DIRECTOR'S REPORT' 1. Your Directors present herewith the Twenty Sixth Annual Report and the Audited Accounts for the financial year ended 31" March 2014. 2. Operations: During the year the company has made a turnover of Rs 15.40 Lakhs against previous year turnover of Rs 78.45 Lakhs and made a net loss of Rs 46.33 Lakhs as against net loss of Rs.50.00 Lakhs during the previous year. - Other details about the future outlook of the Company is given, elsewhere in the directors report 3. Directors: Dr. K. V.L N Raju retires by rotation at the ensuing annual general meeting and, being eligible, offers himself for re-appolntment. Sri K.Ravindra whose period of office as a director is liable to determination by retirement of directors by rotation under erstwhile applicable provisions of the Companies Act 1956, In terms of section 149 and other applicable provisions of the Companies Act 2013 and clause 49 (as amended ) of the listing agreement, Sri K.Ravindra being eligible and offering himself for appointment, is proposed to be appointed as director for five consecutive years for term up to 29th September 2019 a notice under section 160 of the Companies Act 2013 has been received from a member proposing Sri K.Ravindra as a candidate for the office of director of the Company The Nomination and Remuneration Committee at their meeting held on August 14, 2014 and Board of Directors at their meeting held on September 03, 2014 have recommended the appointment of Sri KSoma raju as an Independent Director for a period of 5 years i.e., from September 30,2014 to September 29, 2019 SmtN. RamaDevi appointed as an Additional Director on the Board of the company on 03rd September 2014 who holds office upto ensuing annual general meeting . The Company has received a notice from a member of the Company under section 160 of the Companies Act 2013 in respect of her appointment as director at the ensuing Annual general meeting of the Company alongwith deposit as prescribed there under The Board of Directors accorded for appointment of Dr. KVLN Raju as Managing Director, for a period of five years with effect from September 03,2014 without any remuneration 4. Auditors: MYs Amar & Raju Chartered Accountants, Hyderabad, who are the present Auditors of the company, retire at the close of the ensuing Annual General Meeting and are eligible for reappointment. 5. Particulars of Employees: The particulars required pursuant to provisions of Section 217(2A) of the Companies Act, 1956 read with the Companies (particulars of employees) Rules, 1975 are not furnished since there is are no employees covered by the said rules. 6. Director's Responsibility Statement: The Board of Directors of your company state a) That in preparation of annual accounts, the applicable accounting standards has been followed.. b) That the directors had selected such accounting policies and applied them consistently and made judgments and estimates mat 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 profit and loss account of the company for that period. c) That the directors had 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: - . d) That the directors had prepared the annual accounts on a going concern basis: 7. Disclosures: a) Conservation of Energy: Floriculture industry is not power intensive. How ever, adequate measures have been taken to conserve energy, wherever possible. b) Technology absorption, adoption & innovation: The company has fully absorbed the technology from the suppliers / collaborators. c) Foreign Exchange Earnings & Out go: Foreign Exchange Earnings : Rs. 10.73 lakhs Foreign Exchange Out go : Rs.Nil ' 8. Auditor's Report: The Auditors observations are self explanatory. 9. Corporate Governance: In pursuance of Clause 49 of the Listing agreement entered into with the stock Exchanges, a separate section on Corporate Governance has been incorporated in the Annual report for the information of the shareholders. A certificate from the Auditors of the company regarding the compliance of conditions of Corporate Governance as stipulated under said clause also forms part of the Annual Report. 10. Acknowledgment: The Directors gratefully acknowledge the timely support of the Bankers. The Directors wish to record their appreciation for the untiring efforts and team spirit of all the staff and executives. By order of the Board of Directors For Nagarjuna Agri Tech Limited (K. SOMA RAJU) Director (Dr. K. V. L. N. Raju) Managing Director Place: Hyderabad Date: 03.09.2014 |