atlantic spinning weaving mills ltd Directors report

1996 ATLANTIC SPINNING AND WEAVING MILLS LIMITED AUDITORS REPORT Your Directors take pleasure in presenting the 10th Annual Report together with the audited Balance Sheet as at 30th September, 1996 the Profit and Loss Account for the year ended on that date and the Auditors Report thereon. DIVIDEND Your Directors recommend the payment of dividend at the rate of 20% (subject to deduction of tax at source) for the year ended 30th September, 1996. FUTURE PLANS As reported in the last Annual General Meeting, the Company was on the threshold of finalising the purchase of the assets of a textile mill in Mysore. The Company is pleased to inform that they have been successful in the purchase of these assets and have started cleaning and clearing operations and also placed orders for new machines. In order to part finance the cost of the expansion programme, your Company proposes to issue debentures/shares/other securities as the Board may deem fit. DIRECTORS Sri. V.K. Jain, who was one of the founder members of the Company and who raised the Company to this position, resigned from the Board in December 1995. The Board of Directors wishes to place on record the appreciation for the services rendered by him during his tenure. DEPOSITS Your Company has accepted deposits of Rs. 1,50,00,000/- from the public to augment the financial resources and to meet the increased volume of operations. AUDITORS M/s. R. Ramesh Kumar & Co., Chartered Accountants, Auditors of the Company, retire at the conclusion of the forthcoming Annual General Meeting and are eligible for re appointment. The Company has received a certificate from the Auditors certifying that their re-appointment, if made, would be within the specified limits under Section 224 (1B) of the Companies Act, 1956. ENERGY, TECHNOLOGY AND FOREIGN EXCHANGE Efforts have been initiated for conservation of energy and technology absorption including R & D. The outcome of the efforts will be reflected from the ensuing year. There has been no inflow or outflow of foreign exchange during the, current year. PERSONNEL Since the Company has not attracted the provisions under Section 217 (2A), information in this regard has hence not been furnished. ACKNOWLEDGEMENT Your Directors take this opportunity to place on record their appreciation for the dedication and sense of commitment shown by the officers and employees at all levels and their contribution towards the progress and growth of the Company. Your Directors also would like to place on record their sincere thanks for the co-operation and support received from various agencies of the Government and its Shareholders for their continued support and the confidence reposed in the Company. Special thanks are also due to the Bankers, M/s. The United Western Bank Ltd., for their whole hearted co-operation and support especially for the timely sanction of Loans of Rs.355 lacs for the Mysore Unit & Rs.1,000 lacs for the Goa Unit. On behalf of the Board of Directors B.K. JAIN President & Wholetime Director Place : Hyderabad, Dated : 16th November, 1996.