Dear Shareholders,
We survived through the two years of worldwide pandemic and sustained our operations
and paid substantial portion of debts to our banks.
In May 2022 there was fire fueled by PU panels in Cold stores & ceilings that raged
for 40 Hours and gutted all processing facilities.
However the grace was; we could save all our workers & prevented explosion of huge
storage of Ammonia that could have spread across all surrounding villages.
Damage is Huge but We believe that Cosmos has pressed the Reset Button and burnt all
our mistakes and we can rebuild a better facility.
Himalaya is blessed with the ability to have endured multiple tragedies in last one
decade without loosing the courage & steam to propel into the hitherto elusive orbit
of Great Success
Immediately after the fire we swung in action and took these steps:
• We created quick small capacity to work 24/7 at Vadnagar plant to meet the
backlog of huge export orders.
• The Paonta frozen products Unit that was lying shut has been revived and will be
in full operations from this month.
We are in process of selling parcels of excess land within current year.
We plan to pay balance debt of Rs 55 Crores to banks from our sale of excess land and
from Insurance Claim within this year and shall be Debt Free during the current FY ending
March 2023.
We plan to use all cash generation to strengthen our working capital and use surplus to
rebuild the Burnt- out facility to house the 10 Ton Per Hour line for French Fries. The
line was purchased few years back but could not be put in operation earlier & is
reflected as WIP ( work in progress) in our Balance Sheet.
We are confident to not only come out of the current situation created by Fire but
shall enter the most productive period in the history of the Company.
We appreciate and thank you for your patience and support in all upheavals.
We renew & reiterate our pledge to usher in the Golden Period of the Company within
the next few quarters.
| Sincerely |
| & |
| With Warm Regards |
| For Himalaya Food International Limited |
| Sd/- |
| ManMohan Malik |
| Chairman |