The Directors present their 12th Annual Report together with the
Audited Accounts for the year ended 31st March, 2007.
1. FINANCIAL RESULTS
SALES/INCOME 129.13 127.82
PROFIT / (LOSS) BEFORE INTT. & PEP. 4.63 (0.88)
INTEREST PROVISION FOR DEPRECIATION0. 12 0.16
NET PROFIT/(LOSS) 4.51 (1.04)
In view of insufficient profit, your directors do not recommended any
dividend for the year ended 31st March 2007.
3. OPERATIONS .
During the year the company continued its cultivation activities and
substantial outcome has achieved by the company. Directors are 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 Companys Articles of Association, Shri Ravi Pokharma & Shri Laxmi
Narayan 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.
5. 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 confirmed :-
i. , That in the preparation of the account for the year ended on 31st
March 2007, the applicable accounting standard 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 ot 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
iv. That the Directors have prepared the accounts for the financial
year ended 31stMarch 2007 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 an 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-19 Leases Agreement.
6. CORPORATE GOVERNANCE
As a listed company on Mumbai, Indore Ahmedabad & 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 Madi...rcsh Gupta & Co.,
Chartered Accountants, Raipur who hold office as audi of the company
upti the conclusion of at the ensuing Annual General Meeting are
eligible for re- appointment.
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 inomh 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 apiix 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
DATED : 15-06-2007