| Dear Members,
The Directors have pleasure in submitting the Annual Report along with
the audited statement of accounts for the year ended March 31,2014.
FINANCIAL HIGHLIGHTS & PERFORMANCE
Due to stringent norms for export of agricultural produce, the Gross
turnover including other receipts during the year was Rs. 5,81,822/- as
compared to Rs. 1,07,45,507/- in the previous year. The company
incurred a net loss of Rs. 10,90,871/- for the year as compared to net
loss of Rs. 2,14,603/- in the previous year.
The Company was unable to procure any Export Order of Agro Products and
no shipment was exported during the year under review.
No activities were carried out at the plant of the company and the
expenses pertaining to the said facility were included under the head
project pre-operative expenses pending allocation, as per past
practice.
The Directors have also considered the sale/dispose off the Industrial
Undertaking of the Company consisting of plots of Industrial Land
including factory Building and Plant & Machinery situated at MIDC, Lote
Parshuram, Dist. Ratnagiri, and suitable steps will be taken in this
regard.
CORPORATE GOVERNANCE
Your Company has ever been an ardent practitioner of the core values of
corporate governance. A separate report on Corporate Governance is
attached herewith.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to Section 217(2AA) of the Companies Act, 1956 the Directors
confirm that:
1) In the preparation of the annual accounts, the applicable accounting
standards had been followed;
2) Appropriate accounting policies as mentioned in Note No. 1 have been
applied consistently and have 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 as at 31st March, 2014 and of the loss for
the year ended on that date;
3) Proper and sufficient care has been 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;
4) The annual accounts have been prepared on a going concern basis.
DIRECTORS
Mr. Shirish Shetye, Director retire by rotation and being eligible
offer himself for reappointment. The Board proposes to re-appoint Mr.
Shirish Shetye as Non-executive Independent Director for period of five
years.
Mr. Shirish Shetye is Practicing Company Secretary and has vast
experience in company matters. The Board recommends his appointment.
Mr. Lalit Jain B.Com, LL.B. has vast business experience and the
Company will be benefited with his knowledge and experience. The Board
recommends his appointment.
The Board also proposes to appoint Mr. Lalit Jain as Non-executive
Independent Director for a period of five years.
LISTING AGREEMENT
The Shares of the Company are listed on Bombay Stock Exchange Ltd.
(BSE), Ahmedabad Stock Exchange Ltd. (ASE) and The Delhi Stock Exchange
Association Ltd. (DSE) and have paid Annual Listing Fees for the year
2014-2015 to BSE. The Company has initiated the process of voluntarily
delisting of its securities from ASE and DSE.
PERSONNEL
No employee is receiving remuneration beyond the limit prescribed under
the provisions of Section 217(2A) of the Companies Act, 1956 read with
Companies (Particulars of Employees) Rules, 1975 as amended up to date.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNING
AND OUTGO
Since the Company has not commenced any manufacturing activity,
information about Conservation of energy and technology absorption is
not applicable.
The Company has no foreign exchange earning and outgo during the year
under review.
AUDITORS
M/s. A. W. Ketkar & Co., Chartered Accountants, Auditors of the Company
retires on conclusion of the ensuing Annual General Meeting. They are
eligible for reappointment and members are requested to appoint the
auditors.
ACKNOWLEDGEMENT
The Board wishes to place on record its appreciation for the valuable
Co-operation and support extended by Employees, Registrars and other
agencies. We are also grateful to all the Shareholders for reposing
their confidence in the Company.
By Order of the Board of Directors
Place : Mumbai PRAKASH SHAH SHIRISH SHETYE
Dated : August 28, 2014 Director Director |