1995 PREMIER AQUA FARMS LIMITED DIRECTORS' REPORT Your Directors have great pleasure in presenting the Second Annual Report together with the Audited Accounts of the company for the year ended 31st March, 1995. PROJECT IMPLEMENTATION 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. PUBLIC ISSUE 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 31.08.1994. 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 energy. [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 involved. [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. DIRECTORS Sri C. Anil Kumar Reddy retires by rotation and being eligible offers himself for re-appointment. AUDITORS 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. PERSONNEL 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 employees. DEPOSITS The company has not accepted any deposits during the year. ACKNOWLEDGEMENTS 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 SD/- C. ANIL KUMAR REDDY Managing Director SD/- A. RAMA KRISHNA REDDY Director PLACE : HYDERABAD DATE : 29TH JUNE, 1995.