To, The Members of THE RAVALGAON SUGAR FARM LTD.
The Directors present the 78th Annual Report together with the Audited
Accounts of the Company for the period of 18 months ended 30th
18 months ended Year Ended
30th Sept. 2012 31 st March 2011
FINANCIAL RESULTS: (Rs. In Lacs) (Rs. In Lacs)
Net Profit / (Loss) after
providing for (844.65) 3.33
i) Depreciation 338.39 225.56
ii) Prior Period Items - 0.23
iii) Provision for Taxation
(including Deferred Tax) (37.61) 8.14
Add: Surplus brought forward 1099.84 1156.78
Amount available for appropriation 255.19 1106.11
Proposed Dividend 3.40 51.00
Tax on Proposed Dividend 0.55 8.27
Transfer to General Reserve - 1.00
Balance carried to Balance Sheet 251.24 1099.84
Your Directors have recomended Dividend of 10% (Rs. 5/- per equity
share on 68,000 equity shares of 50/- each) for the period of 18 months
ended 30th September 2012. The dividend, if declared at AGM, will be
paid to those shareholders whose names appear in the Register of
Members of the Company on 20th December 2012 or on the Register of
Beneficial Owners maintained by the Deposito- ries as per the details
furnished by National Securities Depository Ltd. and Central Depository
Services (India) Ltd. for the purpose of payment of dividend.
The following table gives the comparative figures of sugarcane crushed,
sugar bags produced and the rate of recovery for the period of 18
months under review and previous financial year.
Surgarcane crushed in MT 182195 149938
Sugar MTs 19508 15557
Recovery 10.70% 10.47%
Late monsoon reduced the availability of sugarcane for the season 2011
-12. this resulted in low area under Sugarcane plus low yields per
The unhealthy competition from unorganized sector poses problems for
candy sugar business. The company is taking steps to use the candy
plant for production of high-grade sugar, Production for candy sugar
and Bura was nil during the period.
Production of confectionery was 2708 MT during the period under review
as compared to 2569 MT during the previous year. The Company
concentrated on brands such as Pan Pasand, Mango Mood, Coffee Break,
POLLUTION AND ENVIRONMENT AND SAFETY:
Various equipments are installed as an anti-pollution measure for the
protection of environment at your factory. The norms prescribed by the
Government are also adhered to. Necessary industrial safety measures
have also been taken at your factory, which has resulted in better
protection of workers and no major acccident has taken place in the
The total amount of fixed deposit as at 30th September 2012 was 488.79
lacs. There are no overdue deposits except unclaimed deposits amounting
to Rs.6.77 Lacs as on 30th September 2012.
DIRECTORS'' RESPONSIBILTY STATEMENT:
Pursuant to Section 217 (2AA) of the Companies Act, 1956. the Director
a) In the preparation of Annual Accounts, the applicable Accounting
Standards have been followed with explanatory notes relating to
b) Appropriate accounting policies have been selected and applied
consistently and judgements and estimates that are made are reasonable
and prudent so as to give true and fair view of the state of affairs of
the Company at the end of the period and of the profit and loss account
of the Company for that period.
c) Proper and sufficient care has been taken for maintaining 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.
d) The Annual Accounts have been prepared on a going concern basis.
CORPORATE GOVERNANCE AND MANAGEMENT DISCUSSION & ANALYSIS:
Persuant to clause 49 of the Listing Agreement with the Stock Exchange,
a Management Discussion & Analysis and a report on Corporate
Goverance are given as Annexure ''A'' and ''B'' respectively to the
report. A certificate from the Statutory Auditors of Company regarding
compliances of conditions of Corporate Goverance is also annexed
SECRETARIAL COMPLIANCE CERTIFICATE:
A Secretarial Compliance Certificate pursuant to Section 383 A of the
Companies Act, 1956 is annexed herewith as Annexure C
Auditors in their report have made observations in respect of
non-provision for the present value of accrued gratuity liability.
Suitable explanation have been provided by way of note 32 forming part
of Financial Statement. This note should be considered as explanation
by Directors as part of their report.
PARTICULARS REGARDING EMPLOYEES:
The information required under Section 217 (2 A) of the Companies Act,
1956 read with Companies (Particulars of Employees) Rule 1975, as
amended, forms part of this Report. However, as per the provisions of
Section 219(1) (b)(iv) of the Companies Act, 1956, the Report and
Accounts are being circulated to all the shareholders excluding the
aforesaid information. Shareholders, interested in obtaining this
information, may write to the Company at it''s Registered Office.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNING AND OUTGO:
Statement giving particulars regarding Conservation of Energy,
Technology Absorption and Foreign Exchange Earnings and outgo as
required under Companies (Disclosure of Particulars in Report of Board
of Directors) Rules, 1988 is annexed to and forms part of this Report,
as per Annexure-''D''.
Mr. M. B. Bhide, director retires by rotation under Article 152 of
Articles of Association and being eligible offers himself for re-
You are requested to appoint Auditors for Current financial year
2012-13 and authorise the Board to fix their remuneration. The retiring
Auditors. M/s V. Sankar Aiyar & Co, being eligible, offer themselves
Your Directors take this opportunity to place on record their sincere
appreciation for the timely assistance and cooperation extended by
Financial Institutions, Company''s Bankers and various Government
Agencies / Bodies and look forward to receive their continuous support.
Your Directors also wish to place on record their appreciation for the
co-operation extended / services rendered by the workmen, staff,
executives, dealers, customers and all others concerned.
Your Directors also express thanks to the shareholders for their
support to and confidence reposed in the Company.
For THE RAVALGAON SUGSR FARM LTD.
HARSHAVARDHAN B. DOSHI
Chairman & Managing Director
Ravalgaon - 423 108, Taluka Malegaon,
Dist. Nasik, Maharashtra,
Dated : 7th November 2012