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NEPC Agro Foods Ltd.

BSE: 500452 Sector: Agri and agri inputs
NSE: NEPCAGRO ISIN Code: INE587A01018
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NEPC Agro Foods Ltd. (NEPCAGRO) - Director Report

Company director report

DIRECTORS

To

The Members of

NEPC AGRO FOODS LIMITED

Yours Directors have pleasure in presenting the 22nd Annual Report with AuditedAccounts of your Company for the accounting year ended 31st March. 2014

Rs in lakhs

FINANCIAL HIGHLIGHTS: 31-03-2014 31-03-2013
Gross income 81.80 69.70
Profit / (Loss) before Depreciation 1.3.1 (46.67)
Depreciation - -
Profit / (Loss) after Depreciation 1.3.1 (4667)
Provision for taxation - -
Profit / (Loss) after taxation 1.33 (46.67)
Balance Profit / (Loss) Account B/F (2238.94) (2192.28)
Total (2237.61) (2238.94)
Appropriations: - -
Balance Profit/(Loss) C/F to Balance sheet (2237.61) (2238.94)

OPERATING RESULTS

During the year under review your Company has sustained increase in the sales turnoveras compared to the previous year due to favourable market trends and yield factor. It ishoped that the market trends would become favourable and the Company will be able toachieve further higher sales and operating performance in the coming year(s).

DIVIDEND

The Directors do not recommend dividend for the year ending 31st March 2014. in view ofthe past losses incurred by the Company.

DIRECTORATE

Mr. Tirupathi Kumar.Directors (DIN: 00126699) retires by rotation at theforthcoming Annual General Meeting and being eligible offers himself for re-appointment tothe Board.

AUDITORS

Mr. M. Dinesh Kumar & Co. Chartered Accountant Auditor of the Company hasexpressed his inability to continue as a Auditor of the company. Mr.A.Nageswaran has givenhis consent to act as a Auditor of the company if appointed and also certificate in termsof Section-139 of the companies act 2013 has been obtained by the company . Therefore theBoard recommends the appointment of Mr.A.Nageswaran Chartered Accountant Coimbatore asStatutory Auditor.

DIRECTOR'S RESPONSIBILITY STATEMENT

In compliance with Section 217(2AA) of the Companies Act. 1956 the Directors confirmthat :

• in the preparation of annual accounts the applicable Accounting Standards havebeen followed along with proper explanation wherever necessary

• The Accounting Policies selected and applied on a consistent basis give a trueand fair view of the attairs of the Company and of the Profit for the financial year;

• Proper and sufficient care has been taken for the maintenance of adequateaccounting records in accordance with the provisions of the aforesaid Act for safeguardingthe assets of the Company and for prevention and detection of fraud and otherirregularities;

• The Annual Accounts have been prepared on a going concern basis.

CORPORATE GOVERNACE

A detailed report on this subject forms part of this Report

FIXED DEPOSITS

Your Company has not accepted any fixed deposits as defined under section 58 AA of theCompanies Act. 1956 from the public during the year under review.

REMARKS ON AUDITOR'S QUALIFICATIONS

With regard to para 4(a) of Auditor's report and point no.II - 2 and 2.1 in Note 10regarding confirmation of balances and reconciliations the Company has counter claim aswell as additional claims realisable etc.. and such claims continue underactiveconsideration and reconciliation. Hence the confirmation of balances have not beenobtained. However it may be noted that after due reconciliation is over the assets andliabilities of your Company will not have any material change.

With regard to para 4(b) of Auditor's report and point no.II - 4 in Note 10 regardingnon-recognition of diminution in value of investments the Management is of the view thatthe investments have not diminished in their value.

With regard to para 4(c) of Auditor's report and point no. II - 5.1 in Note 10 theManagement is hopeful of recovery of debts and hence not considered as doubtful requiringprovision therefor.

With regard to para 4(d) of Auditor's report and point no. II - 5.2 in Note 10pertaining to Loans and Advances the Management is hopeful of performance/recovery ofamounts and hence not considered as doubtful requiring provision therefor.

With regard to para 4(e) of Auditor's report and point no. 11 - 8 in Note 10 theCompany is in the process of making necessary arrangement for retirement and otherbenefits. Considering the experience of employees in the Company the quantum of provisionrequired is expected to be marginal and will not vitiate the financial statement.

With regard to para 4(f) of Auditor's report and point no. II - 9 in Note 10 theoperations of the Company are presently concentrated in a particular geographical area andin a particular product / service only. Hence segmental information is not considered /disclosed.

With regard to para 4(g) of Auditor's report and point no. II - 10 in Note - 10. thepresent operations of the Company are only cultivation of green tea leaves which aredirectly sold without further processing. Consequently no provision for depreciation isconsidered in the books since the assets were not put into use during the year.

With regard to para 4(h) and and point no. II -11 in Note - 10 the Company is inactive discussions with the financial institutions and banks for one-time settlementinvolving substantial waiver over a period of of time. The Company is hopeful that theproposals submitted to the financial institutions and banks are practical and acceptableto them. Hence interest on such loans has not been considerd / provided for.

With regard to para 4(i) and point no. 11-13 in Note - 10. regarding AS-28 the Companyis in the process of ascertaining the loss on account of impairment of asset if any andit is also considering the possibility of realising some claim / value arising out ofthese assets. Pending these assessments the loss has not been recognised in the currentyear.

PARTICULARS OF EMPLOYEES

No employee of the Company was paid remuneration in excess of limits prescribed underSection 217 (2A) of the Companies Act 1956 read with the relevant Rules as amended.

CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO:

The information required under Section 217 (1) (e) of the Companies Act 1956 read withthe Companies (Disclosure of particulars in the report of Board of Directors)Rules 1988.with respect to these matters is appended hereto and forms part of this report.

INDUSTRIAL RELATIONS

Your Company continues to maintan harmonius and cordial relations with its employees.ACKNOWLEDGEMENT

Your Directors would like to place on record their appreciation for the co-operationthat they have received during the year from its Bankers and Employees.

for and on behalf of the Board of
For NEPC Agro Foods Limited
Place : Chennai Rajkumar
Date : 30-07-2014 Director

ANNEXURETOTHE DIRECTORS REPORT FORM-A (Rule2)

FORM FOR DISCLOSURE OF PARTICULARS RESPECT TO CONSERVATION OF ENERGY

A. Power and Fuel Consumption 31-03-2014 31-03-2013
1. Electricity
(a) Purchased Unit (Nos) Nil Nil
Total Amount (Rs) - -
Rate / Unit (Rs.) - -
(b) Own Generation
(i) Through Diesel Generation unit (nos) Nil Nil
Units per Ltr. Of diesel Oil (nos) - -
Cost/Unit (Rs.) - -
(ii) Through Wind Turbine / Generator
Units (Nos) Nil Nil
Cost/Unit (Rs.) - -
Amount (Rs.) - -
2. Coal (Specify quality and where used)
Quantity (tones) Nil Nil
Total Cost (Rs. In thousand)
Average rate
3. Furnance Oil
Quantity (K.ltrs) Nil Nil
Total Cost
Average rate
4. Othera/internal generation
Quantity Nil Nil
Total Cost
5. Consumption per unit of production
Products (with details) Unit Nil Nil
Electricity
Furnance Oil
Coal (Specify Quanlity)
Others(Specify) N.A. N.A.

FORM-B (Rule2)

FORM FOR DISCLOSURE OF PARTICULARS WITH RESPECT TC TECHNOLOGY ABSORPTION

RESEARCH AND DEVELOPMENT (R & D)

1. Specific areas in which (R&D) i. Quality improvement in Tea Crop
Carried out by the Company ii. Upgradation in Quality
2. Benefits derived as a result i. Improved Quality in tea
ii. Increase on nutrition value of Tea plants
3. Future Plan of action i. Further improve the quality of Tea Crop.

 

4. Expenditure on R& D (Rs in lakhs) 31-03-2014 31-03-2013
a) Capital Nil Nil
b) Recurring Nil Nil
c) Total Nil Nil
d) Total R&D Expenditure as a Percentage
of total turnover Nil Nil
5. Technology absorption adoption and innovation Nil Nil
6. Foreign Exchange Earnings and out go Nil Nil

(By Order of the Board)

For NEPC AGRO FOODS LIMITED

RajKumar

Director

Place: Chennai

Date : 30-07-2014