EAST INDIA GRANITES LIMITED
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
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.
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.
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.
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.
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.
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-
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
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
Place : Hyderabad
Date : 29.11.1994.