You are here » Home » Companies » Company Overview » Lanyard Foods Ltd

Lanyard Foods Ltd.

BSE: 531705 Sector: Others
NSE: N.A. ISIN Code: INE937E01017
BSE 05:30 | 01 Jan Lanyard Foods Ltd
NSE 05:30 | 01 Jan Lanyard Foods Ltd

Lanyard Foods Ltd. (LANYARDFOODS) - Director Report

Company director report

LANYARD FOODS LIMITED ANNUAL REPORT 2001-2002 DIRECTORS' REPORT Dear Shareholders, Your Directors present the Eight Annual Report along with the Audited Balance Sheet and Profit and Loss Account for the period ended on 31st March, 2002. OPERATION During the year under review, the sales & other income of the Company has been registered at Rs.11.83 crores (Previous Year Rs. 123.78 Crores). Further the Company has incurred operational loss of Rs.8.14 crores (Previous Year Rs. 22.00 Crores). The qualifications in the Auditors Report are self explanatory. DIRECTORS Mr. Shailesh S. Desai, Director of the Company retires by rotation at the forthcoming Annual General Meeting and being eligible, offer himself for re-appointment. Mr. Jagdish K. Shroff and Mr. Ramesh R. Mali have resigned from the office of the Directors of the company w.e.f. 31-3-2002 and 28-6- 2002 respectively. AUDITORS The Auditors M/s. Desai & Porwal, Chartered Accountants will retire at the forthcoming Annual General Meeting and are eligible for reappointment, They have furnished a certificate to the effect that proposed re-appointment, if made will be in accordance with Section 224(1)(B) of the Companies Act, 1956. FIXED DEPOSIT During the period under review, the Company has not accepted any deposits from the public. PARTICULARS OF EMPLOYEES The Company has not paid any remuneration during the year, which attract the provisions of Section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975: DIRECTORS RESPONSIBILITY STATEMENT In terms of Section 217(2AA) of the Companies (Amendment) Act, 2000 your Directors have (i) followed in the preparation of the Annual Accounts, the applicable accounting standards with proper explanation relating to material departures; (ii) selected such accounting policies and applied them consistently and made judgements and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of your Company at the end of the financial year and of the loss of your Company for that period; (iii) 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 your Company and for preventing and detecting fraud and other irregularities; and (iii) prepared the Annual Accounts on a going concern basis. ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING AND OUTGO 1. Conservation of Energy : The scope for conservation of energy was limited as the consumption of energy being power-electricity was negligible during the period under review. However the Company has been laying emphasis on the conservation of energy and has been taking several measures like regular monitoring of consumption. II. Technology Absorption : The Company has carried out R&D work for cost reduction improvement in quality and productivity. Expenditure incurred are charged under primary heads of accounts and not allocated separtely. The Company has not imported any technology. III. Foreign Exchange Earnings and Outgo : A. Foreign Exchange Earnings Rs. NIL (NIL) B. Foreign Exchange Outgo Rs. 64.06 lacs (Rs. 7602.55 Lacs) CORPORATE GOVERNANCE As per the Listing Agreement with the Mumbai Stock Exchange, the Company is required to implement the code of Corporate Governance by 31st March 2003. ACKNOWLEDGEMENT The Directors acknowledge with gratitude and wish to place on record their appreciation for the support and co-operation received from Shareholders and Employees at all levels during the period under review and look forward to their continued support. By order of the Board of Directors Place: Mumbai H.D. GANDHI Date : 28th June, 2002 Chairman Registered office : L-51, APMC Market 1, Phase II, Sector 19, Vashi, Navi Mumbai - 400 703.