| To The Members,
The Directors have pleasure in presenting the 28th Annual Report
together with the Audited Statement of Accounts for the year ended 31st
March 2014.
FINANCIAL RESULTS:
The working results of the Company for the year under review are as
under:
Rs.(in lakhs)
31/3/2014 31/3/2013
Income 1.02 1.11
Gross Profit before interest & depreciation 0.05 0.05
Less: Interest - -
Profit before depreciation 0.05 0.05
Less: Depreciation 0.03 0.03
Tax provision - -
Profit for the year 0.02 0.02
Proposed dividend on Equity Shares Nil Nil
Balance carried to balance sheet 0.02 0.02
OPERATIONS: The Company is strategically pursuing its activity in
agriculture related field with a view td enter contract farming,,
greenhouse, biofuels etc. The management expects growth in this sector
in the states of Gujarat, Rajasthan & Odisha as a result of
government's special focus and promotion. In view of the said facts we
do not propose any dividend.
DEPOSITS: The Company has not accepted any deposits from the public
during the accounting year.
PERSONNEL: The Company has no employees in the category specified under
Sec 217 (2A) of the Company's Act 1956.
SECRETARIAL COMPLIANCE : In terms of the proviso to Sec.383A of the
Companies Act 1956, Compliance certificate obtained from a Company
Secretary in practice for the year under review is annexed.
AUDITORS REPORT : Audited Report to the Shareholders does not contain
any qualifications.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, and FOREIGN EXCHANGE
EARNING AND OUTGO: The company has no activities relating to
conservation of energy or technology absorption. There has been no
foreign exchange earning or outgo during the year under review.
DIRECTORS: In accordance with the provisions of the Companies Act 2013
and the Articles of Association of the Company Shri. Dr. Dinesh Patel
( DIN: 00301953 ) and Smt. Saroj Vachhani ( DIN: 00302581 ) retire by
rotation and are eligible for reappointment. None of the Directors is
disqualified from being appointed as or holding office as directors, as
stipulated under Section 152(4) of the Companies Act,2013.
STOCK EXCHANGE: The company's shares are listed on Bombay Stock
Exchange Limited, Mumbai (Scrip Code: 511128).The company has paid the
necessary listing fees for the year. In accordance with the approval
granted by the share holders, the company has applied for delisting
from Ahmedabad Stock Exchange Limited.
DIRECTOR'S RESPONSIBILITY STATEMENT: In terms of Section 217(2AA) of
The Companies Act 1956.
1. In the preparation of the Annual accounts, the applicable accounting
standards have been followed.
2. The accounting policies have been applied consistently and
adjustments and estimates that have been made for the preparation of
the accounts are reasonable and prudent so as to give a true and fair
view of the state of the affairs of the Company at the end of the
financial year and of the profit of the Company for the year.
3. Directors have taken proper and sufficient care for the maintenance
of adequate accounting records in accordance with the provisions of the
Companies Act, 1956 and taken steps to safe guard the assets of the
company and to prevent fraud and irregularities.
4. Directors have prepared the accounts on a going concern basis.
AUDITORS: M/s D. L. Vegad & Co, Chartered Accountants (ICAI
Registration No:l 11347W) who are Auditors of the Company retire at
ensuing Annual General Meeting of the Company and are eligible for
reappointment.
ACKNOWLEDGEMENT: The Directors record their sincere appreciation for
the cooperation and support extended by the Bankers and employees of
the Company during the year under review.
Place: Rajkot, For and on behalf of the Board of Directors
Dated: 21st May 2014
Ashok Patel
Chairman & Managing Director
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