The Directors present the Report & Accounts for the financial year ended 31st March, 1997
For want of SBI support during the year Company vegetable oil plants
remained idle. This resulted in financial losses inspite of best efforts to contain expenditure.
The implementation of Company's thrice sanctioned rehabilitation schemes is still pending because of the
State bank's reluctance to provide working capital. This is inspite of Company having brought in its share
of fresh funds to the tune of Rs. 191 lacs in Dec. 1992. However, the Bank resiled from their firm commitment
and did not advance matching funds despite repeated requests by Company and directions from competent
authority. Company is therefore suitably representing the matter and pressing for an early resolution to
facilitate speedier rehabilitation especially when the Company Collaborators have shown willingness to infuse
further funds on the understanding Bank would also play its envisaged role.
As for as the Company fishing trawlers are concerned, for lack of financial inputs from SBI & ICICI, only
one out of 4 trawlers could be
operated. A total of 3 voyages by LORD VARUNA - I were completed with
a turnover of Rs. 25.27 lacs.
The Company has not received any deposit from the public during the year.
FOREIGN EXCHANGE EARNINGS/OUTGO
During the Year 1996-97, the Company exported 54 M.T. (Previous Year 19
M.T.) of Marine Products resulting in Rs. 25.27 lacs foreign exchange
earnings (Previous Year Rs. 6.33 lacs) as against the foreign exchange
outgo of Rs. 9.79 lacs (Previous Year Rs. 0.02 lacs).