The Company was incorporated as a Private Limited Company under the name and style of Fortune International Private Limited on the 20th July 1981 with the Registrar of Companies, Delhi and Haryana with the main object to act as an Export House. Fortune International Private Limited took over the business of East - West Management and Manpower Consultants, a Sole Proprietor undertaking of Shri R.K.Shrivastava on the 30th April 1982. Shri R.K.Shrivastava was allotted 28,900 Equity Shares of Rs. 10/- each in Fortune International Private Limited as part consideration. Company became Deemed Public by virtue of Section 43 A (IA) of the Companies Act 1956 on the 25th November 1988 and was subsequently converted into a Public Limited Company on the 27th September 1994. Fortune International Limited as an Exporter grew from a modest turnover of Rs. 17.13 lacs in 1981-82 to Rs.10400.42 lacs in 1993-94(15 months). The Company has been making profits from the very first year of its operation and has been reinvesting the same in its business. The Company has an uninterupted dividend track record since 1986-87. The Company has not faced any labour problem since its inception. The Company was/has been accorded the following status for the periods as mentioned under: ----------------------------------------------------------- Status Period ----------------------------------------------------------- Export House 1st April 1965 to 31st March 1988 Trading House 1st April 1988 to 31st March 1994 Star Trading House 1st April 1994 to 31st March 1997. ----------------------------------------------------------- The Company is exporting a wide range of products like pharmaceutical machinery, auto-parts and accessories,computers and peripherals, chemical and allied products,sports goods, tea, coffee, soya bean extractions etc to over 20 countries including USA, Russia and European countries. The Company has developed more than 10 smallscale supporting manufacturers who export their products under the aegis of Fortune International Limited. The Company sells some of its products in the international market under the name, "FORTUNE" and "FORT". The name FORTUNE and "FORT" are well recognised in the international market. The Company also has its own manufacturing facilities at Madras Export Processing Zone. The unit has been set-up essentially to manufacture pharmaceutical and electronic machines and execute projects on a turnkey basis for the Russian and East European market. The contribution to the total turnover of the Company arising out of this unit during the last three years was Rs.1070.56, Rs.1399.30 lacs and Rs.824.39 lacs. FIL has set-up full fledged branch offices at Bombay, Madras and Bhopal. It has appointed agents in Germany,Cyprus, Singapore, Italy, Czech Republic, Russia and Israel. In addition, it has set up branch offices at Germany and Russia. The Company has acquired 'state of the art' technology from (I) Schalke of Germany for the manufacture of 10 ton shaft sinking winches (II) Simonazzi A & L Spa of Italy for the manufacture of certain types of processing and bottling equipment. This enables the Company to pass `state of the art' technology to its supporting manufacturers. The Company has also entered into Joint Venture Collaborations (JVC) with foreign parties. The JVC Agreements have been signed between FIL and foreign parties due to the credibility FIL commands in the international market. By virtue of signing the JVC Agreements, FIL will be able to deploy its surplus funds profitably and diversify its activities. FIL is one of the promoters of Fortune Oceanic Products Limited, a JVC Company with Ookea Limited of Estonia, engaged in Deep Sea Fishing with its base port at Goa. Fortune Oceanic Products United was incorporated as a Public Limited Company on the 15th March 1993. The Company has acquired four trawlers from Estonia. The fishing operations are controlled from Goa, the base port. Shri S.M. Shekel is the Managing Director of Company. He was formerly the President of the Association of Indian Fisheries Industries and has over 25 years experience in this line of business. Shri Shukla is incharge of the day.to-day operations of the Company. The on board operations of the trawlers are managed mainly by crew from Estonia under the aegis of Shri Elmo Seig, Technical Director. The Company has commenced Its operations in January 1994 and achieved a Sales turnover of Rs. 600.00lacs upto October 1994. The main terms and conditions governing the Joint Venture Company Agreement signed on the 27th August 1993 between Ookean Limited having its registered at EE 003, Tallinn,Paljassare Road, Estonia and FIL are:- i) As per the agreement, OL and FIL have set-up a JointVenture Company under laws of India to carry on the business of deep sea fishing and for harvesting, processing and selling of marine products, in the Exclusive Economic Zone of India and any other part of the world as may be mutually agreed. ii) The Shareholding pattern of the JVC will be: Ookean,its nominees and associates - 49% and Fortune, its nominees and associates - 51%. Awards FIL'S noteworthy performance and contribution towards exports has been recognised by various organisations. A list of prizes awarded to the Company are as under: BY CHEMICAL AND ALLIED PRODUCTS EXPORT PROMOTION COUNCIL ( All India Awards) - All India Top Export Award 1987-88 - Certificate of Merit 1986-87 - Certificate of Merit 1985-86 BY ENGINEERING EXPORT PROMOTION COUNCIL (All India Awards) - Regional Top Exporters Shield 1992-93 - Certificate of Export Excellence 1991-92 - Certificate of Export Excellence 1990-91 - Certificate of Export Excellence 1989-90 - Certificate of Export Excellence 1987-88 - All India Top Export Shield 1986-87 - Certificate of Merit 1985-86 - Regional Special Shield for Top - Exports in the Nurthem Region 1984-85 BY ELECTRONICS AND COMPUTER SOFTWARE EXPORT PROMOTION COUNCIL (All India Awards) - Certificate of Export Excellence 1992-93 - Certificate of Export Excellence 1991-92 - Certificate of Export Excellence 1989-90 MAIN OBJECTS OF THE COMPANY The main objects of the Company as per the Memorandum of Association of the Company are as under: 1. To acquire the sole proprietary business and connected undertaking of Shri R.K.Shrivastava mining under the style and name of East- West Management and Manpwer Consultants,lock, stock and barrel with all attendant rights and privileges of export and other concessions including all the benefits as a recognised export house. The said proprietary concern shall cease to exist after incorporation of the company and take-over of business by it. 2. To act as an Export House in all ways and manners. 3. To carry on the business as traders, importers and exporters of and dealers in all goods including those made of leather, leatherette, leatheroid, rubber, plastic, canvas, foam and rexin, ready-made garments and other kinds of textile goods of all varieties and distinctions and hosiery goods, utensils cutlery, art-wares and other goods made of brass, silver, electroplated nickel, silver,aluminum and alloy metals, chemicals, traditional and non-traditional goods and antiques, brass-wares,industrial, mineral brasswares and agricultural commodities, handicrafts, house-hold goods etc. 4. To carry on business as traders, importers and exporters and dealers in all types of engineering goods, carpets,linoleums and furnishing fabrics and otherfloor coverings,curtain and other household requisites and equipments. 5. To act as suppliers of technical know-how relating to the processing and marketing of various kinds of goods above mentioned in India and abroad and rendering of services in connection with the provision of such technical know-how and to transfer any rights,incidental thereto and imparting of information, knowledge, skill and expertise concerning their industrial, commercial or scientific knowledge, secret formula, models and designs. 6. To act as business consultants, give advice, to engage in dissemination of information in all aspects of business, organisation and industry including assistance in manufacturing and processing of goods for export and sale within India and to advise upon the means and methods for extending and developing systems or processes relating to production, storage, distribution, marketing and securing of orders for sale of goods in India and abroad and/or relating to the rendering of such services.