Mar 31, 2015
Dear Members,
The Directors present the 21st ANNUAL REPORT together with the Audited
Financial Statements for the
Financial Year 2014-15 ended 31st March, 2015.
1. FINANCIAL RESULTS :
(Rs. in Lacs)
Particulars 2014-15 2013-14
Profit before Interest 7.47 24.84
and Depreciation
Less: Interest 7.07 6.98
Profit before Depreciation 0.40 17.87
Less : Depreciation 13.74 14.06
Profit/(Loss) before Tax (13.34) 3.81
Less : Provision for Taxation - 1.71
Less: Deferred Tax 6.10 0.09
Assets / Liabilities
Less : Short Provision for 0.32 3.06
the earlier years
(Loss) after Tax (19.76) (1.05)
Add : Opening (debit) balance of (19.49) (18.44)
Profit & Loss Account
Less: IT Block Assessment written off 34.33 -
(Debit) Balance carried to Balance Sheet (73.58) (19.49)
There are no material changes and commitment affecting the financial
position of the Company which have occurred between 1st April, 2015 and
date of this report.
2. DIVIDEND:
In view of the insufficient profit during the year as well as
accumulated losses, the Board of Directors are unable to recommend any
dividend on the Equity Shares for the year under review.
3. PRODUCTION, SALES AND WORKING RESULTS:
The production of Wheat Flour during the year under review was 7234
M.T. compared to 8542 M.T. during 2013-14. The Company has leased out
its Plastic Packaging Unit. The Sales during the year under review
stood at Rs. 1404 lacs compared to Rs. 1547 lacs during 2013-14.
The Company has suspended its operations of Wheat Grinding w.e.f. 1st
February, 2015.
Your Company has achieved during the year, Profit before Interest and
Depreciation of Rs. 7.47 lacs as compared to Rs. 24.84 lacs during
2013-14. After charging for finance cost and Depreciation, the Company
has incurred loss before tax of Rs. 13.34 lacs as compared to profit of
Rs. 3.81 lacs during 2013-14. Tax in respect of earlier years of Rs.
0.32 Lacs and deferred tax liabilities of Rs. 6.10 lacs, the loss after
tax stood at Rs. 19.76 lacs compared to loss of Rs. 1.05 lacs during
2013-14. After bringing forward debit balance of Profit and Loss
accounts of Rs. 19.49 lacs and adjustment for IT Block Assessment
written off of Rs. 34.33 lacs, the debit balance of Rs. 73.58 lacs has
been transferred to Balance Sheet.
4. LISTING:
The Equity Shares of the Company are listed on Ahmedabad Stock Exchange
Limited, BSE Limited, and Vadodara Stock Exchange Limited. The Company
is generally regular in payment of Annual Listing Fees. The Company has
paid Listing fees up to the year 2015-16 to Ahmedabad Stock Exchange
Limited and BSE Limited.
5. DIRECTORS:
5.1 Mr. Ishwarlal B. Dewani resigned and Mr. Arvindkumar P. Thakkarhas
been appointed as Director of the Company w.e.f. 29th July, 2014.
5.2 Mr. Prakash B. Ahuja retires by rotation in terms of the Articles
of Association of the Company. However, being eligible offers himself
for reappointment.
5.3 The Board of Directors duly met 5 times during the financial year
under review.
5.4 The Board has made necessary evaluation of its own performance and
that of its commitments and of individual Directors.
5.5 The performance evaluation of the Executive and Non-Executive
Directors was carried out by at the meeting of the Independent
Directors held on 13th February, 2015.
5.6 DIRECTORS'' RESPONSIBILITY STATEMENT:
Pursuant to the requirement of Section 134 of the Companies Act, 2013,
it is hereby confirmed:
(i) that in the preparation of the annual accounts, the applicable
accounting standards had been followed along with proper explanation
relating to material departures;
(ii) that the Directors had 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 at 31st March, 2015 being end of the
financial year 2014-15 and of the Loss of the Company for the year;
(iii) that the Directors had taken proper and sufficient care for
maintenance of 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;
(iv) that the Directors had prepared the annual accounts on a going
concern basis.
(v) the Directors, had laid down internal financial controls to be
followed by the Company and that such internal financial controls are
adequate and were operating effectively.
(vi) the Directors had devised proper systems to ensure compliance with
the provisions of all applicable laws and that such systems were
adequate and operating effectively.
6. MANAGERIAL REMUNERATION:
6.1 REMUNERATION OF DIRECTORS:
There has been no increase in remuneration payable to Managing
Director.
Sr. Name of the Remuneration % Commission
No. Director for the year increase received
& Designation over last from
year Holding/
Subsidiary
1. Anil S. Ahuja - Rs.540000 NIL NIL
Managing Director
The Board of Directors has framed a Remuneration Policy that assures
the level and composition of remuneration is reasonable and sufficient
to attract, retain and motivate Directors, Key Managerial Personnel and
Senior Management to enhance the quality required to run the Company
successfully. The Relationship of remuneration to performance is clear
and meets appropriate performance benchmarks. All the Board Members and
Senior Management personnel have affirmed time to time implementation
of the said Remuneration policy.
6.2 MARKET CAPITALISATION:
Sr. Particulars As on As on
No. 31-03-2014 31-03-2015
1 No. of Shares 3021600 3021600
2. Market price 3.14 7.30
3. Market Capitalisation 94.88 220.58
(Rs. In lacs)
4. EPS - -
5. P/E Ratio - -
7. KEY MANAGERIAL PERSONNEL:
7.1 % INCREASE IN REMUNERATION OF DIRECTORS AND KMP:
There is no increase in remuneration payable to Mr. Anil S. Ahuja,
Managing Director. Mr. Thakur D. Jaswani, CFO was appointed during the
end of the year 2014-15 hence, there is no increase in remuneration.
7.2 COMPARISON BETWEEN REMUNERATION OF KMP & PERFORMANCE OF THE
COMPANY:
As per the Remuneration Policy and based on the Recommendation of
Nomination & Remuneration Committee the Relationship of remuneration to
KMP & performance of Company is clear and meets appropriate performance
benchmarks.
8. PERSONNEL AND H. R. D.:
8.1 INDUSTRIAL RELATIONS
The industrial relations continued to remain cordial and peaceful and
your Company continued to give ever increasing importance to training
at all levels and other aspects of H. R. D.
As the operations of the Company have been suspended, there is no
material information to be provided. The relationship between average
increase in remuneration and Company''s performance is as per the
appropriate performance benchmarks and reflects short and long term
performance objectives appropriate to the working of the Company and
its goals.
8.2 PARTICULARS OF EMPLOYEES:
There is no Employee drawing remuneration requiring disclosure under
Rule 5(2) of Companies Appointment & Remuneration of Managerial
personnel) Rules, 2014.
9. RELATED PARTY TRANSACTION AND DETAILS OF LOANS, GUARANTEES,
INVESTMENT & SECURITIES PROVIDED:
Details of Related Party Transactions and Details of Loans, Guarantees
and Investments covered under the provisions of Section 188 and 186 of
the Companies Act, 2013 respectively are given in the notes to the
Financial Statements attached to the Directors'' Report.
10. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO:
The information required under Section 134(3)(m) of the Companies Act,
2013 and rule 8(3) of Companies (Accounts) Rules, 2014, relating to the
conservation of Energy and Technology Absorption forms part of this
report and is given by way of Annexure- A.
11. CORPORATE GOVERNANCE AND MDA:
As per Clause 49 of the Listing Agreement and the Companies Act, 2013,
Report on Corporate Governance and Management Discussion and Analysis
(MDA) form part of this Annual Report. A certificate regarding
compliance with the conditions of Corporate Governance as stipulated in
clause 49 of the listing agreement is also appended to the Annual
Report as Annexure - B.
12. SECRETARIAL AUDIT REPORT:
Your Company has obtained Secretarial Audit Report as required under
Section 204(1) of the Companies Act, 2013 from M/s. Kashyap R. Mehta &
Associates, Company Secretaries, Ahmedabad. The said Report is
attached with this Report as Annexure - C. As regards the observation
of the Auditors, the Company is in the process of identifying and
appointing Whole-time Company Secretary and also updating website of
the Company.
13. EXTRACT OF ANNUAL RETURN:
The extract of Annual return in Form - MGT-9 has been attached herewith
as Annexure - D.
14. AUDIT COMMITTEE/ NOMINATION AND REMUNERATION COMMITTEE/
STAKEHOLDERS'' RELATIONSHIP COMMITTEE:
The details of various committees and their functions are part of
Corporate Governance Report.
15. GENERAL:
15.1. AUDITORS:
The present Auditors of the Company M/s. T. K. Tekwani & Co., Chartered
Accountants, Ahmedabad, will retire at the ensuing 21st Annual General
Meeting. The Company has obtained from them consent to the effect that
their reappointment as Auditors of the Company for period of 2 years
commencing from the Financial Year 2015-16 to 2016-17, if made, will be
in accordance with the provisions of Section 139 and 141 of the
Companies Act, 2013. The remarks of Auditor are self explanatory and
have been explained in Notes on Accounts.
15.2 INSURANCE:
The movable and immovable properties of the Company including plant and
Machinery and stocks wherever necessary and to the extent required have
been adequately insured against the risks of fire, riot, strike,
malicious damage etc. as per the consistent policy of the Company.
15.3 DEPOSITS:
The Company has not accepted during the year under review any Deposits
and there were no overdue deposits.
15.4 RISKS MANAGEMENT POLICY:
The Company has a risk management policy, which from time to time, is
reviewed by the Audit Committee of Directors as well as by the Board of
Directors. The Policy is reviewed quarterly by assessing the threats
and opportunities that will impact the objectives set for the Company
as a whole. The Policy is designed to provide the categorization of
risk into threat and its cause, impact, treatment and control measures.
As part of the Risk Management policy, the relevant parameters for
protection of environment, safety of operations and health of people at
work and monitored regularly with reference to statutory regulations
and guidelines defined by the Company.
15.5 SUBSIDIARIES/ASSOCIATES/JVS:
The Company does not have any Subsidiaries/ Associates Companies / JVs.
15.6 CODE OF CONDUCT:
The Board of Directors has laid down a Code of Conduct applicable to
the Board of Directors and Senior Management. All the Board Members and
Senior Management personnel have affirmed compliance with the code of
conduct.
15.7 SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS
OR TRIBUNALS:
There has been no significant and material order passed by any
regulators or courts or tribunals, impacting the going concern status
of the Company and its future operations.
15.8 INSTANCES OF FRAUD, IF ANY REPORTED BY THE AUDITORS:
There have been no instances of fraud reported by the Auditors under
Section 143(12) of the Companies Act, 2013.
16. DEMATERIALISATION OF EQUITY SHARES:
Shareholders have an option to dematerialise their shares with either
of the depositories viz NSDL and CDSL. The ISIN No. allotted is
INE897A01011.
17. FINANCE:
17.1 The Company''s Income-tax Assessment has been completed up to the
Assessment Year 2010-11 and Sales tax Assessment is completed up to the
Financial Year 2009-10.
17.2 The Company has not availed any Working Capital Facilities. The
Company is regular in payment of EMI to Axis Bank Limited and HDFC Bank
Limited for Car loan.
18. ACKNOWLEDGMENT:
Your Directors express their sincere thanks and appreciation to
Promoters and Shareholders for their constant support and co operation.
Your Directors also place on record their grateful appreciation and co
operation received from Bankers, Financial Institutions, Government
Agencies and employees of the Company.
for and on behalf of the Board,
Place : Ahmedabad Anil S. Ahuja Shankar T. Ahuja
Date : 29th July, 2015 Managing Director Director
Mar 31, 2014
Dear Shareholders,
The Directors present the 20th ANNUAL REPORT together with the Audited
Statement of Accounts for the Financial Year 2013-14 ended 31st March,
2014.
1. FINANCIAL RESULTS : (Rs. in Lacs)
Particulars 2013-14 2012-13
Profit before Interest and Depreciation 24.84 31.29
Less : Interest 6.98 6.46
Profit before Depreciation 17.87 24.83
Less : Depreciation 14.06 19.98
Profit before Tax 3.81 4.85
Less : Provision for Taxation 1.71 4.40
(Add) / Less: Deferred Tax Assets / Liabilities 0.09 (2.33)
Less :Short Provision for the earlier years 3.06 -
Profit / (Loss) after Tax (1.05) 2.79
Add : Opening (debit) balance of Profit & Loss (18.44) (21.23)
Account
(Debit) Balance carried to Balance Sheet (19.49) (18.44)
2. DIVIDEND:
In view of the insufficient profit during the year as well as
accumulated losses, the Board of Directors are unable to recommend any
dividend on the Equity Shares for the year under review.
3. PRODUCTION, SALES AND WORKING RESULTS:
The production of Wheat Flour during the year under review was 8542
M.T. compared to 7792 M. T. during 2012-13. The Company has leased out
its Plastic Packaging Unit. The Sales during the year under review
stood at Rs. 1547 lacs compared to Rs. 1385 lacs during 2012-13.
Your Company has achieved during the year, Profit before Interest and
Depreciation of Rs. 24.84 lacs as compared to Rs. 31.29 lacs during
2012-13. After charging finance cost and Depreciation, the Company has
earned profit before tax of Rs. 3.81 lacs as compared to profit of Rs.
4.85 lacs during
2012-13. After providing for Taxation Rs. 1.71 lacs, Tax in respect of
earlier years of Rs. 3.06 Lacs and deferred tax liabilities of Rs. 0.09
lacs, the loss after tax stood at Rs. 1.05 lacs compared to Profit of
Rs. 2.79 lacs during 2012-13. After bringing forward debit balance of
Profit and Loss accounts of Rs. 18.44 lacs, the debit balance of Rs.
19.49 lacs has been transferred to Balance Sheet.
4. FUTURE PLANS:
The retail marketing of consumer packing of 1 Kg., 2 Kg., 5 Kg. and 10
Kg. of ''Super Shudh Atta'' Wheat Flour have earned expected results.
The Company is in the process of strengthening the distribution channel
so as to cover larger area of Gujarat. The Company is planning to enter
in the retail marketing of consumer packing in other states also.
5. FINANCE:
The Company has not availed any Working Capital Facilities. The Company
is regular in payment of EMI to Axis Bank Limited and HDFC Bank Limited
for Car loan.
6. RESEARCH AND DEVELOPMENT:
The Quality Control and R & D Department of your Company has shown
satisfactory performance during the year under review.
7. DIRECTORS:
7.1 Mr. Arvindkumar P. Thakkar was appointed as Independent Director
w.e.f. 29th July, 2014. One of your Directors, Mr. Ishwarlal B. Dewani
resigned from the office of the Director w.e.f. 29th July, 2014
7.2 Mr. Arvindkumar P. Thakkar and Ms. Karuna Advani, being Independent
Director, are being appointed for a term of 5 years as per provisions
of the Companies Act, 2013.
7.3 Mr. Sunil S. Ahuja retires by rotation in terms of Articles 153 and
154 of the Articles of Association of the Company at this ensuing
Annual General Meeting, being eligible, offers himself for
reappointment.
8. DIRECTORS'' RESPONSIBILITY STATEMENT:
Pursuant to the requirement of Section 217(2AA) of the Companies Act,
1956, with respect to Directors'' Responsibility Statement, it is hereby
confirmed:
(i) that in the preparation of the annual accounts, the applicable
accounting standards had been followed along with proper explanation
relating to material departures;
(ii) that the Directors had 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 at 31st March, 2014 being end of the
financial year 2013-14 and of the loss of the Company for the year;
(iii) that the Directors had taken proper and sufficient care for
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;
(iv) that the Directors had prepared the annual accounts on a going
concern basis.
9. AUDIT COMMITTEE:
The Board of Directors have re-constituted Audit Committee consisting
of the following:
1. Ms. Karuna V. Advani Chairman
2. Mr. Arvindkumar P. Thakkar Member
3. Mr. Shankar T. Ahuja Member
10. NOMINATION AND REMUNERATION COMMITTEE:
The Board of Directors have re-constituted Nomination and Remuneration
Committee consisting of the following:
1. Ms. Karuna V. Advani Chairman
2. Mr. Arvindkumar P. Thakkar Member
3. Mr. Shankar T. Ahuja Member
11. DEMATERIALISATION OF EQUITY SHARES:
Shareholders have an option to dematerialise their shares with either
of the depositories viz NSDL and CDSL. The ISIN allotted is
INE897A01011.
12. PERSONNEL AND H. R. D.:
The industrial relations continued to remain cordial and peaceful and
your Company continued to give ever increasing importance to training
at all levels and other aspects of H. R. D.
13. CORPORATE GOVERNANCE:
As per Clause 49 of the Listing Agreement, the Management Discussion
and Analysis Report and Report on Corporate Governance form part of
this Annual Report. A certificate regarding compliance with the
conditions of Corporate Governance as stipulated in clause 49 of the
listing agreement is also appended to the Annual Report.
14. COMPLIANCE CERTIFICATE UNDER THE COMPANIES ACT, 1956:
Your Company has obtained Compliance Certificate as required under the
Proviso to Section 383A of the Companies Act. 1956 from M/s. Kashyap R.
Mehta & Associates, Company Secretaries, Ahmedabad which is attached to
this Report.
15. LISTING:
The Equity Shares of the Company are listed on Ahmedabad Stock Exchange
Limited, BSE Limited, Saurashtra Kutch Stock Exchange Limited (Rajkot),
Vadodara Stock Exchange Limited and Jaipur Stock Exchange Limited. The
Company is in the process of getting Equity Shares delisted from
Ahmedabad, Saurashtra Kutch (Rajkot), Vadodara and Jaipur Stock
Exchanges for which necessary approval from members has already been
obtained. The Company is generally regular in payment of Annual Listing
Fees. The Company has paid Listing fees up to the year 2014-15 to
Ahmedabad Stock Exchange Limited and BSE Limited.
16. GENERAL:
16.1 INSURANCE:
The Company''s properties including building, plant and machinery,
stocks, stores etc. continue to be adequately insured against risks
such as fire, riot, strike, civil commotion, malicious damages,
machinery breakdown etc.
16.2 AUDITORS:
The present Auditors of the Company M/s. T. K. Tekwani, Chartered
Accounts, Ahmedabad will retire at the ensuing Annual General Meeting
and are eligible for reappointment. The Company has obtained from them
the written Certificate to the effect that their reappointment as
Auditors of the Company for the Financial Year 2014-15, if made, will
be in accordance with in the provisions of Section 139 and 141 of the
Companies Act, 2013.
The remarks of auditor and notes on accounts are self explanatory.
16.3 PARTICULARS OF EMPLOYEES:
None of the employees of the Company is drawing remuneration requiring
disclosure of information under Section 217(2 A) of the Companies Act,
1956, read with the Companies (Particulars of Employees) Rules, 1975.
16.4 DEPOSITS:
At the end of the Financial Year under Report, no fixed deposit
remained unclaimed by the _deposit holder which was due for repayment._
17. PARTICULARS AS REQUIRED UNDER COMPANIES (DISCLOSURE OF PARTICULARS
IN THE REPORT OF THE BOARD OF DIRECTORS) RULES, 1988:
A. Conservation of Energy:
Measures taken, proposals and impact of measures:
The Company installed better individual Capacitors for various
machineries. The Company has also installed capacitors at OCB being the
initial stage of supply of power. This has resulted into saving of
power.
Total energy consumption and energy consumption per unit of production
as per Form A prescribed in the Rules is at Annexure I to this report.
B. Technology Absorption and Foreign Exchange:
The laboratory of the Company is fully equipped with equipments like
oven, furnace and other ancillary equipments. The Quality Control
Department is primarily responsible for moisture, gluten, protein and
ash control in the final products.
The Company has not earned or spent any amount in foreign exchange
during the year under review.
18. CODE OF CONDUCT:
The Board of Directors has laid down a Code of Conduct applicable to
the Board of Directors and Senior Management. All the Board Members and
Senior Management personnel have affirmed compliance with the code of
conduct.
19. ACKNOWLEDGMENT:
Your Directors express their sincere thanks and appreciation to
Promoters, Shareholders, Suppliers and Customers for their constant
support and co operation.
Your Directors also place on record their gratitude to the Banks,
Financial Institutions and Government Departments for their confidence
reposed in the Company.
for and on behalf of the Board,
Place : Ahmedabad Shankar T. Ahuja
Date : 29th July, 2014 Chairman
Mar 31, 2013
Dear Shareholders,
The Directors present the 19TH ANNUAL REPORT together with the Audited
Statement of Accounts for the Financial Year 2012-13 ended 31st March,
2013.
1. FINANCIAL RESULTS :
(Rs. in Lacs)
Particulars 2012-13 2011-12
Profit before Interest and Depreciation 31.29 33.55
Less : Interest 6.46 4.28
Profit before Depreciation 24.83 29.27
Less : Depreciation 19.98 22.95
Profit before Tax 4.85 6.32
Less : Provision for Taxation 4.40 4.35
(Add) : Deferred Tax Assets (2.33) (2.40)
Less : Short Provision for the earlier years - -
Profit after Tax 2.79 4.37
Add : Opening (debit) balance of Profit &
Loss Account (21.23) (25.60)
(Debit) Balance carried to Balance Sheet (18.44) (21.23)
2. DIVIDEND:
In view of the insufficient profit during the year as well as
accumulated losses, the Board of Directors are unable to recommend any
dividend on the Equity Shares for the year under review.
3. PRODUCTION, SALES AND WORKING RESULTS:
The production of Wheat Flour during the year under review was 7792 M.T
compared to 10426 M. T during 2011-12. The Company has leased out its
Plastic Packaging Unit.
The Sales during the year under review stood at Rs. 1385 lacs compared
to Rs. 642 lacs during 2011- 12. As most of the Production/ Sales
during the year under review was as Job Work, the figures of Sales
during the year under review are not comparable with the figures of
Sales during 2011-12.
Your Company has achieved during the year, Profit before Interest and
Depreciation of Rs. 31.29 lacs as compared to Rs.33.55 lacs during
2011-12. After charging financial cost and Depreciation, the Company
earned profit before tax of Rs. 4.85 lacs as compared to profit of Rs.
6.32 lacs during 2011- 12. After providing for Taxation Rs. 4.15 lacs
and deferred tax assets of Rs. 2.33 lacs, profit after tax stood at Rs.
2.79 lacs compared to Profit of Rs. 4.37 lacs during 2011-12. After
bringing forward debit balance of Profit and Loss accounts of Rs. 21.23
lacs, the debit balance of Rs. 18.44 lacs has been transferred to
Balance Sheet.
Shareholders will appreciate that in absence of export demand coupled
with factors beyond the control of the Company such as input cost,
electricity and other utilities cost etc., the performance of the
Company during the year under review may be treated satisfactory.
4. FUTURE PLANS:
The retail marketing of consumer packing of 1 Kg., 2 Kg., 5 Kg. and 10
Kg. of ''Super Shudh Atta'' Wheat Flour have earned expected results. The
Company is in the process of strengthening the distribution channel so
as to cover larger area of Gujarat. The Company is planning to enter in
the retail marketing of consumer packing in other states also.
5. FINANCE:
The Company has not availed any Working Capital Facilities. The Company
is regular in payment of EMI to Axis Bank Limited and HDFC Bank Limited
for Car loan.
6. RESEARCH AND DEVELOPMENT:
The Quality Control and R & D Department of your Company has shown
satisfactory performance during the year under review.
7. DIRECTORS:
Two of your Directors viz. Ms. Karuna Advani and Mr. Shankar T. Ahuja
retire by rotation in terms of the Articles of Association of the
Company. They, however, being eligible offer themselves for
reappointment.
8. DIRECTORS'' RESPONSIBILITY STATEMENT:
Pursuant to the requirement of Section 217 (2AA) of the Companies Act,
1956, with respect to Directors'' Responsibility Statement, it is hereby
confirmed:
(i) that in the preparation of the annual accounts, the applicable
accounting standards had been followed along with proper explanation
relating to material departures;
(ii) that the Directors had 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 at 31st March, 2013 being end of the
financial year 2012-13 and of the profit of the Company for the year;
(iii) that the Directors had taken proper and sufficient care for
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;
(iv) that the Directors had prepared the annual accounts on a going
concern basis.
9. DEMATERIALISATION OF EQUITY SHARES:
Shareholders have an option to dematerialise their shares with either
of the depositories viz NSDL and CDSL. The ISIN allotted is
INE897A01011.
10. PERSONNEL AND H. R. D.:
The industrial relations continued to remain cordial and peaceful and
your Company continued to give ever increasing importance to training
at all levels and other aspects of H. R. D.
11. CORPORATE GOVERNANCE:
The Report on Corporate Governance as per Clause 49 of the Listing
Agreement is annexed.
12. COMPLIANCE CERTIFICATE UNDER THE COMPANIES ACT, 1956:
Your Company has obtained Compliance Certificate as required under the
Proviso to Section 383A of the Companies Act. 1956 from M/s. Kashyap R.
Mehta & Associates, Company Secretaries, Ahmedabad which is attached to
this Report.
13. LISTING:
The Equity Shares of the Company are listed on Ahmedabad Stock Exchange
Limited, BSE Limited, Saurashtra Kutch Stock Exchange Limited (Rajkot),
Vadodara Stock Exchange Limited and Jaipur Stock Exchange Limited. The
Company is in the process of getting Equity Shares delisted from
Ahmedabad, Saurashtra Kutch (Rajkot), Vadodara and Jaipur Stock
Exchanges for which necessary approval from members has already been
obtained. The Company is generally regular in payment of Annual Listing
Fees. The Company has paid Listing fees up to the year 2013-14 to
Ahmedabad Stock Exchange Limited and BSE Limited.
14. GENERAL:
14.1 INSURANCE:
The Company''s properties including building, plant and machinery,
stocks, stores etc. continue to be adequately insured against risks
such as fire, riot, strike, civil commotion, malicious damages,
machinery breakdown etc.
14.2 AUDITORS:
The present Auditors of the Company M/s. T. K. Tekwani & Co., Chartered
Accountants, Ahmedabad will retire at the ensuing Annual General
Meeting. They have submitted Certificate for their eligibility for re
appointment under Section 224(1 B) of the Companies Act, 1956. The
notes of Auditors on accounts are self explanatory.
14.3 PARTICULARS OF EMPLOYEES:
None of the employees of the Company is drawing remuneration requiring
disclosure of information under Section 217(2A) of the Companies Act,
1956, read with the Companies (Particulars of Employees) Rules, 1975.
14.4 DEPOSITS:
At the end of the Financial Year under Report, no fixed deposit
remained unclaimed by the deposit holder which was due for repayment.
14.5 COST AUDITORS:
The Company has appointed M/s. Koushlya Vijay Melwani, Cost
Accountants, Ahmedabad as Cost Auditors of the Company for the year
2013-14.
15. PARTICULARS AS REQUIRED UNDER COMPANIES (DISCLOSURE OF PARTICULARS
IN THE REPORT OF THE BOARD OF DIRECTORS) RULES, 1988:
A. Conservation of Energy:
Measures taken, proposals and impact of measures:
The Company installed better individual Capacitors for various
machineries. The Company has also installed capacitors at OCB being the
initial stage of supply of power. This has resulted into saving of
power.
Total energy consumption and energy consumption per unit of production
as per Form A prescribed in the Rules is at Annexure I to this report.
B. Technology Absorption and Foreign Exchange:
The laboratory of the Company is fully equipped with equipments like
oven, furnace and other ancillary equipments. The Quality Control
Department is primarily responsible for moisture, gluten, protein and
ash control in the final products.
The Company has not earned or spent any amount in foreign exchange
during the year under review.
16. ACKNOWLEDGMENT:
Your Directors express their sincere thanks and appreciation to
Promoters, Shareholders, Suppliers and Customers for their constant
support and co operation.
Your Directors also place on record their gratitude to the Banks,
Financial Institutions and Government Departments for their confidence
reposed in the Company.
for and on behalf of the Board,
Place : Ahmedabad Shankar T. Ahuja
Date : 16th July, 2013 Chairman
Mar 31, 2012
The Directors present the 18TH ANNUAL REPORT together with the Audited
Statement of Accounts for the Financial Year 2011-12 ended 31st March,
2012.
1. FINANCIAL RESULTS :
(Rs. in Lacs)
Particulars 2011-12 2010-11
Profit before Interest and
Depreciation 33.12 30.27
Less : Interest 3.85 2.48
Profit before Depreciation 29.27 27.79
Less : Depreciation 22.95 19.21
Profit before Tax 6.32 8.58
Less : Provision for Taxation 4.35 4.50
(Add) : Deferred Tax Assets (2.40) (1.85)
Less : Short Provision for
the earlier years - 0.12
Profit after Tax 4.37 5.81
Add : Opening (debit) balance
of Profit & Loss Account (25.60) (31.41)
(Debit) Balance carried to
Balance Sheet (21.23) (25.60)
2. DIVIDEND:
In view of the insufficient profit during the year as well as
accumulated losses, the Board of Directors are unable to recommend any
dividend on the Equity Shares for the year under review.
3. PRODUCTION, SALES AND WORKING RESULTS:
The production of Wheat Flour during the year under review was 10426
M.T. compared to 19038 M. T. during 2010-11. The Company has leased
out its Plastic Packaging Unit.
During the year under review, the Company has continued the
transactions with the Government of Gujarat (Civil Supply Department)
under the scheme of MDM, AAY and ICDS for which the Company receives
Job Work charges.
The Sales during the year under review stood at Rs. 642 lacs compared
to Rs. 787 lacs during 2010- 11. As most of the Production/Sales during
the year under review was as Job Work, the figures of Sales during the
year under review are not comparable with the figures of Sales during
2010-11.
Your Company has achieved during the year, Profit before Interest and
Depreciation of Rs. 33.12 lacs as compared to Rs. 30.27 lacs during
2010-11. After charging financial cost and Depreciation, the Company
earned profit before tax of Rs. 6.32 lacs as compared to profit of Rs.
8.58 lacs during 2010-11. After providing for Taxation Rs. 4.35 lacs
and deferred tax assets of Rs. 2.40 lacs profit after tax stood at Rs.
4.37 lacs compared to Profit of Rs. 5.81 lacs during 2010-11. After
bringing forward debit balance of Profit and Loss accounts of Rs. 25.60
lacs, the debit balance of Rs. 21.23 lacs has been transferred to
Balance Sheet.
Shareholders will appreciate that in absence of export demand coupled
with factors beyond the control of the Company such as input cost,
electricity and other utilities cost etc., the performance of the
Company during the year under review may be treated satisfactory.
4. FUTURE PLANS:
The retail marketing of consumer packing of 1 Kg., 2 Kg., 5 Kg. and 10
Kg. of 'Super Shudh Atta' Wheat Flour have earned expected results. The
Company is in the process of strengthening the distribution channel so
as to cover larger area of Gujarat. The Company is planning to enter in
the retail marketing of consumer packing in other states also.
5. FINANCE:
The Company has not availed any Working Capital Facilities. The Company
is regular in payment of EMI to Axis Bank Limited and HDFC Bank Limited
for Car loan.
6. RESEARCH AND DEVELOPMENT:
The Quality Control and R & D Department of your Company has shown
satisfactory performance during the year under review.
7. DIRECTORS:
7.1 Two of your Directors viz. Mr. Sunil S. Ahuja and Mr. Prakash B.
Ahuja retire by rotation in terms of the Articles of Association of the
Company. They, however, being eligible offer themselves for
reappointment.
7.2 The Board of Directors in their meeting held on 9th December, 2011
have re-appointed Mr. Anil S. Ahuja as Managing Director of the
Company for a period of five years w.e.f. 1st January, 2012 subject to
approval of the members as specified in notice of 18th Annual General
Meeting.
8. DIRECTORS' RESPONSIBILITY STATEMENT:
Pursuant to the requirement of Section 217 (2AA) of the Companies Act,
1956, with respect to Directorsà Responsibility Statement, it is hereby
confirmed:
(i) That in the preparation of the annual accounts, the applicable
accounting standards had been followed along with proper explanation
relating to material departures;
(ii) That the Directors had 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 at 31st March, 2012 being end of the
financial year 2011-12 and of the profit of the Company for the year;
(iii) That the Directors had taken proper and sufficient care for
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;.
(iv) That the Directors had prepared the annual accounts on a going
concern basis.
9. DEMATERIALISATION OF EQUITY SHARES:
Shareholders have an option to dematerialise their shares with either
of the depositories viz NSDL and CDSL. The ISIN allotted is
INE897A01011.
10. PERSONNEL AND H. R. D.:
The industrial relations continued to remain cordial and peaceful and
your Company continued to give ever increasing importance to training
at all levels and other aspects of H. R. D.
11. CORPORATE GOVERNANCE:
The Report on Corporate Governance as per Clause 49 of the Listing
Agreement is annexed.
12. COMPLIANCE CERTIFICATE UNDER THE COMPANIES ACT, 1956:
Your Company has obtained Compliance Certificate as required under the
Proviso to Section 383A of the Companies Act. 1956 from M/s. Kashyap R.
Mehta & Associates, Company Secretaries, Ahmedabad which is attached to
this Report.
13. LISTING:
The Equity Shares of the Company are listed on Ahmedabad, Mumbai,
Saurashtra Kutch (Rajkot), Vadodara and Jaipur Stock Exchanges. The
Company is in the process of getting Equity Shares delisted from
Ahmedabad, Saurashtra Kutch (Rajkot), Vadodara and Jaipur Stock
Exchanges for which necessary approval from members has already been
obtained. The Company is generally regular in payment of Annual Listing
Fees. The Company has paid Listing fees up to the year 2012-13 to
Ahmedabad and Bombay Stock Exchanges.
14. GENERAL:
14.1 INSURANCE:
The Company's properties including building, plant and machinery,
stocks, stores etc. continue to be adequately insured against risks
such as fire, riot, strike, civil commotion, malicious damages,
machinery breakdown etc.
14.2 AUDITORS:
The present Auditors of the Company M/s. T K. Tekwani & Co., Chartered
Accountants, Ahmedabad will retire at the ensuing Annual General
Meeting. They have submitted Certificate for their eligibility for re
appointment under Section 224(1 B) of the Companies Act, 1956. The
notes of Auditors on accounts are self explanatory.
14.3 PARTICULARS OF EMPLOYEES:
None of the employees of the Company is drawing remuneration requiring
disclosure of information under Section 217(2 A) of the Companies Act,
1956, read with the Companies (Particulars of Employees) Rules, 1975.
14.4 DEPOSITS:
At the end of the Financial Year under Report, no fixed deposit
remained unclaimed by the deposit holder which was due for repayment.
15. PARTICULARS AS REQUIRED UNDER COMPANIES (DISCLOSURE OF PARTICULARS
IN THE REPORT OF THE BOARD OF DIRECTORS) RULES, 1988:
A. Conservation of Energy:
Measures taken, proposals and impact of measures:
The Company installed better individual Capacitors for various
machineries. The Company has also installed capacitors at OCB being the
initial stage of supply of power. This has resulted into saving of
power.
Total energy consumption and energy consumption per unit of production
as per Form A prescribed in the Rules is at Annexure I to this report.
B. Technology Absorption and Foreign Exchange:
The laboratory of the Company is fully equipped with equipments like
oven, furnace and other ancillary equipments. The Quality Control
Department is primarily responsible for moisture, gluten, protein and
ash control in the final products.
The Company has not earned or spent any amount in foreign exchange
during the year under review.
16. ACKNOWLEDGMENT:
Your Directors express their sincere thanks and appreciation to
Promoters, Shareholders, Suppliers and Customers for their constant
support and co-operation.
Your Directors also place on record their gratitude to the Banks,
Financial Institutions and Government Departments for their confidence
reposed in the Company.
for and on behalf of the Board,
Shankar T. Ahuja
Chairman
Place : Ahmedabad
Date : 16th July, 2012
Mar 31, 2011
Dear Shareholders,
The Directors present the SEVENTEENTH ANNUAL REPORT together with the
Audited Statement of Accounts for the Financial Year 2010-11 ended 31st
March, 2011.
1. FINANCIAL RESULTS :
(Rs. in Lacs)
Particulars 2010-11 2009-10
Profit before Interest and Depreciation 30.27 23.96
Less : Interest 2.48 2.25
Profit before Depreciation 27.79 21.71
Less : Depreciation 19.21 20.22
Profit before Tax 8.58 1.49
Less : Provision for Taxation 4.50 2.40
Add : Reversal of Deferred Tax 1.85 2.09
Profit after Tax 5.93 1.18
Less : Short Provision for the earlier years 0.12 -
Add : Opening (debit) balance of Profit
& Loss Account (31.41) (32.59)
(Debit) Balance carried to Balance Sheet (25.60) (31.41)
2. DIVIDEND:
In view of the insufficient profit during the year as well as
accumulated losses, the Board of Directors are unable to recommend any
dividend on the Equity Shares for the year under review.
3. PRODUCTION, SALES AND WORKING RESULTS:
The production of Wheat Flour during the year under review was 19038
M.T. compared to 15873 M. T. during 2009-10. The Company has leased out
its Plastic Packaging Unit.
During the year under review, the Company has continued the
transactions with the Government of Gujarat (Civil Supply Department)
under the scheme of MDM, AAY and ICDS for which the Company receives
Job Work charges.
The Sales during the year under review stood at Rs. 787 lacs compared
to Rs. 1438 lacs during 2009-10. As most of the Production/ Sales
during the year under review was as Job Work, the figures of Sales
during the year under review are not comparable with the figures of
Sales during 2009-10.
Your Company has achieved during the year, Profit before Interest and
Depreciation of Rs. 30.27 lacs as compared to Rs.23.96 lacs during
2009-10. After charging financial cost and Depreciation, the Company
earned profit before tax of Rs. 8.58 lacs as compared to loss of Rs.
1.49 lacs during 2009-10. After providing for Taxation Rs. 4.50 lacs
and reversing deferred tax liability of Rs. 1.85 lacs profit after tax
stood at Rs. 5.93 lacs compared to Profit of Rs.1.18 lacs during
2009-10. After bringing forward debit balance of Profit and Loss
accounts of Rs. 31.41 lacs, the debit balance of Rs. 25.60 lacs has
been transferred to Balance Sheet.
Shareholders will appreciate that in absence of export demand coupled
with factors beyond the control of the Company such as higher input
cost, electricity and other utilities cost etc., the performance of the
Company during the year under review may be treated satisfactory.
4. FUTURE PLANS:
The retail marketing of consumer packing of 1 Kg., 2 Kg., 5 Kg. and 10
Kg. of 'Super Shudh Atta' Wheat Flour have earned expected results. The
Company is in the process of strengthening the distribution channel so
as to cover larger area of Gujarat. The Company is planning to enter in
the retail marketing of consumer packing in other states also.
5. FINANCE:
The Company has not availed any Working Capital Facilities. The Company
is also regular in payment of EMI to Axis Bank Limited for Car loan.
6. RESEARCH AND DEVELOPMENT:
The Quality Control and R & D Department of your Company has shown
satisfactory performance during the year under review.
7. DIRECTORS:
Two of your Directors viz. Shri Shankar T. Ahuja and Shri Ishwarlal B.
Dewani retire by rotation in terms of Articles 109 of the Articles of
Association of the Company. They, however, being eligible offer
themselves for reappointment.
8. DIRECTORS' RESPONSIBILITY STATEMENT:
Pursuant to the requirement of Section 217 (2AA) of the Companies Act,
1956, with respect to Directors' Responsibility Statement, it is hereby
confirmed:
(i) that in the preparation of the annual accounts, the applicable
accounting standards had been followed along with proper explanation
relating to material departures;
(ii) that the Directors had 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 at 31st March, 2011 being end of the
financial year 2010-11 and of the profit of the Company for the year;
(iii) that the Directors had taken proper and sufficient care for
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;.
(iv) that the Directors had prepared the annual accounts on a going
concern basis.
9. DEMATERIALISATION OF EQUITY SHARES:
Shareholders have an option to dematerialise their shares with either
of the depositories viz NSDL and CDSL. The ISIN allotted is
INE897A01011.
10. PERSONNEL AND H. R. D.:
The industrial relations continued to remain cordial and peaceful and
your Company continued to give ever increasing importance to training
at all levels and other aspects of H. R. D.
11. CORPORATE GOVERNANCE:
The Report on Corporate Governance as per Clause 49 of the Listing
Agreement is annexed.
12. COMPLIANCE CERTIFICATE UNDER THE COMPANIES ACT, 1956:
Your Company has obtained Compliance Certificate as required under the
Proviso to Section 383A of the Companies Act. 1956 from M/s. Mehta
Hurkat & Associates, Company Secretaries, Ahmedabad which is attached
to the Directors' Report.
13. LISTING:
The Equity Shares of the Company are listed on Ahmedabad, Mumbai,
Saurashtra-Kutch (Rajkot), Vadodara and Jaipur Stock Exchanges. The
Company is in the process of getting Equity Shares delisted from
Ahmedabad, Saurashtra-Kutch (Rajkot), Vadodara and Jaipur Stock
Exchanges for which necessary approval from members has already been
obtained. The Company is generally regular in payment of Annual Listing
Fees. The Company has paid Listing fees upto the year 2011-12 to
Ahmedabad and Bombay Stock Exchanges.
14. GENERAL:
14.1 INSURANCE:
The Company's properties including building, plant and machinery,
stocks, stores etc. continue to be adequately insured against risks
such as fire, riot, strike, civil commotion, malicious damages,
machinery breakdown etc.
14.2 AUDITORS:
The present Auditors of the Company M/s. T. K. Tekwani & Co., Chartered
Accountants, Ahmedabad will retire at the ensuing Annual General
Meeting. They have submitted certificate for their eligibility for
re-appointment under Section 224(1-B) of the Companies Act, 1956. The
notes of Auditors on accounts are self-explanatory.
14.3 PARTICULARS OF EMPLOYEES:
None of the employees of the Company is drawing remuneration requiring
disclosure of information under Section 217(2-A) of the Companies Act,
1956, read with the Companies (Particulars of Employees) Rules, 1975.
14.4 DEPOSITS:
At the end of the Financial Year under Report, no fixed deposit
remained unclaimed by the deposit holder which was due for repayment.
15. PARTICULARS AS REQUIRED UNDER COMPANIES (DISCLOSURE OF PARTICULARS
IN THE REPORT OF THE BOARD OF DIRECTORS) RULES, 1988:
A. Conservation of Energy:
Measures taken, proposals and impact of measures:
The Company installed better individual Capacitors for various
machineries. The Company has also installed capacitors at OCB being the
initial stage of supply of power. This has resulted into saving of
power.
Total energy consumption and energy consumption per unit of production
as per Form-A prescribed in the Rules is at Annexure-I to this report.
B. Technology Absorption and Foreign Exchange:
The laboratory of the Company is fully equipped with equipments like
oven, furnace and other ancillary equipments. The Quality Control
Department is primarily responsible for moisture, gluten, protein and
ash control in the final products.
The Company has not earned or spent any amount in foreign exchange
during the year under review.
16. ACKNOWLEDGMENT:
Your Directors express their sincere thanks and appreciation to
Promoters, Shareholders, Suppliers and Customers for their constant
support and co-operation.
Your Directors also place on record their gratitude to the Banks,
Financial Institutions and Government Departments for their confidence
reposed in the Company.
for and on behalf of the Board,
Shankar T. Ahuja
Chairman
Place : Ahmedabad
Date : 30th May, 2011.
Mar 31, 2010
The Directors present the SIXTEENTH ANNUAL REPORT together with the
Audited Statement of Accounts for the Financial Year 2009-10 ended 31s:
March, 2010.
1. FINANCIAL RESULTS :
(Rs, in .Lacs)
Particulars 2009-10 2008-09
Profit before Interest and Depreciation 23.96 17,64
Less: Interest 2.25 2.17
Profit before Depreciation 21.71 15,46
Less : Depreciation 20.22 18.43
ProfiU(Loss) before Tax 1.49 (2,97)
Less. Provision for Taxation / FBT 2.40 2.75
Add : Reversal of Deferred Tax 2.09 2.44
Profit / (Loss) after Tax 1 -18 (3.27)
Add : Opening (debit) balance of Profit
& Loss Account (32.59) (29.32)
-
(Debit) Balance carried to Balance Sheet (31.41) (32.59)
2.DIVIDEND:
in view of the insufficient profit during the year as well as
accumulated losses, the Board of Directors are unable to recommend any
dividend on the Equity Shares for the year under review.
3. PRODUCTION, SALES AND WORKING RESULTS:
The production of Wheat Flour during the year under review was 15,873
M.T. compared to 17.040 M. T. during 2008-09. The Company has leased
out its Plastic Packaging Unit. The Sales during the year Ainder review
stood at Rs.1438 lacs compared to Rs.1457 lacs during 2008-09.
Your Company has achieved during the year, Profit before Interest and
Depreciation of Rs.23.96 lacs as compared to Rs.17,64 lacs during
2008-09. After charging financial cost and Depreciation, the Company
earned profit before tax of Rs.1.49 lacs as compared to loss of Rs,
2.97 lacs during 2008- 09. After providing for Taxation Rs.2.40 lacs
and reversing deferred tax liability of Rs.2.09 lacs profit after tax
stood at Rs.1.18 lacs compared to Loss of Rs.3.27 lacs during 2008-09.
After bringing forward debit balance of Profit and Loss accounts of Rs.
32.59 lacs, the debit balance of Rs.31.41 lacs has been transferred to
Balance Sheet.
Shareholders will appreciate that in absence of export demand coupled
with factors beyond the control of the Company such as higher input
cost, electricity and other utilities cost etc., the performance of the
Company during the year under review may be treated satisfactory.
4. FUTURE PLANS:
The retail marketing of consumer packing of 1 Kg., 2 Kg., 5 Kg. and 10
Kg. of Super Shudh Atta Wheat Flour have earned expected results. The
Company is-in the process of strengthening the distribution channel so
as to cover larger area of Gujarat. The Company is planning to enter in
the retail marketing of consumer packing in other states also.
5. FINANCE:
The Company has not availed any Working Capiial Facilities. The Company
is also regular in paymenl of EMI to Axis Bank Limited for Car loan.
6. RESEARCH AND DEVELOPMENT:
The Quality Control and R&D Department of your Company has shown
satisfactory performance during the year under review.
7. DIRECTORS:
Two of your Directors viz. Shri Prakash B. Ahuja and Ms. Karuna Advani
retires by rotation in terms of Articles 109 of the Articles of
Association of the Company. They, however, being eligible offer
themselves for reappointment.
8. DIRECTORS RESPONSIBILITY STATEMENT:
Pursuant to the requirement of Section 217 (2AA) of the Companies Act,
1956, with respect to Directors. Responsibility Statement, it is
hereby confirmed:
(i) that in the preparation of the annual accounts, the applicable
accounting standards had been followed along with proper explanation
relating to material departures;
(ii) that the Directors had 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 at 31st March, 2010 being end of the
financial year 2009-10 and of the profit of the Company for the year;
{iii) that the Directors had taken proper and sufficient care for
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;.
(iv) that the Directors had prepared the annual accounts on a going
concern basis.
9. DEMATERIALISATION OF EQUITY SHARES:
Shareholders have an option to dematerialise their shares with either
of the depositories viz NSDL and CDSL. The ISIN allotted is
INE897A01011.
10. PERSONNEL AND H. R. D.:
The industrial relations continued to remain cordial and peaceful and
your Company continued to give ever increasing importance to training
at all levels and other aspects of H. R. D.
11. CORPORATE GOVERNANCE:
The Report on Corporate Governance as per Clause 49 of the Listing
Agreement is annexed.
12. COMPLIANCE CERTIFICATE UNDER THE COMPANIES ACT, 1956:
Your Company has obtained Compliance Certificate as required under the
Proviso to Section 383A of the Companies Act, 1956 from M/s. Mehta
Hurkat & Associates, Company Secretaries, Ahmedabad which is attached
to the Directors Report.
13. LISTING:
The Equity Shares of the Company are listed on Ahmedabad, Mumbai,
Saurasrttra-Kutch (Rajkot), Vadodara and Jaipur Stock Exchanges. The
Company is in the process of getting Equity Shares
delisted from Ahmedabad. Saurashira-Kutch (Rajkot), Vadodara and Jaipur
Stock Exchanges for which necessary approval from members has already
been obtained. The Company is generally regular in payment of Annual
Listing Fees. The Company has paid Listing fees uptothe year 2010-11 to
Ahmedabad and Bombay Stock Exchanges.
14. GENERAL:
14.1 INSURANCE:
The Companys properties including building, plan! and machinery,
slocks, stores etc. continue to be adequately insured against risks
such as fire, not, strike, civil commotion, malicious damages,
machinery breakdown etc.
14.2AUDITORS:
The present Auditors of the Company M/s. T. K. Tekwani & Co., Chartered
Accountants, Ahmedabad will retire at the ensuing Annual General
Meeting. They have submitted certificate for their eligibility for
re-appointment under Section 224(1-B) of the Companies Act. 1956. The
notes of Auditors on accounts are self-explanatory.
14.3PARTICULARS OF EMPLOYEES:
None of the employees of the Company is drawing remuneration requiring
disclosure of information under Section 217(2-A) of the Companies Act,
1956, read with the Companies (Particulars of Employees) Rules, 1975.
14.4 DEPOSITS:
At the end of the Financial Year under Report, no fixed deposit
remained unclaimed by the deposit holder which was due for repayment.
15. PARTICULARS AS REQUIRED UNDER COMPANIES (DISCLOSURE OF PARTICULARS
IN THE REPORT OF THE BOARD OF DIRECTORS) RULES, 1988:
A. Conservation of Energy:
Measures taken, proposals and impact of measures:
The Company installed better individual Capacitors for various
machineries. The Company has also installed capacitors at OCB being the
initial stage of supply of power. This has resulted into saving of
power.
Total energy consumption and energy consumption per unit of production
as per Form-A prescribed in the Rules is at Annexure-I to this report.
B. Technology Absorption and Foreign Exchange:
The laboratory of the Company is fully equipped with equipments like
oven, furnace and other ancillary equipments. The Quality Control
Department is primarily responsible for moisture, gluten, protein and
ash control in the final products.
The Company has not earned or spent any amount in foreign exchange
during the year under review.
16. CHANGE OF REGISTRAR AND TRANSFER AGENTS:
During the year under review the Registrar and Transfer Agents of the
Company have been changed to M/s. Link Intime India Private Limited,
17. ACKNOWLEDGMENT:
Your Directors express their sincere thanks and appreciation to
Promoters, Shareholders, Suppliers and Customers tor their.constant
support and co-operation.
Your Directors also place on record their gratitude to the Banks.
Financial Institutions and Government Departments tor their confidence
reposed in the Company.
for and on behalf of the Board,
Place : Ahmedabad Shankar T. Ahuja
Date : 29th May, 2010. Chairman
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