Mar 31, 2014
Dear Members
The Directors have pleasure in presenting the 19th Annual Report on
the business and operation of the Company together with audited
statement of accounts for the period ending 31st Mar''14.
1. FINANCIAL RESULTS:
Particulars Financial year ended 31st March
2014 2013
Operating Income 1,91,09,500 -
Other Income - 27,97,824
Total Receipts: 1,91,09,500 27,97,824
Employee Benefit Expenses 4, 19, 000 79, 500
Finance Cost 20,99,463 17,23,973
Other Expenses 1, 75,45,968 11,25,920
Total Expenses 2,00,86,996 29,59,140
Profit Before Tax: (9,77,496) (1,61,316)
Tax Expenses - -
Deferred Tax 1,087 899
Profit for the period : (9,78,583) (1,62,215)
Earning Per Share (in Rs.) 0.23 0 04
2. APPROPRIATION:
No amount is proposed to be transferred to Reserves. The Profit has
been carried over to Balance Sheet under Surplus in statement of Profit
& Loss.
3. DIVIDEND
Due to inadequacy of profits, the Board of Directors regrets that no
dividend is being recommended for the year under review.
4. PERFORMANCE REVIEW
During the year the company started its operations. Directors are
hopeful that this activity will expand in future.
Your Directors feel that, barring any unforeseen circumstances, the
prospects for the current year are much favorable as compared to the
year under review. The Company is making all efforts cope up with the
market situations and increase the operations.
5. No material changes and commitment occurred since the conclusion of
the financial year.
6. PERSONNEL:
Since there was no employee who was drawing more than Rs.60.00 Lacs per
annum, if employed through out the year, or Rs.500000/- per month if
employed for the part of the year, the required information under
sub-section (2A) of section 217 of the companies Act, 1956 read with
companies (particulars of the employees) rules 1974 as amended is not
given.
7. CONSERVATION OF ENERGY & TECHNICAL ABSORPTION:
The Company have not been engaged in manufacturing activities and as
such the provisions of section 217 (i) (e) of the companies Act, 1956
read with the companies (disclosure of particulars in report of Board
of Directors) rules 1988, regarding conservation of energy are not
applicable.
R&D efforts were not made towards technology absorption and no foreign
exchange outgo and inflow included during the year.
8. MANAGEMENT DISCUSSION AND ANALYSIS:
A report on Management Discussion and Analysis (MDA), which is forming
part of this Report, inter-alia, adequately deal with the operations as
also current and future outlook of the Company.
9. DEPOSITS:
Company has not accepted any deposits from public which is covered
within the meaning of section 58-A & 58-AA of companies Act.
10. DIRECTORS
Shri Rishi Dave & Smt. Satyawati Parashar Directors of the Company
retire by rotation at the ensuing Annual General Meeting and being
eligible offer themselves for re-appointment. Your directors recommend
his appointment.
Directors declared that no directors are disqualified from being
appointed as Director of the Company under Section 184 of The Companies
Act, 2013.
Independent Director: Pursuant to Section 149 of the Companies Act,
2013 read with the Rules made thereunder, the Independent Directors
shall hold office for a period of up to 5 consecutive years and shall
not be liable to retire by rotation. They may be appointed for a
maximum of two consecutive terms of up to 5 years each. In terms of
revised clause 49 of the listing agreement which will be applicable
from 01st October, 2014, in case the Independent Director has already
served for 5 or more years, he can be appointed for only one term of 5
years. As per new Act, the Nominee Director is not considered to be an
Independent Director. Presently, Mr. Ravi Kamra & Mr. Rishi Dave, Shri
Mansoor Ahmed and Shri Satyawati Parashar are the Independent Directors
of the Company. As per their existing terms of appointment, all of them
are liable to retire by rotation. However, under the Companies Act,
2013 and Clause 49 of listing agreement, they may be appointed afresh
with a fixed period of up to 5 years.
The Board considered the independence of each of the above mentioned
Directors in terms of Section 149 and Schedule IV to the Companies Act,
2013 and Clause 49 of the listing agreement and was of the view that
the proposed directors fulfill the criteria of independence as
mentioned in the above provisions and can be appointed as Independent
Directors. All the proposed directors possess requisite qualifications,
appropriate skills, experience and knowledge in one or more fields of
finance, law management, marketing, administration, technical
operations and other disciplines related to Company''s business. Keeping
in view, the educational / professional qualifications, working
experience, expertise in line with Company''s business, positive
attributes, already being on the Board of the Company and benefits that
the Company will derive with their appointment, the Board has
recommended their appointment as Independent Directors of the Company
at the ensuing Annual General Meeting.
11. DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the requirement Under 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 account for the financial year ended
on 31st March'' 2014, the applicable accounting standards have been
followed and there were no material departures.
ii. That the Directors have selected such accounting policies and
applied them consistently and made judgment and estimates 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 and of the
profit or loss of the company for the year under review;
iii. That the Directors have taken proper a sufficient care 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. That the Directors have prepared the accounts for the financial
year ended 31st March'' 2014 on a going concern basis.
12. AUDITORS
M/s Madhuresh Gupta & Co., Chartered Accountants, who are the Statutory
Auditors of the Company will retire at the conclusion of the
forthcoming Annual General Meeting and are eligible for re-appointment,
subject to the approval of shareholders. The Company has received
letter from them to the effect that their reappointment, if made, would
be within the prescribed limits of section 139 (2) of the Companies
Act, 2013 and that they are not disqualified for reappointment within
the meaning of Section 141 of the said Act.
Directors recommend their reappointment on a remuneration to be decided
by the Board and the Auditor mutually for the ensuing Financial Year
i.e. 2014-15.
13. AUDITORS OBSERVATION:
Remarks made by the auditors in their report on the accounts stand
explained in the notes to accounts which are self-explanatory.
14. VIGIL MECHANISM:
As per Section 177 (9) & (10) of the Companies Act, 2013 and Clause 49
of the Listing agreements with the Stock Exchanges has to establish a
Vigil Mechanism for Directors and employees to report genuine concerns.
15. ACKNOWLEDGEMENT
The directors wish to place on record their sincere appreciation for
contributions made by employees of the company and cooperation extended
by the bankers and all persons who have directly and indirectly
contributed to the success of the company.
The directors also acknowledge the trust and confidence you have
reposed in the company.
DECLARATION REGARDING COMPLIANCE BY BOARD MEMBERS AND SENIOR MANAGEMENT
PERSONNEL WITH THE COMPANY''S CODE OF CONDUCT:
This is to confirm that the Company has adopted Code of Conduct for its
employees including the Managing Director. In addition, the Company has
adopted a Code of Conduct for its Non-Executive Directors. I confirm
that the Company has in respect of the financial year ended March 31,
2014, received from the senior management team of the Company and the
Members of the Board a declaration of compliance with the Code of
Conduct as applicable to them.
BY AND ON BEHALF OF THE BOARD.
(Ravi Kamra) (Ravindra Pokharna)
Director Director
DIN 00745058 DIN 01121333
DATED: 01.09.2014
PLACE: RAIPUR (C.G.)
Mar 31, 2013
The Directors present their 18th Annual Report together with the
Audited Accounts for the year ended 31st Mar''13.
1. FINANCIAL RESULTS (Rs.in lacs)
31-03-2013 31-03-2012
REVENUE FROM OPERATIONS
AND OTHER 27.97 41.90
PROF1TBEFORE DEPERICIATION,
AMORTISATION" 1.91 6.59
EXPENSE & TAX
LESS: DEPRECIATION &
AMORTISATION EXPENSE 0.30 4.49
PROFIT AFTER DEPRICIATION BEFORE TAX 1.61 2.10
TAX (1.01) 0.65
PROFIT AFTER TAX C/O
TO BALANCE SHEET 1.62 1.45
2. dividend
In view of insufficient profit, your directors do not recommended any
dividend for the year ended 31 st March 2013.
3. OPERATIONS
During the year also the company could not continue its operating
activities due to lack of market.
4 PROSPECTS FOR CURRENT YEAR .
Directors are hopeful that the Company will draw up its alternative
business plans and hope so get favorable results from next year.
5. DIRECTORS
a. In accordance with the provision of the Companies Act, 1956, and
the Company''s Articles of Association, Shri Ravi Kamra & Shn L. N.
Kachavat retires by rotation and are eligible for re-appointment/
b. Directors declare that none of the directors is disqualified from
being appointed as Director of the Company under clause-g of
sub-section-1 of Section 274 of the Companies Act, 1956.
DIRECTORS'' RESPONSIBILITY STATEMENT
Pursuant to the requirement under 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 account for the financial year ended
on 31st Mar''13, the applicable accounting standards have been followed
and there were no material departures.
ii. That the Directors have selected such accounting policies and
applied the in company at the end of the financial year and of the
profit or loss of company for the year under review;
iii. That the Directors have taken proper an sufficient care for the
maintenance records in accordance with the provisions of die companies
Act, 1956 for safeguarding the assets of the company and for preventing
and detecting fraud and other irregularities;
iv. That the Directors have prepared the accounts for the financial
year ended 31st Mar'' 13 on a going concern basis.
The following accounting standards were not applicable to the company
during the year under review due to non occurrence of events and
transactions covered under the scope of these accounting standards.-
AS-14 Accounting for amalgamation.
AS-17 Segment Reporting.
AS-21 consolidated financial statements.
AS-23 Accounting for construction contract.
AS-11 Accounting for the effects of changes in Foreign Exchange Rates.
AS-12 Accounting for Government Grants.
AS-19 Leases Agreement.
AS-2 Valuation of Inventories.
AS-24 Discontinuing Operation.
AS-27 Financial Reporting of Interest in Joint Ventures
AS-28 Impairment of Assets
7. CORPORATE GOVERNANCE
As a listed company on Mumbai, Indore, Ahmedabad & Jaipur Stock
Exchanges, the company has complied in all material respects with the
features of corporate governance as specified in the Listing Agreement
8. AUDITORS
Directors recommended appointment of M/s Madhuresh Gupta & Co.,
Chartered Accountants Raipur who hold office as auditors of the company
up to the conclusion of at the ensuing Annual General Meeting and are
eligible re- appointment.
9. PERSONNEL There was no employee who was drawing salary more than the
limit prescribed under sub-section (2A) of section 217 of the Companies
Act, 1956 read with Companies (Particulars of the Employees) rules
1975.
10. CONSERVATION OF ENERGY & TECHNICAL ABSORPTION
Since the company is not engaged in any activity the requirements of
section 217 (i) (e) of the Companies Act, 1956 read with the Companies
(Disclosure of Particulars in report of Board of Directors) Rules 1988,
regarding conservation of energy technology absorption and foreign
exchange earnings and outgo, are not applicable.
11 acknowledgement
Your directors wish to place on record their sincere appreciation to
the employees of the company and your directors also acknowledge the
trust and confidence reposed by you in the company.
For and on behalf of the Board
PLACE: RAIPUR director director
DATED: 30/08/2013
Mar 31, 2012
The Directors present their 17th Annual Report together with the
Audited Accounts for the year ended 31st March, 2012.
FINANCIAL RESULTS (Rs. In Lacs)
YEAR ENDED 31-03-2012 31-03-2011
SALES / OTHER INCOME 41.90 725.4
PROFIT / (LOSS) BEFORE INTT. & DEP. 34.73 103.52
INTEREST 32.23 48.43
DEPRECIATION 0.39 0.52
TAXES 0.66 16.85
NET PROFIT / (LOSS) 1.45 37.72
DIVIDEND
In view of insufficient profit, your directors do not recommended
dividend for the year ended 31st March 2012.
OPERATIONS
During the year the company continued its operations. Directors are
hopeful that this activity will expand in future.
DIRECTORS
a. In accordance with the provision of the Companies Act, 1956, and
the Company''s Articles of Association, Shri Ravi Pokharma & Shri Laxmi
Narayan retires by rotation and are eligible for re-appointment.
b. Directors declare that none of the directors is disqualified from
being appointed as Director of the Company under clause-g of
sub-section-1 of Section 274 of the Companies Act, 1956.
DIRECTORS'' RESPONSIBILITY STATEMENT
Pursuant to the requirement under 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 account for the financial year ended
on 31st March'' 2012, the applicable accounting standards have been
followed and there were no material departures.
ii. That the Directors have selected such accounting policies and
applied them consistently and made judgment and estimates 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 and of the
profit or loss of the company for the year under review;
iii. That the Directors have taken proper an sufficient care 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. That the Directors have prepared the accounts for the financial
year ended 31st March'' 2012 on a going concern basis.
The following accounting standards were not applicable to the company
during the year under review due to non occurrence of events and
transactions covered under the scope of these accounting standards:-
AS-14 Accounting for amalgamation.
AS-17 Segment Reporting.
AS-21 Consolidated Financial Statements.
AS-23 Accounting for investments in associates in consolidated
financial statements.
AS-7 Accounting for construction contract.
AS-11 Accounting for the effects of changes in Foreign Exchange Rates.
AS-12 Accounting for Government Grants.
AS-19 Leases Agreement.
CORPORATE GOVERNANCE
As a listed company on Mumbai, Indore, Ahmadabad & Jaipur Stock
Exchanges, the company has complied in all material respects with the
features of corporate governance as specified in the Listing Agreement
AUDITORS
Directors recommended the appointment of M/s Madhuresh Gupta & Co.,
Chartered Accountants, Raipur who holds office as auditors of the
company upto the conclusion of at the ensuing Annual General Meeting
are eligible for re- appointment.
PERSONNEL
There was no employee drawing salary more than the limit under
sub-section (2A) of section 217 of the companies Act, 1956 read with
companies (Particulars of the Employees) rules 1975 as amended.
CONSERVATION OF ENERGY & TECHNICAL ABSORPTION Since the company is not
engaged in any of the scheduled industries, the requirements of section
217(i)(e) of the Companies Act, 1956 read with the Companies
(Disclosure of Particulars in report of Board of Directors) Rules 1988,
regarding conservation of energy technology absorption and foreign
exchange earnings and outgo, are not applicable.
ACKNOWLEDGEMENT
Your directors wish to place on record their sincere appreciation to
the employees of the company and your directors also acknowledge the
trust and confidence reposed by you in the company.
For and on behalf of the Board
DIRECTORS
PLACE : RAIPUR
DATED : 30/08/2012
Mar 31, 2011
The Directors present their 16th Annual Report together with the
Audited Accounts for the year ended 31st March, 2011.
1. FINANCIAL RESULTS Rs. In lacs.
YEAR ENDED 31-03-2011 31-03-2010
SALES/INCOME 725.40 1474.93
PROFIT / (LOSS) BEFORE'INTT. & PEP. 55,06 84.90
INTEREST 0 1.11
PROVISION FOR DEPRECIATION 0.52 0.70
TAXES 16.82 26.27
NET PROFIT C/O TO BALANCE SHEET 37.72 57.82
2. DIVIDEND
No dividend has been proposed by your Directors for the year ended 31st
March, 2011 since the Company needs funds for increased operations
working capital requirements.
3. OPERATIONS
The Company has earned an income of Rs. 725.40 lacs as against Rs.
1,474.93 lacs during the previous year. There is a decline in Income on
account of general recession in the economy. The economy is still dull
but the Company hopes to maintain its present level of operations
without any further set back.
The present reserves are Rs. 305.27 lacs as compared to the share
capital of Rs.414.53 lacs due to a track profit record in previous
years
4. DIRECTORS .
a. In accordance with the provision of the Companies Act, 1956, and the
Articles of Association of the Company, Shri Rishi Dave & Smt.
Satyawati Parishes, directors of the Company retire by rotation and are
eligible for re-appointment.
b. Directors declare that none of the directors is disqualified from
being appointed as Director of the Company under clause-g of
sub-section-1 of Section 274 of the Companies Act, 1956.
5. DIRECTORS' RESPONSIBILITY STATEMENT ,
Pursuant to the requirement under 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 account for the financial year ended
on 31st Marl, the applicable accounting standards have been followed
and there were no material departures.
ii. That the Directors have selected such accounting policies and
applied them consistently and made judgment and estimates 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 and of the
profit or loss of the company for the year under review;
iii. That the Directors have taken proper an sufficient care 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. That the Directors have prepared the accounts for the financial
year ended 31st March' 2011 on a going concern basis.
The following accounting standards were not applicable to the company
during the year under review due to non occurrence of events and
transactions covered under the scope of these accounting standards:-
AS-7 Accounting for construction contract.
AS-11 Accounting for the effects of changes in Foreign Exchange Rates.
AS-12 Accounting for Government Grants.
AS-13 Accounting for investments.
AS-14 Accounting for amalgamation. '
AS-17 Segment Rep Orting.
AS-19 Leases Agreement.
AS-21 Consolidated Financial Statements.
AS-23 Accounting for investments in associates in consolidated
financial statements: ,
6. CORPORATE GOVERNANCE
As a listed company on Mumbai, Indore Ahmadabad & Jaipur Stock
Exchanges, the company has 'complied in all material respects with the
features of corporate governance as specified in the Listing Agreement
7. AUDITORS
Directors recommended the appointment of M/s Midhurst Gupta & Co.,
Chartered Accountants, Raipur who holds office as auditors of the
company upto the conclusion of at the ensuing Annual General Meeting
and are eligible for re-appointment.
8. PERSONNEL
There was no employee who was drawing more than the amount of ceiling
prescribed under sub-section (2A) of section 217 of the companies Act,
1956 read with companies (Particulars of the Employees) rules 1975 as
amended is NIL. '
9. CONSERVATION OF ENERGY & TECHNICAL ABSORPTION
Since the company is engaged only in cultivation activity the
requirements of section 217 (i) (e) of the Companies Act, 1956 read
with the Companies (Disclosure of Particulars in report of Board of
Directors) Rules 1988, regarding conservation of energy technology
absorption and foreign exchange earnings and outgo, are not applicable.
10. ACKNOWLEDGEMENT ,
Your directors wish to place on record their sincere appreciation to
the employees of the company and your directors also acknowledge the
trust and confidence reposed by you in the company.
For and on behalf of the Board
(MANSOOR AHMED) (RAVIKAMRA)
DIRECTOR DIRECTOR
PLACE: RAIPUR
DATED: 10-08-2011
Mar 31, 2010
The Directors present their 15th Annual Report together with the Audited
Accounts for the year ended 31st March, 2010.
1. FINANCIAL RESULTS
(Rs. In Lacs)
YEAR ENDED 31-03-2010 31-03-2009
SALES / OTHER INCOME 1474,93 1330.87
PROFIT / (LOSS) BEFORE INTT, & DEP. 89.90 65.16
INTEREST 1.11 1.25
DEPRECIATION 0.70 0.93
TAXES 26.27 19.09
NET PROFIT / (LOSS) 57.82 43.89
2. DIVIDEND
In view of insufficient profit, your directors do not recommended any
dividend for the year ended 31st March 2010.
3. OPERATIONS
During the year the company continued its cultivation activities and
substantial outcome has achieved by the company. Directors are hopeful
that this activity will further be expanded and gain profit in future.
4. DIRECTORS
a. In accordance with the provision of the Companies Act, 1956, and the
Company's Articles of Association, Shri Ravi Pokharma & Shri Laxmi
Narayan retire by rotation and are eligible for re-appointment,
b. Directors declare that none of the directors is disqualified from
being appointed as Director of the Company under clause-g of
sub-section-1 of Section 274 of the Companies Act, 1956.
5. DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to the requirement under 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 account for the financial year ended
on 31st March1 2010, the applicable accounting standards have been
followed and there were no material departures.
ii. That the Directors have selected such accounting policies and
applied them consistently and made judgment and estimates 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 and- of the
profit or loss of the company for the year under review;
iii. That the Directors have taken proper an sufficient care 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. That the Directors have prepared the accounts for the financial
year ended 31st March' 2010 on a going concern basis.
The following accounting standard were not applicable to the company
during the year under review due to non occurrence of events and
transactions covered under the scope of these accounting standards
AS-14 Accounting for amalgamation.
AS-17 Segment Reporting.
AS-21 Consolidated Financial Statements.
AS-23 Accounting for investments in associates in consolidated
financial statements.
AS-7 Accounting for construction contract.
AS-11 Accounting for the effects of changes in Foreign Exchange Rates.
AS-12 Accounting for Government Grants.
AS-19 Leases Agreement.
6. CORPORATE GOVERNANCE
As a listed company on Mumbai, Indore Ahmedabad & Jaipur Stock
Exchanges, the company has complied in all material respects with the
features of corporate governance as specified in the Listing Agreement
7. AUDITORS
Directors recommended the appointment of M/s Madhuresh Gupta & Co.,
Chartered Accountants, Raipur who hold office as auditors of the
company upto the conclusion of at the ensuing Annual General Meeting
are eligible for re- appointment.
8 PERSONNEL
There was no employee who was drawing more than Rs.24.00 lacs per
annum, if employed through out the year, or Rs.2,00,000/- per month if
employed for the part of the year. The required information under
sub-section (2A) of section 217 of the companies Act, 1956 read with
companies (Particulars of the Employees) rules 1975 as amended is NIL.
10. CONSERVATION OF ENERGY & TECHNIC AT, ABSORPTION
Since the company is engaged only in cultivation activity the
requirements of section 217 (i) (e) of the Companies Act, 1956 read
with the Companies (Disclosure of Particulars in report of Board of
Directors) Rules 1988, regarding conservation of energy technology
absorption and foreign exchange earnings and outgo, are not applicable,
11. ACKNOWLEDGEMENT
Your directors wish to place on record their sincere appreciation to
the employees of the company and your directors also acknowledge the
trust and confidence reposed by you in the company.
For and on behalf of the Board
PLACE: RAIPUR MANSOOR AHMED
DATED : 14-08-2010 DIRECTOR
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