Mar 31, 2018
DIRECTORâS REPORT
To,
The Members,
We are pleased to present the Twenty Seventh Annual Report of the Company together with Audited Financial Statements and Auditor''s Report for the Financial Year ended as on 31*1 March 201X. The financial Highlights for the year under review are given below
1. FINANCIAL RESULT: The Companyâs financial performance is given hereunder
Rs. in Lacs) ''
Particulars |
Financial Year ended 31.03.2018 |
Financial Year ended 31.03.2017 |
Income from Operation |
11159 |
12129 |
Other Income |
126 |
239 |
Profit before Finance cost, Depreciation and Taxes |
2909 |
3087 |
Finance Cost |
1793 |
1936 |
Depreciation |
1170 |
1138 |
Profit(Loss) before tax |
(54) |
13 |
Less: Provision for Bad Debts |
||
Less: Provision for W/o F ire claim |
62 |
247 |
Deferred Tax(Assets)/Liability |
3! |
10 |
Profit/(Loss) for the year |
(85) |
(244) |
Performance: During the year under review, the total income of your Company was Rs. 11159 Lacs as compared to Rs. 12129 Lacs in the previous year. The net (Loss) of the company for the current financial year is of (Rs.85) Lacs as compared to loss of (Rs. 244) Lacs in the previous year. It is reduced from the previous year. Company is now recovery mode and focusing on export business.
2. DIVIDEND: ''
Due to loss incurred by the Company during the financial year, the Board has not recommended any dividend for the year ended31st March 2018.
3. BUSINESS OPERATIONS OVERVIEW & FUTURE OUTLOOK:
Company''s business activities arc broadly divided into Growing of mushrooms (agriculture Activity), Cheese, sweets and appetizer manufacturing and export. We are pursuing to establish Franchisee business spanning three modules as Distribution Hubs, Exclusive Stores & Quick Sen. ice food Vans. Wc plan to launch all product verticals Pan India within next 2/3 years.
4. DEPOSITS:
Your Company has not accepted any Public Deposits under Chapter - V of Companies Act, 2013. during the year under review.
5. INTERNAL CONTROL SYSTEMS AND RISK MANAGEMENT:
Your company has an adequate Internal Control System and Risk Management procedure to monitor the risks and their mitigating actions. Company has developed policies & procedures to assess the risk associated with the company and minimization thereof and periodically informed the Board of Directors for their review to ensure that the executive management controls the risk in accordance with defined policies and procedures adopted by the company.
Mr. Akhil Gupta, Cost Accountant and Director of the Company is responsible for Internal Audit of the Company for the financial year 2017-2018. He independently evaluate adequacy of internal controls and audit the transactions undertaken by the Company. The Audit Committee of the Board of Directors inter alia, reviews the adequacy and effectiveness of internal Control and monitors implementation of Internal Audit observations.
6. STATUTORY AUDITORS:
The Statutory Auditors of the Company are M/s Satnam Associates, Chartered Accountants (Firm Reg. No. 009870C)
Dehradun Uttarakhand, who hold office till the conclusion of the ensuring AGM. There was no change in the statutory auditors during the year.
Pursuant to Section 139, of the Companies Act, 2013 the Board of Directors have recommended appointment of M/s Satnam Associates, Chartered Accountants (Firm Reg. No. 009870C) Dehradun Uttarakhand as Statutory Auditors for holding office from the conclusion of the ensuing AGM till the conclusion of the AGM to be held in the year 2018, their reappointment subject to the approval of the shareholders in the ensuing AGM of the Company has obtained written confirmations from M/s Satnam Associates, Chartered Accountants (Firm Reg. No. 009870C) Dehradun Uttarakhand that their re-appointment, if made would be in conformity with the limits specified in the said Section.
The report given by the Auditors on the financial Statements of the company is part of the Annual Report which is self-explanatory and need no comments..
7. SECRETARIAL AUDITOR: As per the provisions of Section 204 of Companies Act, 2013 and rules made there under, every listed company is required to annex with its Board''s Report, a Secretarial Audit Report given by a Company Secretary in practice.
Secretarial Audit was carried out by M/s Himanshu Sharma & Associats, Practicing Company Secretary, New Delhi, the Secretarial Auditor of the Company for the financial year 2017-2018. The detailed report on the Secretarial Audit is appended as an Annexure to this Report which is sell explanatory and needs no comments..
8. COMMITTEES OF THE BOARD: There are currently three Committee of the Board which are as follows:
a) Audit Committee
b) Nomination & Remuneration Committee
c) Stakeholders'' Relationship Committee
Details of all the Committees along with their composition, charters and meetings held during the year, arc provided in the âReport on Corporate Governanceâ, a part of this Annual Report..
9. EXTRACT OF ANNUAL RETURN: The extract of Annual Return in Form MGT-9 as required under Section 92(3) and Rule 12 of the Companies (Management and Administration) Rules, 2014 is appended as an Annexure to this Report
10. DIRECTORS:
A) Changes in Directors and Key Managerial Personnel:
There are 4 Additional Directors has been appointed
1. Mr. Sanjiv Kumar Kakkar, Additional Executive Director
2. Mr. Akhil Gupta Additional Executive Director
3. Mr. Surendra Kumar Kaushik, Additional Independent Director
4. Mr. Keshav Sharma Additional Executive Director
has appointed during the year as the Additional Directors in the Board of the Company during the year under review. Change in Designation
None of the Directors position changed on the Board of the Company during the year under review
B) Declaration by Independent Directors: The Independent director have submitted their disclosure to the Board that they
all the requirements as to qualify for their appointment as an Independent Director under the provisions of Section 149(6) ot the Companies Act, 2013. The terms & conditions tor the appointment of Independent Directors are given at the website i.e. https://himalayafoodcomnanv.com/of the Company
C) Formal Annual Evaluation:
The details of training and familiarization programmes and Annual Board Evaluation process for Directors have been provided under the Corporate Governance Report. The policy on Director''s appointment and remuneration including criteria for determining qualifications, positive attributes, independence of Director, and also remuneration for Key Managerial Personnel and other employees forms part of Corporate Governance Report of this Annual Report
D) Board Meetings:
The Board of Directors met 7 times during the financial year 2017-2018 on 19.05.2017,28.07.2017,02.09.2017.28.10.2017, 08.12.2017,22.01.2018,26.02.2018 as detailed in the Corporate Governance Report.
Two Shareholder Extra Ordinary General Meeting
1. Court Convey Shareholder Meeting dated 28.04.2017
2. Extra-Ordinary General Meeting Dt. 12.01.2018
11. PARTICULARS OF EMPLOYEES:
The provision of rule 5 sub rule (2) & (3) of the companies (Appointment and Remuneration of Managerial Personnel) Rules 2014 requiring particulars of the employees in receipt of remuneration in excess of Rs. 60 Lacs per year to be disclosed in the Report of Board of Directors of the Company are as under::
Name of employee Designation Remuneration (in Rs.)
Man Mohan Malik Chairman and Managing Director 60,00.000
12. DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESS A L) ACT, 2013. ,
The Company has in place an Anti-Sexual Harassment Policy in line with the requirement of the Sexual Harassment of Women at the workplace (Prevention, Prohibition. Redressal) Act. 2013. Internal Complaints Committee (ICC) has been set up to redress the complaints received regarding sexual harassment. All employees (permanent, contractual, temporary, trainees) are covered under this policy. No compliant has been received in this regard
13. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186: -
During the year under review the company has not accepted any loans or provided any guarantee or made any investments under section 186.
14. PARTICULARS OF CONTRACTS OR ARRANGEMENTS''WITH RELATED PARTIES:-
During the year under review the company has entered into the following contracts or arrangements with related party.
Related Party Disclosures Name of Related Parties
Key Management Personnel and their relatives Mr. Man Mohan Malik
Mrs. Sangita Malik
Enterprises over which key management personnel Himalya Carbonates Pvt. Ltd.
/ shareholders and their relatives have significant influence Doon Valiev Foods Pvt Ltd
APJ Laboratories Ltd Himalya Sim plot Pvt Ltd.
Subsidiary Companies Himalya Green Apartments Ltd
Appetizer and Snacks Foods Ltd
MANAGEMENT DISCUSSIONS AND ANALYSIS
Industry Structure and Developments
Company Business : The Company''s primary business is manufacture of Growing of Mushroom (agriculture Activity), vegetables, Cheese, Yogurt, Appetizers, snacks, sweets and French fries etc
Discussions on Financial Performance With Respect to Operational Performance
During ihe year under review, the total income of your Company was Rs. 11159 Lacs as compared to Rs. 12129 Lacs in the previous year. The net (Loss) of the company for the current financial year is of (Rs.85) Lacs as compared to loss of (Rs. 244) Lacs in the previous year.
Wc are pursuing to establish Franchisee business spanning three modules as Distribution Hubs, Exclusive Stores & Quick Service food Vans. We plan to launch all product verticals Pan India within next 2/3 years
Human Resources: During the year 2017-18 your company''s Human Resources are as under:
Category |
As on 31.03.2018 |
As on 31.03.2017 |
Skilled employees |
295 |
309 |
Non -Skilled Employees |
720 |
811 |
Total |
1015 |
1120 |
To get back on track and achieve the high growth trajectory a sap your company is focusing on effective costing linked with productions and cost cutting
Internal Control System and Their Adequacy: Broadly the internal controls and systems are broken up into following areas:
1. Financial Systems and Reporting
2. Management Reporting
3. II R Systems and Reporting
4. Sales Systems and Reporting
5. Capital Asset Systems and Reporting
6. Operational Full llllment Systems and Reporting
7. General Administrative Systems and Reporting
8. Knowledge Management Systems
For the size of the business, most of the systems are considered adequate. Due to the severe resource crunch in the company, it has been unable to implement its plans of automotive systems.
Risk and Concerns : The Company is operating its business in the Growth Oriented environment with innovations, changes and varying levels of resources available to food processing industry.
Cautionary Statement: "Management Discussion and Analysisâ report contains forward looking statements, which may be identified by the use of the words in that direction, or connoting the same. All the statements that address expectations or projections about the future, including but not limited to statements about the Company''s strategy for growth, product development, market position, expenditure and financial results are forward looking statements.
The Companyâs aclual results, performance or achievements could thus differ materially from those projected in such forward looking statements. 1 he Company assumes no responsibility to public, to amend, modify or revise any forward
By order of the Board of Directors
Himalaya Food International Limited
Sd/-
Place: Paonta Sahib Vijay Garg
Date: 30.08.2018 (Company Secretary)
Mar 31, 2016
To,
The Members,
We are pleased to present the Twenty Fifth Annual Report of the Company together with Audited Financial Statements and Auditor''s Report for the Financial Year ended as on 31st March 2016. The Financial Highlights for the year under review are given below
1. FINANCIAL RESULT : The Company''s financial performance is given hereunder:
(Rs. in Lacs)
Particulars |
Financial Year ended 31.03.2016 |
Financial Year ended 31.03.2015 |
Income from Operation |
11359.98 |
10092.32 |
Other Income |
412.01 |
107.80 |
Profit before Finance cost, Depreciation and Taxes |
1704.18 |
680.63 |
Finance Cost |
2102.65 |
3373.29 |
Depreciation |
1151.61 |
1263.57 |
Profit/(Loss) before tax |
(1550.08) |
(3956.23) |
Less: Provision for Bad Debts |
189.92 |
12.35 |
Less: Provision for W/o Fire claim |
247.11 |
0.00 |
Deferred Tax(Assets)/Liability |
103.80 |
68.30 |
Profit/(Loss) for the year |
(2090.91) |
(4036.88) |
Performance: During the year under review, the total income of your Company was Rs. 11359.98 Lacs as compared to Rs. 10092.32 Lacs in the previous year. The net Loss of the company for the current financial year is of Rs.2090.91 Lacs as compared to loss of Rs. 4036.88 Lacs in the previous year. It is reduced from the previous year. Company is now recovery mode and focusing on export business. During the year 2015-16 company made export of 10 million.
2. DIVIDEND:
Due to loss incurred by the Company during the financial year, the Board has not recommended any dividend for the year ended 31st March 2016.
3. Business Operations Overview & Future Outlook : Company''s business activities are broadly divided into Growing of mushrooms (agriculture Activity), Cheese, sweets and appetizer manufacturing and export.
4. DEPOSITS: Your Company has not accepted any Public Deposits under Chapter - V of Companies Act, 2013, during the year under review.
5. INTERNAL CONTROL SYSTEMS AND RISK MANAGEMENT: Your company has an adequate Internal Control System and Risk Management procedure to monitor the risks and their mitigating actions. Company has developed policies & procedures to assess the risk associated with the company and minimization thereof and periodically informed the Board of Directors for their review to ensure that the executive management controls the risk in accordance with defined policies and procedures adopted by the company.
The Board of Directors of the company appointed Mr. Akhil Gupta, Cost Accountant an employee of the Company as an Internal Auditors of the Company for the financial year 2015-2016. The Internal Auditors independently evaluate adequacy of internal controls and audit the transactions undertaken by the Company. The Audit Committee of the Board of Directors inter alia, reviews the adequacy and effectiveness of internal Control and monitors implementation of Internal Audit observations.
6. AUDITORS: M/s Anujeet Dandona & Co., Chartered Accountants were appointed as Statutory Auditors of the Company at the last Annual General Meeting held on 30th September 2014 for a term of 3 consecutive years. As per section 139 of Companies Act, 2013, the appointment of Auditors is to be ratified by the members at every Annual General Meeting. The Company has received a certificate from the auditors to the effect that their ratification if made, would be in accordance with the provision of section 141 of the Companies Act, 2013
The Report given by the Auditors on the financial statements of the Company is part of the Annual Report which is self explanatory and needs no comments.
7. SECRETARIAL AUDITOR: As per the provisions of Section 204 of Companies Act, 2013 and rules made there under, every listed company is required to annex with its Board''s Report, a Secretarial Audit Report given by a Company Secretary in practice.
Secretarial Audit was carried out by M/s Himanshu Sharma & Associats, Practicing Company Secretary, New Delhi, the Secretarial Auditor of the Company for the financial year 2015-2016. The detailed report on the Secretarial Audit is appended as an Annexure to this Report which is self explanatory and needs no comments.
8. COMMITTEES OF THE BOARD:
There are currently three Committee of the Board which are as follows:
a) Audit Committee
b) Nomination & Remuneration Committee
c) Stakeholders'' Relationship Committee
Details of all the Committees along with their composition, charters and meetings held during the year, are provided in the âReport on Corporate Governanceâ, a part of this Annual Report.
9. EXTRACT OF ANNUAL RETURN: The extract of Annual Return in Form MGT-9 as required under Section 92(3) and Rule 12 of the Companies (Management and Administration) Rules, 2014 is appended as an Annexure to this Report. www.Himalyainternational.com of the Company.
10. DIRECTORS: Mrs. Anita Kakkar, Director of the Company is retiring by rotation and being eligible, offers herself for re-appointment as Non-executive and non - Independent Director.
A) Declaration by Independent Directors:
The Independent director have submitted their disclosure to the Board that they fulfill all the requirements as to qualify for their appointment as an Independent Director under the provisions of Section 149(6) of the Companies Act, 2013. The terms & conditions for the appointment of Independent Directors are given at the website i.e. www.Himalyainternational.com of the Company.
B) Formal Annual Evaluation:
The details of training and familiarization programmes and Annual Board Evaluation process for Directors have been provided under the Corporate Governance Report. The policy on Director''s appointment and remuneration including criteria for determining qualifications, positive attributes, independence of Director, and also remuneration for Key Managerial Personnel and other employees forms part of Corporate Governance Report of this Annual Report.
C) Board Meetings:
The Board of Directors met 6 times during the financial year 2015-2016 on 30.04.2015, 28.07.2015, 28.08.2015, 30.10.2015, 05.12.2015, 30.01.2016 as detailed in the Corporate Governance Report.
11. PARTICULARS OF EMPLOYEES:
The provision of rule 5 sub rule (2) & (3) of the companies (Appointment and Remuneration of Managerial Personnel) Rules 2014 requiring particulars of the employees in receipt of remuneration in excess of Rs. 60 Lacs per year to be disclosed in the Report of Board of Directors of the Company are as under:
Name of employee Designation Remuneration (in Rs.)
Man Mohan Malik Chairman and Managing Director 10,200,000
12. DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013.
The Company has in place an Anti Sexual Harassment Policy in line with the requirement of the Sexual Harassment of Women at the workplace
(Prevention, Prohibition, Redressal) Act, 2013. Internal Complaints Committee (ICC) has been set up to redress the complaints received regarding sexual harassment. All employees (permanent, contractual, temporary, trainees) are covered under this policy. No compliant has been received in this regard.
13. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186: -
During the year under review the company has not accepted any loans or provided any guarantee or made any investments under section 186.
14. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES DISCLOSURES :-
During the year under review the company has entered into the following contracts or arrangements with related party.
a Name of Related Parties
Kcv Management Personnel and their relatives Mr. M.M. Malik
Mrs. Saneita Malik
Enterprises over which key management personnel / shareholders Himalya Carbonates Pvt.
and their relatives have significant influence Ltd.
Doon Valley Foods Pvt. Ltd.
APJ Laboratories Ltd Himalya Simplot
Pvt Ltd.
b Nature of transaction 31.03.2016
([) Managerial Remuneration
Mr. M.M. Malik 10.200
Mrs. Sangita Malik 1.918
31.03.2016
Transaction Closing
Value Balance
(ii) Loans & Advances
APJ Laboratories Ltd 423 56.562
Doon Valiev Foods Pvt Ltd. 18,414 0
(iii)Purchases Value 31.03.2016
APJ Laboratories Ltd 152
Doon Valiev Foods Pvt Ltd. 18,414
(iv) Shares alloted 31.03.2016
Himalya Carbonates Pvt Ltd. 1 6,00,000
(No. of 16,00,000 Shares of
Rs. 10 each at a preium of Rs. 1/-
The Board has also framed a policy on related party transactions and the same is available on Company''s website.
15. VIGIL MECHANISM / WHISTLE BLOWER POLICY:
The Company has established a Vigil Mechanism / Whistle Blower Policy to deal with instances of fraud and mismanagement, if any. The Policy has a systematic mechanism for directors and employees to report concerns about unethical behavior, actual or suspected fraud or violation of the Company''s Code of Conduct or policy. The policy is also available on the Company''s website.
16. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO:
Information pursuant to section 134(3)(m) of the Companies Act, 2013 relating to conservation of energy, technology absorption and foreign exchange earnings and outgo is as under:
A- Energy conservation - The Company makes continuous efforts to explore new technologies And techniques to make the infrastructure more energy efficient. The operations of the Company are not energy intensive. Company use agro waste to fire boilers.
B- Technology absorption Company uses Indian technical manpower to Operate Indian and imported infrastructure Foreign exchange earnings and out go.
Particulars (Accrual Basis) |
Amount (In Rs ,000) |
Inflow foreign Exchange |
710620 |
Outflow foreign Exchange |
195348 |
17. DIRECTORSâ RESPONSIBILITY STATEMENT:
The Board hereby affirms:
(a) in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures;
(b) the directors 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 at the end of the financial year and of the profit and loss of the company for that period;
(c) the directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;
(d) the directors had prepared the annual accounts on a going concern basis;
(e) the directors had laid down internal financial controls to be followed by the company and that such internal financial control are adequate and were operating effectively; and
(f) the directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.
18. Management Discussion and Analysis : A detailed chapter on âManagement Discussion & Analysisâ (MDA) pursuant to Clause 49 of the Listing Agreement is annexed to the Annual Report and forms integral part of Directors'' Report.
19. Corporate Governance Report : We strive to attain high standards of corporate governance while interacting with all our stakeholders. The Company has duly complied with revised Clause 49 - Corporate Governance Code as stipulated in the listing agreement with Stock Exchanges. A separate section on Corporate Governance along with Certificate from M/s. Anujeet Dandona & Co., Chartered Accountants, confirming level of Compliance is annexed and forms part of the Directors'' Report.
20. Acknowledgment : Your Directors greatly appreciate the dedication and commitment of employees at all levels who have contributed towards the effective functioning of the Company. We also wish to convey gratitude to company''s Bankers, Financial Institutions, Government Authorities, Clients, Vendors, and Investors for their support and encouragement during the year and look forward for their continued support in the future.
By order of the Board of Directors
Himalya International Limited
Sd/-
Place: Paonta Sahib Man Mohan Malik
Date: 25.07.2016 (Chairman & Managing Director)
DIN No. 00696077
Mar 31, 2015
The Members,
We are pleased to present the Twenty forth Annual Report of the Company
together with Audited Financial Statements and Auditor's Report for the
Financial Year ended as on 31st March 2015. The Financial Highlights
for the year under review are given below:
1. FINANCIAL RESULT : The Company's financial performance is given
hereunder:
(Rs. in I acs)
particulars Financial Year ended Financial Year ended
31.03.2015 31.03.2014
Income from Operation 10097.37 18917.77
Other Income 107.80 86.29
Profit before Finance cost,
Depreciation and Taxes 680.63 2565.65
Finance Cost 3373.29 1605.14
Depreciation 1263.57 911.64
Profit/(Loss) before tax (3956.23) 48.87
Less: Provision for diminution
in value of investment in Joint
venture 0.00 1149.36
Provision for Bad Debts 12.35 0.00
Provision for Taxation 0.00 0.00
Deferred Tax(Assets)/Liability 68.30 196.58
Short/(Excess)
Provision of earlier Year 0.00 0.00
Profit/(Loss) for the year (4036.88) (1297.07)
Performance: During the year under review, the total income of your
Company was Rs. 10092.32 Lacs as compared to Rs. 18912.72 Lacs in the
previous year. The net Loss of the company for the current financial
year is of Rs. 4036.88 Lacs as compared to loss of Rs. 1297.07 Lacs in
the previous year.
Reasons for loss:
a) Expiry & write off of stocks made for Simplot JV projections and not
lifted. The total write off of such stocks is Rs. 21.36 crore. Out of
which the amount written off in FY 2015 is Rs. 5.59 Crores.
b) Continued closure of units at both locations in Himachal & Gujarat
due to enforcement of exclusivity by Simplot Inspite of No Sales and
Closure of JV operations under Simplot appointed CEO.
c) Continued closure of units in Gujarat which were not even under
exclusivity due to abrupt abandonment & locking of unfinished, totally
depilated, adjoining Premises leased to Simplot.
The losses from Simplot led to serious defaults in payments and
curtailed our capacity to meet all obligations. We had to request our
lenders for debt restructure and they kindly allowed us breathing space
till December 2015.
Banks insisted on compulsory conversion of all Dollar loans to Rupee
prematurely. The loss on this account for debt restructure has been Rs.
13.64 crore.
2. DIVIDEND:
Due to loss incurred by the Company during the financial year, the
Board has not recommended any dividend for the year ended 31st March
2015.3. Business Operations Overview & Future Outlook : Company's
business activities are broadly divided into Growing of mushrooms
(agriculture Activity), Cheese, sweets and appetizer manufacturing and
export.
4. DEPOSITS:
Your Company has not accepted any Public Deposits under Chapter - V of
Companies Act, 2013, during the year under review.
5. INTERNAL CONTROL SYSTEMS AND RISK MANAGEMENT:
Your company has an adequate Internal Control System and Risk
Management procedure to monitor the risks and their mitigating actions.
Company has developed policies & procedures to assess the risk
associated with the company and minimization thereof and periodically
informed the Board of Directors for their review to ensure that the
executive management controls the risk in accordance with defined
policies and procedures adopted by the company.
The Board of Directors of the company appointed Mr. Akhil Gupta, Cost
Accountant an employee of the Company as an Internal Auditors of the
Company for the financial year 2014-2015. The Internal Auditors
independently evaluate adequacy of internal controls and audit the
transactions undertaken by the Company. The Audit Committee of the
Board of Directors inter alia, reviews the adequacy and effectiveness
of internal Control and monitors implementation of Internal Audit
observations.
6. AUDITORS: M/s Anujeet Dandona & Co., Chartered Accountants were
appointed as Statutory Auditors of the Company at the last Annual
General Meeting held on 30th September 2014 for a term of 3 consecutive
years. As per section 139 of Companies Act, 2013, the appointment of
Auditors is to be ratified by the members at every Annual General
Meeting. The Company has received a certificate from the auditors to
the effect that their ratification if made, would be in accordance with
the provision of section 141 of the Companies Act, 2013.
The Report given by the Auditors on the financial statements of the
Company is part of the Annual Report which is self explanatory and
needs no comments.
7. SECRETARIAL AUDITOR: As per the provisions of Section 204 of
Companies Act, 2013 and rules made thereunder, every listed company is
required to annex with its Board's Report, a Secretarial Audit Report
given by a Company Secretary in practice. Secretarial Audit was carried
out by M/s Himanshu Sharma & Associats, Practicing Company Secretary,
New Delhi, the Secretarial Auditor of the Company for the financial
year 2014-2015. The detailed report on the Secretarial Audit is
appended as an Annexure to this Report which is self explanatory and
needs no comments.
8. COMMITTEES OF THE BOARD: There are currently three Committee of the
Board which are as follows:
a) Audit Committee
b) Nomination & Remuneration Committee
c) Stakeholders' Relationship Committee
Details of all the Committees along with their composition, charters
and meetings held during the year, are provided in the "Report on
Corporate Governance", a part of this Annual Report.
9. EXTRACT OF ANNUAL RETURN: The extract of Annual Return in Form MGT-9
as required under Section 92(3) and Rule 12 of the Companies
(Management and
Administration) Rules, 2014 is appended as an Annexure to this Report.
10. DIRECTORS: Mrs. Sangita Malik, Director of the Company is retiring
by rotation and being eligible, offers herself for re-appointment.
A) Changes in Directors and Key Managerial Personnel:
Mr. Chandar Prakash Chhabra, Independent Director Resigned from the
Board of the Company during the year under review.
B) Declaration by Independent Directors:
The Independent director have submitted their disclosure to the Board
that they fulfill all the requirements as to qualify for their
appointment as an Independent Director under the provisions of Section
149(6) of the Companies Act, 2013. The terms & conditions for the
appointment of Independent Directors are given at the website i.e.
www.Himalyainternational.com of the Company.
C) Formal Annual Evaluation: The details of training and
familiarization programmes and Annual Board Evaluation process for
Directors have been provided under the Corporate Governance Report. The
policy on Director's appointment and remuneration including criteria
for determining qualifications, positive attributes, independence of
Director, and also remuneration for Key Managerial Personnel and other
employees forms part of Corporate Governance Report of this Annual
Report.
D) Board Meetings: The Board of Directors met 5 times during the
financial year 2014-2015 on 26.04.2014, 30.07.2014, 30.10.2014,
30.01.2015 and 30.03.2015 as detailed in the Corporate Governance
Report.
11. PARTICULARS OF EMPLOYEES: The provision of rule 5 sub rule (2) &
(3) of the companies (Appointment and Remuneration of Managerial
Personnel) Rules 2014 requiring particulars of the employees in receipt
of remuneration in excess of Rs. 60 Lacs per year to be disclosed in
the Report of Board of Directors of the Company are as under:
Name of employee Designation Remuneration (in Rs.)
Man Mohan Malik Chairman and
Managing Director 95,06,000
12. DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE
(PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013.
The Company has in place an Anti Sexual Harassment Policy in line with
the requirement of the Sexual Harassment of Women at the workplace
(Prevention, Prohibition, Redressal) Act, 2013. Internal Complaints
Committee (ICC) has been set up to redress the complaints received
regarding sexual harassment. All employees (permanent, contractual,
temporary, trainees) are covered under this policy. No compliant has
been received in this regard. Mrs. Jinni Sharma is chairman of the
sexual harassment committee.
13. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186:
-
During the year under review the company has not accepted any loans or
provided any guarantee or made any investments under section 186.
14. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES:-
During the year under review the company has entered into the following
contracts or arrangements with related party.
The Board has also framed a policy on related party transactions and
the same is available on Company's website.
15. VIGIL MECHANISM / WHISTLE BLOWER POLICY:
The Company has established a Vigil Mechanism / Whistle Blower Policy
to deal with instances of fraud and mismanagement, if any. The Policy
has a systematic mechanism for directors and employees to report
concerns about unethical behavior, actual or suspected fraud or
violation of the Company's Code of Conduct or policy. The policy is
also available on the Company's website.
16. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO:
Information pursuant to section 134(3)(m) of the Companies Act, 2013
relating to conservation of energy, technology absorption and foreign
exchange earnings and outgo is as under:
A- Energy conservation - The Company makes continuous efforts to
explore new technologies And techniques to make the infrastructure more
energy efficient. The operations of the Company are not energy
intensive. Company use agro waste to fire boilers. B- Technology
absorption Company uses Indian technical manpower to Operate Indian and
imported infrastructure Foreign exchange earnings and out go.
Particulars Amount (In Rs ,000)
Earnings in foreign Exchange 299738
Expenditure in foreign Exchange 78806
17. DIRECTORS' RESPONSIBILITY STATEMENT:
The Board hereby affirms:
(a) in the preparation of the annual accounts, the applicable
accounting standards had been followed along with proper explanation
relating to material departures;
(b) the directors 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 at the end of the financial year and of the profit and
loss of the company for that period;
(c) the directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the company and
for preventing and detecting fraud and other irregularities;
(d) the directors had prepared the annual accounts on a going concern
basis;
(e) the directors had laid down internal financial controls to be
followed by the company and that such internal financial control are
adequate and were operating effectively; and
(f) the directors had devised proper systems to ensure compliance with
the provisions of all applicable laws and that such systems were
adequate and operating effectively.
18. Management Discussion and Analysis : A detailed chapter on
"Management Discussion & Analysis" (MDA) pursuant to Clause 49 of the
Listing Agreement is annexed to the Annual Report and forms integral
part of Directors' Report.
19. Corporate Governance Report : We strive to attain high standards of
corporate governance while interacting with all our stakeholders. The
Company has duly complied with revised Clause 49 - Corporate Governance
Code as stipulated in the listing agreement with Stock Exchanges. A
separate section on Corporate Governance along with Certificate from
M/s. Anujeet Dandona & Co., Chartered Accountants, confirming level of
Compliance is annexed and forms part of the Directors' Report.
20. Acknowledgement : Your Directors greatly appreciate the dedication
and commitment of employees at all levels who have contributed towards
the effective functioning of the Company. We also wish to convey
gratitude to company's Bankers, Financial Institutions, Government
Authorities, Clients, Vendors, and Investors for their support and
encouragement during the year and look forward for their continued
support in the future.
By order of the Board of Directors
Himalya International Limited
Place: Paonta Sahib Man Mohan Malik
Date: 28.08.2015 (Chairman & Managing Director)
DIN No. 00696077
Mar 31, 2014
Dear Shareholders,
We are pleased to present the Twenty Third Annual Report of the Company
together with Audited Financial Statements and Auditor''s Report for the
Financial Year ended as on 31st March 2014. The Financial Highlights
for the year under review are given below:
Particulars 2013-14 2012-13
Total Income from Operation 18999.01 16803.68
Profit from operation before other income,
Finance cost, & 1654.01 3339.06 ,
exceptional items
Other Income 0.00 3806.30
Profit from ordinary activities before
Finance cost, and 1654.01 7145.36
exceptional items
Finance Cost 1605.14 1641.62
Profit from ordinary activities after
Finance cost, but before 48.87 5503.74
exceptional items
-Exceptional Items (Provision for
diminution in value of investment 1149.36 187.34
in joint venture)
Profit/(Loss) from ordinary activities
before tax ri loo 1,100.49 5316 40
Performance: During the year under review, the total income of your
Company was Rs. 18999.01 Lacs as compared to Rs. 16803.68 Lacs in the
previous year thereby registered a growth of 13%. The net Loss before
tax of the company for the current financial year is of Rs. 1100.49
Lacs as compared to profit of Rs. 5316.40 Lacs in the previous year.
Reasons for loss:
1. Company is a partner in the joint venture, Himalya Simplot Private
Limited, holding 50 per cent of its shareholding. The joint venture has
ceased operations and is insolvent in view of its losses. As a matter
of abundant prudence and following a conservative approach, the
Management is of the opinion that a provision equal to the value of
investment be made for diminution in the value of the investment.
(Provision for diminution in value of investment in joint venture
Rs.ll49.36lacs).
2. Finished goods manufactured in the financial years ended 31 March
2012 and 2013, valued at Rs. 1576.66 lacs (2314.888 MT), were produced
specifically for Himalya Simplot Private Limited, a joint venture of
the Company with Simplot Inc. However, such stocks were not purchased
by the joint venture, The management has sought expert opinion and
determined that the shelf life of these products in JV packing, has
expired. Since the stocks have no realisable value, the Company has
written off the value of such stocks as on 31.03.2014.
The expired stock, available in company''s warehouse, but has not been
taken in theJbooks as on 31.03.2014, was physically destroyed in the
months of June/July 2014.
3. Company has suffered huge losses due to zero production from it
Appetizer line at both plants due to certain clauses in JV agreements
and zero performance by JVundertheManagingPartnerSIMPLOTINDIALLC.
Dividend: Due to loss during the year Board of Directorfeelsappropriate
not to recommendany dividend for the financial year 2013-14. .
Business Operations Overview & Future Outlook : Company''s business
activities are broadly divided into Growing of mushrooms (agriculture
Activity), Cheese, sweets and appetizer manufacturing and export .
The companies Act, 2013: The Ministry of Corporate Affairs has notified
various sections of the Companies Act, 2013 in tranches in September
2013 and March 2014 with the majority of the sections as well as rules
notified in March, 2014, The Companies Act, 1956 continues to be in
force to the extent of the corresponding provisions of the Companies
Act, 2013 which are yet to be notified. MCA vide its circular dated
April 4,2014 has clarified that the Financial Statements and documents
annexed thereto. Auditor''s Report and Board''s Report in respect of the
financial year that have commenced earlier than April 1, 2014 shall be
governed by the provisions of the Companies Act, 1956 and in line with
the same, the Company''s Financial Statements, Auditor''s Report and
Board''s Report and attachments thereto have been prepared in accordance
with the provisions of Companies Act, 1956. With respect to the other
provisions of the act, appropriate references have been made in this
report to the extent these provisions have become applicable effective
April 1,2014
Fixed Deposits: The Company has not accepted any deposits during the
financial year under review.
Directors: In accordance with the relevant provisions of the Companies
Act, 2013 and Articles of Association of the Company, Mr. Sanjiv Kumar
Kakkar (DIN 02434426) shall retire in the Annual General Meeting and
being eligible, offers himself forthe re-appointment.
Directors1 Responsibility Statement: Pursuant to Section 217 (2AA)ofthe
Companies Act, 1956, the Directors confirm:
i) That in the preparation of the Annual Accounts for the Financial
Year ended 31" March, 2014, the applicable Accounting Standards have
been
followed along with proper explanation relatingto material departures;
ii) That the Directors had selected such accounting policies and
applied them consistently 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 of the Company forthe year under
review;
iii) That the Directors 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
iv) That the Directors have prepared the Annual Accounts for the
Financial Year ended 31st March, 2014 on a''going concern''basis.
Particulars of Energy, Technology and Foreign exchange
A- Energy conservation - The Company makes continuous efforts to
explore new technologies And techniques to make the infrastructure more
energy efficient. ''
- The operations of the Company are not energy intensive. Company use
agro waste to fire boilers.
B - Technology absorption Company uses Indian technical manpowerto
Operate Indian and imported infrastructure .
Foreign exchange earnings and out go:
Particulars Amount (Rs.in''000)
Earnings in foreign Exchange 362187
Expenditure in foreign exchange 304464 ''
Personnel and Particulars of Employees .
The industrial relations with the workers and staff of the company
remained cordial throughout the year. There was unity of purpose among
all levels of employees, continuously striving for improvement in work
practices and productivity. Training and development of employees
continue to be an area of prime importance. Pursuant to Section 217(2A)
read with the Companies (Particulars of Employees) Rules, 1975, as
amended a statement containing list of employees and drawing
remuneration exceeding Rs. ''24.00 Lacs annum or Rs. 2.00 Lacs per month
is given herein below.
Name Designation Remuner Qualific Exp Age Date of Particula
ation ation Commen of Last
received cement Employ
ment
1. Mr. Man Chairman 102.00 BSC 40 62 1992 Industria
Mohan and (Hons) Years list
Malik. Managing LLB
Director
Auditors
M/s Anujeet Dandona & Co., Chartered Accountants, Statutory Auditors of
the Company, retire at the conclusion of the ensuing Annual General
Meeting, being eligible offer them for re-appointment. The Company has
received a certificate from them that their re-appointment if made
would be within prescribed limits u/s section 139,141,142 and other
applicable provisions, if any, of the Companies Act, 2013 and Companies
(AuditandAuditors)Rules,2014,.
Auditors'' Report: The Auditors Observations and relevant Notes on
Accounts referred to in the Auditors'' Report are self explanatory and
therefore do notcalliforanyfurtherexplanation u/s 217(3) ofthe
Companies Act'' 1956.
Listing of Shares: The Equity Shares of the Company continued to be
listed at the Bombay Stock Exchange. The Company is complying with the
guidelinesforlistingofsharesatNationalStockExchange.
Management Discussion and Analysis: A detailed chapter on "Management
Discussion & Analysis" (MDA) pursuant to Clause 49 ofthe Listing
Agreement is annexed to the Annual Report and forms integral part of
Directors'' Report.
Corporate Governance Report: We strive to attain high standards of
corporate governance while interacting with all our stakeholders. The
Company has duly complied with revised Clause 49 - Corporate Governance
Code as stipulated in the listing agreement with Stock Exchanges. A
separate section on Corporate Governance along with Certificate from
M/s. Anujeet Dandona & Co., Chartered Accountants, confirming level of
Compliance is annexed and forms part ofthe Directors''Report.
Acknowledgement: Your Directors greatly appreciate the dedication and
commitment of employees at all levels who have contributed towards the
effective functioning of the Company. We a(so wish to convey gratitude
to company''s Bankers, Financial Institutions, Government Authorities,
Clients, Vendors, and Investors fortheir support and encouragement
duringthe year and look forward for their continued support in the
future.
Mar 31, 2013
Dear Shareholders,
The are pleased to present the Twenty First Annual Report of your
Company together with Audited Financial Statements and Auditor''s Report
for the Financial Year ended as on 31st March 2013. The Financial
Highlights for the year under review are given below:
Financial Results (Rs. in Lacs)
Particulars 2012-13 2011-12
Protal Income 20609.98 11049.77
Profit before Interest,
Depreciation & Tax 8023.60 3192.66
Interest 1641.62 773.01
Depreciation 878.24 429.05
Profit before Tax 5503.74 1990.60
Performance
During the year under review, the total income of your Company was Rs.
20609.98 Lacs (Including extra ordinary inflow Rs. 3415.32 lacs) as
compared to Rs. 11049.77 Lacs in the previous year thereby registered a
growth (excluding the extra ordinary item) of 55.61%. The net profit
before tax of the company for the current financial year after
excluding profit on extra ordinary inflow Rs. 2088.42 Lacs as compared
to Rs. 1990.60 Lacs in the previous year. There is a rise of 4.91% in
operational profits as compared to the ,
lastfinancialyear.
Dividend
In view of our new project, there is an increased pressure on the cash
flow. Also'' due to additional borrowings made for implementing the
capital projects under expansion, there is an increase in the
commitments towards repayment to the lending banks. As such, Board of
Director feels appropriate not to recommend any dividend for the
financial year 2012-13.
Business Operations Overview & Future Outlook
- Company''s business activities are broadly divided into mushroom,
Cheese, sweets and appetizer manufacturingand exports.
Fixed Deposits
The Company has not accepted any deposits during the financial year
under review.
Directors''Responsibility Statement
Pursuant to Section 217 (2AA)ofthe Companies Act, 1956, the Directors
confirm:
i) that in the preparation of the Annual Accounts for the Financial
Year ended 31a March, 2013, the applicable Accounting
Standards have been followed along with proper explanation relating to
material departures; ii) that the Directors had selected such
accounting policies and applied them consistently 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 of the
Company for theyear under review;
iii) that the Directors 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
otherirregularities; and
¦ iv) that the Directors have prepared the Annual Accounts for the
Financial Year ended 31st March, 2013 on a ''going concern'' basis.
iii) that the Directors have prepared the Annual Accounts for the
Financial Year ended 31st March, 2012 on a ''going concern'' basis.
Particularsof Energy,Technology and Foreign exchange
A- Energy conservation - The Company makes Moreover, the operations of
the Company are continuous efforts to explore new technologies not
energy intensive. Company has changed its And techniques to make the
infrastructure more oil fired boilers to agro waste reducing the carbon
foot print. energy efficient. - ''
B-Technology absorption - Company uses Indian technical manpower to
Auditors
M/s Anujeet Dandona & Co., Chartered Accountants, Statutory Auditors of
the Company, retire at the conclusion of the ensuing Annual General
Meeting, being eligible offer them for re-appointment. The Company has
received a certificate from them that their re-appointment if made
would be within prescribed limits under Section 224(lB)ofthe Companies
Act, 1956.
Auditors''Report
The Auditors Observations and relevant Notes on Accounts referred to in
the Auditors'' Report are self explanatory and therefore do not call for
any further explanation u/s 217(3) of the Companies Act'' 1956.
Listing of Shares
The Equity Shares of the Company continued to be listed at the Bombay
Stock Exchange.
Management Discussion and Analysis
A detailed chapter on "Management Discussion & Analysis" (MDA) pursuant
to Clause 49 of the Listing Agreement is annexed to the Annual Report
and forms integral part of Directors'' Report.
Corporate Governance Report
-We strive to attain high standards of corporate governance while
interacting with all our stakeholders. The Company has duly complied
with revised Clause 49 - Corporate Governance Code as stipulated in the
listing agreement with Stock Exchanges. A separate section on Corporate
Governance along with Certificate from M/s. Anujeet Dandona & Co.,
Chartered Accountants, confirming level of Compliance is annexed and
forms part of the Directors'' Report.
Acknowledgement
Your Directors greatly appreciate the dedication and commitment of
employees at all levels who have contributed towards the effective
functioning of the Company. We also wish to convey gratitude to
company''s Bankers, Financial Institutions, Government Authorities,
Clients, Vendors, and Investors for their support and encouragement
during the year and look forward for their continued support in the
future.
For and on Behalf of the Board
Place: Paonta Sahib
Dated: 04.09.2013 (Anjali Tomar)
Company Secretary
Mar 31, 2011
Dear Shareholders,
We are pleased to present the Twentieth Annual Report of the Company
together with Audited Financial Statements and Auditor's Report for the
Financial Year ended as on 31st March 2011. The Financial Highlights
for the year under review are given below:
Financial Results
(Rs. in Lacs)
2010-11 2009-10
Total Income 8316.28 7262.06
Profit before Interest, Depreciation & Tax 2873.32 2431.04
Interest 876.78 443.82
Depreciation 308.20 287.76
Profit before Tax 1688.34 1699.46
Performance
During the year under review, the total income of your Company was Rs.
8316.28 Lacs as compared to Rs. 7262.06 lacs in the previous year
thereby registered a growth of 14.51%. The net profit before tax of the
company for the current financial year is of Rs. 1688.34 lacs as
compared to Rs. 1699.46 lacs in the previous year. There is a fall of
0.66% in operational profits as compared to the last financial year.
Dividend
In view of expansion plans of the Company at Gujarat, your Directors
did not recommend any dividend. Business Operations Overview & Future
Outlook
The Company's primary business is manufacture of Mushroom, Canning and
ready to eat and trading of nutritional supplement etc. The expansion
plans are:-
1. Production at Gujarat plant has commenced on dt 29.06.2011. it is
situated at Survey No 215/P, Vadnagar-Navapura-Red Laxmipura Road, Nr
Dharoi Distributery Canal, Sultanpura (Vad) -384355. Dist. Mehsana.
Gujarat. Total cost incurred on project till 31.03.2011 is Rs 138
Crore.
2. Company has made J V for sales of its product with Simplot a US
based company.
Fixed Deposits
The Company has not accepted any deposits during the financial year
under review.
Directors' Responsibility Statement
Pursuant to Section 217 (2 A A) of the Companies Act, 1956, the
Directors confirm:
i) That in the preparation of the Annual Accounts for the Financial
Year ended 31st March, 2011, the applicable Accounting Standards have
been followed along with proper explanation relating to material
departures; ii) That the Directors had selected such accounting
policies and applied them consistently 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 of the Company for the year
under review;
iii) That the Directors 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
iv) that the Directors have prepared the Annual Accounts for the
Financial
Particulars of Energy, Technology and Foreign exchange
A-Energy conservation - The Company makes continuous efforts to explore
new technologies And techniques to make the infrastructure more energy
efficient.
Moreover, the operations of the Company are not energy intensive.
Company has changed its oil fired boilers to agro waste.
B-Technology absorption -
Company uses Indian technical manpower to Operate Indian and imported
infrastructure.
Auditors
M/s Anujeet Dandona & Co., Chartered Accountants, Statutory Auditors of
the Company, retire at the conclusion of the ensuing Annual General
Meeting, being eligible offer themselves for re-appointment. The
Company has received a certificate from them that their re-appointment
if made would be within prescribed limits under Section 224(1 B) of the
Companies Act, 1956.
Auditors' Report
The Auditors Observations and relevant Notes on Accounts referred to in
the Auditors' Report are self explanatory and therefore do not call for
any further explanation u/s 217(3) of the Companies Act* 1956.
Listing of Shares
The Equity Shares of the Company continued to be listed at the Bombay
Stock Exchange. The Company is complying with the guidelines for
listing of shares at National Stock Exchange.
Management Discussion and Analysis
A detailed chapter on "Management Discussion & Analysis" (MDA) pursuant
to Clause 49 of the Listing Agreement is annexed to the Annual Report
and forms integral part of Directors' Report.
Corporate Governance Report
We strive to attain high standards of corporate governance while
interacting with all our stakeholders. The Company has duly complied
with revised Clause 49 - Corporate Governance Code as stipulated in the
listing agreement with Stock Exchanges. A separate section on Corporate
Governance along with Certificate from M/s. Anujeet Dandona & Co.,
Chartered Accountants, confirming level of Compliance is annexed and
forms part of the Directors' Report.
Subsidiary
The Company has a 100% subsidiary in US in the name of Himalya
International Inc., 901 Cranston Drive Wood Land, California USA for
exploring its cheese business in Company.
Acknowledgement
Your Directors greatly appreciate the dedication and commitment of
employees at all levels who have contributed towards the effective
functioning of the Company. We also wish to convey gratitude to
company's Bankers, Financial Institutions, Government Authorities,
Clients, Vendors, and Investors for their support and encouragement
during the year and look forward for their continued support in the
future.
For and on Behalf of the Board
Place: Paonta Sahib
Dated: 29.08.2011 (Man Mohan Malik)
Chairman & Managing Director
Mar 31, 2010
We are pleased to present the Nineteenth Annual Report of the Company
together with Audited Financial Statements and Auditors Report tor the
Financial Year ended as on 31s1 March 2010. The Financial Highlights
for the year
under review are given below:
Financial Results (Rs. in Lacs)
2009-10 2008-09
Total Income 7262.06 5822.85
Profit before I merest.
Depreciation & Tax 2431.04 1930.89
Interest 443.82 281.61
Depreciation 287.76 268.55
Profit before Tax 1699.46 1380.73
Performance
During the year under review, the total income of your Company was Rs.
7262.06 Lacs as compare^ to Rs. 5822.85 lacs in the previous year
thereby registered a growth of 24.71%. The profit before tax of the
company for the current financial year is of Rs. 1699.46 lacs as
compared to Rs. 1380.73 lakhs in the previous year. There is an
impressive growth of 23.08% in operational profits as compared to the
last financial year.
Dividend
In view of expansion plans of the Company at Gujarat and Rajasthan,
your Directors did not recommend any dividend.
Business Operations Overview & Future Outlook
Companys business activities are broadly divided into mushroom,
Cheese, sweets and appetizer manufacturing and
exports.
Hie expansion plans are:-
1. Gujarat project is being set up at Vadnagar in District Mehsana at
the capex of Rs 130 Crores. The Government has allocated 21 Hectare
land and we expect another 10 Hectares have been approved by the
Gujarat Government. The project shall be a mega processing facility for
Mushrooms. Vegetables, Cheese and linger foods. The project work has
been commenced and it is expected to be fully operational by March
2011.
Limits project shall be catering to export markets from nearby seaports
and also meet the demand of western India. The local raw materials and
proximity to ports & major consuming markets shall impart unique
advantage.
2. Rajasthan project on Nil 8 near Delhi shall process Almonds and
Cereal & Health bars which is fast growing segment due to changing
nutritional choices and convenience of younger generation. Thirty-Two
Acre land has been acquired and project cost is estimated at Rs. 115
Crores.
Fixed Deposits
The Company has not accepted any deposits during the financial year
under review.
Directors Responsibility Statement
Pursuant to Section 217 (2AA) of the Companies Act, 1956, the Directors
confirm:
i) that in the preparation of the Annual Accounts for the Financial
Year ended 31st March, 2010, the applicable Accounting Standards have
been followed along with proper explanation relating to material
departures;
ii) that the Directors had selected such accounting policies and
applied them consistently reasonable and prudent so as to give a true
arid fair view of the state of affairs of the Company at the end of the
financial year and of the profit of the Company for the year under
review;
iii) that the Directors 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
iv) that the Directors have prepared the Annual Accounts for the
Financial Year ended 31s1 March, 2010 on a going concern basis.
Particulars tfef Knergy, Technology and Foreign exchange
A- Energy conservation - The
Company makes Moreover, the operations of
the Company are
continuous efforts to explore
new technologies not energy intensive. Company
has changed its
And techniques to make the
infrastructure more oil fired boilers to agro waste.
energy efficient.
B- Technology absorption - Company uses Indian technical
manpower to Operate Indian and
imported infrastructure.
C- Foreign Exchange earnings
and out go:
Earnings in foreign exchange : Rs. 3744.39 Lacs
Expenditure in foreign exchange : Rs. 1077.19 Lacs
Personnel and Particulars of Employees
The industrial relations with the workers and staff of the company
remained cordial throughout the year. There was unity of purpose among
all levels of employees, continuously striving for improvement in work
practices and productivity. Training and development of employees
continue to be an area of prime importance. Pursuant to Section 217(2A)
read with the Companies (Particulars of Employees) Rules, 1975, as
amended a statement containing list of employees and drawing
remuneration exceeding Rs. 24.00 Lacs annum or Rs. 2.00 Lacs per month
is given herein below.
S.
No Name Designation Remuneration Qualification
Received
(Rs. In lacs)
Honors
Chairman Graduate-in
I. Mr.ManMohan Malik and 29.33 physics
Managing
Director
Name Exp Age Date of Particulars
Commence- of Last
Ment Employment
Mr.ManMohan Malik 30
years 55 1992 Industrialist
Auditors
M/s Anujeet Dandona & Co., Chartered Accountants, Statutory Auditors of
the Company, retire at the conclusion of the ensuing Annual General
Meeting, being eligible offer themselves for re-appointment. The
Company has received . a certificate from them that their
re-appointment if made would be within prescribed limits under Section
224(1 B) of the Companies Act, 1956. ;
Auditors Report
The Auditors Observations and relevant Notes on Accounts referred to in
the Auditors Report are self explanatory and therefore do not call for
any further explanation u/s 217(3) of the Companies Act 1956.
Listing of Shares
The Equity Shares of the Company continued to be listed at the Bombay
Stock Exchange. The Company is complying with the guidelines for
listing of shares at National Stock Exchange.
Management Discussion and Analysis
A detailed chapter on "Management Discussion & Analysis" (MDA) pursuant
to Clause 49 of the Listing Agreement is annexed to the Annual Report
and forms integral part of Directors Report.
Corporate Governance Report
We. strive to attain high standards of corporate governance while
interacting with all our stakeholders. The Company has duly complied
with revised Clause 49 - Corporate Governance Code as stipulated in the
listing agreement with Stock Exchanges. A separate section on Corporate
Governance along with Certificate from M/s. Anujeet Dandona & Co.,
Chartered Accountants, confirming level of Compliance is annexed and
forms part of the Directors Report.
Subsidiary
The Company has a 100% subsidiary in US in the name of Himalya
International Inc., 901 Cranston Drive Wood Land, California USA for
exploring its cheese business in Company.
Acknowledgement
Your Directors greatly appreciate the dedication and commitment of
employees at all levels who have contributed towards the effective
functioning of the Company. We also wish to convey gratitude to
companys Bankers, Financial Institutions, Government Authorities,
Clients, Vendors, and Investors for their support and encouragement
during the year and look forward for their continued support in the
future.
For and on Behalf of the Board
Place: Paonta Sahib
Dated: 03.09.2010
(Man Mohan Malik)
Chairman & Managing Director
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