doon valley rice ltd Directors report

DIRECTORS REPORT

TO THE SHAREHOLDERS

Your Directors have pleasure in presenting the 19th Annual Report of the Company along with the Audited Accounts for the year ended 31St March, 2013.

FINANCIAL RESULTS

(Rs. in Lakhs)

PARTICULARS	CURRENT YEAR		PREVIOUS YEAR
	(2012 - 2013)		(2011 -2012)
Profit before Depreciation & Finance Charges		(203.43)		(4.95)
Less : Finance Charges	0.00		0.00
Depreciation	35.30	35.30	35.30	35.30
Net Profit after Depreciation & Finance Charges		(238.73)		(40.25)
Appropriations
Provision for Taxation		0.00		0.00
Deferred Tax		(5.56)		(14.55)
General Reserve		0.00		0.00

DIVIDENDS

Your Directors express their inability to recommend any dividend for the year under review, due to cash losses incurred in the current and previous years.

CURRENT YEAR WORKING

Your Directors envisage that in the Current year the Company may make efforts to re-start the business operations.

DISCLOSURE UNDER LISTING AGREEMENT

The Equity Shares of the Company are now listed only at the Bombay Stock Exchange Ltd. and the Company has paid the listing fee of the exchange. The Shares of the Company are still in physical form.

DIRECTORS

Shri Imtiaz Ahmad, Director of the Company, retire by rotation at the ensuing Annual General Meeting & being eligible offers himself for re-appointment.

Shri Naresh Kumar Chairman & Mg. Director of the Company ceased to be a Director of the Company due to his untimely demise on February 13, 2013. He was the promoter director and was associated with the Company since its incorporation. None of the Directors of the Company is disqualified under Section 274(1)(g) of the Companies Act, 1956.

AUDIT COMMITTEE

The Audit Committee functioned in respect of the matters provided in clause 49 of the Listing Agreement and Section 292A of the Companies Act, 1956. The Audit Committee comprised of Mr. Imtiaz Ahmed, Chairman, Mr. Dharam Pal and Mr. Mohit Kumar as members of the Committee.

DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to the provisions of Section 217(2AA) of the Companies Act, 1956, the Directors give hereunder the Directors Responsibility Statement relating to the Accounts of the Company:

a) All the applicable Accounting Standards have been followed in the preparation of the accompanying accounts;

b) The Directors have selected such accounting policies and applied them consistently and 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 at the end of the financial year on March 31, 2013 and of the Profit and Loss of the Company for the said period;

c) 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 and detecting fraud and other irregularities; and

d) The Directors have prepared the Annual Accounts on a going concern basis.

AUDITORS

The Auditors M/s A.K.G. & Associates, Chartered Accountants, retire at the conclusions of the forthcoming Annual General Meeting and being eligible offer themselves for re-appointment. The Company has received the consent and the requisite Certificate under Section 224(16) of the Companies Act, 1956 from them.

FIXED DEPOSITS

During the period under review, your Company has not taken any Fixed Deposit within the meaning of Section 58A of the Companies Act, 1956 and the rules made there under.

CORPORATE GOVERNANCE

In terms of the Listing Agreement, Management Discussion and Analysis Report is annexed and forms part of the Annual Report. A report on Corporate Governance along with the Auditors Certificate on its compliance also annexed forming part of the Annual Report.

PARTICULARS OF EMPLOYEES

None of the employee of your Company is covered under section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975 as amended.

CONSERVATION OF ENERGY,TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO

The information relating to conservation of energy, technology absorption and foreign exchange earnings and outgo as required under Section 217(1)(e) of the Companies Act, 1956 read with Companies(Disclosure of particulars in the report of Board of Directors) Rules, 1988 is annexed and forms part of this report.

ACKNOWLEDGEMENT

Your Directors appreciated the dedicated services rendered by all concerned associated with the Company at all levels.

		For & on behalf of the Board
Place : Kamal	Mohi t Kumar	Imtiaz Ahmad
Date : May 30,2013	Director	Directo r

ANNEXURE TO DIRECTORS REPORT

INFORMATION AS PER SECTION 217(1 He) READ WITH COMPANIES (DISCLOSURE OF PARTICULARS IN THE REPORT OF BOARD OF DIRECTORS) RULES, 1988 AND FORMING PART OF THE DIRECTORS REPORT FOR THE YEAR ENDED 31ST MARCH, 2013

(I) CONSERVATION OF ENERGY: The Company has not carried out any production during the year; hence no efforts were required for conservation of energy.

A. POWER AND FUEL CONSUMPTION:

	Current Year 2012-13	Previous Year 2011-12
a) Purchased Units	Nil	Nil
Total Amount(Rs.)	Nil	Nil
Rate/Unit (Rs.)	Nil	Nil
b) Own Generation(Through DG Sets)
Units (approx.)	Nil	Nil
Units per Itr. of Diesel Oil	Nil	Nil
Cost/Unit(Rs.)	Nil	Nil
B. CONSUMPTION PER UNIT(M.T.) OF PRODUCTION
Production Unit(M.T.)	Nil	Nil
Finished Unit (M.T.)	Nil	Nil
Electricity	Nil	Nil

(II) TECHNOLOGY ABSORPTION RESEARCH AND DEVELOPMENT

1. Specific Areas in which R & D carried out by the Company: Nil.

2. Benefit derived as a result of the above R & D: NIL

3. Future Plan of Action: To compete and enter in the quality conscious markets in the world.

(III) FOREIGN EXCHANGE EARNINGS AND OUTGO

	Current Year	Previous Year
	2012-13	2011-12
Foreign Exchange Earnings (Rs.)	Nil	Nil
Foreign Exchange Outgo (Rs.)	Nil	Nil

 

		For & on behalf of the Board
Place : Karnal	Mohit Kumar	Imtiaz Ahmad
Date : May 30, 2013	Director	Director