Mar 31, 2014
Dear Stakeholders
The Directors share deep sense of pleasure in presenting the Twenty
Eighth Annual Report and the audited accounts for the year ended on
31st March 2014: -
FINANCIAL RESULTS (Rs. in Lacs)
2013-14 2012-13
Revenue from Operation 31.16 32.11
Other Income 0.00 4.14
Total Expenses 29.83 35.23
Profit/(Loss) before depreciation and
Finance cost 1.64 1.42
Less: Finance Cost & Depreciation 0.31 0.40
Profit/(Loss) before tax 1.33 1.02
Less: Tax Expenses 0.00 0.00
Profit After Tax 1.33 1.02
FINANCIAL PERFORMANCE
During the year under review, the Company has earned total revenue of
Rs. 31.16 Lacs as compared to previous year Rs. 32.11 Lacs and earned a
net profit of Rs. 1.33 lacs as compared to previous year''s Profit
figure of Rs. 1.02 Lacs.
DIVIDEND
The Board of Directors of your Company is of the opinion that keeping
in view the future fund requirements of the Company, your directors do
not recommended any dividend for the financial year ended March 31,
2014. The Board assures you to present a much strong financial
statements in coming years.
PARTICULARS OF EMPLOYEES
Information required as per section 217(2A) of the Companies Act, 1956
read with Companies (Particulars of Employees) Rules 1975 forming part
of this report for the year ended 31st March, 2014 is NIL.
PUBLIC DEPOSITS
The Company has not accepted any public deposits in terms of section
58A of the Companies Act, 1956 and the rules made there under.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
The Management Discussion and Analysis, forming part of this report, as
required under Clause 49(IV) (F) of the Listing Agreement with the
stock exchanges is attached separately to this Annual Report.
CORPORATE GOVERNANCE
As required under Clause 49 of the Listing Agreement with the Stock
Exchanges, Corporate Governance as well as the Statutory Auditors''
Certificate regarding compliance of conditions of Corporate Governance
forms part of the Annual Report.
Your Company has always practiced sound corporate governance and takes
necessary actions at appropriate times for meeting stakeholders''
expectations while continuing to comply with the mandatory provisions
of corporate governance and it has been endeavor of your company to
follow and implement the best practices in corporate governance, in
letter and spirit.
DIRECTORS
In accordance with the requirements of the Companies Act, 2013 and the
Company''s Articles of Association, Mr. O. P. Yadav, Director of the
Company, retires by rotation and shown his willingness for
Re-appointment
The Board of Directors in their meeting held on 06th August 2014 has
decided to appoint Mr. O. P. Yadav as the Managing Director and Chief
Financial officer of the Company having regard to the expansion
programmes and therefore in their Meeting held on 06th August 2014
appointed Mr. O. P. Yadav as the Managing Director subject to the
approval of the shareholders. A resolution to this effect has been
placed in the Notice of the Annual General Meeting.
In accordance with the section 152 and 161 of Companies Act, 2013, Mrs.
Ruby Yadav who was appointed as the additional Director of the Company
by the Board of Directors and their office shall be determined at this
Annual General meeting and the Company has received the requisite
Notice in writing from a member proposing the appointment of Mrs. Ruby
Yadav as the Non Executive Promoter Director of the Company in the
ensuing Annual General Meeting.
The Independent Directors were appointed as the directors liable to
retire by rotation under the provisions of the erstwhile Companies Act,
1956. Section 149(11) of the Companies Act, 2013 states that no
Independent Director shall be eligible for more than two consecutive
terms of five years. Section 149(13) states that the provisions of
retirement by rotation as defined in 152(6) and (7) of the Act shall
not apply to such Independent Directors. Therefore it is proposed to
re-appoint Independent Directors not to retire by rotation and also to
fix their tenure. Resolutions in respect of this have been placed in
the notice to the Annual General Meeting.
Brief resume of Director proposed to be appointed, nature of their
experience in their specific functional areas, name of the Companies in
which they hold directorship and membership / chairmanship of the Board
Committees, Shareholding as stipulated under Clause 49 of the Listing
agreement with the stock exchanges forms part of the Notice.
Shri S. K. Yadav, Managing Director and Chairman of the Company, after
a major ailment passed away on 21st December 2013. Form 32, regarding
the cessation, to the registrar of the company has filed on 28.01.2014.
DIRECTORS'' RESPONSIBILITY STATEMENT
As required under section 217(2AA) of the Companies Act, 1956 regarding
the Directors'' Responsibility Statement, it is hereby stated:
i. In the preparation of annual accounts for the financial year ended
March 31, 2014, the applicable accounting standards have been followed
along with proper explanation relating to material departures.
ii. 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 at the end of the financial year ended on March 31st
2014 and of the profit or loss of the Company for that period.
iii. The Directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the company and
for preventing and detecting fraud and other irregularities.
iv. The Directors have prepared the annual accounts on a going concern
basis.
CHANGES IN SHARE CAPITAL
The Authorised Share Capital of the company is Rs. 55,000,000 divided
into 5,500,000 equity shares of Rs.10/- each. During the period under
review, the said capital has not been raised by the company. The
Issued, Subscribed & Paid-up Capital remains is Rs. 30,056,000/-.
There has been no change in the share capital of the Company during the
year.
AUDITORS
M/s Neeraj Ramesh Chandra & Associates, the Statutory Auditors of the
Company, hold office until the ensuing Annual General Meeting (AGM).
The said Auditors have furnished the Certificate of their eligibility
for re-appointment. Pursuant to the provisions of Section 139 of the
Companies Act, 2013 and the Rules framed thereunder, it is proposed to
appoint Neeraj Ramesh Chandra & Associates having registration No.
017155N as Statutory Auditors of the Company from the conclusion of the
forthcoming AGM till the conclusion of the 33rd AGM to be held in the
year 2019, subject to ratification of their appointment at the
subsequent AGMs.
AUDITORS'' REPORT
As regards the observations of the Auditor''s in his Report of even
date, these are self explanatory and therefore, do not call for further
comments.
CORPORATE GOVERNANCE
A separate report on corporate governance along with a certificate from
statutory auditors regarding compliance with the conditions of
corporate governance forms a part of Annual Report.
LISTING
Presently, the securities of the Company are listed at BSE Limited and
Delhi Stock Exchange Limited. The Company had applied for the delisting
of its equity shares from the Delhi Stock Exchange Limited and Jaipur
Stock Exchange Limited. Jaipur Stock Exchange Limited has delisted its
securities wide letter No. JSEL/2013/432 dated 13th May 2013 and the
matter is pending at Delhi Stock Exchange Limited.
INTERNATIONAL SECURITY IDENTIFICATION NUMBER (INE169F01014)
Your Company has admitted its securities with National Services
Depository Limited (NSDL) and Central Depository Services (India)
Limited (CDSL) to enable our shareowners to hold their shares in
dematerialised form. International Security Identification Number of
your Company is INE169F01014.
GREEN INITIATIVE IN THE CORPORATE GOVERNANCE
In view of the ''Green Initiative in Corporate Governance'' introduced by
the Ministry of Corporate Affairs vide its circular no. 17/2011 dated
21st April 2011, all members who are holding shares of the Company in
physical mode, are requested to register their e-mail IDs with the
Company, so as to enable the company to send all notices/
reports/documents/ intimations and other correspondences etc. through
e-mails, in the electronic mode instead of receiving physical copies of
the same.
PARTICULARS OF CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND
FOREIGN EXCHANGE EARNINGS AND OUT GO.
Information required to be given pursuant to section 217(1)(e) of the
Companies Act, 1956 read with the Companies (Disclosures of particulars
in the report of the Directors) Rules 1988 and forming part of the
Director''s report for the year ended 31st March, 2014 are given below :
A. CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION
Your Company is primarily engaged in the business of export and import
of Agro products which does not require the Electricity or Power
consumption on large scale. Further your Company and its Director
understand the significance of conserving the sources of energy;
therefore all the policies of the Company are directed to make the
judicious use of the energy resources.
Further as the Company is engaged in import and Export Business
therefore information in Form A of Companies (Disclosures of
particulars in the report of the Directors) Rules 1988, is not given.
B. RESEARCH & DEVELOPMENT
Your Company has not undertaken any research & development this year.
C. TECHNOLOGY ABSORPTION
Your Company has not imported any technology. However, we believe and
use information technology extensively in all spheres of our activities
to improve efficiency levels.
D. FOREIGN EXCHANGE EARNINGS & OUTGO
Foreign Exchange Earnings & Outgo: Nil
ACKNOWLEDGEMENT
Your directors acknowledge with gratitude the cooperation & assistance
received from Shareholders, Banks, Patrons & all those stakeholders
associated with the company during the year under review.
By Order of the Board of Directors
IFM Impex Global Limited
Sd/- Sd/-
Date: 27.08.2014 S. P. Jain O. P. Yadav
Place: New Delhi Director Managing Director
DIN: 01607971 DIN: 01607006
Mar 31, 2013
Dear Stakeholders
The Directors share deep sense of pleasure in presenting the Twenty
Seventh Annual Report and the audited accounts for the year ended on
31st March 2013: -
FINANCIAL RESULTS
(Rs. in Lacs)
2012-2013 2011-2012
Revenue from Operation 32.11 30.96
Other Income 4.14 15.40
Total Expenses 35.23 43.81
Profit/(Loss) before depreciation
and Finance cost 1.42 3.49
Less: Finance Cost & Depreciation 0.40 0.93
Profit/(Loss) before tax 1.02 2.55
Less: Tax Expenses
Profit After Tax 1.02 2.55
FINANCIAL PERFORMANCE
During the year under review, the company has earned total revenue of
Rs. 36.25 Lacs as compared to previous year Rs. 46.36 Lacs and earned a
net profit of Rs. 1.02 lacs as compared to previous year''s Profit
figure of Rs. 2.55 Lacs.
DIVIDEND
The Board of Directors of your Company is of the opinion that keeping
in view the future fund requirements of the Company, your directors do
not recommended any dividend for the financial year ended March 31,
2013. The Board assures you to present a much strong financial
statements in coming years.
PARTICULARS OF EMPLOYEES
Information required as per section 217(2A) of the Companies Act, 1956
read with Companies (Particulars of Employees) Rules 1975 forming part
of this report for the year ended 31st March, 2013 is NIL.
PUBLIC DEPOSITS
The Company has not accepted any public deposits in terms of section
58A of the Companies Act, 1956 and the rules made there under.
MANAGEMENT DISCUSSION AND ANALYSIS
The Management Discussion and Analysis, forming part of this report, as
required under Clause 49(IV) (F) of the Listing Agreement with the
stock exchanges is attached separately to this Annual Report.
DIRECTORS
In accordance with the provisions of section 256 of the Companies Act,
1956 and Articles of Association of the company, Mr. Sidhi Prakash
Jain, Directors of the company retire by rotation at this ensuing
Annual General Meeting of the company and offer himself for
reappointment. In view of vast experience & knowledge and continued
association & support to the company over the last years, it will be in
the interest of the Company that Mr. Sidhi Prakash Jain be reappointed
as Directors of the Company.
Mr. Satya Pal Chauhan, due to personal reason had resigned from the
directorship of the Company on 29th July 2012.
DIRECTORS'' RESPONSIBILITY STATEMENT
Directors'' Responsibility Statement as required under Section 217(2AA)
of the Companies Act, 1956 is as follows:
(i) In preparation of the annual accounts as on 31.03.2013, the
accounting standards issued by the Institute of Chartered Accountants
of India as applicable to the Company have been followed.
(ii) The accounting policies were selected and applied consistently and
the judgment and estimates were made that were reasonable and prudent
so as to give a true and fair view of the state of affairs of the
Company at the end of the financial year ended on 31.03.2013 and of the
Profit of the Company for the period ended on 31.03.2013 subject to
note no. 1(vi), 2(ii), (vi), (viii), (x), (xi) and (xii) of the notes
to accounts annexed to and forming part of the accounts in schedule no.
16 of the annexure to the auditors report.
(iii) Proper and sufficient care was 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.
(iv) Annual accounts are prepared on a going concern basis.
CHANGES IN SHARE CAPITAL
The Authorised Share Capital of the company is Rs. 55,000,000 divided
into 5,500,000 equity shares of Rs.10/- each. During the period under
review, the said capital has not been raised by the company. The
Issued, Subscribed & Paid-up Capital remains is Rs. 30,056,000/-.
There has been no change in the share capital of the Company during the
year.
AUDITORS
The company''s Auditors M/s Neeraj Ramesh Chandra & Associates, New
Delhi-110017, having registration No. 017155N retire and being
eligible, offer themselves for re-appointment. The Company has received
letter from the auditors to the effect that their re-appointment, if
made, would be within the limits specified under Section 224(1B) of the
Companies Act, 1956. Members are requested to appoint the auditors for
the financial year 2013-14.
AUDITORS'' REPORT
As regards the observations of the Auditor''s in his Report of even
date, these are self explanatory and therefore, do not call for further
comments.
CORPORATE GOVERNANCE
A separate report on corporate governance along with a certificate from
statutory auditors regarding compliance with the conditions of
corporate governance forms a part of Annual Report.
LISTING
Presently, the securities of the Company are listed at BSE Limited and
Delhi Stock Exchange Limited. During the year under review the Company
has applied for the delisting of its equity shares from the Delhi Stock
Exchange Limited and Jaipur Stock Exchange Limited accordingly Jaipur
Stock Exchange Limited has delisted its securities and the matter is
pending at Delhi Stock Exchange Limited.
INTERNATIONAL SECURITY IDENTIFICATION NUMBER (INE169F01014)
Your Company has admitted its securities with National Services
Depository Limited (NSDL) and Central Depository Services (India)
Limited (CDSL) to enable our shareowners to hold their shares in
dematerialised form. International Security Identification Number of
your Company is INE169F01014.
GREEN INITIATIVE IN THE CORPORATE GOVERNANCE
In view of the ''Green Initiative in Corporate Governance'' introduced by
the Ministry of Corporate Affairs vide its circular no. 17/2011 dated
21st April 2011, all members who are holding shares of the Company in
physical mode, are requested to register their e-mail IDs with the
Company, so as to enable the company to send all notices/
reports/documents/ intimations and other correspondences etc. through
e-mails, in the electronic mode instead of receiving physical copies of
the same.
PARTICULARS OF CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND
FOREIGN EXCHANGE EARNINGS AND OUT GO.
Information required to be given pursuant to section 217(1)(e) of the
Companies Act, 1956 read with the Companies (Disclosures of particulars
in the report of the Directors) Rules 1988 and forming part of the
Director''s report for the year ended 31st March, 2013 are given below :
A. CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION
Your Company is primarily engaged in the business of export and import
of Agro products which does not require the Electricity or Power
consumption on large scale. Further your Company and its Director
understand the significance of conserving the sources of energy;
therefore all the policies of the Company are directed to make the
judicious use of the energy resources.
Further as the Company is engaged in import and Export Business
therefore information in Form A of Companies (Disclosures of
particulars in the report of the Directors) Rules 1988, is not given.
B. RESEARCH & DEVELOPMENT
Your Company has not undertaken any research & development this year.
C. TECHNOLOGY ABSORPTION
Your Company has not imported any technology. However, we believe and
use information technology extensively in all spheres of our activities
to improve efficiency levels.
D. FOREIGN EXCHANGE EARNINGS & OUTGO
Foreign Exchange Earnings & Outgo: Earning US$ 9450.20
ACKNOWLEDGEMENT
Your directors acknowledge with gratitude the cooperation & assistance
received from Shareholders, Banks, Patrons& all those stakeholders
associated with the company during the year under review.
For and on behalf of Board of Directors
IFM Impex Global Limited
Sd/-
Place: New Delhi S. K. Yadav
Dated: 16.08.2013 Chairman
Mar 31, 2012
The Directors have pleasure in presenting the Twenty Sixth Annual
Report and the audited accounts for the year ended on 31st March 2012:
-
FINANCIAL RESULTS
(Rs. in Lacs)
2011-2012 2010-2011
Sales 30.96 23.42
Other Income 15.40 8.34
Profit/(Loss) before depreciation
and interest 3.26 3.89
Less: Interest & Depreciation 0.93 1.15
Profit/(Loss) before tax 2.33 2.74
Less: Fringe Benefit Tax - -
Add: Profit/(Loss) brought down
from previous year (132.32) (133.76)
Profit / (Loss) carried forward
to Balance Sheet (129.98) (132.32)
During the year under review, the company has achieved a turnover of
Rs. 30.96 Lacs as compared to previous year Rs.23.42 Lacs and earned a
net profit of Rs. 2.33 lacs as compared to previous year's Profit
figure of Rs. 2.74 Lacs.
DIVIDEND
Due to the continued losses incurred by the company over the past many
years and very nominal profit during the current year, your Directors
do not to recommend any dividend during the financial year.
FUTURE OUTLOOK
The company successfully executed export consignments of fresh fruits
8i vegetables to Netherland during the year. The company continues to
keep its focus and expand its business activities in the agricultural,
marine and food processing sector. In the previous year, due to lack of
financing options the company could achieve a small turnover, however,
the Directors are exploring linkages to establish permanent clients
overseas for agricultural products and have initiated steps to acquire
the requisite approvals for restarting the company's marine & other
food export business. The Directors are confident that the company
shall strongly perform in the business of trading in domestic and
international markets in the coming financial year.
PARTICULARS OF EMPLOYEES
Information required as per section 217(2A) of the Companies Act, 1956
read with Companies (Particulars of Employees) Rules 1975 forming part
of this report for the year ended 31st March, 2012 is NIL
PUBLIC DEPOSITS
The Company has not accepted any public deposits in terms of section
58A of the Companies Act, 1956 and the rules made there under.
MANAGEMENT DISCUSSION AND ANALYSIS
The Management Discussion and Analysis, forming part of this report, as
required under Clause 49(IV) (F) of the Listing Agreement with the
stock exchanges is attached separately to this Annual Report.
DIRECTORS
In accordance with the provisions of section 256 of the Companies Act,
1956 and Articles of Association of the company, Mr. 0. P. Yadav,
Directors of the company retire by rotation at this ensuing Annual
General Meeting of the company and offer himself for reappointment. In
view of vast experience & knowledge and continued association & support
to the company over the last many years, it will be in the interest of
the Company that 0. P. Yadav be reappointed as Directors of the
Company.
Your Directors, welcome on the Board, Mr. Rakesh Sidhu as Independent
Director of the Company. Mr. Rakesh Sidhu has been inducted on the
Board of your Company as an additional Director with effect from 03rd
August 2012. Mr. Satya Pal Chauhan, due to personal reason had resigned
from the directorship of the Company on 29th July 2012.
DIRECTORS' RESPONSIBILITY STATEMENT
Directors' Responsibility Statement as required under Section 217(2AA)
of the Companies Act, 1956 is as follows:
(i) In preparation of the annual accounts as on 31.03.2012, the
accounting standards issued by the Institute of Chartered Accountants
of India as applicable to the Company have been followed.
(ii) The accounting policies were selected and applied consistently and
the judgment and estimates were made that were reasonable and prudent
so as to give a true and fair view of the state of affairs of the
Company at the end of the financial year ended on 31.03.2012 and of the
Profit of the Company for the period ended on 31.03.2012 subject to
note no. l(vi), 2(ii), (vi), (viii), (x), (xi) and (xii) of the notes
to accounts annexed to and forming part of the accounts in schedule no.
16 of the annexure to the auditors report.
(iii) Proper and sufficient care was 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.
(iv) Annual accounts are prepared on a going concern basis.
CHANGES IN SHARE CAPITAL
The Authorised Share Capital of the company is Rs. 55,000,000 divided
into 5,500,000 equity shares of Rs.10/- each. During the period under
review, the said capital has not been raised by the company. The Issued
& Subscribed remains at Rs. 30,056,000/-.
AUDITORS
The company's Auditors M/s Neeraj Ramesh Chandra & Associates, New
Delhi-110017, having registration No. 017155N retire and being
eligible, offer themselves for re-appointment. The Company has received
letter from the auditors to the effect that their re-appointment, if
made, would be within the limits specified under Section 224(1B) of the
Companies Act, 1956. Members are requested to appoint the auditors for
the financial year 2012-13.
AUDITORS' REPORT
As regards the observations of the Auditor's in his Report of even
date, these are self explanatory and therefore, do not call for further
comments.
CORPORATE GOVERNANCE
A separate report on corporate governance along with a certificate from
statutory auditors regarding compliance with the conditions of
corporate governance forms a part of Annual Report.
LISTING
The securities of the Company are listed at BSE Limited and Delhi Stock
Exchange but the trading of the Company were suspended at both Stock
Exchanges, Now the Company has complied with all the compliances
required to revoke the suspension of the trading of the Company and
thus suspension has
been successfully revoked and trading of Shares have been commenced at
BSE trading platform. INTERNATIONAL SECURITY IDENTIFICATION NUMBER
(INE169F01014)
Your Company has admitted its securities with National Services
Depository Limited (NSDL) and Central Depository Services (India)
Limited (CDSL) to enable our shareowners to hold their shares in
dematerialised form. International Security Identification Number of
your Company is INE169F01014
GREEN INITIATIVE IN THE CORPORATE GOVERNANCE
In view of the 'Green Initiative in Corporate Governance' introduced by
the Ministry of Corporate Affairs vide its circular no. 17/2011 dated
21st April 2011, all members who are holding shares of the Company in
physical mode, are requested to register their e-mail IDs with the
Company, so as to enable the company to send all notices/
reports/documents/ intimations and other correspondences etc. through
e-mails, in the electronic mode instead of receiving physical copies of
the same.
PARTICULARS OF CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND
FOREIGN EXCHANGE EARNINGS AND OUT GO.
Information required to be given pursuant to section 217(l)(e) of the
Companies Act, 1956 read with the Companies (Disclosures of particulars
in the report of the Directors) Rules 1988 and forming part of the
Director's report for the year ended 31st March, 2012 are given below:
A. CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION
Your Company consumes minimum energy and strives to reduce energy
consumption. Your Company is conscious about its responsibility to
conserve energy, power and other energy sources wherever possible.
We emphasis towards a safe and clean environment and continue to adhere
to all regulatory requirements and guidelines. However during the year
the company was not involved in any manufacturing activities, which
require consumption of energy.
B. RESEARCH & DEVELOPMENT
Your Company has not undertaken any research & development this year.
C. TECHNOLOGY ABSORPTION
Your Company has not imported any technology. However, we believe and
use information technology extensively in all spheres of our activities
to improve efficiency levels.
D. FOREIGN EXCHANGE EARNINGS & OUTGO
Foreign Exchange Earnings & Outgo: Earning 3,350USD (PY NIL)
ACKNOWLEDGEMENT
Your directors acknowledge with gratitude the cooperation & assistance
received from Shareholders, Banks, Patrons & all those stakeholders
associated with the company during the year under review.
For and on behalf of Board of Directors
IFM Impex Global Limited
Sd/-
Place: Delhi S. K. Yadav
Dated: 25.08.2012 Chairman
Mar 31, 2010
To the Members,
The Directors have pleasure in presenting the Twenty Fourth Annual
Report and the audited accounts for the year ended on 31st March 2010:
FINANCIAL RESULTS
(Rs. in Lacs)
2009-2010 2008-2009
Sales 07.12 25.85
Other Income 1.22 2.98
Profit/(Loss) before depreciation
and interest 1.64 1.70
Less: Interest & Depreciation 1.52 1.52
Profit/(Loss) before tax 0.12 0.18
Less: Fringe Benefit Tax - -
Add: Profit/(Loss) brought down (134.06) (134.06)
previous year
Profit / (Loss) carried forward (133.76) (133.88)
to Balance Sheet
During the year under review, the company has achieved a turnover of
Rs. 07.12 Lacs as compared to previous year Rs.25.85 Lacs and earned a
net profit of Rs. 0.12 lacs as compared to previous year's Profit
figure of Rs. 0.18 Lacs.
DIVIDEND
Due to the continued losses incurred by the company over the past many
years and very nominal profit during the current year, your Directors
do not to recommend any dividend during the financial year.
CHANGE IN SHARE HOLDING PATTERN
There is no major change in the shareholding pattern during the year
under review.
FUTURE OUTLOOK
The company continues to keep its focus and expand its business
activities in the agricultural and food processing sector. In the
previous year, due to lack of financing options the company could not
achieve the desired turnover. Further, the company is facing financial
hardships as no finance is forthcoming. The company's efforts in
settling long pending secured loans from banks and financial
institutions succeeded during the previous year as the company settled
its overdue borrowal account with Oriental Bank of Commerce. Your
company has no further secured loans as on date. The company has
stepped up its efforts to realize the book debts and advances. The
Directors are confident of turning around the company's fortunes in the
coming years.
MATERIAL CHANGE
The company has settled its major dispute, under jurisdiction in the
Debt Recovery Tribunal - II, New Delhi from past 10 years, with the OBC
/ ARCIL by paying under one time settlement offer letter dated
15/07/2009 for a compromised amount of Rs. 50,00,000/-.
PARTICULARS OF EMPLOYEES
Information required as per section 217(2A) of the Companies Act, 1956
read with Companies (Particulars of Employees) Rules 1975 forming part
of this report for the year ended 31st March, 2010 is NIL.
PUBLIC DEPOSITS
The Company has not accepted any public deposits in terms of section
58A of the Companies Act, 1956 and the rules made there under.
DIRECTORS
In accordance with the provisions of section 256 of the Companies Act,
1956 and Articles of Association of the company, Shri Satya Pal Chauhan
and Shri S P Jain, Directors of the company retire by rotation at this
ensuing Annual General Meeting of the company and being eligible offer
themselves for reappointment. In view of their vast experience &
knowledge and their continued association & support to the company over
the last many years, it will be in the interest of the company that
Shri Satya Pal Chauhan and Shri S P Jain be reappointed as Directors of
the Company.
DIRECTORS' RESPONSIBILITY STATEMENT
Directors' Responsibility Statement as required under Section 217(2AA)
of the Companies Act, 1956 is as follows:
(i) In preparation of the annual accounts as on 31.03.2010, the
accounting standards issued by the Institute of Chartered Accountants
of India as applicable to the Company have been followed.
(ii) The accounting policies were selected and applied consistently and
the judgment and estimates were made that were reasonable and prudent
so as to give a true and fair view of the state of affairs of the
Company at the end of the financial year ended on 31.03.2010 and of the
Profit of the Company for the period ended on 31.03.2010 subject to
note no. l(vi), 2(H), (vi), (viii), (x), (xi) and (xii) of the notes to
accounts annexed to and forming part of the accounts in schedule no. 16
of the annexure to the auditors report.
(iii) Proper and sufficient care was 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.
(iv) Annual accounts are prepared on a going concern basis.
AUDITORS
The company's Auditors M/s Neeraj Ramesh Chandra & Associates, New
Delhi-110017 retire and being eligible, offer themselves for
re-appointment. The Company has received letter from the auditors to
the effect that their re-appointment, if made, would be within the
limits specified under Section 224(1B) of the Companies Act, 1956.
Members are requested to appoint the auditors for the financial year
2010-11.
AUDITORS' REPORT
As regards the observations of the Auditor's in his Report of even
date, these are self explanatory and therefore, do not call for further
comments.
CORPORATE GOVERNANCE
A separate report on corporate governance along with a certificate from
statutory auditors regarding compliance with the conditions of
corporate governance forms a part of Annual Report.
FOREIGN EXCHANGE EARNINGS & OUTGO
Foreign Exchange Earnings & Outgo : NIL
CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION
During the year the company was not involved in any manufacturing
activities, which require consumption of energy.
ACKNOWLEDGEMENT
Your directors acknowledge with gratitude the cooperation & assistance
received from Shareholders, Banks, Patrons & all those stakeholders
associated with the company during the year under review.
For and on behalf of Board of Directors
(S. K. YADAV)
Chairman
Place : Delhi
Dated : 15.07.2010