SENSEX NIFTY
Galaxy Agrico Exports Directors Report, Galaxy Agrico Reports by Directors
YOU ARE HERE > MONEYCONTROL > MARKETS > MISCELLANEOUS > DIRECTORS REPORT - Galaxy Agrico Exports

Galaxy Agrico Exports

BSE: 531911|ISIN: INE803L01016|SECTOR: Miscellaneous
SET ALERT
|
ADD TO PORTFOLIO
|
WATCHLIST
Galaxy Agrico Exports is not traded in the last 30 days
Galaxy Agrico Exports is not listed on NSE
Download Annual Report PDF Format 2015 | 2014 | 2013 | 2012 | 2011 | 2010
Directors Report Year End : Mar '15    « Mar 14
Dear Members,
 
 Your Directors are pleased to present the TWENTY FIRST ANNUAL REPORT of
 the company together with the Annual Audited Financial Statements for
 the year ended 31st MARCH, 2015.
 
 01] FINANCIAL RESULTS: [In Lacs]
 
 Particulars                                   2014-15         2013-14
 
 Revenue From Operations (Net)                  486.67          576.30
 
 Earnings before Interest,
 Depreciation and Tax                            65.36           61.19
 
 Less: Finance Costs                            (30.99)         (40.92)
 
 Depreciation                                  (175.93)         (41.52)
 
 Add: Other Income                                5.49            5.23
 
 Profit / (Loss) Before Tax                    (136.07)         (15.99)
 
 Less: Tax Expense
 
 Net Current Tax                                   -               -
 
 Deferred Tax                                   (37.40)         (4.03)
 
 Short provision for tax of previous year            -               -
 
 Profit / (Loss) After Tax                      (98.67)         (11.97)
 
 Balance Brought Forward from Previous Year      110.43          122.39
 
 Balance Carried Forward to BALANCE SHEET         11.76          110.43
 
 02] FINANCIAL PERFORMANCE:
 
 During the year 2014-15, the total income of the Company amounted to
 486.67 Lacs as compared to 576.30 Lacs in the previous year. The
 economy is showing down trend and simultaneously result of company is
 also affected. Further from the year 2014-15 there is a change in
 Depreciation of the assets. Because of new applicable rate of the
 depreciation, the company showing figures of huge loss before tax. It
 is very distressing to note that the reserve was wiped out because of
 loss of the company in present year.
 
 03] DIVIDEND:
 
 The company has generated loss for the current year. The Board of
 Director did not recommended any dividend..
 
 04] TRANSFER TO RESERVES:
 
 Your directors do not propose to transfer any amount to the general
 reserve.
 
 05] EXTRACT OF ANNUAL RETURN:
 
 Pursuant to the requirement under Section 134(3)(a), extract of annual
 return in form MGT-9 is appended as Annexure 1 to this report.
 
 06] BOARD MEETINGS:
 
 The Board of Directors met Seven (7) times during the financial year.
 The intervening gap between any two meetings was within the period
 prescribed by the Companies Act, 2013.
 
 The dates of meeting are as under
 
 27/05/2014          29/05/2014         31/07/2014         05/09/2014
 
 11/11/2014          05/01/2015         10/02/2015
 
 07] DIRECTORS:
 
 There is a material change in the Board of Directors. Mr. Bharat
 Trambaklal Shah (Din 00167314) and Mr. Shashikant Bhalodi (Din :
 00167298) (Independent Director) have resigned from the post of
 Director w.e.f 05th September 2014.
 
 Mr.Mansukhlal Nathabhai Goani (Din 02167809) AND Mr. Kirankumar
 Bavanjibhai Govani (Din: 01294557) are appointed as a Independent
 Director w.e.f 30th September 2014.
 
 One Women Director Mrs. Mausami Sadaria ( Din: 07046365) was appointed
 as an additional Director
 
 Shri Sanjay J. Patel (Din - 01632620) retires by rotation and being
 eligible, offers himself for re-appointment.
 
 08] DEPOSIT
 
 The company has not accepted any deposit during the financial year.
 
 09] DECLARATION OF INDEPENDENT DIRECTOR''S:
 
 The Company has received declarations from all the Independent
 Directors of the Company confirming that they meet the criteria of
 independence as prescribed both under the Act and Clause 49 of the
 Listing Agreement with the Stock Exchanges.
 
 10] SUBSIDIARIES:
 
 A wholly-owned subsidiary in the name of Accumax Rings Limited has
 been incorporated in the month of April, 2013. The subsidiary has been
 established to focus on the Forged Rings business. Your Company will
 thereafter focus on the Agriculture Equipments & Trading business. The
 statement containing salient features of the financial statement of the
 company''s subsidiary in the prescribed form AOC-1 is appended as
 Annexure 2 to this report.
 
 11] CONSOLIDATED FINANCIAL STATEMENT:
 
 In accordance with the Companies Act, 2013 (the Act) and Accounting
 Standard (AS) - 21 on Consolidated Financial Statements read with AS -
 23 on Accounting for Investments in Associates and AS - 27 on Financial
 Reporting of Interests in Joint Ventures, the audited consolidated
 financial statement is provided in the Annual Report.
 
 12] DIRECTOR''S RESPONSIBILITY STATEMENT:
 
 Pursuant to the requirement under Section 134(3)(c) of the Companies
 Act, 2013, with respect to Directors'' Responsibility Statement, it is
 hereby confirmed:
 
 (i) that in the preparation of the annual accounts, the applicable
 accounting standards have been followed;
 
 (ii) 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, 2015 and of the Profit/loss of the Company for that year;
 
 (iii) 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, 2013 for safeguarding the assets of the
 Company and for preventing and detecting fraud and other irregularities;
 
 (iv) that the Directors have prepared the annual accounts on a going
 concern basis;
 
 (v) that the Directors have laid down internal financial controls to be
 followed by the Company and that such internal controls are adequate and
 are operating effectively; and
 
 (vi) that the Directors have devised proper systems to ensure compliance
 with the provisions of all applicable laws and that such systems were
 adequate and operating effectively.
 
 13] NOMINATION AND REMUNERATION POLICY
 
 The Board has, on the recommendation of the Nomination & Remuneration
 Committee, framed a policy for selection and appointment of Directors
 and their remuneration. The Information about Remuneration Policy is
 stated in the Corporate Governance Report.
 
 14] AUDIT COMMITTEE:
 
 Pursuant to the provisions of Section 177 of the Companies Act, 2013
 and Clause 49 of the Listing Agreement this company has formed the
 audit committee. The Audit Committee of the Board of Directors reviews,
 acts and reports to the Board with respect to various auditing and
 accounting matters. All the recommendations made by the Audit Committee
 were accepted by the Board.
 
 15] VIGIL MECHANISM:
 
 The Vigil Mechanism of the Company, which also incorporates a whistle
 blower policy in terms of the Listing Agreement, comprises of group of
 senior executives of the Company. Protected disclosures can be made by
 a whistle blower. The policy for the same has been disclosed on the
 company website at www.galaxyagrico.com
 
 16] DETAILS OF LOANS GIVEN, INVESTMENTS MADE AND GUARANTEE GIVEN
 COVERED U/S 186 (4) OF THE COMPANIES ACT, 2013:
 
 Investments made and Loans given are disclosed under the respective
 heads in financial statement. Your Company has not given any Corporate
 Guarantees in respect of loans as at 31.03.2015.
 
 17] CONTRACTS AND ARRANGEMENTS WITH RELATED PARTIES:
 
 Particulars of contracts or arrangements with related parties referred
 to in Section 188(1) of the Companies Act, 2013, are disclosed in Note
 No. 30 of the Standalone Financial Statements. There is no transaction
 of related party which is required to show under format AOC-2 attached
 as Annexure - 3
 
 18] MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION
 BETWEEN THE END OF FINANCIAL YEAR AND DATE OF REPORT:
 
 No material changes and commitments have occurred after the close of
 the year till the date of this Report, which affect the financial
 position of the Company.
 
 19] FOREIGN EXCHANGE EARNINGS AND OUTGO: [in lakhs]
 
 Particulars                            2014-15               2013-14
 
 Total foreign Exchange
 earned                                   123.70                68.09
 
 Total foreign Exchange
 expended                                   3.68                   -
 
 20] CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, ETC.:
 
 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.
 
 A. Power & Fuel Consumption
 
 Particulars                               2014-15            2013-14
 
 (i) Electricity
 
 Units (Numbers)                         15,23,250          15,34,470
 
 Total Amount (Rs. in Lakhs)                126.47             138.59
 
 Rate/Unit (Rs.)                              8.30               9.03
 
 B.  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.
 
 C.  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.
 
 21] RISK MANAGEMENT POLICY:
 
 The Company has in place a mechanism to identify, assess, monitor and
 mitigate various risks in achieving the objectives of the Company. The
 internal control systems are commensurate with the nature and size of
 the business of the Company.
 
 The company has published its risk management policy in the web site.
 The link of the website is www.galaxyagrico.com
 
 22] CORPORATE SOCIAL RESPONSIBILTY:
 
 Since the company does not fall in the criteria mentioned in Section
 135(1) of the Companies Act, 2013, the said provisions do not apply to
 your company.
 
 23] EQUITY SHARES WITH DIFFERENTIAL RIGHTS SWEAT EQUITY & ESOP:
 
 No Equity shares with Differential rights, sweat equities or share
 under employee stock option scheme were issued during the year.
 
 24] RESIGNATION OF CS MINAL SHAH (COMPANY SECRETARY)
 
 Company had appointed C.S. Minal Shah bearing membership number 27332
 on 28.06.2011 and was holding office upto 03.04.2015. She has tender
 her resignation letter and same was accepted by the board on 20.04.2015
 and for same to make it effective board has filled form Dir-12.
 
 25] AUDITORS:
 
 Mr. Arun M. Kothari, auditor of the company will retire at the ensuing
 Annual General Meeting and is eligible for re-appointment. Mr. Arun M.
 Kothari have 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 and that he is not disqualified
 for re- appointment.
 
 The Auditors'' Report does not contain any qualification, reservation or
 adverse remark.
 
 26] SECRETARIAL AUDITOR:
 
 The Board has appointed Mr. Piyush Jethva, Practising Company
 Secretary, to conduct Secretarial Audit for the financial year 2014-15.
 The Secretarial Audit Report for the financial year ended March 31,
 2015 is annexed herewith marked as Annexure 4 to this Report.
 
 The clarification on some noting in the secretarial audit report
 
 1.  It is a procedural lapse on the part of the Company and no malafied
 intention involved.
 
 2.  The Company has given intimation to stock exchange but not
 displayed it on website.
 
 3.  The Company will comply with the requirement soon.
 
 4.  The advertisement was published on 09th September 2015. The
 dispatch was completed before publication of advertisement.
 
 27] PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES:
 
 In terms of the provisions of Section 197(12) of the Act read with
 Rules 5(2) and 5(3) of the Companies (Appointment and Remuneration of
 Managerial Personnel) Rules, 2014, no employees drawing remuneration in
 excess of the limits set out in the said rules are provided in the
 Annual Report.
 
 28] DISCLOSURES UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE
 (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013
 
 Company has always believed in providing a safe and harassment free
 workplace for every individual working in through various interventions
 and practices. The Company always endeavors to create and provide an
 environment that is free from discrimination and harassment including
 sexual harassment.
 
 The Company has in place a robust policy on prevention of sexual
 harassment at workplace. The policy aims at prevention of harassment of
 employees as well as contractors and lays down the guidelines for
 identification, reporting and prevention of sexual harassment. There is
 an Internal Complaints Committee (ICC) which is responsible for
 redressal of complaints related to sexual harassment and follows the
 guidelines provided in the policy. ICC has its presence at corporate
 office as well as at site locations. the company has formulated the
 Internal Complaints Committee as under
 
 NAME OF DIRECTOR                             STATUS
 
 Mrs. Mausamiben Sadaria                      Chairman
 
 Mr. Nathabhai Sadaria                         Member
 
 Mr. Manoh H. Shah                             Member
 
 Mr. Sanjay Patel                              Member
 
 During the year ended 31 March, 2015, the ICC has received no
 complaints pertaining to sexual harassment
 
 29] 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.
 
 30] BOARD EVALUATION:
 
 Pursuant to the provisions of the Companies Act, 2013 and Clause 49 of
 the Listing Agreement, the Board has carried out an evaluation of its
 own performance, the directors individually as well as the evaluation
 of the working of its Audit, Appointment & Remuneration Committees. The
 manner in which the evaluation has been carried out has been explained
 in the Corporate Governance Report.
 
 31] 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 & on behalf of the Board of Directors,
 
                         Sd/                            Sd/
                         Nathabhai J. Sadariya      Manoj H. Shah
                         (Managing Director)       (Whole Time Director)
 
 Place : Veraval -Shapar
  Date : 31/08/2015
Source : Dion Global Solutions Limited
Quick Links for galaxyagricoexports
Explore Moneycontrol
Stocks     A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z | Others
Mutual Funds     A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z
Copyright © e-Eighteen.com Ltd. All rights reserved. Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express written permission of moneycontrol.com is prohibited.