MARK OMEGA ORGANIC INDUSTRIES LIMITED
Your Directors have pleasure in presenting the 6th Annual Report and
Audited Account for the year ended 31st March 1995.
The Board of Directors has not recommended any dividend on the Equity
Shares to strengthen the internal Resources of the Company.
ISSUE OF EQUITY SHARE CAPITAL:
The Company had come out with a maiden Public Issue of 56.30 Lacs Equity
Shares of Rs.10 each aggregating to Rs.563 Lacs in September, 1994.
The Board is happy to inform that the Issue was over subscribed by 11
times. The Director would like to place on record their sincere
appreciation for the faith reposed in the Company by our new Shareholders.
The Project Expansion which was originally expected to be completed in
October, 1994 was delayed and could be completed only after the proceeds of
the Public Issue in September, 1994 were available to your Company in
November, 1994. The plant was commissioned in the 1st week of January,
1995. We expect to derive full benefit of this expansion during the current
Raw Materials: There has been wide fluctuation in the price as well as
availability of basic raw materials during the year. Company has been
making constant effort to get continuous supply of raw materials.
Export : Company has received good export enquiries for its products. It
has already started exporting to hard currency areas.
The Company has not accepted any fixed deposits from the Public and the
Provisions of Section 58 A of the Companies Act 1956 are not applicable to
Shri Narendra K. Shah, has resigned as Chairman and Director of the Company
w.e.f. 21st July, 1995 on account of his falling health and Shri Michael A.
Miranda has been newly appointed as Chairman & Managing Director in the
place of Shri Narendra K. Shah, the retiring Chairman.
The Board appreciates his sincere efforts and the hard work done during
this tenure as a Director of the Company.
Shri S.N. Talsania retires by rotation and is eligible for re-appointement.
Shri Prakash J. Vora, Shri Haresh J. Vora & Shri Ramesh A. Sanghavi were
appointed as Director of the Company liable to retire by rotation.
M/s. Pereira & Subramanian, Chartered Accountants, Auditors of the Company
will retire at the ensuing Annual General Meeting. They have given their
consent for re-appointment. Members are requested to appoint Auditors and
fix their remuneration.
PARTICULARS OF EMPLOYEES:
A statement giving particulars of Employees as required U/S 217 is attached
CONSERVATION OF ENERGY ETC.:
A Statement giving necessary details for conservation of energy etc. is
Directors are thankful to the Banks, Financial Institutions and Employees
for their support and co-operation.
ANNEXURE TO DIRECTOR'S REPORT
Companies (Disclosure of particulars in the Report of Board of Directors)
(A) Conservation of energy:
(a) Energy Conservation Measures:
i) Greater emphasis has been given on self Discipline and awareness amongst
all employees to use power in optimum condition.
(b) Additional investments and proposals, in any being implemented for
reduction of consumption of energy: Various additional proposals for
reducing energy consumption are under study.
(c) Impact of the measure at (a) and (b) above for reduction of energy
consumption and consequent impact on the cost of production of goods.
Impact has not been measured.
(d) Total energy consumption and energy consumption per unit of production
as per Form A in respect of industries specified in the schedule thereto.
(B) Technology Absorption:
(e) Efforts made in technology absorption as per Form-B of the Annexure.
(C) Foreign Exchange Earnings and Outgo:
(f) Activities relating to exports, initiatives taken to increase export,
development of new export markets for products and services, and export
(g) Total foreign exchange used and earned. NIL
FOR AND ON BEHALF OF BOARD OF DIRECTORS
CHAIRMAN & MANAGING DIRECTOR
PLACE : BOMBAY
DATED : 4th AUGUST, 1995.