Simran Farms Ltd 2002

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SIMRAN FARMS LIMITED( F a r m e r s ' F r i e n d S i n c e 1989 )

16thANNUAL REPORT

2001-2002

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BOAR D OF DIRECTORSMr. H.S. BhatiaChairman-Cum-Managing DirectorMr. G.S. BhatiaDirectorMr. A.S. BhatiaDirectorDr. Surendra SinghDirectorMr. Surjeet Singh KohliDirectorDr. Harpal SinghDirectorMr. K.S. BhatiaExecutive DirectorREGISTERED OFRCI-9-A, Prem NagarManik Bagh Road,INDORE - 452 001CORPORATE OFFICE1 -B, Vikas R ekha Complex,NearTower Chauraha,Khatiwala Tank,Indore - 452 001LISTING ATM. P. Stock ExchangeMumbai Stock ExchangeAUDITORSKhandelwal Kakani&Co.,Chartered Accountants,Indore.LEGAL ADVISORSMr. L.D. JoshiMr. Pankaj JoshiAdvocate

CONTENTS Page No.1. Notice 12. Director's Report 33.Auditor's Report 64. Balance Sheet 95. Profit & Loss Account 106. Schedule & Notes forming 11

part of the accounts7. Cash Flow Statement 198. Annual Account & 24

Report on Subsidiary Co.M/s. Simran Breeders (P) Ltd.(Now Puregene Biotech Ltd.)

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SIMRAN FARMS LIMITED, INDORENOTICE OF ANNUAL GENERAL MEETING

Notice is hereby given that the 16th Annual General Meeting of the members of Simran Farms Limited will be held onWednesday the 11th ofDecember, 2002 at 10:00 A.M. at Sindoor Marriage Hall, Bhanwarkuan Road, Indore to transactthe following Businesses.ORDINARY BUSINESSES:1. To receive, consider and adopt the Audited Balance Sheet as at 30th June '2002and profit & Loss Account for the

year ended onsame date and the reports of Board of Directors & Auditors thereon.2. To appoint director in place of Sh ri Harender Singh Bhatia, who retires by rotation and being eligible offer himselffor reappointment.3. To appoint directo r in place of Sh ri Harpal Singh, wh o retires by rotation and being eligible offer himself forreappointment.4. To appoint Audito rs to hold office from the conclusion of this Annual General Meeting until the conclusion of nextAnnual General M eeting and fix their remuneration.SPECIAL BUSINESSTo consider and if thought fit, to pass with or without modification, the following.resolutions.5. As a special resolution"RESOLVED THAT Shri K awaljeet Singh Bhatia be and is hereby appointed as Director of the Company to hold officesubject to retirement by rotation.""RESOLVED FURTHER THAT pursuant to provisions of section 198, 269, 309, 310, 314 and Schedule XIII and otherapplicable provisions, if any of the Companies Act, 1956 as amended up to date, consent of the company be and ishereby accord ed to the appointment of Mr. Kawaljeet Singh Bhatia as Ex ecutive Director of the Company for the periodof 5 years on and with effect from 1st April, 2002 to 31st M arch, 2007 on a remuneration, detailed as under, to be paidto him on and with effect from 1st April, 2002.a. Salary: Rs.20.000/- (Rupees Twenty Thousand Only) per Month.b. Perquisites: In addition to the above salary, Shri Kawaljeet Singh, Executive Director of the company shall also beentitled 'to the perquisites (evaluated as per Income tax Rules whenever applicable and at actual cost to thecompany in other cases) like benefits of furnished Accommodation/House rent along w ith gardener and securityGuard, gas, electricity, water, furniture, chauffeur, drivencar andtelephone at residence, Medical reimbursement,personal accident insurance. Leave travel concession, club fees, provident fund , Superannuation fund, exgratia &gratuity in accordance with th e scheme(s) an d Rule(s) applicable to the members of the st af f or any

modification(s)that may be made in any scheme/rule for the aforesaid benefits. However perquisites shall berestricted to 40% of the annual salary."NOTES:1. A member entitled to attend and vote at the meeting is entitled to appoint a proxy to attend and vote instead ofhimself and such a proxy need not be a member of the company. The proxies in order to valid must be depositedat the registered office of the company not less that 48 hours before the commencement of the meeting.2. Register of the members and share transfer book of the company will remain closed from Saturday the 20thOctober to 23rd the Wednesday 2002 (both days inclusive).3. Members are requested to send their queries, if any at least 7 days in advance so that the information can bemade available at the meeting.4. An explanatory statement pursuant to section 173(2) of the Companies Act 1956 in respect of item No.5 of thenotice is annexed hereto.

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SIMRAN FARMS LIMITED, INDORE-ANNEXURE TO NOTICEExplanatory StatementMr. Kawaljeet Singh Bhatia isyoung, enthusiastic andposses professional qualificationand he has good experience ofpoultry farming and management activities. Accordingly he is proposed to be appointed as Executive Director of theCompany for a period of five years w.e.f. 1st April 2002.The Board has considered his service very useful and more particularly in the field of poultry farming and managementactivities as such and under his active participation the company is expected to make all round progress, his appoint-ment is being recommended by the Board of Directors for period of 5 years w. e. f. From 1st April 2002 to 31st March2007.None of the Director other than Mr. Kawaljeet Singh Bhatia, Harender Singh Bhatia, Gurdeep Singh Bhatia and Mr.Amarjeet Singh Bh atia are concerned or interested in the above resolution. Th e contents of the resolution along withthe explanatory statement shall be deemed to be an abstract of the terms and conditions of appointment of Mr. KawaljeetSingh Bhatia under section 302 of the companies, Act 1956 and the Memorandum of interest in that behalf.

Place: Indore . By Order of the BoardDate: 28.09.2002 For SIMRAN FARMS LIMITEDHARENDER SINGH BHATIA

(Managing Director)



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SIMRAN FARMS LIMITED, INDORE DIRECTOR'S REPORT

To the members of Simran Farms Limited,Your Directors have immense pleasure in presenting the 16th Annual Report of your company together with the Auditedstatements of Accounts for the period ended on 30th June'2002. The Financial Results of the company in the yearunder review are as under:FINANCIAL RESULTS: Rs. n lacs

2001-2002 2000-2001Total Income 988.63 993.92Gross Profit 62.84 49.09Less: Depreciation 32.43 31.27Profit before Tax 30.41 17.82Less: Provision for taxation (4.38) 0.00(Deferred)Profit after Tax 34.79 17.2Prior Period Adjustment 0.11 0.20Net prof t 34.58 17.62Balance brought forward from 100.73 83.11the previous yearBalance which the Directors 135.32 100.73Appropriated as under: -General Reserve 0.00 0.00Balance carried to Balance Sheet 135.32 100.73POULTRY SECTOR OUTLOOK:

Since last few years the poultry industry is passing through a difficult phase due to rapidly rising cost of feedingredients, over productions and depressed price realization in the market. The persistent stagnation of domesticconsumption, rapid expansion of poultry sector in the country and late arrival of rains during the ensuing kharif seasonhas aggravate he situation.

Contineous hike in feed cost resulted inhigh productioncost because feedalone contributes to over70% of theproduction cost. Although the poultry sector is growing at an average rate of 10% the maize production is almoststagnant. There issevere shortage of maize and Soya in the market.

The fast growth in layer and broiler productions is another threat to the poultry industry itself because of largeconcentration ofbirds incertainareas of the country.Hence constantwatch is requiredto maintainnotonly the leadbutalso to maintain stability in the price.These problems have resulted in closure of small farms and distress sale of broiler chicks/birds at as low as Rs.7.00 per chick and Rs. 20.00 per live bird at Farms. Thus, broiler hatcheries are facing lack of demand to the chicks/birds in the market.Wide fluctuations in the broiler & layer markets and drastic increase in feed cost witnessed during this period but

your Company has been able to withstand the adverse trends and continued to maintain its growth profile.The turnoverwas Rs.988.62 Lacs with profit after Tax of Rs. 34.79 Lacs for the year ended 30th June, 2002, as compared to Rs.17.82 Lacs for the corresponding period in the previous year, an improvement in profits. This has become possible justbecause of maintaining financial discipline andcurtailing the cost of production.SUBSIDIARY COMPANY:

Information Pursuant to the provisions of the Section 212 of the Companies Act 1956 relating to PuregeneBiotech Ltd., a Subsidiary Company is annexed forming Part of this Report.

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SIMRAN FARMS LIMITED, INDORE CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS & OUTGOA. Pursuant to Section217(1 )(e) of the Companies Act, 1956 read with the Companies (Disclosuresof particulars inthe Report of Board of Directors) Rules 1988, the Poultry is exempted. Expenditure on the electricity incurredbythe company is very nominal andhere is the statement showing details of this expenditure.

(Rs. in Lacs)2001-02 2000-2001Units Amount Unite Amount

Electricity 3,94,645 24,31,423 310790 1409618Coal 27,235 83,008 58775 223074Diesel (Litres) 72,250 14,46,257 131420 2485855Gas 139 37,960 854 222469B. TheCompanyhas not madeany expenditure/or investment towardsthe Technology Absorption or Developments.C. The Company has not made earning or expenditure in the foreign exchange.PUBLIC DEPOSITS:The Company has not accepted any deposits from the public during the period.CORPORATE GOVERNANCE:Th e Director'sfully support thebroad principles of Corporate Governance. Inaddition to the basic governance issues,the board lays strong emphasis on transparency, accountability and integrity.DIRECTORS:Mr Harender Singh Bhatia and Dr. Harpal Singh, Directors of the Company retire by rotation being eligible, offerthemselves for reappointment.Further during the yearMr.Kawaljeet Singh Bhatia was co-optedon the boardasadditional Director to hold officeup todate of the next Annual General Meeting and was also appointed asExecutive Director subject to approval of members.Th e companyhas received notice fromthemembers - pursuant to the provisions of Section257 of the Companies Act,1956 for appointment of Shri Kawaljeet Singh Bhatia as Director of the company.DIRECTORS RESPONSIBILITY STATEMENT:Pursuant to the requirement under section 217 (2AA)of theCompaniesAct 1956with respectto Directors responsibilitystatement, it is hereby confirmed: -I. That in the preparationof the accounts for the financial year endedon30th June, 2002, the applicable accountingstandards have been followed.II. That theDirectors have selected such accounting policies andapplied them consistently andmade udgmentsand

estimates that were reasonable andprudent so as to givea true and fair view of the stateof affairs of thecompanyat the end of financial year and of the Profit of the company for the year under review.III. That the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in

accordancewith the provisions of theCompanies Act 1956 for the safe guarding the assets of the company and forpreventing and detecting fraudand irregularities.IV. That the Directors have prepared the accounts for the financial year endedon30th June, 2002 on agoing concernbasis.DEPOSITORY SYSTEMAs the members are aware, your company's shares are tradable compulsorily inelectronic formandyour companyhasestablished connectivity with both the Depositories i.e. National Securities Depository Limited [NSDL] and CentralDepository Services (India) Limited [CDSL]. In view of the numerous advantage offered by the Depository System,members are requestedto avail of the facility of Dematerialization of the company's shares oneither of then depositoryas aforesaid.

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SIMRAN FARMSLIMITED, INDORE-PARTICULARS OFTHE EMPLOYEESThecompanydid not have any employee during theyear drawing remuneration attracting theprovisions of section 217(2A) of the Companies Act, 1956 read with the Companies (particulars of employee) Rules 1975.AUDITORS:M/s Khandelwal Kakani & Co., auditor of the company, retires as the auditors at the ensuing Annual General Meetingand being eligible, offers themselves for reappointment.ACKNOWLEDGMENT:Your Director wish to thank every employee of Simran Farms Limited family for their commandable efforts, teamworkand professionalism. The Board of Directors also gratefully acknowledges the faith reposed in the company by itscustomers, Bankersand Investors.

For and behalf of the BoardDate: 28.09.2002Place: Indore HARENDER SINGH B HAT IA

(Chairman & Managing Director)



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SIMRAN FARMSLIMITED, INDOREAUDITOR'S REPORT

To, The Member ofSimran Farms Ltd.,Indore (M.P.)We have audited the annexed Balance Sheet of SIMRAN FARMS LIMITED, Indore as at 30th June, 2002 and theannexed Profit and Loss Accountof the Company for the period endedonthat date. These financial statements are theresponsibilities of the company's management. Our responsibility is to express an opinion on these financial state-ments based on our auditA) Weconductedour audit inaccordance with the auditing standards generally accepted in India. These standardsrequire that weplan& perform theaudit to obtain reasonable assurance about whether the financial statementsare free from any material misstatement. An audit includes, examining on test basis, evidence supporting the

amounts and disclosures in the financial statements. An audit also includes, assessing the accounting principlesused and significant estimates made by management, as well as evaluating the overall presentation of the finan-cial statements. We believe that our audit provides a reasonable basis for our opinion.B) As required by the manufacturing and other Companies (Auditor's Report) order 1988, issued by the CompanyLaw Board is termsof Section 227(4A) of the Companies Act, 1956, weAnnex heretoastatementon themattersspecified in paragraph 4 of the said order.C) That Company has not quantified/providedheamount ofGratuity andaccrued leave encashment as on30.06.2002as required as per "Accounting Standard 15" of Institute of Chartered Accountantsof India.D) Further to aboveand our comments in the annexure referred o in paragraph 1 above :

i) We have obtained all the information and explanations which to the best of our knowledge and belief, werenecessary for the purpose of our audit;

ii) In our opinion proper books of accounts as required by law have been kept by the Company so far, asappears from our examinationof such books of account;iii) The Balance Sheet and Profit and Loss Account dealt with in this report are in agreement with the saidbooks of account;iv) In our opinion the Balance Sheet and Profit Loss Account comply with the accounting standardreferred to

insection211 (3C) of the Companies Act 1956 to the extent they are applicable.v) According to the information and explanation given to us and on the basis of the written representationsreceived from the Directors of the Company taken on record by the Board of Directors, none of the Directorisdisqualifying as on 30th June, 2002 from being appointed as a Director u/s 274 (1) (g) of theCompaniesAct, 1956.vi) In our opinion and to the best of our information and according to the explanations given to us, and readtogether with other notes thereon, gives information required by the Companies Act, 1956, in the manner sorequired and give a true and fair view;

a) In the case of the Balance Sheet of the State of Affairs of the Company as at 30th June, 2002 andb) In the case of Profit and Loss Account, of the Profit for the period ended on that date.

Place: Indore for KHANDELWAL KAKANI & CO.Date :5thAugust 2002 Chartered Accountant

SANTHOSH DESHMUKHPARTNER

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SIMRAN FARMS LIMITED, INDORE-ANNEXURETOTHE AUDITORS REPORT

(Referred to in Paragraph 'A ' of our Report of even date)The company has maintained proper records showing full particulars including quantitative details andsituationof fixed assets. The Management has physically verified the fixed assets at reasonable intervals during the yearand on the basis of the explanations given to us, no discrepancies have been noticedon such verification.The f ixed assets have not been revalued during year.Th e physical verificationhas been conducted by the management at reasonable period in respect of finishedgoods, stores, spare parts and raw material.

iv) In our opinion the procedure of physical verification of stocks followed by the management is reasonable andadequate in relation to the size of the company and the nature of its business.v) The discrepancies noticed on such verification between the physical stock and book records were not significantand the same has been properly dealt with in the books of account.vi) In our opinion and on the basis of our examination the valuation of the stock isfair andproper, and (n abS&rdftneewith the normal accounting principles.vii) The company has not taken any loans, secured or unsecured from Companies or other parties listed in theRegister maintained u/s 301 of the Companies Act, 1956. Further, Company has not accepted any loan from

Companies under same management as defined in section 370(16) of Companies Act, 1956.viii) The Company had given interest free loan of Rs. 11.00 Lacs to Company which is fully owned subsidiary com-

pany and the terms and conditions and the rate of interest are not prima-facie prejudicial to the interest of thecompany, except to the above, theCompanyhas not grantedany loan, secure or unsecured to the firms or partieslisted in the Register maintained u/s 301of the Companies Act, 1956.

ix) Th e Company has given interest free advances to staff, recovery of principles is almost regular.x) In our opinion and according to the information and explanation given to us, there is adequate internal controlprocedure commensurate with the size of the Company and nature of its business for the purchase of stores, rawmaterial, including components, plant and machinery, equipments, other assets, and sale of goods.xi) According o the informationandexplanation given to us, purchase of goods andmaterial andsales of goods and

materials, made inpursuance of contracts or arrangements are entered with the Register maintained u/s 301 ofthe companies Act, 1956 and aggregating during the year Rs.50,000/- or more invalue in respect of each partyhave been made at prices which are reasonable having regard to the prevailing market prices for such goods ormaterials or the prices at which thetransaction for similar goods or materials have been made with other parties.

xii) Asexplained to us, the Company has regular procedure fordetermination of unserviceable stores and rawmate-rials and finished goods andduring the year no such stores of raw material have been identified as unserviceable.

xiii) TheCompany has not acceptedanydeposits from public and hence, provision of Section 58- A of the CompaniesAct, 1956 are not applicable.xiv) The Company has maintained proper record for sale and disposal of scrap, the company has no by product,xv) In our opinion, the company has an internal audit system commensurate with size and nature of the business,xvi As per explanations given to us, maintenance of cost records u/s 209(1 )(D) is not applicable to the Company.

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SIMRAN FARMS LIMITED, INDORE-xvii) The company generally deposits its PF dues regularly, however with some delay. Further as explained to us,provision o f ESI Act are not applicable to the Company.xviii) According to the information and explanationgiven to us, there were no undisputed amounts payable in respectof Income Tax, Sales Tax, Customs Duty, Excise Duty which were outstanding as at 30th June, 2002 for a periodof more than six months from the date of they became payable.xix) In our opinion, and according to the information and explanation given to us no personal expenses other than

those payable under service con tractual obligation with the Companies Employee and/or accepted businesspractices have been charged to revenue account.xx) The Company is not a sick industrial company within the meaning of clause (O) of subject-section (1) of section(3) of the sick industrial companies (special provision) Act, 1985.

Place. Indore for KHANDELWAL KAKANI & CO.Date : 5th August, 2002 Chartered Accountant

SANTHOSH DESHMUKHPARTNER
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Simran Farms Ltd 2002

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