HARUK AGRO FOODS LIMITED
ANNUAL REPORT 2002-2003
We have pleasure in presenting the Eighth Annual Report together with the
Audited Accounts of the Company for the year ended 31st March 2003.
1. FINANCIAL RESULTS
During the year under report the income of the Company from software
division was Rs.4.67 lacs as against Rs.12.38 lacs in the previous year.
Directors expect better results during the current year from these two IT
The Directors regret that since the Company has not yet started production,
they could not recommend any dividend.
3. CORPORATE GOVERNANCE
The Company has formed Audit Committee and Share Transfer/Investors
Grievance Comet during the financial year 2002-2003.
1. More than 50% of the Board of Directors are comprising Non-Executive &n
2. Share Transfer Committee comprising 3 Non Executive Directors meets
minimum once in a month.
3. In the year 2000-2002 the Board of Directors met four times with clearly
defined agenda of the meetings sent in advance with suitable notes to the
In accordance with the provisions of the Companies Act, 1956 and Articles
of Association of the Company Mr. Arabindra Singh & Mrs. Pratima Devi Singh
retire by rotation and being eligible offer themselves for reappointment.
5. FIXED DEPOSITS
During the year under report, the Company did not accept deposits from the
6. DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to requirement under Section 217(2AA) of the Companies Act, 1956
with respect to Directors Responsibility Statement it is hereby confirmed
1. In the preparation of the annual accounts for the financial year ended
31st March 2003, the applicable accounting standards have been followed
along with proper explanation relating to material departures.
ii. That the Directors have selected such accounting policies and applied
them consistently and made judgment and estimates that were reasonable &
prudent so as to give a true & fair view of the state of accounts of the
Company as at the end of the financial year and of the profit or loss of
the Company as at the end of the financial year and of the profit or loss
of the Company for year under review.
iii. That the Directors have taken proper and 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 detection fraud and other irregularities.
iv. That the Directors have prepared the accounts for the financial year
ended 31st March 2003 on a going basis.
M/s Jaipuriar & Co. the Auditors of the Company, hold office until the
conclusion of this Annual General Meeting and being eligible, offer
themselves for reappointment.
Information required to be disclosed U/S 217(2A) of the Companies Act. 1956
is not applicable as none of the employees was in receipt of a remuneration
exceeding the limit specified in the Act.
The Directors express their sincere appreciation for the help and co-
operation received from Bankers, Government Authorities and Shareholders.
For and on behalf of Board of Directors
Date : 02.09.03
MANAGEMENT DISCUSSION AND ANALYSIS REPORT:
The Company was incorporated in the year 1994 as 100% Export Oriented
Company. The main object of the Company was to grow cut rose flowers. In
view of this the Company entered into technical collaboration with an
agreement with M/s "Moshav Lachish" Association of Agricultural Co-op Soc.
Ltd and marketing agreement with Agrzo Agricultural Export Company Ltd,
Isrnel. The cost of production and export in India was very high when
compared to other European Countries Further the Company could not get
required finance assistance from Banks. Therefore, the could not grow cut
The Company cannot give any details on the following unless it restarts
2. Opportunities and threats
4. Internal Control Systems
5. Financial Management and Financial performance
6. Project Management
7. Statutory Compliance Company has complied with statutory Compliance
expect payment of listing fees to the stock Exchanges due to financial
8. Industrial Relations and Human Resources Management.
The Company's future when it restarts depends on economic conditions,
demands for Company,s products and capacity to supply, price condition in
the domestic and overseas markets in which the company operates, changes in
Government regulations, tax laws tax.
FOR AND ON BEHALF OF THE BOARD
Place: MUMBAI ARABINDRA SINGH
Date : 02/09/03 CHAIRMAN