Mar 31, 2014
Dear Members,
The Directors have pleasure in presenting the 30th Annual Report of
your Company together with the Audited Annual Accounts for the
financial year ended 31st March, 2014.
Review of Performance
The Financial Results of the Company of the year ended 31st March 2014
is summarized below:
(Amount in Rs. Lacs)
Particulars Financial Year Ended
31st March,2014 31stMarch, 2013
Sales and other income 6503.92 6439.58
Profit/ loss (before dep. &
tax) 280.9 295.08
Depreciation 132.27 153.49
Profit before tax 148.67 141.59
Less: Provision tax 57.00 53.05
Add/(Less): Provision of
Tax for earlier years - -
Add/(Less): Deferred Tax
Liability(Net) 7.23 08.79
Profit after tax 98.90 97.33
Prior Period Adjustment - 00.30
Net Profit 98.90 97.63
Year in Retrospect
The Sales turnover for the year under review was Rs. 6503.92 lacs as
compared to Rs.6439.58 Lacs for the previous year. The Company was able
to earn a profit after tax for the year under review is Rs. 98.90 Lacs
as against a profit of Rs. 97.63 lacs for the previous year.
The detailed Management Discussion & Analysis Report is attached hereto
with the Director''s Report and should be read as part of this
Director''s Report.
Material Changes etc.
Save as mentioned elsewhere in this Report, no material changes and
commitments affecting the financial position of the Company has
occurred between the end of the financial year of the Company 31st
March, 2014 and the date of this Report.
Dividend
The Board of Directors of your Company has decided to retain and plough
back the profits into the business of the Company, thus no dividend is
being recommended for this year.
Corporate Governance
A Report on Corporate Governance is attached as a part of this
Directors Report along with the Auditors'' Certificate on compliance of
Clause 49 of the Listing Agreement.
Public Deposits
During the year under report, your Company did not accept any deposits
from the public in terms of the provisions of section 73 of the
Companies Act, 2013.
Conservation of Energy, Technology Absorption, Foreign Exchange
Earnings and Outgo
a. Conservation of Energy: The Company is continuously making sincere
efforts towards conservation of energy. Information as required under
Section 134(3)(m) of the Companies Act, 2013, read with the Companies
(Disclosure of Particulars in the Report of Board of Directors) Rules,
1988 is given in Annexure A, forming part of this report.
b. Technology Absorption: The Company is taking care of latest
developments and advancements in technology and all steps are being
taken to adopt the same.
c. Foreign Exchange Earnings and Outgo:
(Amount in Rs. Lacs)
2013-2014 2012- 2013
Total Foreign Exchange Inflow 534.76 136.77
Total Foreign Exchange outflow .52 0.329
Particulars of Employees
During the financial year under review, none of the Company''s employees
was in receipt of remuneration as prescribed under section 134(5) of
the Companies Act, 2013, read with the Companies (Particulars of
Employees) Rules, 1975, and hence no particulars are required to be
disclosed in this Report.
Directors
After the last Annual General Meeting, Mr. Vikash Kumar Megotia and Mr.
Anuj Kumar Singh (w.e.f 29th March, 2014 and 23rd June, 2014 ) was
appointed as an Additional Director of the Company.
The appointment of above Additional Director as Director of the company
is placed before the members for consideration.
However, due to some preoccupation, Mr. Manish Kumar Megotia, Mr.
Vikash Kumar Megotia and Ms. Priya Rungta had resigned from the
Directorship of the Company on 2nd April, 2013, 2nd April, 2013 and
20th July, 2013 respectively.
Mr. Manish Kumar Megotia and Mr. Vikash Kumar Megotia was again
appointed as an Additional Director of the Company by the Board of
Directors of the company at their meeting duly held on 2nd August,
2013.
However, due to some preoccupation, Mr. Vikash Kumar Megotia had again
resigned from the directorship of the Company as on 20th February, 2014
and again appointed as an Additional Director of the Company with
effect from 29th March, 2014.
In accordance with the provisions of the Companies Act, 2013 and
Articles of Association of the Company, Mr. M. P. Kaushik, Mr. Devanand
Mishra are liable to retire by rotation and being eligible offer
themselves for re-appointment. Board recommends their re-appointment.
Auditors
M/s Andros & Co., Chartered Accountants, Statutory Auditors of the
Company hold office until the conclusion of the ensuing Annual General
Meeting and being eligible offer themselves for re-appointment. A
certificate under proviso(2) of section 139 of the Companies Act, 2013,
regarding their eligibility for the proposed re-appointment, has been
obtained from them. Your Directors recommend their re-appointment.
Directors'' Responsibility Statement
In terms of the provisions of section 134(5) of the Companies Act,
2013, and to the best of their knowledge and belief and according to
the information and explanations obtained by them and save as mentioned
elsewhere in this Report, The attached Annual Accounts and the
Auditors'' Report thereon, your Directors confirm that:
a. in preparation of the annual accounts, the applicable accounting
standards have been followed;
b. the Directors have selected such accounting policies and applied
them consistently and made judgments and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs
of the Company as at 31st March, 2014 and of the profit of the Company
for the year ended on that date;
c. the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities; and
d. The Directors have prepared the Annual Accounts on a going concern
basis.
Stock Exchange Listing
The shares of the Company are listed on the Bombay Stock Exchange,
Calcutta Stock Exchange and Delhi Stock Exchange.
The Company has already made an application for de-listing its equity
shares from Delhi Stock Exchange and Calcutta Stock Exchange.
Acknowledgement
Your Directors take this opportunity to place on record their sincere
appreciation for the co-operation and assistance the Company has
received from Banks and various Government Departments. The Board also
places on record its appreciation of the devoted services of the
employees, support and co-operation extended by the valued business
associates and the continuous patronage of the customers of the
Company.
For and on Behalf of the Board
For Rungta Irrigation Ltd.
Date: 16th July, 2014 sdI-
Place: New Delhi (M. P. RUNGTA)
Chairman Cum Managing Director
Mar 31, 2013
Dear Members
The Directors have pleasure in presenting the Twenty Ninth Annual
Report of your Company together with the Audited Annual Accounts for
the financial year ended 31st March, 2013.
Review of Performance
The Financial Results of the Company of the year ended 31" March 2013
are summarized below:
(Amount in Rs. Lacs)
Financial Year Ended
Particulars 31st March, 2013 31* March,2012
Sales and other Income 6439.58 8223.12
Protit / Loss
(before Pep. & Tax) 295.08 318.89
Depreciation 153.49 157.88
Profit before Tax 141.59 161.01
Less : Provision for Tax 53.05 55.40
Add / (Less): Provision of
Tax For Earlier Years - -
Add / (Less): Deferred
Tax Liability (Net) 08.79 04.64
Profit After Tax 97.33 110.25
Prior Period Adjustment 00.30 00.79
Net Profit 97.63 111.04
Year In Retrospect
The Sales turnover for the year under review was Rs. 6439.58 lacs as
compared to Rs. 8223.12 lacs for the previous year. The Company was
able to earn a profit after tax for the year under review is Rs. 97.63
lacs as against a profit of Rs. 111.04 lacs for the previous year.
The detailed Management Discussion & Analysis Report is attached hereto
with the Director''s Report and should be read as part of this
Director''s Report.
Material Changes etc.
Save as mentioned elsewhere in this Report, no material changes and
commitments affecting the financial position of the Company has
occurred between the end of the financial year of the Company 31"
March, 2013 and the date of this Report.
Dividend
The Board of Directors of your Company has decided to retain and plough
back the profits into the business of the Company, thus no dividend is
being recommended for this year.
Corporate Governance
A Report on Corporate Governance is attached as a part of this
Directors Report along with the
Auditors'' Certificate on compliance of Clause 49 of the Listing
Agreement.
Public Deposits
During the year under report, your Company did not accept any deposits
from the public in terms of the provisions of section 58Aof the
Companies Act, 1956.
Conservation of Energy, Technology Absorption, Foreign Exchange
Earnings and Outgo
a. Conservation of Energy: The Company is continuously making sincere
efforts towards conservation of energy. Information as required under
Section 217(1)(e) of the Companies Act, 1956, read with the Companies
(Disclosure of Particulars in the Report of Board of Directors) Rules,
1988 is given in Annexure A, forming part of this report.
b. Technology Absorption: The Company is taking care of latest
developments and advancements in technology and all steps are being
taken to adopt the same.
Particulars of Employees
During the financial year under review, none of the Company''s employees
was in receipt of remuneration as prescribed under section 217(2A) of
the Companies Act, 1956, read with the Companies (Particulars of
Employees) Rules, 1975, and hence no particulars are required to be
disclosed in this Report.
Directors
After the last Annual General Meeting Mr. Aditya Ishwardas Rasiwasia
(w.ef 2nd April 2013) and Mr. Samrat Jain(w.e.f 20th July 2013 was
appointed as an Additional Director. However, due to some
preoccupation, Mr.Manish Kumar Megotia, Mr. Vikash Kumar Megotia who
had resigned from the Directorship of the Company with effect from 2nd
April 2013 respectively were reappointed as Additional Director by the
Board on 2nd August 2013.
The appointment of above Additional Director as Director of the Company
is placed before the members for consideration.
However ,due to some preoccupation, Ms. Priya Rungta had resigned from
the Directorship of the Company with effect from 20*'' July 2013
respectively.
Mr. N. Krishnamurthy, Joint Managing Director and Mr. Tarun Kumar
Megotia, Executive Director was reappointed as Joint Managing Director
and Executive Director respectively in Board Meeting held on 3rd August
2013, whereas Ms. Shruti Rungta was appointed as Executive Director in
Board Meeting held on 3rd August 2013 subject to approval of
shareholders in ensuing Annual General Meeting..
In accordance with the provisions of the Companies Act, 1956 and
Articles of Association of the Company, Mr. S.K. Poddar and Mr. Prakash
Kumar Megotia are liable to retire by rotation and being eligible offer
themselves for re-appointment. Board recommends their re-appointment.
Auditors
M/s Andros & Co., Chartered Accountants, Statutory Auditors of the
Company hold office until the conclusion of the ensuing Annual General
Meeting and being eligible offer themselves for re- appointment. A
certificate under section 224(1 B) of the Companies Act, 1956,
regarding their eligibility for the proposed re-appointment, has been
obtained from them. Your Directors recommend their re-appointment.
Auditors'' Report
Information and Explanation on remarks on the Auditors Report
1. Regarding Non redemption of Cumulative Redeemable Preference Shares
subscribed by IDBI Bank Ltd., Now the issue with IDBI Bank Ltd. has
been resolved under one time settlement scheme. Company has paid all
dues in this respect and has not defaulted in repayment of dues in
respect of any Bank or Financial Institutions.
Director''s Responsibility Statement
In terms of the provisions of section 217(2AA) of the Companies Act,
1956, and to the best of their knowledge and belief and according to
the information and explanations obtained by them and save as mentioned
elsewhere in this Report, the attached Annual Accounts and the
Auditors'' Report thereon, your Directors confirm that:
a. in preparation of the annual accounts, the applicable accounting
standards have been followed;
b. the Directors have selected such accounting policies and applied
them consistently and made judgments and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs
of the Company as at 3151 March, 2013 and of the profit of the Company
for the year ended on that date;
c. the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities; and
d. the Directors have prepared the Annual Accounts on a going concern
basis.
Acknowledgement ¦
Your Directors take this opportunity to place on record their sincere
appreciation for the co operation and assistance the Company has
received from Banks and various Government Departments. The Board also
places on record its appreciation of the devoted services of the
employees, support and co-operation extended by the valued business
associates and the continuous patronage of the customers of the
Company.
For and on Behalf of the Board
For Rungta Irrigation Ltd.
Sd/-
Date: 9th August.2013 (M.P. RUNGTA)
Place: New Delhi Chairman Cum Managing Director
Mar 31, 2012
Dear Members
The Directors have pleasure in presenting the Twenty Eighth Annual
Report of your Company together with the Audited Annual Accounts for
the financial year ended 31st March, 2012.
Review of Performance
The Financial Results of the Company of the year ended 31st March 2012
are summarized below:
(Amount in Rs. Lacs)
Particulars Financial Year ended
31st March, 2012 31st March, 2011
Sales and other income 8223.12 6171.13
Profit/loss (before dep. & tax) 318.89 334.76
Depreciation 157.88 125.14
Profit before tax 161.01 209.62
Less: Provision for tax 55.40 58.61
Add/(Less): Provision of Tax for
earlier years - 17.03
Add/(Less): Deferred Tax Liability(Net) 4.64 (8.57)
Profit after tax 110.25 159.47
Prior Period Adjustment 0.79 1.66
Net Profit 111.04 161.13
Year in Retrospect
The Sales turnover for the year under review was Rs. 8223.12 lacs as
compared to Rs. 6171.13 lacs for the previous year. The Company was
able to earn a profit after tax for the year under review is Rs. 111.04
lacs as against a profit of Rs.161.13 lacs for the previous year.
The detailed Management Discussion & Analysis Report is attached hereto
with the Director''s Report and should be read as part of this
Director''s Report.
Material Changes etc.
Save as mentioned else where in this Report, no material changes and
commitments affecting the financial position of the Company has
occurred between the end of the financial year of the Company 31st
March, 2012 and the date of this Report.
Dividend
The Board of Directors of your Company has decided to retain and plough
back the profits into the business of the Company, thus no dividend is
being recommended for this year.
Corporate Governance
A Report on Corporate Governance is attached as a part of this
Directors Report along with the Auditors'' Certificate on compliance
of Clause 49 of the Listing Agreement.
Public Deposits
During the year under report, your Company did not accept any deposits
from the public in terms of the provisions of section 58A of the
Companies Act, 1956.
Conservation of Energy, Technology Absorption, Foreign Exchange
Earnings and Outgo
a. Conservation of Energy : The Company is continuously making sincere
efforts towards conservation of energy. Information as required under
Section 217(1 )(e) of the Companies Act, 1956, read with the Companies
(Disclosure of Particulars in the Report of Board of Directors) Rules,
1988 is given in Annexure A, forming part of this report.
b. Technology Absorption : The Company is taking care of latest
developments and advancements in technology and all steps are being
taken to adopt the same.
c. Foreign Exchange Earnings and Outgo :
(Amount in Rs. Lacs)
2011-2012 2010-2011
Total Foreign Exchange Inflow 181.57 78.59
Total Foreign Exchange outflow 0.34 0.18
Particulars of Employees
During the financial year under review, none of the Company''s employees
was in receipt of remuneration as prescribed under section 217(2A) of
the Companies Act, 1956, read with the Companies (Particulars of
Employees) Rules, 1975, and hence no particulars are required to be
disclosed in this Report.
Directors
In accordance with the provisions of the Companies Act, 1956 and
Articles of Association of the Company, Mr. M.P. Kaushik, Mr. Devanand
Mishra and Ms. Priya Rungta are liable to retire by rotation and being
eligible offer themselves for re-appointment. Board recommends their
re- appointment.
Auditors
M/s Andros & Co., Chartered Accountants, Statutory Auditors of the
Company hold office until the conclusion of the ensuing Annual General
Meeting and being eligible offer themselves for re- appointment. A
certificate under section 224(1 B) of the Companies Act, 1956,
regarding their eligibility for the proposed re-appointment, has been
obtained from them. Your Directors recommend their re-appointment.
Auditors'' Report
Information and Explanation on remarks on the Auditors Report:
1. In respect of auditors observation regarding interest not being
charged from unsecured loan given to one party, it is clarified that
the Company had given ICD to Rungta Projects Ltd. (RPL) which was
recalled in Oct-Nov 2009 because of fund requirement of the Company.
As the loan was recalled,no interest is being charged from November
2009 onwards.We are trying to recover the outstanding .To put
pressure,we also issued legal notice to RPL again. We are sure to
recover the full amount and we do not see any reason to make any
provision for doubtful debt for the same
2. Regarding Non redemption of Cumulative Redeemable Preference Shares
subscribed by IDBI Bank Ltd., the Company is trying to resolve the
issue to redeem the Preference Shares at the earliest.
3. Regarding investment in Capital of Patnership firm, we are taking
necessary efforts to get the Balance Sheet prepared and due to this
effort we realise Rs 4,10,000/- during the current year from Kishan
Maharaj & Co. However, this being Partnership Firm, we are not in full
control of the affairs and the other partner is not taking proper
interest perhaps because of no business activity in the Firms. We are
hopeful to realise the full amount of Capital because these Firms have
properties with sufficient value.
Directors'' Responsibility Statement
In terms of the provisions of section 217(2AA) of the Companies Act,
1956, and to the best of their knowledge and belief and according to
the information and explanations obtained by them and save as mentioned
elsewhere in this Report, the attached Annual Accounts and the
Auditors'' Report thereon, your Directors confirm that:
a. in preparation of the annual accounts, the applicable accounting
standards have been followed;
b. the Directors have selected such accounting policies and applied
them consistently and made judgments and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs
of the Company as at 31st March, 2012 and of the profit of the Company
for the year ended on that date;
c. the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities; and
d. the Directors have prepared the Annual Accounts on a going concern
basis.
Stock Exchange Listing
The-shares of the Company are listed on the Bombay Stock Exchange,
Calcutta Stock Exchange and Delhi Stock Exchange.
The Company has already made an application for de-listing its equity
shares from Delhi Stock exchange and Calcutta Stock Exchange.
Acknowledgement
Your Directors take this opportunity to place on record their sincere
appreciation for the co- operation and assistance the Company has
received from Banks and various Government Departments. The Board also
places on record its appreciation of the devoted services of the
employees, support and co-operation extended by the valued business
associates and the continuous patronage of the customers of the
Company.
For and on Behalf of the Board
For Rungta Irrigation Ltd.
Sd/-
Date : 30th July, 2012 (M. P. Rungta)
Place : New Delhi Chairman Cum Managing Director
Mar 31, 2011
Dear Members
The Directors have pleasure in presenting the Twenty Seventh Annual
Report of your Company together with the Audited Annual Accounts for
the financial year ended 31st March, 2011.
Review of Performance
The Financial Results of the Company of the year ended 31st March 2011
are summarized below:
(Amount in Rs. Lacs)
Particulars Financial Year ended
31st March, 2011 31st March,2010
Sales and other income 6171.13 3881.02
Profit/ loss (before dep.
& tax) 336.42 174.30
Depreciation 125.14 (86.22)
Prof it before tax 211.28 88.08
Provision for tax 58.62 27.96
Provision for Fringe
Benefit Tax
(Short)/Excess provision of
Tax for earlier years 17.03 (0.24)
(Short)/Excess deferred income
tax Liability (8.57) 0.93
Profit after tax 161.13 60.82
Add: Balance brought forward
from last year 331.36 270.54
Total amount available for
appropriation 492.49 331.36
Appropriations:
Less: Dividend on preference
Share and Dividend Tax
Balance carried to Balance Sheet 492.49 331.36
Year in Retrospect
The Sales turnover for the year under review was Rs. 6171.13 lacs as
compared to Rs. 3881.02 lacs for the previous year. The Company was
able to earn a profit after tax for the year under review is Rs. 161.13
lacs as against a profit of Rs. 60.82 lacs for the previous year.
The detailed Management Discussion & Analysis Report is attached hereto
with the Director's Report and should be read as part of this
Director's Report.
Material Changes etc.
Save as mentioned else where in this Report, no material changes and
commitments affecting the financial position of the Company has
occurred between the end of the financial year of the Company 31st
March, 2011 and the date of this Report.
Dividend
The Board of Directors of your Company has decided to retain and plough
back the profits into the business of the Company, thus no dividend is
being recommended for this year.
Corporate Governance
A Report on Corporate Governance is attached as a part of this
Directors Report along with the Auditors' Certificate on compliance of
Clause 49 of the Listing Agreement.
Public Deposits
During the year under report, your Company did not accept any deposits
from the public in terms of the provisions of section 58A of the
Companies Act, 1956.
Conservation of Energy, Technology Absorption, Foreign Exchange
Earnings and Outgo
a. Conservation of Energy: The Company is continuously making sincere
efforts towards conservation of energy. Information as required under
Section 217(1 )(e) of the Companies Act, 1956, read with the Companies
(Disclosure of Particulars in the Report of Board of Directors) Rules,
1988 is given in Annexure A, forming part of this report.
b. Technology Absorption: The Company is taking care of latest
developments and advancements in technology and all steps are being
taken to adopt the same.
Particulars of Employees
During the financial year under review, none of the Company's employees
was in receipt of remuneration as prescribed under section 217(2A) of
the Companies Act, 1956, read with the Companies (Particulars of
Employees) Rules, 1975, and hence no particulars are required to be
disclosed in this Report.
Directors
Mr. R.K. Bansal was appointed as Additional Director on 9th April 2010
and has resigned from the position of the Additional Director of the
Company with effect from 20th July, 2010.
In accordance with the provisions of the Companies Act, 1956 and
Articles of Association of the Company, Mr. Prakash Kumar Megotia,
Mr.Manish Kumar Megotia and Mr. Vikash Kumar Megotia are liable to
retire by rotation and being eligible offer themselves for
re-appointment. Board recommend their re-appointment.
Auditors
M/s Andros & Co., Chartered Accountants, Statutory Auditors of the
Company hold office until the conclusion of the ensuing Annual General
Meeting and being eligible offer themselves for re- appointment. A
certificate under section 224(1 B) of the Companies Act, 1956,
regarding their eligibility for the proposed re-appointment, has been
obtained from them. Your Directors recommend their re-appointment.
Auditors' Report
Information and Explanation on remarks on the Auditors Report:
1. In respect of auditors observation regarding interest not being
charged from unsecured loan given to one party, it is clarified that
the Company had given ICD to Rungta Projects Ltd. (RPL) which was
recalled in Oct-Nov 2009 because of fund requirement of the Company.
As the loan was recalled, no interest is being charged from November
2009 onwards. We are trying to recover the outstanding To put
pressure, we also issued legal notice to RPL again. We are sure to
recover the full amount and we do not see any reason to make any
provision for doubtful debt for the same
2. Non redemption of Cumulative Redeemable Preference Shares
subscribed by IDBI Bank Ltd. is due to dispute of the Company with IDBI
Bank Ltd. The Company is trying to resolve the dispute and redeem the
Preference Shares issued to IDBI.
3. Regarding investment in Capital of Partnership Firms, we are taking
necessary efforts to get the Balance Sheet prepared and due to this
effort we realised Rs 4,80,000 /- from Kishan Maharaj & Co. However,
this being Partnership Firm, we are not in full control of the affairs
and the other partner is not taking proper interest perhaps because of
no business activity in the Firms. We are hopeful to realise the full
amount of Capital because these Firms have properties with sufficient
value.
Directors' Responsibility Statement
In terms of the provisions of section 217(2AA) of the Companies Act,
1956, and to the best of their knowledge and belief and according to
the information and explanations obtained by them and save as mentioned
elsewhere in this Report, the attached Annual Accounts and the
Auditors' Report thereon, your Directors confirm that:
a. in preparation of the annual accounts, the applicable accounting
standards have been followed;
b. the Directors have selected such accounting policies and applied
them consistently and made judgments and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs
of the Company as at 31st March, 2011 and of the profit of the Company
for the year ended on that date;
c. the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities; and
d. the Directors have prepared the Annual Accounts on a going concern
basis.
Stock Exchange Listing
The shares of the Company are listed on the Bombay Stock Exchange,
Delhi Stock Exchange and Calcutta Stock Exchange.
The Company has already made an application for de-listing its equity
shares from the Delhi Stock Exchange and Calcutta Stock Exchange.
Acknowledgement
Your Directors take this opportunity to place on record their sincere
appreciation for the co- operation and assistance the Company has
received from Banks and various Government Departments. The Board also
places on record its appreciation of the devoted services of the
employees, support and co-operation extended by the valued business
associates and the continuous patronage of the customers of the
Company.
For and on Behalf of the Board
For Rungta Irrigation Ltd.
Date : 2nd August, 2011 Sd/-
(M. P. Rungta)
Place : New Delhi Chairman Cum Managing Director
Mar 31, 2010
The Directors have pleasure in presenting the Twenty Sixth Annual
Report of your Company together with the Audited Annual Accounts for
the financial year ended 31st March, 2010.
Review of Performance
The Financial Results of the Company of the year ended 31st March 2010
are summarized below:
(Amount in Rs. Lacs)
Financial Year ended
Particulars 2009-10 2008-09
Sales and other income 3881.02 3582.47
Profit/ loss (before dep.& tax) 174.30 175.33
Depreciation (86.22) (81.83)
Profit before tax 88.08 93.50
Provision for tax 27.96 (23.51)
Provision for Fringe Benefit Tax - (5.80)
(Short)/Excess provision of
Tax for earlier years (0.24) (2.16)
(Short)/Excess deferred income tax Liability 0.93 (1.79)
Profit after tax 60.82 58.98
Add: Balance brought forward from last year 270.54 211.56
Total amount available for appropriation 331.36 270.54
Appropriations:
Less: Dividend on preference
Share and Dividend Tax
Balance carried to Balance Sheet 331.36 270.54
Year in Retrospect
The Sales turnover for the year under review was Rs. 3881.02 lacs as
compared to 3582.47 lacs for the previous year. The Company was able to
earn a profit after tax for the year under review is Rs. 60.82 lacs as
against a profit of Rs. 58.98 for the previous year.
The detailed Management Discussion & Analysis Report is attached hereto
with the Directors Report and should be read as part of this
Directors Report.
Material Changes etc.
Save as mentioned else where in this Report, no material changes and
commitments affecting the financial position of the Company has
occurred between the end of the financial year of the Company 31st
March, 2010 and the date of this Report.
Dividend
The Board of Directors of your Company has decided to retain and plough
back the profits into the business of the Company, thus no dividend is
being recommended for this year.
Corporate Governance
A Report on Corporate Governance is attached as a part of this
Directors Report along with the Auditors Certificate on compliance of
Clause 49 of the Listing Agreement.
Public Deposits
During the year under report, your Company did not accept any deposits
from the public in terms of the provisions of section 58A of the
Companies Act, 1956.
Conservation of Energy, Technology Absorption, Foreign Exchange
Earnings and Outgo
a. Conservation of Energy: The Company is continuously making sincere
efforts towards conservation of energy. Information as required under
Section 217(1)(e) of the Companies Act, 1956, read with the Companies
(Disclosure of Particulars in the Report of Board of Directors) Rules,
1988 is given in Annexure A, forming part of this report.
b. Technology Absorption: The Company is taking care of latest
developments and advancements in technology and all steps are being
taken to adopt the same.
c. Foreign Exchange Earnings and Outgo:
(Amount in Rs. Lacs)
2009-2010 2008-2009
Total Foreign Exchange Inflow 21.71 33.45
Total Foreign Exchange outflow 0.13 NIL
Particulars of Employees
During the financial year under review, none of the Companys employees
was in receipt of remuneration as prescribed under section 217(2A) of
the Companies Act, 1956, read with the Companies (Particulars of
Employees) Rules, 1975, and hence no particulars are required to be
disclosed in this Report.
Directors
After the last Annual General Meeting of the Company, Ms. Shruti Rungta
(w.e.f 24th November, 2009), Ms. Priya Rungta (w.e.f. 24th November,
2009), Mr. Prakash Kumar Megotia (w.e.f. 29th March, 2010) were
appointed as an Additional Director. Mr. Shruti Rungta was designated
as Executive Director of the Company with effect from 24th November
2009. In terms of provisions of the Companies Act, 1956, they hold the
office till the date of ensuing Annual General Meeting of the Company.
The appointment of above Additional Directors as Directors of the
Company is placed before the members for consideration.
However, due to some preoccupation, Mr. Prakash Kumar Megotia, Mr.
Rajesh Agarwal, Mr. B.S Brahmachari and Mr. Alok Rungta had resigned
from the Directorship of the Company with effect from 31st July, 2009,
31st July, 2009, 05th November, 2009 and 31st March 2010 respectively.
Mr. R.S. Rungta has been vacated from the position of the Directorship
of the Company under provisions of the Section 274(1 )(g) of the
Companies Act, 1956 with effect from 20th October, 2009.
In accordance with the provisions of the Companies Act, 1956 and
Articles of Association of the Company, Mr. Devanand Mishra, Mr. S.K
Poddar and Mr. M.P Kaushik are liable to retire by rotation and being
eligible offer themselves for re-appointment. Board recommend their
re-appointment.
Auditors
M/s K. Kedia & Co., Chartered Accountants, Statutory Auditors of the
Company has shown their unwillingness to continue as Auditors of the
Company for the financial year 2010-11 and submitted their resignation
for the same.
The Board has recommended M/s. Andros & Co., Chartered Accountants, New
Delhi to be the new Statutory Auditors of the Company who have provided
written certificate under the provisions of Section 226 of the
Companies Act, 1956 and being eligible offer themselves for appointment
in the ensuing Annual General Meeting. A certificate under section
224(1 B) of the Companies Act, 1956, regarding their eligibility for
the proposed re-appointment, has been obtained from them. Your
Directors recommend their re- appointment.
Auditors Report
Information and Explanation on remarks on the Auditors Report:
1. In respect of auditors observation regarding interest not being
charged from unsecured loan given to one party, it is clarified that
the Company had given ICD to Rungta Projects Ltd. (RPL) which was
recalled in Oct-Nov 2009 because of fund requirement of the Company. As
the loan was recalled, no interest is being charged from November 2009
onwards. We are trying to recover the outstanding. To put pressure, we
also issued legal notice to the RPL. We are sure to recover the full
amount and we do not see any reason to make any provision for doubtful
debt for the same.
2. Non redemption of Cumulative Redeemable Preference Shares
subscribed by IDBI Bank Ltd. is due to dispute of the Company with IDBI
Bank Ltd. The Company is trying to resolve the dispute and redeem the
Preference Shares issued to IDBI.
3. Regarding investment in Capital of Partnership firm, we are taking
necessary efforts to get the Balance Sheet prepared and due this effort
we realise Rs. 59,95000/- from Maruti Minerals. However, this is being
partnership Firm, we are not in full control of the affaires and the
other partner is not taking proper interest perhaps because of no
business activity in the Firms. We are hopeful to realise the full
amount of Capital because these Firms have properties with sufficient
value.
Directors Responsibility Statement
In terms of the provisions of section 217(2AA) of the Companies Act,
1956, and to the best of their knowledge and belief and according to
the information and explanations obtained by them and save as mentioned
elsewhere in this Report, the attached Annual Accounts and the
Auditors Report thereon, your Directors confirm that:
a. in preparation of the annual accounts, the applicable accounting
standards have been followed;
b. the Directors have selected such accounting policies and applied
them consistently and made judgments and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs
of the Company as at 31st March, 2010 and of the profit of the Company
for the year ended on that date;
c. the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities; and
d. the Directors have prepared the Annual Accounts on a going concern
basis.
Stock Exchange Listing
The shares of the Company are listed on the Bombay Stock Exchange,
Delhi Stock Exchange and Calcutta Stock Exchange.
The Company has already made an application for de-listing its equity
shares from the Delhi Stock Exchange and Calcutta Stock Exchange.
Acknowledgement
Your Directors take this opportunity to place on record their sincere
appreciation for the co-operation and assistance the Company has
received from Banks and various Government Departments. The Board also
places on record its appreciation of the devoted services of the
employees, support and co-operation extended by the valued business
associates and the continuous patronage of the customers of the
Company.
For and on Behalf of the Board
For Rungta Irrigation Ltd.
Sd/-
Date : 28th August, 2010 (M. P. Rungta)
Place: New Delhi Chairman Cum Managing Director