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Ocean Knits Ltd.

BSE: 514468 Sector: Industrials
NSE: N.A. ISIN Code: N.A.
BSE 05:30 | 01 Jan Ocean Knits Ltd
NSE 05:30 | 01 Jan Ocean Knits Ltd

Ocean Knits Ltd. (OCEANKNITS) - Director Report

Company director report

1995 OCEAN KNITS LIMITED DIRECTORS' REPORT Your Directors have pleasure in presenting the Third Annual Report together with the audited accounts and report of the Auditors for the period ended March 31, 1995. DIVIDEND With a view to conserve resources, the Board of Directors do not recommend payment of dividend. PUBLIC ISSUE The Company had come out with a public issue of 25,00,000 Equity shares of Rs.10/ each cash at par aggregating Rs.250 lakhs during October 1994 and was oversubscribed by 3.318 times. Your Directors thank the investing public for their overwhelming response and support extended to us. Your Directors also wishes the Shareholders of the Company for their faith and confidence reposed on the Company and to the Merchant Bankers, Registrars, Bankers, Brokers, Advertising Agencies for their work in making the issue a success. PROJECT The expansion project as given in the prospectus are on schedule. A part of the project is already been completed during the year under review and the commercial production has already started. The project in hand will be completed in the scheduled time. OPERATIONS During the year under review the sales has gone up from Rs.517.84 lakhs to Rs.626.97 lakhs and the profitability has increased from Rs.2.20 lakhs to Rs.42.08 lakhs. There is good demand of your Company's products outside India. During the year under review the Company had exported to the value of Rs.23.37 lakhs. FIXED DEPOSITS The Company has not accepted any fixed deposits from the public during the year. EMPLOYEE RELATIONS The employee relations during the year was cordial. Your Directors wish to place on record the appreciation for the devoted services rendered by employees at all levels. The provision of Section 217 (2A) of the Companies Act.,1956 read with rules framed thereunder are NIL. DIRECTORS Mr. Bhasker S. Patel, and Mr Sadhuram P. Patel Directors are liable to retire by rotation pursuant to Section 256 of the Companies Act, 1956 and are eligible for re-appointment. AUDITORS M/s Shah & Desai, Chartered Accountants, Madras retire at the ensuring Annual General Meeting and they are eligible for reappointment. ACKNOWLEDGEMENTS The Members of the Board express their sincere thanks to Karnataka State Financial Corporation, State Bank of Travancore and all others for their continued guidence, help, co-operation and support extended to the Company. The members of the Board also pleased to place on record the valuable services rendered to your Company by the officers and employees of your company. ANNEXURE Forming part of the Report of the board of Directors for the year ended 31st March, 1995. Particulars as required under rule 2 of the companies (disclosure of Particulars in the Report of Board of Directors) Rules, 1988 made under Section 217 (1) (e) of the companies act 1956. FORM A Form for disclosure of particulars with respect to Conservation of Energy. The Company has started commencement of commercial production during the month of June, 1994. The company is making its efforts to minimize in respect of Conservation of Energy. PARTICULARS OF TECHNOLOGY ABSORPTION: Nil PARTICULARS ON FOREIGN EXCHANGE EARNINGS AND OUTGO: The Company has made exports to extent of Rs. 23.35 lakhs during the year and expenditure in foreign exchange amounts to Rs. 4.43 lakhs. By Order of the Board (PREM BAJAJ) DIRECTOR PLACE: Bangalore, DATED: 14th September, 1995.