Mar 31, 2015
Dear Members,
The Board of Directors has pleasure in presenting the 27th Annual
Report and Audited Statement of Accounts for the period ended 31 st
March, 2015 together with the Independent Auditors' Report.
FINANCIAL RESULTS : (Rs. in Lacs)
Particulars 01.04.2014 01.04.2013
to to
31.03.2015 31.03.2014
Sales & Service 10548.02 13659.21
Profit before depreciation,
tax & financial charges 357.76 376.70
Less: Depreciation 98.10 79.22
Less: Finance Charges 158.95 147.30
Less: Provision for taxation
(net of deferred tax) 16.23 42.88
Profit After Taxation 84.47 107.30
Add: Profit & Loss account
Balance b/f 586.43 514.27
Less: Depreciation on assets 34.38 -
Profit available for Appropriation 636.52 621.56
Appropriation:
Amount transferred to
General Reserve - -
Proposed Dividend & Tax
thereon 18.02 35.13
Balance in Profit & Loss -
Account 618.50 586.43
2. STATE OF COMPANY'S AFFAIRS AND FUTURE OUTLOOK:
The Company continued to perform under certain challenges and hurdles.
Overall revenue dropped to some extent; however profitability was
maintained. Higher depreciation as per the requirements of the
Companies Act, 2013, was provided for.
The Company has undertaken expansion program which is expected to be
completed by this year end and other avenues of business are being
explored. The major concern will be on the closure of all noodle
factories in India and Nestle (FSSAI) has been one of the major
customers of the Company wherein the business has stopped.
3. EVENTS SUBSEQUENT TO THE DATE OF FINANCIAL STATEMENTS:
There was no material event reported subsequent to the date of
financial statements.
4. CHANGE IN THE NATURE OF BUSINESS, IF ANY:
There were no changes in the nature of business during the year under
review as prescribed in Rule 8(ii) of the Companies (Accounts) Rules,
2014.
5. DIVIDEND:
Your Directors are pleased to recommend dividend of Re 0.50 per Equity
Shares of the face value Rs 10/- (5%) which is provided for in the
accounts absorbing a sum of Rs 15,01,450/- if approved by the members
in the ensuing Annual General Meeting.
6. RESERVE:
The Board has not proposed to transfer any amount to its reserves.
7. SHARE CAPITAL:
The paid up Equity Share capital as on 31st March, 2015 was Rs. 300.29
Lakhs. During the year under review, the Company has not issued shares
with differential voting rights nor granted stock options nor sweat
equity.
8. PERFORMANCE OF THE COMPANY:
The Company continued to operate with an optimum mix of different
resources. Business with General Means continued during the year under
review. Timely refurbishing of accessories continued. Emergence of
competition in the recent past is a cause of concern to your Company.
9. CORPORATE SOCIAL RESPONSIBILITY:
Since the Company does not meet the criteria for the applicability of
Section 135 of the Companies Act read with the Companies (Accounts)
Rules, 2015, this clause is not applicable.
10. RISK MANAGEMENT:
The Company has formulated a Risk Management Policy and a mechanism to
inform the Board about risk assessment and mitigation procedures. Also
undertakes periodical review to ensure that executive management
controls risks by means of a properly designed framework.
The details of Committee and its terms of reference are set out in the
Corporate Governance Report forming part of the Board's Report.
11. VIGIL MECHANISM / WHISTLE BLOWER POLICY:
The Company has a Whistle Blower Policy for vigil mechanism which is
available on website of the Company and there were no cases reported
during last Period.
http://www.sunilagro.in/sunil-agro-foods-whistle- blower-policy
12. INFORMATION ABOUT THE FINANCIAL PERFORMANCE / FINANCIAL POSITION OF
THE SUBSIDIARIES / ASSOCIATES/ JV:
The Company does not have any Subsidiary, Joint Venture or Associate
Company.
13. DIRECTORS AND KMP:
In terms of the provisions of the Companies Act, 2013 and the Articles
of Association of the Company, Mr. B Shantilal, Managing Director,
retires by rotation at the forthcoming Annual General Meeting and is
eligible for reappointment.
During the period Ms. Gayithri Sharikarappa has been appointed as Chief
Financial Officer of the Company w.e.f. 26th May, 2014.
The Company is yet to appoint Company Secretary and efforts are on
towards this direction.
The Company has formed Nomination and Remuneration Committee as per the
requirements of Companies Act, 2013
14. INDEPENDENT DIRECTORS:
All Independent Directors have given declarations that they meet the
criteria of independence as laid down under Section 149(6) of the
Companies Act, 2013 and Clause 49 of the Listing Agreement.
Mr. A VS Murthy has been appointed as Independent Director of the
Company w. e. f. from 10th September, 2014 to hold office for five
consecutive years for a term up to 31st March, 2019.
Mr. Shailesh Siroya has been appointed as Independent Director of the
Company w.e.f. from 27th January, 2015 for five consecutive years for a
term up to 26th January, 2020 which appointment is placed before the
Shareholders at the Annual General Meeting..
More details on terms of appointment of Independent Directors can be
viewed on website of the Company at:
http://www.sunilagro.in
15. NUMBER OF MEETINGS OF THE BOARD OF DIRECTORS:
The Meetings of the Board are held at regular intervals with a time gap
of not more than 120 days between two consecutive Meetings. Additional
Meetings of the Board of Directors are held when necessary. During the
period under review 4 Board Meetings we held on 26th May 2014, 30th
July 2014,14th November 2014 and 27th January 2015.
The Agenda of the Meeting is circulated to the Directors in advance.
Minutes of the Meetings of the Board of Directors are circulated
amongst the Members of the Board for their perusal.
16. ANNUAL BOARD EVALUATION:
Pursuant to the provisions of the Companies Act, 2013 and Clause 49 of
the Listing Agreement, the Board has established an annual performance
evaluation of its own performance and the Individual Directors
performance. The manner of evaluation has been explained in the
Corporate Governance Report.
17. DIRECTORS' RESPONSIBILITY STATEMENT:
In pursuance of section 134 (5) of the Companies Act, 2013, the
Directors hereby confirm that:
(a) in the preparation of the annual accounts, the applicable
accounting standards had been followed along with proper explanation
relating to material departures;
(b) 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 the end of the financial year and of the profit and
loss of the company for that period;
(c) 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;
(d) the directors had prepared the annual accounts on a going concern
basis; and
(e) 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.
(f) 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.
18. INTERNAL FINANCIAL CONTROL:
The Company has an Internal Control System, commensurate with the size,
scale and complexity of its operations.
19. EXTRACT OF ANNUAL RETURN:
As required pursuant to Section 92(3) of the Companies Act, 2013 and
rule 12(1) of the Companies (Management and Administration) Rules,
2014, an extract of Annual return in MGT-9 attached as a part of this
Annual Report.
20. DEPOSITS:
Your Company has not invited/accepted/renewed any deposits from the
public as defined under the provisions of Companies Act, 2013 and
accordingly, there were no deposits which were due for repayment on or
before 31 st March, 2015.
21. RELATED PARTY TRANSACTIONS:
The particulars of contracts or arrangements with related parties
referred to in Section 188(1) of the Companies Act 2013 for the
Financial Year 2014-15 in the prescribed format, AOC 2 has been
enclosed with the report.
22. MATERIAL CHANGES & COMMITMENTS AFFECTING THE FINANCIAL POSITION OF
THE COMPANY, BETWEENTHE END OF THE FINANCIAL YEAR AND THE DATE OF THE
REPORT:
There are no material changes and commitments between the end of the
Financial Period and the Date of the Report, which affect the financial
position of the Company.
23. PARTICULARS OF LOANS GIVEN, INVESTMENTS MADE, GUARANTEES GIVEN OR
SECURITY PROVIDED BY THE COMPANY:
The Company has duly complied with the provision of Section 186 of the
Companies Act, 2013 and it has taken:
Secured Loans: Rs. 13,12,44,128/-
Unsecured Loans: Rs. 65,70,316/-
Current/Non-Current Investments: Rs. 51,07,577/-
Guarantees: Nil
Securities Extended: Secured by the certain immovable properties of the
Company, hypothecation by way of first charge on company's stock, book
debts, plant and machinery and vehicles.
24. AUDITORS:
The Auditors, Messrs MSSV & Co., Chartered Accountants, Bangalore,
retire at the ensuing Annual General Meeting. The Company has received
a certificate under Section 141 of the Companies Act, 2013 from them
that their appointment would be within the limits specified therein.
25. SECRETARIAL AUDIT:
Pursuant to the provisions of Section 204 of the Companies Act, 2013
read with the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014, the Company has appointed Mr. Vijayakrishna KT,
Bangalore, Practising Company Secretary to undertake the Secretarial
Audit of the Company. The Report of the Secretarial Auditor is annexed
to this Report.
Explanations by the Board on the comments of Secretarial Auditor:
a) Regarding non-appointment of Company Secretary - The Company has
infused efforts to recruit qualified Company Secretary; however, no
suitable candidate could be recruited. One candidate who was given
offer did not report for duty.
b) Regarding delay in filing returns with Stock Exchange - The delay
occurred when the physical copies sent through courier were lost.
26. EXPLANATION BY BOARD ON THE COMMENTS
BY AUDITORS:
Auditors' Comment:
As per Accounting Policy number 2.8, the Company has valued the
investment at cost. As on March 31, 2015 there is a fall in the value
of investments to the extent of Rs.30.07 lacks. The Company has created
provision for fall in the value of investment only to the extent of
Rs.0.91 lakhs in the earlier years. The impact of non-provision for the
fall in the value of investment is
* Profit is overstated to the extent of Rs.29.16 lacks and investment
are overstated to the same extent
Board's Response:
The temporary nature of fluctuations in the capital market is the
reason for valuing the investments at cost. In view of the adequate
reserves and surplus available in the books of the Company, the Board
has decided that no provisions are required.
27. RATIO OF REMUNERATION TO EACH DIRECTOR:
Details/Disclosures of Ratio of Remuneration to each Director to the
median employee's remuneration is annexed to this report.
28. LISTING WITH STOCK EXCHANGES:
The Company confirms that it has paid the Annual Listing Fees for the
year 2015-2016 to BSE Ltd where the Company's Shares are listed.
29. CORPORATE GOVERNANCE AND SHAREHOLDERS INFORMATION:
Your Company has taken adequate steps to adhere to all the stipulations
laid down in Clause 49 of the Listing Agreement. A report on Corporate
Governance is included as a part of this Annual Report.
Certificate from the Statutory Auditors/Practicing Company Secretary of
the company confirming the compliance with the conditions of Corporate
Governance as stipulated under Clause 49 of the Listing Agreement is
attached to this report.
30. MATERIAL ORDER PASSED BY ANY COURT OR REGULATOR OR TRIBUNALS
IMPACTING GOING CONCERN STATUS OF COMPANY:
No order was passed by any court or regulator or tribunal during the
period under review which impacts going concern status of the Company.
31. COMPOSITION OF AUDIT COMMITTEE, NOMINATION AND REMUNERATION
COMMITTEE & STAKEHOLDERS RELATIONSHIP COMMITTEE:
Following are the composition of various Committees:
i) Composition of Audit Committee:
1. Mr. AVS Murthy - Chairman
2. Mr. Shailesh Siroya - Member
3. Mr. Pramodkumar S - Member
ii) Composition of Nomination and Remuneration
Committee:
1. Mr. AVS Murthy - Chairman
2. Mr. Shailesh Siroya - Member
2. Ms. Pinky Jain - Member
iii) Composition of Stakeholders Relationship
Committee:
1. Mr. AVS Murthy - Chairman
2. Mr. Shailesh Siroya - Member
2. Ms. Pinky Jain - Member
32. CONSERVATION OF ENERGY, RESEARCH & DEVELOPMENT, TECHNOLOGY
ABSORPTION AND FOREIGN EXCHANGE OUTGO:
(A) Conservation of Energy:
1. Energy Conservation measures taken:
The Company has a system to monitor consumption of energy and all
efforts for conservation of energy wherever possible are made and have
installed Solar Energy lights in the plant. Energy efficient electric
Tubes have been installed to save energy. The Company has also
installed energy efficient meters controlling waste of power.
2. Additional investments and proposal being implemented for reduction
and consumption of energy and the impact of the same in the cost of
production of goods.
3. Energy Audit done
Investment was made in machinery designed for low energy consumption
and such machinery was in operation in the period under review.
B) Technology Absorption: -
The Company is committed to maintaining its standard and high quality
of its production and ° is constantly engaged in efforts to confer to
the guaranteed customer satisfaction.
33. PARTICULARS OF EMPLOYEES:
The information required pursuant to Section 197 read with Rule 5(1)
and (2) of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014 in respect of employees of the Company are given
in the Annexure forming part of the Report.
34. DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE
(PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013:
The Company has in place an Anti Sexual Harassment Policy in line with
the requirements of the Sexual Harassment of Women at the Workplace
(Prevention, Prohibition & Redressal) Act, 2013. Internal Complaints
Committee (ICC) has been set up to redress complaints received
regarding sexual harassment. All employees (permanent, contractual,
temporary, trainees) are covered under this policy.
The following is a summary of sexual harassment complaints received and
disposed-off during the year 2014-15:
No of complaints received: NIL
No of complaints disposed: NIL
35. ACKNOWLEDGEMENT:
The Directors place on record their appreciation for valuable
contribution made by employees at all levels, active support and
encouragement received from Government of India, Government of
Karnataka, Company's Bankers, Customers, Principals, Business
Associates and other Acquaintances.
Your Directors recognize the continued support extended by all the
Shareholders and gratefully acknowledge with a firm belief that the
support and trust will continue in the future also.
By order of the board
For SUNIL AGRO FOODS LIMITED
Place : Bangalore SHANTILALBANSILAL PRAMODKUMARS
Date : 03-08-2015 Managing Director Executive Director
Mar 31, 2014
Dear Members,
The Directors are pleased to present the Twenty Sixth Annual Report
and the audited statements of accounts of the Company for the year
ended 31st March, 2014. As notified by Mca Circular No. 1/19/2013-CL-V
dated 04.04.2014, the Company has followed the Companies Act, 1956, in
respect of the report.
FINANCIAL RESULTS : (Rs. in Lacs)
Particulars Year ended Year ended
31-03-2014 31-03-2013
Total Revenue 13659.21 10742.97
Profit before depreciation & tax 229.40 237.58
Less: Depreciation 79.22 70.13
Profit/(Loss) before tax 150.18 167.45
Less: Provision for tax 42.89 59.16
Profit/(Loss) after Tax 107.29 108.298
DIVIDEND :
With the surplus profit available with the Company, your Directors
recommend Dividend of Re. 0.50 per Equity Shares of Rs. 10/- each (5%)
on the fully paid up Equity Share Capital of the Company. The Dividend,
if approved by the Shareholders at the ensuing Annual General Meeting
shall absorb a sum of Rs. 15,01,450/- exclusive of Dividend Tax.
PERFORMANCE:
Your Company performed better during the year under report. A milestone
of crossing Rs.100 Crores revenue was achieved during the year under
report. This was made possible because of the following reasons:
Usage of refurbished machineries
Better rates of the wheat in Karnataka compared to other states and
previous year.
Trading of wheat added to the turnover.
Increase in volume, higher revenue and better margin
Sustained Business with General Mills
Addition of new Customers.
Proposal to add new line (Additional infrastructure) to increase
capacity and quality.
Continued investments on refurbishing of accessories
DIRECTORS:
Mr. AVS Murthy, Director, retires by rotation and being eligible, offer
himself for re-appointment. In terms of the requirement of the new
Companies Act, 2013, his appointment as Independent Director is
proposed under Special Business.
Mrs. Pinky Jain, Non Independent Non Executive Director, retires by
rotation as per the new Companies Act, 2013 and being eligible, offers
herself for re-appointment.
AUDIT COMMITTEE:
During the year under report, the Audit Committee duly constituted by
the Board of Directors with requisite composition to fall in line with
the prevailing laws and continued to discharge its functions.
AUDITORS:
Messrs MSSV & Co., Chartered Accountants, retire as Auditors at the
conclusion of the ensuing Annual General Meeting and are eligible for
re-appointment.
DEPOSITS:
The Company did not accept any deposits from public during the year and
there was no outstanding deposit due for payment.
SECRETARIAL COMPLIANCE CERTIFICATE:
Pursuant to the provisions of Section 383A of the Companies Act, 1956
read with Companies (Compliance Certificate) Rules, 2001, the Board is
pleased to enclose the Secretarial Compliance Certificate for the year
ended 31st March, 2014 as part of this Report.
PARTICULARS OF EXMPLOYEES UNDER SECTION 217(2A) OF THE COMPANIES ACT,
1956:
There were no employees drawing remuneration in excess of the limits
prescribed under the above mentioned Section of the Act during the
year.
INFORMATION PURSUANT TO SECTION 217(1)(e) OF THE COMPANIES ACT, 1956:
The information as required under the above Section is given in
Annexure and forms part of the Report.
CORPORATE GOVERNANCE REPORT:
Your Company has implemented various measures of Corporate Governance
aiming to assist the Management of the Company and to meet the
obligations to Shareholders and towards enhanced transparency.
A report on Corporate Governance is given in Annexure and forms part of
this Report.
INDUSTRIAL RELATIONS:
The relations with employees continued to be cordial throughout the
year. Your Directors wish to place on record their sincere appreciation
for the excellent team sprit displayed by the employees at all levels.
There was no complaint lodged by any woman employee under Sexual
Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act, 2013, with the Company
during the period under report.
DIRECTORS'' RESPONSIBILITY STATEMENT :
The Directors have fulfilled their responsibility for the preparation
of the accompanying financial statements by taking all reasonable steps
to ensure that:
These statements have been prepared in conformity with the generally
accepted accounting principles and appropriate accounting standards.
Judgments and estimates that are reasonable and prudent have been made
wherever necessary.
The accounting policies selected and applied consistently give a true
and fair view of the financial statements. The Company has implemented
internal controls to provide reasonable assurance of the reliability of
its financial records, proper safeguarding and use of its assets and
detection of frauds and irregularities. Such controls are based on
established policies and procedures and are implemented by trained,
skilled and qualified personnel with an appropriate segregation of
duties. The Company''s internal auditors conduct regular internal
audits, which complement the internal controls. The Company''s
Statutory Auditors Messrs. MSSV & Co., Chartered Accountants,
Bangalore, have audited the financial statements in accordance with the
generally accepted auditing standards and practices as indicated in
their report.
Going Concern :
The Directors have prepared the annual accounts on a
going concern basis.
ACKNOWLEDGEMENTS :
Your Directors wish to place on record their gratitude to the
customers, distributors, dealers, vendors, bankers and investors and
employees for their continued and valued support.
By order of the board
For SUNIL AGRO FOODS LIMITED
Place : Bangalore B.
SHANTILAL PRAMOD KUMAR S
Date : 30-07-2014 Managing Director Executive Director
Mar 31, 2012
The Directors are pleased to present the Twenty Fourth Annual Report
and the audited statements of accounts of the Company for the year
ended 31st March, 2012.
FINANCIAL RESULTS : (Rs. in Lacs)
Particulars Year ended Year ended
31-03-2012 31-03-2011
Total Revenue 7810.61 7657.25
Profit before depreciation & tax 166.45 106.90
Less: Depreciation 63.39 46.99
Profit/(Loss) before tax 103.06 59.91
Less: Provision for tax 29.73 15.17
Profit/(Loss) after Tax 73.33 44.74
Add: P & L A/c brought forward 332.65 287.91
Proposed Appropriations:-
Dividend & Tax - -
Balance Carried forward 405.98 332.65
DIVIDEND :
Your Directors have decided to retain the profit to strengthen the
Company's financial stability to compete with the global competition
and regret the inability to recommend any dividend.
PERFORMANCE:
There is a slight increase in the revenue of the Company from Rs. 76.57
Crores to Rs. 78.10 Crores and the profit before tax has increased from
Rs. 59.91 Lakhs to Rs. 103.06 Lakhs, thanks to more effective
management of resources and careful purchases. Despite higher interest
costs, the profit of the Company has been increased marginally. The
quantity of production has been increased by 5.7% as compared to that
of previous year.
Considering the needs, your Company has made investments on storage
infrastructure and also undertook upgradation of facilities.
Your Company has proposed to invest into Capital Expenditures during
the current year. The intent is to establish additional capacity on
milling and other processing to be imported from Alapala, leading
machinery manufacturer based in Turkey.
The overall project cost is expected to be around Rs. 200 Lakhs.
DIRECTORS :
Mr. AVS Murthy and Mrs. Pinky Jain, Directors, retire by rotation and
being eligible, offer themselves for re-appointment.
Mr. Pramodkumar S, Executive Director of the Company, whose term will
expire on 31st October, 2012 is proposed to be re-appointed as
Executive Director for a period of 3 years from 1st November, 2012 to
31st October, 2015.
AUDIT COMMITTEE:
Audit Committee constituted by the Board of Directors with requisite
composition to fall in line with the prevailing laws continued to
discharge its functions during the year under report.
AUDITORS :
Messrs MSSV & Co., Chartered Accountants, retire as Auditors at the
conclusion of the ensuing Annual General Meeting and are eligible for
re-appointment.
DEPOSITS :
The Company did not accept any deposits from public during the year and
there was no outstanding deposit due for payment.
PARTICULARS OF EXMPLOYEES UNDER SECTION 217(2A) OF THE COMPANIES ACT,
1956 :
There were no employees drawing remuneration in excess of the limits
prescribed under the above mentioned Section of the Act during the
current year.
INFORMATION PURSUANT TO SECTION 217(1)(e) OF THE COMPANIES ACT, 1956 :
The information as required under the above Section is given in
Annexure and forms part of the Report.
CORPORATE GOVERNANCE REPORT:
Corporate Governance Report is given as an Annexure to this report and
forms part of the Report.
INDUSTRIAL RELATIONS :
The relations with employees continued to be cordial throughout the
year. Your Directors wish to place on record their sincere appreciation
for the excellent team spirit displayed by the employees at all levels.
DIRECTORS' RESPONSIBILITY STATEMENT :
The Directors have fulfilled their responsibility for the preparation
of the accompanying financial statements by taking all reasonable steps
to ensure that:
These statements have been prepared in conformity with the generally
accepted accounting principles and appropriate accounting standards.
Judgments and estimates that are reasonable and prudent have been made
wherever necessary.
The accounting policies selected and applied consistently give a true
and fair view of the financial statements.
The Company has implemented internal controls to provide reasonable
assurance of the reliability of its financial records, proper
safeguarding and use of its assets and detection of frauds and
irregularities. Such controls are based on established policies and
procedures, and are implemented by trained, skilled and qualified
personnel with an appropriate segregation of duties. The Company's
internal auditors conduct regular internal audits, which complement the
internal controls. The Company's Statutory Auditors' Messrs. MSSV
& Co, Chartered Accountants, Bangalore, have audited the financial
statements in accordance with the generally accepted auditing standards
and practices as indicated in their report.
GOING CONCERN :
The Directors have prepared the annual accounts on a going concern
basis.
ACKNOWLEDGEMENTS :
Your Board wishes to thank' HDFC Bank Limited, for their continued
support and assistance. Your Directors also wish to place on record
their gratitude to the customers, distributors, dealers, vendors and
investors and employees for their continued and valued support.
By order of the board
For SUNIL AGRO FOODS LIMITED
Place: Bangalore B. SHANTILAL PRAMODKUMAR S
Date: 30-7-2012 Managing Director Executive Director
Mar 31, 2011
Dear Members,
The Directors are pleased to present the TWENTY THIRD Annual Report
and the Audited Statements of accounts of the Company for the year
ended 31st March, 2011.
FINANCIAL RESULTS : (Rs. in Lacs)
Particulars Year ended Year ended
31-03-2011 31-03-2010
Sales 7489.87 6928.73
Other income 167.37 174.95
Profit before depreciation & tax 106.90 98.13
Less: Depreciation 46.99 44.35
Profit/(Loss) before tax 59.92 53.78
Less: Provision for tax 11.00 9.00
Profit/(Loss) after Tax 44.74 50.25
Add: P&LA/c brought forward 287.17 236.92
Proposed Appropriations:-
Dividend & Tax - -
Balance Carried forward 332.65 287.17
DIVIDEND :
In view of the inadequate profits earned, your Directors regret the
inability to recommend any dividend.
PERFORMANCE :
Your Company achieved higher revenue of Rs. 74.90 Crores during the
year as against Rs. 69.29 Crores in the previous year. Healthy
operating profit of Rs. 59.92 lakhs was made possible with better
management of resources and with stabilized input cost. Your Directors
hope to maintain the profit trend barring unforeseen circumstances.
During the year the Company did job work to General Mills India Private
Limited, ITC Foods Limited and some quantity to Britannia Industries
Ltd.
DIRECTORS :
Mr. Pramodkumar S and Mr. Shailesh Siroya, Directors, retire by
rotation and being eligible, offer themselves for re-appointment. Mr.
Sunil Jain stepped down from the office of Director during the year
under report. Ms. Pinky Jain was inducted as Non-independent,
Non-Exective Director in place thereof.
AUDIT COMMITTEE:
Audit Committee constituted by the Board of Directors with requisite
composition to fall in line with the prevailing laws continued to
discharge its functions during the year under report.
AUDITORS :
Messrs MSSV & Co, Chartered Accountants, retire as Auditors at the
conclusion of the ensuing Annual General Meeting and are eligible for
re-appointment.
DEPOSITS :
The Company did not accept any deposits from public during the year and
there was no outstanding deposit due for payment,
PARTICULARS OF EXMPLOYEES UNDER SECTION 217(2A) OF THE COMPANIES ACT,
1956 :
There was no employee drawing remuneration in excess of the limits
prescribed under the above- mentioned Section of the Act during the
current year.
INFORMATION PURSUANT TO SECTION 217(1)(e) OF THE COMPANIES ACT, 1956 :
The information as required under the above Section is given in
Annexure and forms part of the Report.
CORPORATE GOVERNANCE REPORT :
Corporate Governance Report is given as an Annexure to this report and
forms part of the Report.
SECRETARIAL COMPLIANCE CERTIFICATE :
The Secretarial Compliance Certificate in accordance with the Companies
(Amendment) Act, under Section 383A read with Notification No. G.S.R.
II(E), dated 5-1-2009 issued by Ministry of Corporate Affairs, forming
part of this report is given in Annexure.
INDUSTRIAL RELATIONS :
The relations with employees continued to be cordial throughout the
year. Your Directors wish to place on record their sincere appreciation
for the excellent team sprit displayed by the employees at all levels.
DIRECTORS' RESPONSIBILITY STATEMENT :
The Directors have fulfilled their responsibility for the preparation
of the accompanying Financial Statements by taking all reasonable steps
to ensure that: These statements have been prepared in conformity with
the generally accepted accounting principles and appropriate Accounting
Standards. Judgments and estimates that are reasonable and prudent have
been made wherever necessary.
The accounting policies selected and applied consistently give a true
and fair view of the financial statements.
The Company has implemented internal controls to provide reasonable
assurance of the reliability of its financial records, proper
safeguarding and use of its assets and detection of frauds and
irregularities. Such controls are based on established policies and
procedures, and are implemented by trained, skilled and qualified
personnel with an appropriate segregation of duties. The Company's
Internal Auditors conduct regular internal audits, which complement the
internal controls.
The Company's Statutory Auditors, Messrs MSSV & Co, Chartered
Accountants, Bangalore, have audited the Financial Statements in
accordance with the mandatory Auditing Standards and Generally accepted
accounting practices as indicated in their report.
Going Concern :
The Directors have prepared the Annual Accounts on a going concern
basis.
ACKNOWLEDGEMENTS :
Your Board wishes to thank HDFC Bank Limited for their continued
support and assistance. Your Directors also wish to place on record
their gratitude to the customers, distributors, dealers, vendors and
investors and employees for their continued and valued support.
By order of the board
For SUNIL AGRO FOODS LIMITED
B. SHANTILAL PRAMOD KUMAR S
MANAGING DIRECTOR EXECUTIVE DIRECTOR
Place Bangalore
Date 30-7-2011
Mar 31, 2010
The Directors are pleased to present the TWENTY SECOND Annual Report
and the Audited Statements of accounts of the Company for the year
ended 31st March 2010.
FINANCIAL RESULTS : (Rs. in Lacs)
Particulars Year ended Year ended
31-03-2010 31-03-2009
Sales 6858.76 5424.62
Other income 174.95 133.2
Profit before depreciation & tax 98.13 51.49
Less: Depreciation 44.35 44.97
Profit (Loss) before tax 53.78 3.51
Less: Provision for tax 9.00 0.50
Profit/(Loss) after Tax 50.25 3.01
Add: P & L A/c brought forward 236.92 233.91
Proposed Appropriations:-
Dividend & Tax - -
Balance Carried forward 287.17 236.92
DIVIDEND:
In view of the inadequate profits earned, your Directors regret the
inability to recommend any dividend.
PERFORMANCE:
Your Company achieved higher revenue of Rs. 70.38 Crores during the
year as against Rs. 55.16 Crores in the previous year. Healthy
operating profit of Rs. 58.23 lakhs was made possible with better
management of resources and with stabilized input cost. With change in
the bankers, the Company was able to save on the interest cost as well.
Your Directors hope to maintain the profit trend barring unforeseen
circumstances. During the year the Company did job work to General
Mills India Private Limited, ITC Foods Limited, some quantity to
Britannia Industries Ltd.
DIRECTORS :
Mr. Sunil S Jain and Mr. AVS Murthy, Directors, retire by rotation and
being eligible, offer themselves for re-appointment.
AUDIT COMMITTEE:
Audit Committee constituted by the Board of Directors with requisite
composition to fall in line with the prevailing laws continued to
discharge its functions during the year under report.
AUDITORS :
Messrs MSSV & Co, Chartered Accountants, retire as Auditors at the
conclusion of the ensuing Annual General Meeting and are eligible for
re-appointment.
DEPOSITS:
The Company did not accept any deposits from public during the year and
there was no outstanding deposit due for payment.
PARTICULARS OF EXMPLOYEES UNDER SECTION 217(2A) OF THE COMPANIES ACT,
1956 :
There was no employee drawing remuneration in excess of the limits
prescribed under the above- mentioned Section of the Act during the
current year.
INFORMATION PURSUANT TO SECTION 217(1)(e) OF THE COMPANIES ACT, 1956 :
The information as required under the above Section is given in
Annexure and forms part of the Report.
CORPORATE GOVERNANCE REPORT :
Corporate Governance Report is given as an Annexure to this report and
forms part of the Report.
SECRETARIAL COMPLIANCE CERTIFICATE :
The Secretarial Compliance Certificate in accordance with the Companies
(Amendment) Act, under Section 383A read with Notification No. G.S.R.
II(E), dated 5- 1 -2009 issued by Ministry of Corporate Affairs,
forming part of this report is given in Annexure.
INDUSTRIAL RELATIONS:
The relations with employees continued to be cordial throughout the
year. Your Directors wish to place on record their sincere appreciation
for the excellent team sprit displayed by the employees at all levels.
DIRECTORS RESPONSIBILITY STATEMENT:
The Directors have fulfilled their responsibility for the preparation
of the accompanying Financial Statements by taking all reasonable steps
to ensure that: These statements have been prepared in conformity with
the generally accepted accounting principles and appropriate Accounting
Standards. Judgments and estimates that are reasonable and prudent have
been made wherever necessary.
The accounting policies selected and applied consistently give a true
and fair view of the financial statements.
The Company has implemented internal controls to provide reasonable
assurance of the reliability of its financial records, proper
safeguarding and use of its assets and detection of frauds and
irregularities. Such controls are based on established policies and
procedures, and are implemented by trained, skilled and qualified
personnel with an appropriate segregation of duties. The Companys
Internal Auditors conduct regular internal audits, which complement the
internal controls.
The Companys Statutory Auditors, Messrs MSSV & Co, Chartered
Accountants, Bangalore, have audited the Financial Statements in
accordance with the mandatory Auditing Standards and Generally accepted
accounting practices as indicated in their report.
Going Concern:
The Directors have prepared the Annual Accounts on a going concern
basis.
ACKNOWLEDGEMENTS :
Your Board wishes to thank HDFC Bank Limited for their continued
support and assistance. Your Directors also wish to place on record
their gratitude to the customers, distributors, dealers, vendors and
investors and employees for their continued and valued support.
By order of the board
For SUNIL AGRO FOODS LIMITED
Place: Bangalore B. SHANTILAL PRAMOD KUMAR S
Date :31-7-2010 MANAGING DIRECTOR EXECUTIVE DIRECTOR
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