ANNUAL REPORT 2000-2001 &ANNUAL REPORT 2001-2002

Shri Gurdial Singh Sandhu, I.A.S Chairman & Managing Director, RCDF. Chairman

Shri M. D. Kaurani, I.A.S, Addl. Chief Secretary (Finance), Govt. of Rajasthan.

Director

Shri Pradeep Sen, I.A.S Secretary (Plan), Govt. of Rajasthan.

Director

Smt. Usha Sharma, I.A.S Registrar, Co-op. Societies of Rajasthan, Govt. of Rajasthan.

Director

Shri S.P.Baswal, R.A.S Dy. Secretary, Department of Animal Husbandry & Dairy Development Govt. of Rajasthan.

Director

Shri D.K. Sen, Regional Dorector, NDDB, Delhi Director

Shri G.S. Singh Secretary

Statutory Auditors (Year 2000-01)

M/S. L.D.Sharma & Company, 122, Delux Hotel, M.I.Road, Jaipur

(Year 2001-02)

M/S. Mathur & Company Nav Jeevan Complex, Near Polo Victory, Jaipur.

Bankers Oriential Bank of Commerce RCDF, Jaipur

DIRECTOR’S REPORT

Dear Shareholders,

Your Directors are pleased to present the XVth ANNUAL REPORT of the Federation along with the audited Balance Sheet & Profit & Loss Account for the financial year 2000-01 and 2001-2, Audit memorandum & Audit rectification for the financial year 1991-92, 2000-01 and 2001-2. All balance sheets have been prepared after incorporating the audited accounts of various RCDF units in & outside the State.

Financial Assistance

Under Assistance to Co-operatives an amount of Rs. 27.65 Crores was made available to the Federation. In the year 2000-01 Rs. 5.83 Crores was received from Govt. of Rajasthan and Rs. 4.82 Crores has been received from NDDB as residual amount. Government of Rajasthan have however given the amount as a loan and are being persuaded to convert the same into grant, since the scheme under the Assistance to Co-operatives had an equal and matching contribution by the State Government and Central Government in the form of grant. No grant has been received from the State Government in year 2001-02.

Financial Results

The Federation has posted a profit of Rs. 5.99 Crores and Rs. 7.50 Crore in the financial year 2000-01 and 2001-02 respectively. The accumulated loss as on 31.3.2000 stands at Rs. 47.51 crores.

Dividend

On account of past losses in the Federation, Directors have recommended not to declare any bonus to shareholders but to adjust profit against past losses.

Coverage

Animal husbandry is the backbone of economy in rural areas of Rajasthan, where failure of monsoon is a recurring phenomenon. Dairying provides sustainability to rural economy with considerable socio-economic benefits to the rural families majority of whom are below the poverty line. 866 Dairy Co-operative Societies and 557 collection centres have been added to the existing net work of rural area during 2000-01 and 2001-02. Approximately

48 thousand new farmers have joined the movement and have become our new producer members in the same period.

Milk Procurement

It is heartening to bring to your notice that Rajasthan has topped in the average milk procurement in the last year among North Indian states. This activity has registered a growth of 13% and 25% in the year 2000-01 and 2001-02 respectively. It has significantly improved the viability of majority of the Unions. In the current year too, the trend in procurement has shown remarkable increase in procurement. In December 2002 procurement stood at 1475 TKGPD as against 1372 TKGPD in the same period of last year.

Payment to producers

Payment to rural producers has gone up to Rs. 375.7 Crore during 2001-02 as against of Rs 309.61 Crore during 2000-01 i.e. 21% higher than the previous year.

Milk Marketing

Special attention has been laid on market expansion and particularly in liquid milk marketing. Direct milk marketing to the urban and rural consumers rose to 6.14 lac litres per day (LLPD) in year 2001-02 as against 5.44 LLPD in 2000-2001 recording a growth of 13%. Under NDDB’s campaign to bring uniformity in milk packing by all the milk unions under co-operative sector in the country so far there are 16 Milk Unions in Rajasthan but only 13 are engaging in marketing of milk out of which 11 have adopted mnemonic symbol.

Supply to NMG

The Milk procurement in the month of September 2002 touched a level of 16.29 LKG in a day, a record since inception of RCDF in transitory season. On our request NDDB has agreed to accept additional two Lakh litres of milk per day at Mother Dairy, New Delhi and additional 1.5 Lakh litre at their Pilkhua Plant for conversion into milk products to be bought by them up to December, 2002.

Marketing of Milk Products

Federation has entered into an agreement for custom packing with M/S. Debon for marketing of Cheese under its international brand name “Le’bon” Cheese. The response from the market has been very encouraging. The Federation is a major supplier of UHT milk to armed forces. Last year we have received an order of around 42 lakhs litres of TPM from MoD including a first time contract with Eastern Command, Kolkata.

Federation has recommenced its supply of WMP to Assam Rifles in the year 2001-2002 after a gap of 6 years. To strengthen marketing of milk and milk products, Federation has appointed C&F Agents in some States and has plans to market “Saras” brand milk and milk products in other states with special eye on North Eastern region.

In the current year, a milk parlour has been established at the Bikaner House in Delhi and it has shown a good turnover. Encouraged by this response, sale of fresh milk product has been extended to 14 new points in New Delhi in co-operation with Delhi Milk Scheme.

Federation has launched Flavoured Milk, Ice-Cream and Misti Dahi under the “Saras” Brand as on 1st of January 2003. Quality and packaging of Plain Dahi and Paneer have been improved. Initially flavoured Milk and Ice-Cream would be produced and packaged by Haryana Milk Federation & Punjab Milk Federation respectively and marketed in Jaipur. Federation intends an early production of these milk products by affiliate Milk Unions and marketing of these products through out the state during the financial year 2003-04. In order to increase the self life and increased market acceptability of the product, on 1st of January 3 existing products are also being launched in new packages viz. Paneer in vacuum pack, Misti Dahi and Plain Dahi in cups. Improvement in the packaging and the outlook of the various milk products is also being carried out along with increase in shelf-life of the product.

Ghee sale

Net ghee sale has risen to 8637 tonnes during the year 2001-02 as compared to 6494 tonnes during 2000-01 and recorded a growth of 33%, which speaks of wide acceptability of `SARAS’ brand among the consumers.

Cattle Feed Sale

In the area of providing balanced and also highly nutritive animal feed for milch animals and productivity enhancement, the Federation was able to market 141 thousand tonnes during 2001-02 as against 113 thousand tonnes in 2000-01. Apart from balanced cattle feed, it is also manufacturing and marketing high energy feed for high yield milch animals, urea molasses bricks, calf starter and mineral mixture.

Cattle Feed Plants

The combined capacity utilisation of the four cattle feed plant in the year 2001-02 has been 116%. The demand of cattle feed has been on the rise. The existing infrastructure has been strengthened by addition of balancing equipment and the capacity have been raised to 150 MT each per day from 100 MT each. Since the demand of cattle feed has been continuously on the rise, further addition to the capacity of the Cattle Feed Plants being undertaken by way of erection and commissioning of mini cattle feed plant of 50 MT each as addition to each of the four existing Cattle Feed Plants. These mini Cattle Feed Plants shall be operational by March, 2003.

In the current year there has been a failure of Monsoon and the state is under grip severe drought. In order to conserve the animal population in Rajasthan and to maintain their productivity in the coming years, Federation has come out with the plan to offer UMB and mineral mixture at subsidised rate to the milk producers of the State. To mitigate the problems of the farmers the Federation has also reduced the price of cattle feed and with the availability of free damaged wheat from Government of India further reduction in the price of cattle feed has been effected.

Fodder Depots

The State has experienced the lowest rain fall in the last 100 years and in order to meet the shortage of fodder for animals fodder depots have been opened by DCS. The Federation has taken the responsibility on itself to mitigate the hardship of farmers to the best of its capacity and has helped in establishment of 750 numbers of fodder depots run by the DCS. More are likely to be added in the near future.

Mineral Mapping

Mineral Mapping of Rajasthan has been carried out with the help of NDDB to find out the quantity of minerals available in the feeds and fodder available in different part of Rajasthan. It would help in identification of exact requirement of minerals by animals in specific regions of Rajasthan and production of area specific cattle feed shall be done based on the data to meet out the mineral deficiency, which shall result into cost effectiveness and to enhance the productivity of the animals.

Social Security of Milk Producers

It is heartening to bring to your notice that for the social security of the milk producers members Federation in association with its Milk Unions and Oriental India Insurance Company and United India Insurance Company has launched an insurance scheme under the name of “SARAS SURAKSHA KAWACH” on 20/11/2002 for the benefit of our producer members. Another scheme under the name of “Raj Rajeshwari” to bring additional insurance benefits of coverage for the women milk producer members of the Federation has also been launched.

WTO threat

To counter the threat due to WTO agreement , it is essential to improve upon the quality of milk and milk product. Since there shall be uniform standards of products for consumption in domestic as well as for exports, the standards of the products must conform to the international parameters. To improve the quality of the milk, Clean Milk Production Programme is being launched. Milk Unions are being asked to adopt Clean Milk Production Programme in a big way and to increase awareness among the milk producer members to take advantage of this Programme. Whereas the clean milk production helps the producer to deliver milk at the DCS level in the hygienic conditions and in best of its quality, it is also essential to conserve the quality of milk as received at the DCS level till it is brought to the Dairy Plants. In this context bulk Coolers at DCS level are being set up initially on some of the milk routes, which would act as models for others. Jaipur, Alwar, Jodhpur & Bhilwara Milk Unions have been identified for launching this programme in the first phase.

Finance & Accounts

The final settlement of dues of the National Dairy Development Board for the projects covered under the IDA and Operation Flood have been completed and the payments from the all Milk Unions are being made as per schedule except Ajmer Milk Union and the process of settling the same at the earliest is in progress.

The accounts of RCDF, its Units and the Milk Unions had not been reconciled since inception. The reconciliation of accounts was taken up on a war footing and most of the accounts have been reconciled and their effect has been taken in to the accounts and balance sheets of the Federation.

Human Resource Development

The Federation has laid emphasis on human resources development as an instrument of development of the officers and staff of the Federation and its affiliated Milk Unions to optimise their effectiveness.

Federation has recently held an open forum of its employees at Jaipur and invited suggestions from their to improve the functioning of the Federation and image of Saras Branch products. The participation was the employees has yielded good response. It has been decided to hold such forum at regular intervals.

Plans for the future

The processing capacity of Milk Unions has been enhanced from 9 lakh to 13.45 lakh liters per day though internal resources to match with the increased inflow of milk. The peak procurement in the month of September 2002 has touched 16.29 LKG. Under the Perspective Plan 2005, the Federation envisages to increase milk procurement from the existing level to 22.56 LKGPD peak procurement by the year 2004-05 (average procurement shall be 15.87 LKGPD) and liquid milk marketing 12 LLPD. It is essential to expand, strengthen and modernise the dairy plants of the milk unions. In addition, it is proposed to establish a composite dairy plant of 5 LLPD capacity in Jaipur on the pattern of Mother Dairy Gandhi Nagar (Gujrat) to be owned and managed by RCDF. Further , the Federation intends to establish a 1 LLPD fresh Milk Product Plant at Bhiwadi Industrial area or any other place in the vicinity of Delhi to cater to the requirement of fresh milk products in the National Capital Region. The sale of value-added products will enhance the profitability as well as disposal of surplus milk. The programme envisages an investment to the tune of Rs. 150 Crore. The Federation is exploring possibility of financial assistance for such projects to the extent possible under SGSY, DPIP, Integrated Dairy Development Programme and grant from Food Processing Ministry. Flavoured milk and Ice cream have been launched in two flavours but more flavours shall be added in future in accordance with the market demand. The production and packaging of flavoured UHT milk in tetrapack shall also be undertaken in near future. Packaging and marketing of butter in 10 gms chiplets is also on the cards.

Acknowledgments

The Directors would like to record their appreciation for the dedicated services rendered by the Officers & Staff of the Federation, affiliate Milk Unions, Bankers, Auditors, Distributors, Retailers and valued customers.

We also appreciate the efforts made by NDDB in tenure of its management of RCDF to have inculcated corporate style of functioning in the Federation and affiliated Milk Union leading to self independent and viable. Units.

The Directors also wish to express their gratitude to the concerned departments & autonomous bodies of the Government of India & Rajasthan and sister Federations for their co-operation and assistance rendered to the

Federation.

AUDITORS REPORT

We have audited the attached Balance-Sheet of Rajasthan Co-operative Dairy Federation Ltd., Jaipur as on 31/3/2001 and the Profit & Loss Account for the year ended on that date Annexed thereto and report that :-

1. We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit.

2. In our opinion and subject to our comments in Annexure of the Audit-report (Hindi) and Notes on accounts, proper books of accounts as required have been kept by the Federation, so far as it appears from our examination of these books.

3. Subject to our comments, Annexure of theAudit-report (Hindi) and Notes on Accounts, the profit & Loss Account & Balance Sheet are in agreement with the books of Accounts.

4. We have audited the Accounts of RCDF-HQs, Jaipur alongwith the Accounts of the following units :-

i) CFP, Ajmer

ii) CFP, Jodhpur

iii) CFP, Nadbai

iv) CFP, Bikaner

v) FSB, Bassi

vi) ENF, Bassi

vii) L.O. Office, Delhi

viii) Rojari Farm, Bikaner

ix) Seed Processing Plant, Bikaner

5. In our opinion and to the best of our information and according to the explanations given to us, the said Accounts, subject to our comments in Annexure of the Audit-Report (Hindi) read with the Notes on Accounts thereon forming part of the Balance-Sheet give a true and fair view.

i) In case of Balance-Sheet of the State of affairs of the Federation as on 31st

March, 2001

ii) In case of Profit & Loss Account of the Profit for the year ended on that date.

For L.D.SHARMA & CO;

Chartered Accountants

(L.D.Sharma)

PARTNER

BALANCE SHEET AS AT 31.3.2001

LIABILITIES SCH. AMOUNT AS

AMOUNT AS ASSETS SCH. AMOUNT

AS AMOUNT AS

ON 31.3.2001

ON 31.3.2000 ON

31.3.2001 ON 31.3.2000

(Rupees) (Rupees) (Rupees) (Rupees) Share Capital 50,000,000.00 50,000,000.00 Cash & Bank Balances I 136,858,459.72 106,013,850.84

(Authorised Share Capital (including F.D.R'S) 50000 equity shares) - - Investments J 1,568,820.00 2,568,820.00 Issued Subs & paid up capital A 1,783,914.59 887,914.59 at cost with govt.&others Reserve & Surplus B 295,578,679.17 188,320,982.67 Deposits K 2,160,068.85 1,887,681.85

Funds in trust B 153,891,951.04 163,961,377.10 (with govt.& others) Secured loan C 411,071,452.64 912,807,650.34 Loans and Advances L 347,477,308.18 748,671,755.71

(NDDB & Others) (to parties,unions/units, Unsecured loans D 11,708,296.75 14,190,302.07 NDDB etc) M 146,561,434.36 114,677,354.37

(NDDB,GOR & Bank) Sundry Debtors Deposits E 30,096,291.66 23,195,459.71 Current Assets N 28,025,119.94 34,699,001.01

(S/D,E/M,etc;) Fixed Assets O 41,186,322.81 40,183,372.35

Current Liabilities &- F 334,659,909.75 329,496,542.88 Prepaid,Intt,Receivables,etc P 12,800,234.03 18,377,554.76

Provisions Receivables on a/c of Unpaid intt. & other liab. G 28,629,221.45 45,057,465.99 Transfer of A / L Q 342,823,706.76 342,823,706.76 "Amount payable on a/c of H 552,403,041.63 552,403,041.63 Misc Exp. and Losses Q 622,226.21 745,980.63 D/Plant's/APS JPR Losses Retained Profit & Loss A/C R (Transfer of Assets/Liab.)" - Profit & Loss A/C R (i)ON A/C losses ofDairy

Plt./ 213,718,537.87 213,718,537.87

- APS JPR transferred to unions

(i)ON A/C profits of Dairy Plt./ 4,119,211.00 4,119,211.00 (ii) Accumulated Losses 742,230,460.76 680,810,143.89

APS JPR transferred to unions (iii)Current loss( as per 9,673,321.89 61,420,316.87

(ii) Accumulated Profit 132,158,128.93 109,654,065.81 P&L A/c)

(iii)Current Profit( as per P&L A/C) 69,605,922.77 22,504,063.12 TOTAL 2,025,706,021.38 2,366,598,076.91 TOTAL 2,025,706,021.38 2,366,598,076.91

( R.K.GUPTA ) ( B.L.JAIN ) (KAMAL

CHHABRA ) ( S.L.PATHAK ) ( R.N.MEENA ) DY.MANAGER(F&A) DY.MANAGER(F&A) MANAGER

(F&A) GEN.MANAGER (F&A) CHAIRMAN & MANAGING DIRECTOR

PLACE:JAIPUR AS PER OUR SEPARATE REPORT OF EVEN DATE DATE: FOR L.D.SHARMA & CO. CHARTERED ACCOUNTANTS ( L.D.SHARMA

) PARTNER

PROFIT & LOSS A/C FOR THE YEAR ENDED 31.3.2001

SCHEDULE AMOUNT (RS) AMOUNT (RS) Particulars SCH. AMOUNT (RS) AMOUNT (RS) FOR 2000-20001 FOR 1999-2000 FOR 2000-20001 FOR 1999-2000

Opening Stock(Store/stationery-

389,390.73 294,822.21 Gross Profit B / F

- 95,945,938.13 62,225,084.50

Administrative Exp. S 53,500,589.60 51,105,923.95 from MFG & Trading a/c

Office Expenses T 2,507,427.96 2,587,201.38 Interest on term loan BB 0.00 791,464.68

Repair and Maint.of - U 868,497.97 1,385,175.18 Written back after '92

Building and Staff Qtr. Interest on term loan BB 11,641,248.21

Repair & Maint.of Vehicle V 499,362.70 565,168.99 Written back before '92

General Expenses W 3,130,910.20 2,369,993.86 Interest.from Employee/Bank BB 11,601,009.99 10,933,686.98

Selling & Distribution X 25,945,213.80 28,505,585.33

Int from Unions on W&M /OTHER

BB 0.00 15,208,659.00

Other expenses Y 530,901.82 274,050.64 Other Income CC 11,616,870.90 11,303,284.88 Exp Pertaining.to Previous

Z 7,019,939.60 868,008.33 Income Pertain.to Prev year- DD 67,830.00 4,891,251.08

Int. on Term Loan written AA 0.00 47,919.01 RCDF Cess (Milk

Turnover) CC 48,109,419.00 41,981,305.45

upto 92 Closing Stock(store-HQ) 356,983.42 389,390.73

Interest towards NDDB term loan AA 13,610,231.84 1,028,660.54 NET LOSS

transfered - 9,673,321.89 61,420,316.87

Interest towards W.C.LOAN AA 0.00 78,583,785.00

Interest towards OVER DUE term loan AA 0.00 1,722,804.00

Int. on Term Loan written AA 5,517,857.28 0.00

after 92 Interest on Bank OD/CC

AA 69,714.00 2,017,715.40

Interest towards WAYS & MEANS AA 0.00 10,434,602.00

Govt.Guarantee Comm . AA 2,500,000.00 2,500,000.00 Depreciation AA 3,316,661.27 2,348,965.23 Net Profit Trans. To Balance Sheet 69,605,922.77 22,504,063.12

TOTAL : 189,012,621.54 209,144,444.17 TOTAL : 189,012,621.54 209,144,444.17

( R.K.GUPTA ) ( B.L.JAIN ) (KAMAL CHHABRA ) ( S.L.PATHAK ) (

R.N.MEENA )

DY.MANAGER(F&A) DY.MANAGER(F&A) MANAGER (F&A)

GEN.MANAGER (F&A) CHAIRMAN & MANAGING

DIRECTOR

PLACE:JAIPUR AS PER OUR SEPARATE REPORT OF EVEN DATE

DATE: FOR L.D.SHARMA & CO. CHARTERED ACCOUNTANTS

( L.D.SHARMA )

PARTNER

MANUFACTURING & TRADING ACCOUNT FOR THE YEAR ENDED 31.03.2001

||\027W0\027H

SCH. AMOUNT (RS) AMOUNT (RS) Particulars SCH. AMOUNT (RS) AMOUNT (RS) 2000-20001 FOR 1999-2000 FOR 2000-20001 FOR 1999-2000

By Opening Stock EE 34,309,610.28 28,842,093.92 Sales LL 1,538,247,632.20 1,429,906,557.74

Purchases FF 1,385,139,363.65 1,333,275,600.83 Operational Exp. GG 22,538,771.99 19,112,552.37 Closing Stock MM 27,668,136.52 34,309,610.28 Generator Exp. HH 1,520,517.00 1,805,464.10

R & M of Plant II 5,398,921.37 5,531,529.99 Inter Unit Stock transfer. LL 1,616,016.00 719,400.00

Packing Material KK 18,411,435.80 14,125,547.31

Freight& Cartage(Inw) KK 145,802.50 17,695.00 Gross Loss c/f to P&L A/c 0.00 0.00

Inter Unit Stock trans. FF 4,121,424.00 0.00 Gross Profit Transferred 95,945,938.13 62,225,084.50 to P&L a/c Total : 1,567,531,784.72 1,464,935,568.02 1,567,531,784.72 1,464,935,568.02

( R.K.GUPTA ) ( B.L.JAIN ) (KAMAL CHHABR ( S.L.PATHAK ) ( R.N.MEENA )

DY.MANAGER(F&A) DY.MANAGER(F&A) MANAGER (F&A)

GEN.MANAGER (F&A) CHAIRMAN & MANAGING

DIRECTO PLACE:JAIPUR AS PER OUR SEPARATE REPORT OF EVEN DATE DATE: FOR L.D.SHARMA & CO.

CHARTERED ACCOUNTANTS ( L.D.SHARMA ) PARTNER

AUDITORS REPORT

We have audited the attached Balance-Sheet of Rajasthan Co-operative Dairy Federation Ltd; Jaipur as on 31/03/2002 and the Profit & Loss Account for the year ended on that date. These financial statements are the responsibility of the RCDF’s management. Our responsibility is to express an opinion on these financial statements based on our audit.

1. We conducted our audit in accordance with the auditing standards generally accepted in India. These Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from any material misstatement. An audit includes, examining on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

2. We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit.

3. In our opinion, proper books of accounts as required generally been kept by the Federations, so far as it appears from our explanations of these books.

4. Subject to our comments as in Hindi Audit-Report appended herewith, and `Notes on Accounts’, the Profit & Loss Account and Balance-sheet are in agreement with the books of Accounts.

5. We have audited the accounts of RCDF-HQs, Jaipur alongwith the accounts of the following units :-

i) CFP, Ajmer

ii) CFP, Jodhpur

iii) CFP, Nadbai

iv) CFP, Bikaner

v) FSB, Bassi

vi) ENF, Bassi

vii) Resident Manager’s Office at Delhi

viii) Rojari Farm, Bikaner

ix) Seed Processing Plant, Bikaner

6. In our opinion and to the best of our information and according to the explanations given to us, the said Accounts, subject to our comments in Hindi Audit-Report read with the `Notes on Accounts’ as forming part of the Balance-Sheet give a true and fair view in conformity with the accounting principles generally accepted in India.

i) In case of Balance-Sheet of the State of affairs of the Federation as on 31st

March, 2002.

ii) In case of Profit & Loss Account of the Profit for the year ended on that date.

For Mathur & Co;

Chartered Accountants,

(Alok Mathur)

Partner

Place : Jaipur

Date : October, 2002

BALANCE SHEET AS AT 31.3.2002

LIABILITIES SCH. AMOUNT AS AMOUNT AS ASSETS SCH. AMOUNT AS AMOUNT AS ON 31.3.2002 ON 31.3.2001 ON 31.3.2002 ON 31.3.2001 (Rupees) (Rupees) (Rupees) (Rupees)

Share Capital (Authorised) 50,000,000.00 50,000,000.00 Cash & Bank Balances I 178,604,148.06 136,858,459.72

(50000 Equity Shares Of Rs.1000 Each) (Including

F.D.R'S)

Investments J 1,568,820.00 1,568,820.00

Issued Subs & Paid Up Capital A 1,783,914.59 1,783,914.59

(At Cost With Govt. & Others)

Reserve & Surplus B 676,664,026.53 295,578,679.17 Deposits K 2,058,567.85 2,160,068.85

Funds In Trust B-1 146,994,468.48 153,891,951.04 (With Govt.& Others)

Secured Loan (NDDB & OTHERS) C 19,623,370.42 411,071,452.64 Loans And

Advances L 483,448,270.68 347,477,308.18

(To Parties,Unions/ Units,NDDB etc.)

Unsecured Loans(NDDB,GOR & BANK)

D 10,695,532.02 11,708,296.75 Sundry Debtors M 153,846,148.92 146,561,434.36

Deposits(S/D,E/M ETC.) E 30,411,884.46 30,096,291.66 Current Assets N 28,186,759.85 28,025,119.94 Fixed Assets O 47,047,880.07 41,186,322.81

Current Liabilities & Provisions F 482,596,085.69 334,659,909.75 Prepaid,Intt,

Receivables,etc P 17,891,747.37 12,800,234.03

Unpaid Intt. & Other Liab. G 470,997.31 28,629,221.45 Receivables On A/c Of Transfer Of A/L

Q 0.00 342,823,706.76

"Amount Payable On A/C Of H 8,170,773.34 552,403,041.63 Misc Exp. And

Losses Q 498,781.21 622,226.21

D/Plant's/APS JPR Losses

Retained

(Transfer of Assets/Liab.)" Loss on a/c of Dairy Plant/ R 0.00 213,718,537.87

Profit on a/c of Dairy Plant/ R 10,829,968.72 4,119,211.00

APS JPR Transferred To Unions

APS JPR Transferred to Unions

Profit & Loss A/C R Profit & Loss A/C R

(i) Accumulated Profit 201,764,052.19 132,158,128.93 (i) Accumulated Losses 751,903,782.65 742,230,460.76

(ii)Current Profit( As per P&L A/C) 78,981,959.12 69,605,922.77 (ii)Current loss( As

Per P & L A/C) 3,932,126.21 9,673,321.89

TOTAL 1,668,987,032.87 2,025,706,021.38 TOTAL 1,668,987,032.87 2,025,706,021.38

( RACHANA SHARMA) ( G. L. GARG ) (KAMAL

CHHABRA ( V. K. GUPTA ) ( G. S. SANDHU )

ASSTT.MGR(F&A) ASSTT.MGR(F&A) MANAGER (F&A)

FINANCIAL ADVISOR CHAIRMAN CUM

MANAGING DIRECTOR

PLACE: JAIPUR AS PER OUR SEPARATE REPORT OF EVEN DATE

DATE: FOR MATHUR & COMPANY CHARTERED ACCOUNTANTS

( ALOK MATHUR ) PARTNER

PROFIT & LOSS A/C FOR THE YEAR ENDED 31.3.2002

Particulars SCH AMOUNT (RS) AMOUNT (RS) Particulars SCH. AMOUNT (RS) AMOUNT (RS) FOR 2001-2002 FOR 2000-2001 FOR 2001-2002 FOR 2000-2001

Opening Stock(Store /Stationery - HQ) 356,983.42 389,390.73 Gross Profit B / F - 126,918,648.61 95,945,938.13

Administrative Exp. S 59,245,605.48 53,500,589.60 (from MFG & Trading a/c)

Office Expenses T 3,098,532.88 2,507,427.96 Interest on term loan Written back after'92

BB 0.00 0.00

Repair and Maint.of Building and Staff Qtr.

U 1,090,262.80 868,497.97

Interest on term loan Written back before'92

BB 0.00 11,641,248.21

Repair & Maint.of Vehicle V 676,886.80 499,362.70

General Expenses W 2,967,201.74 3,130,910.20 Interest from Employee/Bank BB 14,119,633.45 11,601,009.99

Selling & Distribution Exp. X 59,830,202.86 25,945,213.80

Interest from Unions on W&M /OTHER

BB 3,488,298.00 0.00

Other expenses Y 307,745.70 530,901.82 Other Income CC 12,319,247.27 11,616,870.90 Exp Pertaining.to Previous year Z 8,306,689.06 7,019,939.60 Income Pertain.to

Prev year- DD 4,262,670.03 67,830.00

Int. on Term Loan written back upto 92 AA 0.00 0.00 RCDF Cess (Milk

Turnover) CC 56,559,071.00 48,109,419.00

Closing Stock(store-HQ) 206,171.29 356,983.42

Interest towards NDDB term loan AA 588,747.58 13,610,231.84

NET LOSS transfered to Balance Sheet

3,932,126.21 9,673,321.89

Interest towards W.C.LOAN AA 0.00 0.00

Interest towards OVER DUE term loan AA 0.00 0.00

Int. on Term Loan written back after 92 AA 0.00 5,517,857.28

Interest on Bank OD/CC limit AA 372,364.00 69,714.00

Interest towards WAYS & MEANS AA 0.00 0.00

Govt.Guarantee Commission AA 2,500,000.00 2,500,000.00

Depreciation AA 3,482,684.42 3,316,661.27 Net Profit Trans. To Balance Sheet 78,981,959.12 69,605,922.77

TOTAL 221,805,865.86 189,012,621.54 TOTAL 221,805,865.86 189,012,621.54

(RACHANA SHARMA) ( G. L. GARG ) (KAMAL CHHAB ( V. K. GUPTA ) ( G. S. SANDHU )

ASSTT.MGR(F&A) ASSTT.MGR(F&A) MANAGER (F& FINANCIAL ADVISOR

CHAIRMAN CUM MANAGING DIRECTOR

PLACE: JAIPUR AS PER OUR SEPARATE REPORT OF EVEN DATE DATE: FOR MATHUR & COMPANY

CHARTERED ACCOUNTANTS ( ALOK MATHUR )

PARTNER

MANUFACTURING & TRADING ACCOUNT FOR THE YEAR ENDED 31.03.2002

Particulars SCH. AMOUNT (RS) AMOUNT (RS) Particulars SCH. AMOUNT (RS) AMOUNT (RS) FOR 2001-2002 FOR 2000-2001 FOR 2001-2002 FOR 2000-2001

TO By Opening Stock EE 27,668,136.52 34,309,610.28 Sales LL 1,837,375,221.03 1,538,247,632.20 Purchases FF 1,656,051,951.02 1,385,139,363.65 Operational Exp. GG 26,198,059.49 22,538,771.99 Closing Stock MM 27,980,588.56 27,668,136.52 Generator Exp. HH 1,914,563.86 1,520,517.00

Repair & Maint. of Plant II 5,329,624.09 5,398,921.37 Inter Unit Stock transfer. LL 0.00 1,616,016.00

Packing Material KK 19,835,405.50 18,411,435.80

Freight& Cartage(Inw) KK 241,170.50 145,802.50 Gross Loss c/f to P&L A/c 0.00 0.00

Inter Unit Stock trans. FF 1,198,250.00 4,121,424.00 Gross Profit Transferred to P&L a/c 126,918,648.61 95,945,938.13

TOTAL 1,865,355,809.59 1,567,531,784.72 TOTAL 1,865,355,809.59 1,567,531,784.72

(RACHANA SHARMA) ( G. L. GARG ) (KAMAL CHHABRA) ( V. K. GUPTA ) ( G. S. SANDHU )

ASSTT.MGR(F&A) ASSTT.MGR(F&A) MANAGER (F&A)

FINANCIAL ADVISOR CHAIRMAN CUM MANAGING

DIRECTOR

PLACE: JAIPUR AS PER OUR SEPARATE REPORT OF EVEN DATE

DATE: FOR MATHUR & COMPANY CHARTERED ACCOUNTANTS ( ALOK MATHUR ) PARTNER