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SURYACHAKRA SEAFOODS LIMITED
ANNUAL REPORT 2002-2003
DIRECTORS' REPORT
To
The Members of
Suryachakra Seafood Limited,
Your Directors present herewith the 16th Annual Report and the Audited
Accounts of the Company for the year ended 31st March, 2003.
FINANCIAL RESULTS:
The years operations resulted in a net loss of Rs.62,81,102/-
FIXED DEPOSITS:
The company has not accepted any Fixed Deposits from the public within the
meaning of Section 58A of the Companies Act, 1956.
DIRECTORS:
There is no change in the Constitution of tire Board of Directors. In terms
of the Articles of Association Mr. J. Sal Tulasi Rao, Director retire by
rotation and being eligible offers himself for reappointment.
BUSINESS DEVELOPMENT:
The Company is taking steps to diversify the activities of the company into
a fresh water fish farming.
PARTICULARS OF EMPLOYEES:
The information required under Section 217(2A) of the Companies Act, 1956
is not given as none of the employees was in receipt of the remuneration
prescribed there in,
PARTICULARS OF ENERGY CONSERVATION, FOREIGN EXCHANGE EARNINGS AND OUT GO:
(a) Foreign Exchange Earnings and outgo: Nil
(b) Conservation of energy and technology absorption:
(i) Conservation of energy: Not applicable.
(ii) Technology absorption. Nil
DIRECTORS RESPONSIBILITY STATEMENT PURSUANT TO SECTION 217(2AA):
The Directors hereby confirm and state that:
1. In the preparation of the annual accounts for the financial year ended
31st March, 2003, the applicable accounting standards have been followed
along with proper explanation relating to material departures.
2. Appropriate accounting policies have been selected and applied them
consistently and made judgments end estimates that are reasonable and
prudent so as to give a1rue and fair view of the state of stairs of the
company as at 31st March, 2003.
3. Proper and sufficient care has been taken for the maintenance of
adequate accounting records in accordance with the provisions of the
Companies Act 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.
COMPLIANCE WITH CLAUSE 49 OF THE LISTING AGREEMENT:
As the companies business activity as to the aquaculture/prawn culture has
been stopped in line with the supreme court ban order and coming under CRZ
norms, the compliance with Corporate Governance has been made in a minimal
way. A note on the Corporate Governance is annexed.
AUDITORS:
M/s. K.S.S. Gangadhar & Co. Chartered Accountants, Hyderabad, the statutory
auditors of the Company retire at the conclusion of the ensuing Annual
General Meeting of the Company and are eligible for reappointment and have
indicated their willingness to so as such.
ACKNOWLEDGEMENTS:
Your Directors expenses their deep sense of gratitude for the co-operation
and support extended by Bank of Baroda, MPEDA and other Government
Organizations.
By Order of the Board
T. Bhaskara Rao
Director
Place: Hyderabad J. Sal Tulasal Rao
Dale : 28.01.2Q03 Director
ADDENDUM TO THE DIRECTORS' REPORT
Comments of the Auditors as per their report:
f) The company has drawn its accounts on a Going Concern Basis. We are of
the opinion that the going concern basis is questionable in view of the
uncertainties associated with the actions initiated as explained in note
Nc.6 of schedule 15, adverse financial and operating indications and also
due to non-continuation of operations for substantial period. We are unable
to express an opinion in this regard, ,7 also it's likely, impact on the
operations and on the assets and liabilities of the company.
Board's Explanation:
The Board is examining for diversification and alternative use of assets of
the company. As a stop gap arrangement the company leased out some of the
assets to generate some revenue. Keeping these in view the accounts have
been drawn one going concern basis.
Comments of the Auditors as per their report:
g) No Provision has been made for balances under loans and advances
amounting to Rs.6,25,000. These balance along with certain liabilities
under current liabilities and provisions are being carried forward for more
than 5 yearn. We are unable to express an opinion on reliability/existence
of the same and their adverse impact on the financial position of the
company,
Board's Explanation:
The amount of Rs.6,25,000/-was paid to A.P. Industrial Infrastructure
Corporation Limited as EMD for allotment of land. The company is following
up with APIIC for refund of the said amount.
By Order of the Board
T. Bhaskara Rao
Director
Place: Hyderabad J. Sal Tulasi Rao
Date : 28.08.2003 Director
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