To The Members of Narmada Macplast Drip Irrigation Systems Limited
The Directors have pleasure in submitting herewith the 20th Annual
Report of the Company with the audited statements of accounts for the
year ended 31st March, 2012.
FINANCIAL RESULTS: (Rs. In Lacs)
Particulars For the Year For the Year
Turnover & Other Income 19.50 20.63
Net Profit before Depreciation & Write Offs 5.00 6.50
Less: Depreciation 5.57 6.92
Net Loss Before Extra Ordinary Item (0.57) (0.42)
Add; Extra Ordinary Item Nil Nil
Net Profit for the year (0.57) (0.42)
Less: Past Losses B/F (231.59) (231.17)
Loss to be carried forward to Balance Sheet (232.16) (231.59)
During the year, your Company has achieved a turnover and earned other
income of Rs. 19.50 Lacs in comparison to the turnover of Rs. 20.63
Lacs of the previous year.
Due to past accumulated losses still suffered by the Company, your
directors do not recommend any dividend for the current year.
In accordance with the provisions of the Companies Act, 1956 and the
Articles of the Association of the Company, Mr. Vinesh Babaria and Mr.
Ketanbhai Baldha, Directors of the Company, retire by rotation at the
ensuing Annual General Meeting and being eligible offer himself for
re-appointment. Also Mr. Kantibhai devani who was appointed as an
additional Director on the Board of the company is hereby regularized.
DIRECTORS'' RESPONSIBILITY STATEMENT:
Pursuant to Section 217(2AA) of the Companies Act, 1956, the Directors
(i) In the preparation of the annual accounts, the applicable
accounting standards had been followed along with the proper
explanation relating to material departures if any;
(ii) The directors had 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 and of the profit or
loss of the Company for that period.
(iii) The directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
(iv) The directors had prepared the annual accounts on a going concern
PARTICULARS OF EMPLOYEES:
There are no employees falling under the purview of Section 217(2A) of
the Companies Act, 1956 read with the Companies (Particulars of
Employees) Rules, 1975.
CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION:
The Manufacturing Activities of the Company have been stopped due to
lack of funds and hence there is no expenditure for power in factory.
Electrical Expenditures however have been incurred for running the
Corresponding administrating office of the company.
MANAGEMENT DISCUSSION AND ANALYSIS:
Pursuant to Clause 49 of the Listing Agreement with the Stock
Exchanges, Management Discussion and Analysis Report are annexed
herewith and form part of this Report.
M/s S. D. Mehta & Co., Chartered Accountants, Statutory Auditors of the
Company is recommended for re-appointment. The Company has received a
certificate from them that their appointment, if made would be within
the prescribed limits u/s 224(1)(B) of the Companies Act, 1956.
Your Director wish to place on record their appreciation for the
cooperation and continued support extended to the Company by all
Government Authorities, Banks and Shareholders. Your Directors express
their appreciation for the dedicated and science service rendered by
the employees of the Company.
FOR AND ON BEHALF OF BOARD OF DIRECTORS
Chairman & Managing Director
Date: 21st August, 2012