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Galaxy Agrico Exports Directors Report, Galaxy Agrico Reports by Directors
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Galaxy Agrico Exports
BSE: 531911|ISIN: INE803L01016|SECTOR: Miscellaneous
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Directors Report Year End : Mar '14    « Mar 13
Dear members,
 
 The Directors have pleasure in presenting the TWENTIETH ANNUAL REPORT
 and Audited Accounts of your company for the year ended 31st March,
 2014.
 
 Financial Performance
 
                                                         [Rs. In Lakhs]
 
 Particulars                                      2013-14       2012-13
 
 Revenue From Operations (Net)                     576.30        546.24
 
 Earnings before Interest,                          61.19        (9.28)
 Depreciation and Tax
 
 Less: Finance Costs                              (40.92)       (41.46)
 
 Depreciation                                     (41.52)       (36.30)
 
 Add: Other Income                                   5.23          7.82
 
 Profit / (Loss) Before Tax                       (15.99)       (79.22)
 
 Less: Tax Expense        
 
 Net Current Tax                                        -             -
 
 Deferred Tax                                      (4.03)          4.36
 
 Short provision for tax of previous year               -          0.01
 
 Profit / (Loss) After Tax                        (11.97)       (83.59)
 
 Dividend
 
 The directors do not recommend any dividend for the year ended 31st
 March, 2014.
 
 Performance
 
 Your Company recorded a Net Revenue of Rs.576.30 Lakhs as compared to
 Rs.546.24 Lakhs in the previous year, thus showing a increase of 5.50%.
 It incurred Net Loss of Rs. 11.97 Lakhs as compared to Net Loss of
 Rs.83.59 Lakhs in the previous year.
 
 Subsidiary
 
 A wholly-owned subsidiary in the name of Accumax Rings Limited was
 incorporated in the month of April, 2013. The subsidiary was
 established to focus on the Forged Rings business and your Company was
 to transfer its segmental assets and liabilities pertaining to the
 Forged Rings to its wholly-owned subsidiary. The reason to transfer
 this business to the subsidiary was to focus on its core activities of
 manufacturing and export of agriculture implements.
 
 However since last one year, the export market for the agricultre
 implements has remained subdued. Your company, which was largely
 focused on the US markets for its agriculture implement business, is
 facing stiff competition leading to a very moderate growth in the said
 business.
 
 Further under the newly elected Government, the domestic business
 sentiments have also changed for the better as it takes the right steps
 to provide an impetus to economy and industry, reignite industry demand
 even while enforcing fiscal prudence and contain inflation. This will
 also help the automobile industry which will lead to increased business
 of Forged rings where your company is taking steps to increase its
 footprints
 
 In view of the above, your board feels that it would be in the long
 term interest of all the stakeholders to continue the bearing ring
 manufacturing business in the company itself and not to transfer the
 same to its subsidiary.
 
 Directors
 
 During the year under review, Shri Jayantibhai D. Patel (DIN -
 00243132), Managing Director of the company passed away. The company
 would like to place on record the contribution made by Late Shri
 Jayantibhai D. Patel during his tenure as the Managing Director of the
 Company. The Company has appointed Shri Nathabhai J. Sadaria (DIN -
 00167254) as the Managing Director of the company. Shri Manoj H. Shah
 (DIN - 02173383) and Mr. Ajay R. Patel (DIN- 00167284) retires by
 rotation and being eligible, offers himself for re-appointment.
 
 Responsibility Statement
 
 Pursuant to the requirement under Section 217(2AA) of the Companies
 Act, 1956, with respect to Directors'' Responsibility Statement, it is
 hereby confirmed that:
 
 * that in the preparation of the annual accounts, the applicable
 accounting standards have been followed;
 
 * 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 ended 31st March, 2014
 and of the Loss of the Company for that year;
 
 * that the Directors had taken proper and sufficient care for the
 maintenance of adequate accounting records in accordance with the
 provisions of the Companies Act, 1956 (to the extent applicable) and
 the Companies Act, 2013 (to the extent notified) for safeguarding the
 assets of the Company and for preventing and detecting fraud and other
 irregularities;
 
 * that the Directors have prepared the annual accounts on a going
 concern basis.
 
 Corporate Governance
 
 The Company has been pro-active in following the principles and
 practices of good Corporate Governance. The Company has taken adequate
 steps to ensure that the conditions of Corporate Governance as
 stipulated in Clause 49 of the Listing Agreements with the Stock
 Exchanges are complied with in letter and spirit. A certificate
 regarding compliance of conditions of corporate governance is appended
 to this report.
 
 Audit Committee
 
 Pursuant to the provisions of Section 292A of the Companies Act, 1956
 and Clause 49 of the Listing Agreement the Audit Committee comprises of
 the following Directors:
 
 Mr. Bharat T. Shah 
 
 Mr. Manoj H. Shah 
 
 Mr. Ajay R. Patel
 
 The Audit Committee of the Board of Directors reviews, acts and reports
 to the Board with respect to various auditing and accounting matters.
 
 Auditors
 
 Arun M. Kothari, Chartered Accountant, auditor of the company will
 retire at the ensuing Annual General Meeting and is eligible for
 re-appointment. Arun M. Kothari has indicated his willingness to act as
 such and has confirmed that his re-appointment, if made, shall be
 within the limits of Section 141(3)(g) of the Companies Act, 2013.
 
 The observation made by the Auditor in his report with regards to
 Accounting Standard 15 Employee Benefits has been clarified in the
 relevant Note-J of Statement on Significant Accounting Policies forming
 part of the financial statements, which is self-explanatory.
 
 Conservation of energy, Technology absorption and Foreign exchange
 earnings and outgo
 
 Your Company has given utmost priority for conversation of energy while
 making technical selection of machinery and shall continue to do the
 same in all the areas in future.
 
 c. Technology Absorption
 
 The Company has not taken any new technology in particular nor entered
 into any technology agreement during the period hence the information
 required is not applicable.
 
 The technology used by the Company is indigenously developed and no
 technology has been imported.
 
 Environment
 
 Your company has taken due care so as not to disturb the ecological
 balance of the region. The company has also planted a number of trees
 in the surrounding area so as to keep the environment pollution-free.
 
 Particulars of Employees
 
 There are no Employees whose details are required to be mentioned as
 per Section 217(2A) of the Companies Act, 1956 read with the Companies
 (Particulars of Employees) Rules, 1975
 
 Appreciation
 
 Your Directors place on record their sincere appreciation of the
 services rendered by the employees of the Company. Your Directors also
 place on record their gratitude to Shareholders & Bankers for their
 valued support.
 
                                        For and on behalf of the Board,
 
                                           Sd/-                 Sd/-
                                 Nathabhai J. Sadariya    Manoj H. Shah
                                   Managing Director         Director
 
 Rajkot, 28th May, 2014
Source : Dion Global Solutions Limited
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