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ISC Udyog Ltd.

BSE: 531961 Sector: Others
NSE: N.A. ISIN Code: N.A.
BSE 05:30 | 01 Jan ISC Udyog Ltd
NSE 05:30 | 01 Jan ISC Udyog Ltd

ISC Udyog Ltd. (ISCUDYOG) - Director Report

Company director report

HARUK AGRO FOODS LIMITED ANNUAL REPORT 2002-2003 DIRECTOR'S REPORT To, The Members 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 divisions. 2. DIVIDEND 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 Independent Directors. 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 Directors. 4. DIRECTORS 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 public. 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 that: 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. 7. AUDITORS: 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. 8. PERSONNEL 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. 9. ACKNOWLEDGMENT 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 Arabindra Singh Chairman Place: Mumbai Date : 02.09.03 MANAGEMENT DISCUSSION AND ANALYSIS REPORT: INTRODUCTION: 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 rose flowers. The Company cannot give any details on the following unless it restarts manufacturing activities. 1. Performance 2. Opportunities and threats 3. Outlook 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 problems. 8. Industrial Relations and Human Resources Management. CAUTIONARY STATEMENT: 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