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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 '13    Mar 12
To, Members of Source Natural Foods and Herbal Supplements Limited.
 
 The Directors are pleased to present 18 Annual Report of the Company
 together with Audited Balance Sheet and Profit and Loss Account for the
 year ended 31st March 2013.
 
 1. FINANCIAL RESULTS:
 
                                                        (Rs. Lakhs)
 
 Particulars                              31.03.2013    31.03.2012
 
 Total revenue                                376.17        155.13
 
 Profit/ (Loss) before exceptional and 
 extraordinary items and tax                   36.11        (48.34)
 
 Exceptional Items                              0.64         16.78
 
 Profit before extraordinary items and
 tax                                           35.47        (65.13)
 
 Extraordinary Items                             -             -
           
 Tax expenses                                    -             -
 
 Net Profit/Loss) carried to Balance
 Sheet                                         35.47        (65.13)
 
 Earnings Per Share (Basic/ Diluted)            0.79         (1.45)
 
 
 
 2. OPERATIONS:
 
 The Total revenue of the Company for the year ended 31st March, 2013
 was Rs. 3,76,17,324 which has increased approximately by 143% from the
 total revenue of the previous year which was Rs. 155,13,167/-. The
 increase in revenue is due to the expansion in the sales market of the
 Company. With the efforts of the management, the Company has evolved as
 a profit making unit in the current year. The Company has made an
 additional investment of Rs. 31,22,000 in the plant & machinery during
 the current year under review as the Company intends to improvise and
 standardise the production process.
 
 3. FUTURE OUTLOOK:
 
 Company''s vision is to make the Ayurveda reach the masses 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
 form of medicines and herbal supplements.
 
 The Company intends to focus on the standardisation of production and
 related processes. It also intends to invest in the Research and
 Development to achieve wider product portfolio.
 
 The Company intends to create mass awareness of the products through
 various advertisements and promotional media to further boost the sales
 of the product. In the next two years the company intends to create a
 strong marketing team to support the promotional activity and to
 establish a strong distributor network throughout the country.
 
 4. DIVIDEND:
 
 Since the Company has just started making profits and it needs more
 funds for future operations, your Directors do not recommend any
 Dividend for the Financial year ended 31.03.2013.
 
 5. DIRECTORS:
 
 Pursuant to the provisions of Section 256 of the Companies Act, 1956
 and the Articles of Association of the Company, Mr.  Narayanan
 Narasimhan and Mr. Srinivas Gowra retire by rotation at the ensuing
 Annual General Meeting and being eligible, offers themselves for
 re-appointment.
 
 Mr. Ramesh Chandra Agarwal resigned from the Directorship of the
 Company due to his personal reasons which was accepted by the Board on
 November 05, 2012 and the Board appreciates the contribution made by
 him towards the Company.
 
 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 for holding office until
 the conclusion of next Annual General Meeting, pursuant to the
 provisions of Section 224(ID) of the Companies Act, 1956. Their
 remuneration shall be fixed by the Board of Directors as per the terms
 of 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. COMPLIANCE CERTIFICATE UNDER SECTION 383A OF THE COMPANIES ACT,
 1956:
 
 Pursuant to Section 383A of the Companies Act, 1956, the company is
 required to obtain compliance certificate from a Practicing Company
 Secretary certifying that the company has duly complied with all
 applicable statutory regulations and requirements and file the same
 with the Registrar of Companies, Andhra Pradesh. In this connection, a
 Compliance Certificate issued by a Practicing Company Secretary has
 been obtained and is attached hereto.
 
 9. 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,
 2013, 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 31.03.2013 as per the going concern concept.
 
 10. 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.
 
 11. 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 provided hereunder:-
 
 Power and Fuel Consumption
 
                                                       Current Year 
 
 Electricity
 
 a) Purchased        Units (Kwh)                       1,10,424.00
 
                     Total Amount (Rs.)                10,11,969.00
 
                     Rate/Unit (Rs.)                   9.16
 
 b) Own Generation   Through Diesel Generator          8,184.10
 
                     Units (Kwh)
 
                     Total Amount (Rs.)                2,27,175
 
                     Cost/Unit (Rs.)                   27.76
 
 
 Foreign exchange earnings of the company during the current financial
 year is NIL and there were few expenditures in foreign currency for the
 purpose of renewal of certificates to an extent of Rs. 37,875.80/-.
 
 12. RESEARCH AND DEVELOPMENT:
 
 Research & Development is a core activity in any pharma industry. Your
 Company is currently involved in carrying out various Research &
 Development 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 in the Bombay Stock Exchange and
 traded regularly.
 
 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. SUBSIDARY/ 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
 Agreement is attached herewith. The Compliance Certificate on Corporate
 Governance received from the Statutory Auditors is also given as an
 Annexure to this report.
 
 17. COST AUDITOR APPOINTMENT
 
 Pursuant to Section 233B of the Companies Act, 1956 and General
 Circular No. 15/2011 [52/5/CAN-2011], M/s. Susarla & Co. has been
 re-appointed as cost auditing firm of the Company with effect from June
 18, 2013 for conducting Cost Audit and issue of Cost Compliance
 Certificate of the Company for the financial year 2013-14.
 
 18. 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 23, 2013
 
 
 
 On Behalf of the Board
 
 
 
 
 Sd/- Arvind Varchaswi N.  
 
 Managing Director
 
 
 
 Sd/- Narayanan Narasimhan 
 
 Director
Source : Dion Global Solutions Limited
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