The Directors have pleasure in presenting the 17th Annual Report and
the Audited Accounts for the year ended on 31st March, 2012.
Rs. In Lacs
Current Year Current Year
(Rs. In Lacs) (Rs. In Lacs)
Profit before Tax 2.11 1.17
Less : Provision For Tax 0.50 -
Less : Deffered Tax - -
Less : Short/ Excess earlier year - -
Profit after Tax 1.61 1.17
Profit / (Loss) brought from Previous
Year (66.93) (68.10)
Balance carried to the Balance Sheet (65.32) (66.93)
The resources of the Company were optimally utilized to maximize the
return with minimize risk. The Proactive and Pragmatic approach of the
Company has reflected in the results in spite of the difficult and
turbulent Economic conditions prevailing in the Country.
Your Directors do not recommend any dividend for the year ended 31st
March, 2012 in view to conserve the resources.
Mr. Ramavtar Kankani, Director of the Company retires by rotation and
being eligible offers himself for re-appointment.
Mr. Premratan Bhutra, Director of the Company retires by rotation and
being eligible offers himself for re-appointment.
A brief resume of the Director retiring by rotation at the ensuing
Annual General Meeting and of the Additional Directors whose
candidature has been proposed by the member, nature of their expertise
in specific functional areas and name of Companies in which they hold
directorship and/or membership/ chairmanship of Committees of the
Board, as stipulated under Clause 49 of the listing agreement with the
Stock Exchanges, is given in the section on Corporate Governance
elsewhere in the Annual Report.
FIXED DEPOSITS :
The Company did not invite/accept/renew any fixed deposits during the
year under review.
DEMATERIALISATION OF SHARES :
Your Company has connectivity with the NSDL & CDSL for
dematerialization of its Equity Shares. The ISIN No. INE029D01015 has
been allotted for the Company. Therefore, the members and / or
investors may keep their shareholdings in the electronic mode with
their Depository Participant.
PARTICULARS OF EMPLOYEES :
There is no employee covered pursuant to provisions of section 217 (2A)
of the Companies Act, 1956 read with the Companies (Particulars of
Employees) Rules, 1975 as amended vide Notification no. GSR 839 (c)
ENERGY, TECHNOLOGY AND FOREIGN EXCHANGE :
Details of Energy, conservation research and development activities
undertaken by the Company along with the information in accordance with
provisions of Section 217(e) of the Companies Act, 1956 read with the
Companies (Disclosure of Particulars in respect of Board of Directors),
Rules, 1998 is given in the Annexure.
AUDITORS REPORT :
The observations of the Auditors in their report, read with noted
annexed to accounts, are self explanatory and therefore do not call for
the any further comment and explanation under section 217(3) of the
Companies Act, 1956.
M/s Lakhpat M Trivedi & Co., the Auditors retire at the ensuing Annual
General Meeting but being eligible offer themselves for reappointed.
The Company has received the letter from Auditors to the effect that
their appointment if made it would be within the prescribed limits
under section 224 (1B) of the Companies Act, 1956. Your Directors
recommend reappointment of M/s Lakhpat M Trivedi & Co. as the Auditors
of the Company.
DIRECTORS RESPONSIBILITY STATEMENT
As required under section 217(2AA) of the Companies Act, 1956 relating
to the Directors Responsibility Statement, it is hereby confirmed that:
In the preparation of the Annual Account for the financial year ended
31st March, 2012 the applicable accounting standard have been followed
along with proper explanations relating to material departures.
The Directors have selected such accounting policies and applied them
consistently and made judgments and estimates that are responsible and
prudent so as to give a true and fair view of the state of affairs of
the Company as at the end of the financial year and of the Profit or
Loss of the Company for the year ended on that date.
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 irregularities.
The Directors have prepared the Annual Accounts on a going concern
STATEMENT PURSUANT TO LISTING AGREEMENTS
The company''s shares are listed with The Bombay Stock Exchange Limited.
Your Company has paid the respective Annual Listing fees up to date and
there are no arrears.
The Directors wish to place on records their appreciation of the
contributions made by the employees at the all levels, whose continued
commitment and dedication helped the Company to achieve better results.
The Directors also wish to thank customers, bankers, etc. 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 in
your Co-operation & never failing support.
By Order of the Board of Directors
For Rashel Agrotech Limited
Place : Indore
Date : 19.08.2012