PREMIER AQUA FARMS LIMITED
Your Directors have great pleasure in presenting the Second Annual Report
together with the Audited Accounts of the company for the year ended 31st
During the year under consideration the company has completed the
acquisition of 130 Acres of Land. Construction work for all the 40 HA WSA
area was completed. The infrastructure facilities required for the farm
have also been put in place with the commissioning of generators for power
& pumps for sea water drawing. Key personnel required for the day to day
operations of the company have been appointed.
The Company has started operations during the year and has successfully
taken out one crop. Subsequently the second crop was not started due to
the crop holiday declared by MPEDA. The ponds have now been prepared and
the company is now ready for the first crop of this year.
During July, 1994, the company went to the public with an issue of Rs.
363.00 lakhs (36,30,000 Equity Shares of Rs. 10/- each) for cash at par.
The issue was oversubscribed by about 6 times and shares were allotted on
ADDITIONAL INFORMATION AS REQUIRED U/S 217(1)(e) OF THE COMPANIES ACT, 1956
[a] Conservation of Energy : The company is monitoring the
consumption is identifying
measures for conservation of
[b] (i) Research and Development [R &d] : No research and Development
has been carried out.
(ii) Technology Absorption, : No technology either
adaptation and innovation indigenous or Foreign is
[c] Foreign exchange earnings and outgo :
(i) Foreign exchange earned : Nil
(ii) Foreign exchange outgo : US$ 46,730 equivalent to
Rs. 14.74 lakhs.
PARTICULARS OF EMPLOYEES
In pursuance of the provisions of section 217(2A) of the Companies Act,
1956 read with the Companies (Particulars of Employees) Rules 1975, the
Directors are to report that no employee was in receipt of remuneration of
Rs. 3,00,000/- or more per annum or Rs. 25,000/- or more per month where
employed for a part of the year.
Sri C. Anil Kumar Reddy retires by rotation and being eligible offers
himself for re-appointment.
M/s. MOGILI SRIDHAR & CO., Chartered Accountants, retiring auditors of the
Company being eligible offer themselves for re-appointment as auditors of
the Company. They have furnished a certificate of their eligibility u/s
224 (1B) of the Companies Act, 1956. The members are requested to re-
appoint the auditors and authorise the Board of Directors of the Company to
fix their remuneration.
The relations between the management and the staff were very cordial
throughout this year. Your Directors take this opportunity to record their
appreciation for the Co-Operation and loyal services rendered by the
The company has not accepted any deposits during the year.
Your Directors gratefully acknowledge with thanks the constructive guidance
and support extended by Banks and other Government Agencies.
For and on behalf of the Board
For PREMIER AQUA FARMS LIMITED
C. ANIL KUMAR REDDY
A. RAMA KRISHNA REDDY
PLACE : HYDERABAD
DATE : 29TH JUNE, 1995.