The Directors have pleasure in presenting you the Nineteenth Annual
Report together with Audited Accounts for the year ended 31st March,
PERFORMANCE OF THE COMPANY
(Rs. in Lakhs)
For the year For the year
Sales & Other Income 64.96 52.97
Profit/(Loss) before interest 6.84 (-) 7.24
Depreciation 6.96 7.55
Net Profit/(Loss) before tax &
Exceptional items (-) 0.12 (-) 14.79
Exceptional items 6.35 14.14
Net Profit/(Loss) after tax &
Exceptional items 6.23 (-) 0.65
A. Farm : During March, 2011, the Aqua Farm situated at
Isakapalli is given on lease. The company also
invested adequately for improving building structures
like store rooms, administrative office, godowns,
canteen etc so that the entire infrastructure is
improved substantially for future operations.
B. Hatchery: No seed is produced during the year 2011-2012.
However shrimp is produced about 17.43 tonnes in
ponds situated at Hatchery and achieved a shrimp
turnover of Rs. 37.59 lakhs.
In view of huge accumulated losses, no dividend is declared.
The company has identified a buyer for its Hatchery at Mypadu in March
2012 in ''as is where is condition'' and completed the formalities of
selling the total property at a total price of Rs. 150 Lakhs and could
repay the interest free unsecured loans extended by promoters for more
than a decade. With this transaction the company has become debt free
company and the promoters are reviewing the global market conditions to
venture into commodities and other related business.
PARTICULARS REGARDING ENERGY CONSERVATION etc.:
Information regarding Energy Conservation and Technology Absorption
required to be disclosed 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 enclosed as Annexure.
As per Article 145 of Articles of Association of the Company, Sri B.
Kasiviswanadham, director retires by rotation at the Annual General
Meeting and being eligible offers himself for re-appointment. As per
Article 145 of Articles of Association of the Company, Smt. B.Anitha,
director retires by rotation at the Annual General Meeting and being
eligible offers herself for re-appointment.
PARTICULARS OF EMPLOYEES:
None of the employees of your company was in receipt of remuneration
exceeding the limit prescribed under section 217 (2A) of the Companies
Act, 1956 during the year.
M/s. Garlapati & Co, Chartered Accountants, who are the statutory
auditors of the company retire at the conclusion of the Nineteenth
Annual General Meeting and being eligible, offer themselves for
re-appointment as Statutory Auditors of the Company. The company has
received a letter from them to the effect that appointment, if made,
would be within the prescribed limits under section 224 (1B) of the
Companies Act, 1956.
LISTING AGREEMENT WITH STOCK EXCHANGES
As per the requirement of Listing Agreement, the Company declares that
it''s securities are listed on the Stock Exchanges of Bombay, Delhi,
Kolkata, Chennai, and Hyderabad. The company confirms that it has paid
annual listing fees to the Stock Exchanges of Kolkata, Bombay and
Chennai for the year 2012-2013. The Hyderabad Stock Exchange Ltd had
stated that no Annual Listing Fees need be paid in view of their
de-recognition by SEBI. The company has applied for delisting of the
Company''s shares to the Stock Exchanges of Kolkata, and Delhi which are
under process. There was no demand from Delhi Stock Exchange and the
company has not paid any listing fees.
DIRECTOR''S RESPONSIBILITY STATEMENT:
Pursuant to the provisions of Section 217 (2AA) of the Companies Act,
1956 your Directors confirm:
a) that in the preparation of the annual accounts for the year ended
31st March, 2012, the applicable accounting standards have been
followed along with proper explanation relating to material departures,
b) that 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 2011-2012
and of the Profit of the Company for that year.
c) 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 and detecting fraud and other
d) that the directors have prepared the annual accounts on a going
A separate report on Corporate Governance with Auditor''s certificate on
its compliance is attached as Annexure to this report.
DELISTING OF SHARES:
Company''s Ordinary Equity shares are originally listed in the Stock
Exchanges of Mumbai (BSE) and four other Stock Exchanges at New Delhi,
Kolkata, Chennai and Hyderabad. The shares of the company are
compulsorily traded in dematerialized form. The Board considered that
continued listing on all stock exchanges was not necessary and
therefore decided to de-list from Delhi and Calcutta stock exchanges in
pursuance of special resolution passed in the 14th Annual General
Meeting held on 28th September, 2007. The company since made an
application for delisting of its shares in Delhi and Kolkata stock
exchanges and the matter is under consideration of these Stock
The Board appreciates the valuable co-operation and support extended by
all the employees and shareholders of the Company.
By order of the Board of Directors
B. RAMA KRISHNA
Chairman & Managing Director
Place : Guntur
Date : 04-08-2012