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AKASH AGRO INDUSTRIES LIMITED
ANNUAL REPORT 2002-2003
DIRECTOR'S REPORT
To
The Shareholder,
Your Directors have pleasure in presenting their 12th Annual Report
together with AUDITED ACCOUNTS for the year ended on 31st March 2003.
FINANCIAL RESULT YEAR ENDED YEAR ENDED
31.3.2003 31.03.2002
Sales 69,21,86,690.41 50,07,44,009.71
Other Income 20,87,469.00 74,144.00
Profit Before depreciation and taxation 51,64,629.59 33,62,575.93
Depreciation charged 15,73,598.79 17,45,386.39
Profit before taxation 35,91,030.80 16,17,189.54
Profit after taxation 25,41,030.80 9,67,189.54
Deferred Tax liabilities 3,88,227.32 5,75,647.45
Total 21,52,803.48 3,91,542.09
Add : Opening balance of 2,14,86,255.22 2,11,18,300.13
Profit & Loss Account
Profit available for Appropriation. 2,36,39058.70 2,15,09,842.22
Less : Prior Period Adjustment 2,30,972.00 23587.00
Profit Carried to Balance 2,34.08,086.70 2,14,86,255.22
REVIEW OF OPERATIONS:
DIVIDEND
As a measure of abundant precaution and in order to retain the surplus for
growth and expansion your Directors do not propose any dividend for the
financial year 2002-2003.
OPERATIONS
During the year under review, the Company's income was Rs. 25.41 Lacs
against Rs. 9.67 Lacs during the previous year. Higher turnover was
possible on account of stringent efforts made by management at all the
levels inspite of the continuous sluggish trend prevailing in the last
couple of years.
FUTURE PLANS & DIVERSIONS
Your company is continuing to improve its performance because of its
management's total focus on key strategic initiatives. Apart from this, the
management has been aggressively examining the process by taking full
advantage of technology to bring down costs across the organization to
generate additional funds to fuel growth, The initiative have been
successfully implemented by outstanding work farce of the company to which
the Board acknowledges its appreciation and gratitude.
PERSONNEL
There was no employee drawing remuneration as mentioned under Section
217(2A) of the Companies Act, 1956 read with Companies (Particulars of
Employees) Rules, 1975.
DIRECTORS
Shri Bhupendra B. Patel and Shri Rajendra B, Shah retires by rotation at
this annual general meeting and being eligible offers themselves for re-
appointment.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 217 (2AA) of the Companies Act,
1956 as amended by Companies (Amendment) Act, 2000 with respect to
Directors Responsibility Statement, it is hereby confirmed;
(i) that in the preparation of the accounts for the financial year ended
31st March 2003,the applicable accounting standards have been followed
along with proper explanation relating to the material departures.
(ii) that the Directors have selected such accounting polices and applied
there consistently and made judgments and estimates that are reasonable and
prudent so as car 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 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 arid detecting fraud and other irregularities.
(iv) that the Directors have prepared the annual accounts on a 'going
concern' basis.
LISTING AGREEMENT
Your Company is committed to good corporate governance practices. Under
clause 49 of the fisting agreement, your Directors are pleased to inform
that your Company has implemented all the major stipulations prescribed
under clause 49 of the fisting agreement with the Stock Exchange(s). A
certificate from the Statutory Auditors of the Company in line with clause
49 is annexed to and forms part of the Director's Report.
FIXED DEPOSITS
The company has not accepted deposit from public.
AUDITORS
You are requested to appoint the auditors for the current year and to fix
their remuneration. The retiring auditors Ashok Jethanand Gidwani Chartered
Accountants, are eligible and offer themselves for reappointment. The
Company has received a certificate from Ashok Jethanand Gidwani to the
effect that their re-appointment. if made, will be within the prescribed
limits specified in Section 224(1-B) of the Companies Act, 1956.
AUDITORS REPORT
The observations of the Auditors are explained wherever necessary in the
appropriate notes annexed to the accounts. The explanations contained in
the notes may be treated as information / explanations submitted by the
Board as contemplated U/s. 217(3) of the Companies Act, 1956.
POWER AND FUEL CONSUMPTION
Pursuant to Section 217 (1) of the Companies Act 1956 read with the
Companies (Disclosure of particulars in the Report of the Board of
Directors) Rules, 1988 the following information is provided.
Conversation of Energy 2003 2002
1. Coal Consumption
Coal Consumed (kg) 1642885 1355860
Amount (Rs) 21,61,021.00 17,27,703.00
Rate (Rs/Kg) 1.32 1.27
2. Electricity
Unit Consumption 760943 602232
Amount (Rs.) 36,19,457.00 29,01,381.80
Rate (Rs/Unit) 4.75 4.81
ACKNOWLEDGMENT
Your Directors wish to thank ail the Executives, Employees and consultants
of the company for rendering impeccable service to ever constituent of the
company's clientele, their hard work, dedication and commitment.
For and on behalf of the Board of Directors
Date : 27-08-03 BHUPENDRA B. PATEL
Place : Ahmedabad Chairman
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