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Directors Report of Ravalgaon Sugar Farm Ltd.

Mar 31, 2015

Dear Members,

The Directors present the 80th Annual Report together with the Audited Financial Statement of the Company for the financial year ended 31st March 2015.

1. Financial Results : Rs In Lacs

PARTICULARS Year ended 18 months 31st March period ended 2015 31st March 2014

Net Profit / (Loss) after providing for: (1307.48) (1538.42)

i) Depreciation (including additional depreciation as per Companies Act, 2013) 245.57 311.86

ii) Prior Period Items - -

iii) Provisions for Taxation (including Deferred Tax) (8.85) 14.24

Surplus brought forward (1287.20) 251.22 Amount available for appropriation (2594.68) (1287.20)

Appropriation:

Proposed Dividend - -

Tax on Proposed Dividend - -

Transfer to General Reserve - -

Balance carried to Balance Sheet (2594.68) (1287.20)

2. Operations:

SUGAR: Due to commercial reasons the company did not run the mill for the sugar season 2013-14 and 2014-15 as the same would have had more adverse effect on the financial position of the company. However, in order to be able to run subsequent seasons without any constraints, the company had to maintain the infrastructure, which has added to losses for the year.

CANDY SUGAR: The unhealthy competition from unorganized sector poses problems for candy sugar business and hence company is not undertaking manufacture of candy sugar.

CONFECTIONERY: Production of confectionery was 1522 MT during the year under review as compared to 2940 MT during the previous period of 18 months. The company concentrated on brands such as Pan Pasand, Mango Mood, Coffee Break, etc.

3. Dividend :

Your Directors do not recommend any dividend on the equity shares for the year ended 31 st March 2015.

4. Transfer To Reserves :

The Company has proposed not to transfer any amount to the General Reserve.

5. Directors' Responsibility Statement:

Pursuant to Section 134 (3)(c) of the Companies Act, 2013, the Directors' confirm that:

a) In the preparation of Annual Accounts, the applicable Accounting Standards have 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 reasonably and prudent so as to give 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 account of the Company for that year.

c) Proper and sufficient care has been taken for maintaining adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

d) The Annual Accounts have been prepared on a going concern basis.

e) The company has followed a proper internal financial control and that such internal financial controls are adequate and were operating effectively.

f) A system has been devised to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

6. Fixed Deposits :

The total amount of fixed deposit as at 31st March 2015 was Rs. 579.78 lacs. There are no overdue deposits except unclaimed deposits amounting to Rs. 15.78 lacs, which is included in the aforesaid total amount of Fixed Deposits. The Company had made an application under section 74(2) of the Companies Act 2013 seeking extension of time for making repayment of the dues payable by it to the Fixed Deposit Holders. The Company has received an Order dated 9th April 2015 from the Hon'ble Company Law Board, Mumbai Bench, under Section 74(2) of the Companies Act, 2013 allowing the said application by extending the date of repayment of Fixed Deposits to the date of maturity of the respective FDRs. The Company is thankful to the Fixed Deposit holders for their continued support. The Company has not accepted any fixed deposit form 1st April, 2014.

7. Extract of Annual Return :

The extract of Annual Return of the Company is annexed herewith as Annexure 1 of this Report.

8. Conservation of Energy, Technology Absorption :

The particulars relating to conservation of energy, technology absorption, foreign exchange earnings and outgo, as required to be disclosed under the Act, are provided in Annexure 2 to this Report.

9. Management Discussion and Analysis :

The details regarding management discussion and analysis is provided in Annexure 3 to this Report.

10. Corporate Governance :

As per the requirements of SEBI regarding Listing Agreement and further in reference to Circular dated September 2014 stating amendment that, "The Clause 49 of the Listing Agreement shall be applicable to all companies whose equity shares are listed on a recognized stock exchange. However, compliance with the provisions of Clause 49 Shall not be mandatory, for the time being, in respect of the followig class of companies, i.e. companies having paid up equity share capital not exceeding Rs. 10 crore and Net Worth not exceeding Rs. 25 crores, as on the last day of the previous financial year". We wish to inform that as per the amendment, the Clause 49 is not mandatory for the company but keeping in view the importance of the same, best corporate governance practices are maintained by the company. A report on Corporate Governance under the Listing Agreement, along with a certificate from the Practicing Company Secretary, confirming the compliance is provided in Annexure 4 to the Report.

11. Particulars Regarding Directors, Key Managaerial Personnel And Remuneration Paid To Dirctor And Key Managerial Personnel:

Disclosures pertaining to remuneration and other details as required under Section 197(12) of the Act read with Rules forms part of the Report. None of the employees of the Company is drawing remuneration in excess of the limits prescribed under the Act and Rules forming part thereof. The further details with regard to payment of remuneration to Director and Key Managerial Personnel are provided in Extract of Annual Return as Annexure 1 of the Report. Details regarding appointment of Directors and formation and process of different Committees are mentioned under the report on Corporate Governance.

12. Statement on Declaration Given by the Independent Directors :

Pursuant to Section 149 (4) of the Companies Act, 2013 read with the Companies (Appointment and Qualification of Directors) Rules, 2014 the Central Government has prescribed that your Company shall have minimum two Independent Directors.

Your company has following Independent Directors:

Sr. Name of the Date of appointment / Date of passing of No Independent Director reappointment Special resolution, if any

1 Mr. Y. P. Dandiwala 19/06/2014 19/06/2014

2 Mr. Moorad Fazalbhoy 19/06/2014 19/06/2014

3 Mr. Ashok Ashtekar * 19/06/2014 19/06/2014

4 Mrs Ramola Mahajani 09/02/2015 In the present Annual General Meeting.

* Mr. Ashok Ashtekar expired on 25th December 2014.

All the above Independent Directors meet the criteria of 'independence' prescribed under section 149(6) and have submitted declaration to the effect that they meet with the criteria of independence as required under section 149 (7) of the Companies Act, 2013.

13. Related Party Transactions :

The company has entered into transactions with related parties in accordance with the provisions of the Companies Act, 2013 and the particulars of the contracts or arrangements with related parties referred to in Section 188 (1), as prescribed in Form AOC-2 of the rules prescribed under Chapter IX relating to Accounts of Companies under the Companies Act, 2013 is appended as Annexure 5 of the Report. Your Directors draw attention of the members to Note 34 to the financial statements, which sets out related party disclosures.

14. Meetings of Board :

Five meetings of the Board of Directors were held during the year. Further details are provided in the report on Corporate Governance.

15. Auditors and Audit Report:

M/s V. Sankar Aiyar and Co., Chartered Accountants, Statutory Auditors of your company, retires at the ensuing Annual General Meeting and is eligible for reappointment. The Auditors have confirmed their eligibility to the effect that their re-appointment, if made, would be within the prescribed limits under the Act and that they are not disqualified for re-appointment.

Further Auditors in their report have made the following observations:

No provision has been made for the present value of the accrued Gratuity liability (net of funds lying with LIC of India) and valued actuarially by a independent actuary as at March 31, 2015 amounting to Rs. 319.33 Lacs (previous year Rs 540.53 lacs) which constitutes a departure from the Accounting Standards on Employee Benefits (AS-15) referred to in section 133 of the Act (Refer Note no.32 of financial statements). Therefore the loss for the period is under stated by Rs. 17.89 lacs (previous year Rs 73.20 lacs) and the Reserves and Surplus of the company as at March 31, 2015 are higher by Rs. 319.33 lacs (previous year Rs 540.53 lacs).

Suitable explanation has been provided by way of note 32 forming part of Financial Statement. Shareholders should consider this note as explanation as part of this report.

16. Cost Auditors :

The Board has appointed Bhavesh Marolia & Associates with reference to the Companies (Cost Records and Audit) Rules 2014, as prescribed by the Central Government in sub-sections (1) and (2) of Section 469 and Section 148 of the Companies Act, 2013 (18 of 2013).

The Company is covered under amended rules of the Companies (Cost Records and Audit) Rules, 2014, Rule 3(ii) for application of Cost records w.e.f. financial year 2014-15. We have broadly reviewed the books of account maintained by the companys pursuant to rule 5(1) of the Companies (Cost Records and Audit) Rules, 2014.

17. Secretarial Auditor:

The Board has appointed M/s. Bipin Raje and Associates as the Secretarial Auditor of the Company, according to the provisions of Section 204 of the Companies Act 2013 for conducting Secretarial Audit of the Company for the financial Year 2014-2015. The Secretarial Audit Report for the financial year ended 31st March 2015 is annexed herewith.

Further Auditors in their report have made the following observations:

a) "The Company has not complied with provisions of Section 203 of the Companies Act, 2013 read with Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014".

The Board has taken note of the same. However it expresses it's in ability to get qualified and experieced candidates given the company's size of operations. Therefore, at present, Mr. Snehal Shah, Group CFO, has been looking after the finance functions of the Company. Similarly Ms. Neha Oza has been looking after the secretarial functions of the Company.

b) "With the coming into force of the Companies Act, 2013, several regulations of the Articles of Association of the Company require alterations or deletions as they are based on the Companies Act, 1956, or contain specific reference thereto. The Company has, so far, not earned out such modifications / deletions or adoption of new set of Articles".

The Board has taken note of the observation.

18. Risk Management:

The Company has set in motion a system for management of risk associated with the orderly functioning of the Company. The Audit Committee has been mandated the accountability for integration of risk management practices into day to day activities.

19. Interna] Financial Controls :

The Company has in place adequate internal financial controls with reference to financial statements. During the year, such controls were tested and no reportable material weakness in the design or operations was observed.

20. Vigil Mechanism :

Your company believes in promoting a fair, transparent, ethical and professional work environment. The Board of Directors of the Company has established a Whistle Blower Policy under Vigil Mechanism in accordance with the provisions of the Companies Act, 2013 and the Listing Agreement for reporting the genuine concerns or grievances or concerns of actual or suspected fraud or violation of the Company's Code of Conduct.

21. Disclosure under the Sexual Harassment of Women at Workplace (Prevention, Prohibition And Redressal) Act, 2013

No case of sexual harassment was reported during the year.

22. Particulars of Loans Given, Investments Made, Guarantees Given And Securities Provided :

Particulars of loans given, Investments made and Guarantees given and Securities provided are given in the financial statements and notes to accounts.

Your Director take this opportunity to place on record their sincere appreciation for the timely assistance and cooperation extended by Financial Institutions, Company's Bankers and various Government Agencies / Bodies and look forward to receive their continued support. Your Directors also wish to place on record their appreciation for the cooperation extended / services rendered by the workmen, staff, executives, dealers, customers and all others concerned. Your Directors also express thanks to the shareholders for their support to and confidence reposed in the Company.

For The Ravalgaon Sugar Farm Ltd.

H. B. Doshi Chairman & Managing Director 28th May 2015

Registered Office:

Ravalgaon - 423108, Taluka Malegaon, District - Nashik, Maharashtra, India CIN: L01110MH1933PLC001930


Mar 31, 2014

To, The Members of THE RAVALGAON SUGAR FARM LTD.

The Directors present the 79th Annual Report together with the Audited Accounts of the Company for the period of 18 months ended 31st March 2014.

18 months ended 18 months ended 31st March 2014 30th Sept. 2012 FINANCIAL RESULTS: (Rs. In Lacs) (Rs. In Lacs)

Net Profit / (Loss) after providing for (1538.42) (844.65)

i) Depreciation 311.86 338.40

ii) Prior Period Items - -

iii) Provision for Taxation (including Deferred Tax) 14.24 (37.61)

Add: Surplus brought forward 251.22 1099.84

Amount available for appropriation (1287.20) 255.19

Appropriation: -

Proposed Dividend - 3.40

Tax on Proposed Dividend - 0.55

Transfer to General Reserve - -

Balance carried to Balance Sheet (1287.20) 251.24

DIVIDEND:

Your Directors do not recommend any dividend on the equity shares for the period ended 31st March 2014.

OPERATIONS:

SUGAR:

The following table gives the comparative figures of sugarcane crushed, sugar bags produced and the rate of recovery for the period of 18 months under review and previous financial year.

Current Previous Period Period

Surgarcane crushed in MT 132363 182195

Sugar MTs 12019 19508

Recovery 9.18% 10.70%

Due to commercial reasons the company did not run the mill for the sugar season 2013-14 as the same would have had more adverse effect on the financial position of the company. However, in order to be able to run subsequent seasons without any constraints, the company had to maintain the infrastructure, which has added to losses for the period.

CANDY SUGAR:

The unhealthy competition from unorganized sector poses problems for candy sugar business. The company is taking steps to use the candy plant for production of high-grade sugar. Production for candy sugar and Bura was nil during the period.

CONFECTIONERY:

Production of confectionery was 2940 MT during the period under review as compared to 2708 MT during the previous year. The Company concentrated on brands such as Pan Pasand, Mango Mood, Coffee Break, etc.

POLLUTION AND ENVIRONMENT AND SAFETY:

Various equipments are installed as an anti-pollution measure for the protection of environment at your factory. The norms prescribed by the Government are also adhered to. Necessary industrial safety measures have also been taken at your factory, which has resulted in better protection of workers and no major acccident has taken place in the factory.

FIXED DEPOSITS:

The total amount of fixed deposit as at 31st March 2014 was Rs.579.78 lacs. There are no overdue deposits except unclaimed deposits amounting to Rs.11.40 lacs as on 31st March 2014 which is included in the aforesaid total amount of Fixed Deposits.

DIRECTORS'' RESPONSIBILTY STATEMENT:

Pursuant to Section 217 (2AA) of the Companies Act, 1956, the Directors'' confirm that

a) In the preparation of Annual Accounts, the applicable Accounting Standards have been followed with explanatory notes relating to material departures.

b) Appropriate accounting policies have been selected and applied consistently and judgements and estimates that are made are reasonable and prudent so as to give true and fair view of the state of affairs of the Company at the end of the period and of the profit and loss account of the Company for that period.

c) Proper and sufficient care has been taken for maintaining 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.

d) The Annual Accounts have been prepared on a going concern basis.

CORPORATE GOVERNANCE AND MANAGEMENT DISCUSSION & ANALYSIS:

Pursuant to clause 49 of the Listing Agreement with the Stock Exchange, a "Management Discussion & Analysis" and a report on "Corporate Governance" are given as Annexure '' A'' and ''B'' respectively to the report.

SECRETARIAL COMPLIANCE CERTIFICATE:

A Secretarial Compliance Certificate pursuant to Section 383A of the Companies Act, 1956 is annexed herewith as Annexure "C"

AUDITORS'' REPORT:

Auditors in their report have made observations in respect of non-provision for the present value of accrued gratuity liability. Suitable explanation have been provided by way of note 32 forming part of Financial Statement. Directors should consider this note as explanation as part of their report.

PARTICULARS REGARDING EMPLOYEES:

The information required under Section 217 (2A) of the Companies Act, 1956 read with Companies (Particulars of Employees) Rule 1975, as amended, forms part of this Report. However, as per the provisions of Section 219(1) (b)(iv) of the Companies Act, 1956, the Report and Accounts are being circulated to all the shareholders excluding the aforesaid information. Shareholders, interested in obtaining this information, may write to the Company at it''s Registered Office.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING AND OUTGO:

Statement giving particulars regarding Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo as required under Companies (Disclosure of Particulars in Report of Board of Directors) Rules, 1988 is annexed to and forms part of this Report, as per Annexure-''D''.

DIRECTORS:

1. Mr. M. B. Bhide, Director, had resigned on 6th May 2013 expressing his inability to continue as a Director due to health reasons. His resignation was accepted by the Board in its meeting held on 14th May 2013.

2. In accordance with the provision of Section 149(7) of the Companies Act, 2013, three independent directors viz. Mr. Y. P. Dandiwala, Mr. Moorad Fazalbhoy and Mr. Ashok Ashtekar, who have given their declaration of independance under section 149(7) of the Companies Act, 2013, have been recommended by the Nomination Committee of the Board of Directors in its meeting held on 30th April 2014 for re-appointment for a period of five consecutive years from the date of the ensuing Annual General Meeting.

AUDITORS:

You are requested to appoint Auditors for a period of five years from the conclusion of the ensuing Annual General Meeting until the conclusion of the sixth Annual General Meeting and authorise the Board to fix their remuneration. The retiring Auditors. M/s V. Sankar Aiyar & Co, being eligible, offer themselves for re-appointment.

ACKNOWLEDGEMENTS:

Your Directors take this opportunity to place on record their sincere appreciation for the timely assistance and cooperation extended by Financial Institutions, Company''s Bankers and various Government Agencies / Bodies and look forward to receive their continued support.

Your Directors also wish to place on record their appreciation for the co-operation extended / services rendered by the workmen, staff, executives, dealers, customers and all others concerned.

Your Directors also express thanks to the shareholders for their support to and confidence reposed in the Company.

For THE RAVALGAON SUGAR FARM LTD.

H. B. Doshi

Chairman & Managing Director

Registered Office : Ravalgaon - 423108,

Taluka Malegaon, Dist. Nasik, Maharashtra.

Dated : 30th April 2014


Sep 30, 2012

To, The Members of THE RAVALGAON SUGAR FARM LTD.

The Directors present the 78th Annual Report together with the Audited Accounts of the Company for the period of 18 months ended 30th September 2012.

18 months ended Year Ended 30th Sept. 2012 31 st March 2011 FINANCIAL RESULTS: (Rs. In Lacs) (Rs. In Lacs)

Net Profit / (Loss) after providing for (844.65) 3.33

i) Depreciation 338.39 225.56

ii) Prior Period Items - 0.23

iii) Provision for Taxation (including Deferred Tax) (37.61) 8.14

Add: Surplus brought forward 1099.84 1156.78

Amount available for appropriation 255.19 1106.11

Appropriation:-

Proposed Dividend 3.40 51.00

Tax on Proposed Dividend 0.55 8.27

Transfer to General Reserve - 1.00

Balance carried to Balance Sheet 251.24 1099.84



DIVIDEND:

Your Directors have recomended Dividend of 10% (Rs. 5/- per equity share on 68,000 equity shares of 50/- each) for the period of 18 months ended 30th September 2012. The dividend, if declared at AGM, will be paid to those shareholders whose names appear in the Register of Members of the Company on 20th December 2012 or on the Register of Beneficial Owners maintained by the Deposito- ries as per the details furnished by National Securities Depository Ltd. and Central Depository Services (India) Ltd. for the purpose of payment of dividend.

OPERATIONS: SUGAR:

The following table gives the comparative figures of sugarcane crushed, sugar bags produced and the rate of recovery for the period of 18 months under review and previous financial year.



Current Previous Period Year

Surgarcane crushed in MT 182195 149938

Sugar MTs 19508 15557

Recovery 10.70% 10.47%



Late monsoon reduced the availability of sugarcane for the season 2011 -12. this resulted in low area under Sugarcane plus low yields per acre.

CANDY SUGAR

The unhealthy competition from unorganized sector poses problems for candy sugar business. The company is taking steps to use the candy plant for production of high-grade sugar, Production for candy sugar and Bura was nil during the period.

CONFECTIONERY:

Production of confectionery was 2708 MT during the period under review as compared to 2569 MT during the previous year. The Company concentrated on brands such as Pan Pasand, Mango Mood, Coffee Break, etc.

POLLUTION AND ENVIRONMENT AND SAFETY:

Various equipments are installed as an anti-pollution measure for the protection of environment at your factory. The norms prescribed by the Government are also adhered to. Necessary industrial safety measures have also been taken at your factory, which has resulted in better protection of workers and no major acccident has taken place in the factory.

FIXED DEPOSITS:

The total amount of fixed deposit as at 30th September 2012 was 488.79 lacs. There are no overdue deposits except unclaimed deposits amounting to Rs.6.77 Lacs as on 30th September 2012.

DIRECTORS' RESPONSIBILTY STATEMENT:

Pursuant to Section 217 (2AA) of the Companies Act, 1956. the Director confirm that,

a) In the preparation of Annual Accounts, the applicable Accounting Standards have been followed with explanatory notes relating to material departures.

b) Appropriate accounting policies have been selected and applied consistently and judgements and estimates that are made are reasonable and prudent so as to give true and fair view of the state of affairs of the Company at the end of the period and of the profit and loss account of the Company for that period.

c) Proper and sufficient care has been taken for maintaining 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.

d) The Annual Accounts have been prepared on a going concern basis.

CORPORATE GOVERNANCE AND MANAGEMENT DISCUSSION & ANALYSIS:

Persuant to clause 49 of the Listing Agreement with the Stock Exchange, a "Management Discussion & Analysis" and a report on "Corporate Goverance" are given as Annexure 'A' and 'B' respectively to the report. A certificate from the Statutory Auditors of Company regarding compliances of conditions of Corporate Goverance is also annexed thereto.

SECRETARIAL COMPLIANCE CERTIFICATE:

A Secretarial Compliance Certificate pursuant to Section 383 A of the Companies Act, 1956 is annexed herewith as Annexure "C"

AUDITORS'REPORT:

Auditors in their report have made observations in respect of non-provision for the present value of accrued gratuity liability. Suitable explanation have been provided by way of note 32 forming part of Financial Statement. This note should be considered as explanation by Directors as part of their report.

PARTICULARS REGARDING EMPLOYEES:

The information required under Section 217 (2 A) of the Companies Act, 1956 read with Companies (Particulars of Employees) Rule 1975, as amended, forms part of this Report. However, as per the provisions of Section 219(1) (b)(iv) of the Companies Act, 1956, the Report and Accounts are being circulated to all the shareholders excluding the aforesaid information. Shareholders, interested in obtaining this information, may write to the Company at it's Registered Office.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING AND OUTGO:

Statement giving particulars regarding Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and outgo as required under Companies (Disclosure of Particulars in Report of Board of Directors) Rules, 1988 is annexed to and forms part of this Report, as per Annexure-'D'.

DIRECTORS:

Mr. M. B. Bhide, director retires by rotation under Article 152 of Articles of Association and being eligible offers himself for re- appointment.

AUDITORS:

You are requested to appoint Auditors for Current financial year 2012-13 and authorise the Board to fix their remuneration. The retiring Auditors. M/s V. Sankar Aiyar & Co, being eligible, offer themselves for re-appointment.

ACKNOWLEDGEMENTS:

Your Directors take this opportunity to place on record their sincere appreciation for the timely assistance and cooperation extended by Financial Institutions, Company's Bankers and various Government Agencies / Bodies and look forward to receive their continuous support.

Your Directors also wish to place on record their appreciation for the co-operation extended / services rendered by the workmen, staff, executives, dealers, customers and all others concerned.

Your Directors also express thanks to the shareholders for their support to and confidence reposed in the Company.



For THE RAVALGAON SUGSR FARM LTD.



HARSHAVARDHAN B. DOSHI Chairman & Managing Director



Registered Office: Ravalgaon - 423 108, Taluka Malegaon, Dist. Nasik, Maharashtra,



Dated : 7th November 2012


Mar 31, 2011

The Members of

THE RAVALGAON SUGAR FARM LTD.

The Directors present the 77th Annual Report together with the Audited Accounts of the Company for the financial year ended 31st March 2011

Year Ended Year Ended 31st March 2011 31st March 2010 FINANCIAL RESULTS: (Rs. in Lacs) (Rs. in Lacs)

Net Profit /(Loss) after providing for 3.33 614.74

i) Depreciation 225.56 225.16

ii) Prior Period Items 0.23 0.53

iii) Provision for Taxation (including Deferred Tax) 8.14 269.28

Add: Surplus brought forward 1156.78 663.51

Amount available for appropriation 1160.11 1278.25

Appropriations:

Proposed Dividend 51.00 51.00

Tax on Proposed Dividend 8.27 8.47

Transfer to General Reserve 1.00 62.00

Balance carried to Balance Sheet 1099.84 1156.78

DIVIDEND:

Your Directors have recommeded Dividend of 150% (Rs. 75/- per equity share on 68,000 equity shares of Rs 50/- each) for the year ended 31st March 2011. The dividend, if declared at AGM, will be paid to those shareholders whose names appear in the Register of Members of the Company on 29th September 2011 or on the Register of Beneficial Owners maintained by the Depositories as per the details furnished by National Securities Depository Ltd. and Central Depository Services (India) Ltd. for the purpose of payment of dividend.

OPERATIONS:

SUGAR:

The following table gives the comparative figures of sugarcane crushed, sugar bags produced and the rate of recovery for the financial year under review and previous financial year.

Current Previous Year Year

Sugarcane crushed in MT 149938 28416

Sugar MTs 15557 2425

Recovery 10.47% 8.53%

Late monsoon reduced the availability of sugarcane for the season 2010-11. This resulted in low area under Sugar cane plus low yields per acre.

CANDY SUGAR:

The unhealthy competition from unorganized sector poses problems for candy sugar business. The company is taking steps to use the candy plant for production of high-grade sugar. Production of Candy sugar and Bura was Nil during the financial year.

CONFECTIONERY:

Production of confectionery was 2569 MT during the financial year under review as compared to 3219. MT during the previous year. The Company concentrated on brands such as Pan Pasand, Mango Mood, Coffee Break, etc.

POLLUTION, ENVIRONMENT AND SAFETY:

Various equipments are installed as an anti-pollution measure for the protection of environment at your factory. The norms prescribed by the Government are also adhered to. Necessary industrial safety measures have also been taken at your factory, which has resulted in better protection of workers and no major accident has taken place in the factory.

FIXED DEPOSITS:

The total amount of Fixed Deposits as at 31st March 2011 was Rs 530.17 Lacs. There are no overdue deposits except unclaimed deposits amounting to Rs.10.80 Lacs as on 31st March 2011 out of which, deposits amounting to Rs. 2.90 Lacs have since been repaid / renewed..

DIRECTORS' RESPONSIBILITY STATEMENT:

Pursuant to Section 217 (2AA) of the Companies Act, 1956, the Directors confirm that,

a) In the preparation of the Annual Accounts, the applicable Accounting Standards have been followed with explanatory notes relating to material departures.

b) Appropriate accounting policies have been selected and applied consistently and judgements and estimates that are made are reasonable and prudent so as to give 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 account of the Company for that period.

c) Proper and sufficient care has been taken for maintaining 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.

d) The Annual Accounts have been prepared on a going concern basis.

CORPORATE GOVERNANCE AND MANAGEMENT DISCUSSION & ANALYSIS:

Pursuant to clause 49 of the Listing Agreement with the Stock Exchange, a "Management Discussion and Analysis" and a report on "Corporate Governance" are given as Annexure 'A' and 'B' respectively to the report. A certificate from the Statutory Auditors of the Company regarding compliances of conditions of Corporate Governance is also annexed thereto.

SECRETARIAL COMPLIANCE CERTIFICATE:

A Secretarial Compliance Certificate pursuant to Section 383A of the Companies Act, 1956 is annexed herewith as Annexure "C".

AUDITORS' REPORT:

Auditors in their report have made observations in respect of non-provision for the present value of accrued gratuity liability and non-provision of Excise Duty on closing stock of finished goods. Suitable explanations have been provided by way of notes 10 and 7 respectively in Schedule N (B) forming part of the Accounts. These notes should be considered as explanation by Directors as part of their report.

PARTICULARS REGARDING EMPLOYEES:

The information required under Section 217 (2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules 1975, as amended, forms part of this Report. However, as per the provisions of Section 219(1) (b) (iv) of the Companies Act, 1956, the Report and Accounts are being circulated to all the shareholders excluding the aforesaid information. Shareholders, interested in obtaining this information, may write to the Company at it's Registered Office.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO:

Statement giving particulars regarding Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and outgo as required under Companies (Disclosure of Particulars in Report of Board of Directors) Rules, 1988 is annexed to and forms part of this Report, as per Annexure - 'D'.

DIRECTORS:

Mr. Y.P. Dandiwala, director retires by rotation under Article 152 of Articles of Association and being eligible offers himself for re-appointment.

AUDITORS:

You are requested to appoint Auditors for the current financial year 2011-12 and authorise the Board to fix their remuneration. The retiring Auditors, M/s. V. Sankar Aiyar & Co, being eligible, offer themselves for re-appointment.

ACKNOWLEDGEMENTS:

Your Directors take this opportunity to place on record their sincere appreciation for the timely assistance and cooperation extended by Financial Institutions, Company's Bankers and various Government Agencies / Bodies and look forward to receive their continuous support.

Your Directors also wish to place on record their appreciation for the co-operation extended / services rendered by the workmen, staff, executives, dealers, customers and all others concerned.

Your Directors also express thanks to the shareholders for their support to and confidence reposed in the Company.

For THE RAVALGAON SUGAR FARM LTD.

HARSHAVARDHAN B. DOSHI Chairman & Managing Director

Registered Office: Ravalgaon - 423 108 Taluka Malegaon, District Nasik, Maharashtra.

Dated :25th July 2011


Mar 31, 2010

The Directors have pleasure in presenting the 76th Annual Report together with the Audited Accounts of the Company for the financial year ended 31 st March 2010

FINANCIAL RESULTS: (Rs. in Lacs)

Year Ended Year Ended

31st March 2010 31st March 2009

Net Profit/Loss (-) after providing for 614.74 693.18

(a) Depreciation 225.16 213.29

(b) Prior Period Items 0.53 201.08

(c) Provision for Taxation (including Deferred Tax) 269.28 284.11

Add: Surplus brought forward 663.51 100.00

Amount available for appropriation 1,278.25 793.18 Appropriations:

Proposed Dividend 51.00 51.00

Tax on Proposed Dividend 8.47 8.67

Transfer to General Reserve 62.00 70.00

Balance carried to Balance Sheet 1,156.78 663.51

DIVIDEND :-

Your Directors have recommeded Dividend of Rs.75/- for each Equity Share on 68,000 equity shares of Rs

50/- each for the financial year ended 31 st March 2010

OPERATIONS:- SUGAR

The following table gives the comparative figures of sugarcane crushed, sugar bags produced and the rate of recovery for the financial year under review and previous financial year.

Current Year Previous Year

Sugarcane crushed in MT 28,416 46,754

Sugar Bags (Nos.) 24,250 44,250

Recovery 8.53% 9.46%

Good monsoon in plantation areas improved the availability of sugarcane for the season 2009-10. The encouraging monsoon season and resulting increase in plantation areas is expected to improve further and thus increase the availability of sugar cane for the season 2010-2011. However the cost of sugarcane vis-d-vis sugar prices continues to be a matter of concern.

CANDY SUGAR:

The unhealthy competition from unorganized sector poses problems for the candy sugar business. The company is taking steps to use the candy plant for production of high-grade sugar as in the past. Production of Candy sugar and Bura was Nil during the financial year.

CONFECTIONERY:

Production of confectionery was 3,219 MT during the financial year under review as compared to 3,242 MT during the previous year. The Company concentrated on brands such as Pan Pasand, Mango Mood, Coffee Break etc. These brands along with other traditional brands are receiving good response.

POLLUTION, ENVIRONMENT AND SAFETY:

Various equipments are installed as an anti-pollution measure for the protection of environment at your factory. The norms prescribed by the Government are strictly adhered to. Necessary industrial safety measures have also been taken wherever necessary at your factory, which has resulted in better protection of workers. During the year under review, no major accident has taken place in the factory.

FIXED DEPOSITS:

The total amount of Fixed Deposits as at 31 st March 2010 was Rs.615.25 Lacs. There are no overdue deposits except unclaimed deposits amounting to Rs.6.31 Lacs as on 31 st March 2010, of which deposits amounting to Rs.1.35 Lacs have since been repaid / renewed.

DIRECTORS RESPONSIBILITY STATEMENT:

Pursuant to Section 217 (2AA) of the Companies Act, 1956, the Directors confirm that,

I.) In the preparation of the Annual Accounts, the applicable Accounting Standards have been followed with explanatory notes relating to material departures.

II.) Appropriate accounting policies have been selected and applied consistently and judgments and estimates that are made are reasonable and prudent so as to give 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 account of the Company for that period.

III.) Proper and sufficient care has been taken for maintaining 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.

IV.) The Annual Accounts have been prepared on a going concern basis.

CORPORATE GOVERNANCE AND MANAGEMENT DISCUSSION & ANALYSIS:

Pursuant to clause 49 of the Listing Agreement with the Stock Exchange, a "Management Discussion and Analysis" and a report on "Corporate Governance "are given as annexure A and B respectively to the report. A certificate from the Statutory Auditors of the Company regarding compliance with conditions of Corporate Governance is also annexed thereto.

SECRETARIAL COMPLIANCE CERTIFICATE:

A Secretarial Compliance Certificate pursuant to Section 383A of the Companies Act, 1956 is annexed herewith as Annexure C.

AUDITORSREPORT:

Auditors in their report have made observations in respect of non-provision for the present value of accrued gratuity liability, and non-provision of Excise Duty on closing stock of finished goods. Suitable explanation has been provided by way of note 7 and 10 respectively in Schedule N (B) forming part of the Accounts. These notes are considered as explanation by Directors as part of their report.

PARTICULARS REGARDING EMPLOYEES:

The information required under Section 217 (2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules 1975, as amended, forms part of this Report. However, as per the provisions of Section 219(1) (b) (iv) of the Companies Act, 1956, the Report and Accounts are being circulated to all the shareholders excluding the aforesaid information. Shareholders, interested in obtaining this information, may write to the Company at its Registered Office.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO:

Statement giving particulars regarding Conservation of Energy, Technology Absorption and Foreign Exchange Earning and outgo as required under Companies (Disclosure of Particulars in Report of Board of Directors) Rules, 1988 is annexed to and forms part of this Report, as per Annexure D.

DIRECTORS:

Mr. Moorad Fazalbhoy retires by rotation under Article 152 of Articles of Association and being eligible offers himself for re-appointment.

Mr. Ashok Ashtekar retires by rotation under Article 152 of Articles of Association and being eligible offers himself for re-appointment. The Company has received requisite notice in writting from a member proposing his candidature for the office of Director liable to retire by rotation.

AUDITORS:

You are requested to appoint Auditors for the current financial year 2010-11 and authorize the Board of Directors to fix their remuneration. The retiring Auditors, M/s.V.SankarAiyar&Co., being eligible, offer themselves for re- appointment.

ACKNOWLEDGEMENTS:

Your Directors take this opportunity to place on record their sincere appreciation for the timely assistance and cooperation extended by Financial Institutions, Companys Bankers and various Government Agencies / Bodies and look forward to receiving their continued support.

Your Directors also wish to place on record their appreciation for the co-operation extended/ services rendered by the workmen, staff, executives, dealers, customers and all others concerned.

Your Directors also express thanks to the shareholders for their support and the confidence placed in the Company.

For THE RAVALGAON SUGAR FARM LTD.



H. B. DOSHI

Chairman & Managing Director

Registered Office :

Ravalgaon -423108TalukaMalegaon,

District Nasik, Maharashtra.

Dated :27th July 2010



 
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