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Unicorn Organics Ltd.

BSE: 524087 Sector: Others
NSE: N.A. ISIN Code: N.A.
BSE 05:30 | 01 Jan Unicorn Organics Ltd
NSE 05:30 | 01 Jan Unicorn Organics Ltd

Unicorn Organics Ltd. (UNICORNORGANICS) - Director Report

Company director report

UNICORN ORGANICS LIMITED ANNUAL REPORT 2004-2005 DIRECTORS' REPORT Dear members, Your Directors take great pleasure in bringing you this report for the financial year 2004-2005. Financial performance of the Company : NIL Operations There is no progress in the activities of the Company since the last Annual General Meeting. In spite of best efforts, No progress has been done in reviving the operations and the factory premises is continued to be in the possession of the Official Receiver appointed by ICICI. Directors Mr. Rajendra Prasad, retires by rotation in the ensuing Annual General Meeting and being eligible, offers himself for re-appointment. Mr. Chandu was appointed as Additional Director who retires at this AGM. Board recommended his approval. Mr. Atul B. Sanghani resigned as Director of the Company on his personal reasons and Board place on record their appreciation for the services rendered by him. DIRECTORS' RESPONSIBILITY STATEMENT Pursuant to the requirement of Section 217(2AA) of the Companies Act, 1956, with respect to the Directors' Responsibility Statement, Your Directors wish to confirm that: In the preparation of the Annual Accounts, the applicable accounting standards have been followed along with proper explanations relating to material departures, if any such Accounting policies have been selected and applied consistently and judgments and estimates are made that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit and loss of the Company for that period; 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 detecting any fraud or other irregularities has been taken. accounts for the financial year ended on 31st March, 2005 are prepared on a going-concern basis. Auditors. M/S Natraj Iyer & Co., Chartered Accountants, Statutory Auditors of the Company who retire at this Annual General Meeting have expressed their Willing Mess to continue as Auditors of the Company. * Replies to Auditors' Report The observations that are made by the auditors in the report are self explanatory as given in the notes of accounts attached thereto Listing The Companies Shares are listed at The Hyderabad Stock Exchange, Mumbai Stock Exchange and Ahmedabad Stock Exchange. Fixed Deposits No Fixed Deposits were accepted during the year. There are no unclaimed or unpaid Fixed Deposits outstanding for the year. Particulars of Employees In pursuance of section 217(2A) of the Companies Act, 1956 none of the employees of the Company was drawing a remuneration exceeding the limits as stated in Section 212a of the Companies Act. Corporate Governance Though Corporate Governance Under clause 49 of the listing is applicable the same has not been complied with as the Companies assets are under the possession of the official Receiver. Accordingly, no report is furnished since the same is not relevant. Personnel: Your Directors place on record their appreciation for the services rendered by the employees. The relation between the management and the workers has been cordial through out the year. Particulars of Energy conservation, Technology and absorption, Foreign Exchange out go. The information required under section 217(1)(e) of the Companies Act 1956 read with the Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1988 with respect to these matters is Nil, Since there are no operations. Foreign Exchange Inflow & Outflow : NIL Acknowledgements: Your Directors take this opportunity to place on record their sincere appreciation and wish to express their thanks for the guidance and assistance received from Company's clients, bankers, Financial Institutions, Share holders for their continued support and faith in the Company. Your Directors also wish to appreciate the hard work and commitment exhibited by the employees of the Company. For and on behalf of the Board A. Vikram Kumar I. Rajendra Prasad (Director) (Director) Place : Hyderabad Date : 01.09.2005