To The Members,
The Directors have pleasure in submitting the 21st Annual Report
together with the Audited Accounts for the year ended 31st March 2014.
During the year under review the Company could not perform as per
expectations. The Company has earned Total Revenue of Rs 121.05 lacs in
comparison to Rs. 125.58 lacs in the previous year. The Company has
earned net profit of Rs. 8.93 lacs in comparison to net loss of
Rs.22.76 lacs in the previous year. Your directors are hopeful of
better performance in the current financial year.
The Directors do not recommend payment of dividend for the year.
The Company has not accepted any deposits, within the meaning of
section 58-A of the Companies Act, 1956, and the Companies (Acceptance
of Deposits) Rules, 1975.
There are no employees whose particulars are to be given under Section
217(2A) of The Companies Act read with the Companies (Particulars of
Employees) Rules, 1975.
Mr. Pawankumar Agarwal (DIN 00127504), Director of the Company retires
by rotation and being eligible offer himself for reappointment.
Dr. Sheoram Agarwal (DIN 00401760) and Mr. Surendra Gupta (DIN
01147494), Non executive Directors of the Company, Independent
Directors are proposed to be appointed as Independent Directors for
five consecutive years for a term up to March 31,2019 in accordance
with Section 149 of the Companies Act, 2013. Notices have been received
from members proposing the aforesaid two Directors as candidates for
the office of Director of the Company. In the opinion of the Board,
aforesaid persons fulfill the conditions specified in the Companies
Act, 2013 and rules made thereunder for their appointment as
Independent Directors of the Company and are independent of the
management. The Board considers that their continued association would
be of immense benefit to the Company. Accordingly, the Board recommends
appointment of Dr. Sheoram Agarwal and Mr. Surendra Gupta as
Independent Directors, for the approval by the shareholders of the
Observations of the auditors are self-explanatory and do not require
Mr. Jignesh Shah, Chartered Accountant retires as Auditors of the
Company at the conclusion of the ensuing Annual General Meeting and,
being eligible, has offered himself for re-appointment.
CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION
Section 217(1 )(e) read with the Companies (Disclosure of Particulars
in the Report of the Board of Directors) Rules, 1988, require
disclosure of the particulars regarding conservation of Energy and
Technology absorption.The Company not being an industrial Company, the
same is therefore not applicable to it.
FOREIGN EXCHANGE EARNINGS & OUTGO
The Company has earned an income of Rs. 19.21 lacs (Previous Year
Rs.13.39 lacs) in foreign exchange. The Company has not incurred any
expenditure in foreign exchange during the year.
DIRECTORS RESPONSIBILITY STATEMENT PURSUANT TO SECTION 217 (2AA) OF THE
COMPANIES ACT, 1956
Pursuant to section 217 (2AA) of the Companies Act, 1956, the Board of
Directors hereby confirms:
i) In the preparation of the Annual accounts, the applicable Accounting
Standards have been followed.
ii) The Company has selected and applied such Accounting Policy
consistently and judgements and estimates are made in a reasonable and
prudent manner so as to give true and fair view of the state of affairs
of the Company as at the end of financial year and profit of the
Company for the period.
iii) Proper and sufficient care has been taken for maintenance of
accounting records in accordance with the provision of the Act for
safeguarding the assets of the Company and for preventing/ detecting
fraud and other irregularities.
iv) The annual Accounts are prepared on a going concern basis.
The Directors place on record their sincere appreciation of the
valuable contribution made by the employees and shareholders at all
levels towards the growth and performance of the Company.
The Directors would like to express their grateful appreciation for the
assistance and Co-operation received from the various Departments of
the Central and State Government and the Banks.
For and on behalf of the Board of Directors
Elegant Floriculture & Agrotech (I) Ltd.
Place : Mumbai (PAWAN KUMAR AGARWAL)
Date : 31-05-2014 DIN 00127504