| The Members,
The Directors are pleased to present the 20th Annual Report on the
business and operations of your Company for the year ended on 31st
March, 2014.
FINANCIAL RESULTS
Particulars Year ended Year ended
31-03-2014 31-03-2013
Income 69,23,155 66,21,884
Profit (Loss) Before Depreciation & Tax 48,19,278 43,79,364
Less: Depreciation 19,41,672 20,22,520
Profit/(Loss) Before Tax : 27,26,316 21,22,134
Less: Provisions for Tax 6,30,000 2,20,000
Profit/(Loss) After Tax 20,96,316 19,02,134
DIVIDEND
Your Board has not recommended any dividend for the financial year
under review.
BUSINESS PERFORMANCE REVIEW
During the year 2013 - 2014, the other income earned by your company is
Rs. 69,23,155 against Rs. 66,21,884 in 2012 - 2013. During the year,
your Company has taken a conscious decision of keeping the business
activities production and distribution on a low key in the light of
global recession, which continues to hamper the world even though
impact on our economy is not significant.
As a result of lack of operation of business your Company has made
profits out of the other Income being Rs. 20,96,316.
RECENT INITIATIVES AND FUTURE PROSPECTS
The Company closed the production and the factory premises has been
given on rent If the Market stabfized and if the opportunities come,
the Management of the Company will restart business operations.
STATUTORY DISCLOSURES
Conservation of Energy and Technology Absorption
The Company has no activity relating to Conservation of Energy,
Technology Absorption in terms of Section 217(1)(e) of the Companies
act 1956. The Company has no foreign exchanae eaminas durina the vear
under review.
Particulars of Employee's Remuneration and Industrial Relations
Particulars of employees as per requirements of Section 217(2A) of the
Companies Act, 1956 are not applicable.
PUBLIC DEPOSITS
Your Company has not accepted any public deposit during the year under
review. DIRECTORS
Mr. Rajendra Agrawal and Mr. Subhash Mittal, Directors of the Company,
will retire in the ensuing Annual General Meeting and being eligible
offer themselves for re-appointment AUDITORS
Shah, Shah & Shah, Chartered Accountants, Mumbai, Statutory Auditor of
the Company shall vacate office at the ensuing Annual General Meeting
and being eligible, offer themselves for re-appointment and your Board
recommends their appointment. 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.
(1) That in the preparation of the accounts for the financial year
ended 31st March, 2014 the applicable accounting standards have been
followed along with proper explanation relating to material departures.
(2) That the Directors have selected such accounting policies and
applied them consistently and made judgments 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 of the Company for the year under review.
(3) That the Directors have taken proper and 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.
(4) That the Directors have prepared the accounts for the financial
year ended 31st March, 2014 on a 'going concern' basis.
ACKNOWLEDGEMENT
Your Directors wish to place on record their deep sense of gratitude to
the employees, our Bankers and Shareholders for their continual support
during the financial year under review.
For and on behalf of Asian Vegpro Industries Limited
The Board of Directors
Place : Mumbai Shyam Sunder Agarwal
Date : 30th May, 2014 Director
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