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Noel Agritech Ltd.

BSE: 526789 Sector: Others
NSE: N.A. ISIN Code: INE154C01013
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Noel Agritech Ltd. (NOELAGRITECH) - Director Report

Company director report

NOEL AGRITECH LIMITED ANNUAL REPORT 2004-2005 DIRECTOR'S REPORT The Directors have pleasure in presenting the Twelfth Annual Report together with the Audited Accounts for the year ended 31st March 2005. 1. FINANCIAL PERFORMANCE & REVIEW OF OPERATIONS: The financial result for the year ended 31st March, 2005 reflect a cash loss of Rs. 69,402/-. As the planting soil is totally destroyed due to bacterial infection, the operation have been temporary suspended. In this regard, the technical evaluations reflect that the said bacteria generally persist for at least three to four year. Further the deficit cash of the Company have also been causing hardship to the management to take other measures to expedite the process of replanting. However, the said stagnation being an abnormal but purely a temporary phase of operational activities, the Directors are optimistic to resume the operations in the near future & for this they have been trying to tap the best avenues available. 2. CONSERVATION OF ENERGY AND PARTICULARS OF TECHNOLOGY ABSORPTION: I. CONSERVATION OF ENERGY The requirement of giving information about total energy consumption and energy consumption per unit of production as per Form A of the Annexure to Companies (Disclosure of particulars in the Report of Board of Directors), Rules 1989 is not applicable to floriculture industry. II. TECHNOLOGY ABSORPTION, ADAPTATION AND INNOVATION The Company has adopted and kept abreast of the latest technology in floriculture with the support of its foreign collaborators M/S. Dalsem Kassenbuow, BV. Holland. III. FOREIGN EXCHANGE EARNINGS AND OUTGO. Foreign Exchange Earning : NIL Foreign Exchange Outgo : NIL 3. DIRECTORS: a. Mr. Reginold M. Bangera, Director of the Company, retiring by rotation at the forthcoming Annual General Meeting and is not eligible for reappointment. b. The qualification put by the Auditors Under Para 'e' of their Report, is self-explanatory & hence requires no further explanation. 4. AUDITORS. M/S. R.D. Shenvi & Co., Chartered Accountants, the Auditors of the Company, retire at the ensuing Annual General Meeting, offer themselves for reappointment. 5. DIRECTORS RESPONSIBILITY STATEMENT As required under section 217 (2AA) of the Companies Act, 1956, the Board confirms that: a) In the preparation of the Annual Accounts, the applicable accounting standards have been followed. b) Your Directors have selected such accounting policies and applied them consistently and judgements and estimates that are reasonable and prudent so as give a true and fair view of the state affairs of the Company as at 31st March, 2005, and of the Profit and Loss Account for the year ended on that date. c) Your Directors have taken proper 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 irregularities. d) The Accounts have been prepared on a going concern basis. For NOEL AGRITECH LIMITED CHAIRMAN Place : Mumbai Date : 5th September, 2005.