VINSARI FRUITECH LIMITED
ANNUAL REPORT 2000-2001
Your Directors take pleasure in presenting Seventh Annual Report of the
Company for the Year ending 30th June, 2001.
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.
Your Directors could not recommend any dividend for the year under review.
The company has not accepted any fixed deposits from the public.
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.
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
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.
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
K. VAMSIDHAR BABU
Place : Mumbai
Date : 29.09.2001
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