The Directors are pleased to present the Twenty Fourth Annual Report
and the audited statements of accounts of the Company for the year
ended 31st March, 2012.
FINANCIAL RESULTS : (Rs. in Lacs)
Particulars Year ended Year ended
Total Revenue 7810.61 7657.25
Profit before depreciation & tax 166.45 106.90
Less: Depreciation 63.39 46.99
Profit/(Loss) before tax 103.06 59.91
Less: Provision for tax 29.73 15.17
Profit/(Loss) after Tax 73.33 44.74
Add: P & L A/c brought forward 332.65 287.91
Dividend & Tax - -
Balance Carried forward 405.98 332.65
Your Directors have decided to retain the profit to strengthen the
Company''s financial stability to compete with the global competition
and regret the inability to recommend any dividend.
There is a slight increase in the revenue of the Company from Rs. 76.57
Crores to Rs. 78.10 Crores and the profit before tax has increased from
Rs. 59.91 Lakhs to Rs. 103.06 Lakhs, thanks to more effective
management of resources and careful purchases. Despite higher interest
costs, the profit of the Company has been increased marginally. The
quantity of production has been increased by 5.7% as compared to that
of previous year.
Considering the needs, your Company has made investments on storage
infrastructure and also undertook upgradation of facilities.
Your Company has proposed to invest into Capital Expenditures during
the current year. The intent is to establish additional capacity on
milling and other processing to be imported from Alapala, leading
machinery manufacturer based in Turkey.
The overall project cost is expected to be around Rs. 200 Lakhs.
Mr. AVS Murthy and Mrs. Pinky Jain, Directors, retire by rotation and
being eligible, offer themselves for re-appointment.
Mr. Pramodkumar S, Executive Director of the Company, whose term will
expire on 31st October, 2012 is proposed to be re-appointed as
Executive Director for a period of 3 years from 1st November, 2012 to
31st October, 2015.
Audit Committee constituted by the Board of Directors with requisite
composition to fall in line with the prevailing laws continued to
discharge its functions during the year under report.
Messrs MSSV & Co., Chartered Accountants, retire as Auditors at the
conclusion of the ensuing Annual General Meeting and are eligible for
The Company did not accept any deposits from public during the year and
there was no outstanding deposit due for payment.
PARTICULARS OF EXMPLOYEES UNDER SECTION 217(2A) OF THE COMPANIES ACT,
There were no employees drawing remuneration in excess of the limits
prescribed under the above mentioned Section of the Act during the
INFORMATION PURSUANT TO SECTION 217(1)(e) OF THE COMPANIES ACT, 1956 :
The information as required under the above Section is given in
Annexure and forms part of the Report.
CORPORATE GOVERNANCE REPORT:
Corporate Governance Report is given as an Annexure to this report and
forms part of the Report.
INDUSTRIAL RELATIONS :
The relations with employees continued to be cordial throughout the
year. Your Directors wish to place on record their sincere appreciation
for the excellent team spirit displayed by the employees at all levels.
DIRECTORS'' RESPONSIBILITY STATEMENT :
The Directors have fulfilled their responsibility for the preparation
of the accompanying financial statements by taking all reasonable steps
to ensure that:
These statements have been prepared in conformity with the generally
accepted accounting principles and appropriate accounting standards.
Judgments and estimates that are reasonable and prudent have been made
The accounting policies selected and applied consistently give a true
and fair view of the financial statements.
The Company has implemented internal controls to provide reasonable
assurance of the reliability of its financial records, proper
safeguarding and use of its assets and detection of frauds and
irregularities. Such controls are based on established policies and
procedures, and are implemented by trained, skilled and qualified
personnel with an appropriate segregation of duties. The Company''s
internal auditors conduct regular internal audits, which complement the
internal controls. The Company''s Statutory Auditors'' Messrs. MSSV
& Co, Chartered Accountants, Bangalore, have audited the financial
statements in accordance with the generally accepted auditing standards
and practices as indicated in their report.
GOING CONCERN :
The Directors have prepared the annual accounts on a going concern
Your Board wishes to thank'' HDFC Bank Limited, for their continued
support and assistance. Your Directors also wish to place on record
their gratitude to the customers, distributors, dealers, vendors and
investors and employees for their continued and valued support.
By order of the board
For SUNIL AGRO FOODS LIMITED
Place: Bangalore B. SHANTILAL PRAMODKUMAR S
Date: 30-7-2012 Managing Director Executive Director