Mar 31, 2014
To, The Members of Acrow India Ltd.
The Directors have pleasure in presenting their 54th Annual Report
together with the Audited Accounts of the Company for the year ended
31s1 March 2014.
(Rs. in lacs)
FINANCIAL RESULTS: Current Year Previous Year
Sales and Other Income 50.95 205.22
Operating Profit (36.83) 16.56
Less: Interest & Finance Charges 1.87 1.16
Depreciation 31.37 33.10
Profit Before Exceptional Items (70.07) (17.70)
Extra Ordinary Items - Sundry
Balances written back - 23.08
Profit Before Tax After Exceptional
Items (70.07) 5.38
Less: Provision for Tax :
Current Tax - 1.75
Deferred Tax Credit / (Debit) (5.32) (2.68)
Tax for Earlier Years - 2.13
Profit After Tax (64.75) 4.18
Add: Balance brought forward from
previous year 181.62 177.44
Balance available for appropriation 116.87 181.62
APPROPRIATIONS :
Proposed Dividend - -
Corporate Dividend Tax - -
Transfer to General Reserve - -
Balance Carried to Balance Sheet 116.87 181.62
DIVIDEND
Your Directors do not recommend any dividend on the equity shares for
the year ended 31st March 2014.
PERFORMANCE
The Company''s turnover for the year under review stood at Rs. 3.43 lacs
(inclusive of excise duty and service tax) as compared to Rs. 164.11
lacs during the previous year.
The Operating Loss for the year is Rs. 36.83 lacs as against Operating
Profit of Rs. 16.56 lacs in the previous year and Loss Before Tax is
Rs. 70.07 lacs as against Loss of Rs. 17.70 lacs in the previous year.
CURRENT YEAR
The Sales and other income for the current year are Rs. 50.95 lacs as
compared to Rs. 205.22 lacs of the previous year. During the year,
company had low operations as it is in the process of re-evaluating its
existing business model considering the nature of industry.
INCOME TAX
The Income Tax Assessments of the Company have been completed up to the
Accounting Year 2007-2008.
FIXED DEPOSITS
The Company did not accept/renew any deposits from the public during
the year under review.
STATUTORY DISCLOSURES
A Statement giving the details regarding the Conservation of Energy and
Technology Absorption, Foreign Exchange Earnings and Outgo as required
by the Companies (disclosure of particulars in the report of the Board
of Directors) Rules, 1988, is annexed hereto as Annexure ''A'' and forms
part of this report.
DIRECTORS'' RESPONSIBILITY STATEMENT
Pursuant to Section 217 (2AA) of the Companies Act, 1956 the Directors
confirm that
a) In the preparation of the Annual Accounts, the applicable accounting
standards have been followed with explanatory notes relating to
material departures.
b) Appropriate accounting policies have been selected and applied
consistently, judgments and estimates that are made 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 and Loss
Account of the company for that period.
c) 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.
d) The annual accounts having been prepared on a going concern basis.
SECRETARIAL COMPLIANCE CERTIFICATE
A Secretarial Compliance Certificate pursuant to Section 383A of the
Companies Act, 1956 is attached herewith as Annexure ''B''.
CORPORATE GOVERNANCE
The Securities and Exchange Board of India (SEBI) has formulated a Code
of Corporate Governance with regard to the Board of Directors,
appointment of Committees, Remuneration of Directors, Board Procedures,
Management, Shareholders, etc. and a Clause 49 has been incorporated in
the Listing Agreement for ensuring compliances hereunder. The
activities of the Company are managed by professionally competent and
independent Board of Directors and although, the Company does follow
some of the stipulations made under the said code, the said Clause 49
is not applicable to the Company.
PERSONNEL
The relations with the employees continue to remain cordial. The
Directors express their appreciation for the support given, and the
contribution made by the employees at all levels.
Particulars of employees under Section 217 (2A) of the Companies Act,
1956, read with the (Particulars of employees) Rules, 1975, as amended,
are not given since there is no employee drawing remuneration
stipulated under the said rules.
DIRECTORS
In accordance with the provisions of the Companies Act, 2013 and
Article 152 of the Company''s Articles of Association, Mr.
Harshavardhan B. Doshi would retire by rotation at the forthcoming
Annual General Meeting and, being eligible, offers himself for re-
appointment. Further as per provision of the Companies Act, 2013, an
independent director shall hold office for a term of five consecutive
years and the tenure of an independent director on the date of
commencement of Act shall not be taken into consideration, accordingly
Mr. Narayan Varma, Mr. Vikram Bhatt and Mr. Ashok Ashtekar being
independent directors would be appointed for the period of five years
at the forthcoming Annual General Meeting.
AUDITORS
M/s. V. Sankar Aiyar & Co., Chartered Accountants, Mumbai, the existing
Auditors retire at the ensuing Annual General Meeting of your Company.
They have however, intimated to the company that they do wish to seek
re-appointment as per the provisions of The Companies Act 2013. M/s V
Sankar Aiyar & Co., Chartered Accountants, Mumbai have indicated their
availability and willingness to be appointed as Statutory Auditors of
your Company. A resolution seeking your approval for the appointment of
the said Auditors has been included in the notice convening the Annual
General Meeting.
ACKNOWLEDGEMENT K
The Board places on record its appreciation for the continued support
extended to the Company by the Shareholders, Bankers, Suppliers and
Customers.
On behalf of the Board of Directors
H. B.Doshi
Chairman
Registered Office:
Ravalgaon, Taluka Malegaon,
Disf. Nasik, Maharashtra,
Pin Code 423108
Date: 8m May 2014
Mar 31, 2012
To The Members Acrow India Ltd.
The Directors have pleasure in presenting their 52nd Annual Report
together with the Audited Accounts of the Company for the year ended
31st March 2012.
(Rs. in lacs)
FINANCIAL RESULTS: Current Year Previous Year
Sales and Other Income 366.80 306.65
Operating Profit 20.45 37.50
Less: Interest & Finance Charges 1.95 1.36
Depreciation 31.34 29.87
Profit Before Tax (12.84) 6.27
Less: Provision for Tax - -
Current Tax 0.75 6.10
Deferred Tax Credit / (Debit) (6.86) (5.80)
Tax for Earlier Years - -
Profit After Tax (6.73) 5.97
Add: Balance brought forward from previous year 184.13 216.65
Balance available for appropriation 177.40 222.62
APPROPRIATIONS
Proposed Dividend - 32.00
Corporate Dividend Tax - 5.19
Transfer to General Reserve - 1.30
Balance Carried to Balance Sheet 177.40 184.13
DIVIDEND
The Company has transferred a sum of Rs. 18,212 being unclaimed
dividend of the financial year 2003-2004 as per the provisions of
Section 205C of the Companies Act, 1956 to the credit of "Investor
Education and Protection Fund" established by the Central Government.
PERFORMANCE
The Company's turnover at Rs. 315.28 lacs (inclusive of excise duty
and service tax) as compared to Rs. 251.57 lacs during the previous
year reflects a 25.32 % increase compared to the previous year.
The Operating Profit for the year is Rs. 20.45 lacs as against
Operating Profit of Rs. 37.50 lacs in the previous year and Loss Before
Tax is Rs. 12.84 lacs as against Profit of Rs. 6.27 lacs in the
previous year.
CURRENT YEAR
Current year's operations are expected to improve over the previous
year.
INCOME TAX
The Income Tax Assessments of the Company have been completed upto the
Accounting Year 2007-2008
FIXED DEPOSITS
The Company did not accept/renew any deposits from the public during
the year under review.
STATUTORY DISCLOSURES
A Statement giving the details regarding the Conservation of Energy and
Technology Adsorption, Foreign Exchange Earnings and Outgo as required
by the Companies (disclosure of particulars in the report of the Board
of Directors) Rules, 1988, is annexed hereto as Annexure 'A' and
forms part of this report.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to Section 217 (2AA) of the Companies Act, 1956 the Directors
confirm that
a) In the preparation of the Annual Accounts, the applicable accounting
standards have been followed with explanatory notes relating to
material departures.
b) Appropriate accounting policies have been selected and applied
consistently, judgements and estimates that are made 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 and Loss
Account of the company for that period.
c) 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.
d) The annual accounts having been prepared on a going concern basis.
SECRETARIAL COMPLIANCE CERTIFICATE
A Secretarial Compliance Certificate pursuant to Section 383A of the
Companies Act, 1956 is attached herewith as Annexure 'B'.
CORPORATE GOVERNANCE
The Securities and Exchange Board of India (SEBI) has formulated a Code
of Corporate Governance with regard to the Board of Directors,
appointment of Committees, Remuneration of Directors, Board Procedures,
Management, Shareholders, etc. and a Clause 49 has been incorporated in
the Listing Agreement for ensuring compliances hereunder. The
activities of the Company are managed by professionally competent and
independent Board of Directors and although, the Company does follow
some of the stipulations made under the said code, the said Clause 49
is not applicable to the Company.
PERSONNEL
The relations with the employees continue to remain cordial. The
Directors express their appreciation for the support given, and the
contribution made by the employees at all levels.
Particulars of employees under Section 217 (2A) of the Companies Act,
1956, read with the (Particulars of employees) Rules, 1975, as amended,
are not given since there is no employee drawing remuneration
stipulated under the said rules.
DIRECTORS
In accordance with the provisions of the Companies Act, 1956 and
Article 152 of the Company's Articles of Association, Mr.
Harshavardhan B. Doshi, Mr. Narayan Varma and Mr. Vikram Bhat would
retire by rotation at the forthcoming Annual General Meeting and, being
eligible, offer themselves for re-appointment.
AUDITORS
M/s. V. Sankar Aiyar & Co., Chartered Accountants, Mumbai, the existing
Auditors retire at the ensuing Annual General Meeting of your Company.
They have however, intimated to the company that they do wish to seek
re-appointment. M/s V. Sankar Aiyar & Co., Chartered Accountants,
Mumbai have indicated their availability and willingness to be
appointed as Statutory Auditors of your Company. A resolution seeking
your approval for the appointment of the said Auditors has been
included in the notice convening the Annual General Meeting.
ACKNOWLEDGEMENT
The Board places on record its appreciation for the continued support
extended to the Company by the Shareholders, Bankers, Suppliers and
Customers.
On behalf of the Board of Directors
H. B.Doshi
Chairman
Registered Office:
Ravalgaon, Taluka Malegaon,
Dist. Nasik, Maharashtra,
Pin Code 423108
Date: 10th August 2012
Mar 31, 2010
The Directors have pleasure in presenting their Fiftieth Annual Report
together with the Audited Accounts of the Company for the year ended 31
st March, 2010.
(Rs. in Lacs) (Rs. in Lacs)
FINANCIAL RESULTS Current Year Previous Year
2009-10 2008-09
Sales and Other Income 337.93 367.82
Operating Profit 59.30 47.71
Less: Interest & Finance Charges 1.55 2.10
Depreciation 32.29 31.83
Profit Before Tax 25.46 13.78
Less: Provision for Tax
Current Tax 12.25 9.00
Deferred Tax Credit/(Debit) (18.61) (6.28)
Fringe Benefit Tax - 0.70
Tax for Earlier Years 0.94 15.09
Profit After Tax 32.76 25.45
Add: Balance Brought forward
from previous year 224.51 227.82
Balance available for appropriation 257.27 253.27
APPROPRIATIONS
- Proposed Dividend 32.00 22.40
- Corporate Dividend Tax 5.31 3.81
- Transfer to General Reserve 3.30 2.55
Balance Carried to Balance Sheet 216.66 224.51
DIVIDEND
Your Directors have recommended Dividend of Rs. 5/- for each equity
shares on 6.40.000/- equity shares of Rs. 10/- each for the Financial
year ended 31st March. 2010. The dividend will be paid to those members
whose name appear in the Register of Members as on 15th September.
2010, in respect of Shares held in dematerilised form, it will be paid
to members whose names are furnished by depositories.
The Company has transferred a sum of Rs. 13,357/- being unclaimed
Dividend of the financial year 2001-2002 as per the provisions of 205C
of the Companies Act, 1956 to the credit of "Investor Education and
Protection Fund" established by the Central Government.The unclaimed
Dividend for the year 2002-03 shall be due for payment to "Investor
Education and Protection Fund" on 30th November 2010.
PERFORMANCE
The Companys turnover is at Rs. 284.44 lacs (inclusive of excise duty
and service tax) as compared to Rs. 308.94 lacs during the previous
year reflects a decrease of about 8% compared to the previous year.
The Operating Profit for the year is Rs.59.30 lacs as against Operating
Profit of Rs.47.71 lacs in the previous year and Profit Before Tax is
Rs.25.46 lacs (Previous year Rs. 13.78 lacs).
CURRENT YEAR
Current years operations are quite encouraging. There is a better
response to the companys products from the sugar industry.
INCOME TAX
The Income Tax Assessments of the Company have been completed upto the
Accounting Year 2005-06.
FIXED DEPOSITS
The Company did not accept/renew any deposits from the public during
the year under review.
STATUTORY DISCLOSURES
A Statement giving the details regarding the Conservation of Energy and
Technology Absorption. Foreign Exchange Earnings and Outgo as required
by the Companies (disclosure of particulars in the report of the Board
of Directors) Rules, 1988, is annexed hereto as Annexure A" and forms
part of this report.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to Section 217 (2AA) of the Companies (Amendment Act), 2000
and on the basis of information and advice received by them the
Directors of your Company state as under, that
a) In the preparation of the Annual Accounts, the applicable accounting
standards have been followed and no material departures have been made
from the same;
b) The accounting policies are consistently applied and reasonable and
prudent judgment and estimates are made so as to give a true and fair
view of the state of affairs of the Company at the end of the Financial
Year;
c) The Directors had taken proper and sufficient care 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;
d) The Directors had prepared the annual accounts on a going concern
basis.
SECRETARIAL COMPLIANCE CERTIFICATE
A Secretarial Compliance Certificate pursuant to Section 383A of the
Companies Act, 1956 is attached herewith as Annexure B.
CORPORATE GOVERNANCE
The Securities and Exchange Board of India (SEBI) has formulated a Code
of Corporate Governance with regard to the Board of Directors,
appointment of Committees, Remuneration of Directors, Board
Procedures. Management, Shareholders etc. and a Clause 49 has been
incorporated in the Listing Agreement for ensuring compliances
hereunder. The activities of the Company are managed by professionally
competent and independent Board of Directors and although, the Company
does follow some of the stipulations made under the said code, the said
Clause 49 is not applicable to the Company.
PERSONNEL
The relations with the employees continue to remain cordial. The
Directors express their appreciation for the support given, and the
contribution made by the employees at all levels.
Particulars of employees under Section 217 (2A) of the Companies Act,
1956, read with the (Particulars of employees) Rules, 1975, as amended,
are not given since there is no employee drawing remuneration
stipulated under the said rules.
DIRECTORS
In terms of Article of the Association of the Company. Mr. Narayan
Varma and Mr. Vikram Bhat retire by rotation at the AGM and being
eligible, offer themselves reappointment.
In accordance with the provisions of the Companies Act. 1956 and
Article 152 of the Companys Article of Association. Mr..Ashok S.
Ashtekar who was appointed as an additional director by the Circular
Resolution on 1st October 2009, holds office only upto the date of the
ensuing annual General Meeting and being eligible, offer themselves for
re-appointment.
AUDITORS
M/s. V. Sankar Aiyar & Co., Chartered Accountants. Mumbai, the existing
Auditors retire at the ensuing Annual General Meeting of your Company.
They have however, intimated to the Company that they do wish to seek
re-appointment. M/s. V. Sankar Aiyar & Co. Chartered Accountants,
Mumbai have indicated their availability and willingness to be
appointed as Statutory Auditors of your Company. A resolution seeking
your approval for the appointment of the said Auditors has been
included in the notice convening the Annual General Meeting.
ACKNOWLEDGEMENT
The Board places on record its appreciation for the continued support
extended to the Company by the Shareholders. Bankers, Suppliers and
Customers.
For and on behalf of the Board of Directors
Harshavardhan B. Doshi
Chairman
Registered Office:
Plot Nos. 2 & 3
At & Post Ravalgaon
Taluka Malegaon, Dist. Nashik, Maharashtra
Pin Code 423 108
Date: 27th July 2010
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