ANNUAL REPORT 1998-99
RUIA ACQACULTURE FARMS LTD
Your Directors hereby present their 7th Annual Report and Audited Account
for the year ended on 31st March 1999.
In view of the carry forward losses by the Company during the year under
review, your Directors do not recommend any dividend on the equity shares
for the year ended March 31, 1999.
During the year under review, the Company did not undertake any commercial
production of its crops and continued crop holidays. The Company has
capitalised the entire operating cost in view of no commercial activity
having been undertaken..
Farms under production still continue to get effected by the viral
infection. The Company has entered into an arrangement with M/s. Shakti
Aquaculture Farms Limited to cultivate the farm wherein Shakti Aquaculture
Farms Ltd will bring the requisite working capital required to operate the
farm and share the risk/profit of the business operations.
4. FIXED DEPOSIT
The Company has not accepted any Fixed Deposit from the Public during the
The Company has made adequate arrangements for insuring its properties and-
assets against fire and other probable risks. However, the Insurance
Companies have stopped insuring the crops-in-process in view of the
continuous failure of insured crops throughout the country during the
Pursuant to Article 110 of the Articles of Association of the Company, Shri
Sharad Ruia retire by rotation at the ensuing Annual General Meeting and
being eligible, offers himself for re- appointment. Shri S.D.Mahale and
Shri M.U. Pandey have submitted their resignation as Nominee Director and
Director of the Company. Your Directors place on record their sincere
appreciation and thanks for the guidance given by these two Directors
during their tenure. Further, Shri Pradeep Ruia has been appointed as an
Additional Director of the Company. In view of the losses by the Company
during the year under review, the Managing Director has not accepted any
remuneration from the Company.
7. AUDITORS' REPORT
As regard to the qualifications of the auditors in their report regarding
Non-provision of Interest on Term Loan and Working Capital Loan,Non-
recognition of interest on Bank Deposit ,capitalisation of expenses, non
provision of depreciation, Not writing off deferred revenue
expenditure,Non-Writing off preliminery expenditure and share issue
expenses ,your directors have to say that Notes no 5, 6, 7, 10 8. 11 of the
Notes to the Accounts which deals respectively with the said qualifications
are self-explanatory and hence does not require any further explanation.
During the year, M/s. Sunderlal Desai and Kanodia, Chartered Accountants
have submitted their resignation on 10.8.99 and expressed their inability
to audit the accounts of the company for the year 1998-99.
The casual vacancy in the office of Auditors caused by resignation of
M/s.Sunderlal Desai and Kanodia, Chartered Accountants is filled at the
Extra Ordinary General Meeting held on 4th September 1999, appointing M.s
Kailash Chand Jain & Co., Chartered Accountants. M/s. Kailash Chand Jain &
Co., will retire at the ensuing Annual General Meeting.
9. ENERGY CONSERVATION 8 TECHNOLOGY ABSORPTION
The activities of the Company do not involve much use of energy and hence
cost of energy does not form a major part of the Company's total cost of
production. However, efforts for optimum utilisation and conservation of
energy is being carried out by the Company.
10. FOREIGN EXCHANGE EARNINGS AND OUTGO
During the year under review, the Company has not spent any amount on
account of foreign exchange outgo. Further, no foreign exchange was earned
11. PARTICULARS OF EMPLOYEES
There are no employees whose particulars are required to be given pursuant
to the provisions of Sub-section 217 of the Companies act, 1956 read with
the Companies (particulars of employees) Rules, 1975.
12. All hardware and software used by the company are Y2K compliant.
Your Directors place on record, their appreciation for the dedicated
services offered by the Officers, Employees and Workers at all levels
during the year under review.
Your Directors also express their gratitude for the cooperation and
assistance extended by Bank of Baroda and the shareholders of the Company
whom your Directors wish to thank for their unstinted support.
By order of the Board
For RUIA AQUACULTURE FARMS LTD
Date : 04th September 1999