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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 '13    « Mar 12
To The Members,
 
 The Directors have pleasure in presenting the NINETEENTH ANNUAL REPORT
 and Audited Accounts of your company for the year ended 31st March,
 2013.
 
 Financial Performance                                       In Lakhs
 
 Particulars                                        2012-13   2011-12
 
 Revenue From Operations (Net)                       546.24    583.59
 
 Earnings before Interest 
 Depreciation and Tax                                 (9.28)    72.09
 
 Less: Finance Costs                                 (41.46)   (32.86)
 
 Depredation                                         (36.30)   (36.80)
 
 Add: Other Income                                     7.82     20.87
 
 Profit / (Loss) Before Tax                          (79.22)    23.31
 
 Less: Tax Expense
 
 Net Current Tax                                        -        0.19
 
 Deferred Tax                                          4.36     10.38
 
 Short provision for tax of previous year              0.01      0.02
 
 Profit / (Loss) After Tax                           (63.59)    12.73
 
 Add: Surplus brought forward 
 from previous years                                 206.00    193.27
 
 Surplus Carried Forward                             122,39    206.00
 
 Dividend
 
 The directors do not recommend any dividend for the year ended 31st
 March, 2013.
 
 Operations .
 
 - Your Company recorded a Net Revenue of Rs.546.24 Lakhs as compared to
 ''583.59 Lakhs in the previous year, thus showing a decrease of 6.4%,
 It made Loss after tax of Rs.83.59 Lakhs as compared to Profit of Rs. 12.73
 Lakhs in the previous year.
 
 Subsidiary
 
 A wholly-owned subsidiary under the name Accumax Rings Limited has
 been incorporated in the month of, April 2013. The subsidiary has been
 established to focus on the Forged Rings segment Of your Company and
 thus your Company will transfer all its segmental assets and
 liabilities pertaining to the Forged Rings to the wholly-owned
 subsidiary. Your Company will thereafter focus on the Agriculture
 Equipments & Trading business.
 
 Directors
 
 Shri Shashikant Bhalodi and Shri Sanjay Patel retire by rotation and
 being eligible, offer themselves for re- appointment.  
 
 Directors'' Responsibility Statement
 
 Pursuant to the requirement under Section 21.7(2AA) of the Companies
 Act, 1956, with respect to Directors''
 
 Responsibility Statement, it is hereby confirmed that. 
 
 * the Annual Accounts for the year ended 31st March, 2013 have been
 prepared in accordance with all the applicable Accounting Standards
 except AS-15 Employee Benefits to the extent mentioned in Note-H of
 Statement on Significant Accounting Policies;.
 
 - such Accounting Policies have been selected and applied consistently
 supported by management 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 and of the Loss pf the
 Company for that - period; .
 
 - proper and -sufficient care had been taken for the maintenance of
 adequate accounting records, in accordance with the provisions of this
 Act for safeguarding the assets of the Company and for preventing and
 detecting fraud and other irregularities; .
 
 - the Accounts for the year ended 31st March, 2013 have been prepared
 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 within 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. Marioj H. Shah ''
 
 Mr.- Bharat T. 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.
 
 Auditor and Auditor''s Report .
 
 Arun M. Kothari, Chartered Accountant, the Auditor of the Company will
 retire at the conclusion of the ensuing Annual General Meeting and is
 eligible for re-appointment for F.Y. 2013-14. Arun M. Kothari has
 indicated his willingness to act as such and has confirmed that his
 re-appointment, if made, would be within the limits specified under
 Section 224(1-B) of the Companies Act, 1956.  .
 
 The observation made by. the Auditor in his report with regards to
 Accounting Standard 15 Employee Benefits has been clarified- in the
 relevant Note-H 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 and shall continue to do the same in future. 
 
 c.  Technology Absorption .
 
 The Company has not taken any new technology in particular or 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. 
 
 Acknowledgement .  .
 
 Your directors wish to express their appreciation to all the employees
 of the Company for their excellent support and co-operation in
 achieving the Organizational Goals during the period .under review, the
 Board wishes to thank the Government, Company''s Bankers and all other
 Institutions connected with the company who have extended their support
 to the company during its operations.
 
                                   For and on behalf of the Board,
 
                                 Jayantilal D. Patel    Manoj H. Shah
 
                          Chairman & Managing Director  Director
 
 Rajkot, 28th May, 2013
Source : Dion Global Solutions Limited
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