The Directors have pleasure in presenting the 14th Annual Report
together with the Audited Balance Sheet and Profit and Loss Accounts
for the year ended 31st March 2008.
PERFORMANCE
During the year, the Company achieved Turnover of Rs. 1958.38 Lacs and
made a loss of Rs. -185.04 Lacs.
Financial Results
Particulars Current Year Previous Year
31/03/2008 31/03/2007
(Rs.Lacs) (Rs.Lacs)
Turnover 1958.38 1018.22
Profit Before depreciation -81.08 -124.87
Depreciation 103.96 103.50
Profit (Loss) after Depreciation & Taxes -185.04 - 228.37
FUTURE PROSPECTS
The Demand for vegetable oils is on increase due to increase in both
human and industrial consumption. Enhanced capacities are needed for
processing oil cakes for oil extraction and refinery. Your directors
are optimistic to cash on these demands. Your directors are optimistic
to do better in the years to come.
The Company is proposed to start jobwork contract with KSE Ltd for
Cattlefeed Manufacturing and Solvent Extraction of Oil Cake in the Next
Financial Year onwards.
DIRECTORS
Mr. Rajyawardhan Agarwal, Director retires by rotation at the
forthcoming 14th Annual General Meeting of the Company. Mr.
Rajyawardhan Agarwal, Director, being eligible, offers himself for
reappointment.
AUDITORS
M/s G. Joseph and Associates, Chartered Accountants, Cochin will retire
at the forthcoming Annual General Meeting of the Company and are
eligible for re-appointment as also indicated their willingness to be
reappointed.
COMMENTS ON THE AUDITORS REPORT
Auditors Report point No: VI (1) & (2)- Company has arrived at a One
Time Settlement with Banks and Financial Institutions and the
settlement amounts are being paid. Please refer Schedule -18, Notes on
Accounts Point No.3.
The Company is hopeful to pay the OTS on or before 30th September 2008
and when the Company become debt free, the networth will become
positive. Then the Company will approach BSE for revocation of
suspension of Shares and the same will be expected to happen before
March 2009.
PERSONNEL AND INDUSTRIAL RELATIONS
Industrial relations of the Company continued to be cordial during the
year. Your Directors take this opportunity to record their appreciation
for the services rendered by the employees at all levels.
STATUTORY DISCLOSURES
The Company has not accepted any fixed deposits under the provisions of
Companies (Acceptance of Deposits) Rules, 1975.
Your Company does not have any employee in respect of whom information
under Section 217(2A) of the Companies Act, 1956 as amended, is
required to be annexed.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO
As required under Section 217(1 )(e) of the Companies Act, 1956 read
with the Companies (Directors Particulars in the Report of Board of
Directors) Rules 1988, the information relating to Conservation of
Energy, Technology Absorption and Foreign Exchange Earnings and Outgo
in Form No. A & B is required, which is annexed to this report.
DIRECTORS RESPONSIBILITY STATEMENT
The Directors confirm:
a. that the applicable accounting standards have been followed along
with proper explanation wherever required in the preparation of Annual
Accounts.
b. that the Company has adopted prudent accounting policies.
c. that proper care has been taken for maintenance of accounting
records in accordance with the provisions of the Act and
d. that the Annual Accounts of the Company have been prepared on a
going concern basis.
REPORT ON CORPORATE GOVERNANCE AND MANAGEMENT DISCUSSION AND ANALYSIS
A Report on Corporate Governance and Management Discussion and Analysis
as required under Clause 49 of the Listing Agreement is attached.
ACKNOWLEDGEMENT
The Board of Directors wishes to place on record their sincere
gratitude for the assistance extended by Industrial Development Bank of
India (IDBI). The Directors also thank State Bank of India and Bank of
India for their continued support to the company.
Your Directors thank all the employees and share holders for their
active support and co-operation.
For and on behalf of the Board
Place : Cochin Sanjay Gupta
Date : 30.06.08 Managing Director
