisfactory. 4. WORKING CAPITAL Syndicate Bank, N.S. Road Branch, Hyderabad has agreed to consider Company's total requirement and their sanction is expected shortly. 5. MANAGEMENT Dr. P.P. Mistry and Sri N. Subramanian, Directors retire at this meeting by rotation and being eligible offered themselves for reappointment. Shri M.S. Ram IAS (Retd) has resigned as Director during the year under review. The Board of Directors record their deep sense of appreciation for the valuable services rendered by him during his tenure. 6. REGISTERED OFFICE Registered Office of the Company is being proposed to be shifted to your Company's factory premises for administrative convenience. 7. EMPLOYEES There are no employees on rolls attracting the provisions of Sec 217 (2A) of the Companies Act, 1956 read with Companies (particulars of Employees Employment) Rules, 1975. Employee Relations during the year under review are congenial. 8. AUDITORS M/s. Ch. Krishna Kumar & Co. Chartered Accountants, Hyderabad, Statutory Auditors will be retiring at this Annual General Meeting. Since they opted to retire, it is proposed to appoint M/s Myneni & Associates, Hyderabad in their place on the existing terms and conditions. 9. ACKNOWLEDGEMENTS The Board express its grateful thanks to Industrial Development Bank of India, The Industrial Finance Corporation of India Ltd., The Industrial Credit & Investment Corporation Of India Ltd., The Janata Sahakari Bank Ltd., and others who have been extending full support to the project by way of term loans, bridge and short term loans against Public Issue funds. The Board also expresses its appreciation to its Bankers, State Bank of Hyderabad, Canara Bank, Indian Bank and Syndicate Bank for their co- operation, Board also expresses its grateful thanks for the understanding and cooperation being extended for all the shareholders. The Board also places on record its appreciation for the devotion of its employees at various levels who have worked hard to complete implementation of its project. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO A. Conservation of energy and technology absorption. The design of the plant incorporates the latest technology for economy in consumption and energy consumption per unit of production as per Form A and Form B not provided since the Company did not commence commercial production during the year under review. B. Foreign Exchange earnings and outgo The information regarding total foreign exchange used and earned given in Para No. 9 and 10 of the Notes on accounts. By Order of the Board JUSTICE (Retd) S. MADHUSUDANA RAO CHAIRMAN Place : Hyderabad Date : 29.11.1994.