Naisargik Agritech (India) Limited
Your Directors have pleasure in presenting the Twentieth Annual Report together withthe audited statement of accounts for the period ended on 31st March 2014.
FINANCIAL RESULTS :
(Amount in Rs.)
|Particulars ||2013-14 ||2012-13 |
|Total Income ||13254772 ||12255000 |
|Total Expenditure ||13152842 ||12160072 |
|Profit / Loss before Tax ||101930 ||94928 |
|Provision for Taxation ||31496 ||19900 |
|Profit / Loss After Tax ||70434 ||75028 |
Your Directors do not recommend the dividend for the financial year ended 31.03.2014.
Mr. Jignesh Patel is retiring by rotation at the ensuing annual general meeting andbeing eligible offered himself for re-appointment.
It is proposed to appoint as independent directors for five consecutive years for aterm upto March 31 2019 as per provisions of Section 149 and other applicable provisionsof the Companies Act 2013.
All the directors of the Company have confirmed that they are not disqualified frombeing appointed as directors in terms of Section 274(1)(g) of the Companies Act 1956. TheCompany has received declarations from all the independent directors confirming that theymeet with the criteria of independence as prescribed both under sub-section (6) of section149 of Companies Act 2013 and under Clause 49 of the Listing Agreement with the StockExchanges.
FIXED DEPOSITS :
The Company has not accepted any deposits from the public within the meaning of Section58A of the Companies Act 1956 and Rules made there under.
M/s. Vishves A. Shah Chartered Accountants statutory auditors of the Company havingFirm Registration Number 121356W retire at the ensuing AGM and are eligible forre-appointment. The Company has received letter from M/s Vishves A. Shah & Co.Chartered Accountants to the effect that their reappointment if made would be withinthe prescribed limits under Section 139(2) of the Companies Act 2013 and that they arenot disqualified for reappointment within the meaning of Section 141 of the said Act.
AUDITORS REPORTS :
The observations of the Auditors in their Report and Notes Attached to the Accounts tothe Accounts are Self-Explanatory and do not require any Further Clarifications.
Equity Shares of the company are listed on the Bombay Stock Exchange Limited (BSE)Bangalore Stock Exchange and Ahmedabad Stock Exchange (ASE). Presently trading of theshares are under suspension.
CORPORATE GOVERNANCE :
A separate section on Corporate Governance and a Certificate from Auditors of thecompany regarding compliance of conditions of Corporate Governance as stipulated underclause 49 of the Listing Agreement together with the Management Discussion and Analysis ofthe financial position of the company forms part of the Annual Report.
MANAGEMENT DISCUSSION AND ANALYSIS :
The Management Discussion and Analysis Report is attached herewith and forms part ofthe Director Report.
DIRECTORS RESPONSIBILITY STATEMENT :
Pursuant to the requirement under section 217 (2AA) of the Companies Amendment Act2000 with respect to Director Responsibility Statement it is hereby confirmed:
1. That in the preparation of the Annual Accounts for the financial year ended 31stMarch 2014 the applicable accounting standards had been followed along with properexplanation relating to material departures.
2. That the Directors had selected such accounting policies and applied themconsistently and made judgments and estimates that were reasonable and prudent so as togive a true and fair view of the State of Affairs of the Company at the end of thefinancial year and of the Profit of Loss of the Company for the year under review.
3. That the Directors had taken proper and sufficient care for the maintenance ofadequate accounting records in accordance with the provision of the Companies Act 1956for safeguarding the assets of the Company and for preventing and detecting fraud andother irregularities.
4. That the Directors had prepared the accounts for the financial year ended 31stMarch 2014 on a going concern basis.
PARTICULARS OF THE EMPLOYEES :
Company has no employee to whom the provision of Section 217(2A) of the Companies Act1956 read with the Companies (particulars of employees) Rules 1975 apply and so formingpart of the report is nil.
CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUT GO:
The Additional information required under Section 217(1)(e) of the Companies Act1956relating to Conservation of energy technology absorption are not applicable to theCompany. The Company has no any Foreign exchange earnings or outgoes.
Your Director wish to thanks the Shareholders of the Company for their continuoussupport and faith in the Management.
| ||For and on behalf of the Board |
| ||Sd/- |
|Place: Ahmedabad ||Jigneshkumar Patel |
|Date: 28.04.2014 ||Chairman |