TO THE MEMBERS
The Directors have pleasure in presenting their First
Annual Report together with the Audited Statement of
Accounts for the period ended 31st March, 1995.
As there were no manufacturing or trading operations during
the period under review, no Profit and Loss Account has
been prepared and the expenditure incurred on the project
have been treated as pre-operative expenditure pending
allocation to fixed assests.
Your directors are pleased to report the encouraging
response to the Company's Public Issue of 27,00,000 equity
shares of Rs. 10/- each, which was oversubscribed by about
1.9 times. The equity shares were allotted on
22nd April, 1995 in consultation with the Bombay Stock
Exchange. Your directors thank the investing public for the
confidence reposed on them.
Your directors are pleased to inform that all the major
machineries and equipments required for manufacturing of
continuous computer stationery have been installed and
commercial production commenced in August, 1995 as against
July, 1995 as envisaged in the prospectus.
COST OVER RUN
Your directors are happy to report that despite a minor
delay in the project commissioning there is no cost over
The company has not accepted any fixed deposits from the
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN
EXCHANGE EARNINGS AND OUTGO:
As no manufacturing activities have commenced during the
period under report, no information is required to be
disclosed in respect of conservation of energy and
Foreign Exchange earnings : Nil
Foreign Exchange Outgo : Rs. 1,60,928/- on Foreign
The Company has not paid any remuneration attracting the
provisions of the Companies (Particulars of Employees)
Rules, 1975 read with section 217 (2A) of the Companies Act,
1956. Hence, no information is required to be given in the
report in this regard.
M/s. H. R. Dhandhania & Company, Chartered Accountants, the
Company's Auditors will retire on conclusion of the ensuing
Annual General Meeting and are eligible for re-appointment.
Your directors wish to place on record their appreciation
for the co-operation and support extended by the Economic
Development Corporation of Goa, Daman & Diu Ltd., Dena Bank,
executives and staff of the Company.