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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.
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