It Gives me immense pleasure to Welcome you to the Company's 24th AnnualGeneral Meeting. This AGM assumes immense significance as it is our first Annual generalmeeting after Initial Public Offer (IPO) of the Company. We must record our sincere thanksand appreciation to all those who have applied in our IPO and have stood by us with theirinvestments.
The Year 2016-17 will be remembered by us as a pivotal one in the history of ourcompany as Our Company has made a Public Issue of 1000000 Equity shares of Rs 10/- eachat a fixed price with a premium of Rs 55/- per share aggregating to Rs 65/- per share andthe issue had received an overwhelming response and was oversubscribed by nearly 1.8times.Before presenting our report on financial highlights I would like to brief theindepth of your company "Oceanic Foods Limited" (formerly known as Oceanicdehydrates) was established in 1972 as a pioneer in the field of Dehydration Industry inIndia.
India is the world's second largest producer of foods next to china and has thepotential of being the biggest with the food and agriculture sector. The Food processingindustry is one of the largest industry in India- it is ranked 5th in terms ofproduction consumption export and expected growth. We are constantly researching andobserving the role Oceanic Foods Limited plays in this leading food industry keeping inmind the cost factor. We are dedicated towards safe supply and hygiene of our products bycontrolling the procurement of standard raw material monitoring the process parameters ofour products. Despite sustainable challenges your company has delivered exceptionalresults and it is also giving remarkable results to the world. I would like to have apleasure to share with you the most remarkable achievements of your company in past years.Recently in 2013 Oceanic was awarded as the Most innovative supply partner by GriffithLaboratories Private Limited.
Over and above Oceanic was also awarded through NIFTEM (National Institute of FoodsTechnology Entrepreneurship and Management) by MOFPI for submission of papers on Make inIndia Conclave:
Oceanic has also been affiliated with almost all key processing associations in Indialike:
Spice Board India
All India Spice Exporters Forum (AISEF)
Federation of India Export Organization (FIEO)
Federation of Indian Chambers of Commerce & Industry (FICCI)
Agricultural and Processed Food Export Development Authority (APEDA)
All India Food Processors Association (AIFPA)
Onion and Garlic Research Centre Pune
Confederation of Indian Industry (CII)
Your company Oceanic Foods Limited is a pioneer in the Dehydration Industry in Indiaand we are continuously investing ourselves to maintain a strong differentiator in thisindustry and enables a non-linear growth going forward. We are riding in the same spiritof action. The path ahead isn't easy but stepping ahead successfully would be all the morerewarding.
We see a large canvas of more opportunities in front of us and we are fully prepared toleverage them with the co-operation of our team partners and associates I would like totake this opportunity to thank all of them for their valuable support guidance andco-operation throughout this journey and we are more eager to see the role Oceanic Foodsplays in this journey by maintaining consistently our brand image of becoming a pioneerin this Dehydration Industry in India.
NOTICE is hereby given that the 24th Annual General Meeting of the Members of theCompany will be held on Thursday 28th September 2017 at 04:00 PM. at theRegistered Office of the Company situated at Opp. Brooke Bond Factory P. N. MargJamnagar-361002 Gujarat India to transact the following business:
1. To receive consider and adopt the Audited Financial Statements of the Company forthe year ended March 31 2017 and the reports of the Board of Directors and Auditorsthereon.
2. To appoint a Director in place of Mr. Ajesh V. Patel [DIN: 00083536] as a directorwho retires by rotation and being eligible offers himself for reappointment.
3. To declare final dividend @ 0.25 Per equity share.
4. To consider and if thought fit to pass with or without modification(s) thefollowing resolution as an Ordinary Resolution:
"RESOLVED THAT pursuant to the provisions of Section 139 of the CompaniesAct 2013 and all other applicable provisions of the Companies Act 2013 (the"Act") read with the Companies (Audit and Auditors) Rules 2014 (including anystatutory modification(s) or re-enactment thereof for the time being in force) andpursuant to the recommendations of the Audit Committee of Board of Directors M/s.Maharishi & Co Chartered Accountants (ICAI Registration No. 124872W) be andare hereby appointed as statutory auditors of the Company for year 2017-18 to hold officefrom the conclusion of this Annual General Meeting till the conclusion of the next AnnualGeneral meeting of the Company to be held in year 2018subject to annual ratification bymembers at every Annual General Meeting on such remuneration as may be decided by theBoard and Audit Committee of the Board.
By Order of the Board of Directors
For Oceanic Foods Limited
Mr Vinodrai D. Patel
Chairman & Managing Director