| The Directors have pleasure in presenting the TWENTIETH Annual Report
of Arihant Tournesol Ltd. , together with the Statement of Accounts for
the year ended 31st March, 2011.
1. ECONOMIC SCENARIO
During the year under review, the companys factory was running
satisfactorily under Dry Lease Agreement with M/s. Betul Oils & Flours
Pvt Ltd., M/s. Vision Millennium Exports Pvt. Ltd., had raised the
issue of refund of interest free advance given by them under the First
Charge on the Solapur assets of the company. The company has requested
to continue the dry lease arrangement as stipulated in the agreement
with them.
Due to dry lease arrangement, the turnover and the profits under lease
have not been taken into account.
The companys management will have to continue under lease the
operations until other liabilities are settled with other and prepare
and revival scheme after such settlement. The company hopes to prepare
and get the proper revival scheme settled in the near future.
2. FINANACIAL PERFORMANCE
The Company has earned a profit of Rs. 16,98,475/-
3. FUTURE PROSPECTS
The management of the company engaged in discussions and restructuring
the management and capital structure of the company after the revival
scheme is settled satisfactorily.
4. DIVIDEND
No dividend has been declared during the year.
5. DIRECTORS
Mrs. D.N.Jha, Director of the company, retires by rotation and being
eligible offer herself for reappointment.
6. PARTICULARS OF EMPLOYEES
There are no employees of the company who are drawing such salary as is
required to be disclosed under Section 217(2A) read with the Companies
(Particulars of Employees) Rules, 1975.
7. DIRECTORS RESPONSIBILITY STATEMENT
i) The preparation of the annual accounts for the financial year ended
on 31st March, 2011, the applicable accounting standards have been
followed along with proper explanations relating to material departures;
ii) The Directors have selected appropriate accounting policies and
applied them consistency, and made judgements and estimates that were
reasonable and prudent so as to give a true and fair view of the state
of affairs of the company as at 31st March, 2011 end of the profit of
the company for the said period.
iii) Proper and sufficient care has been taken 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, and
iv) The Directors have prepared the accounts for the financial year
ended on 31st March, 2011 on a "going concern" basis.
8. AUDIT COMMITTEE
As per requirement for compliance of Companies Act 1956, u/s 292A, the
company has constituted Audit Commmittee comprising of all three
directors viz. Shri S. Ramkrishna, Miss Sharmishta Jadhav and Shri D.
N. Jha.
9. AUDITORS REPORT
The Auditors Report referred certain points which are clarified as
under:
a) The company has made lot of efforts to appoint a Company Secretary
and is hopeful of appointing one very soon. However, the company has
full-fledged secretarial department to handle all the matters on
regular basis and it also seeks professional advises from time to time
from practicing Company Secretary.
10. AUDITORS
The companys Auditors, M/s. R. B. Pandya & Co., Chartered Accountants
are eligible or re-appointment.
11. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
There has been no foreign exchange earnings or outgo. There has been no
technology absorption in the current year. The energy consumption has
been rationalised and economised.
12. INDUSTRIAL RELATIONS
The management has been successful in maintaining industrial peace and
enjoys cordial relations with all its workers and staff.
13. ACKNOWLEDGEMENT
Your Directors would also like to place on record their appreciation to
Banks, Institutions, Staff and Shareholders for their co-operation in
the operation of the company.
For and on behalf of the Board of Directors
Sd/-
Vardha Sethi
Director
Place: Mumbai
Date : 02.09.2011
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