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Directors Report of Amit International Ltd.

Mar 31, 2014

Dear Members

The directors have pleasure in presenting this annual report and audited statement of accounts of the Company for the year ended March 31, 2014 and also management discussion and analysis thereon.

1. FINANCIAL PERFORMANCE:

The total loss during the year stood at Rs. 1.76 lacs and profit before tax during the year stood at Rs. 1.76 lacs as against income of Rs.41.71 lacs and loss of Rs. 95.45 lacs in the previous year.

2. DIVIDEND:

Your Directors do not recommend any dividend in view of carried forward losses.

3. RESPONSIBILITY STATEMENT:

The Directors confirm :

(i) That in the preparation of the annual account for the year under review, the Applicable accounting standards have been followed and that no material departures have been made from the same;

(ii) That they have selected appropriate accounting policies and applied them cosistently and made judgements and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of March 31, 2014 and of the profit for the year ended on that date;

(iii) That they have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act 1956 for safe guarding the assets of the company and for preventing and detecting fraud and other irregularities; and

(iv) That they have prepared the annual accounts for the year ended on March 31, 2014 on a going concern basis.

4. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREGIGN EXCHANGE EARNINGS AND OUTGO:

In view of company engaged only in trading activity there is no information to furnish for energy conservation and technology absorption. During the year, earnings in foreign exchange amounted to Rs. Nil, while Rs.Nil was outgo in foreign exchange.

5. PARTICULARS OF EMPLOYEES :

During the year, none of the employee of the Company was in receipt of remuneration prescribed for disclosure under section 217(2A) of the Companies Act, 1956.

6 CORPORATE GOVERNANCE:

Certificate from auditors on compliance of conditions of corporate governance is annexed to this report. The management discussion and analysis report and compliance report on corporate governance as required by clause 49 of the listing agreement form part of this annual report.

7 PUBLIC DEPOSITS

The Company has not accepted any deposits from public or shareholders.

8 DIRECTORS

Mr. Dinesh Shah , director, retire by rotation and being eligible has offered himself for re- appointment.

9 AUDITORS:

Vinod S. Mehta & Co., Auditors of the company, hold office until the conclusion of the ensuing annual general meeting. Vinod S. Mehta & Co. has expressed their . willingness and confirmed their eligibility for re-appointment as auditors of the company.

10 AUDITORS REPORT:

As regards auditors comments vide paragraph 3 of annexure to their report, your directors have to inform you that the company has not only charged interest on certain advances but also has not paid interest on advances received from certain parties. This is not prejudicial to the interest of the company.

For and on behalf of Board of Directors

Place: Mumbai DATED: 01.09.2014 Kirti J. Doshi Chairman & Managing Director


Mar 31, 2013

The directors have pleasure in presenting this annual report and audited statement of accounts of the Compan for the year ended March 31, 2013 and also management discussion and analysis thereon.

1. FINANCIAL PERFORMANCE:

The total income during the year stood at Rs. (41.71) lacs and loss during the year stood at Rs. 95.45 lacs as against income of Rs.195.17 lacs and profit of Rs. 3.60 lacs in the previous year.

The loss during the year is mainly on the sale of Equity shares of Topsun Rim Iron Ore Industries Pvt. Ltd. as M/s. Topsun Rim Iron Ore Ind. Pvt. Ltd. was closed from 2009 for 3 years due to non availability of Raw material i.e. Iron Ore lumps as government of Orissa had closed more than 100 iron ore mines from the year 2009. More than 200 crushing plants in Orissa were closed due to non availability of the Raw Materials. M/s. Topsun had put up the plant for Sale for 2 years but as the mines were closed there were no buyers for the crushing plants. Finally they could find some buyer who was ready to Buy the company as a whole.

2. DIVIDEND:

Your Directors do not recommend any dividend in view of carried forward losses.

3. RESPONSIBILITY STATEMENT:

The Directors confirm:

(i) That in the preparation of the annual account for the year under review, the applicable accounting standards have been followed and that no material departures have been made from the same;

(ii) That they have selected appropriate 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 March 31,2013 and of the profit for the year ended on that date;

(iii) That they have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act 1956 for safe guarding the assets of the company and for preventing and detecting fraud and other irregularities; and

(iv) That they have prepared the annual accounts for the year ended on March 31, 2013 on a going concern basis.

5. PARTICULARS OF EMPLOYEES:

During the year, none of the employee of the Company was in receipt of remuneration prescribed for disclosure under section 217(2A) of the Companies Act, 1956.

6 CORPORATE GOVERNANCE:

Certificate from auditors on compliance of conditions of corporate governance is annexed to this report. The management discussion and analysis report and compliance report on corporate governance as required by clause 49 of the listing agreement form part of this annual report.

7 PUBLIC DEPOSITS

The Company has not accepted any deposits from public or shareholders.

8 DIRECTORS

Mr. Ashwin Chhatbar, director, retire by rotation and being eligible has offered himself for re-appointment.

9 AUDITORS:

Vinod S. Mehta & Co., Auditors of the company, hold office until the conclusion of the ensuing annual general meeting. Vinod S. Mehta & Co. has expressed their willingness and confirmed their eligibility for reappointment as auditors of the company.

10 AUDITORS REPORT:

As regards auditors comments vide paragraph 3 of annexure to their report, your directors have to inform you that the company has not only charged interest on certain advances but also has not paid interest on advances received from certain parties. This is not prejudicial to the interest of the company.

11. MANAGEMENT DISCUSSION & ANALYSIS RISKS* CONCERN:

There are no specific risks perceived by the Company. The recent global recession and overall fall in textile exports from India and also fall in Capital market remains cause of concern.

INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY:

The Company has an adequate system of internal controls. The internal control systems provide for clearly spelt out policy guidelines and approval procedures. This system of internal controls is supplemented by internal audit.

MATERIAL DEVELOPMENTS IN HUMAN RESOURCES There were no material developments on human resources front.

For and on behalf of Board of Directors.

Kirti J. Doshi

Chairman & Managing Director

Place: Mumbai.

Date: 30.06.2013


Mar 31, 2010

The directors have pleasure in presenting this annual report and audited statement of accounts of the company for the year ended on March 31, 2010 and also management discussion and analysis thereon.

1. FINANCIAL PERFORMANCE

The total income during the year stood at Rs. 3.43 lacs and loss during the year stood at Rs. 29.32 lacs as against income of Rs.463.59 lacs and -profit before tax of Rs. 25.21 lacs in the previous year.

2. DIVIDEND

Your directors do not recommend any dividend in view of carried forward losses.

3. RESPONSIBILITY STATEMENT

The directors confirm: (i) That in the preparation of the annual account for the year under re.iew, the applicable accounting standards have been followed and that no material departures have been madefromthesame;

(ii) That they have selected appropriate accounting policies and applied them consistently and made judgements and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of March 31, 2010 and of the profit for the year ended on that date;

(iii) That they have 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 detectingfraud and other irregularities; and

(iv) That they have prepared the annual accounts for the year ended on March 31, 2010 on a going concern basis.

4. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO

In view of company engaged only in trading activity, there is no information to furnish for energy conservation and technology absorption. During the year, earnings in foreign exchange amounted to Rs.Nil lacs, while Rs.Nil lacs was outgo in foreign exchange.

5. PARTICULARS OF EMPLOYEES

During the year, none of the employee of the Company was in receipt of remuneration prescribed for disclosure under section 217(2A) of the Companies Act, 1956.

6. CORPORATE GOVERNANCE

A certificate from auditors on compliance of conditions of corporate governance is annexed to this report. The management discussion and analysis report and compliance report on corporate governance as required by clause 49 of the listing agreement form part of this annual report.

7. PUBLIC DEPOSITS

The company has not accepted any deposits from public or shareholders.

8. DIRECTORS

Mr. Dinesh Shah, director, retire by rotation and deing eligible has offered himself for re-appointment.

9. AUDITORS

Vinod S. Mehta & Co., Auditors of the company, hold office until the conclusion of the ensuing annual general meeting. Vinod S. Mehta & Co. has expressed their willingness and confirmed their eligibility for re- appointment as auditors of the company.

10. AUDITORS REPORT

As regards auditors comments vide paragraph 3 of annexure to their report, your directors have to inform you that the company has not only charged interest on certain advances but also has not paid interest on advances received from certain parties. This is not prejudicial to the interest of the company.

11. MANAGEMENT DISCUSSION & ANALYSIS RISKS AND CONCERN

There are no specific risks perceived by the Company. The recent global recession and overall fall in textile exports from India and also fall in Capital market remains a cause of concern.

INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

The Company has an adequate system of internal controls. The internal control system provide for clearly spelt out policy guidelines and approval procedures. This system of internal controls is supplemented by internal audit. MATERIAL DEVELOPMENTS IN HUMAN RESOURCES There were no material developments on human resources front.

For and on behalf of Board of Directors

Sd/- Kirit J. Doshi Place : Mumbai Chairman & Managing Director

Date :June 30, 2010



 
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