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Gujarat Aqua Industries Ltd.

BSE: 519347 Sector: Agri and agri inputs
NSE: N.A. ISIN Code: INE705F01015
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Gujarat Aqua Industries Ltd. (GUJAQUAINDS) - Director Report

Company director report

GUJARAT AQUA INDUSTRIES LIMITED ANNUAL REPORT 2011-2012 DIRECTOR'S REPORT To, The members, Your Directors have the pleasure in presenting the Annual Report together with the Audited Statement of Account for the year ending on 31st March, 2012 FINANCIAL RESULTS: Particulars Current Year Previous Year 2011-12 2010-11 Income from Operation 0 0 Depreciation 2,082 3,518 Profit/(Loss) for the year (-) 1,46,217 (-) 42,88,631 Income Tax (Earlier year) 0 0 Profit/(Loss) after provision for Tax (-) 1,46,217 (-) 42,88,631 Balance Brought forward from previous year (-) 3,43,39,441 (-)3,00,50,810 Balance carried to Balance sheet (-) 3,44,85,658 (-) 3,43,39,441 DIVIDEND: Your directors do not recommend any dividend for the year. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO: The disclosures required to be made pursuant to the provisions of section 217 (1) (e) of the Companies Act, 1956 read with Companies (Disclosure of particulars in respect of Report of Directors) Rules, 1988 are not applicable. There was no foreign exchange earnings and outgo during the year under the review. PERSONNEL: The information required to be given pursuant to the provisions of Section 217 (2A) of the Companies Act, 1956 read with Companies (Particulars of Employees) Rules, 1975 do not apply. DIRECTORS: Shri. Jayesh Patel and Mrs. Ansoya Patel retires by rotation at the ensuing Annual General Meeting and being eligible Only Shri jayesh Patel offer himself for reappointment and Mrs. Ansoya Patel does not offer herself for appointment. Your Directors recommends re-appointment of Shri. Jayesh Patel. AUDITORS: The auditors M/s. Kamal C Mehta & Co., Chartered Accountants offers themselves for reappointment at the ensuing annual general meeting. The company has received a letter from the auditors stating that their appointment if made will be within the limits of Section 224 (1) (B) of the Companies Act, 1956. The Directors recommend for their reappointment. AUDITORS' REPORT: The observation made in the Auditors' Report read together with relevant notes thereon are self explanatory and hence do not call, any further comments under Section 217 of the Companies Act 1956. SECRETARIAL AUDIT REPORT: The Compliance Certificates as required under section 383A of the Companies Act, 1956 has been obtained from a Practicing Company Secretary and is form part of the Balance Sheet. DEPOSITS: Your Company has not contravened the provisions of Section 58 A of the Companies Act, 1956. LISTING: The shares of the company are listed at Ahmedabad Stock Exchange, Mumbai Stock Exchange and Madras Stock Exchange, Annual Listing fees of Bombay Stock Exchange, CDSL are paid for the year 2011- 2012, while that of Ahmedabad and Madras Stock Exchange is unpaid. DIRECTORS RESPONSIBILITY STATEMENT: 1. The annual accounts have been prepared by following the applicable accounting standards together with proper explanation relating to material departures. 2. The directors have selected such accounting policies and applied them consistently and made judgments and estimates that are 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 and loss account for that period. 3. The directors took proper and sufficient care for the maintenance of proper and adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the company and for preventing and detecting frauds and other irregularities. 4. The annual accounts are prepared on going concern basis. MANAGEMENT DISCUSSION AND ANALYSIS: The financial statements of the company have been prepared in compliance with the requirements of the Companies Act, 1956 and Generally Accepted Accounting Principles (GAAP) in India. There are no material departures from prescribed accounting standards in the adoption of accounting standards. The management of the company accepts responsibility for the integrity and objectivity of these financial statements, as well as for various estimates and judgments used therein. The estimates and judgments relating to the financial statements have been made on a prudent and reasonable basis, in order that the financial statements reflect in a true and fair manner, the form and substance of transactions and reasonably present the company's state of affairs and profits for the year. OPPORTUNITIES, THREATS, RISKS AND CONCERNS: SWOT ANALYSIS OF THE COMPANY: The company has sold the plant. STRENGTHS: The pharmaceutical companies & ISO certified companies are approaching & testing the company's capabilities to provide high quality process due to Company's specialisation in the field. WEAKNESSES: The high cost of the products attracts only quality conscious customers hence it's difficult to complete with low quality products or process. OPPORTUNITIES: The awareness of herbal products in India and abroad offers growth potential and better profitability. THREATS: The international market is very cost conscious & hence even slight variation in costing may turn into loss of business. INTERNAL CONTROL SYSTEM AND THEIR ADEQUANCY: The Company has a proper and adequate system of internal controls to ensure that all assets are safeguarded and protected against loss from unauthorized use or disposition, and that, transactions are authorized, recorded and reported correctly. The internal control system is supplemented by an extensive program of internal audits review by management and documented policies, guidelines and procedures. The Company has an effective system in place towards achieving efficiency in operations, optimum and effective utilization of resources monitoring thereof and compliance with applicable laws. RISKS & MANAGEMENT PERCEPTION: Risk is inherent aspect of business. The negative fallouts of such an ingredient, however, need to be managed through effective risk mitigation- both at the strategic as well as at the transaction level. INDUSTRIAL RELATIONS & HUMAN RESOURCE MANAGEMENT: The Company has always recognized the manpower as its asset. OUTLOOK: As India progressively moves to a free market environment, international producers will have increased access to the Indian market either through the establishment of manufacturing bases in India or from overseas. Indian manufacturers therefore would urgently need to re-engineer themselves, wherever possible, to complete in this environment in terms of costs, quality and product innovation. CAUTIONARY STATEMENT: Statements in the Management Discussion and Analysis describing the Company's objectives, projections, estimates and expectations may be "forward looking statements" within the applicable laws and regulations Actual results may differ materially from those expressed or implied. Important factors that could make a difference to the Company's operations include economic conditions affecting demand/supply and price conditions in the domestic markets in which the Company operates, changes in the Government regulations, tax laws and other statutes and other incidental factors. APPRECIATION: Your Directors wish to convey their thanks to the bankers, and other persons for their continued support to the company. By Order of the Board of Directors For Gujarat Aqua Industries Limited Sd/- Sd/- Director Director Place: Ahmedabad Date : 25/08/2012