| Dear Members,
The Directors present their 28th Annual Report to their Shareholders
together with the Audited Accounts for the year ended 30th September
2014.
FINANCIAL RESULTS:
The financial year ended 30th September 2014 resulted in a Net Loss of
Rs. 47.94 lakhs as against the Net Loss of Rs. 56.19 lakhs during the
previous year.
2013-2014 2012-2013
(Rs. in lakhs)
Profit/(Loss) before Depreciation, (21.78) (29.86)
Interest and Tax
Depreciation 26.13 26.32
Interest 0.03 0.01
Profit/(Loss) before taxation (47.94) (56.19)
Provision for Taxation NIL NIL
Net Profit/(Loss) after Tax (47.94) (56.19)
Balance brought forward (377.47) (321.28)
(425.41) (377.47)
Balance carried to Balance Sheet (425.41) (377.47)
DIVIDEND:
In the absence of profit during the year, your Directors express their
inability to recommend any dividend for the year
PERFORMANCE AND PROSPECTS:
Prevailing market conditions is a cause of concern in the disposal of
the assets of Floriculture. The management is confident of disposing of
the assets for reasonable price in the near future.
DIRECTORS:
There is no change in the Constitution of the Board.
Mr. T M Srinivasan retires by rotation at the ensuing Annual General
Meeting and is eligible for re-appointment.
DIRECTORS' RESPONSIBILITY STATEMENT:
Pursuant to Section 217(2AA) of the Companies (Amendment) Act, 2000 the
Directors confirm that:
i) in the preparation of the annual accounts, the applicable accounting
standards had been followed along with proper explanation relating to
material departures;
ii) the Directors had selected such accounting policies and applied
them consistently and made judgements and estimates 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 or
loss of the Company for that period;
iii) the Directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities;
iv) the Directors had prepared the annual accounts on a going concern
basis.
AUDITORS:
M/s P.B. Vijayaraghavan & Company, Chartered Accountants retire at the
ensuing Annual General Meeting and have confirmed their eligibility and
willingness to accept office, if re-appointed.
FIXED DEPOSITS:
The Company has not accepted any deposits within the meaning of Section
58A of the Companies Act, 1956 and the rules made there under.
EMPLOYEE PARTICULARS:
None of the personnel in the Company was in receipt of remuneration in
excess of the limits prescribed in Section 217(2A) of the Companies
Act, 1956 and the Companies (Particulars of Employees) Rules 1975 as
amended during the year under review.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO:
The Company has no activity relating to conservation of energy or
technology absorption. There is no foreign exchange earnings and outgo
during the year.
CORPORATE GOVERNANCE:
Pursuant to Clause 49 of the Listing Agreement with Stock Exchanges, a
report on Corporate Governance along with Certificate of the compliance
from the Auditors is included as part of the Annual Report.
ACKNOWLEDGEMENTS:
Your Directors thank the Bankers for their continued support to the
Company.
The Directors also wish to place on record their appreciation for the
hard work put in by the employees at all levels.
By Order of the Board
CHENNAI K .C. RAGHUNATHAN
30.01.2015 Chairman & Managing Director |