GRM OVERSEAS Share price

The company was originally established as a partnershipfirm in the name of M/S GARG RICE & GENERAL MILLS in theyear 1974 with the following partners: I) SH. MUNNA LAL II) SMT. SUNEHERI DEVI III) SH. SHIV DHAN MAL IV) SH. HUKAMCHAND V) SH. SURESHKUMARThis partnership was formed under an oral agreement on21-1-1974 which was executed vide a document of partnershipdeed dated February 2 1974.The main object of the firm was to carry on business ofrunning of rice sheller at Panipat. This firm took over theassets and liabilities of another Firm M/S GARG RICEINTERNATIONAL with effect from 10/11/94 as the partners ofGarg Rice International were facing difficulty in gettingthe export orders due to lack of finance.The details of the assets and liabilities of M/s. Garg RiceInternational taken over by Garg Rice and General Millsare as under:Liabilities Amount Assets AmountPartner''s Capital 2065000.00 Securities 1300.00Secured Loans 2176640.31 Advances to 670000.00 SuppliersCurrent Liabilities7777264.34 Closing Stock 11441186.58Expenses Payable 96900.00 Cash & Bank 3318.07 BalanceNo consideration other then the credits to the partnerscapital account was paid for the take over.The partnership deed of the firm was modified from time totime and following were the partners in M/s Garg Rice andGeneral Mills on 2-1-1995.I) SH. HUKAM CHAND GARGII) SH. ROHIT GARGIll) SH. SUDARSHAN KUMAR BANSALIV) SH. KARORI MAL BANSALV) SH. SHIV NARAIN BANSALVI) SH. AJAY KUMAR BANSALVII) SMT.JUGPATI GARGThe firm started its operations with one Rice Sheller ofcapacity 1 tonne Paddy per hour and increased its capacityto 2 tonns Paddy per hour in 1980. Till 1987-88 the firmwas engaged only in processing of rice for sale in thedomestic market. The firm entered the international marketin the year 1988-89 when it started exporting to SaudiArabia. For the year 1989-90 the firm achieved an exportturn over of Rs. 184.73 lacs out of total turn over ofRs.247.41 lacs. For the year 1994-95 the firm''s export turnover is Rs.1164.40 lacs thus representing a growth of over6 times in the export sales.The firm''s brand name ''Kamdhenu'' is registered under theTrade and Merchandise Marks Act 1958 and has been allotedTrade Mark Nos. 516152.vide their letter dated September4 1989. The company has also been alloted Trade MarkRegistration No. 648685 for its brand name ''CHEF'' by theTrade Marks Registry Bombay vide their letter datedDecember 14 1994.GARG RICE & GENERAL MILLS was converted into a publiclimited company on 03-01-1995 under part IX of theCompanies Act 1956 and is registered as GRM OverseasLimited with the Registrar of Companies NCT of Delhi &Haryana at New Delhi. It obtained its certificate forcommencement of business on 30-1-1995. GRM Overseas Ltd.took over the existing business of Garg Rice And GeneralMills at Book Value.GRM Overseas Ltd. has been promoted by Sh. Hukam ChandGarg who is an experienced business man and is well versedwith Rice trade. The Company is presently operating Ricemilling unit with installed capacity of 2 tonnes per hourin Panipat.Directors of the company have got the land & building ofthe Company revalued at Rs 21036260 vide valuationreport no.KH/ PNP/95 dated 24/06/1995 by S.S. Khurana andAssociates and accordingly made the revaluation reserve of 194.86 Lacs in the books of accounts.PRESENT BUSINESSThe Company is presently engaged in processing of rice atGohana Road (Near Sugar Mills) Panipat Haryana. It hastwo Plants of 1 Tonne Capacity each. The site is around oneKilometre from National Highway No. 1 G.T. Road. The unitis well equipped with modern machinery which is proposed tobe further enhanced. The unit operated at a capacityutilisation of 32% in the year 1991-92 which nearly doubledto 68% in the year 1993-94. Presently the company isworking at 80% capacity utilisation.