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Prime Tea Plantation & Industries Ltd.

BSE: 519556 Sector: Agri and agri inputs
NSE: N.A. ISIN Code: N.A.
BSE 05:30 | 01 Jan Prime Tea Plantation & Industries Ltd
NSE 05:30 | 01 Jan Prime Tea Plantation & Industries Ltd

Prime Tea Plantation & Industries Ltd. (PRIMETEAPLANTN) - Director Report

Company director report

1995 PRIME TEA PLANTATION & INDUSTRIES LIMITED DIRECTORS' REPORT Your Directors have great pleasure in presenting your the Second Annual Report and Audited Accounts for the year ended 31st March, 1995. COMMENCEMENT OF COMMERCIAL PRODUCTION The Directors have pleasure to report that the Company has commenced commercial production from 28th March, 1995, marginally earlier as committed in prospectus i.e. 1st April, 1995. The Directors are hopeful that the Company would be able to achieve the stipulated capacity utilisation of 70% during the current year. FINANCE/PUBLIC ISSUE The members are aware that 21 lacs Equity Shares of Rs.10/- were issued to the Public at par in the month of November,1994.The issue was over- subscribed and in accordance with the Scheme of Allotment approved by the Bombay Stock Exchange, the Shares were allotted in January, 1995. The Paid up Capital of the Company now stands at Rs.3.24 Crores. Your Directors are happy to report that there has not been any major cost over run in the project implementation. As such, the Company enjoys good financial health on the eve of commencement of commercial production. The Directors wish to thank the Investors, Bankers to the Issue, Brokers, Underwriters and all other agencies involved in the Public Issue for making the issue a grand success. FUTURE OUTLOOK With the successful implementation of the project during the current year, your Directors are confident of reaping fruits from full operations of the project during the next year, barring unforeseen circumstances. DIRECTORATE Pursuant to the provisions of the Companies Act, 1956 and Articles of Association of the Company Mr.J. P. Sharma and Mr. R.S. Budhia retire by rotation at the ensuing Annual General Meeting and being eligible offer themselves for reappointment. PARTICULARS OF EMPLOYEES During the financial year, the Company had no employees on its rolls in receipt of remuneration attracting the provisions of Section 217(2A) of the Companies Act, 1956. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO As the commercial production of the plant has commenced only during the last month of the Financial Year under review, your Directors do not consider it necessary to report specifically on conservation of Energy and technology absorption pursuant to Sec.217(1)(e) of the Companies Act, 1956. FIXED DEPOSITS The Company has not accepted any Fixed Deposits during the year. AUDITORS M/s. S. S. Pasari & Co., Chartered Accountants, Auditors of the Company are retiring at the conclusion of this Annual General Meeting and being eligible have offered themselves for reappointment. APPRECIATION Your Directors wish to place on record their appreciation of the support and co-operation received from the Banks and Employees of the Company. By Order of the Board of Directors S.B. CHANGOIWAL Chairman Place: Bombay Dated: 30th June, 1995.