| Dear Members,
The Directors present herewith the Twenty Sixth Annual Report and the
Audited Accounts for the financial year ended 31st March 2014.
1. Financial results:
The results of operations for the year ended 31.03.2014 are as under
(Rs. in Lakhs)
2013-14 2012-13
Turn over 15.40 78.45
Total 15.40 78.45
Manufacturing Administrative and Selling
Expenditure 17.04 81:34
Depreciation 46.09 46.22
Profit / Loss before Taxation, before non
recurring/Extraordinary items (46.33) (49.10)
Provision for Taxation - (0.93)
Profit / Loss after Taxation, before non (46.33) (50.00)
recurring/Extraordinary items
Prior period adjustments - -
Profit / Loss after Taxation and non (46.33) (50.00)
recurring/Extraordinary items
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-appointment.
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 an independent 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
Septamber 03, 2014 have recommended the appointment of Sri K.Somarajuas
an Independent Director for a period of 5 years i.e., from September
30,2014 to September 29, 2019
Smt N. 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 along with deposit as prescribed there under
The Board of Directors accorded for appointment of Dr. K V LN Raju as
Managing Director, for a period of five years with effect from
September y 03,2014 without any remuneration
4. Auditors:
M/s 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 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 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) (Dr. K. V. L. N. Raju)
Director Managing Director
Place: Hyderabad
Date: 03.09.2014
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