Cosmos Apparels Ltd


BSE: 531329 | NSE: NA | ISIN: NA 
Market Cap: [Rs.Cr.] 0 | Face Value: [Rs.] 10
Industry: Textiles - Products

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Director's Report

1996 COSMOS APPARELS LIMITED DIRECTORS REPORT Yours Directors have pleasure in presenting the 2nd Annual Report and the Audited Statement of Accounts of the Company by the financial year ended 31st March, 1996. ACCOUNTS As the Company had no manufacturing or trading activities during the financial year ended on 31st March, 1996, no Profit & Loss Account has been prepared. PROJECT PRESENT ACTIVITIES As the members are aware that your company had successfully tapped the capital market in the month of October 1995 with 4472800 equity shares of 10/- each for cash at par which was over-subscribed due to the overwhelming response of the member investors. Directors are thankful to all of them for their such a good response. Your company is presently engaged in a project to manufacture Apparels at large scale which is under implementation at Naroda, Ahmedabad, which is near about completion. Against the earlier planing the Naroda is very nearer to the city of Ahmedabad and Khatraj Industrial Area has not been developed so far as all were expected earlier. Now a days it is suffering from lack of skilled labour and new site at Naroda, Ahmedabad which is within the municipal limits and which is having enough power supply and bore to ensure water supply and further the required skilled labour resides in within 2Km. circumference of the factory premises. Thus considering the above benefits availability of transportation and all infrastructure facilities has led the Board to take the decision to shift the proposed project from Khatraj to Naroda. Further as the members are aware that your Company has not commenced production during the year hence comparision of promises verses performance has not been given. Further as the members are aware that since the whole India Economy is suffering from liquidity crunch which continues to deepen and increase in cost of Exports, not only Textile but also every industry is facing recession. Exports in all sectors are declining sharply. Further the badly suffered companies are those who are enjoying 100% E.O.U. Status, and finding themselves unable to fulfill their export obligations. Hence considering aforementioned disadvantages your directors are unwilling to continue 100% E.O.U. Status of the company and have decided not to undertook export obligation by signing the agreement of 100% E.O.U. So that the company will be under no compulsion to export even at incurring losses. However your directors have decided to go for exports in normal and usual way, besides capturing the domestic market which is having enough scope to fetch the targetted turnover. Hence company will be in a position to achieve the projected figures without E.O U. status and try to achieve maximum export without E.O.U. status. PROPOSED ACTIVITIES Besides the existing project to manufacture Apparels your directors were engaged in exploring the possibilities to expand company's activities from the existing one and accordingly as measure of backward integration they have decided to go for processing of the fabrics through process house for processing of cotton fabrics at Ahmedabad. The company has chosen Mr. Gulabrai. R. Ajwani, who is relative of Jayesh Ajwani Managing Director and having vast experience of more than 20 yrs. of this line to go on this project who will be assisted by the team of experts in this field. The company has entered into a M.O.U. with G. R. Ajwani where by Mr.G. R. Ajwani will initially have to arrange and handover a process house in running condition to the company. As a first step towards the same the company has started spending on Unit II (Process House) which is situated at Narol Area of Ahmedabad city Which is well known Industrial Area nearer to Naroda site. Further to manage the present and future activities and feeling the need to have its own office premises at or nearby Paldi, Ahmedabad. The company through Mr.G. R. Ajwani is going for a well furnished sophisticated hitech office premises in the said area to smoothen & strengthen its administrative power, which is expected to be completed within 2-3 months in the near future. AUDITORS M/S Deepak C. Gandhi & Co., Auditors of the company hold office until the conclusion of the ensuing Annual General Meeting and the company has received a letter from them of their unwillingness to continue as the auditors due to some personal reasons. Hence M/s. Kirti J. Nayak & Associates, chartered accountants are proposed to be appointed as auditors of the company in place of M/S Deepak C. Gandhi & Co. The company has received a letter from them to the effect that their appointment, if made would be within prescribed limits under section 224(I-B) of the Companies Act, 1956, accordingly the present auditors will retire and M/S Kirti J. Nayak & Associates are proposed to be appointed in his place at the ensuing Annual General Meeting. FIXED DEPOSITS During the year under review your company has not invited any fixed deposits from public in terms of provisions of Section 58-A of the Companies Act, 1956 and the rules frames thereunder. PERSONNEL None other employees of the company getting remuneration in the excess as required by the provisions of Section 217(2A) of the Companies Act 1956. DIRECTORS Mr. Sattar E. Kherani Director of the company retires by rotation and being eligible offers himself for re-appointment. CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING AND OUT GO Information as per Section 217 (1) (e) of the Companies Act, 1956, read with the Companies (Disclosure of particulars in Report of the Board of Directors) Rules, 1988 and forming part of the Director's Report for the year ended 31st March, 1996 is as under : CONSERVATION OF ENERGY Since the project is in the implementation stage and no commercial production has begun till the date of the report, no disclosure is necessary in respect of conservation of energy. TECHNOLOGY ABSORPTION As the technology used to manufacture the product is simple, no technology absorption is necessary. FOREIGN EXCHANGE EARNINGS AND OUTGO Since the project is in the implementation stage and no commercial production has begun till the date of the report, there is no foreign exchange earnings and outgo. ACKNOWLEDGEMENT Your Directors place on record their appreciation of the assistance and support extended by the Government authorities, Banks, Legal Advisors Share- holders of the company. Your directors express their appreciation for the dedicated and sincere services rendered by employees of the company. For and on behalf of the board Jayesh G. Ajwani (Managing Director) Sattar E. Kherani (Director) Place : Ahmedabad Date : 27.11.96
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Key Information

Key Executives:

Niarmal Ajwani , Chairman 

J G Ajwani , Managing Director 

Sattar E Kherani , Director 

Parul J Ajwani , Director 


Company Head Office / Quarters:
23 Monalisa Complex (Cellar),
Ambawadi Circle Ellisbridge,
Ahmedabad,
Gujarat-380006
Phone : (079) 6425278 / 461819
Fax : 91-079-468807
E-mail :
Web : http://
Registrars:
Cosmos Apparels Ltd
23
Monalisa Complex
Ambawadi Circle
Ellisbridge
Ahmedabad - 380006

Fund Holding

 
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