Vistar Amar Ltd

AR2023 notes

• Bankers: HDFC, Indian, Axis and UCO bank
• Did not recommend any dividend
• No disclosures relating to conservation of energy and technology absorption are nil
• No foreign exchange earnings or outgo
• A lot of top 10 shareholder reduced their shareholding (no change in promoter holding)
• Has not appointed any internal auditor and not setup an internal audit system (flagged in Independent auditor’s report)
• Pesca Marine Products ltd (related party): Purchases of 1.95 cr. (vs 2.43 cr. in FY22)
• Auditor remuneration: 6 lakhs (vs 3.51 lakhs in FY21)
• No salary taken by KMP, CFO only paid 3L
• India fish market accounts for about 6% of the global production
• Fish meal refers to a feed ingredient that is primarily manufactured by cooking, pressing, drying, and milling raw fish or fish trimmings
• The Company is expecting a good season ahead
• High oil prices cause many fishermen to reduce their fishing activities which may cause raw material shortage and through past experiences there have been a lot of cyclones delaying fishing
• Employee expenses: 1.57 cr. (vs 1.13 cr. in FY22)
• Other expenses: 11.13 cr. (vs 7.97 cr. in FY22)
• Cash tax: 1.09 cr. (vs 1.4 cr. in FY22)
• Very little tangible asset addition of 5.53 lakh (plant and machinery)
• Inventory: 4.97 cr. (vs 1.5 cr. in FY22). Inventory was later liquidated
  
• Other expenses breakup (large increase in power and fuel charges)
  

Disclosure: Not invested (no transactions in last-30 days)