AFFLUENCE

Financial Results:

The financial performance of the Company for the year ended March 31, 2013 is summarized below:  

                                                                                                                                              (Rs. in Lakh)

Operational Review:

During the year, the Company carried on its business of operation of Processing Centres for staples including pulses, rice, dry fruits and spices in a limited scale. Your Directors are exploring the avenues available for sustained development of the Company’s business.

Directors' Report

Dear Members,

Your Directors present the Sixth Annual Report and the audited accounts for the year ended March 31, 2013.

Financial Results:

The financial performance of the Company for the year ended March 31, 2013 is summarized below: 

                                                                                                                                                 (Rs in Lakh)

Operational Review:

During the year, the Company carried on its business of operation of Processing Centres for staples including pulses, rice, dry fruits and spices in a limited scale. Your Directors are exploring the avenues available for sustained development of the Company’s business.

Dividend:

Your Directors have not recommended any dividend on Equity Shares for the year under review.

Directors:

Shri Rajkumar Pugalia, Director, retires by rotation and being eligible, offers himself for reappointment at the ensuing Annual General Meeting.

Directors’ Responsibility Statement:

Pursuant to the requirement under Section 217(2AA) of the Companies Act, 1956 with respect to Directors’ Responsibility Statement, it is hereby confirmed that:

  (i)       in the preparation of the accounts for the year ended March 31, 2013,  the applicable accounting standards have been followed and there are no material departures from the same;

 (ii)       the 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 financial year and of the loss of the Company for the year under review;

 (iii)      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;

 (iv)      the Directors have prepared the accounts for the year ended March 31, 2013 on a ‘going concern’ basis.

Auditors:

Messrs Chaturvedi & Shah, Chartered Accountants, Auditors of the Company, hold office until the conclusion of the ensuing Annual General Meeting of the Company and are eligible for re-appointment.

The Company has received a letter from them to the effect that their appointment, if made, would be within the prescribed limits under Section 224(1B) of the Companies Act, 1956 and that they are not disqualified for such appointment within the meaning of Section 226 of the Companies Act, 1956.

Subsidiary Company:

During the year, Reliance Home Products Limited and Two Sisters Foods India Limited have ceased to be subsidiaries of the Company.

Particulars of Employees:

The Company has not paid any remuneration attracting the provisions of Section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975, as amended. Hence, no information is required to be appended to this report in this regard.

Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo:

The particulars relating to conservation of energy, technology absorption and foreign exchange earnings and outgo, required to be furnished pursuant to Section 217(1)(e) of the Companies Act, 1956, read with Companies (Disclosures of Particulars in the Report of Board of Directors) Rules, 1988, are as under:

i.      Part A and B of the Rules, pertaining to conservation of energy and technology absorption, are not applicable to the Company.

ii.   There were no foreign exchange earnings and outgo during the year under review.

Acknowledgement:

Your Directors would like to express their grateful appreciation for assistance and cooperation received from its Holding Company, Banks, Government Authorities, Customers, Vendors during the year under review.

Directors’ Responsibility Statement:
 
Pursuant to the requirement under Section 217(2AA) of the Companies Act, 1956 with respect to Directors’ Responsibility Statement, it is hereby confirmed that:
  (i) in the preparation of the accounts for the year ended March 31, 2013,  the applicable accounting standards have been followed and there are no material departures from the same;
 (ii)  the 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 financial year and of the loss of the Company for the year under review;
 (iii)  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;
 (iv)  the Directors have prepared the accounts for the year ended March 31, 2013 on a ‘going concern’ basis.

The particulars relating to conservation of energy, technology absorption and foreign exchange earnings and outgo, required to be furnished pursuant to Section 217(1)(e) of the Companies Act, 1956, read with Companies (Disclosures of Particulars in the Report of Board of Directors) Rules, 1988, are as under:
i. Part A and B of the Rules, pertaining to conservation of energy and technology absorption, are not applicable to the Company.

The particulars relating to conservation of energy, technology absorption and foreign exchange earnings and outgo, required to be furnished pursuant to Section 217(1)(e) of the Companies Act, 1956, read with Companies (Disclosures of Particulars in the Report of Board of Directors) Rules, 1988, are as under:

ii.    There were no foreign exchange earnings and outgo during the year under review.

The particulars relating to conservation of energy, technology absorption and foreign exchange earnings and outgo, required to be furnished pursuant to Section 217(1)(e) of the Companies Act, 1956, read with Companies (Disclosures of Particulars in the Report of Board of Directors) Rules, 1988, are as under:

i.      Part A and B of the Rules, pertaining to conservation of energy and technology absorption, are not applicable to the Company.

ii.   There were no foreign exchange earnings and outgo during the year under review.

Your Directors have not recommended any dividend on Equity Shares for the year under review.

Dear Members,

Your Directors present the Sixth Annual Report and the audited accounts for the year ended March 31, 2013.

Directors:

Shri Rajkumar Pugalia, Director, retires by rotation and being eligible, offers himself for reappointment at the ensuing Annual General Meeting.

Auditors:

Messrs Chaturvedi & Shah, Chartered Accountants, Auditors of the Company, hold office until the conclusion of the ensuing Annual General Meeting of the Company and are eligible for re-appointment.

The Company has received a letter from them to the effect that their appointment, if made, would be within the prescribed limits under Section 224(1B) of the Companies Act, 1956 and that they are not disqualified for such appointment within the meaning of Section 226 of the Companies Act, 1956.

Subsidiary Company:

During the year, Reliance Home Products Limited and Two Sisters Foods India Limited have ceased to be subsidiaries of the Company.

Acknowledgement:

Your Directors would like to express their grateful appreciation for assistance and cooperation received from its Holding Company, Banks, Government Authorities, Customers, Vendors during the year under review.

The Company has not paid any remuneration attracting the provisions of Section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975, as amended. Hence, no information is required to be appended to this report in this regard.