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Shri Sainath Proteins Ltd.

BSE: 531701 Sector: Industrials
NSE: N.A. ISIN Code: N.A.
BSE 05:30 | 01 Jan Shri Sainath Proteins Ltd
NSE 05:30 | 01 Jan Shri Sainath Proteins Ltd

Shri Sainath Proteins Ltd. (SHSAINATHPROT) - Director Report

Company director report

SHRI SAINATH PROTEINS LIMITED ANNUAL REPORT 2000-2001 DIRECTORS' REPORT Dear Members, Your directors have pleasure in presenting this 11th Annual Report and the Audited Accounts for the financial year ended on 31st March 2001. 1. Dividend: In view of the cash-flow constraints your directors do not recommend dividend for the year 2000-2001. 2. Operations : As you know that state was under the severe conditions of two consequent draughts and hit by earthquake. your directors are satisfied to note that inspite of a slack previous year not only your company,managed cash profits but achieved a growth in turnover. In fact your company has done better than most of the players in the industry Because of the uncompromising efforts for the quality the brand name 'Shreshth' has strengthened itself in the market. Matched by quality were the services and the balanced pricing which provided us an edge in the market. We are in fact still trying to improve on these aspects and adding professionalism and are sure that the next year would be better. With the news of good monsoon the future seems brighter. 3. Share Capital : As you are aware the shareholders approved the renouncement of unpaid portion of equity shares at the Extraordinary General Meeting held on 22.03.2000. The Hon'ble High Court of Gujarat approved the scheme of reduction of share capital on 10.10.2000 and the company has now got permission for trading on Ahmedabad Stock Exchange and in=principle approval from Mumbai Stock Exchange. Shareholders who have not so far exchanged their partly paid share certificates are requested to approach the company for exchange of the partly paid share certificates by fully paid share certificates. 4. Directors : There was no change in the composition of directors of the Board, Mr. Naresh R. Bajaj, Director retires by rotation and being eligible offers himself for re-appointment. 5. Directors Responsibility Statement: Pursuant to the requirement under Section 217 (2AA) of the Companies Act, 1956 as amended by Companies (Amendment) Act, 2000 with respect to Directors Responsibility Statement, it is hereby Confirmed; (i) that in the preparation of the accounts for the financial year ended 31st March 2001, the applicable accounting standards have been followed along with proper explanation relating to the material departures. (ii) that 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 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 review. (iii) that the Directors have taken proper ard 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 have prepared the accounts for the, financial year ended 31st March 2001 on a 'going concern' basis. 6. Energy, Technology and Foreign Exchange: The information as per the Companies (Disclosure of-Particulars in the Report of Board of Directors) Rules, 1988 relating to conservation of Energy, Technology absorption and Foreign Exchange earning and outgo, to the extent applicable to the company are given in Annexure A forming parts of this report. 7. Personnel : There were no employees in the company who were in receipt of a total remuneration of Rs.12,00,000 p,a. employed for the entire year or for a part of the year and received monthly salary of Rs. 1,00,000 as contemplated under the Companies (Particulars of Employees) Rules, 1975. 8. Fixed Deposit : Thc company has not accepted during the year under review any deposits and defined under Companies (Acceptance of Deposits) Rules, 1995. 9. Auditors : M/s. S/A Gathani & Company, Chartered Accountants, Rajkot, Auditors of the Company hold office until the conclusion of Eleventh Annual General Meeting and are recommended for reappointment for the next financial year. The company,has received a certificate from the above Auditors to the effect that their re-appointment, if made, will be within the specified limits under Section 224 (1B) of The Companies Act 1956. 10. Auditors Report The observations of the Auditor, are explained wherever necessary in the appropriate notes annexed to the accounts. The explanations contained in the notes may be treated as information explanations submitted by the Board As contemplated under Section 217(3) of the Companies Act, 1956. 11. Acknowledgement Your directors take this opportunity to express their sincere gratitude for the assistance and continued support and co-operation extended by Banks, Government and Statutory Authorities, share holders, Suppliers and Customers. Your Directors also wish to place on record their deep appreciation of the contribution made by the employees and consultants at all level towards the growth of the company. For and on behalf of the Board of Directors Date : August 16, 2001 Prakash L. Hinduja Place : Ahmedabad. Chairman ANNEXURE A Particulars required under the Companies (Disclosure of particulars in the report of Board of Directors) Rules, 1988 (a) Conservation of Energy: Care is taken for economic consumption of energy is all the sections of the company. Company had consumed electricity and the cost of power fuel is reasonable. Company has successfully worked out effective and efficient design of the lighting and energy devices in the factory and office area. (b) Technology Absorption: Research & Development (R & D) (i) Specific area in which R & D is carried out by the company. (a) Improvement of Product Quality (b) Process Opiimization (c) Process Development / modification. (ii) Benefits derived as a result of the above R & D. Lower cost due to higher quality and better process optimization. (iii) Future plan of action. The company efforts will continue in the above are of R & D. (c) Technology absorption, adoption & Innovation. (1) Effort, in brief, towards. technology absorption, adoptions and innovations The company has instituted, state of the art machinery at the plant, which operate under excellent technological parameters. (2) Benefits derived as a result of the above. The machinery has been made the company products highly competitive in the market. (3) Future Plans: The company will continue its efforts to improve the product quality and productivity by carrying out various process/Quality improvements through indigenous technology. (d) Foreign Exchange Earning & Outgo Nil