OCEAN KNITS LIMITED
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.
With a view to conserve resources, the Board of Directors do not recommend
payment of dividend.
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
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.
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.
The Company has not accepted any fixed deposits from the public during the
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.
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.
M/s Shah & Desai, Chartered Accountants, Madras retire at the ensuring
Annual General Meeting and they are eligible for reappointment.
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
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 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
DATED: 14th September, 1995.