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The director have pleasure in presenting the Annual Report and
statement of Account for the Company for the year ended 31st March,
2004.
FINANCIAL RESULT
(Rs. in Lacs)
Year ended Year ended
31.03.2004 31.03.2003
Sales and Misc. Income 0.002 66.45
Profit before depreciation (55.74) (452.49)
Depreciation (28.75) (81.93)
Provision for Taxation NIL NIL
Misc. Expenses W/off (0.17) (2.12)
Net Profit Carried to Balance Sheet (84.65) (536.54)
OPERATIONS
During the entire year, plant was temporarily closed and production was
NIL, the Company has become a sick unit and is registered with BIFR.
Arrangement to lease out plant was cancelled unfortunately.
DIVIDEND
In absence of adequate profit, your directors are unable to declare
dividend.
AUDITORS
The members are requested to appoint Auditors for the ensuing year.
M/s. B.M. Jhaveri & co., retiring Auditors, having offered themselves
of re-appointment.
FIXED DEPOSIT
The Company has not accepted any Fixed Deposit from Public.
PERSONNEL
The particulars of Employees as required under Section 217(2a) of the
Companies Act, 1956 are not applicable as none of the employee draw
remuneration beyond the limit specified.
CORPORATE GOVERNANCE REPORT:
It is annexed as a separate part of the Corporate Governance section.
CONVERSION OF ENERGY/TECHNOLOGY ABSORPTION ETC.:
Information required under Section 217(1) of the Companies Act, 1956 is
enclosed in the prescribed form A, B, & C.
FOR AND ON BEHALF OF THE BOARD
FOR RAASHI FERTILIZERS LIMITED
PLACE: MUMBAI J.C. MEHTA
DATE : 16-08-2004 DIRECTOR |