| Your Directors have pleasure in presenting the 20th Annual Report of
the Company with the Audited Statement of Accounts for the year ended
31st March, 2002.
WORKING RESULTS
(Rs. in Lacs)
2001-02 2000-01
Sales & other Income 11856.29 13781.01
Profit before Interest, Depreciation & Tax 17.68 438.53
Less: Interest 251.20 255.82
Depreciation 140.48 62.24
Net Profit/Loss before Tax (-) 374.00 120.46
Less: Provisions for Tax - 10.21
Net Profit/CLoss) for the year (-) 374.00 110.25
Add: Profit brought forward from last Account 119.24 84.84
Profit available for appropriation (-) 254.76 195.09
Less: Transfer to General Reserves & others (-) 202.79 75.85
Balance Carried over to Balance Sheet (-) 51.97 119.24
OPERATIONS
Turnover during the year has decreased to Rs. 118.56 crores from Rs.
137.81 crores in the previous year 2000-01. The Company has incurred
loss of Rs. 374.00 lacs during the year whereas Rs. 110.25 lacs was
earned by the Company during last year.
Keeping in view the financial position of the Company, your Directors
has not recommended dividend during the year.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION ETC.
Details of energy conservation and research and development activities
undertaken by the Company alongwith the information in accordance with
the provisions of Section 217(1)(e) of the Companies Act, 1956 read
with the Companies (Disclosure of particulars in the Report of Board of
Directors) Rules, 1988 are given in annexure.
PUBLIC DEPOSITS
During the year 2001-02, Company has accepted deposits from the public.
The Company has made repayments on premature and matured deposits which
were claimed by the investors during this year. There is no outstanding
deposit which is matured and claimed, although deposits of Rs. 65,000/-
are matured but not claimed.
DIRECTORS
Pursuant to the provisions of section 256 of the Companies Act, 1956 S.
Satinder Singh retires by rotation and being eligible, offers himself
for reappointment.
Shri S. C. Singhal and Shri S. C. Jain has resigned from the
Directorship of the Company w. e. f. 07.08.2002 and 18.07.2002
respectively.
The tenure of S. Gurbachan Singh as Managing Director has expired on
31.03.2002. The Board of Directors has reappointed him for a further
period of 5 years.
Shri Davinder Singh Bindra and Shri Surjit Singh Bindra were appointed
as Additional Directors of the company by the Board of Directors on
16.08.2002. Pursuant to section 257 of the Companies Act, 1956, company
has received Notice alongwith requisite deposit from members signifying
their intention to propose them for the office of Directors.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to requirement under Section 217 (2AA) of the Companies
Amendment Act, 2000 with respect to Directors Responsibility Statement,
it is hereby confirmed:
i) That in the preparation of the Annual Accounts for the financial
year ended 31.03.2002, the applicable accounting standards had been
followed alongwith proper explanation relating to material departures;
ii) That the directors had selected such accounting policies and
applied them consistently and made judgements and estimates that were
reasonable and prudent so as to give a true and fair view of the state
of affairs of the company at the end of the financial year and of the
profit or loss of the company for the year under reveiw;
iii) That the Directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the company and for preventing and detecting fraud and other
irregularities;
iv) That the directors had prepared the accounts for the financial year
ended 31.03.2002 on a `going concern basis.
PARTICULARS OF EMPLOYEES
Particulars of employees pursuant to section 217(2A) of the Companies
Act, 1956 read with the Companies (Particulars of employees) Rules,
1975, as amended, are not being furnished herewith since there is no
employee who is getting remuneration as per the provisions therein.
STOCK EXCHANGE LISTINGS
Equity shares of your company are listed on U P Stock Exchange, Kanpur,
The Stock Exchange, Mumbai, The Delhi Stock Exchange Association
Limited, Mew Delhi, The Stock Exchange, Ahmedabad and Jaipur Stock
Exchange Limited, Jaipur. The Company has paid annual listing fee to
all the above Stock Exchanges for the year 2001-02.
INDUSTRIAL RELATION
The Industrial Relations continued to be cordial throughout the year.
Your Directors wish to place on record their sincere appreciation for
the excellent team work with which the workers and officers of the
Company at all levels contributed for satisfactory performance of the
Company.
AUDITORS
The Auditors, M/s Mital and Kumar, Chartered Accountants, retire at the
ensuing Annual General Meeting and have confirmed their eligibility and
willingness to accept the office in terms of Section 224 (1B) of the
Companies Act, 1956, if re-appointed. The Board recommends their
re-appointment.
ACKNOWLEDGMENT
Your Directors place on record their gratitude to Companys valued
Customers, Suppliers, Dealers, Central and State Governments, Bankers
and Members of the Company for their continued support and confidence
in the Company.
ANNEXURE TO THE DIRECTORS REPORT
Particulars required under the Companies (Disclosure of Particulars in
the Report of the Board of Directors) Rules, 1988
A. CONSERVATION OF ENERGY:
(a) Energy Conservation Measures Taken;
The suitable size innovative fanless type; fill less type induced
drafts, higher capacity, latest technically proven cooling tower was
installed. It resulted with superior performance and longer life span;
zero maintenance; power & water saving; with constant efficiency for
the cooling of the re-circulated barometric water having significant
dissolved fatty matters etc. It resulted in maintaining perfact and
consistent vacuum conditions in the different process in all the
seasons of the year.
The heat transfer surface in the process vessels were thoroughly
de-scaled and cleaned to result in efficient heat transfer in the
process systems. Also, proper insulation and cladding with aluminium
sheets was redone in order to avoid heat losses.
(b) Proposal for reduction of consumption of energy;
The experts are constantly being consulted and involved for suggesting
various measures - to improve the process and systems; to monitor and
reduce heat and electrical energies, in the different application of
the process.
(c) Impact of the measures at (a) & (b) above for reduction of energy
consumption and consequent impact on the cost of production of goods;
The above mentioned energy conservation measures which have already
been taken alongwith the measures under implementation will yield
substantial savings in energy consumption compared to the past years.
These measures are also expected to result in reduction in other costs
of production.
B. TECHNOLOGY ABSORPTION
The process of hydrogenation of vegetable oils and the post treatment
of hard oils and final deoderisation cum deacidefication was
significantly and constantly improved.
It resulted in better, uniform, granualar perfact odour free vanaspati
mainly under the brand name of "FIT VANASPATI".
The product has been accepted at par with the reputed brands for its
consistent desired quality and is widely acclaimed in the market at
premium.
C. FOREIGN EXCHANGE EARNINGS AND OUTGO:
2001-02 2000-01
(Rs.) (Rs.)
(i) Foreign Exchange Earned NIL NIL
(ii) Outgo of Foreign exchange Value of Imports on CIF basis
a) Raw Material NIL 5,05,91,387
On behalf of the Board
Place: ALIGARH Gurbachan Singh
Date: 20.08.2002 Chairman & Managing Director | 