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Pooja Granites & Marbles Ltd.

BSE: 515117 Sector: Others
NSE: N.A. ISIN Code: N.A.
BSE 05:30 | 01 Jan Pooja Granites & Marbles Ltd
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Pooja Granites & Marbles Ltd. (POOJAGRANITES) - Director Report

Company director report

1994 POOLA GRANITES & MARBLES LIMITED DIREOTORS' REPORT Dear Shareholders, Your Directors have pleasure in presenting the SEVENTH ANNUAL REPORT together with the audited Statement of Accounts of the Company for the year ended on 31st March, 1994. DIVIDEND Your Directors are pleased to recommend a dvidend of 10% for tne year ended 31st March, 1994, subject to deduction of tax at source as per the provisions of lncome Tax Act,1961. EXPORTS The Company s exports has been on the rise steadily during the year abd the company has been entering the South East Asian countries including ,SINGAPORE. USA, UAE, BAHARlN, HONGKONG, INDONESIA. EXPANSION PROJECT The Company has already completed the Expansion Phase and the commercial production has started from 16th June,1994. After the completion of Expansion phase, the company has multiple range of products including Granite Tiles, Marble Tiles apart from Granite Slabs. PUBLIC ISSUE Duing the year the Company came out with a public issue of 32,10,000 Equity Shares at par, which was overwhelmingly supported by the investors. The issue was oversubscribed by more than 33 times FUTURE EXPANSION The Company now proposes backward integration by putting up facilities for Mining Operations . For the purpose, the Company is offering Rights Shares in the ratio 1:1 to the existing shareholders at a prernium of Rs.5/ pes share. DIRECTORS Since the last Annual General Meeting the following changes have taken place in the Board ot Directors: Mr. Arun Dalrriia & Mr C K Malhotra has joined the board. Further, the Industrial Finance Corporation of India has withdrawn the nomination of Mr Dinesh Sharma and has appointed Mr. D.K. Jain in his place. The Board of Directors wish to place on record its sincere appreciation for the guidance and assistance provided by Mr. Dinesh Sharma,during his tenure as a Director of the Company. Due to pre-occupancy, Mr. D C. Kothari & Mr. C.K. Hazari has registered form the Board. The Board of Directors wish to place on record its sincere appreciation for the guidance and assistance provided by Mr. D.C. Kothari & Mr. C.K, Hazari during their tenure as a Director of the Company. Mr. V.K. Bhargava & Mr S.P. Mathur retire by rotation and being eligible offer themselves for re-appointment. NOTES TO ACCOUNTS The observations of the auditors and Notes to Accounts are self-explanatory. With regard to point no. 2 relating,to excess refund made against share application money by Registrars to the issue, the company has already recovered an amount of Rs. 22.00 Iakhs. The outstanding Rajasthan Sales Tax amounting to Rs:35,500/- has since been deposited. PARTICULARS OF CONSERVATION OF ENEROY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS & OUTGO. Information pursuant to Section 217(i) (e) of the Companies Act-1956 read with companies (disclosure of particulars in the report of Board of Directors) Rules, 1988 with respect to these matters is set out in Annexure A" forming part ot this report. PERSONNEL None of the employee covered under Section 217 (2A) ot the Companies Act, 1956. INDUSTRIAL RELATIONS Industrial relation in the company were cordial during the year under review. AUDITORS M/s R . Mohnot & Co., Chartered Accountants, the Auditors of your company retire at the conclusion of the ensuing Annual General Meeting and being elegible, other themselves for reappointment. They have under section 224 (I) of the Companies Act, 1956 furnished a certificate of their eligible for re- appointment. You are requested to re-appointment them and fix their remuneration. ACKNOWLEDGMENTS The Directors wish to express their gratitude for the assistance and continued co-operation extended by IFCI, ICICI, RIICO, Punjab National Bank, Government Authorities and Customers. Your Directors deeply acknowledge the continued trust and confidence you have placed in this Company . You Directors also wish to place on record their deep appreciation for the services rendered by the officers, staff and workers of the Company at all levels for their dedication and loyalty. BY ORDER OF THE BOARD(Y.K. SHARMA) MANAGING DIRECTOR PLACE: JAIPUR DATE : 22-Sep-1994
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