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Nijjer Agro Food Director Report
BSE:519168 | IND:Others | ISIN code:INE847B01014 | SECT:General
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You can view full text of the Director's Report for Nijjer Agro Foods Ltd.
Director Report
The Directors are pleased to present the Twenty-first Annual report of
the Company along with the audited accounts for the year ended 31st
March 2009.
FINANCIAL RESULT
(Rs. in Lacs)
YEAR ENDED YEAR ENDED
31.03.2009 31.03.2008
Total Income 1213.99 905.24
Profit /(Loss) before interest 211.93 91.91
and depreciation
Interest 183.47 251.10
Depreciation 94.85 94.76
Transfer to balance sheet (66.39) (253.95)
In view of losses, no dividend is being recommended.
OPERATIONS :
We are pleased to inform the share holders that during the financial
year under review, your Company imported a belt press from China. This
was installed and became operational during the year. As a result of
this Company could process 1676 MT of Amla to produce amla juice for
Patanjali Ayurveda Limited and earned job charges of Rs. 90.45 Lacs.
During the year your Company could produce 1300 MT of tomato paste
against 75 MT. of last year, however production of chili puree went up
marginally to 404 MT against 356 MT of last year. Milk business of the
Company continued to be adversely affected during this year also. Due
to shortage of availability of milk in the market due to competition
and shortage of working capital, Company decided not to operate milk
planton its own. Processing of Ketchup on behalf of Nestle was 1313 MT
against 2558 MT of last year however during the year Nestle
discontinued ketchup processing at our unit. The production of own
brand of ketchup went down due to shortage or non- availability of
tomato paste, an essntial ingredient of ketchup. During the year
Company also processed 1482 MT of fruit pupls agaisnt 1702 MT of last
year. Due to increase in production of tamato paste, and continued non
operation of milk plant on its own, the Company ended the year with
turnover of Rs. 1213.99 Lacs agianst Rs. 905.24 Lacs of last year, and
there is a net loss of Rs. 66.39 Lacs agianst 253.95 Lacs of last year.
Efforts are being made at all le-eis to add new value added products
to the existing product range to increase realisable values per unit of
production, and to cut costs to achieve profitability.
The Company had arrived at a negotiated settlement with all three
financial institutions, and total dues have been cleared. However
Company has yet to issue equity shares as per the sanctioned scheme.
IFCI Limited has decided to receive cash in place of 0% optionally
convertible debentures, out of the amount due a sum of Rs. 76 Lacs is
still payable.
Due to delay in payment of listing fee trading in the shares of our
Company was sus- pended by BSE. The Company is pursuing the matter with
BSE and expects that the trading will start soon. Consequent on the
request made DSE has revoked suspension of trading in the shares of our
Company, trading will start once DSE start operations.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to requirements of section 217 of the Companies Act, 1956,
your Directors confirm that:
1. In the preparation of the annual accounts, the applicable
accounting standards have been followed and there are no material
departures.
2. They have 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 March 31, 2009 and the Profit & Loss |Account of the
Company for the year ended on that date.
3. They have taken proper and sufficient care to the best of their
knowledge and ability 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.
4. They have prepared the accounts on a going concern basis.
DIRECTORS
Sh. W.S. Nijjer, Mrs. Navdeep Nijjer and Sh. G.S Kalkat retire by
rotation at the forthcoming Annual General Meeting & being eligible,
offer themselves for reappointment.
Darticulars of the Directors retiring by rotation and seeking
re-appointment pursuant to clause 49 of the Listing Agreement with
Stock Exchange are as follows:
Name of Director Shri W. S.
Nijjer Mrs. Navdeep
Nijjer Shri G.S Kalkat
Date of Birth 26-11-1926 08-03-1962 17-06-1926
Date of
Appointment 08-01-1991 27-07-2002 08-01-1991
Qualification Graduate Graduate Doctorate
Experience 49 years 9 years 45 years
Detail of other NIL NIL NIL
Directorship
Detail of other
Board NIL One NIL
Committee
FIXED DEPOSITS
The Company did not accept fixed deposits during the year and no
deposits were overdue for payment as on 31.3.2009.
PARTICULARS OF EMPLOYEES
None of the employees was in receipt of remuneration in excess of the
limits laid down in Section 217(2A) of the Companies Act, 1956, read
with the Companies (Particulars of Employees) Rules, 1975.
CONSERVATION OF ENERGY, RESEARCH AND DEVELOPMENT, TECHNOLOGY ABSORP-
TION AND FOREIGN EXCHANGE EARNING AND OUTGO.
As required under The Companies (Disclosure of Particulars in the
Report of Board of Directors) Rules, 1988, the information is annexed
and forms a part of this report.
CORPORATE GOVERNANCE
A separate report on Corporate Governance along with the Auditors
certificate on its compliance is attached and forms part of this
report.
AUDITORS
M/S Lakhwinder Singh & Associates, Chartered Accountants, auditors of
the Company hold office until the conclusion of the forthcoming Annual
General Meeting & being eligible offer themselves for reappointment.
You are requested to reappoint them.
AUDITORS OBSERVATIONS ON ACCOUNTS
There are delays in deduction/deposit of Provident Fund and Employees
State Insurance dues with appropriate authorities and amount due could
not be deposited due to financial constraints. Further during the year
deduction on account of TDS was not made and no amount was deposited
with the authorities. The Company is putting in all efforts to clear
the over dues at the earliest.
ACKNOWLEDGEMENT
The Board wishes to place on record its appreciation for the continued
support received from all its employees, IFCI Limited, Bankers,
Government authorities and customers. Industrial relations remained
cordial during the year.
On behalf of the Board of directors
Place: Regd. Office, SATBIR NIJJER NAVDEEP NIJJER
Vill: Meharbanpura, Managing Director Director
PO. Jandiala Guru,
Amritsar
Date: 15.08.2009
the Company along with the audited accounts for the year ended 31st
March 2009.
FINANCIAL RESULT
(Rs. in Lacs)
YEAR ENDED YEAR ENDED
31.03.2009 31.03.2008
Total Income 1213.99 905.24
Profit /(Loss) before interest 211.93 91.91
and depreciation
Interest 183.47 251.10
Depreciation 94.85 94.76
Transfer to balance sheet (66.39) (253.95)
In view of losses, no dividend is being recommended.
OPERATIONS :
We are pleased to inform the share holders that during the financial
year under review, your Company imported a belt press from China. This
was installed and became operational during the year. As a result of
this Company could process 1676 MT of Amla to produce amla juice for
Patanjali Ayurveda Limited and earned job charges of Rs. 90.45 Lacs.
During the year your Company could produce 1300 MT of tomato paste
against 75 MT. of last year, however production of chili puree went up
marginally to 404 MT against 356 MT of last year. Milk business of the
Company continued to be adversely affected during this year also. Due
to shortage of availability of milk in the market due to competition
and shortage of working capital, Company decided not to operate milk
planton its own. Processing of Ketchup on behalf of Nestle was 1313 MT
against 2558 MT of last year however during the year Nestle
discontinued ketchup processing at our unit. The production of own
brand of ketchup went down due to shortage or non- availability of
tomato paste, an essntial ingredient of ketchup. During the year
Company also processed 1482 MT of fruit pupls agaisnt 1702 MT of last
year. Due to increase in production of tamato paste, and continued non
operation of milk plant on its own, the Company ended the year with
turnover of Rs. 1213.99 Lacs agianst Rs. 905.24 Lacs of last year, and
there is a net loss of Rs. 66.39 Lacs agianst 253.95 Lacs of last year.
Efforts are being made at all le-eis to add new value added products
to the existing product range to increase realisable values per unit of
production, and to cut costs to achieve profitability.
The Company had arrived at a negotiated settlement with all three
financial institutions, and total dues have been cleared. However
Company has yet to issue equity shares as per the sanctioned scheme.
IFCI Limited has decided to receive cash in place of 0% optionally
convertible debentures, out of the amount due a sum of Rs. 76 Lacs is
still payable.
Due to delay in payment of listing fee trading in the shares of our
Company was sus- pended by BSE. The Company is pursuing the matter with
BSE and expects that the trading will start soon. Consequent on the
request made DSE has revoked suspension of trading in the shares of our
Company, trading will start once DSE start operations.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to requirements of section 217 of the Companies Act, 1956,
your Directors confirm that:
1. In the preparation of the annual accounts, the applicable
accounting standards have been followed and there are no material
departures.
2. They have 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 March 31, 2009 and the Profit & Loss |Account of the
Company for the year ended on that date.
3. They have taken proper and sufficient care to the best of their
knowledge and ability 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.
4. They have prepared the accounts on a going concern basis.
DIRECTORS
Sh. W.S. Nijjer, Mrs. Navdeep Nijjer and Sh. G.S Kalkat retire by
rotation at the forthcoming Annual General Meeting & being eligible,
offer themselves for reappointment.
Darticulars of the Directors retiring by rotation and seeking
re-appointment pursuant to clause 49 of the Listing Agreement with
Stock Exchange are as follows:
Name of Director Shri W. S.
Nijjer Mrs. Navdeep
Nijjer Shri G.S Kalkat
Date of Birth 26-11-1926 08-03-1962 17-06-1926
Date of
Appointment 08-01-1991 27-07-2002 08-01-1991
Qualification Graduate Graduate Doctorate
Experience 49 years 9 years 45 years
Detail of other NIL NIL NIL
Directorship
Detail of other
Board NIL One NIL
Committee
FIXED DEPOSITS
The Company did not accept fixed deposits during the year and no
deposits were overdue for payment as on 31.3.2009.
PARTICULARS OF EMPLOYEES
None of the employees was in receipt of remuneration in excess of the
limits laid down in Section 217(2A) of the Companies Act, 1956, read
with the Companies (Particulars of Employees) Rules, 1975.
CONSERVATION OF ENERGY, RESEARCH AND DEVELOPMENT, TECHNOLOGY ABSORP-
TION AND FOREIGN EXCHANGE EARNING AND OUTGO.
As required under The Companies (Disclosure of Particulars in the
Report of Board of Directors) Rules, 1988, the information is annexed
and forms a part of this report.
CORPORATE GOVERNANCE
A separate report on Corporate Governance along with the Auditors
certificate on its compliance is attached and forms part of this
report.
AUDITORS
M/S Lakhwinder Singh & Associates, Chartered Accountants, auditors of
the Company hold office until the conclusion of the forthcoming Annual
General Meeting & being eligible offer themselves for reappointment.
You are requested to reappoint them.
AUDITORS OBSERVATIONS ON ACCOUNTS
There are delays in deduction/deposit of Provident Fund and Employees
State Insurance dues with appropriate authorities and amount due could
not be deposited due to financial constraints. Further during the year
deduction on account of TDS was not made and no amount was deposited
with the authorities. The Company is putting in all efforts to clear
the over dues at the earliest.
ACKNOWLEDGEMENT
The Board wishes to place on record its appreciation for the continued
support received from all its employees, IFCI Limited, Bankers,
Government authorities and customers. Industrial relations remained
cordial during the year.
On behalf of the Board of directors
Place: Regd. Office, SATBIR NIJJER NAVDEEP NIJJER
Vill: Meharbanpura, Managing Director Director
PO. Jandiala Guru,
Amritsar
Date: 15.08.2009
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Stock Summary
Cash Flow Statement
Half Yearly Results
Capital Structure
Chairman's Speech
Company History
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Cash Flow Statement
Half Yearly Results
Capital Structure
Chairman's Speech
Company History
Locations
Dividends
Splits
Competitors
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