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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.
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