OCEANIC MAGNETICS LIMITED
Your Directors have pleasure in presenting the Fifth Annual Report together
with the Audited Balance Sheet of the company for the year ended 31st
During the year under review, your company entered the Capital Market with
a Public Issue of 28,00,000 Equity Shares of Rs. 10/- each for cash at par,
the subscription list of which opened on 14th June, 1994. The allotment
was made on 18th August, 1994 as per the Basis of Allotment approved by The
Delhi Stock Exchange Association Ltd., New Delhi. The Company's share are
listed at delhi, Bombay and Jaipur Stock Exchanges.
REPORT ON PROJECT IMPLEMENTATION
The Company's project for the manufacture of Audio Magnetic Tapes with an
installed capacity of 15 million pancakes per annum, in financial,
marketing and technical collaboration with M/s James Yorke Ltd. of U. K.,
has been fully implemented and ready for operation.
There has been a delay in the commencement of commercial production because
of the acute shortage of Polyster Film in India as well as in the overseas
markets. But your Directors are confident of commencing the commercial
production very shortly.
In the meantime, your company has decided to import the coated Jumbo Rolls
from Korea for making the pancakes & cassettes, for which there is a good
demand in domestic and overseas markets.
FUTURE PROSPECTS & PLANS
Your company intends to diversify into manufacture of cassettes as well as
recording facilities at its plant in its forward integration expansion
In accordance with the provisions of the Companies Act, 1956 and the
Articles of Association of the company, Shri Ashok Kumar Gupta and Shri
Ajay Kumar Gupta, retire by rotation and being eligible offer themselves
The present tenure of Shri R. L. Gupta as Managing Director is expiring on
31st July, 1995. The approval of members is being sought for his re-
appointment for a further period of 5 years in the ensuing Annual General
Meeting of the Company.
Considering the increase in. the Company's business the Board of Directors
in their meeting held on 17th June, 1995 appointed Mr. Ajay Kumar Gupta as
Whole-time Director for a period of 5 years to look after the day-to-day
affairs at the factory site. The members approval is being sought for his
The Auditors of the Company Mrs. S. Kalra & Associates, Chartered
Accountants, New Delhi retire at the conclusion of the ensuing Annual
General Meeting and being eligible, offers themselves for re-appointment.
Your company has not invited any deposits from the public.
PARTICULARS OF EMPLOYEES
Pursuant to section 217 (2A) of the Companies Act, 1956 read with
Companies (Particulars of Employees) Rules, 1975, there has been no
employee employed during the full year whose remuneration was Rs.
3,00,000/- or more per annum or employed for any part the year whose
remuneration was Rs. 25000/- or more per month.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS
Conservation of Energy, Technology Absorption
Particulars with respect to conservation of energy etc. pursuant to
section 217(1)(e) of the Companies Act, 1956, read with Companies
(Disclosure of Particulars in the Report of the Board of Directors) Rules,
1988 are not applicable as the company has yet to start its commercial
Foreign Exchange Earnings and Outgo
Foreign Exchange Earnings - NIL
Foreign Exchange Outgo - Rs. 152.04 Lacs towards the payment
of Plant & Machinery.
The Board of Directors is grateful to the Government of India and Reserve
Bank of India for their valuable support and guidance. The Board also
expresses its sincere thanks to the Financial Institutions. Banks and
shareholders for the confidence reposed in the company.
The Board also wishes to place on record its deep appreciation to the
employees at all levels for their efficient and loyal services rendered to
the company during the year.
FOR & ON BEHALF OF THE BOARD
Ashok Kumar Gupta R. L. Gupta
Director Managing Director
PLACE : New Delhi
DATED : 17th June, 1995.