|
1995
MOOLCHAND EXPORTS LIMITED
DIRECTORS' REPORT
Your directors have pleasure in submitting to you the 6th Annual Report
together with the audited accounts for the period ended 31st March '95.
PERFORMANCE OF THE COMPANY :
Your Company has registered yet another year of steady progress and has
recorded satisfactory performance for the period ended 31st March 1995. The
turnover of the current year is Rs. 5348.03 lakhs as against the turnover
of the previous year of Rs. 2900.35 lakhs.
DIRECTORS
Shri. Santosh Kothari was appointed as Additional Director of the company
with effect from 06.10.94.
In the ensuing Annual General Meeting it is proposed to appoint him as
Director of the company as per the request of the shareholders. Shri. P.N.
Vedanarayanan and Shri. R. Seetharaman will be retiring at the ensuing
Annual General Meeting. They being eligible offer themselves for re-
appointment.
DIVIDEND
Your Directors recommend a final dividend of 25% for the year ended
31.03.95.
AUDITORS
M/S. A.N. Jambunathan & Company, Chartered Accountants, Statutory Auditors
of your company hold office until the conclusion of the Sixth Annual
General Meeting and are recommended for re-appointment. The company has
received a certificate from them to the effect that their re-appointment,
if made, would be within the limits prescribed under Section 224(1) of the
Companies Act, 1956.
PARTICULARS OF EMPLOYEES & OTHER DETAILS
The Company has no employee who is in receipt of remuneration in excess of
the amount prescribed under section 217 (2A) of the Companies Act, 1956.
Further, the particulars required under Sec. 217 (1) (e) of the Companies
Act, 1956 are as follows :
DETAILS OF FOREIGN EXCHANGE EARNINGS & OUTGO ARE AS UNDER :
(Rs. in lacs)
31.3.95. 31.3.94.
a. Conservation of energy measure taken Nil Nil
b. Technology absorption Nil Nil
c. Foreign Exchange earnings 3725.93 2578.14
d. Foreign Exchange outgo 2105.87 399.64
SECURITY DEPOSIT
The Cashewrance Scheme was launched during the year and the response to
this Scheme was very excellent and your company has collected Rs. 8.12
crores till date under the Cashewrance Scheme. Your Directors record their
sincere thanks for the continuous support given by our depositors.
SUBSIDIARY COMPANIES
The name of the Champion Leathers Ltd., has been changed as Moolchand
Leathers Ltd. During the year Standard Leathers Ltd., decided to merge with
Moolchand Leathers Ltd. The High Court of Madras has passed its order to
merge Standard Leathers Ltd., with Moolchand Leathers Ltd. The merged
Balance Sheet and Profit & Loss A/C is annexed to this report.
As per the approval accorded by the shareholders on 30.11.94 at the EGM the
Leather Business has been transferred to Moolchand Leathers Ltd with effect
from 01.04.95.
The Company has acquired the shares of Moolchand Shipping Pvt. Ltd., which
was incorporated on 27.03.95. The paid-up capital of the Company is Rs.
1,10,000.00. This Company has become a subsidiary of your Company with
effect from 02.06.95.
Accounts and other statements required under 212 of the Companies Act, 1956
in respect of subsidiary companies is annexed to the detailed report.
INCREASE IN CAPITAL
The Authorised capital has been increased from Rs. 10 crores to Rs. 20
crores. The proposal for issue of Zero Bonds was withdrawn on account of
the market conditions and the Board has considered the proposal of Rights
Issue of one crore share of Rs. 10/- each at a premium of Rs. 40/- per
share aggregating Rs. 50 crores to fund the expansion programmes.
Your company is expanding the cashew operations to almost three fold and is
going tor backward integration plantation in about 12,000 acres with an
Investment outlay of Rs. 60 crores in order to have captive production of
raw cashewnuts.
ACKNOWLEDGEMENT
Your Directors acknowledge the recognition given and trust reposed in your
Company by the Investors, Depositors, Financial Institutions, Banks, Stock
Exchanges and record their appreciation for the support rendered by them.
The successful results have been achieved due to the continuous co-
operation of the staff and this could not have been possible without the
co-operation and full support of its employees', customers and suppliers.
Your Board of Directors place on record their sense of appreciation for the
valuable contributions made by the staff of the company.
On behalf of the board of Directors
Sd/-
BALAKRISHNA KOTHARI
Chairman
Place : Madras
Date : 25th August, 1995.
|
|