| The Directors have pleasure in presenting the Annual Report of the
Company with the Audited Statement of Accounts and the Auditors Report
thereon for the Financial year ended 31st March, 2007.
The summarized financial result for the year ended 31st March 2007 are
as under:
FINANCIAL RESULTS:
Year ended Year ended
31.03.2007 31.03.2006
(Rs. in lacs) (Rs. in lacs)
Sales 616.70 694.55
Other Income 13.62 9.72
Total Income from Operations 630.32 704.27
Profit before Interest, Depreciation and Tax 24.50 12.40
Finance Charges 12.33 2.95
Depreciation for the year 7.10 7.84
Profit before Tax 5.07 1.61
Less: Provision for Income Tax & Fringe
Benefit Tax 3.67 2.83
Add: Net Deferred Tax Asset 1.32 1.44
Net Profit after Tax 2.73 0.22
Add: Balance brought forward from previous year (0.87) (1.08)
Profit available for appropriations 1.86 (0.87)
DIVIDEND AND TRANSFER TO RESERVES:
In view of the accumulated losses your Directors could not recommend
any dividend on the equity share capital of the Company for the year
ended 31st March, 2007.
OPERATIONS:
Your company has produced 976.055 Quintals of Crude Oil in comparison
to 1201.3 Quintals during the previous year. Your Company also produced
7952.339 Quintals of Deoiled Cake in comparison to 9379.35 Quintals
during the previous year. The reason for decline in production was
sluggish market demand during the previous year.
The Companys Gross Turnover for the Financial Year 2006-07 was
Rs.616.70 lacs as compared to 694.55 lacs during the previous year.
FOREIGN EXCHANGE EARNINGS AND OUTGO :
There is no foreign Exchange earnings or expenditure during the year
under report
PARTICULARS OF EMPLOYEES :
None of the employees of the Company was in receipt of remuneration in
excess of limits prescribed under Section 217(2A) of the Companies Act,
1956. Hence, particulars as required under the Companies (Particulars
of Employees) Rules, 1975 are not given.
DIRECTORS:
In accordance with the provisions of the Companies Act, 1956 and the
Companys Articles of Association Shri Harish Raheja retire by rotation
at the ensuing Annual General Meeting and being eligible offer himself
lor reappointment..
With a view to comply with the provisions of Listing Agreement Shri
Ravi Gulwani was appointed as as Additional Director hi terms of
Section 260 of the Companies Act, 1956 in the meeting of the Board held
on 1st January 2007 to act as Non executive Independent Director of the
Company. As per the provisions of Section 260 his term of office is
only up to the date of ensuing AGM. Therefore the members are requested
to appoint him as a Director of the company. The company has received
notice from a member pursuant to section 257 of the Companies Act, 1956
signifying his intention to propose the candidature of Shri Ravi
Gulwani as the Director of the company.
DIRECTORS RESPONSIBILITY STATEMENT
The accordance with the1 provisions of Section 217(2AA) of the
Companies Act, 1956, your Directors state:
(i) That in the preparation of the annual accounts, the applicable
accounting standards have been followed:
(ii) That your Directors have selected such accounting policies and
applied them consistently and made judgement 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 or loss of the company for that period;
(iii) That your Directors have 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 your company and
for preventing and detecting fraud and other irregularities; and
(iv) That your Directors have prepared the annual accounts on a going
concern basis.
CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION :
Information on Conservation of Energy, required to be disclosed under
Section 217 (1) (e) of the Companies Act, 1956, read with the Companies
(Disclosure of Particulars in the report of the Board of Directors)
Rules, 1988, is provided :is Annexure to this report.
AUDITORS:
M/s S.K. Bhamkar & Associates, Chartered Accountants, Auditors of the
Company, hold office until the conclusion of the forthcoming Annual
General Meeting and being eligible have offered themselves for re-
appointment. The Company has received a certificate from them to the
effect that their re-appointment, if made, would be within the limits
prescribed under Section 224 (IB) of the Companies Act, 1956.
AUDITORS REPORT:
The Auditors in their Report have not made any qualifying remark.
CORPORATE GOVERNANCE:
A Management Discussion and Analysis, Corporate Governance Report and a
Certificate from the Auditors regarding compliance with the code of
Corporate Governance as required as per Clause 49 of the Listing
Agreement with the Stock exchanges are made part of the Annual Report.
ACKNOWLEDGEMENTS:
The Board expresses its sincere gratitude to the shareholders, bankers
especially State Bank of Saurashtra, Union Bank, HDFC Bank, Dena Bank,
Indusind Bank, State and Central Government Officials and clients for
their continued support. The Board also wholeheartedly acknowledges
with thanks the dedicated efforts of all the staff and employees of the
Company.
For and on behalf of the Board of Directors
Date : 10th August, 2007 (SANJAY RAHEJA)
Chairman
Place: Raipur |