raashi fertilizers ltd share price Directors report

RAASHI FERTILIZERS LIMITED ANNUAL REPORT 2004-2005 DIRECTORS REPORT To, The Members, M/s. Raashi Fertilizer Limited Your Directors have pleasure in presenting the Annual Report and statement of Account for the Company for the year ended 31st March, 2005. FINANCIAL RESULT (Rs. in Lacs) (Rs. in Lacs) Year ended Year ended 31.03.2005 31.03.2004 Sales and Misc. Income 0.53 0.002 Profit before depreciation (18.71) (55.74) Depreciation (23.26) (28.75) Provision for Taxation NIL NIL Misc. Expenses W/off (0.17) (2.12) Net Profit Carried to Balance Sheet (42.14) (84.65) OPERATIONS During the entire year, plant was temporarily closed and production was NIL. The Company has become a sick unit and is registered with BIFR. DIVIDEND In absence of adequate profit, your directors are unable to declare dividend. AUDITORS The members are requested to appoint Auditors for the ensuing year. M/s.B.M. Jhaveri & Co., retiring Auditors, have offered themselves of re-appointment. FIXED DEPOSIT The Company has not accepted any Fixed Deposit from Public. PERSONNEL The particulars of Employees as required under Section 217(2a) of the Companies Act, 1956 are not applicable as none of the employees draw remuneration beyond the limit specified. CORPORATE GOVERNANCE REPORT: 1. The Companys philosophy is to provide Farmers with cheapest Possible Fertilizers also earn reasonable returns to shareholders by following moral ethical practices. 2. a. Board of Directors : 1. Executive Director - 1 2. Non Executive - 1 3. Independent Non Executive - 1 b. The Chairman is non-executive 3. Audit Committee : Audit Committee comprises of Mr. C.J. Ramsinghani, Mr. J.S. Mehta and Mr.S.M. Khetan. 4. The Company have remuneration committee comprising of Mr.C.J.Ramsinghani and Mr. J.S. Mehta. 5. Mr. J.S. Mehta, Director cum company secretary is one man Shareholders Committee and all complaints are attended to. There are no pending complaints and share transfers. 6. Except A.G.M. no general meeting was held during the year. 7. There is no reportable material significant related party transaction. 8. The Company is listed on Mumbai Stock Exchange in Z category. Trading on shares is presently suspended. The shares are yet to be dematerialsed. The company plant located at Gut No. 179 B, Village Lakhmapur, Tal Dindori, Dist. Nashik. 9. There is nothing to report on Qualifications in Auditor Report. CONVERSION OF ENERGY / TECHNOLOGY ABSORPTION ETC. Information required under Section 217 (1) of the Companies Act, 1956 is enclosed in the prescribed form A.B. & C. INFORMATION AS PER SECTION 217(1) (e) 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 ENDING 31ST MARCH, 2005 FORM - A DISCLOSURES OF PARTICULARS WITH RESPECT TO CONSERVATION OF ENERGY SL. PARTICULARS CURRENT PREVIOUS NO YEAR YEAR A. Power and Fuel Consumption 1. Electricity P P a. Purchased Units (KWH) L L b. Total Amount Rs. A A c. Rate / Unit Rs. N N 2. Coal T 3. Furnance Oil a. Quantity (Ltrs.) C C b. Total Amount Rs. L L B. Consumption per Unit O O Single Super Phosphate S S Electricity KWH Furnance Oil Ltrs. E E (only for Granulated SSP) FORM B There is nothing to report as plant was closed for the year. FORM C Foreign Exchange outgo on Foreign Tour Rs. NIL NIL Foreign Exchange outgo on Raw Materials NIL NIL For and on behalf of the Board of Directors PLACE : MUMBAI C.J. RAMSINGHANI DATE : 11-07-2005 (CHAIRMAN) RASSHI FERTILIZERS LIMITED