- Management has decided to convert land and building, Plant and Machinery and Furniture and Fixtures owned by the companyat Tilak Marg of Rs.11,676.43 Lacs (Rs.116.76 Cr) held as inventory into fixed assets and the same is being used for official purposes.
- The company has incurred an expense of Rs.4040.50 Lacs (PY Rs.4,040.50 Lacs) on the development of commercial cum residential project at Chembur land at Mumbai (Bombay) pursuant to agreement with Oswal Agro Mills Limited (OAML). In accordance with the agreement, OAML has to contribute its land and the company is required to incur all development expenses of the project with the understanding to share the ownership of the Chembur project in an agreed ratio. The construction/development of the project was stayed by the Hon’ble Supreme Court of India vide order dated 10.12.2013 stating that the same land can be used for the purpose of Agro Industry or any other permissible industry under the current regulations. The management is exploring the possibilities to use the land in question as per the permissible regulations and accordingly is of the view that the amount spent on the project will be fully recovered from the future projects.
- Oswal Chemicals & Fertilizers Limited (BINDAL AGRO, CMP: Rs.33.35) will have Annual General Meeting on 18 September, 2014. During the year FY14, the Company carried on the activities related to development of Real Estate and Investments. The company is taking up three projects in Ludhiana for development of about 15,00,000 sq.ft. of built up area. The Company expects good demand of residential apartments in this ever growing city. The company has also earned interest income from the funds which are temporarily invested in various financial institutions/securities/fixed deposits. At present, the company is operating in the business of Real Estate, Investment activities, Fertilizer and trading in shares/commodities/Goods as separate Business Segments. According to the management. relative absence of large number of organized players in the Real Estate business segment provides an excellent opportunity to the company, to become a leading player in this industry. The management has extensive experience in setting up large industrial projects in a timely manner and this experience can be leveraged to build a strong and sizable presence in the real estate business.
- The business segment is the primary segment of the Company consisting of: (i) Investment Activities (ii) Trading Goods and (iii) Real Estate
- Aggregate Market Value of Quoted Investments==> Rs.6,743.03 lakhs.
- Aggregate Cost of Quoted Investments ==>Rs.2,444.33 lakhs.
- Aggregate Cost of Un-quoted Investments==>Rs.6,571 lakhs (Rs.4071.88 lakhs).
- Aggregate provision for diminution in value of Investments Rs.1,418.72 lakhs (Rs.1,403.72 lakhs).
Wednesday, September 17, 2014
OSWAL GREENTECH LTD (Formerly Oswal Chemicals & Fertilizers Ltd): Update