The Directors present their 28th Annual Report to their Shareholders together with the Audited Accounts for the year ended 30th September 2014.

FINANCIAL RESULTS:

The financial year ended 30th September 2014 resulted in a Net Loss of Rs. 47.94 lakhs as against the Net Loss of Rs. 56.19 lakhs during the previous year.

                                            2013-2014        2012-2013

                                                        (Rs. in lakhs)

Depreciation                                    26.13            26.32

Interest                                         0.03             0.01

Profit/(Loss) before taxation                 (47.94)          (56.19)

Provision for Taxation                            NIL              NIL

Net Profit/(Loss) after Tax                   (47.94)          (56.19)

Balance brought forward                      (377.47)         (321.28)

                                             (425.41)         (377.47)

Balance carried to Balance Sheet             (425.41)         (377.47)

In the absence of profit during the year, your Directors express their inability to recommend any dividend for the year

PERFORMANCE AND PROSPECTS:

Prevailing market conditions is a cause of concern in the disposal of the assets of Floriculture. The management is confident of disposing of the assets for reasonable price in the near future.

DIRECTORS:

There is no change in the Constitution of the Board.

Mr. T M Srinivasan retires by rotation at the ensuing Annual General Meeting and is eligible for re-appointment.

DIRECTORS' RESPONSIBILITY STATEMENT:

Pursuant to Section 217(2AA) of the Companies (Amendment) Act, 2000 the Directors confirm that:

i) in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures;

ii) the Directors had selected such accounting policies and applied them consistently and made judgements 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 profit or loss of the Company for that period;

iii) the Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

iv) the Directors had prepared the annual accounts on a going concern basis.

AUDITORS:

M/s P.B. Vijayaraghavan & Company, Chartered Accountants retire at the ensuing Annual General Meeting and have confirmed their eligibility and willingness to accept office, if re-appointed.

FIXED DEPOSITS:

The Company has not accepted any deposits within the meaning of Section 58A of the Companies Act, 1956 and the rules made there under.

EMPLOYEE PARTICULARS:

None of the personnel in the Company was in receipt of remuneration in excess of the limits prescribed in Section 217(2A) of the Companies Act, 1956 and the Companies (Particulars of Employees) Rules 1975 as amended during the year under review.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO:

The Company has no activity relating to conservation of energy or technology absorption. There is no foreign exchange earnings and outgo during the year.

CORPORATE GOVERNANCE:

Pursuant to Clause 49 of the Listing Agreement with Stock Exchanges, a report on Corporate Governance along with Certificate of the compliance from the Auditors is included as part of the Annual Report.

ACKNOWLEDGEMENTS:

Your Directors thank the Bankers for their continued support to the Company.

The Directors also wish to place on record their appreciation for the hard work put in by the employees at all levels.

                                                  By Order of the Board
CHENNAI                                               K .C. RAGHUNATHAN
30.01.2015                                 Chairman & Managing Director