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Source Natural Foods and Herbal Supplements Directors Report, Source Natural Reports by Directors
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Source Natural Foods and Herbal Supplements
BSE: 531398|ISIN: INE679C01027|SECTOR: Pharmaceuticals
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Directors Report Year End : Mar '14    « Mar 13
Dear Members,
 
 Source Natural Foods and Herbal Supplements Limited.
 
 The Directors are pleased to present 19th Annual Report of the Company
 together with Audited Balance Sheet and Profit and Loss Account for the
 year ended 31st March 2014.
 
 1. FINANCIAL RESULTS:
 
                                                    (Rs. Lakhs)
 
 Particulars                           31.03.2014      31.03.2013
 
 Total revenue                           455.12         376.17
 
 Profit/ (Loss) before exceptional and 
 extraordinary items and tax              17.23          36.11
 
 Exceptional Items                         -              0.64
 
 Profit before extraordinary items 
 and tax                                  17.23          35.47
 
 Extraordinary Items                       -               -
 
 Tax expenses                              -               -
 
 Net Profit/(Loss) carried to 
 Balance Sheet                            17.23          35.47
 
 Earnings Per Share (Basic/ Diluted)       0.33           0.79
 
 2. OPERATIONS:
 
 The Total revenue of the Company for the year ended 31st March, 2014
 was Rs. 455.12 Lakhs which has increased approximately by 20.99% from
 the Total revenue of the previous year which was Rs.  376.17 Lakhs. The
 increase in revenue is due to the expansion in the sales market of the
 Company.  The Company has made an additional investment of Rs. 30.23
 Lakhs in the plant & machinery, Rs.  21.92 Lakhs towards building and
 Rs. 8.15 lakhs in Intangible assets. The Net Profit of the Company
 during the financial year under review is Rs. 17.23 Lakhs when compared
 to Rs. 35.47 Lakhs during the previous year under review. During the
 financial year under review, the Company has more expenses towards
 hiring of new staff for operations and sales team. The Company has
 spent Rs. 28.97 Lakhs more than it spent in the previous year towards
 employee related expenses. The Company has spent Rs. 30.85 Lakhs over
 selling and distribution expenses towards brand building of the
 Product.  These major expenses resulted in lesser net profits during
 this financial year.
 
 Since these expenses will derive profits eventually in the future
 years, your company is confident of performing better in the next
 years.
 
 3. FUTURE OUTLOOK:
 
 Company''s vision is to make the Ayurveda reach the mass across the
 globe. Your Company focuses on such products which will bring Ayurveda
 in to individual''s daily diet. We provide various Ayurvedic products in
 the form of medicines and herbal supplements.
 
 The Company intends to focus to increase the market share of the
 products. The company also intends to increase its products and
 services.
 
 4. DIVIDEND:
 
 Since the Company has not yet recovered from the previous years piled
 up losses, your Directors do not recommended any Dividend for the
 financial year ended 31.03.2014.
 
 5. DIRECTORS:
 
 Pursuant to the provisions of Section 152 of the Companies Act, 2013
 and the Articles of Association of the Company, Mr. C. L. Rathi and Mr.
 Narayanan Narasimhan retire by rotation at the conclusion of the
 ensuing Annual General Meeting and being eligible, offers themselves
 for re-appointment.
 
 Mr. Digvijay Dattatraya Choudhari resigned from the Directorship of the
 Company due to his personal reasons which was accepted by the Board on
 May 26, 2014 and the Board appreciates the contribution made by him
 towards the Company.
 
 Mr. Srinivas Gowra, Mr. Nikhil Sen and Mr. Sriram Chandrasekaran,
 Independent Directors of the Company were appointed in June 25, 2010.
 As per the provisions of Section 149 of the Companies Act, 2013, their
 tenure will expire by the end of five years. Hence the Board recommends
 the members to re-appoint them as Independent Directors for a term of
 five years.
 
 The profiles of Directors retiring by rotation are given elsewhere in
 the Annual Report.
 
 6. AUDITORS:
 
 M/s. Vijay Narayan & Co., Chartered Accountants retire as the Statutory
 Auditors of the Company at the ensuing Annual General Meeting and being
 eligible, offer themselves for re-appointment. As per the provisions of
 Section 139 of the Companies Act, 2013 and Companies (Audit & Auditors)
 Rules, 2014, M/s. Vijay Narayan & Co., Chartered Accountants are
 eligible for re-appointment as statutory auditors for the next three
 years from the conclusion of this Annual General Meeting subject to the
 ratification of members at every Annual General Meeting. Their
 remuneration shall be fixed by the Board of Directors as per the terms
 of arrangement agreed upon.
 
 7. FIXED DEPOSITS:
 
 Your Company has not accepted any Fixed Deposits from the Public or its
 shareholders within the meaning of the section 58A of the Companies
 Act, 1956, during the year under review.
 
 8. DIRECTORS RESPONSIBILITY STATEMENT:
 
 In accordance with the provisions of Section 217(2AA) of the Companies
 Act, 1956, in respect of the financial statements as at 31st March,
 2014, Your Directors state:
 
 (i) That in the preparation of the Annual accounts, the applicable
 accounting standards have been followed.
 
 (ii) That your Directors have selected appropriate accounting policies
 and applied them consistently and diligently so as to depict a true and
 fair view of the state of affairs of the Company at the end of the
 financial year and of the profit and loss account for that period.
 
 (iii) That your Directors have taken proper and sufficient care with
 respect to the maintenance of required and mandated records under the
 provisions of the Companies Act, 1956 for safeguarding the assets of
 your Company and preventing any frauds and irregularities.
 
 (iv) That your Directors have prepared the Annual Accounts for the
 Financial Year ended 31.03.2014 as per the going concern concept.
 
 9. PARTICULARS OF EMPLOYEES:
 
 During the year under review, all the employees have drawn their
 salaries within the Limits specified under Section 217(2A) read with
 the Companies (Particulars of Employees) Rules, 1975 as amended from
 time to time.
 
 10. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
 EARNINGS AND OUTGO:
 
 Pursuant to the provisions of Section 217(1) (e) of the Companies Act,
 1956 read with Companies (Disclosure of Particulars in the report of
 Board of Directors) Rules, 1988, the particulars of conservation of
 energy and technology absorption are annexed hereto and Foreign
 exchange earnings and outgo are NIL.
 
 12. RESEARCH AND DEVELOPMENT:
 
 Research & Development is a core activity in any food products
 industry. Your Company is currently involved in carrying out various
 Research & Development activities to bring more herbal and organic
 products in to the existing/new product portfolio and to add more value
 to the existing products. The Company is also emphasizing on organic
 food and nutritional supplements with an optimum mix of naturally
 available ingredients for attaining a sustainable improvement in the
 Health of all age Groups
 
 13. LISTING:
 
 The shares of your Company are listed at the BSE Limited.
 
 14. CODE OF CONDUCT:
 
 The Company has adopted a uniform Code of Conduct for Directors, Senior
 Management Personnel and other Executive level officers to ensure
 proper ethical standards and further ensure due compliance to such
 established standards.
 
 15. SUBSIDIARY/ HOLDING COMPANIES:
 
 There are no subsidiaries to your Company as on the date of report. In
 terms of the shareholding, the Company is a subsidiary of Sumeru
 Ayurveda Private Limited.
 
 16. CORPORATE GOVERNANCE REPORT:
 
 The Code of Corporate Governance as per Clause 49 of the Listing
 Requirement is attached herewith.  The Compliance Certificate on
 Corporate Governance received from the Statutory Auditors is also given
 as an Annexure to this report.
 
 17. ACKNOWLEDGEMENTS:
 
 Your Directors take this opportunity to express their gratitude for
 continuous support and co-operation extended by Government Authorities,
 Bankers and other business associates along with our esteemed
 Shareholders and employees.
 
 Place: Bangalore 
 Date : August 04, 2014
 
                                           On Behalf of the Board
 
                                                             Sd/-
                                              Arvind Varchaswi N.
                                                Managing Director
                                                             Sd/-
                                            Sriram Chandrasekaran
                                                         Director
 
 
 
 
Source : Dion Global Solutions Limited
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