Mar 31, 2015
The Directors are pleased to present Annual Report and Audited Accounts
for the financial year ended March 31, 2015.
FINANCIAL HIGHLIGHTS
Audited Financials Results -Standalone
(In Rupees)
Particulars Year ended Year ended
31 March, 2015 31 March, 2014
Net Sales/Income
from Operations - -
Other Income
Total Income
Total Expenses 1065738 1437824
Profit / Loss Before
Taxation (1397310) (2087824)
Provision for Tax 6661 (1.318)
Profit / Loss After
Taxation (1403970) (2086506)
Surplus / (Deficit)
carried to Balance Sheet
Earning Per Share 0.29 0.42
Audited Financials Results - Consolidated
(In Rupees)
Particulars Year ended
31 March, 2015
Net Sales/Income from Operations -----
Other Income 96000
Total Income 96000
Total Expenses 1224815
Profit / Loss Before Taxation 1460387
Provision for Tax 6661
Profit / Loss After Taxation
and before Minority Interest 1467048
Profit / Loss After Taxation
and after Minority Interest 1437944
Earning Per Share 0.30
OPERATIONS
The income of the Company for the period under review was NIL as
against NIL in the last year resulting into a loss of Rs. 14,03,970
Lakhs as against a loss of Rs. 20,86,506 Lakhs in the previous year
mainly on account of Administrative, Depreciation and salary costs.
favour of ARCIL (Asset Reconstruction Company India Limited) as the
sole trusty under SARFAESI Act, 2002.
CAPITAL STRUCTURE
During the current year, the Company has not received any additional
Capital Total paid up Paid up Share Capital of the Company as on 31st
March, 2015 is Rs. 49,143,330.
DIVIDEND
In view of financial losses during 2014-2015, Your Directors have not
recommended any dividend for the financial year 2014-2015.
RESERVE
The Board of Directors of the Company does not propose any amount to
carry to any reserve for the financial year ended March 31, 2015.
FIXED DEPOSIT
Your Company has not accepted any Fixed Deposits during the year
CORPORATE GOVERNANCE
Your Company is committed to maintain the highest standards of
Corporate Governance. Your Directors adhere to the requirements set out
by the Securities and Exchange Board of India's Corporate Governance
practices and have implemented all the stipulations prescribed.
The detailed Corporate Governance Report forms part of this Director'
Report
MANAGEMENT DISCUSSION & ANALYSIS
Management discussion and analysis have been appended to this report in
terms of the Listing Agreement and marked Annexure II.
Particulars of Employees
None of the Employees of the Company draws remuneration exceeding the
limits prescribed under Rule 5(2) of Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014 read with Section 197
of the Act, hence the statement required under the said is not required
to be annexed.
VIGIL MECHANISM
The Company has a Vigil mechanism and Whistle blower policy under which
the employees are free to report violations of applicable laws and
regulations and the Code of Conduct under the supervision of Audit Com-
mittee. During the year under review, no report related to the
violation received.
ANNUAL ACCOUNTS OF SUBSIDIARY
As per the provisions of Sec 129 (3) of the Companies Act, 2013 read
with rule 5 of the Companies (Ac- counts) Rules, 2014, a separate
statement containing salient features of financial statements of
subsidiary has been attached with Consolidated Financial Statements for
the year 2014-15.
The Consolidated Financial Statements have been presented in the Annual
Report.
STATUTORY AUDITORS
The Company at its twenty fourth AGM held on 30th September, 2015
appointed M/s AAAM & Co., Chartered Accountants, Delhi, having Firm
Registration No. 002504N allotted by The Institute of Chartered
Accountants of India, as Statutory Auditors of the Company to hold
office, from the conclusion of the said AGM until the conclusion of
24th Annual General Meeting, subject to ratification at every AGM. The
Company has obtained necessary certificate under Section 141 of the
Company Act, 2013 from them conveying their eligibility for being
statutory auditors of the Company for the year 2015-16.
AUDITORS' REPORT
The observations/qualifications of the Auditors in the Auditors Report
are explained and clarified, wherever necessary, in the appropriate
Notes to the Accounts.
SECRETARIAL AUDITORS
M/s. Datt Ganesh & Associates, Company Secretaries have been appointed
as Secretarial Auditors of the Company for the financial year 2014-15
in line with the provisions of Section 204 of the Companies Act, 2013.
The Secretarial Auditor Report is annexed.
DETAILS OF DIRECTORS AND KEY MANAGERIAL PERSONNEL
Our company had 4 directors Ms. Pooja Rastogi, Whole time director, Mr.
Sohan Lal, managing Director, Ms. Sheetal Jain, Director and Mr.
Sudhish Kumar Rastogi, director of the company.
Ms. Pooja Rastogi, Director of the Company retires by rotation and
being eligible offer herself for re-appointment. Your Director
recommends his reappointment. Appointment of Ms. Pooja Rastogi is in
compliance with the provisions of Section 164(2) of the Companies Act,
2013.
Pursuant to the provisions of Section 149 and other applicable
provisions of the Companies Act, 2013 with respect to appointment and
tenure of the Independent Directors which came into effect from April
1, 2014, the Independent Directors shall be appointed for not more than
two terms of five years each and shall not be liable to retire by
rotation. The Term shall be effective prospectively.
Board appoints Mrs. Meena Rastogi as an additional director on the
board subject to regularization in the upcoming Annual General Meeting
of the Company.
Board also Appoints Mr. Ankit Agarwal as an additional director under
independent capacity on the board subject to regularization of the
appointment in the upcoming Annual General Meeting of the Company.
Board Also Consider the appointment of MS. Pooja Rastogi as a Chief
Financial Officer of the Company,
Ms. Sheetal Jain and Mr. Sudhish Kumar Rastogi resigned from the
position w.e.f. 5th August, 2015.
NUMBER OF MEETINGS OF THE BOARD
During the period commencing from 1st April, 2014 and ending on 31st
March, 2015, the board of directors of your company met on the
following dates on 30th May, 2014, 14th August ,2014, 5th September,
2014, 4th October, 2014, 14th November 2014, 14th February 2015 & 31st
March 2015.
EXTRACT OF ANNUAL RETURN
Pursuant to section 92(3) of the Companies Act, 2013 and Rule 12(1) of
the Companies (Management and Administration) Rules, 2014, extract of
annual return in Form MGT-9 is enclosed herewith as Annexure-4.
RISK MANAGEMENT POLICY
The Board of Directors of the company is of the view that currently no
significant risk factors are present which may threaten the existence
of the company.
PARTICULARS OF LOANS, INVESTMENTS OR GUARANTEES UNDER SECTION 186
There is no any loans, Investment or Guarantee given or taken by the
company during the year.
RELATED PARTY TRANSACTIONS UNDER SECTION 188 OF COMPANIES ACT, 2013
No transaction has been entered into by the Company during the period
under review.
AUDIT COMMITTEE UNDER SECTION 177 OF COMPANIES ACT, 2013
As per the provisions of Section 177 of the Companies Act, 2013, the
Company is having the Audit Commit- tee to oversee internal audit and
control procedures, final accounts and reporting process. The committee
comprises of three Directors.
NOMINATION AND REMUNERATION COMMITTEE UNDER SECTION 178 OF COMPANIES
ACT, 2013
As per section 178 of the Companies Act, 2013 and rules made there
under and Clause 49 (effective October 1, 2014), the existing
Remuneration Committee was renamed as Nomination and Remuneration
Committee by the Board of Directors, which recommend in the Board
policy relating to remuneration of Directors, Key Managerial Personnel
and other employees.
STAKEHOLDER RELATIONSHIP COMMITTEE
In compliance of Section 178 of the Companies Act, 2013, rules made
there under and Clause 49 (VIII)(E)(4) of the revised Listing agreement
effective October 1, 2014, the existing Shareholders'/Investors'
Grievance Committee was renamed as Stakeholders' Relationship Committee
by the Board of Directors, to consider and resolve the grievances of
security holders of the Company.
RISK MANAGEMENT COMMITTEE
As the Company has done no business for several years, In view of which
the Risk Management Committee has not been formed. Since there being no
business, the element of risk which may threaten the existence of the
Company, no element has been identified of risk.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNING & OUTGO:
The particulars relating to conservation of energy and technology
absorption read with the Companies (Dis- closure of Particulars in the
Report of the Board of Directors) Rules, 1988 is annexed hereto and
forms part of this report.
DIRECTORS' RESPONSIBILITY STATEMENT
In terms of Section 134 of the Companies Act, 2013 with respect of
Directors' responsibility, it is hereby confirmed -
I. That in the preparation of the annual accounts, the applicable
accounting standards had been followed;
II. That the directors had selected such accounting policies and
applied them consistently and made judgments 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. That the directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities;
iv. That the directors had prepared the annual accounts on a going
concern basis.
v. The directors have laid down internal financial controls to be
followed by the company and that such internal financial controls are
adequate and were operating effectively.
vi. The directors have devised proper system to ensure compliance with
the provisions of all applicable laws and that such system were
adequate and operating effectively.
DECLARATION BY INDEPENDENT DIRECTOR
The Company has received necessary declaration from each Independent
Director under Section 149(7) of the Companies Act, 2013 that he has
met criteria of independence laid down in Section 149(6) of Companies
Act, 2013 and Clause 49 of Listing Agreement.
INTERNAL AUDITOR
The Company has appointed M/s. S. Kumar Goel & Company Chartered
Accountants (Firm Registration No. 05275C) as an Internal Auditor of
the Company for the FY 2014-15, to conduct internal audit of the
Company.
DETAILS OF SUBSIDIARY/JOINT VENTURE/ASSOCIATE COMPANIES
During the year under review, no company became or cease to become
Subsidiary/Joint Venture/Associate of the Company.
Significant and Material Orders passed by the Regulators or Courts or
Tribunal impacting the going concern status of the Company There are no
significant and / or material orders passed by the Regulators or Courts
or Tribunal impacting the going concern status and Company's future.
CORPORATE SOCIAL RESPONSIBILITY (CSR)
Pursuant to Section 135 of Companies Act, 2013, the Company doesn't
have working status. Therefore, it is not required to constitute a CSR
Committee.
STOCK EXCHANGE LISTING:
The Equity Shares of your Company are listed at: I The Stock Exchange,
Mumbai. (BSE);
II. The Jaipur Stock Exchange Limited.
III. The Delhi stock Exchange.
CODE OF CONDUCT
The Company has in place a comprehensive Code of Conduct (the Code)
applicable to all the employees and Non-executive Directors including
Independent Directors. The Code is applicable to Non-executive Di-
rectors including Independent Directors to such extent as may be
applicable to them depending on their roles and responsibilities. The
Code gives guidance and support needed for ethical conduct of business
and compliance of law. The Code has been circulated to Directors and
Management Personnel, and its compliance is affirmed by them
annually. A declaration signed by the Company's Directors is published
in this Report.
PUBLIC DEPOSITS
The Company has not accepted / invited any public deposits during the
period under review and hence provisions of Section 73 of the Companies
Act, 2013.
CONSOLIDATED FINANCIAL STATEMENTS
Pursuant to Clause 32 and 50 of the Listing Agreement, Your Company has
prepared Consolidated Financial Statements as per the Accounting
Standards applicable to the Consolidated Financial Statements issued by
the Institute of Chartered Accountants of India. Audited Consolidated
Financial Statements along with the Auditor's Report are annexed with
this Report.
APPRECIATION & ACKNOWLEDGEMENT:
Your Directors appreciate the valuable co-operation extended by the
Company's Bankers, monitoring agency & other Central and State
Government departments, for their continued support. Your Directors
place on record their wholehearted appreciation of your Company's
employees at all levels. Your Directors also ac- knowledge with
gratitude the backing of its shareholders.
For and on behalf of Board of Directors
Alchemist Corporation Limited
Sd/-
Sohan Lal
(Managing Director)
DIN : 03322557
Place: New Delhi
Date: 30.05.2015
Mar 31, 2014
To The Members OF
Alchemist Corporation Limited
The Directors are pleased to present Annual Report and Audited Accounts
for the financial year ended March 31,2014.
(Rs. in lakhs)
PARTICULARS FOR THE YEAR ENDED PREVIOUS YEAR ENDED
31.03.2014 31.03.2013
Income (Sales & other Income) Â Â
Profit/(Loss) before
Depreciation (13.09) (13.07)
Less: Depreciation 1.28 1.43
Prior Period Adjustment  9.96
Share Allotment Money
- Pending allotment W/Off 6.50 Â
Less: Provision for Income tax/FBT Â Â
Profit/ (Loss) after tax (20.88) (24.46)
OPERATIONS
The income of the Company for the period under review was NIL as
against NIL in the last year resulting into a loss of Rs. 20.88 Lakhs
as against a loss of Rs.24.46 Lakhs in the previous year mainly on
account of Administrative, Depreciation and salary costs.
DIRECTORS
Ms. Sheetal Jain, Director of the Company retires by rotation and being
eligible offer herself for re-appointment. Your Director recommends
her re-appointment. Appointment of Ms. Sheetal Jain is in compliance
with the provisions of Section 164(2) of the Companies Act, 2013.
DIVIDEND
In view of financial losses during 2013-2014, Your Directors have not
recommended any dividend for the year 2013-2014.
PUBLIC DEPOSITS
The Company has not accepted / invited any public deposits during the
period under review and hence provisions of Section 58A & 58AA of the
Companies Act, 1956 are not applicable to your Company.
AUDITORS
The Statutory Auditors M/s A A A M & co., Chartered Accountants, New
Delhi retires at the conclusion of the forthcoming Annual General
Meeting and is eligible for re-appointment. As per Section 139(2) of
the Companies Act, 2013, M/s. AA A M & Co., Audit firm shall be
appointed as Statutory Auditors of the Company for two terms of 5
consecutive years. Since M/s. AAAM & Co. were Auditors of the company
for more than 10 consecutive years , and which complete the two terms
of five consecutive years, they are proposed to be appointed as
Statutory Auditors for the next 3 consecutive years. The Company has
received a certificate from M/s. A A A M & Co., to the effect that
their appointment, if made, would be within the limits prescribed under
Section 141(3)(g) of the Companies Act, 2013. The Board of Directors
recommends to the shareholders the appointment of M/s. A A A M & Co. as
Auditors of the Company up to the conclusion of the 24th Annual General
Meeting.
AUDITORS'' REPORT
The observations/ qualifications of the Auditors in the Auditors Report
are explained and clarified, wherever necessary, in the appropriate
Notes to the Accounts.
SECRETARIAL COMPLIANCE CERTIFICATE
In terms of the provisions of Section 383A of the companies Act, 1956
read with the Companies (Compliance Certificate) Rules, 2001, the
Company has obtained the necessary compliance certificate Practicing,
Company Secretaries.
COMPLIANCE WITH THE ACCOUNTING STANDARDS
The Company prepares its accounts and other financial statements in
accordance with the relevant Accounting principles and also complies
with the Accounting Standards issues by the Institute of Chartered
Accountants of India
SUBSIDIARY
As required under the provisions of Section 212 of the Companies Act,
1956, the Audited Statement of Accounts together with Directors Report
and Auditors Report of M/s Kautilya Infotech Limited and the statement
pursuant to Section 212 of the Companies Act, 1956 are attached and
form part of the Annual Report.
CONSOLIDATED FINANCIAL STATEMENTS
Pursuant to Clause 32 and 50 of the Listing Agreement, Your Company has
prepared Consolidated Financial Statements as per the Accounting
Standards applicable to the Consolidated Financial Statements issued by
the Institute of Chartered Accountants of India. Audited Consolidated
Financial Statements along with the Auditor''s Report are annexed with
this Report.
STOCK EXCHANGE LISTING:
The Equity Shares of your Company are listed at:
i) The Bombay Stock Exchange Limited, Mumbai.
ii) The Delhi Stock Exchange Limited, New Delhi
iii) The Jaipur Stock Exchange, Jaipur CORPORATE GOVERNANCE
Your Company is committed to maintain the highest standards of
Corporate Governance. Your Directors adhere to the requirements set out
by the Securities and Exchange Board of India''s Corporate Governance
practices and have implemented all the stipulations prescribed.
A separate report each on Corporate Governance, Management Discussions
and analysis is given elsewhere in the Annual Report are annexed hereto
as part of Annual Report along with Auditors'' Certificate on its due
compliance.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNING
AND OUTGO
a) Conservation of Energy & Technology Absorption: Since the Company is
not carrying on any manufacturing activity during the year under review
as well as in the previous year, issues relating to conservation of
energy & technology absorption are not quite relevant to its
functioning.
b) Export Activities: There was no export activity in the Company
during the year review as well as in the previous year
c) Foreign Exchange Earnings and outgo: There was no Foreign Exchange
Earnings and outgo.during the year under review as well as in the
previous year.
PERSONNEL:
Details of Employees as per provisions of Section 217(2A) of the
Companies Act 1956, read with Companies (Particulars of Employees)
Rules 1975, are given as follows:
None of the employee during the year was getting remuneration of Rs 60
lakh and above per annum in the year.
DIRECTOR''S RESPONSIBILITY STATEMENT:
Pursuant to Section 217(2AA) of the Companies (Amendment) Act, 2000,
the Directors confirm that: -
1. Applicable Accounting Standards have been followed in preparing the
Annual Accounts and material departures, if any, have been properly
explained.
2. The Directors have selected and applied accounting policies and
applied them consistently and have made judgments and estimates that
are reasonable and prudent in respect to the Industry so as to give a
true and fair view of the state of affairs of the Company and Profit
and Loss account as at the date of Balance Sheet.
3. The Directors have taken proper and sufficient care for;
a) Maintenance of adequate accounting records in accordance with the
Companies Act, 1956,
b) Safeguarding the assets of the Company and
c) Preventing and detecting fraud and other irregularities.
APPRECIATION & ACKNOWLEDGEMENT:
Your Directors appreciate the valuable co-operation extended by the
Company''s Bankers, monitoring agency & other Central and State
Government departments, for their continued support. Your Directors
place on record their wholehearted appreciation for the support of your
Company''s employees . Your Directors also acknowledge with gratitude
the backing of its shareholders.
Managements'' Discussion and Analysis Report
The Annual report has a separate chapter on Managements'' Discussion &
Analysis Report.
By order of the Board of Directors
For Alchemist Corporation Limited
Sd/-
Sohan Lal
(Managing Director)
Place: New Delhi
Dated: 14.08.2014
Mar 31, 2013
The Directors are pleased to present Annual Report and Audited Accounts
for the financial year ended '' March 31, 2013.
(Rs. in lakhs)
PARTICULARS FOR THE YEAR FOR THE PREVIOUS
ENDED YEAR ENDED
31.03.2013_ 31.03.2012
Income (Sales & other Income) -- ---
Profit/(Loss) before Depreciation (13.07) (10.40) ;
Less: Depreciation 1.43 1.58
Prior Period Adjustment 9.96 __
Less: Provision for Income tax/FBI _ ---
Profit/(Loss) after tax (24.46) (11.98)
OPERATIONS :
The income of the Company for the period under review was NIL as
against NIL in the last year resulting into a loss of Rs. 24.46 Lakhs
as against a loss of Rs.11.98 Lakhs in the previous year mainly on
account of j Administrative, Depreciation and salary costs. ;
DIRECTORS
Mr. Sudhish Kumar Rastogi, Director of the Company retires by rotation
and being eligible offer himself for reappointment. Your Director
recommends his reappointment.
DIVIDEND ''
In view of financial losses during 2012-2013, Your Directors have not
recommended any dividend for the year 2012-2013. **
PUBLIC DEPOSITS
The. Compaq has not accepted (invited any public deposits during the
period under review and hence towwes ate not awcabLe to your Company.
AUDITORS
The Statutory Auditors M/s AAAM & CO., Chartered Accountants, Noida
retires at the conclusion of the forthcoming Annual General Meeting and
is eligible for re-appointment. The Company has received a letter from
them to the effect that their appointment, if made, would be within the
prescribed limits under Section 224 (1-B) of the Companies Act, 1956
and also that they are not otherwise disqualified within the meaning of
sub-section (3) of Section 226 of the Companies Act, 1956 for such
appointment.
AUDITORS'' REPORT
The observations/ qualifications of the Auditors in the Auditors Report
are explained and clarified, wherever necessary, in the appropriate
Notes to the Accounts.
CORPORATE GOVERNANCE
Your Company is committed to maintain the highest standards of
Corporate Governance. Your Directors adhere to the requirements set out
by the Securities and Exchange Board of India''s Corporate Governance
practices and have implemented all the stipulations prescribed.
A separate report each on Corporate Governance, Management Discussions
and analysis is given elsewhere in the Annual Report are annexed hereto
as part of Annual Report along with Auditors'' Certificate on its due
compliance.
CONSERVATION OF ENERGY. TECHNOLOGY ABSORPTION. FOREIGN EXCHANGE EARNING
AND OUTGO
a) Conservation of Energy & Technology Absorption: Since the Company is
not carrying on any manufacturing activity during the year under review
as well as in the previous year, issues relating to conservation of
energy & technology absorption are not quite relevant to its
functioning.
b) Export Activities: There was no export activity in the Company
during the year review as well as in the previous year
c) Foreign Exchange Earnings and outgo: There was no Foreign Exchange
Earnings and outgo during the year under review as well as in the
previous year.
PERSONNEL:
Details of Employees as per provisions of Section 217(2A) of the
Companies Act 1956, read with Companies (Particulars of Employees)
Rules 1975, are given as follows:
None of the employee during the year was getting remuneration of Rs 60
lakh and above per annum in the year.
DIRECTOR''S RESPONSIBILITY STATEMENT:
Pursuant to Section 217(2AA) of the Companies (Amendment) Act, 2000,
the Directors confirm that:
1. Applicable Accounting Standards have been followed in preparing the
Annual Accounts and material departures, if any, have been properly
explained.
2. The Directors have selected and applied accounting policies''and
applied them consistently and have made judgments and estimates that
are reasonable and prudent in respect to the Industry so as to give a
true and fair view of the state of affairs of the Company and Profit
and Loss account as at the date of Balance Sheet.
3. The Directors have taken proper and sufficient care for;
a) Maintenance of adequate accounting records in accordance with the
Companies Act, 1956,
b) Safeguarding the assets of the Company and
c) Preventing and detecting fraud and other irregularities.
APPRECIATION & ACKNOWLEDGEMENT:
Your Directors appreciate the valuable co-operation extended by the
Company''s Bankers, monitoring agency & other Central and State
Government departments, for their continued support. Your Directors
place on record their wholehearted appreciation of your Company''s
employees at all levels. Your Directors also acknowledge with gratitude
the backing of its shareholders.
For and on behalf of Board
of Directors Alchemist Corporation Limited
Place: New Delhi
Date: 30.05.2013 Sd/-
Sohan Lai
(Managing Director)
Mar 31, 2011
To The Members of Alchemist Corporation Limited
The Directors are pleased to present Annual Report and Audited Accounts
for the financial year ended March 31, 2011.
Financial results (Rs. in Lacs)
For the
Year Ended Previous
Year Ended
PARTICULARS 31.03.2011 31.03.2010
Income (Sales & other Income) 15.09
Profit/(Loss) before Depreciation (14.09) (7.25)
Less: Depreciation 1.76 1.96
Prior Period Adjustment 0.33
Less: Provision for Income tax/FBT 0.00
Profit/ (Loss) after tax (15.85) (8.88)
OPERATIONS
The income of the Company for the period under review was NIL as
against Rs. 15.09 Lakhs in the last year resulting into a loss of Rs.
15.85 Lakhs as against a loss of Rs.8.88 Lakhs in the previous year
mainly on account of Administrative, Depreciation and salary costs.
DELAY IN FINALIZATION OF ACCOUNTS /HOLDING OF ANNUAL GENERAL MEETING:
As already stated, due to default in the repayment of Loan to Bank of
India, the Bank had taken physical possession on 29, January, 2011 and
sealed the premises namely B-31, Sector-5, Noida, where we had our
Corporate Office & the place where the company used to keep & maintain
the Books of Accounts and other Secretarial Records without allowing
any access to us.. On account of said closure of the premises by Bank
of India and despite various requests, Bank had not released our
Accounts and Secretarial Records before 16th December, 2011 when by the
order of Debt Recovery Tribunal (DRT), New Delhi, the Bank agreed to
release the records.
In view of the fact, the Annual Accounts of the Company for the year
ended 31.03.2011 could not be completed and got audited before 31st
December, 2011 and all these events & circumstances resulted in the
delay of 4 months for preparation, completing & auditing the final
accounts of the Company. Consequently, leading to delay in convening &
holding the Annual General Meeting of the company by 4 months.
DIRECTORS
Mr. Sudhish Kumar resigned from the Directorship on 4th October, 2010
and Mr. Sohan Lai was appointed a Managing Director on 4th October,
2010 who also resigned from Managing Directorship on 14th May, 2011
DIVIDEND
In view of financial losses during 2010-2011, Your Directors have not
recommended any dividend for the year 2010-2011.
PUBLIC DEPOSITS
The Company has not accepted / invited any public deposits during the
period under review and hence provisions of Section 58A & 58AA of the
Companies Act, 1956 are not applicable to your Company.
AUDITORS
The Statutory Auditors M/s AGARWAL ATUL & ASSOCIATES Chartered
Accountants, New Delhi retires at the conclusion of the forthcoming
Annual General Meeting and is eligible for re-appointment. The Company
has received a letter from them to the effect that their appointment,
if made, would be within the prescribed limits under Section 224 (1-B)
of the Companies Act, 1956 and also that they are not otherwise
disqualified within the meaning of sub-section (3) of Section 226 of
the Companies Act, 1956 for such appointment.
AUDITORS' REPORT
The observations of the Auditors in the Auditors Report are explained
and clarified, wherever necessary, in the appropriate Notes to the
Accounts.
COMPLIANCE WITH THE ACCOUNTING STANDARDS
The Company prepares its accounts and other financial statements in
accordance with the relevant Accounting principles and also complies
with the Accounting Standards issues by the Institute of Chartered
Accountants of India
SUBSIDIARY
As required under the provisions of Section 212 of the Companies Act,
1956, the Audited Statement of Accounts together with Directors Report
and Auditors Report of M/s Kautilya Infotech Limited and the statement
pursuant to Section 212 of the Companies Act, 1956 are attached and
form part of the Annual Report.
CONSOLIDATED FINANCIAL STATEMENTS
In accordance with the Accounting Standard AS-21 on Consolidated
Financial Statements, your Directors have pleasure in attaching the
Consolidated Financial Statements, which form part of the Annual Report
and Accounts.
STOCK EXCHANGE LISTING:
The Equity Shares of your Company are listed at: i) The Bombay Stock
Exchange Limited, Mumbai. ii) The Delhi Stock Exchange Limited, New
Delhi iii) The Jaipur Stock Exchange, Jaipur
CORPORATE GOVERNANCE
Your Company is committed to maintain the highest standards of
Corporate Governance. Your Directors adhere to the requirements set out
by the Securities and Exchange Board of India's Corporate Governance
practices and have implemented all the stipulations prescribed. A
separate report each on Corporate Governance, Management Discussions
and analysis is given elsewhere in the Annual Report are annexed hereto
as part of Annual Report along with Auditors' Certificate on its due
compliance.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNING
AND OUTGO
a) Conservation of Energy & Technology Absorption: Since the Company is
not carrying on any manufacturing activity during the year under review
as well as in the previous year, issues relating to conservation of
energy & technology absorption are not quite relevant to its
functioning.
b) Export Activities: There was no export activity in the Company
during the year review as well as in the previous year
c) Foreign Exchange Earnings and outgo: There was no Foreign Exchange
Earnings and outgo during the year under review as well as in the
previous year.
PERSONNEL
Details of Employees as per provisions of Section 217(2A) of the
Companies Act 1956, read with Companies (Particulars of Employees)
Rules 1975, are given as follows:
None of the employee during the year was getting remuneration of Rs 24
lakh and above per annum in the year.
DIRECTOR'S RESPONSIBILITY STATEMENT:
Pursuant to Section 217(2AA) of the Companies (Amendment) Act, 2000,
the Directors confirm that: -
1. Applicable Accounting Standards have been followed in preparing the
Annual Accounts and material departures, if any, have been properly
explained.
2. The Directors have selected and applied accounting policies and
applied them consistently and have made judgments and estimates that
are reasonable and prudent in respect to the Industry so as to give a
true and fair view of the state of affairs of the Company and Profit
and Loss account as at the date of Balance Sheet.
3. The Directors have taken proper and sufficient care for;
a) Maintenance of adequate accounting records in accordance with the
Companies Act, 1956,
b) Safeguarding the assets of the Company and
c) Preventing and detecting fraud and other irregularities.
APPRECIATION & ACKNOWLEDGEMENT
Your Directors appreciate the valuable co-operation extended by the
Company's Bankers, monitoring agency & other Central and State
Government departments, for their continued support. Your Directors
place on record their wholehearted appreciation of your Company's
employees at all levels. Your Directors also acknowledge with gratitude
the backing of its shareholders.
Managements' Discussion and Analysis Report
The Annual report has a separate chapter on Managements' Discussion &
Analysis Report.
By order of the Board
For ALCHEMIST CORPORATION LIMITED
Sd/-
Place : New Delhi Pooja Rastogi
Date : 31.12.2011 Director
Mar 31, 2010
The Directors of your Company have pleasure in presenting 17th Annual
Report together with Audited Accounts for the year ended 31st March,
2010.
FINANCIAL RESULTS (Rs .in lacs) (Rs. in lacs)
PARTICULARS For the Year
Ended PREVIOUS
31.03.2010 YEAR ENDED
31.03.2009
Income (Sales & Other Income) 15.09 507.05
Profit/(loss) before Depreciation (7.25) (17.12)
Less: Depreciation 1.96 2.17
Prior period adjustment 0.33 0.00
Less: Provision for Income Tax/ FBT 0.00 0.02
Profit /(Loss) after tax (8.88) (19.31)
OPERATIONS
The income of the Company for the period under review was Rs 15.09
lakhs as against Rs 507.05 lakhs in the last year resulting into a loss
of Rs 8.88 lakhs against a loss of Rs 19.31 lakhs in the previous year
mainly on account of Administrative and salary costs.
DIRECTORS
Mr Satish Chand Rohatgi resigned from the Directorship on 31st July
2009 and Mr Rajeev Gupta was appointed as additional director on 31st
July 2009 and director in the AGM on 30.09.2009
Ms Pooja Rastogi , Director of the Company retires by rotation and
being eligible offers herself for re- appointment. Your directors
recommend her re-appointment.
DIVIDEND
In the absence of profits during the year, your Directors regret their
inability to recommend payment of dividend for the year 2009-10.
PUBLIC DEPOSITS
The company has not accepted / invited any public deposits during the
period under review and hence provisions of Section 58A & 58AA of the
Companies Act, 1956 are not applicable to your Company.
AUDITORS & AUDITORS REPORT
M/s Agarwal Atul & Associates , Auditors of the Company hold office
until the conclusion of ensuing Annual General Meeting and have offered
themselves for reappointment. The Company has received the requisite
certificate from them to the effect that their reappointment, if made
will be within the limits stipulated u/s 224 (1B) of the Companies Act,
1956.
The Report of the Auditors dated 13th August, 2010 is self-explanatory
and requires no comments.
COMPLIANCE WITH THE ACCOUNTING STANDARDS
The Company prepares its accounts and other financial statements in
accordance with the relevant Accounting Principles and also complies
with the Accounting Standards issued by the Institute of Chartered
Accountants of India.
SUBSIDIARY COMPANY
In compliance of Section 212 of the Companies Act, 1956, the audited
statements of accounts along with the report of the Auditors and Board
of Directors of Kautilya Infotech Limited and the statement pursuant to
section 212 of the Companies Act,1956 are attached and form part of the
Annual Report.
CONSOLIDATED FINANCIAL STATEMENTS
In accordance with the Accounting Standard AS-21 on Consolidated
Financial Statements, your Directors have pleasure in attaching the
consolidated financial statements, which form part of the Annual Report
and accounts.
STOCK EXCHANGE LISTING
The Equity shares of your Company are listed at:
i) The Bombay Stock Exchange Ltd., Mumbai.
ii) Delhi Stock Exchange Ltd., New Delhi.
iii) Jaipur Stock Exchange Ltd., Jaipur.
CORPORATE GOVERNANCE
Your Company is committed to maintain the highest standards of
Corporate Governance. Your Directors adhere to the requirements set out
by the Securities and Exchange Board of Indias Corporate Governance
practices and have implemented all the stipulations prescribed.
A separate report each on Corporate Governance and Management
discussions and Analysis is given elsewhere in the annual report are
annexed hereto as part of Annual Report along with Auditors
Certificate on its due compliance.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO
a. Conservation of Energy & Technology Absorption: Since the Company
is not carrying on any manufacturing activity during the year under
review as well as in the previous year, issues relating to conservation
of energy & technology absorption are not quite relevant to its
functioning.
b. Export Activities: There was no export activity in the Company
during the year under review as well as in the previous year.
c. Foreign Exchange Earnings and Outgo: There was no Foreign Exchange
Earnings and outgo during the year under review as well as in the
previous year.
PERSONNEL
Provisions of Section 217(2A) of the Companies Act 1956, read with
Companies (Particulars of Employees) Rules 1975, are not applicable to
your Company as no employee of the Company is drawing remuneration
equal to or more than the limit specified under Companies (Particulars
of Employees) Rules, 1975.
DIRECTORS RESPONSIBILTY STATEMENT
Pursuant to Section 217(2AA) of the Companies Act, 1956, the Directors
confirm that: -
1. All applicable accounting standards have been followed in preparing
the Annual Accounts and material departures, if any, have been properly
explained.
2. The Directors have selected such accounting policies and applied
them consistently and made judgments and estimates that were reasonable
and prudent in respect to the Industry so as to give a true and fair
view of the state of affairs of the Company and profit and loss account
as at the date of Balance sheet.
3. The Directors have taken proper and sufficient care for;
a. Maintenance of adequate accounting records in accordance with the
Companies Act, 1956.
b. Safeguarding the assets of the Company and
c. Preventing and detecting fraud and other irregularities.
4. The Directors have prepared the annual accounts on a going concern
basis.
APPRECIATION & ACKNOWLEDGMENT
Your Directors appreciate the valuable co-operation extended by the
Companys Bankers & other Central and State Government departments, for
their continued support and also place on record their wholehearted
appreciation for your Companys employees at all levels. Your Directors
also acknowledge with gratitude the backing of its shareholders.
CORPORATE GOVERNANCE AND MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Corporate Governance and Management Discussion and Analysis Reports are
set out separately.
For and on behalf of Board of Directors
Sudhish Kumar
Managing Director
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