Reliance Fruits Essay

9427 words - 38 pages

Annual Report 2009 - 2010

RELIANCE FRESH LIMITED

Reliance Fresh Limited

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Directors Report
Dear Members, Your Directors are pleased to present the Eleventh Annual Report and the Audited Accounts for the year ended March 31, 2010. Financial Results: The financial performance of the Company for the financial year ended March 31, 2010 is summarized below: (Rs. in lakh) 2009-2010 Profit/(Loss) before Depreciation, Interest and Tax Less: Interest Depreciation Profit /(Loss) before Tax Less: Provision for Fringe Benefit Tax Deferred Tax Profit/ (Loss) after Tax Add: Balance brought forward from previous year Balance carried to Balance Sheet Operational Review: During the year under ...view middle of the document...

Directors: Shri Gunender Kapur resigned from the office of Director of the Company with effect from March 31, 2010. The Board wishes to place on record the valuable contribution made by him during his tenure as Director of the Company. Shri Madhavan Ganesan retires by rotation and being eligible, offers himself for re-appointment at the ensuing Annual General Meeting. Directors' Responsibility Statement: (41,193.19) (27,676.78) 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, 2010, the applicable accounting standards have been followed and there are no material departures from the same;

(15,072.19) (29,417.28) 8.05 6,628.73 16.78 5,969.81

(21,708.97) (35,403.87) 176.07 (8,192.56) (10,649.63) (13,516.41) (24,930.31) (27,676.78) (2,746.47)

(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, 2010 on a 'going concern' basis.

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Reliance Fresh Limited

Auditors: During the year, Messrs S.R. Batliboi & Co., Chartered Accountants, resigned as joint statutory auditors of the Company. To fill this vacancy, Messrs S.V. Ghatalia & Associates, Chartered Accountants, were appointed as Joint Statutory Auditors of the company. Messrs Chaturvedi & Shah, Chartered Accountants and Messrs. S. V. Ghatalia & Associates, Chartered Accountants, Statutory 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 letters from them to the effect that their re-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 re-appointment within the meaning of Section 226 of the Companies Act, 1956. Particulars of Employees: As required under the provisions of Section 217(2A) of the Companies Act, 1956, read with the Companies (Particulars of Employees) Rules, 1975, as amended, the names and other particulars of the employees are set out in the Annexure to this Report. 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,...

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