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Top Line Shoes Ltd.

BSE: 523700 Sector: Others
NSE: N.A. ISIN Code: N.A.
BSE 05:30 | 01 Jan Top Line Shoes Ltd
NSE 05:30 | 01 Jan Top Line Shoes Ltd

Top Line Shoes Ltd. (TOPLINESHOES) - Director Report

Company director report

1995 TOP LINE SHOES LIMITED DIRECTORS' REPORT 1. Your Directors have pleasure in presenting the Fourth Annual General Report together with audited accounts for the year ended 31-3-95. 2. With a view to conserve the finances of the Company the Directors do not recommend payment of any dividend for the year. 3. The Company's agreement with the Italian designer for footwear is continuing and it is expected that the Company's products made to such design will find considerable acceptance in the European market. A selling agreement has been concluded for sale of the Company's product in Gulf and a similar arrangement is being negotiated with a European party. 4. In accordance with a Special Resolution passed in the Annual General Meeting held on 25-10-1994, the Board has decided to issue 3 lac warrants of face value of Rs.10/- each to the promoters and a sum of Rs.30 lacs has been received from them. The warrants will be issued in due course. 5. Information as per requirements of the Companies Act, 1956 pertaining to the details of energy conservation, Technology Absorption and Foreign Exchange earnings and outgo which follows part of this report is given in a separate statement annexed hereto in accordance with the provisions of Section 217 (I) (e) of the Companies Act,1956 read with the Companies (Disclosure of Particulars in the report of the Directors) Rule, 1988. 6. Information in accordance with the provisions of Section 217 (2A) of the Companies Act, 1956 read with Companies (Particulars of Employees) Rule 1975, as amended, is not given since the Company did not have any employee covered by the said Section. 7. Mr. H. M. B. Murthy will retire by rotation and being eligible, offers himself for re-election. 8. Present Auditors Vinod Amin & Co. hold office until the conclusion of the ensuing Annual General Meeting and are eligible for re-appointment. Certificate from the Auditors has been received to the effect that the re- appointment, if made, will be within the prescribed limits under Sec. 224(1) of the Companies Act. ANNEXURE "A" INFORMATION AS REQUIRED UNDER SECTION 217 (1)(e) OF THE COMPANIES ACT 1956 READ WITH THE COMPANIES (DISCLOSURE OF PARTICULARS IN THE REPORT OF DIRECTORS) RULES 1988. I. CONSERVATION OF ENERGY: (a) Energy Conservation measures taken: (1) Footwear manufacturing is traditionally a low energy consuming industry. (2) Machine use has been made intermittent. (b) Additional investments and proposals, if any, being implemented for reduction of energy. NIL (c) Impact of the measure at (a) and (b) for reduction of energy consumption and consequent impact on the cost of production of goods. Not quantifiable. (d) Total Energy consumption per unit of production as per prescribed form- A: Not applicable. II. TECHNOLOGY ABSORPTION: Efforts made in Technology Absorption as per Form B. FORM-B (1) Research & Development (R&D) (a) Specific areas in which R&D - Shoe Designing carried out by the Company b) Benefit derived as a result of - Shoe sales dependent on designs of above R&D (c) Future Plan of action - Extend & Improve design capabilities (d) Expenditure on R&D: (1) Capital - NIL (2) Recurring - NIL (3) Total - NIL (4) Total R&D Expenditure as a Percentage of total turnover - NIL (2) Technology absorption, adoption and innovation: (a) Efforts, in brief made towards technology absorption, adoption and innovation - N.A. (b) Benefit derived as a result of the above efforts e.g. product improvement, cost reduction - N.A. (c) In case of imported technology, imported during the last 5 year reckoned from the beginning of the financial year, following information may be furnished: (1) Technology imported - N.A. (2) Year of import - N.A. (3) Has Technology been fully absorbed - N.A. (4) If not fully absorbed, areas where this - N.A. has not taken place, reasons thereof and future plan of action FOREIGN EXCHANGE EARNING AND OUTGO (a) Activities relating to exports initiative taken to increase exports, development of new export markets for products and services and export plans: The Company is a 100% E.O.U. The Company has made arrangements to sell its entire production to Germany, Italy and Middle East. Adequate arrangements are made to market the expected increased production during the next year. (b) Total foreign exchange used - Rs. 7,11,000 (c) Total foreign exchange earned - Rs. 87,90,000 ADDITIONAL NOTES IN THE DIRECTORS REPORT During the current year the State Government has been kind enough to sanction a composite scheme of Sales Tax of Rs. 1 Crore. On behalf of the Board Duleep Singh Chairman Place: Dabhasa, Dated: 28th August, 1995.