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Good Value Irrigation Ltd.

BSE: 531997 Sector: Industrials
NSE: N.A. ISIN Code: INE164D01010
BSE 05:30 | 01 Jan Good Value Irrigation Ltd
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Good Value Irrigation Ltd. (GOODVALUEIRRGN) - Director Report

Company director report

GOOD VALUE IRRIGATION LIMITED ANNUAL REPORT 2007-2008 DIRECTORS' REPORT TO, THE SHAREHOLDERS Your Directors hereby present the Twenty-Ninth Annual Report on the business of the Company, together with the Audited Statements of Accounts for the Financial year ended on 31st July, 2007. 1. FINANCIAL HIGHLIGHTS: 2006-2007 2005-2006 CURRENT YEAR PREVIOUS YEAR (1/08/2006 TO (01/08/2005 TO 31/07/2007) 31/07/2006) Rupees Rupees INCOME 13,62,835 166,037 GROSS PROFIT/(LOSS) 232,417 (1,039,322) BEFORE DEPRECIATION DEPRECIATION 125,328 222,861 GROSS PROFIT/(LOSS) 357,745 (1,262,183) AFTER DEPRECIATION PROVISION FOR TAXATION - - NET PROFIT/(LOSS) AFTER TAX 357,745 (195,313,259) 1. REFERENCE TO BIFR AS SICK UNIT: The accumulated losses of the Company have exceeded its net worth. In view of this the Company has filed the reference with BIFR as per Section 15(1) of the Sick Industrial Companies (Special Provisions) Act, 1985. The relevant proceeding is in progress. 2. CURRENT YEAR'S & FUTURE REVIEW: The Company operated at a low level and is making a revival plan for rehabilitating the Company. 3. DIVIDEND: No Dividend is recommended by the Board of Directors for the year 2006- 2007. 4. ENVIRONMENT: The Company is environment friendly as the Company's Products are organic and free from Toxic-residues and based on Natural substances and no pollution is caused to the environment. Production Center: There is no Pollution from the Factories of the Company and the environment is kept clean. Farm Sources: Since the company is encouraging pesticide-free farming, it is helping in Keeping the environment clean on the farms. 5. DIRECTOR'S RESPONSIBILITY STATEMENT: Statement under sub-section (2AA) of section 217 of the Companies Act, 1956: In the preparation of the Annual Accounts: i) The applicable accounting standards have been followed and wherever required, proper explanations relating to the material departures have been given. ii) 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 the Company at the end of the financial year and of the profit or loss of the Company for the period. iii) Proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities. iv) The accounts have been prepared on a going concern basis. 6. PUBLIC DEPOSITS: The Company has not invited nor renewed any Public Deposits. 7. STAFF AND LABOUR: Your Directors are pleased to record appreciation of Team work and efforts put by the employees of the Company at all levels. There are no employees of the Company drawing Rs. 25000/- or more per month at any time during the year. 8. AUDITORS: The Auditors are to be appointed from the date of this Annual General Meeting till the conclusion of the next Annual General Meeting and their Remuneration is to be fixed. The retiring Auditors M/S BATLIBOI & PUROHIT, CHARTERED ACCOUNTANTS, Mumbai are eligible for re-appointment. 9. CONSERVATION OF ENERGY AND FOREIGN EXCHANGE EARNINGS AND OUTGO: The energy consumed in the production process is negligible and does not offer scope for any significant conservation of energy. TOTAL FOREIGN EXCHANGE USED AND EARNED: Foreign Exchange used : Nil Foreign Exchange earned : Nil 10. RESEARCH AND DEVELOPMENT: No research has been conducted this year. 11. MATERIAL CHANGES AND COMMITMENTS: There were no material changes and commitments during the year. FOR AND ON BEHALF OF THE BOARD Place : Mumbai DILIP. S. DAHANUKAR Date : 21/11/2007 (Chairman)