To,
The Members,
Your Directors have pleasure in presenting their 29 Board Report on the
business and operations of the Company along with Audited Financial Statements for the
Financial Year ended March 31, 2023.
FINANCIAL RESULTS
The company performance for the financial year ended on March 31st,
2023 is summarized below:
In Rs.
Particulars |
2022-23 |
2021-22 |
Revenue from Operations |
27,225,190 |
7,05,640.00 |
Other Income |
4,25,453 |
8,40,070.00 |
Total Revenue |
2,76,50,643 |
15,45,710.00 |
Total Expenses |
1,85,18,860 |
57,53,985.00 |
Profit before Exceptional
Items and Tax |
91,31,783 |
(42,08,275.00) |
Exceptional Item |
26,43,164 |
41,91,783.00 |
Profit before Tax |
64,88,619 |
(16,492.00) |
Tax Expenses |
6,080 |
76,910.00 |
Profit After Tax for the year |
64,82,539 |
(93,402.00) |
Paid up Capital (in No. of
shares @ Rs. 10 each share) |
30,54,500 |
30,54,500 |
RESULTS OF OPERATIONS AND THE STATE OF COMPANY'S AFFAIRS
During the Financial Year ended 2023 under review, the Company has
earned the profit of Rs. 64,82,539/- against the loss of Rs. 93,402/- in the previous
Financial Year ended 2022.
PRESENT AND FUTURE PROSPECTIVES:
PRESENT ACTIVITIES
1. Providing consultancy in:
a. High-Tech Cultivation through Environment Controlled Poly Houses,
NFT & DFT etc.
b. Organic Farming — Open Field Cultivation using Bio-Fertilizer.
2. Trading in agricultural and horticultural products
FUTURE ACTIVITIES
As you all know Honourable Prime Minister Shri Narendra Modi had
explicitly stated in his election campaign that farmers would be the priority and the
government would ensure they got 50% returns over their total costs. Keeping this in mind
your company has started implementing measures to provide all round support to ensure a
minimum return and also increase their production and earning multi-fold.
Your company has started commercial activities to generate earning for
the company as well as generating earning for all marginal and other progressive farmers
and also simultaneously generating employments for the agriculturists and scientists. We
wish in the following fields of operation:
A. Setting up of Agricultural T raining Centre by the name of GVBL
Institute of High-Tech Agriculture & Biotechnology.
B. Setting up of Centre of Excellence for Horticulture — With the
technical expertise and experience of Eden Horticultural Services, Karnal (Haryana)
through expert control of the agricultural activities of Eden's Technical Team. The
agreement in this regard has also been signed.
C. Bringing of Drone Technology.
D. Horticulture without spray, GVBL is all set to bring the most Modern
Pest Management Technique from Israel.
E. Poly House Construction
F. Contracted Poly House controlled environment and open field
cultivation.
G. Agri - Farming Consultancy.
H. Farm 2 Door Step Services for supply of fruits & vegetables
through its website farm2doorstep.com.
I. Agri Skill Development Centre
J. Agri Input Shop for High-Tech Cultivation (Khad Beej Bhandar)
A. TRAINING CENTRE :
With full gusto, GVBL has already started its effort to do networking
with various colleges to bring the batches of students for its training centre. And now it
is a matter of time to get started with the training centre.
As per the planning all the courses which are being offered by the
Institute will be having Job Guarantee and/or empowerment of the students for setting up
their own farm houses and agricultural projects by providing all kinds of the Governmental
supports, loans and grants thus fulfilling our years long dream of self-sufficient
farmers.
Separate courses have been designed for Training like the Ladies to
develop kitchen gardens or small farms which can fetch them profits by growing fruits and
vegetables. This will be exclusively for ladies and housewives within reasonable course
fees. All these courses will also having empowerment facilities and support as mentioned
above if some lady wants to do some agricultural activities in a bigger way!
B. CENTRE OF EXCELLENCE FOR HORTICULTURE :
With the technical expertise and experience of Eden Horticulture
Services, Karnal (Haryana) and with the High-tech agricultural set up with Naturally
Ventilated Poly Houses, NFT and DFT Technology and a full functional Plant Tissue Culture
Laboratory at its disposal, GVBL is all set to generate record productions and book record
profits in the year to come. C. DRONE TECHNOLOGY :
Drones are one of the fastest growing technology segments with the
potential to provide extraordinary value to the agriculture business.
Imagine a flying robot that you could easily control as an extension of
your own eyes and arms - to reach places, see things you can never see and execute tasks
that would otherwise be impossible or not affordable.
Drones are remote controlled flying objects which is having capability
to collect different data regarding any agricultural field, any vegetation such that
optimal treatments can be given to the soil and crops to increase yields many fold with
minimum expenditure.
GVBL is all set to bring in this technology from Israel to be
implemented in Indian Agriculture successfully. In this regard the Company is having
active talk with a well known Agricultural Drone Technology Company.
D. MODERN PEST CONTROL SYSTEM :
In assistance with a reputed Israel Company, GVBL is also bringing the
most modern technology for controlling and management of oriental fruit flies. The
technology allows the use of lure based pesticides. Also the fluid is long lasting, free
of spraying and maintenance. It is harmless to human, environment and non targeted
organisms.
This pin pointed pesticide management is achieved through new
technologies viz (1) Gravity Controlled Fluid Release (GCFR) technology, (2) a
scent-specific, targeting only female pest, and (3) characteristics customized for each
implementation.
GVBL has started processing for bringing in this technology also in
India !
E. POLYHOUSE CONSTRUCTION :
As the company is having a fully functional team of technical persons
for setting up and erection of poly-houses and greenhouses, the company is all set to
capture orders of its clients for setting up of their poly-houses / greenhouses.
Through effective marketing the company has bagged a few orders of
setting up of poly-houses in the nearby areas in the vicinity of its project site
F. CONTRACTED POLY-HOUSE CONTROLLED ENVIRONMENT AND OPEN FIELD
CULTIVATION :
With its expert team of agriculturists and technical personnel, the
company is taking up Turn Key cultivation projects of its clients on clients land with
assured buy back and marketing assurance. In this scope the company is taking up all
responsibilities of preparing of the land of the client, then setting up of
Environmentally Controlled Poly-houses, deciding of suitable product mix for the
cultivation. And finally when production of vegetables comes, the company shoulders all
responsibilities to sell the materials in the market to pay the assured amount to the
client.
A few projects with the above scope, negotiations are on.
G. AGRI FARMING CONSULTANCY :
With the expert team of agriculturists and other technical people, the
company is also providing Agri Farming Consultancy to farmers and other clients on case to
case basis. This way company is providing solutions to problems being faced by the HNI
clients in agri-farming business as per their specific needs.
H. FARM 2 DOOR STEP SERVICES :
The company intends to develop full packaging system and logistics to
deliver fruits and vegetable direct to homes in NCR as per their daily demands and orders.
The company is also working on to make it an online portal and also through mobile app to
reach the masses and thus gathering increase orders and reach to more and more households.
Thus, eliminating of middle man will reduce the cost and enhance the quality of fruits and
vegetables.
I. AGRI SKILL DEVELOPMENT CENTRE :
The company is organising paid training to the new age farmers to
develop their knowledge and skill such that they can improve their productions and be
self-sufficient.
J. AGRI INPUT SHOP :
The company is in process of setting up an Agri Input Shop to sell
seeds, fertilizers, and other farming ingredients required for High-Tech Agriculture.
PLANT TISSUE CULTURE INDUSTRY GROWTH
The growth of Biotechnology industry as per Transparency Market
Research is estimated to observe substantial growth during 2010 and 2018 as investments
from around the world are anticipated to rise, especially from emerging economical regions
of the world. The report states that the global market for biotechnology, studied
according to its application areas, shall grow at an average annual growth rate of CAGR
11.6% from 2012 to 2018 and reach a value worth USD 414.5 billion by the end of 2018. This
market was valued approximately USD 216.5 billion in 2011. The market of bio agriculture,
combined with that of bio seeds, is projected to reach a value worth USD 27.46 billion by
2019. The field of biopharmaceuticals dominated the global biotechnology market and
accounted for 60% shares of it in the year 2011. Many biotechnological industries
flourished by the technological advancements leading to new discoveries and rising demands
from the pharmaceutical and agricultural sectors.
DIVIDEND
Although there is profit in the Company during the year but need to
conserve resources for the expansion of the business of your Company, Board expresses its
inability to declare any dividend for the financial year 2022-23.
RESERVES
The company is having less profit in financial year 2022-23. Therefore,
no amount was transferred into reserve account.
MATERIAL CHANGES AND COMMITMENTS
There are no material changes and commitments effecting the financial
position of the company which have occurred during the financial year 2022-23 of the
company to which the financial statement relates to the date of this report.
In the ongoing financial year, the Company has sold major portion of
the land which will affect the current business. The Company is looking for new avenues
for business in India and out of India.
NUMBER OF MEETINGS OF THE BOARD
Eight (8) meetings of the Board of Directors of the Company were held
during the year. For details of the meetings, please refer to the Corporate Governance
Report, which forms part of the Annual Report.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to the requirement of Section 134(5) of the Act, and based on
the representations received from the management, the directors hereby confirm that:
(a) In the preparation of the annual accounts for the year ended March
31, 2023, the applicable accounting standards read with requirements set out under
Schedule III to the Act, have been followed and there are no material departures from the
same;
(b) we have 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 as at March 31, 2023 and
of the profit of the Company for the year ended on that date;
(c) we have 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;
(d) we have prepared the annual accounts on a going concern' basis;
(e) we have laid down internal financial controls to be followed by the
Company and that such internal financial controls are adequate and are operating
effectively; and
(f) we have devised proper systems to ensure compliance with the
provisions of all applicable laws and that such systems are adequate and operating
effectively.