To the Members,
Your Directors have pleasure in presenting the Twenty Fifth Annual Report and theaudited accounts for the year ended on 31st March 2011: -
| || ||(Rs. in Lacs) |
| ||2010-2011 ||2009-2010 |
|Sales ||23.42 ||07.12 |
|Other Income ||8.34 ||1.22 |
|Profit/(Loss) before depreciation and interest ||2.89 ||1.64 |
|Less: Interest & Depreciation ||1.15 ||1.52 |
|Profit/(Loss) before tax ||2.74 ||0.12 |
|Less: Fringe Benefit Tax ||- ||- |
|Add: Profit/(Loss) brought down from previous year ||(133.76) ||(133.88) |
|Profit / (Loss) carried forward to Balance Sheet ||(131.02) ||(133.76) |
During the year under review, the company has achieved a turnover of Rs. 23.42 Lacs ascompared to previous year Rs.07.12 Lacs and earned a net profit of Rs. 2.74 lacs ascompared to previous years Profit figure of Rs. 0.12 Lacs.
Due to the continued losses incurred by the company over the past many years and verynominal profit during the current year, your Directors do not to recommend any dividendduring the financial year.
CHANGE IN SHARE HOLDING PATTERN
There is no major change in the shareholding pattern during the year under review.
The company continues to keep its focus and expand its business activities in theagricultural, marine and food processing sector. In the previous year, due to lack offinancing options the company could achieve a small turnover. The Directors have initiatedsteps to acquire the requisite approvals for restarting the companys marine &other food export business. The Directors are confident that the company shall commenceactive business of trading in domestic and international markets in the coming financialyear.
PARTICULARS OF EMPLOYEES
Information required as per section 217(2A) of the Companies Act, 1956 read withCompanies (Particulars of Employees) Rules 1975 forming part of this report for the yearended 31st March, 2011 is NIL.
The Company has not accepted any public deposits in terms of section 58A of theCompanies Act, 1956 and the rules made there under.
In accordance with the provisions of section 256 of the Companies Act, 1956 andArticles of Association of the company, Shri O P Yadav and Shri S P Jain, Directors of thecompany retire by rotation at this ensuing Annual General Meeting of the company and beingeligible offer themselves for reappointment. In view of their vast experience &knowledge and their continued association & support to the company over the last manyyears, it will be in the interest of the company that Shri O P Yadav and Shri S P Jain bereappointed as Directors of the Company.
Sh. Rakesh Yadav, promoter director of the company has resigned from the company w e f01.05.2011 due to resignation. The board wishes to place on records its sincereappreciation for the guidance and assistance provided by them during their tenure asDirectors of the company.
DIRECTORS RESPONSIBILITY STATEMENT
Directors Responsibility Statement as required under Section 217(2AA) of theCompanies Act, 1956 is as follows:
(i) In preparation of the annual accounts as on 31.03.2011, the accounting standardsissued by the Institute of Chartered Accountants of India as applicable to the Companyhave been followed.
(ii) The accounting policies were selected and applied consistently and the judgmentand estimates were made that were reasonable and prudent so as to give a true and fairview of the state of affairs of the Company at the end of the financial year ended on31.03.2011 and of the Profit of the Company for the period ended on 31.03.2011 subject tonote no. 1(vi), 2(ii), (vi), (viii), (x), (xi) and (xii) of the notes to accountsannexed to and forming part of the accounts in schedule no. 16 of the annexure to theauditors report.
(iii) Proper and sufficient care was taken for the maintenance of adequate accountingrecords in accordance with the provisions of the Companies Act, 1956 for safeguarding theassets of the Company and for preventing and detecting fraud and other irregularities.
(iv) Annual accounts are prepared on a going concern basis.
The company's Auditors M/s Neeraj Ramesh Chandra & Associates, New Delhi-110017retire and being eligible, offer themselves for re-appointment. The Company has receivedletter from the auditors to the effect that their reappointment, if made, would be withinthe limits specified under Section 224(1B) of the Companies Act, 1956. Members arerequested to appoint the auditors for the financial year 2011-12.
As regards the observations of the Auditors in his Report of even date, these areself explanatory and therefore, do not call for further comments.
A separate report on corporate governance along with a certificate from statutoryauditors regarding compliance with the conditions of corporate governance forms a part ofAnnual Report.
FOREIGN EXCHANGE EARNINGS & OUTGO
Foreign Exchange Earnings & Outgo: NIL
CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION
During the year the company was not involved in any manufacturing activities, whichrequire consumption of energy.
Your directors acknowledge with gratitude the cooperation & assistance receivedfrom Shareholders, Banks, Patrons & all those stakeholders associated with the companyduring the year under review.
| ||For and on behalf of Board of Directors |
|Place: Delhi ||(S. K. YADAV) |
|Dated: 27.05.2011 ||Chairman |