NORTH EASTERN REGIONAL AGRICULLTURAL ......Under CSR activities the Corporation has donated its two refrigerated vans to Akshaya Patra Foundation, a public charitable trustengagedin

NORTH EASTERN REGIONAL AGRICULLTURALMARKETING CORPORATION LIMITED

TWENTY NINE ANNUAL REPORT2010-2011

NORTH EASTERN REGIONAL AGRICULTURALMARKETING CORPORATION LIMITED, GUWAHATI

29th ANNUAL REPORT

* Board of Directors..............................................1* Notice................................................................2* Directors' Report..........................................3 -11* Comments of the Comptroller& Auditor General of India...............................12

* Auditors Report.........................................13 -17* Management Replies................................18 -23* Financial Accounts forthe year 2010-11........................................24 -58

CONTENTS

BOARD OF DIRECTORSAs on 31st March 2011

CHAIRPERSON MANAGING DIRECTOR

AUDITORS REGISTERED OFFICEBANKERS

DIRECTOR

Shri P. K. Pattanaik, IASJoint Secretary to the Govt. Of India

Ministry of Development ofNorth Eastern Region

C. L. MahantaProfessor

Department of Food Engineering& Technology

Tezpur University

State Bank of India

United Bank of India

Axis BankUCO Bank

Syndicate Bank

Punjab National Bank

ICICI Bank

Raj Bari Path, G. S. Road,

Ganeshguri, Dispur,

Guwahati-781 005 (Assam)

M/s. Bhawani Sharma & Co.Chartered Accountants

Near Sahida Market, LakhtokiaS. S. Road, Guwahati-1

Shri S. Bhattacharjee

Annual Report 2010-11 01


Place : GuwahatiDate : 06 /09/11

1) All members of the Company.2) M/s. Bhawani Sharma & Co., Chartered Accountants

Near Sahida Market, S.S.RoadLakhtokia, Guwahati-781 007

Cc to : All Directors.

(A GOVERNMENT OF INDIA ENTERPRISE)

9, Rajbari Path, G. S. Road, Ganeshguri, Guwahati - 781 005, Assam, IndiaTelephone : (0361) 2341427, Tele fax : (0361) 2341428

E-mail:Website:

[email protected]

By Order of the Board of Directors

S. BhattacharjeeManaging Director

Sd/-

1) To receive, consider and adopt the Directors’ Report and Audited Accounts for the yearended 31-03-2011.

2) Any other business that may ordinarily be transacted with the permission of the Chair.

Notice is hereby given that the for the year 2010-2011 of North Eastern RegionalAgricultural Marketing Corporation (NERAMAC) Limited will be held on

. at the Registered Office of the Corporation, at 9, Rajbari Path, G.S. Road, Ganeshguri, Guwahati-781 005to transact the following business :-

29 Annual General Meeting9 September, 2011 (Friday) at

1700 Hrs

th

th

NOTES:AMEMBER ENTITLED TOATTENDAND VOTEAT THE MEETING IS ENTITLED TOAPPOINTAPROXY

TOATTENDAND VOTE INSTEAD OF HIMSELF/HERSELFAND THE PROXY NEED NOT BEAMEMBER OFTHE COMPANY. IN ORDER TO BE EFFECTIVE, THE PROXY FORM DULY COMPLETED SHOULD BEDEPOSITED AT THE REGISTERED OFFICE OF THE COMPANY NOT LESS THAN FORTY-EIGHT HOURSBEFORETHE SCHEDULED TIMETOTHEANNUALGENERALMEETING.

N O T I C E


DIRECTORS’ REPORTTO

THE SHAREHOLDERSNORTH EASTERN REGIONALAGRICULTURAL MARKETING CORPORATION LTD.

FINANCIAL RESULTS

2010-2011 2009-2010Turnover 101.65 89.90Gross Profit 4.18 3.73

(Rupees in Crs.)

The Corporation achieved a turnover of Rs. 101.65 Crore during 2010 – 2011 as compared to Rs.89.90 crores during 2009-10. There was a resultant increase of 13% in turnover corresponding to lastyear. The Company during the year 2010 – 11 earned a gross profit of Rs. 4.18 crores as compared tothat of Rs. 3.73 crore during the previous year, resulting in an increase of 12%.

The Authorized Share Capital of the company as on 31/3/2011 remains same as in the previous yearand stood at Rs. 10.00 Crore.

The Paid up Capital of the company as on 31/3/2011 remains same as in the previous year and stood atRs. 7.62 Crore.

In view of non divisible profit during the year, no dividend has been recommended.

1. SHARE CAPITAL

i) FRUIT JUICE CONCENTRATION PLANT, NALKATA

ii) CASHEW PROCESSINGUNIT, AGARTALA

iii) GINGER PROCESINGPLANT, BYRNIHAT

iv) PROCUREMENT & MARKETING ACTIVITIES

The Fruit Juice Concentration Plant at Nalkata processed 270.38 MT of pineapple during the year 2010-2011 as againstprocessingof 587.43MT of pineapple during theyear 2009–2010.

The Cashew Processing Unit at Agartala processed 56.00 MT of raw cashewnut and produced 11.25MT of finished product during the year 2010-2011 as against production of 52.30 MT raw cashewnut& 11.20 MT of finished product during the year 2009-2010

Ginger Processing Plant at Byrnihat processed 113.33 MT of fresh Ginger to produce fresh gradedginger, oil & powder saleable valued at Rs. 7.18 lacs during the year 2010 – 11 in comparison to that of184 MT of fresh ginger during 2009-10 with value of Rs. 13.72 lacs.

Main thrust of the Corporation is the Procurement and MarketingActivities .Corporation has procureditems like fresh pineapple, ginger, large cardamom, bayleaves, cashewnuts and marketed them outsidethe region. Corporation has also marketed various other items like as processed products, maize,Ground Nut Cake, input supplies like fertilizer, assorted seeds, planting materials etc. during this year.

2. DIVIDEND

3. PHYSICAL PERFORMANCE

The Board of Directors has pleasure in placing 29 Annual Report and Audited Statements of Accounts for theyear ended 31st March, 2011.

th


Initiating in the procurement and marketing in the minimum supply was of great importance duringthis fiscal year through National Horticultural Mission, Horticultural Mission for North-East & HillsStates (HMNEHS) Integrated Child Development Scheme (ICDS) programmes.

The total turnover on procurement & marketing activities was Rs.100.99 Crores during 2010– 2011asagainst Rs 88.98 Crores during 2009-2010.

NERAMAC under the sponsorship of Ministry of Food Processing Industries, Government ofIndia conducted twelve numbers of capacity building programmes on Product Specific atKarimganj, Kailashahar, Morigaon, Rongli, Gayzing, Tura, Imphal, Churachandpur, Sairang,Dimapur, Roing, Tinsukia.

*V) OTHER INITIATIVES

* NERAMAC under the sponsorship of Ministry of Food Processing Industries, Government of Indiaconducted three numbers of Food Processing Investors Meet at Dimapur, Gangtok and Imphal.

* NERAMAC under the sponsorship of Ministry of Food Processing Industries, Government of Indiaconducted Fruit Wine & its Commercialization at Shillong.

At Gyazing, West Sikkim

At Imphal, Manipur At Gangtak, Sikkim At Dimapur, Nagaland

At Marigaon, Assam At Tura, Meghalaya


*NERAMAC under the sponsorship of Ministry of Development of North Eastern Region (DoNER),Government of India conducted ten numbers of Capacity Building cum Awareness Programe on PostHarvest Management of Perishable Agro-Horti Produces & Seminar on Fruit Processing at Jorhat,Karimganj, Gangtok,Agartala, Dimapur, Itanagar,Aizawl, Shillong, Tura, Imphal.

* NERAMAC under the sponsorship of North Eastern Council (NEC) conducted a trainingprogram onAgricultural Marketing and Management at NIAM, Jaipur.

* NERAMAC under the sponsorship of North Eastern Council (NEC) organized a Two Day Seminarcum Workshop on Capacity Building for Executives on Strategic Management at Shillong.

* NERAMAC in association withAmerican SoybeanAssociation International Marketing conductedtwo awareness programmes at Tezpur & Kohima.

At Gangtak, Sikkim

At Tezpur, Assam Participants at Kohima, Nagaland At Kohima, Nagaland

At Manipur, Imphal At Shillong, Meghalaya


* NERAMAC participated in India Pack -2010 Exhibition in Mumbai, International Conference onAgricultural Marketing in Changing Global Economic Order at Mysore,Aahar 2011 in New Delhi.

* NERAMAC in Association with Society for Energy, Environment & Development (SEED)organized a one day workshop on Rural Solar Food ProcessingTechnology at Guwahati.

*

*

*

NERAMAC in association with Indian Institute of Packaging, Mumbai conducted three programsat Tezpur,Aizawl and Imphal.

Under CSR activities the Corporation has donated its two refrigerated vans to Akshaya PatraFoundation, a public charitable trust engaged in implementing the mid day meal program of Govt. ofIndia during the financial year.

NERAMAC under PPP mode has set up a compost plant for Agro Horticultural Wastes nearGuwahati for production of Vermi Compost.

Company's overall regular manpower strength is at 44; contractual manpower strength is 24 andcasual manpower strength is 27 as on 31/03/2011. Industrial relations of the Company remainedsatisfactory during the year under review.

The company pursued the policy of Government of India on implementation of official language. A weeklong Hindi week was organized by NERAMAC at the Corporate Office of NERAMAC during fiscal year2010-11.Quarterlymeetinghasalsobeenconductedpertainingtoimplementationof theofficial language.

4. PERSONNEL AND INDUSTRIAL RELATIONS

5. IMPLEMENTATION OF OFFICIAL LANGUAGE

NERAMAC Stall at Aahar, 2011NERAMAC Stall at India Pack, 2010 NERAMAC delegation in InternationalConference onAgricultural Marketing, Mysore


6.

7.

8.

9.

10.

11.

12.

PARTICULARS OF THE EMPLOYEES

DIRECTORS RESPONSIBILITY STATEMENT

AUD TORS

COMMENTS ON THEACCOUNTS BYTHE COMPTROLLER &AUDITORS GENERAL OF INDIA

CORPORATE GOVERNANCE

DIRECTORS

ACKNOWLEDGEMENT

I

Shri K. N. Hazarika - 30/06/2010

Shri. S C Sharma - 25/01/2011

Number of employees who are in receipt of emoluments aggregating to Rs. 24,00,000 per annum orRs. 2,00,000 per month as per Companies (Particulars of Employees) Rules, 1975 is Nil.

i. That in the preparation of the annual accounts, the applicable accounting standards had beenfollowed to the best possible extent along with proper explanation relating to material departures.

ii. That the Directors had selected such accounting policies and applied them consistently and madejudgments and estimates that are reasonable and prudent so as to give a true and fair view of the state ofaffairs of the Company at the end of the financial year and of the profit and loss of the Company forthat period.

iii. That the Directors had taken proper and sufficient care for the maintenance of adequate accountingrecords in accordance with the provisions of this Act for safeguarding the assets of the Company andfor preventing and detecting fraud and other irregularities.

iv. That the Directors had prepared theAnnualAccounts on a going concern basis.

Guwahatiwere appointed by the Company LawBoardasAuditorof theCorporation forthefinancialyear2010-2011undersection 619(2)of theCompaniesAct,1956.Company'srepliestotheobservationsmadeintheirreportareannexedtothisreport.

Comments from the Office of the Comptroller &Auditor General of India under Section 619 (4) of theCompanies Act, 1956 on the Accounts of the Corporation for the year ended 31 March 2011 areannexed to this report.

Though the Company has initiated adopting the Corporate Governance practice but as the Board ofDirectors needs to be restructured which is pending with the Administrative Ministry it could not beadopted fully. The detail in this regard forming part of this report is enclosed vide .

The following changes took place amongst Directors of the company during 2010-2011.

The Directors wish to place on record their gratitude to the Ministry of Development of North Eastern Region(DoNER), Ministry of Food Processing Industries (MoFPI), North Eastern Council and various Ministries andDepartments of the Government of India, to the various constituent State Government of the North EasternRegion, Banks, Co-operatives, other Public Bodies and Corporations who had extended their co-operation andvaluable guidance during the year under review. The Board is also thankful to auditors of the Company, the

M/s. BhawaniSharma & Co., CharteredAccountants,

Annexure-A

st

Cessation of Director due to relinquishment of charges


Comptroller & Auditor General of India, the Registrar of Companies for their valuable guidance andadvice.

The Directors would like to place on record the appreciation of all the shareholders of the Companyfor their continued support and guidance.

The Directors of the Company would also like to acknowledge the commitment, dedication, devotionand contribution of NERAMAC employees at all levels, which are the backbone of the Company, fortheir extraordinary performance, which enabled the company to achieve substantive improvements inperformance and results both physical and financial and also in achievement of targets in time.

On behalf of the Board of Director

Sd/-

Managing DirectorS. Bhattacharjee

Date:06-09-2011Place : Guwahati


REPORT ON CORPORATE GOVERNANCE

The Directors present the Company's Report on Corporate Governance as on 31.03.2011.

Though the Company has initiated adopting the Corporate Governance practice but as the Board ofDirectors needs to be restructured which is pending with the Administrative Ministry it could not be adoptedfully The Corporate Governance shall be based on the principles of integrity, fairness, equity, transparency,accountability and commitment to values that governs relationship with all its stakeholders and attainingmaximum level of enrichment of the enterprise. The said practice of Corporate Governance shall stem from itsprofessionalism. NERAMAC trust on the conduct of its business activities and enhance the value of all thosewho are associated with the Company viz. Shareholders, Customers, Vendors, Government of India, Ministry ofDevelopment of North Eastern Region, Ministry of Food Processing Industries, North Eastern Council,Department of Public Enterprises, various State Governments of North East, other GovernmentAgencies/Departments and the society at large.

The composition of the Board Directors needs to be restructured which is pending with the AdministrativeMinistry. The Board of Directors oversees all major actions proposed to be taken by the Company.

(i) Functional Directors including MD (Whole time) 1(ii)PartTime Government Directors 1(iii) Part Time Non-Official Directors 1

------Total 3

------

The terms, conditions and tenure of appointment of Managing Director as well as Full-time and Part-timeDirectors are decided by the Government of India.

The Board Meets statutorily and also as many times as may be warranted. The Board Meetings are held notonly at company's Registered Office at Guwahati, but also at Ministry of Development of North Eastern Region(DoNER) at New Delhi. The Company Secretary serves as Secretary to the Board Meetings.

The Managing Director is paid monthly remuneration as fixed by Government of India. The Part Time Non-Official Directors are paid sitting fees for attending each meeting of the Board of Directors. The Company bears allthe expenditure of the Part Time Government Directors and Part Time Non-Official Directors for attending the BoardMeetings.

1.0 BOARD OF DIRECTORS:

1.1 Composition of Board of Directors (as on 31.03.2011):

1.2 Terms&ConditionsofappointmentofBoardMember:

1.4 Board Meetings:

1.3 Remuneration / Compensation to Board of Directors:

ANNEXURE-A


1.5 Number of Board Meetings :

During the year 2010-11, Four (4) Meetings were held, the details of which are given below:

Particulars of the Directors including their attendance at the Board Meetings from 1 April, 2010 to31 March, 2011.

st

st

Sl.No Date of Meeting Board Strength No. of Directors Present

1 25/05/2010 5 4

2 24/09/2010 4 3

3 14/12/2010 4 3

4 31/03/2011 3 3

Part Time GovernmentDirectorsPart Time GovernmentDirectors

Shri P.K Pattanaik, IASJoint SecretaryMinistry of Developmentof North Eastern Region& Chairman (Ex Officio)NERAMAC Ltd

Shri. S. Bhattacharjee,Managing Director,NERAMAC

KashiNathHazarika,CMD, North EasternDevelopment FinanceCorporation Limited &Director NERAMAC Ltd.Shri.S.C.Sharma, Director,Ministry of Development ofNorth Eastern Region &Director NERAMAC Ltd

Prof. Charu LataMahanta ProfessorDepartment of FoodProcessing TechnologyTezpur University &Director NERAMAC Ltd.

01.04.2010-31.03.2011

01.04.2010-30.06.2010

01.04.2010-25.01.2011

01.04.2010-31.03.2011

Four

One

Three

Four

Nil

Two

Four

Four

01.04.2010-31.03.2011 Four Three

Period No. of Board Meetingsheld

No. of Board MeetingAttended

Part Time Non OfficalDirectors

Period No. of Board Meetingsheld

No. of Board MeetingAttended

PeriodFunctional Directors No. of Board Meetingsheld

No. Of Board MeetingAttended


2.0 BOARD COMMITTEES:

2.1 Audit Committee

2.2 Remuneration Committee

3.0 GENERALBODY MEETING:

Board of Directors needs to be restructured which is pending with the Administrative Ministry so the AuditCommittee could not be constituted.

The details of the last three and of the current yearAnnual General Meeting of the company are as follows

The Corporation is not required to constitute the Remuneration Committee as the Scale of Pay 2007 has not beenimplemented in the Corporation.

Year

2007-2008

2008-2009

2009-2010

2010-2011

17.09.2008

23.09.2009

24.09.2010

09.09.2011

1130 Hrs

1600 Hrs

1800 Hrs

1700 Hrs

Registered Office of theCorporation at 9 RajbariPath, G. S. Road,Ganeshguri, Guwahati781 005, AssamRegistered Office of theCorporation at 9 RajbariPath, G. S. Road,Ganeshguri, Guwahati781 005, AssamRegistered Office of theCorporation at 9 RajbariPath, G. S. Road,Ganeshguri, Guwahati781 005, AssamRegistered Office of theCorporation at 9 RajbariPath, G. S. Road,Ganeshguri, Guwahati781 005, Assam

Date Time Venue

4.0 DISCLOSURES

4.1 Disclosure of accounting treatment

4.2 Compliance Certificate

All applicableAccounting Standards issued by the Institute of CharteredAccounts of India are being followed tothe best possible extent in the preparation of financial statements.

Compliance Certificate on the Financial Statements of the Company was placed before the Board.



COMMENTS OF THE COMPTROLLER AND AUDITOR GENERAL OF INDIA UNDER SECTION619(4) OF THE COMPANIES ACT, 1956 ON THE ACCOUNTS OF NORTH EASTERN REGIONALAGRICULTURAL MARKETING CORPORATION LIMITED, GUWAHATI FOR THE YEAR ENDED 31MARCH 2011.

The preparation of financial statements of North Eastern Regional Agricultural Marketing CorporationLimited, Guwahati for the year ended 31 March 2011 in accordance with the financial reporting frameworkprescribed under the Companies Act, 1956 is the responsibility of the Management of the company. TheStatutory Auditors, appointed by the Comptroller and Auditor General of India under Section 619(2) of theCompaniesAct, 1956, are responsible for expressing opinion on these financial statements under Section 227 ofthe Companies Act, 1956 based on independent audit in accordance with the Auditing and Assurance Standardsprescribed by their professional body, the Institute of CharteredAccountants of India. This is stated to have beendone by them vide theirAudit Report dated 12-08-2011.

I, on behalf of the Comptroller and Auditor General of India, have decided not to review the report of theStatutory Auditors on the Accounts of North Eastern Regional Agricultural Marketing Corporation Limited,Guwahati, for the year ended 31 March 2011 and as such have no comments to make under section 619(4) of theCompanies Act 1956.

For and on behalf of theComptroller & Auditor General of India

Sd/-

Principal Director of Commercial Audit& Ex-officio Member, Audit Board-I, Kolkata

Nandana MunshiPlace: KolkataDate: 23 August, 2011th


Head OfficeNear Sahida Market , S.S Road

Lakhtokia, Guwahati - 781001Phone : 2514394 (Off), 2514362 (Off)

Bhawani Sharma & Co.Chartered Accountants

ToThe Members ofNorth Eastern Regional Agricultural Marketing Corporation Limited.Guwahati

1. We have audited the attached Balance sheet of North Eastern Regional Agricultural MarketingCorporation Limited, as at 31 March 2011 the Profit and Loss Account and Cash Flow Statement for theyear ended on that date, annexed thereto. These financial statements are the responsibility of thecompany's management. Our responsibility is to express an opinion on these financial statements basedon our audit.

2. We conducted our audit in accordance with the auditing standards generally accepted in India. Thosestandards require that we plan and perform the audit to obtain reasonable assurance about whether thefinancial statements are free of material misstatements. An audit includes examining on a test basis,evidence supporting the amounts and disclosures in the financial statements. An audit also includesassessing the accounting principles used and significant estimates made by the management as well asevaluating the overall financial statement presentation. We believe that our audit provides a reasonablebasis for our opinion.

3. As required by the Companies (Auditor's Report) Order, 2003 issued by the Central Government ofIndia in terms of sub-section (4A) of section 227 of the CompaniesAct, 1956, we enclose inAnnexure-I astatement on matters specified in paragraph 4 and 5 of the said order and also our observation inAnnexure-II which are not Covered by said Order.

4. Further to our comments in theAnnexure referred to above we report that:a. We have obtained all the information and explanations, which to the best of our knowledge and

belief were necessary for the purposes of our audit.b.. In our opinion, the company has kept proper books of accounts as required by law so far as

appears from our examination of those books.c.. The Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report

are in agreement with the books of accounts.d. In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with

by this report comply with the accounting standards referred to in section 211(3C) of theCompaniesAct, 1956 except in the cases mentioned inAnnexure-II of the said order.

e. The Directors of the Government Companies were exempted by the provisions of Section274(1)(g) of the Companies Act, 1956, vide clarification issued by the Ministry of Law, Justice& Company Affairs vide No. 2/5/2001-CL.V; General Circular No. 8/2002 dated 22.03.2002.Thus requirement of the clause u/s 274(1)(g) of theAct is not applicable

f. Subject to our observation as stated above read with Schedule 15 & 16, in our and to the best ofour information and according to the explanations given to us, the said accounts give theinformation required by the Companies Act, 1956, in the manner so required and give a true andfair view in conformity with the accounting principles generally accepted in India:

1. In the case of Balance Sheet, of the state of affairs of the company as at 31 March 20112. In the case of the Profit & LossAccount, of the profit for the year ended on that date and3. In the case of the Cash Flow Statement, of the Cash Flow for the year ended on that date.

st

st

.

PLACE : GUWAHATICharteredAccountants

DATE : The 12 August, 2011 Sd/-S. Sharma, Partner

Membership No. 058352

For Bhawani Sharma & CO.

th

Auditors Report



ANNEXURE: I FORMING PART OF THE AUDITOR'S REPORT FOR THE YEAR ENDED 31 March 2011ST

1. (a) The Company has maintained proper records showing full particulars including Quantitativedetails and situation of the fixed assets.

(b) All the assets have not been physically verified by the management during the year but there is aregular program of verification which, in our opinion, is reasonable having regard to the size ofthe company and the nature of its assets. No material discrepancies were noticed on suchverification.

(c) The Company has not disposed off any fixed assets during the year. So going concern status doesnot affect the company.

2. (a) The inventory has been physically verified during the year at reasonable intervals by themanagement. In our opinion, the frequency of verification is reasonable.

(b) The procedures of physical verification of inventories followed by the management arereasonable and adequate in relation to the size of the company and nature of the business.

(c) The company is maintaining proper records of inventory except in case of perishable items likefruit products, rice bran, wheat bran etc. As reported, the discrepancies noticed on verificationbetween the physical books and the records were not material.

3. The company has neither taken nor granted any loans, secured or unsecured, from/to companies, firmsor other parties listed in the Register maintained under section 301 of the Companies Act, 1956. Assuch paragraphs (iii) (a), (b), (c) and (d) of the Order, are not applicable.

4. In our opinion and according to information and explanations given to us, there are adequate internalcontrol procedures commensurate with the size of the company and nature of the business with regard topurchases of the inventory, fixed assets and with regard to the sales of goods. During the course of ouraudit, we have not observed any continuing failure to correct major weaknesses in the internal controls.

5. The provision of paragraph 4(v) of the Companies (Auditor's Report) Order, 2003 are not applicable tothe company, as the company has not made any transaction that need to be entered in to a register inpursuance of section 301 of theAct.

6. The provision of paragraph 4(vi) of the Companies (Auditor's Report) Order, 2003 are not applicable tothe company as the company has not accepted any deposit from public within the meaning of section 58Aand 58 AAof theAct 1956 and the rules framed there under.

7. In our opinion, the company has an internal audit system commensurate with the size and nature of itsbusiness.

8. The provision of paragraph 4(vii) of the Companies (Auditor's Report) Order, 2003 are not applicable asCentral Government has not prescribed any rules for maintenance of cost records under section 209 (i)(d) of the CompaniesAct, 1956

Head OfficeNear Sahida Market , S.S Road


( Referred to in Paragraph 3 of our report of even date )

Re: North Eastern Regional Agricultural Marketing Corporation Limited.


9. (a) As per information and explanation given to us the Company is regular in depositing withappropriate authorities undisputed statutory dues including Provident Fund, Income Tax, SalesTax, and Professional Tax.

(b) As per information and explanation provided to us, no disputed amount was outstanding inrespect of Income Tax, Sales Tax, ProfessionalTax and Provident Fund.

10. It has been observed that the accumulated losses of the Company are not more than fifty percent of its NetWorth. The company has not incurred Cash loss during the financial year covered by ourAudit.

11. The provision of the paragraph 4 (xi) of the Companies (Auditor's Report) Order, 2003 are notapplicable, as the Company has not defaulted of repayment of dues to the financial institution for the loantaken. There were no debenture holders at any time during the year.

12. The provision of the paragraph 4 (xii) of the Companies (Auditor's Report) Order, 2003 is not applicableas the Company has not granted any loans and advances on the basis of security by way of shares,debentures and other securities.

13. The provision of the paragraph 4 (xiii) of the Companies (Auditor's Report) Order, 2003 are notapplicable to the Company as it is not Chit Fund or a Nidhi / Mutual Fund/Society

14. The provision of the paragraph 4 (xiv) of the Companies (Auditor's Report) Order, 2003 are notapplicable to the Company as the Company is not dealing or trading in shares, securities, debentures andother investments.

15. According to information and explanation given to us, the company has not given any guarantee for loanstaken by others from banks or financial institutions.

16. The provision of the paragraph 4 (xvi) of the Companies (Auditor's Report) Order, 2003 are notapplicable to the Company as the Company has not availed any term loans.

17. According to information and explanation given to us and on overall examination of the Balance Sheet ofthe Company, we report that the Company has not raised any fund either short term or long term.Therefore the provision of the Clause 4 (xvii) of the Companies (Auditor's Report) Order, 2003 are notapplicable to the Company.

18. The provision of the paragraph 4 (xviii) of the Companies (Auditor's Report) Order, 2003 are notapplicable to the Company since the Company is the Government Company.

19. The provision of the paragraph 4 (xix) of the Companies (Auditor's Report) Order, 2003 are notapplicable, as the Company has not issued any debentures during the year.

20. The provision of the paragraph 4 (xx) of the Companies (Auditor's Report) Order, 2003 are notapplicable, as the Company has not raised any money by public issue.

21. To the best of our knowledge and belief and according to information and explanation given to us, nofraud on or by the Company was noticed or reported during the year of audit.

PLACE : GUWAHATIDATE : The 12 August, 2011th

For Bhawani Sharma & CO.Chartered Accountants

Sd/-S. Sharma

PartnerMembership No. 058352


ANNEXURE : II - OBSERVATIONS ON ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2011ST

Re: North Eastern Regional Agricultural Marketing Corporation Ltd.

1. INTEREST ON UNSECURED LOANS :

2. SUNDRY DEBTORS :

3. SUBSIDY/GRANT- INAID:

4. LOANS &ADVANCES :

5. OTHER INCOME :

6. DEPRECIATION ON FIXEDASSETS :

It has been observed that the Corporation has out standing balance as on 31 March, 2011Rs.15,70,78,349/- (Inclusive of Principal amount of Rs.13,13,00,000.00 & Interest accrued & due thereonRs. 2,57,78,349.00) from DoNER, Govt. of India towards working capital. which carries interest at therate of 10.5%. -.Interest is to be charged on 50% of the principal amount & payment is to be made inequated monthly instalments over 20 years. Liability towards interest on above as on 31 March, 2011comes to Rs. 1,77,89,849.32/- which has not been charged to Profit & LossAccount but shown under thehead “Unsecured Loans” and “Receivables” thereby resulting an overstatement of Profit by Rs.1,77,89,849.32. As explained to us , the Corporation has approached the Ministry of DoNER to waivethe interest in-parity & convert the Loan into Equity. The matter is still pending with Ministry of Finance.

Sundry Debtors include Rs 1,93,87,502.26 receivable from parties outstanding for morethan three years, which include 1,09,82,957.67 related to various Government Department.As explainedto us no legal suits is initiated against such debtors. Legal suits was filed against only against 9 partiesinvolving amount of Rs.7210642.76 being same as reported in last year. Also these Sundry Debtors arewrongly classified as considered good. In our opinion adequate provision should be made against suchdebtors.

It has been observed that corporation has adjusted Rs 9900000/- as arrear subsidy from North EasternCouncil which was deducted as subsidy adjusted from Trade Purchase under “Material &Manufacturing Expenses” Further the corporation had credited 1/4 th of the opening balance ofSubsidy/Grant-in-Aid of Rs. 7,09,00,000/- to the Profit & Loss Account, Rs. 78,00000/- as SalesSubsidy, the basis of which is not determinable and which in our opinion, is not in conformity with of theAccounting Standard-12 issued by the Institute of CharteredAccountants of India.

Prepaid Insurance amounting to Rs.20674.00,Prepaid Rent amounting to Rs.66100.00 & PrepaidRenewal Fees amounting to Rs.25000.00 related to previous year are not transferred to Profit & LossAccount, thereby overstated Profit by Rs.111774.00.Also provision for current year are not made onInsurance, Rent etc.

Other Income Include Interest on Short Term Deposits of Rs. 1115143.00. TDS on interest on TermDeposit at Zonal Office, Assam Rs. 79826.00 is debited to Profit & Loss Account under the headmiscellaneous expenses, there by understated Profit by Rs.79826.00.

Depreciation on addition to fixed assets has not been provided on pro-rata basis. Addition to Fixed assetsunder Plant & Machinery for less than Rs.5000/- should be provided at the rate of 100% providedaddition to FixedAssets does not exeed 10% of the total value of fixed assets under that head.

st

st


. Head OfficeNear Sahida Market , S.S Road



7. CASH FLOW STATEMENT :

8. NON-COMPLIANCE WITHACCOUNTING STANDARDS :

The Cash Flow Statement has not been prepared under the method as set out in accounting Standard (AS-3) on “Cash Flow Statements” as notified by the Companies (Accounting Standard) Rules, 2006.

It has been observed that the following Accounting Standard issued by the Institute of CharteredAccountants of India from time to time have not been complied with in the preparation & presentation ofthe financial statement Moreover the impact on the revenue due to such deviation cannot be quantifiedaccurately.

a) AS-3 :- Cash Flow Statement

b) AS 6:- Depreciation Accounting In respect of addition to/deduction from the fixed assetsdepreciation is not charged on pro-rata monthly basis.

c) AS -12:- Accounting of Government Grants

d) AS -15:- Accounting for Retirement benefit in Financial Statement-Provision for, Leavesalary encashment etc has been provided on estimated basis. The company's obligation towardsretirement benefit etc recognised on the balance sheet date should be measured on the basis ofactuarial valuation carried out by third party actuaries at each balance sheet date.

e) AS - 22:- Accounting for Taxes on Income

9. Provision for Deferred Tax resulting from “timing difference” between book & taxable Profit has notbeen made.

Place: GuwahatiDate: 12 August,2011th

For BHAWANI SHARMA & CO.

Chartered Accountants

Shailendra Sharma (Partner)M.No.058352

Firm Registration No.314006E


Para 1 (a) toAuditor’s Report

Para 1 (b) toAuditor's Report

Para 1 (c) toAuditor's Report


Para 2 (b) toAuditor’s Report

Para 2 (c) toAuditor’s Report


The Company has maintained proper recordsshowing full particulars including Quantitativedetails and situation of the fixed assets.

All the assets have not been physically verified bythe management during the year but there is aregular program of verification which, in ouropinion, is reasonable having regard to the size ofthe company and the nature of its assets. Nomaterial discrepancies were noticed on suchVerification.

The Company has not disposed off any fixedassets during the year. So going concern statusdoes not affect the company.

The inventory has been physically verified duringthe year at reasonable intervals by themanagement. In our opinion, the frequency ofverification is reasonable.

The procedures of physical verification ofinventories followed by the management arereasonable and adequate in relation to the size ofThe company and nature of the business.

The company is maintaining proper records ofinventory except in case of perishable items likefruit products, rice bran, wheat bran etc. Asreported, the discrepancies noticed on verificationbetween the physical books and the records werenot material.

The company has neither taken nor granted anyloans, secured or unsecured, from/to companies,firms or other parties listed in the Registermaintained under section 301 of the CompaniesAct, 1956. As such paragraphs (iii) (a), (b), (c) and(d) of the order, are not applicable.

No Comments

No Comments

No Comments

No Comments

No Comments

No Comments

No Comments

Replies ofManagement

Extracts of the concernedPara of Auditors Report

Para ofAuditor's Report

NORTH EASTERN REGIONAL AGRICULTURALMARKETING CORPORATION LIMITED,GUWAHATIReplies of the Management on the observations made by theStatutory Auditors in Annexure I : to their report 2010-2011


Para 4 toAuditor’s Report

Para 5 toAuditor's Report





Para 9 (b) toAuditor’s Report

In our opinion and according to information and explanationsgiven to us, there are adequate internal control procedurescommensurate with the size of the company and nature of thebusiness with regard to purchases of the inventory, fixedassets and with regard to the sales of goods. During thecourse of our audit, we have not observed any continuingfailure to correct major weaknesses in the internal controls.

The provision of paragraph 4(v) of the Companies (Auditor'sReport) Order, 2003 are not applicable to the company, asthe company has not made any transaction that need to beentered in to a register in pursuance of section 301 of theAct.

The provision of paragraph 4(vi) of the Companies (Auditor'sReport) Order, 2003 are not applicable to the company as thecompany has not accepted any deposit from public within themeaning of section 58 A and 58 AA of the Act 1956 and therules framed there under.

In our opinion, the company has an internal audit systemcommensurate with the size and nature of its business.

The provision of paragraph 4(vii) of the Companies (Auditor'sReport) Order, 2003 are not applicable as Central Governmenthas not prescribed any rules for maintenance of cost recordsunder section209 (i) (d) of theCompaniesAct,1956.

As per information and explanation given to us, the companyis regular in depositing with appropriate authoritiesundisputed statutory dues including Provident Fund, IncomeTax, Sales Tax and Professional Tax .

As per information and explanation provided to us, nodisputed amount was outstanding in respect of Income Tax,Sales Tax, ProfessionalTax and Provident Fund.

No Comments

No Comments

No Comments

No Comments

No Comments

No Comments





It has been observed that the accumulated losses of theCompany are more than fifty percent of its Net Worth. TheCompany has also incurred cash losses during the financialyear covered by our audit.

The provision of the paragraph 4 (xi) of the Companies(Auditor's Report) Order, 2003 are not applicable, as theCompany has not defaulted of repayment of dues to thefinancial institution for the loan taken. There were nodebenture holders at any time during the year.

The provision of the paragraph 4 (xii) of the Companies(Auditor's Report) Order, 2003 is not applicable as theCompany has not granted any loans and advances on thebasis of security by way of shares, debentures and othersecurities.

The provision of the paragraph 4 (xiii) of the Companies(Auditor's Report) Order, 2003 are not applicable to theCompany as it is not Chit Fund or a Nidhi/MutualFund/Society.

No Comments

No Comments

No Comments

No Comments




No Comments












The provision of the paragraph 4 (xiv) of the Companies(Auditor's Report) Order, 2003 are not applicable to theCompany as the Company is not dealing or trading in shares,securities, debentures and other investments.

According to information and explanation given to us, thecompany has not given any guarantee for loans taken byothers from banks or financial institutions.

The provision of the paragraph 4 (xvi) of the Companies(Auditor's Report) Order, 2003 are not applicable to theCompany as the Company has not availed any term loans.

According to information and explanation given to us and onoverall examination of the Balance Sheet of the Company, wereport that the Company has not raised any fund either shortterm or long term. Therefore the provision of the Clause 4(xvii) of the Companies (Auditor's Report) Order, 2003 are notapplicable to the Company.

The provision of the paragraph 4 (xviii) of the Companies(Auditor's Report) Order, 2003 are not applicable to theCompany since the Company is the Government Company.

The provision of the paragraph 4 (xix) of the Companies(Auditor's Report) Order, 2003 are not applicable, as theCompany has not issued any debentures during the year.

The provision of the paragraph 4 (xx) of the Companies(Auditor's Report) Order, 2003 are not applicable, as theCompany has not raised any money by public issue.

No Comments

No Comments

No Comments

No Comments

No Comments

No Comments

No Comments


To the best of our knowledge and belief and according toinformation and explanation given to us, no fraud on or by theCompany was noticed or reported during the year of audit.

No Comments





INTEREST ON UNSECURED LOANS :

It has been observed that the Corporation has outstandingbalance as on 31 March, 2011 Rs. 15,70,78,349/-(Inclusive of Principal amount of Rs. 13,13,00,000/- &Interest accrued & due thereon Rs. 2,57,78,349/-) fromDoNER, Govt. of India towards working capital whichcarries interest at the rate of 10.5%. Interest is to be chargedon 50% of the principal amount and payment is to be madein equated monthly installments over 20 years. Liabilitytowards interest on above as on 31 March, 2011 comes toRs.1,77,89,849.32 which has not been charged to Profit &LossAccount but shown under the head “Unsecured Loans”and “Receivables” thereby resulting an overstatement ofProfit by Rs.1,77,89,849.32. As explained to us, theCorporation has approached the Ministry of DoNER towaive the interest in-parity & convert the Loan into Equity.The matter is still pending with Ministry of Finance.

st

st

SUNDRY DEBTORS :

Sundry Debtors include Rs. 1,93,87,502.26 receivable fromparties outstanding for more than three years, which include1,09,82,957.67 related to various Government Department.As explained to us no legal suits in initiated against suchdebtors. Legal suits was filed against only 9 partiesinvolving amount of Rs. 72,10,642.76 being same asreported in the last year. Also these Sundry Debtors arewrongly classified as considered good. In our opinionadequate provision should be made against such debtors.

SUBSIDY/GRANT- INAID :

It has been observed that corporation has adjusted Rs99,00,000/- as arrear subsidy from North Eastern Councilwhich was deducted as subsidy adjusted from TradePurchase under “Material & Manufacturing Expenses”.Further the corporation had credited ¼ of the openingbalance of Subsidy/Grant-in-Aid of Rs. 7,09,00,000/- to theProfit & LossAccount, Rs. 78,00,000/- as Sales Subsidy, thebasis of which is not determinable and which in our opinion,is not in conformity with of the Accounting Standard-12issued by the Institute of CharteredAccountants of India.

th

Ministry of DoNER wasapproached to waive theinterest @10.5% onworking capital support ofRs. 13.13 Cr in parity withthe working capital loan ofRs. 2.00 Cr given throughNEDFI free of interest Thisfollowed by our letter No.180/Susidy/ Acctts/607dated20.08.2010askingforc l a r i f i c a t i o n f r o mAdministrative Ministry.Ministry of DoNER videletter No 1/20/2010-NERAMAC(DoNER)dated4.2.2010 informed that thematterisbeingtakenupwithMinistry of finance andadvicetomaintainthestatusquo in accordance with theexisting policy of theCompany.

M a n a g e m e n t h a sinitiated follow up actionwith the advocates forrecovery of outstandingd u e s . N e c e s s a r yprovisions would bemade for any unrealizedamount in the next year'saccounts wi th dueapprovalof theboard.

Thecompanyhascarried outtheadjustmentofArrearSalesSubsidy in the books throughProfit & Loss appropriationAccount during 2007-08 to2010-11. However thisamount was not directlycredited to Profit & LossAccounts. As this subsidypertains not to a singlefinancial year but for severalyears. Likewise the subsidywas also sought to beadjusted over several yearsthrough the Profit & LossAppropriationAccount inviewoftaxation,dividendetc






Replies of the Management on the observations made by theStatutory Auditors in Annexure II : to their report 2010-2011






LOANS & ADVANCES :

OTHER INCOME :

DEPRECIATION ON FIXEDASSETS :

CASH FLOW STATEMENT :

NON-COMPLIANCE WITH ACCOUNTINGSTANDARDS :

Noted. Necessarycorrections will bemade in next year'saccounts.

No Comments

Noted

Noted forcompliance.

Noted forcompliance.

In view of accumulatedlosses as on 31.03.211,provision for DeferredTax has not been made.





Prepaid Insurance amounting to Rs. 20,674/-, PrepaidRent amounting to Rs. 66,100/- & Prepaid Renewal Feesamounting to Rs. 25,000/- related to previous year are nottransferred to Profit & Loss Account, thereby overstatedProfit by Rs. 1,11,774/-.Also provisions for current year arenot made on Insurance, Rent etc.

Other Income include Interest on Short Term Deposits ofRs. 11, 15,143/-. TDS on interest on Term Deposit at ZonalOffice, Assam Rs. 79,826/-is debited to Profit & LossAccount under the head miscellaneous expenses, therebyunderstated Profit by Rs. 79,826/-

Depreciation on addition to fixed assets has not beenprovided on pro-rata basis. Addition to Fixed assets underPlant & Machinery for less than Rs 5000/- should beprovided at the rate of 100% provided additional to FixedAssets does not exceed 10% of the total value of fixedassets under that head.

The Cash Flow Statement also not been prepared underthe method as set out in accounting Standard (AS-3) on“Cash Flow Statements” as notified by the Companies(Accounting Standard) Rules, 2006.

Provision for Deferred Tax resulting from “timingdifference” between book & taxable Profit has not beenmade.

It has been observed that the following AccountingStandard issued by the Institute of Chartered Accountantsof India from time to time have not been complied with inthe preparation & presentation of the financial statement.Moreover the impact on the revenue due to such deviationcannot be quantified accurately.

a) AS-3 :- Cash Flow Statementb) AS-6:- Depreciation Accounting In respect ofaddition to/deduction from the fixed assets depreciation isnot charged on pro-rata monthly basis.c) AS-12:- Accounting of Government Grantsd) AS-15:- Accounting for Retirement benefit inFinancial Statement-Provision for, Leave salaryencashment etc has been provided on estimated basis.The company's obligation towards retirement benefit etcrecognized on the balance sheet date should be measuredon the basis of actuarial valuation carried out by third partyactuaries at each balance sheet date.



COMMENTS OF THE COMPTROLLER AND AUDITOR GENERAL OFINDIA UNDER SECTION 619(4) OF THE COMPANIES ACT, 1956 ONTHE ACCOUNTS OF NORTH EASTERN REGIONAL AGRICULTURALMARKETING CORPORATION LIMITED, GUWAHATI FOR THE YEARENDED 31 MARCH 2011.

The preparation of financial statements of North Eastern Regional AgriculturalMarketing Corporation Limited, Guwahati for the year ended 31 March 2011 inaccordance with the financial reporting frame work prescribed under the CompaniesAct,1956 is the responsibility of the Management of the company. The statutory auditors,appointed by the Comptroller and Auditor General of India under Section 619(2) of theCompanies Act, 1956, are responsible for expressing opinion on these financialstatements under Section 227 of the Companies Act, 1956 based on independent auditin accordance with the auditing and assurance standards prescribed by theirprofessional body, the Institute of Chartered Accountants of India. This is stated to havebeen done by them vide theirAudit Report dated 12 July 2011.

I, on behalf of the Comptroller and Auditor General of India, have decided not to reviewthe report of the Statutory Auditors on the Accounts of North Eastern RegionalAgricultural Marketing Corporation Limited, Guwahati, for the year ended 31 March 2011and as such have no comments to make under section 619(4) of the Companies Act1956.

No Comments


Extract of the Comments made by The Comptroller andAuditor General of India


REPLIES OF THE MANAGEMENT ON THE OBSERVATIONS MADEBY THECOMPTROLLER AND GENERAL OF INDIA IN ANNEXURE TO THEIR

REPORT 2010-2011


I)

1.

2.

GRAND TOTAL 255,245,671.06 235,155,822.06

II)

1. FIXED ASSETS

As at March As at March31, 2011 31, 2010(Rupees) (Rupees)

Schedule

(a) SHARE CAPITAL 1 76,200,000.00(b) MARKETING SUPPORT / SALES SUBSIDY 2 21,967,322.06

3 157,078,349.00 119,288,500.00

(a) GROSS BLOCK 4 67,696,905.08 66,693,221.08(b) LESS : DEPRECIATION 50,035,113.43 47,976,695.43(c) NET BLOCK 17,661,791.65 18,716,525.65(d) CAPITAL WORK IN PROGRESS 17,504,462.17 3,292,957.32

35,166,253.82 22,009,482.97

SOURCES OF FUND

SHARE HOLDERS FUNDS

LOAN FUND

APPLICATION OF FUNDS

76,200,000.0039,667,322.06

UNSECURED

Sd/-C. L. Mahanta

Director

Sd/-S. BhattacharjeeManagingDirector

Sd/-S. Sharma


Chartered Accountant

BALANCE SHEET AS AT 31ST MARCH, 2011


2.

LESS :

3.

GRAND TOTAL 255,245,671.06 235,155,822.06

(a) INVENTORIES 5 4,020,850.00 8,643,458.46(b) SUNDRY DEBTORS 6 143,766,746.26 179,007,972.82(C) LOANS & ADVANCES 7 192,698,210.42 131,072,587.00(D) CASH & BANK BALANCES 8 54,783,753.62 54,006,304.03

395,269,560.30 372,730,322.31

CURRENT LIABILITIES 9 228,109,331.86 227,145,509.33

NET CURRENT ASSETS 167,160,228.44 145,584,812.98

(a) (TO THE EXTENT NOT WRITTEN OFF OR ADJUSTED)

(i) PRELIMINERY EXPENSE 5,474,309.00LESS : WRITTEN OFF 1,094,862.00 4,379,447.00 3,956,535.00

(ii) DEFERRED REVENUEEXPENDITURE 759,957.00LESS : WRITTEN OFF 352,146.00 407,811.00 726,908.00

(b) PROFIT & LOSS ACCOUNT 48,131,930.80 62,878,083.11

ACCOUNTING POLICIES 15

NOTES TO ACCOUNTS 16

CURRENT ASSETS, LOANS & ADVANCES

CURRENT LIABILITIES & PROVISIONS

MISC. EXPENDITURE :

Sd/-C. L. Mahanta

Director


Sd/-S. Sharma





As at March As at March31, 2011 31, 2010(Rupees) (Rupees)

I. Schedule

(a) SALES 10 999,076,355.11 896,518,127.50(b) OTHER INCOME 11 17,413,915.00 2,467,835.80

II.

(a) MATERIALS & MFG. EXPENSES 12 974,661,830.22 861,637,928.29(b) ESTABLISHMENT & ADMN. EXPENSES 13 14,387,378.06 9,895,312.74(c) EXPENSES ON PERSONNEL 14 20,803,277.55 18,663,263.79(d) DEPRECIATION 2,058,418.00 2,282,041.00(e) PRELIMINARY EXPENSES WRITTEN OFF 1,094,862.00 1,190,039.00(f) DEFERRED REVENUE EXPENDITURE WRITTEN OFF 352,146.00 3 45,536.00(g)

1,019,357,911.83 894,014,120.82

LESS :

III. PRIOR PERIOD ADJUSTMENT (NET) 17 9,813,794.03 17,613,794.03IV SALES SUBSIDY 7,800,000.00

V NET PROFIT DURING THE YEARVI BALANCE OF LOSS BROUGHT FORWARD

FROM THE PREVIOUS YEAR 62,878,083.11 74,076,709.44VII BALANCE IN PROFIT & LOSS ACCOUNT 48,131,930.80

INCOME

EXPENDITURE

TOTAL 1,016,490,270.11 898,985,963.30

TOTAL

14,746,152.31 11,198,626.33

SCHEDULES AND NOTES ATTACHED FORM AN INTEGRAL PART OF ACCOUNTS

PROVISION FOR TAXATION 6,000,000.00 -

6,226,783.85

62,878,083.11VIII EARNING PER SHARE 194.00 -

1,001,744,117.80 887,787,336.97

Sd/-C. L. Mahanta

Director


Sd/-S. Sharma



PROFIT & LOSS ACCOUNT FOR THE YEAR ENDING 31st MARCH 2011



SHARE CAPITAL

Authorised

ISSUED & SUBSCRIBED

100000 Equity shares of Rs.1000/- each

76200 Equity shares of Rs.1000/- each

Total

As at March, 312011

(Rupees)

76,200,000.00

100,000,000.00

100,000,000.00

76,200,000.00

As at March, 312010

(Rupees)

76,200,000.00

100,000,000.00

100,000,000.00

76,200,000.00

Sd/-C. L. Mahanta

Director


Sd/-S. Sharma



SCHEDULE (1) FORMING PART OF THE BALANCE SHEET AS AT 31.03.2011



SUBSIDY / GRANT-IN-AID

Sales Subsidy 86,644,000.00

Less : Adjusted / Transferred 65,592,000.00

VRS (National Renewal Fund)

Total

As at March, 312011

(Rupees)

21,967,322.06

21,052,000.00

915,322.06

As at March, 312010

(Rupees)

39,667,322.06

38,752,000.00

915,322.06

Sd/-C. L. Mahanta

Director


Sd/-S. Sharma



SCHEDULE (2) FORMING PART OF THE BALANCE SHEET AS AT 31.03.2011


Documents

NORTH EASTERN REGIONAL AGRICULLTURAL ......Under CSR activities the Corporation has donated its two refrigerated vans to Akshaya Patra Foundation, a public charitable trustengagedin