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DEAR MEMBERS,
Your directors take immense pleasure in presenting to you the 34th
Annual Report along with the audited financial statements of your Company for the
financial year ended on 31st March 2026.
FINANCIAL PERFORMANCE SUMMARY:
The financial statements of the Company have been prepared in
accordance with the Indian Accounting Standards (IND AS) notified under the
Companies (Indian Accounting Standards) Rules, 2015 prescribed under Section 133 of the
Companies Act, 2013.
The summary of the financial performance of your Company for the
Financial Year ended 31st March 2026 is highlighted below:
| Particular |
2025-26 |
2024-25 |
| Revenue from operations |
12,188.22 |
11,169.23 |
| Other Income |
383.32 |
257.53 |
| Total Income |
12,571.55 |
11,426.76 |
| Total Expenses |
11,609.75 |
12,315.22 |
| Profit/Loss Before Tax |
961.80 |
(888.46) |
| Tax Expenses |
|
|
| - Current Tax |
274.12 |
(222.17) |
| - Deferred Tax |
(38.65) |
15.37 |
| Profit/(Loss) from continuing operations |
726.33 |
(681.66) |
| Discontinued Operations |
|
|
| Profit (Loss) from Discontinued Operations |
2,337.51 |
2,423.08 |
| Tax expense of discontinued Operations |
534.82 |
554.40 |
| Profit (Loss) from discontinued Operations
(after tax) |
1,802.69 |
1,868.68 |
| Profit (Loss) for the period |
2,529.02 |
1,187.02 |
| Total Comprehensive income (net of tax) |
22.75 |
(6.17) |
| Profit/(Loss) for the period after
Comprehensive Income |
2,551.77 |
1,180.85 |
| Earning Per Equity Share (EPS) for the period
(Face Value of 10) |
|
|
| ¦ Basic |
31.73 |
14.89 |
| ¦ Diluted |
31.73 |
14.89 |
REVIEW OF OPERATIONS/ STATE OF AFFAIRS:
During the financial year 2025-26, the Company achieved a revenue of
Rs.12,188.22 Lacs as against Rs.11,169.23 Lacs in the previous year, reflecting a growth
of 9.12%. The profit before tax during the period surged from a loss of Rs.888.46 lacs in
the previous year to a profit of Rs.961.80 lacs this year. This very large change can be
attributed to multiple factors. The investments made
during the last 2 years helped in reducing costs, raw material prices
were lower than previous years and the currency exchange rate was favourable.
During the year the Company successfully completed the transfer of its
Fresh Fruit Business on a slump sale basis to Green Agrevolution Private Limited.
Following this divestment, the Company sharpened its focus on its core business of fruit
processing. The Company's renewed vision and commitment toward innovation and growth in
the processed fruit segment has shown its results in the current financial year.
The Board remains confident that the Company's strategic
realignment and operational resilience will drive sustainable value creation in the coming
years.
CHANGE IN NATURE OF THE BUSINESS, IF ANY:
During the year under review, there has been no significant material
change in the business of the Company.
MANAGEMENT DISCUSSION AND ANALYSIS
('MPA):
Pursuant to and in compliance with the provisions of Regulation
34(2)(e) of the Listing Regulations, MDA for the Financial Year ended on 31st
March 2026, the operating context and the performance highlights have been comprehensively
discussed in Management Discussion and Analysis Report forming an integral part of this
Integrated Annual Report as Annexure A.
TRANSFER TO RESERVES:
During the year under review, the entire amount of profits of Rs.
2,529.02 Lakhs for FY 2025 - 26 is retained and not transferred to General Reserve.
DIVIDEND:
Your directors do not recommend any Dividend for the financial year
ended on 31st March 2026 in order to conserve resources of the Company. The
Company will retain the earnings for use in future operations and projects and strive to
increase the net worth of Stakeholders of the Company.
DEPOSIT:
Your Company has not accepted any deposits covered under Chapter V of
the Companies Act, 2013, i.e. within the meaning of Section 2(31) of the Companies Act,
2013 read with Rule 2(1)(c) of the Companies (Acceptance of Deposits) Rules, 2014 and as
such there are no such overdue deposits outstanding as on 31st March 2026.The
company has received and repaid loan to Directors during the year under review.
The details of loan received and paid during the year as follows:
| Name of Director |
Opening Balance |
Loan Received |
Interest |
Loan Repaid |
Closing Balance |
| Ashok Motiani |
- |
2,28,04,327 |
23,950 |
2,28,28,277 |
- |
DIRECTORS' RESPONSIBILITY STATEMENT:
Pursuant to Section 134(5) of the Companies Act, 2013, the Board of
Directors, to the best of their knowledge and ability, state the following:
a. That in the preparation of the annual financial statements, the
applicable accounting standards have been followed along with proper explanation relating
to material departures, if any.
b. That such accounting policies have been selected and applied
consistently and judgement and estimates have been made that are reasonable and prudent so
as to give a true and fair view of the state of affairs of the Company as of 31st
March 2026 and of the profit of the Company for the year ended on that date.
c. That proper and sufficient care has been taken for the maintenance
of adequate accounting records in accordance with the provisions of the Companies Act,
2013 for safeguarding the assets of the Company and for preventing and detecting fraud and
other irregularities.
d. That the annual financial statements have been prepared on a going
concern basis.
e. That proper internal financial controls were in place and that
financial control was adequate and were operating effectively.
f. That proper system to ensure compliance with the provisions of all
applicable laws were in place and were adequate and operating effectively.
SHARE CAPITAL:
As on 31st March 2026 the Authorized Share Capital of the
Company is Rs. 15,00,00,000/- (Rupees Fifteen Crore Only) divided into 1,50,00,000 (One
Crore Fifty Lakh) Equity Shares of Rs. 10/- (Rupees Ten only) each.
The Issued, Subscribed and Paid-up share capital of the Company is Rs.
7,96,99,020/- (Rupees Seven Crore Ninety-Six Lakh Ninety-Nine Thousand Twenty Only)
divided into 79,69,902 (Seventy-Nine Lakh Sixty-Nine Thousand Nine Hundred Two Only)
Equity Shares of Rs. 10/- (Rupees Ten Only) each.
a. SWEAT EQUITY:
Your Company has not issued any Sweat Equity Shares during the year
under review.
b. BONUS SHARES:
Your Company has not issued any Bonus Shares during the year under
review.
c. EMPLOYEE STOCK OPTION PLAN:
Your Company has not provided any Stock Option Scheme to the employees.
d. BUYBACK:
On 12th January 2026, the Board of Directors of your Company
approved the buyback of 11,00,000 (Eleven Lakhs) fully paid-up equity shares of the
Company of face value of Rs.10 each at a price of Rs.200/- (Rupees Two Hundred Only) per
equity share subject to the approval of shareholders, payable in cash for a total
consideration not exceeding Rs.22,00,00,000/- (Rupees Twenty two crores Only) excluding
transaction costs through Tender Offer process using stock exchange mechanism as
prescribed under the Buy-back Regulations. The member's approval was received on 19th
February 2026.The Buyback period commenced from 17th April 2026 and ended on 23rd
April 2026. The payment to the eligible shareholders was made on 30th April
2026. Post buyback, the paid-up capital of the Company stands reduced to Rs.6,86,99,020/-
divided into 68,69,902 Equity shares of Rs. 10/- each.
DIRECTORS AND KEY MANAGERIAL PERSONNEL:
As on the date of this report, the Company's Management consists
of the following
Directors and Key Managerial Personnel:
| Name of Directors and KMP |
Designation |
| Mr. Ashok Motiani |
Chairman and Managing Director |
| Mrs. Nanita Motiani |
Whole Time Director |
| Mr. Pradeep Katyal |
Non-Executive / Independent Director |
| Mrs. Sharda Iyer |
Non-Executive / Independent Director |
| Mr. Ashok Murajani* |
Non-Executive / Independent Director |
| Mr. Saikiran Saladi # |
Non-Executive / Independent Director |
| Mr. Ramchandra Joshi |
Non-Executive / Non-Independent Director |
| Ms. Dipti Ashok Motiani** |
Chief Executive Officer |
| Mr. Sanjay Prajapati |
Chief Financial Officer |
| Ms. Vanshika Luma*** |
Company Secretary |
*Mr. Ashok Murajani resigned w.e.f. 18th June 2026.
#Mr. Saikiran Saladi appointed w.e.f. 07th August 2026.
**Ms. Dipti Ashok Motiani appointed w.e.f. 01st March 2026.
***Ms. Vanshika Lunia appointed w.e.f. 01stFebruary 2026.
Resignation:
(i) Mr. Ashok Murajani has resigned from being an Independent Director
of Company w.e.f. 18th June 2026 due to his underlying medical condition.
Appointment:
(i) The Company has appointed Ms. Dipti Ashok Motiani as the Chief
Executive Officer of the company w.e.f. 01st March 2026. Her appointment is in
accordance with the Company's strategic objectives and is aimed at further strengthening
the leadership and operational growth of the Company.
(ii) During the year under review, Ms. Preeti Jaiswar resigned from the
position of Company Secretary of the Company. Subsequently, Ms. Vanshika Lunia was
appointed as the Company Secretary of the Company with effect from 1st February
2026.
(iii) Mr. Saikiran Saladi was appointed as a Additional
Director(Independent Category) on the Board of the Company pursuant to the provisions of
Section 149 of the Act read with Companies (Appointment and Qualification of Directors)
Rules, 2014 in the Board Meeting held on 07th August 2026 subject to approval
of members at the ensuing Annual General Meeting for a term of 2 consecutive years
commencing from 07th August 2026 to 06th August 2028.
Reappointment:
(i) In accordance with the provisions of Companies Act 2013 and
Articles of Association of the Company, Mr. Ramchandra Joshi (DIN: 00231568) is liable to
retire by rotation at the ensuing Annual General Meeting of the Company and being
eligible, offer himself for reappointment. The Board recommends the appointment of Mr.
Ramchandra Joshi as Director of the Company, retiring by rotation. Details of the proposal
for the reappointment of Directors along with their shareholding in the Company as
stipulated under Secretarial Standard 2 and Regulation 36 of the SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015, as amended, is mentioned in the Notice of
the Annual General Meeting.
(ii) Mr. Pradeep Katyal (DIN:10727156) was appointed as an Independent
Director on the Board of the Company pursuant to the provisions of Section 149 of the Act
read with Companies (Appointment and Qualification of Directors) Rules, 2014. His first
term of 2 (Two) years commenced from 09th August 2024 to 08th August
2026.
Therefore, the Nomination and Remuneration Committee of the Board, on
the basis of the report of performance evaluation, has recommended the re-appointment of
Mr. Pradeep Katyal as an Independent Director and the same was approved in the board
meeting held on 07th August 2026 for a second term of 5 years commencing from
09th August 2026 to 08th August 2031 subject to approval of members
at the ensuing Annual General Meeting.
(iii) Mrs. Sharada Iyer (DIN:03357928) was appointed as an Independent
Director on the Board of the Company pursuant to the provisions of Section 149 of the Act
read with Companies (Appointment and Qualification of Directors) Rules, 2014. Her first
term of 2 (Two) years commenced from 09th August 2024 to 08th August
2026.
Therefore, the Nomination and Remuneration Committee of the Board, on
the basis of the report of performance evaluation, has recommended the re-appointment of
Mrs. Sharada Iyer as an Independent Director and the same was approved in the board
meeting held on 07th August 2026 for a second term of 5 years commencing from
09th August 2026 to 08th August 2031 subject to approval of members
at the ensuing Annual General Meeting.
INDEPENDENT DIRECTORS:
The Independent Directors have furnished the necessary declaration of
Independence stating that they fulfil the criteria of independence as per the provisions
of Section 149(6) of the Companies Act, 2013 and Regulation 25 of the SEBI Listing
Regulations and are not disqualified to act as Independent Directors.
The Independent Directors met once on 26th May 2025, without
the attendance of NonIndependent Directors and members of the Management. The Independent
Directors reviewed the performance of non-independent directors and the Board as a whole;
the performance of the Chairperson of the Company, taking into account the views of
Executive Directors and NonExecutive Directors and assessed the quality, quantity and
timeliness of flow of information between the Company, Management and the Board which is
necessary for the Board to effectively and reasonably perform their duties.
They have also complied with the requirements of the Code for
Independent Directors prescribed in Schedule IV of the Companies Act, 2013.
Familiarization Program for Independent Directors:
All Independent Directors are familiar with the Company, their roles,
rights and responsibilities, nature of the industry and operations of your Company. The
Independent Directors were regularly updated on the industry and market trends, plant
processes and the operational performance of the Company through presentations. In
compliance with the requirements of SEBI (Listing Obligations & Disclosure
Requirements) Regulations, 2015, the Company has put in place a familiarization program
for Independent Directors. The details of familiarization programs are explained in the
Corporate Governance Report.
BOARD DIVERSITY:
The Company recognizes and embraces the importance of a diverse Board
in its success. Your Company believes that a truly diverse Board will leverage differences
in thought, perspective, knowledge, skill, regional and industry experience, cultural and
geographical background, age, ethnicity, race and gender, which will help the Company to
retain its competitive advantage. The Board has adopted the Board Diversity Policy which
sets out the approach to diversity of the Board of Directors. The policy is available on
our website at www.puretrop.com.
PERFORMANCE EVALUATION:
Pursuant to the provisions of the Companies Act, 2013 and Regulation
17(10) of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015,
the Board has carried out an annual performance evaluation of its own performance, the
Directors individually as well as the evaluation of the working of Board Committees viz.
Audit Committee, Nomination & Remuneration Committee, Stakeholders' Relationship
Committee. The details of the Board evaluation process have been provided under the
Corporate Governance Report.
POLICY ON DIRECTORS' APPOINTMENT AND
REMUNERATION:
The Company's policy on directors' appointment, remuneration and other
matters provided in Section178 (3) of the Companies Act, 2013 is available on the website
of the Company i.e. https://puretrop.com/pdf/Policies/NOMINATION%20AND%20REMUNERATION%20PO
LICYpdf
NUMBER OF BOARD MEETINGS:
The Board of Directors met 4 (four) times during the year on 26th
May 2025, 08th August 2025, 11th November 2025 and 12th
January 2026 during the year under review. The details of Board meetings and the
attendance of the Directors are provided in the Corporate Governance Report which forms
part of this Report. The maximum interval between any two meetings was well within the
maximum allowed gap of 120 days.
COMMITTEES OF THE BOARD:
The Board of Directors has the following Committees:
1. Audit Committee
2. Nomination and Remuneration Committee 3.Stakeholders' Relationship
Committee 4.Corporate Social Responsibility Committee
The details of the Committees along with their composition, number of
meetings held and attendance at the meetings are provided in the Corporate Governance
Report.
VIGIL MECHANISM/WHISTLE BLOWER POLICY:
Vigil Mechanism/Whistle Blower Policy As per provisions of Section
177(9) of the Companies Act, 2013 read with Regulation 22(1) of SEBI Listing Regulations,
your Company has adopted a Whistle Blower Policy, to provide a formal vigil mechanism to
the Directors and employees to report their grievances / concerns about instances of
unethical behaviour, actual or suspected fraud or violation of Company's Code of
Conduct. The Policy provides for adequate safeguards against victimization of employees
who avail of the mechanism and also provides for direct access to the Chairman of the
Audit Committee in certain cases. It is affirmed that no personnel of your Company have
been denied access to the Audit Committee. The functioning of the vigil mechanism is
reviewed by the Audit Committee from time to time.
The details of the policy as well as its weblink are contained in the
Corporate Governance Report and website of the Company
https://puretrop.com/investors/#investor-relations.
INSURANCE:
The assets of the Company are adequately insured against the loss of
fire and other risks which are considered necessary by the management.
INFORMATION REGARDING CONSERVATION OF ENERGY,
TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO:
The information relating to conservation of energy, technology
absorption and Foreign_Exchange earnings and outgo as stipulated under Section 134(3)(m)
of the Companies Act, 2013 read with the Companies (Accounts) Rules, 2014 is set out
herewith as Annexure B forming part of this report.
CORPORATE SOCIAL RESPONSIBILITY:
The details of Corporate Social Responsibility (CSR) carried out by the
Company are appended in the Annexure C to the Directors' Report.
The particulars of the CSR committee constituted by the Company
pursuant to the provisions of Section 135 of the Companies Act 2013 and the Rules forming
part of the same are included in the Corporate Governance Report annexed and form part of
this Annual Report.
MAINTENANCE OF COST RECORDS:
The provisions pertaining to maintenance of Cost Records as specified
by the Central Government under sub-section (1) of Section 148 of the Companies Act, 2013,
are not applicable to the Company.
INTERNAL FINANCIAL CONTROL SYSTEM AND THETR
ADEQUACY:
The Company has an Internal Control System, commensurate with the size,
scale and complexity of its operations. The scope of the audit activity is broadly guided
by the annual audit plan approved by the top management and audit committee. The Internal
Auditors routinely test these systems and significant audit observations, if any, and
follow up actions thereon are reported to the Audit Committee. The Company has in place
adequate internal financial controls with reference to financial statements
CORPORATE GOVARNANCE:
A separate report on Corporate Governance compliance as stipulated by
Listing Regulations forms part of this Annual Report along with the required Certificate
from a Practicing Company Secretary regarding compliance of the conditions of Corporate
Governance as stipulated as Annexure D
In compliance with Corporate Governance requirements, your Company has
formulated and implemented a Code of Business Conduct and Ethics for all Board members and
senior management personnel of the Company, who have affirmed the compliance thereto.
CERTIFICATE OF NON-DISQUALIFICATION OF DIRECTORS:
In accordance with the SEBI (LODR) (Amendment) Regulations, 2018; a
certificate has been received from M/s. Manoj Hurkat & Associates, Practicing Company
Secretaries, that none of the Directors on the Board of the Company has been disqualified
or debarred to act as Director. The same is annexed as Annexure E to the
directors' report.
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS:
Pursuant to Section 186 of the Companies Act, 2013 disclosure on
particulars relating to Loans, Advances, Guarantees and Investments are provided as part
of the financial statements.
CERTIFICATION AND RECOGNITION:
During the year under review, the Company has obtained the following
certifications pertaining to the Highest International Standard of Food Safety and
Hygiene:
1. SEDEX (Supplier Ethical Data Exchange) - SEDEX is world's
largest collaborative platforms for sharing responsible sourcing data on supply chains;
the company is member of SEDEX.
2. Halal Certificate - Halal Products are "universal"
products not only suitable for Muslims consumption, but it is also ensuring the safety of
nation's food supply and we acquired this certificate to export our products in Islamic
Countries.
3. FDA - The Food and Drug Administration ensuring the safety of food
supply in US Market.
4. APEDA RCMC Certificate - APEDA registration or
registration-cum-membership- certification (RCMC) is provided by the APEDA authorities to
exporters of Scheduled food products under APEDA ACT. Without having an RCMC membership,
no exporter can commence their business for enlisted food products as per the guidelines.
5. FSSAI License - Food Safety and Standards Authority of India, is the
food regulatory body of India, The FSSAI registration becomes mandatory in order to ensure
safe, and smooth operations of the food business. FSSAI food license helps the government,
as well as the consumers, feel assured that the regulation of the storage, production,
distribution, and the sales has been carried out in a way that the food products are fit
for consumption. FSSAI License is for Nashik processing unit.
6. Three-Star Export house - Export House Status Holders are business
leaders who have excelled in international trade and have successfully contributed to the
country's foreign trade. Status Holders are expected to contribute to India's
exports and provide guidance and handholding to new entrepreneurs.
7. AEO Certification - The AEO Certification enables Customs
administration to identify the safe and compliant business entity to provide them a higher
degree of assured facilitation. This segmentation method enables Customs resources to
focus on less non-compliant or risky businesses for control. Thus, the AEO certification
intends to secure the international supply chain by permitting recognition to trustworthy
operators and encouraging best practices at all levels in the international supply chain.
8. KOSHER Certification-It is an official document issued by a
recognized kosher certification agency confirming that a food product, ingredient,
manufacturing facility, or food
service operation complies with Jewish dietary laws (kashrut). It Opens
doors to lucrative export markets in North America, Europe, and Israel, where kosher food
is widely consumed.
PARTICULARS OF EMPLOYEES:
The information required pursuant to Section 197 of the Companies Act,
2013 read with Rule 5 of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014 in respect of employees of the Company, will be provided upon
request. In terms of Section 136 of the Companies Act, 2013, the Report and Accounts are
being sent to the members and others entitled thereto, excluding the information on
employees' particulars which is available for inspection by the members at the
Registered Office of the Company during business hours on working days of the Company upto
the date of the ensuing Annual General Meeting. If any member is interested in inspecting
the same, such member may write to the Company Secretary in advance.
AUDITORS' & AUDITORS' REPORT:
A) STATUTORY AUDITOR:
Pursuant to the provisions of Section 139 of the Act read with Rules
made thereunder, as amended from time to time, M/s F P & Associates, Chartered
Accountants (Firm Registration Number - 0143262W), the Auditor were appointed
as statutory auditors of the Company for second term of 5 years at the 30th AGM held on 26th
September 2022, from the conclusion of that 30th AGM till the conclusion of the
35 th Annual General meeting of the company on such remuneration (including fees for
certification) and reimbursement of out of pocket expenses for the purpose of audit as may
be fixed by the Chairman and Managing Director of the Company in consultation with the
said Statutory Auditor.
Notes to the financial statements referred to in the Auditors Report
are self-explanatory and therefore do not call for any comments under Section 134 of the
Act. The Auditors' Report is enclosed with the financial statements in this Annual
Report.
No fraud has been reported by the Auditor under Section 143(12) of the
Companies Act, 2013 requiring disclosure in the Board's Report.
B) SECRETARIAL AUDITOR:
Pursuant to the provisions of Section 204 of the Companies Act, 2013
and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014,
Company has appointed M/s. Manoj Hurkat & Associates, firm of Company Secretaries in
Practice to undertake Secretarial Audit of the Company for a term of five consecutive
financial years i.e. 2025-26 to 2029-30 in the 33rd Annual General Meeting. The
Secretarial Audit Report is annexed herewith as Annexure- F.
C) INTERNAL AUDITOR:
Your Company has re-appointed Mr. Kalpesh Parikh as Internal Auditors
of the Company to
carry out the internal audit of various operational areas of the
Company for the financial year 2026-27.
CREDIT RATINGS:
Your Company is not required to avail credit rating.
PREVENTION OF SEXUAL HARASSMENT AT WORKPLACE:
As per the requirement, The Sexual Harassment of Women at Workplace
(Prevention, Prohibition & Redressal) Act, 2013 read with rules made thereunder, Your
Company has constituted Internal Complaints Committee which is responsible for redressal
of complaints related to sexual harassment.
During the year under review, there were no complaints pertaining to
sexual harassment. The Company is compliant of all applicable provisions of the said Act.
COMPLIANCE TO THE PROVISIONS RELATING TO THE
MATERNITY BENEFITS ACT, 1961:
The company adheres to all legal compliances pertaining to the Company
as applicable with respect to Maternity Benefits Act, 1961 / Maternity Benefit (Amendment)
Act 2017.
ANNUAL RETURN:
Pursuant to Section 92(3) read with Section 134(3)(a) of the Companies
Act read with the Rules made thereunder, the Annual Return in form MGT-7 are available on
the Company's website at https://puretrop.com/investors/#789570753e65f32fd .
RELATED PARTY TRANSACTIONS:
All the related party transactions entered into during the financial
year 2025-26 were on an arm's length basis and were in the ordinary course of business.
Your Company has appointed Ms Dipti Ashok Motiani as the Chief
Executive Officer of the Company with members approval, on 19th February 2026
which is at arm's length and in ordinary course of business in terms of Section 188
of the Companies Act, 2013.
The disclosure of related party transactions as required under Section
134(3)(h) of the Companies Act, 2013 in Form AOC-2 is set out herewith as Annexure
G forming part of this report.
RISK MANAGEMENT POLICY:
The Company has a Risk Management Policy to ensure appropriate risk
management within its systems and culture. The Board of Directors and the Audit Committee
of the Company periodically reviews the Risk Management Policy of the Company. The
provisions of Regulation 21 of SEBI (LODR) Regulations, 2015 relating to Risk Management
Committee, are not applicable to the Company.
DETAILS OF SIGNIFICANT & MATERIAL ORDERS
PASSED BY THE REGULATORS OR COURTS OR TRIBUNAL:
There are no significant and material orders passed during the year by
the regulators or courts or tribunals impacting the going concern status of the Company
and operations of the Company in future.
COMPLIANCE OF APPLICABLE SECRETARIAL STANDARDS:
During the year under review, your Company has complied with all the
applicable Secretarial Standards with respect to Board and General Meeting issued by the
Institute of Company Secretaries of India (ICSI).
SUBSIDIARIES, JOINT VENTURES AND ASSOCIATE
COMPANIES:
The Company does not have any subsidiaries, joint ventures or associate
companies. FINANCE:
During the year under review, your Company availed various financial
facilities from the existing Bankers as per the business requirements. Your Company has
been regular in paying interest and in repayment of the principal amount of the term
lenders.
REVISION OF FINANCIAL STATEMENT OR BOARDS REPORT:
During the year under review, there were no such instance due to which
revision in Financial Statement or Boards Report is being made.
PROCEEDINGS PENDING UNDER THE INSOLVENCY AND
BANKRUPTCY CODE (IBC):
There is no such proceeding or appeal pending under the Insolvency and
Bankruptcy _Code, 2016 (31 of 2016) during the year and at the end of the financial year,
unto the date of this report.
THE DETAILS OF DIFFERENCE BETWEEN AMOUNT OF THE VALUATION DONE AT THE
TIME OF ONE TIME SETTLEMENT AND THE VALUATION DONE WHILE TAKING LOAN FROM THE BANKS OR
FINANCIAL INSTITUTIONS:
No such instance of One-time settlement or valuation was done while
taking or discharging loans from the Banks / Financial institutions occurred during the
year.
REPORTING OF FRAUD DURING THE YEAR UNDER REVIEW:
The Auditors have not reported any instances of fraud committed in your
Company by its officers or employees, to the Audit Committee under Section 143(12) of the
Act details of which needs to be mentioned in this Report.
EVENTS SUBSEQUENT TO THE DATE OF FINANCIAL
STATEMENTS:
As on the date of this Report, your directors are not aware of any
circumstances not otherwise dealt with in this Report or in the financial statements of
your Company, which would render any amount stated in the Accounts of the Company
misleading. In the opinion of the Directors, no item, transaction or event of a material
and unusual nature has arisen in the interval between the end of the financial year and
the date of this report, which would affect substantially the results, or the operations
of your Company for the financial year in respect of which this report is made.
CAUTIONARY STATEMENT:
Statements in the Annual Report, including those which relate to
Management Discussion and Analysis describing the Company's objectives, projections,
estimates and expectations, may constitute forward looking' statements within
the meaning of applicable laws and regulations. Although the expectations are based on
reasonable assumptions, the actual results might differ.
ACKNOWLEDGMENT:
Your directors place on records their appreciation of the sincere and
devoted services, rendered by all employees of the company and the continued support and
confidence of the customers. The Board expresses special thanks to progressive farmers of
Maharashtra who have worked hard to achieve International Standards in the quality of
their produce. The Board also expresses its sincere thanks to the associated Banks and
their officers, Agricultural and Processed Food Products Export Development Authority
(APEDA), Ministry of Food Processing Industry (MFPI) and all other well-wishers, for their
timely support.
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