ANNUAL REPORT 2005-2006
The Directors present their 11th Annual Report together with the Audited
Accounts for the year ended 31st March, 2006.
1. FINANCIAL RESULTS:
YEAR ENDED 31-03-2006 31-03-2005
SALES/INCOME 127.82 67.53
PROFIT/(LOSS) BEFORE INTT. & DEP. (0.88) (2.49)
INTEREST - -
PROVISION FOR DEPRECIATION 0.16 0.23
NET PROFIT/(LOSS) (1.04) (2.72)
2. No amount is proposed to be transferred to Reserves in the Balance
Sheet. The loss has been carried over to P&L A/c.
In view of loss, your directors do not recommended any dividend for the
year ended 31st March 2006.
During the year the company continued its cultivation activities and
substantial outcome has achieved by the company. Directors are hopeful that
this activity will further be expanded and gain profit in future.
a. In accordance with the provision of the Companies Act, 1956, and the
Company's Articles of Association, Shri Ravi Kamra & Shri Mansoor Ahmed
retire by rotation and are eligible for re-appointment.
b. Directors declare that none of the directors is disqualified from being
appointed as Director of the Company under clause g of sub-section 1 of
Section 274 of the Companies Act, 1956.
6. DIRECTORS' RESPONSIBILITY STATEMENT:
Pursuant to the requirement under Section 217(2AA) of the Companies Act,
1956, with respect to Directors' Responsibility Statement, it is hereby
i. That in the preparation of the account for the financial year ended on
31st March, 2006, the applicable accounting standards have been followed
and there were no material departures.
ii. That the Directors have selected such accounting policies and applied
them consistently and made judgment and estimates that were 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 the year under review;
iii. That the Directors have taken proper an 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;
iv. That the Directors have prepared the accounts for the financial year
ended 31st March, 2006 on a going concern basis.
The following accounting standard were not applicable to the company during
the year under review due to non occurance of events and transactions
covered under the scope of these accounting standards :-
AS-14 Accounting for amalgamation.
AS-17 Segment Reporting.
AS-21 Consolidated Financial Statements.
AS-23 Accounting for investments in associates in consolidated
AS-7 Accounting for construction contract.
AS-11 Accounting for the effects of changes in Foreign Exchange Rates.
AS-12 Accounting for Government Grants.
AS-13 Accounting for investments.
AS-19 Leases Agreement.
7. CORPORATE GOVERNANCE:
As a listed company on Mumbai, Indore Ahmadabad & Jaipur Stock Exchanges.
The company has complied in all material respects with the features of
corporate governance as specified in the Listing Agreement.
Directors recommended the appointment of M/s. Madhuresh Gupta & Co.,
Chartered Accountants, Raipur who hold office as auditors of the company
upto the conclusion of at the ensuing Annual General Meeting are eligible
There was no employee who was drawing more than Rs.24.00 lacs per annum, if
employed through out the year, or Rs.2,00,000/- per month if employed for
the part of the year. The required information under sub-section(2A) of
section 217 of the companies Act, 1956 read with companies (Particulars of
the Employees) rules 1975 as amended is NIL.
10. CONSERVATION OF ENERGY & TECHNICAL ABSORPTION:
Since the company is engaged only in cultivation activity the requirements
of section 217(i)(e) of the Companies Act, 1956 read with the Companies
(Disclosure of Particulars in report of Board of Directors) Rules 1988,
regarding conservation of energy, technology absorption and foreign
exchange earnings and outgo, are not applicable.
Your directors wish to place on record their sincere appreciation to the
employees of the company and your directors also acknowledge the trust and
confidence reposed by you in the company.
For and on behalf of the Board
PLACE: RAIPUR MANSOOR AHMED
DATED: 02-08-2006 DIRECTOR
MADHURESH GUPTA & CO.