The Directors are pleased to present the 30th Annual Report together
with the Audited Statement of Accounts and the Auditors Report of your
company for the Year ended 31st March, 2012. The Financial highlights
for the year under review are given below:
For the year ended 31st March, 2012 31st March, 2011
Total Income 4557.37 5309.68
Profit before Depreciation & Tax 117.79 132.46
Less - Depreciated 37.20 41.06
Profit before T 80.59 91.40
Less - Provision for T 10.28 -0.08
Profit after Tax 70.31 91.48
For the year ended 31st March, 2012 31st March, 2011
Add: Balance of Profits for 435.98 344.50
Balance available for Appropriation 506.29 435.98
The Total Income for the financial year under review is Rs.4557.37 lacs
against Rs. 5309.68 lacs in previous year registering a decline of
about 14.17%. The Net Profit generated by the company during the year
under review was Rs. 70.31 lacs as compared to Rs. 91.48 lacs during
the previous year registering a downfall of about 23.14%.
Due to growing requirement of funds in business activities, your
Directors do not propose any dividend for the FY 2011-12 (Previous Year
Mr. Haresh Sunder Das Tareja was appointed as an additional Director of
the Company w.e.f. 30/05/2012. He holds the office up to the date of
ensuing Annual General Meeting. The Company has received requisite
notice together with necessary deposit, as provided under section 257
of the Companies Act 1956, from a shareholder proposing the appointment
of Mr.Haresh Sunder Das Talreja as a Director of the Company at the
ensuing Annual General Meeting.
Mr. Baldev Singh has resigned as Director with effect from 30/05/2012
due to his preoccupation. The Board placed on record the valuable
contribution made by him in the deliberations of the meetings of the
Board and committee (s) during his tenure as a director.
Mr. M. D. Kanther, director of the Company, retires by rotation at the
ensuing Annual General Meeting and is eligible for reappointment. Your
directors commend their reappointment
LISTING OF SHARES
Equity shares of the Company are listed with Calcutta Stock Exchange
and Interconnected Stock Exchange of India. Equity shares of the
company are also traded under permitted category at Bombay Stock
Exchange. Listing fees has already been paid in pursuance to clause 38
of the listing agreement.
MANAGEMENT & DISCUSSION AND ANALYSIS
In compliance with the provision of clause 49 of the listing agreement
with the Stock Exchanges, detailed review of the operations,
performance and future outlook of the Company is annexed hereto.
AUDITORS & AUDITORS OBSERVATION
M/s. Mohindra Arora & Co., Chartered Accountants, the auditors of the
company who hold office until the conclusion of the forthcoming Annual
General Meeting, being eligible, offer themselves for re-appointment,
if made, would be within the prescribed limits under Section 224 (1B)
of the Companies Act, 1956.
The observations of the Auditors as referred to in the Auditor''s Report
are properly explained in the financial statements.
The company has not accepted any public deposit and, as such, no amount
of principal or interest was outstanding on the date of Balance Sheet.
COMPLIANCE WITH THE ACCOUNTING STANDARDS
The Company prepares its accounts and other financial statements in
accordance with the relevant accounting principles and also complies
with the Accounting Standards issued by the Institute of Chartered
Accountants of India.
INTERNAL CONTROL SYSTEMS & THEIR ADEQAUCY
Your Company remains committed to maintain, high standards of internal
control designed to provide adequate assurance on the efficiency of
operations and security of its assets. The adequacy and effectiveness
of the internal control across various activities, as well as
compliance with laid down systems and policies are comprehensively and
frequently monitored by your company''s management at all levels of the
organization. The audit committee, which meets at least four times a
year, actively reviews internal control systems as well as financial
A separate section on Corporate Governance is included in the Annual
Reports and the Certificate from Company''s auditors confirming the
compliance with the code of Corporate Governance as enumerated in
clause 49 of the listing of agreements with the Stock Exchange is
HUMAN RESOURCE DEVELOPMENT
The Company believes that people are its biggest strength in line with
the vision to create a large and world class agri biotech company.
Human resources are the key pillar for any organization and especially
so for Mavens Biotech Limited. With this strong belief the Company
imparts to its employees, regular training for constant development and
honing up their skills with the latest advanced techniques in the
relevant area of functioning.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the requirement under section 217(2AA) of the Companies
Act, 1956 with respect to the Directors responsibility statement, it is
hereby confirmed that::
(i) in the preparation of the annual accounts for the year ended 31st
March, 2012, the applicable accounting standards have been followed and
there are no material departures from the same;
(ii) 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 31st March,
2012 and of the profits of the company for the year ended on that date;
(iii) the directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding the assets of the company and
for preventing and detecting fraud and other irregularities;
(iv) the annual accounts have been prepared on a going concern basis.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO,
The statement of particulars under section 217(1)(e) of the Companies
Act,1956 regarding conservation of energy , technology absorption and
Foreign exchange earnings and outgo are given below::
a) Your Company, being involved in Trading and IT activities, has not
consumed energy of any significant level. Accordingly, no measures were
taken for energy conservation and no investment is required to be for
reduction of energy consumption.
b) No comment is made on technology absorption, considering the nature
of activities undertaken by your company during the year under review.
c) No Expenditure has been made for research and development during the
year under review. However, as the company, moves into the new areas of
business development of seed production and manufacture of secondary
nutrients and neem based products, the company will establish an R & D
laboratory that will be directed towards creation of new products,
development of advanced techniques & process and will help in the
development of the company.
d) There were no Foreign Exchange earnings or out go during the year
PARTICULARS OF EMPLOYEES
None of the employees of the Company was in receipt of remuneration
exceeding the limits prescribed under section 217(2A) of the Companies
Act,1956 read with companies ( Particulars of employees) Rules 1975.
The Directors wish to place on record their appreciation of the
contributions made by the employees at all levels, whose continued
commitment and dedication helped the company achieve better results.
The Directors also wish to thank customers, bankers, Central and State
Governments for their continued support. Finally your directors would
like to express their sincere & whole-hearted gratitude to all of you
for your faith in us and your Co-operation & never failing support.
For and on behalf of the Board of Directors
For Mavens Biotech Limited
Place : Kolkata
Date : 03/08/2012
Bharat Kumar Sah
(Whole Time Director)