POOLA GRANITES & MARBLES LIMITED
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.
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.
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.
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.
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
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.
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Further, the Industrial Finance Corporation of India has withdrawn the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.
None of the employee covered under Section 217 (2A) ot the Companies Act,
Industrial relation in the company were cordial during the year under review.
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
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)
DATE : 22-Sep-1994