NOEL AGRITECH LIMITED
ANNUAL REPORT 2004-2005
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
a. Mr. Reginold M. Bangera, Director of the Company, retiring by rotation
at the forthcoming Annual General Meeting and is not eligible for
b. The qualification put by the Auditors Under Para 'e' of their Report, is
self-explanatory & hence requires no further explanation.
M/S. R.D. Shenvi & Co., Chartered Accountants, the Auditors of the
Company, retire at the ensuing Annual General Meeting, offer themselves for
5. DIRECTORS RESPONSIBILITY STATEMENT
As required under section 217 (2AA) of the Companies Act, 1956, the Board
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
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
Place : Mumbai
Date : 5th September, 2005.