M.S.READY FOODS LIMITED
TO THE MEMBERS
The Directors have great pleasure in presenting to you the Sixth Annual
Report of the company, together with the Audited Accounts for the year
ended 31-03-1994 and Auditors' Report thereon.
As there was no commercial activity during the period under report, no
Profit and Loss Account has been prepared. The Fixed Assets together with
incidental expenditure during the construction amounts to Rs. 76.02 crores
as at 31.03.1994.
The company has commenced commercial production on 7th April, 1994. The
first export consignment has been shipped on 12th June 1994. The market is
very encouraging and the company is expecting repeated orders shortly.
Sri H.A.B.Parpia and Sri N.S.Randhawa retire by rotation and being eligible
offer themselves for re-appointment.
M/s. M.S.Reddy & Company, Chartered Accountants, retire at tne forthcoming
Annual General Meeting and being eligible, offer themselves for re-
appointment for the next year.
The Auditors' observation in their report to members have been carefully
considered by the Board. The company is taking necessary steps to introduce
an internal audit system commensurate with its size and nature of business
besides formalization/streamlining of various systems and procedures in the
wake of auditors report. Steps have also been initiated to
ratify/regularise the specific transactions commented upon by the auditors.
CONSERVATION OF ENERGY
The Disclosures on Conservation of Energy, Technology Absorption and
Foreign Exchange Earnings and outgo as required by Section 217(i) of the
Companies Act, 1956 are not applicable since there was no commercial
activity during the year under report.
The Directors wish to place on record their profound appreciation of the
help and assistance given by the Financial Institutions, Banks, Government
Departments and suppliers. The Directors wish to place on record the support an encouragement received from M/s.Rheinhold & Mahla, Germany, the
Foreign Collaborators. The Directors also acknowledge the dedicated
services rendered by all the Employees of the company.
BY ORDER OF THE ROARD
P.KUMAR T.V. RAJA REDDY
DIRECTOR VICE CHAIRMAN AND
Place : Bangalore
Date : 30-06-1994