| YOUR DIRECTORS PRESENT HEREWITH
THEIR REPORT TOGETHER WITH THE AUDITED ACCOUNTS OF YOUR
COMPANY FOR YEAR ENDED 31ST MARCH 2010. |
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| 1.FINANCIAL RESULTS & APPROPRIATIONS |
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2009-10
(Rs.)
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2008-09
(Rs.)
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| Gross Turnover |
3450282
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38,04,557
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| Gross Profit / (Loss) for the
year |
1386692
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12,811
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| Less : Interest adjustment |
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1,54,989
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| Less : Depreciation |
3495599
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39,03,958
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| Profit / (Loss) before Tax |
(2108907)
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40,71,758
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| Add : Adj. Of interest(prior
period) |
154989
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21,969
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| Less : Deferred Tax Asset/FBT |
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| Net Profit / (Loss) after Tax |
(1953918)
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(40,93,727)
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| The Company suffered
a net loss of Rs 19.54 Lacs, during the financial year.
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| B. |
DIVIDEND |
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Due to the loss, no Dividend has been declared
for the year under review. |
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| C. |
DIRECTORS |
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Mr.Udayan Ray, Ms.Pallavi Laul and Mr R.K.
Sancheti retire by rotation at the forthcoming Annual
General Meeting and, being eligible, offer themselves
for re-appointment. |
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| D. |
DIRECTORS’ RESPONSIBILITY STATEMENT PURSUANT
TO SECTION 217 (2AA) OF THE COMPANIES ACT, 1956 |
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Your Directors confirm : |
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1. that in the preparation of the Annual
Accounts, the applicable Accounting Standards have been
followed; |
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2. that your Directors have selected such
accounting policies and applied them consistently 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 at the end of the year ended 31st March
2010 and of the loss of the Company for that year; |
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3. that your 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
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4. that your Directors have prepared the
Annual Accounts on a going concern basis. |
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| E. |
RESEARCH AND DEVELOPMENT |
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Your Company has established
experimental protocols for development of tissue Culture
and mass propogation of some plants in the laboratory
as also for production of organic manure. |
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| F. |
CORPORATE GOVERNANCE |
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Your Company has always followed the principles
of good Corporate Governance through accountability and
transparency. |
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| G. |
FUTURE PROSPECTS |
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Your Directors are reassessing
the future prospects of the Company. |
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| H. |
DEPOSITS |
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Your Company has not accepted
any Public Deposit and as such,there are no outstanding
or overdue deposits as on 31st March,2010. |
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| I. |
PARTICULARS OF EMPLOYEES |
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Your Company has no Employee
of the category required to be listed under section 217(2A)
Of the Companies Act,1956. |
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| J. |
ENERGY CONSERVATION, TECHNOLOGY ABSORPTION
AND FOREIGN EXCHANGE EARNING AND OUTGO:
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There has been no Foreign Exchange
Earning or outgo during the year. |
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| K. |
AUDITORS |
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The Statutory Auditors of your company M/s
G Basu & Co., Chartered Accountants, retire at the forthcoming
Annual General Meeting and , being eligible, offer themselves
for re-appointment. |
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| L. |
AUDITORS’ REPORT |
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The Comments made by the Auditors in their
report have been duly explained in the attached Notes
to Accounts and hence do not need to be dealt with here. |
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On behalf of the Board of directors
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RAJIVE KAUL
CHAIRMAN
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Registered Office: |
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“NICCO HOUSE”
2, Hare Street
Kolkata – 700001
Dated, the 19th day of May, 2010 |
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