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Tri Star Soya Products Directors Report, Tri Star Soya Reports by Directors

Tri Star Soya Products

BSE: 507668|SECTOR: Edible Oils & Solvent Extraction
Tri Star Soya Products is not listed on BSE
Tri Star Soya Products is not listed on NSE
Directors Report Year End : Mar '02   
Your Directors are presenting the 22nd   Annual Report together with
 Audited accounts for the financial year ended on 31st March, 2002.
 Financial Results: -
 The performance during the year has been as under: -
                                                         (Rs. In Lacs)
                                          Year ended        Year ended
                                     31st March 2002   31st March 2001
 Sales & Service                            10218.53           8310.09
 Loss before Interest & Depreciation          133.28             16.30
 Add:-   Interest                                (*)               (*)
 Depreciation                                   (**)              (**)
 Loss for the year                            133.28             16.30
 Deficit brought forward from
 previous year                               2140.35           3050.43
                                             2273.63           3066.73
 Less : Transferred from Investment
 Allowance Reserve (utilized)                      -             61.38
 Transferred from General Reserve                  -            865.00
 Deficit Carried forward                     2273.63           2140.35
 (*) Interest Rs. 816.16 lakh not provided.
 (**) Depreciation Rs. 122.91 lakh not provided
 After the Operating Agency, ICICI submitted its failure report to BIFR
 for further direction as reported earlier, no direction has been
 received by ICICI from BIFR so far.
 Meanwhile on the basis of the points raised in the joint meeting and
 also informal discussions held with Lead Bank, the company has
 submitted two more revival .proposals to lead bank with a copy to all
 concerned. The first one envisaged OTS with ICICI and Credit Agricole
 Indosuez whereby overall debts were considerably reduced and banks
 debt was proposed to be secured by the first charge on companys
 assets. However this proposal was not acceptable to the lead bank.
 The company then submitted another proposal which envisaged no further
 exposure from the banks and the assets of the company were proposed to
 be mortgaged in favour of the lender for working capital finance.
 However this was also not acceptable to the lead bank.
 In the joint meeting of the bankers held on 9th January, 2002 the
 bankers have concluded by consensus not to support the revival of the
 company and accordingly approached BIFR for permission to initiate
 legal proceedings for recovery of their dues.
 The company vide its letter dated 19th February, 2002 informed BIFR of
 the status as above and have requested for directions as may be
 considered necessary to Operating Agency to explore the possibility of
 change in management for take over/leasing/amalgamation/merger/ etc
 and alternatively may frame opinion for winding up of the company. The
 response from the BIFR is still awaited.
 Since the Bankers have finally declined to support the rehabilitation
 the company was left with no option but to close down the plant and
 accordingly have decided to terminate the services of idle staff and
 workers. The staff and workers while appreciating the situation have
 opted for voluntary retirement under the agreed scheme. Except for the
 24 executives, managers and essential staffs retained, the company has
 been able to mutually settle the accounts of all the staff and workers
 peacefully and pay all their legal dues but for the amount of the
 gratuity and bonus amounting to Rs. 32.49 Lacs for which there is no
 liquidity available with the company.
 In view of the losses incurred by the company, your Directors regret
 their inability to recommend any dividend for the year.
 Dr. I. P. Poddar resigned as director from the board with effect from
 Shri K. C. Dawda retire by rotation and being eligible offer himself
 for reappointment.
 Pursuant to Section 217 (2AA) of the Companies Act, 1956 your
 directors confirm that
 (i) in the preparation of the annual accounts the applicable
 accounting standards had been followed.
 (ii) they had selected such accounting policies and applied them
 consistently and made judgments and estimates that are reasonable and
 prudent so as to give a true and fair view of the state of affairs of
 the company as on 31st March, 2002 and of the loss of the company for
 the year ended on 31st March, 2002.
 (iii) they had 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,
 (iv) they had prepared the accounts on going concern basis.
 M/s. ABN & Co. the auditors of the company formerly known as M/s.
 Ajmera Bhandari & Co. shall retire at the conclusion of the ensuing
 Annual General Meeting and are eligible for reappointment.
 Not a single employee was in receipt of remuneration as per the limit
 prescribed under Section 217 (2A) of the Companies Act, 1956 read with
 Companies (Particulars of employees) Rules 1975 and thus the
 information is Nil.
 During the year the Company has taken various measures to save energy
 to ensure that consumption of power is within the norms.
 Efforts are being continuously made towards upgradation of technology
 in order to improve the quality of the products and reduce the cost of
 Foreign Exchange earnings of the Company during the year 2001-2002 was
 Rs. 4248.90 lakhs while the outgoings of the Company was Rs. 2.99
 Your Company is committed to maintain highest standard of environment
 care. The Companys Plant at Maksi is well equipped with necessary
 equipment and facilities in order to maintain the pollution parameters
 within the prescribed norms.
 The relevant particulars of CJ Five Star Proteins Ltd. under Section
 212 of the Companies Act, 1956 are appended.
                                          For and on behalf of the Board
                                             TRI-STAR SOYA PRODUCTS LTD.
 Maksi - 465 106. Dist. Shajapur (M.P.)                 M. P. Mansinghka
 Date : 30th April, 2002                                        Chairman
Source : Dion Global Solutions Limited
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