| To The Members of Asian Flora Ltd,
Hyderabad.
The Directors have pleasure in presenting the 19th Annual Report
together with Audited Statement of Accounts of your Company for the
year ended 31st March, 2013.
FINANCIAL RESULTS:
The Financial highlights for the year under review are given below:
(Rs.in lacs)
2012-13 2011-12
(12 mths) (12 mths)
Sales and Other Income
(Loans written off) 0.00 0.00
EBIDT -3.04 -12.23
Interest 0 0
Depreciation 28.28 27.29
Profit Before Tax -31.32 -39.52
Provision for Tax* 0 0
Profit After Tax -31.32 -39.52
OPERATIONS:
The company has no business activity during the year. The Company
Shares Relisted at BSE.
DIVIDEND:
The Company did not undertake any operations and therefore no dividend
for the year 2011- 2013.
Future Outlook:
The Assets are under the control of KSIIDC, Bangalore and hence there
is no possibility of continuation of business operations till the loans
are cleared. Hence interest on loans has not been provided.
DIRECTORS' RESPONSIBILITY STATEMENT:
Pursuant to the provisions of section 217(2AA) of the Companies Act,
1956, the Board of Directors state:
That in preparation of the Annual Accounts, applicable accounting
standards have
Been followed and there were no material departures there from except
as otherwise Explained in the notes to accounts.
That the directors have selected such accounting policies and adopted
them consistently, except as stated in the notes on accounts, and made
judgments and estimates that are reasonable and prudent so as to give a
true and fair view of the state of affairs of the company as on 31st
March, 2013 and Profit & Loss account of the company for the year ended
31st March, 2013. The auditor's comments in this regard are self
explanatory.
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 detecting fraud and other
irregularities.
DIRECTORS
Mr M. SAMBASIVA RAO Director, who retires by rotation and being
eligible, and offers himself for reappointment, The board recommends
the appointment of Mr. M. SAMBASIVA RAO as director liable to retire
by rotation subject to the approval of the members.
AUDITORS:
Sri V.Ramachandra Rao, Chartered Accountant, Auditors of the Company is
eligible for re- appointment as statutory auditors of the Company to
audit the accounts of the Company for the financial year 2013-14.
PARTICULARS OF EMPLOYEES
No employee of the company is in the receipt of remuneration as
specified under the provisions of section 217(2A) of the companies Act,
1956, read with companies (particulars of employees) rules, 1975 as
amended.
EXPLANATION TO AUDITORS COMMENTS
Interest on Secured Loans has not been provided as the facilities are
taken over by KSIIDC under Sec 29. The Company is not referred to BIFR
as floriculture it is not an eligible activity. The Company is still
making efforts to settle the institutional dues through OTS.
ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
The company does not have any manufacturing operations. It is engaged
in plantation activity business. All these activities are not energy
intensive; consequently, the provisions regarding furnishing of details
of conservation of energy are not applicable.
Technology absorption and foreign exchange earnings and outgo "NIL"
during the year under review.
By Order of the Board
For Asian Flora Limited,
Place: Hyderabad M.Sambasiva Rao
Date: 25.06.2013 Director |