UNICORN ORGANICS LIMITED
ANNUAL REPORT 2004-2005
Your Directors take great pleasure in bringing you this report for the
financial year 2004-2005.
Financial performance of the Company : NIL
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.
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
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
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
The Companies Shares are listed at The Hyderabad Stock Exchange, Mumbai
Stock Exchange and Ahmedabad Stock Exchange.
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.
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.
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
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
Place : Hyderabad
Date : 01.09.2005