Mar 31, 2014
Dear Members,
The Directors have pleasure in presenting their Fortieth Annual Report
alongwith the audited statement of accounts for the year ended 31st
March, 2014.
Financial Results 2013-14 2012-13
(Rs. Lacs) (Rs. Lacs)
Profit/(Loss) Before Tax 40.29 51.40
Less : Provision for Current Tax 19.00 17.00
Provision for Deferred Tax (2.58) 1.59
Prior Period Adjustment Taxation (5.20) 3.35
Profit/(Loss) after Tax 29.07 29.46
Add : Balance from Previous year 171.04 141.58
Balance Carried to Balance Sheet 200.11 171.04
Business Operations
During the financial year ended 31st March, 2014 the sales turnover
from Tendu Leaves trading was Rs. 482.23 lacs and Tobacco Rs. 690.81
lacs. Last year turnover from Tendu Leaves trading was Rs. 333.91 lacs
and Tobacco Rs. 697.79 lacs. The major activity carried on by the
Company was trading tendu leaves, Tobacco trading and processing of
Tobacco during the year 2013-14. In the financial year 2014-15, the
Company would concentrate more on processing and trading of Tobacco.
Dividend
The Directors do not recommend any dividend, with a view to retain the
profits for further growth of the Company.
Energy, Technology And Foreign Exchange
The information required to be furnished under the Companies
(Disclosure of Particulars in the Report of the Board of the Directors)
Rules,1988.
The activities of the Company are carried on with the aid of human
labour. The manufacturing process does not require power (electrical
energy) and offers no scope for absorption of technology.
Public Fixed Deposits :
The total amount of Public Fixed Deposits, accepted without invitation,
stood at Rs. 82,01,000/- as at 31st March, 2014.
Personnel
The employer employee relations continued to be cordial during the
year. None of the employees received emoluments exceeding the limits
set out under section 217 (2A) of the Companies Act,1956.
Directors
Shri. N.L.Patil and Shri.S.P.Patil , Directors, retire by rotation and
being eligible , offer themselves for reappointment.
During the year , Mr. D.P.Devhad, Director has tendered his
resignation. The Board places on record its appreciation for services
rendered by him during his tenure.
Mr. L.M.Karwa was appointed as an additional director on 27th September
2013. He holds office till the ensuing Annual General Meeting. It is
proposed to appoint him as a director of the Company , pursuant to the
a notice received from him in terms of section 160 of the Companies
Act, 2013.
Directors'' Responsibility Statement
As stipulated in Section 217(2AA) of The Companies Act, 1956, your
directors subscribe to the ''Directors Responsibility Statement and
confirm that
i) in the preparation of the annual accounts, the applicable accounting
standards have been followed along with proper explanations relating to
material departures;
ii) appropriate accounting policies have been selected and applied
consistently and judgments and estimates made 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 the profit of the company for
the year ended 31st March,2014;
iii) proper and sufficient care have been taken for the maintenance of
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; and
iv) the annual accounts have been prepared on a going concern basis.
Compliance Certificate From Practicing Company Secretary:
Certificate obtained from M/s.J.H.Ranade & Associates,Company
Secretaries,Thane under section 383A of the Companies Act, 1956 is
attached to the Directors'' Report.
Report on Corporate Governance:
The report on Corporate Governance and the Compliance Certificate
provided by M/s J. H. Ranade & Associates, Company Secrataies is
attached to the Directors'' Report. In tems of the listing agreement,
the board has laid down a code of conduct for all board members. All
the board members and senior management personnel have affirmed
compliance with the code.
Auditors
Mr.S.D.Bedmutha, Chartered Accountant, Nashik retires at the
forthcoming Annual General Meeting and has furnished a certificate of
his eligibility for appointment under Section 139 (1) of the Companies
Act,2013. The Board recommends appointment of the Auditor.
Acknowledgments
Your Directors take opportunity to place on record their appreciation
of the devoted services of the employees at all levels throughout the
year. Your Directors also wish to place on record their appreciation of
the assistance and continued co-operation extended by the various
Government and non-Government Authorities.
For and on Behalf of
The Board of Directors,
Place : Nashik M.D.Deshpande C.B.Patil
Date : 2nd August, 2014 Director Executive Director
Mar 31, 2013
Gentlemen,
The Directors have pleasure in presenting their Thirty-Nineth Annual
Report along with the audited statement of accounts for the year ended
31st March, 2013.
Financial Results 2012-13 2011-12
(Rs. Lacs) (Rs. Lacs)
Profit/(Loss) Before Tax 51.40 185.39
Less : Provision for Current Tax 17.00 55.25
Provision for Deferred Tax 1.59 0.19
Prior Period Adjustment Taxation 3.35 Nil
Profit/(Loss) after Tax 29.46 129.95
Add : Balance from Previous year 141.59 11.64
Balance Carried to Balance Sheet 171.05 141.59
Business Operations
During the financial year ended 31st March, 2013 the sales turnover
from Tendu Leaves trading was Rs.333.91 lacs. Last year the Company had
planned to enter into the segment of tobacco and Company has
implemented the same. The major activity of the Company was trading
tendu leaves, Tobacco and processing of Tobacco during the year
2012-13. Now the Company is planning to continue the same.
Dividend
The Directors do not recommend any dividend, with a view to retain the
profits for further growth of the Company.
Energy, Technology And Foreign Exchange
The information required to be furnished under the Companies
(Disclosure of Particulars in the Report of the Board of the Directors)
Rules,1988.
The activities of the Company are carried on with the aid of human
labour. The manufacturing process does not require power (electrical
energy) and offers no scope for absorption of technology.
Public Fixed Deposits :
The total amount of Public Fixed Deposits, accepted without invitation,
stood at Rs. 82,01,000/- as at 31st March, 2013.
Personnel
The employer employee relations continued to be cordial during the
year. None of the employees received emoluments exceeding the limits
set out under section 217 (2A) of the Companies Act,1956.
Directors
Shri. D.P. Devhad and Shri.M D Deshpande , Directors, retire by
rotation and being eligible , offer themselves for reappointment.
During the year , Mr. S.P. Baheti, Director has tendered his
resignation. The Board places on record its appreciation for services
rendered by him during his tenure.
Mr. S.P.Patil was appointed as an additional director on 1st April
2013. He holds office till the ensuing Annual General Meeting. It is
proposed to appoint him as a director of the Company , pursuant to the
a notice received from shareholder in terms of section 257 of the Act.
Directors'' Responsibility Statement
As stipulated in Section 217(2AA) of The Companies Act, 1956, your
directors subscribe to the ''Directors Responsibility Statement and
confirm that
i) in the preparation of the annual accounts, the applicable accounting
standards have been followed along with proper explanations relating to
material departures;
ii) appropriate accounting policies have been selected and applied
consistently and judgments and estimates made 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, 2013 and the profit of the company for
the year ended 31st March,2013;
iii) proper and sufficient care have been taken for the maintenance of
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; and
iv) the annual accounts have been prepared on a going concern basis.
Report on Corporate Governance:
The report on Corporate Governance and the Compliance Certificate
provided by M/s J. H. Ranade & Associates, Company Secretaries is
attached to the Directors'' Report.
Items of the listing agreement, the board has laid down a code of
conduct for all board members. All the board members and senior
management personnel have affirmed compliance with the code.
Auditors
Mr.Anand S Daga, Chartered Accountant, Nashik , the Statutory Auditor
of the Company retiring at the conclusion of this Annual General
Meeting has expressed his unwillingness to be re-appointed as the
Statutory Auditor of the Company. In view of the same, it is proposed
to appoint Mr. S.D. Bedmutha, Chartered Accountant as the Statutory
Auditors of the Company. The Company has received confirmation from Mr.
S.D.Bedmutha , Chartered Accountants , to the effect that his
appointment, if made, would be within the prescribed limits under
Section 224 (1B) of the Companies Act, 1956.
Acknowledgments
Your Directors take the opportunity to place on record their
appreciation for the devoted services of the employees at all levels
throughout the year. Your Directors also wish to place on record their
appreciation for the assistance and continued co-operation extended by
the various Government and non-Government Authorities.
For and on Behalf of The Board of Directors,
S/d S/d
Place : Nashik M.D.Deshpande C.B.Patil
Date : 3rd June, 2013 Director Executive Director
Mar 31, 2012
The Directors have pleasure in presenting their Thirty-Eighth Annual
Report alongwith the audited statement of accounts forthe year ended
31st March, 2012.
Financial Results 2011-12 2010-11
(Rs.Lacs) (Rs.Lacs)
Profit/(Loss) Before Tax 185.39 36.92
Less: Provision for Current Tax 55.25 6.50
Provision for Deferred Tax 0.19 1.66
Prior Period Adjustment Taxation Nil (0.31)
Profit/(Loss) after Tax 129.95 29.07
Add: Balance from Previous year 11.64 (17.43)
Balance Carried to Balance Sheet 141.59 11.64
Business Operations
During the financial year ended 31 st March, 2012 the sales turnover
from Tendu Leaves trading was Rs.85.54 lacs. Last year the Company had
planned on purchase Tendu Leaves from Chattisgarh Federation, Madhya
Pradesh for the purpose of trading and the Company has implemented the
same. The major activity of the Company was trading tendu leaves and
processing of Tobacco during the year 2011 -12. Now the Company is
planning to enter into the segment of trading of tabacco.
Dividend
The Directors do not recommend any dividend, with a view to retain the
profits for further growth of the Company.
Energy, Technology And Foreign Exchange
The information required to be furnished under the Companies
(Disclosure of Particulars in the Report of the Board of the Directors)
Rules, 1988.
The activities of the Company are carried on with the aid of human
labour. The manufacturing process does not require power (electrical
energy) and offers no scope for absorption of technology.
Public Fixed Deposits:
The Company has not accepted or renewed any Public Fixed Deposits
during the financial year ended 31 st March,2012.
Personnel
The employer employee relations continued to be cordial during the
year. None of the employees received emoluments exceeding the limits
set out under section 217 (2A) of the Companies Act,1956.
Directors
Shri. C.B.Patil and Shri.B.S.Pawar, Directors, retire by rotation and
being eligible, offer themselves for reappointment.
Directors' Responsibility Statement
As stipulated in Section 217(2AA) of The Companies Act, 1956, your
directors subscribe to the 'Directors Responsibility Statement and
confirm that
i) in the preparation of the annual accounts, the applicable accounting
standards have been followed along with proper explanations relating to
material departures;
ii) appropriate accounting policies have been selected and applied
consistently and judgments and estimates made 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 the profit of the company forthe
year ended 31stMarch,2012;
iii) proper and sufficient care have been taken for the maintenance of
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; and
iv) the annual accounts have been prepared on a going concern basis.
Compliance Certificate From Practicing Company Secretary:
Certificate obtained from M/s.J.H.Ranade & Associates,Company
Secretaries,Thane under section 383Aofthe CompaniesAct, 1956 is
attached to the Directors'Report.
Report on Corporate Governance:
The report on Corporate Governance and the Compliance Certificate
provided by M/s J. H. Ranade & Associates, Company Secretaries is
attached to the Directors' Report.
In terms of the listing agreement, the board has laid down a code of
conduct for all board members. All the board members and senior
management personnel have affirmed compliance with the code.
Auditors
Mr.AnandS Daga, Chartered Accountant, Nashik retires at the forthcoming
Annual General Meeting and has furnished a certificate of his
eligibility for appointment under Section 224 (1) of the Companies Act,
1956. The Board recommends appointment of theAuditor.
Acknowledgments
Your Directors take opportunity to place on record their appreciation
of the devoted services of the employees at all levels throughout the
year. Your Directors also wish to place.on record their appreciation of
the assistance and continued co-operation extended by the various
Government and non-Governrnent Authorities.
For and on Behalf of
The Board of Directors,
Place: Nashik M.D.Deshpande C.B.Patil
Date: 30th May, 2012 Director Executive
Director
Mar 31, 2011
Gentlemen,
The Directors have pleasure in presenting their Thirty-Seventh Annual
Report alongwith the audited statement of accounts forthe year ended
31st March, 2011.
Financial Results 2010-11 2009-10
(Rs. Lacs) (Rs. Lacs)
Profit/(Loss) Before Tax 36.92 39.53
Less: Provision for Current Tax 6.50 6.00
Provision for Deferred Tax 1.66 12.39
Prior Period Adjustment Taxation (0.31) 0.01
Profit/(Loss) after Tax 29.07 21.13
Add: Balance from Previous year (17.43) (38.56)
Balance Carried to Balance Sheet 11-64 (17.43)
Business Operations
During the financial year ended 31st March, 2011 the sales turnover
from tobacco trading was Rs.325 lacs as against Rs.279 lacs in the
previous year. The Company has also continued the activity of
processing of tobacco. The Company is planning to Purchase Tendu Leaves
for the purpose of trading.
Dividend
The Directors regret their inability to recommend dividend due to
inadequacy of Profit Energy, Technology And Foreign Exchange The
information required to be furnished under the Companies (Disclosure of
Particulars in the Report of the Board of the Directors) Rules, 1988.
The activities of the Company are carried on with the aid of human
labour. The manufacturing process does not require power (electrical
energy) and offers no scope for absorption of technology.
Public Fixed Deposits:
The Company has not accepted or renewed any Public Fixed Deposits
during the financial year ended 31 st March,2011.
Personnel
The employer employee relations continued to be cordial during the
year. None of the employees received emoluments exceeding the limits
set out under section 217 (2A) of the Companies Act, 1956.
Directors
Shri. M.D.Deshpande and Shri.N.L.Patil, Directors, retire by rotation
and being eligible, offer themselves for reappointment.
Shri. V.S.Maydev , Executive Director tendered his resignation on
31.03.2011. The Board places on record its sincere appreciation for the
services rendered by him during his tenure as a Executive Director.
Directors' Responsibility Statement
As stipulated in Section 217(2AA) of The Companies Act, 1956, your
directors subscribe to the 'Directors Responsibility Statement' and
confirm that
i) in the preparation of the annual accounts, the applicable accounting
standards have been followed along with proper explanations relating to
material departures;
ii) appropriate accounting policies have been selected and applied
consistently and judgments and estimates made 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 the profit of the company for
the year ended 31 s,March,2011;
iii) proper and sufficient care have been taken for the maintenance of
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; and
iv) the annual accounts have been prepared on a going concern basis.
Compliance Certificate From Practicing Company Secretary:
Certificate obtained from M/s. J. H. Ranade & Associates,Company
Secretaries.Thane under section 383Aof the Companies Act, 1956 is
attached to the Directors' Report.
Report on Corporat Governance:
The report on Corporate Governance and the Compliance Certificate
provided by M/s J. H. Ranade & Associates, Company Secrataies is
attached to the Directors' Report.
In terns of the listing agreeemnt, the board has laid down a code of
conduct for all board membes. All the board members and senior
management personnel have affirmed compliance with the code
Auditors
Mr.Anand S Daga, Chartered Accountant, Nashik retires at the
forthcoming Annual General Meeting and has furnished a certificate of
his eligibility for appointment under Section 224 (1) of the Companies
Act, 1956. The Board recommends appointment of the Auditor.
Acknowledgments
Your Directors take opportunity to place on record their appreciation
of the devoted services of the employees at all levels throughout the
year. Your Directors also wish to place on record their appreciation of
the assistance and continued co-operation extended by the various
Government and non- Government Authorities.
For and on Behalf of
The Board of Directors,
Place: Nashik M.D.Deshpande N.L.Patil
Date : 27th May, 2011 Director Director
Mar 31, 2010
The Directors have pleasure in presentir their -Six- Annual Report
along with the audited statement of accounts fort he year ended 31 st
March, 2010.
Financial Results 2009-10 2008-09
(Rs. Lacs) (Rs. Lacs)
Profitless) Before Tax 39.53 (37.82)
Less : Provision for Current Tax 6.00 Nil
Provision for Deferred Tax 12.39 (4.62)
Fringe Benefit Tax Nil 0.11
Prior Period Adjustment Taxation 0.01 (0.29)
Profit/ (Loss) after Tax 21.13 (33.02)
Add : Balancefrom Previous year (38.56) (5.54)
Balance Carried to Balance Sheet (17.43) (38.56)
Business Operations
During the financial year ended 31 st March, 2010 the sales turnover
from tobacco trading was Rs.279 iacs as against Rs.38.88 lacs in the
previous year. the Company has also continuedthe activity of processing
of tobacco.
Dividend
The Directors regret their inability to dividend due to absence of
Profit.
Energy, Technology And Foreign Exchange
The information required to be furnished under
The Companies (Disclosure of Particulars in the Report of the Board of
the Directors) Rules,1988.
The activities of the Company are carried on with the aid of human
labour. the manufacturing process does not require power (electrical
energy) and offers no scope for absorption of technology.
Public Fixed Deposits:
The total amount of Public Fixed Deposits, accepted with out
invitation, stooc at Rs. 15 Lacs as at 31 st March,2010.
Personnel
The employer employee relations continued to be cordial duringthe year.
None of the employees received emoluments exceedingthe limits set out
under section 217 (2A) of the Companies Act,1956.
Directors
Shri. D.P. Devhad, and Shn.S.P. Baheti Directors, retire by rotation
and being eligible, offer themselves for reappointment.
Directors Responsibility Statement
As stipulated in Section 217(2AA) of the Companies Act, 1956, your
directors subscribe to the Directors Responsibility Statement and
confirm that
i) in the preparation of the annual accounts,the applicable accounting
standards have been followed along with proper explanations relating to
material departures;
ii) appropriate accounting policies have been selected and applied
consistently and judgments and estimates made 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 the profit cfthe company for the
year ended 31st March,201G;
iii) proper and sufficient care have been taken for the maintenance of
adequate accounting records in accordance with the provisions of the
Companies Act,1956for safeguardingthe assets of the Company and for
preventing and detecting fraud and other irregularities; and
iv) the annual accounts have been prepared on a going concern basis.
Compliance Certificate From Practicing Company Secretary:
Certificate obtained from M/s.J.H.Ranado & Associates.Company
Secretaries, Thane under section 383A of the Companies Act, 1956 is
attached to the Directors Report.
Report on Corporate Governance:
The report on Corporate Governance and the Compliance Certificate
provided by M/s J. H. Ranade & Associates, Company Secretaries is
attached to the Directors Report. In terms of the listing
agreement,the board has laid down a code of conduct for all board
members. All the board members and senior management personnel have
affirmed compliance with the code
Auditors
Mr.Anand S Daga, Chartered Accountant, Nashik retires at the for-coming
Annual General Meeting and has furnished a certificate of his
eligibility for appointment under Section 224 (1) of the Companies
Act,1956.the Board recommends appointment of the Auditor.
Acknowledgments
Your Directors take opportunity to place on record their appreciation
of the devoted services of the employees at all levels throughout the
year. Your Directors also wish to place on record their appreciation of
the assistance and continued co- operation extended by the various
Government and non-Government Authorities.
For and on Behalf of the Board of Directors,
Place : Nashik V.S.Maydeo M.D.Deshpande
Date: 29- May, 2010 Executive Director Director