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Amison Foods Ltd.

BSE: 519275 Sector: Others
NSE: N.A. ISIN Code: N.A.
BSE 05:30 | 01 Jan Amison Foods Ltd
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Amison Foods Ltd. (AMISONFOODS) - Director Report

Company director report

AMISON FOODS LIMITED ANNUAL REPORT 2000-2001 DIRECTORS' REPORT To the Members Ladies & Gentlemen, Your Directors hereby submit the 14th Annual Report on the business and operations of the Company together with the Audited Statements of Accounts for the year ended 31st March, 2001. 1. PERFORMANCE The Company's export business continued to be affected during the year under review also due to the following factors: a) The international market for marine products persisted at a very low level in general. b) Although the company has "EU" Approved factory at Edakochi to ensure quality production and profitable exports to Europe, due to paucity of working capital funds, your company was unable to proceed with export activities in a profitable manner. Hence only job works have been undertaken in all the plants to meet atleast part of running expenses in the factories. The Task Force Committee appointed by Govt. of India has given certain recommendations for providing relief measures to the suffering seafood units. The outcome of the same is awaited. Reconstruction Fund has been set up by Govt. of India to assist the seafood exporters by extending certain long term funds to revive their operations. The scheme is in progress and the results will be known in due course. 2. PROCEEDINGS WITH BIFR Consequent upon Registration of your company by Hon. BIFR vide their letter dated 19-02-2000, registering as case No.32/2000, further proceedings were held and company has been declared as SICK in November 2000 by Hon. BIFR. They have appointed State Bank of Travancore as Operating Agency, to conduct detailed study of the company's problems and to work out suitable rehabilitation proposal. Based on their report, your company has submitted suitable nursing finance proposal and the further proceedings are in progress. It is hoped that suitable package of concessions together with suitable nursing finance, will be extended under the scheme for quick turn around of the company's operations. 3. PARTICULARS REGARDING CONSERVATION OF ENERGY & FOREIGN EXCHANGE EARNINGS & OUTFLOW A. TECHNOLOGY ABSORPTION During the year under review, the Company has not carried on any research and development programme or employed any foreign technology for manufacture. B. FOREIGN EXCHANGE EARNINGS AND OUTFLOW 2000-2001 1999-2000 (Rs. '000) (Rs. '000) a) Earnings: Export Sales - 120.14 b) Outflow - - 4. DIRECTORS Shri. T. N. Menon, has retired by rotation in the AGM held on 28-10-2001. Your Company places on record the sincere appreciation and profound gratitude for the excellent services, valuable guidance rendered by him during his tenure. Shri. A. H. Ayoob, has been inducted in the said AGM as a Director for giving better strength to the Company in the business operations. 5. PARTICULARS OF EMPLOYEES There were no employees during the year under report attracting the disclosure requirements of Section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975, as amended in 1994. 6. AUDITORS The Auditors of the Company M/s. P. T. Joseph & Company, Chartered Accountants, retired at the Annual General Meeting held on 28-10-2001 and being eligible have been re-appointed. 7. DIRECTORS RESPONSIBILITY STATEMENT Pursuant to the requirement under Section 217 (2AA) of the Companies Act, 1956 with respect to Director's Responsibility Statement, it is hereby confirmed that: a) In the preparation of the accounts for financial year ended 31st March, 2001 the applicable accounting standards have been followed along with proper explanation relating to material departures; b) The Directors have selected such accounting policies and applied them consistently and made judgements and estimates that were reasonable and prudent so as to give 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 review; c) The Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provision of the Companies Act, 1956, for safeguarding the assets of the Company and preventing and detecting fraud and other irregularities; d) The Directors have prepared the accounts for the financial year ended 31st March, 2001 on a 'Going Concern' basis; e) An internal audit system commensurate with the size and nature of the business exists and is operating effectively. 8. AUDIT COMMITTEE The Audit Committee has been duly constituted and is functioning as per prescribed guidelines. 9. SUIT BEFORE DRT A suit has been filed by our bankers, State Bank of Travancore, Ernakulam, before the Debt Recovery Tribunal, Chennai, for recovery of the outstanding balance in our various loan accounts with them. The proceedings of the said case has been stayed by the the Hon'ble High Court of Kerala considering the company being under BIFR care as case No. 32/2000. 10. INDUSTRIAL RELATIONS During the year, relations among the Executives, Staff and the Employees of the Company were cordial and your Directors place on record their appreciation for the efficient services rendered by them. 11. ACKNOWLEDGMENT Your Directors thank Industrial Development Bank of India, State Bank of Travancore and other Banks, Stock Exchanges, Government Authorities / Agencies, Customers, Dealers, Suppliers and the Shareholders for the co- operation, guidance, support and assistance provided by them during the year under report. For and on behalf of the Board of Directors Sd/- Cochin - 5. A. H. M. Babu 5th December, 2001 Chairman & Managing Director