Vinsari Fruitech Ltd Directors Report.

VINSARI FRUITECH LIMITED ANNUAL REPORT 2000-2001 DIRECTORS REPORT Dear Members, Your Directors take pleasure in presenting Seventh Annual Report of the Company for the Year ending 30th June, 2001. FINANCIAL RESULTS The Companys turnover during 15 months ended 30th June, 2001 was Rs. 3163 Lakhs as compared to Rs. 1043 Lakhs Previous year ended 31st March, 2000. The Company earned other income of Rs. 32 Lakhs during the 15 Months ended 30th Jure, 2001 as compared to Rs. 9 Lakhs during the previous year. The Company has earned a Net Profit of Rs. 210 Lakhs during 15 months ended 30th June, 2001 as compared to a loss of Rs. 7 Lakhs for the previous year. DIVIDEND Your Directors could not recommend any dividend for the year under review. DEPOSITS The company has not accepted any fixed deposits from the public. DIRECTORS Shri K.S.N. Prasad, Shri R.K. Panicker and Shri. Ravindra Vaman Kore, Directors of the Company who retire by rotation at the ensuring Annual General Meeting being eligible offer themselves for reappointment. Shri Kishore G. Motwani and Mr. Praful Bhanushali, who were appointed as additional directors of the Company are proposed to be appointed as director of the Company. AUDITORS The Auditors M/s. E.Phalguna Kumar & Co., Chartered Accounts who retires at the conclusion of the ensuing Annual General Meeting is unwilling to act as Auditors of the Company. It was proposed to appoint M/s. Paresh Rajde & Co., Chartered Accountants as Auditors of the Company from the conclusion of this Annual General Meeting to the next Annual General Meeting. CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION Following efforts were made to wards conservation of energy and Technology absorption. i. Improved Electronic gadgets & Systems are used. ii. Improvement in plant Operation acid Process techniques. iii. Implementation of Quality Assurance Systems. iv. Effective Environmental Management. FOREIGN EXCHANGE EARNINGS & OUTGO The Company has earned Rs. 3168.62,Lakhs as Foreign Exchange on its exports and incurred Rs. 264.82Lakhs as Foreign Exchange during the period for marketing expenses and purchase of packing material etc., PARTICULARS UNDER SECTION 217 (2A) OF THE COMPANIES ACT, 1956 During the year under review no employee of the Company was in receipt of remuneration which in the aggregate was Rs. 12,OO,000/- or more nor was for any part of the year at the rate of Rs. 1,00,000 per month or more. DIRECTORS RESPONSIBILITY STATEMENT As required under the Companies Act, 1956, your Directors wish to state. a. That in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures; b. That they 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. c. That they have 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 the Company and for preventing and detecting fraud and other irregularities; and d. That they have prepared the accounts for the year ended 30th June 2001 on a going concern basis. ACKNOWLEDGMENTS Your Directors acknowledge with gratitude the co-operation extended by Industrial Development Bank of India, State Bank of India, IFCI Venture Capital Funds Limited, State and Central Government agencies. Your Directors also wish to place on record the excellent co-operation and dedicated service rendered by the employees of the Company. By Order of the Board For VINSARI FRUITIECH LIMITED Sd/- K. VAMSIDHAR BABU Managing Director Place : Mumbai Date : 29.09.2001