AMISON FOODS LIMITED
ANNUAL REPORT 2000-2001
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.
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 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
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
B. FOREIGN EXCHANGE EARNINGS AND OUTFLOW
(Rs. '000) (Rs. '000)
a) Earnings: Export Sales - 120.14
b) Outflow - -
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
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
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
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
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.
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
Cochin - 5. A. H. M. Babu
5th December, 2001 Chairman & Managing Director