| The Members
Naisargik Agritech (India) Limited
The Directors have pleasure in presenting the Twentieth Annual Report
together with the audited statement of accounts for the period ended on
31st March, 2014.
FINANCIAL RESULTS :
(Amount in Rs.)
Particulars 2013-14 2012-13
Total Income 1,32,54,772 1,22,55,000
Total Expenditure 1,31,52,842 1,21,60,072
Profit / Loss before Tax 1,01,930 94,928
Provision for Taxation 31,496 19,900
Profit / Loss After Tax 70,434 75,028
DIVIDEND :
Your Directors do not recommend the dividend for the financial year
ended 31.03.2014.
DIRECTORS :
Mr. Jignesh Patel is retiring by rotation at the ensuing annual general
meeting and being eligible offered himself for re-appointment.
It is proposed to appoint as independent directors for five consecutive
years for a term upto March 31, 2019 as per provisions of Section 149
and other applicable provisions of the Companies Act 2013.
All the directors of the Company have confirmed that they are not
disqualified from being appointed as directors in terms of Section
274(1)(g) of the Companies Act, 1956. The Company has received
declarations from all the independent directors confirming that they
meet with the criteria of independence as prescribed both under
sub-section (6) of section 149 of Companies Act, 2013 and under Clause
49 of the Listing Agreement with the Stock Exchanges.
FIXED DEPOSITS :
The Company has not accepted any deposits from the public within the
meaning of Section 58A of the Companies Act, 1956 and Rules made there
under.
AUDITORS :
M/s. Vishves A. Shah, Chartered Accountants, statutory auditors of the
Company having Firm Registration Number 121356W retire at the ensuing
AGM and are eligible for re-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 within the
prescribed limits under Section 139(2) of the Companies Act, 2013 and
that they are not 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 to the Accounts are Self-Explanatory and do not require
any Further Clarifications.
LISTING :
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 the shares are under suspension.
CORPORATE GOVERNANCE :
A separate section on Corporate Governance and a Certificate from
Auditors of the company regarding compliance of conditions of Corporate
Governance as stipulated under clause 49 of the Listing Agreement
together with the Management Discussion and Analysis of the 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 of the Director Report.
DIRECTORS RESPONSIBILITY STATEMENT :
Pursuant to the requirement under section 217 (2AA) of the Companies
Amendment Act, 2000 with respect to Director Responsibility Statement
it is hereby confirmed:
1. That in the preparation of the Annual Accounts for the financial
year ended 31st March, 2014 the applicable accounting standards had
been followed along with proper explanation relating to material
departures.
2. That the Directors had selected such accounting policies and applied
them consistently and made judgments and estimates that were 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 of
Loss of the Company for the year under review.
3. That the Directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provision of the Companies Act, 1956 for safeguarding the assets of the
Company and for preventing and detecting fraud and other
irregularities.
4. That the Directors had prepared the accounts for the financial year
ended 31st March, 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 Act, 1956 read with the Companies (particulars of employees)
Rules, 1975 apply and so, forming part 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 Act,1956 relating to Conservation of energy, technology
absorption are not applicable to the Company. The Company has no any
Foreign exchange earnings or outgoes.
ACKNOWLEDGMENT :
Your Director wish to thanks the Shareholders of the Company for their
continuous support and faith in the Management.
Place: Ahmedabad For and on behalf of the Board
Date: 28.04.2014
Sd/-
Jigneshkumar Patel
Chairman
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