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Directors Report of Anar Industries Ltd.

Mar 31, 2014

Dear Members

The Directors have pleasure in presenting their Twenty second annual report and the audited statement of accounts for 12 months period ended March 31, 2014.

(Rs. In Lacs)

FINANCIAL RESULTS Year ended Year ended 31st March 2014 31st March 2013

Income from Operations 11.21 198.5

ProfitLoss Before Tax (-) 28.08 (-) 16.94

Loss Transfer to Capital Reduction NIL NIL

Income of Previous year NIL NIL

Provision for Differed Tax 9.55 3.29

ProfitLoss after Tax (-) 18.41 (-) 13.65

DIVIDEND:

In view of loss incurred during the period under review, your Directors do not recommend any dividend for the current financial year. The dividend was also not paid during the previous year 2012-13.

OPERATIONS:

During the year company has incurred net loss of Rs. 18.41 lacs after making necessary provisions. During the year company has achieved sales of Rs 11.21 lacs and management is putting their best efforts for doing more business in the field of Software/Hardware, Internet provider and also to carry out construction activities in near future.

DEPOSITS:

The company has not invited and accepted any deposits from the public.

DIRECTOR''S RESPONSIBILITY STATEMENT:

I. In the preparation of the annual accounts, the applicable accounting standards have been followed.

II. Appropriate accounting policies have been selected and applied consistently and have 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 Loss of the company for the year under review.

III. Proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provision of the companies Act, 1956, for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities.

IV. The annual accounts have been prepared on a going concern basis.

DIRECTORS:

As per the provisions of Section 149 and other applicable provisions of the Companies Act, 2013 and rules made thereunder, your directors are seeking appointment of Mr. Narendra Ayer and Mr. Umesh Naik as Independent directors on the Board for a period of consecutive five years and they shall not be liable to retire by rotation.

In terms of the provisions of Section 152 of the Companies Act, 2013, two third of the total strength of the Board (excluding Independent Directors) shall be liable to retire by rotation. One-third of such directors who are liable to retire by rotation shall retire at every Annual General Meeting. Directors to retire by rotation shall be those who have been longest in office since last appointment. The Board of Directors of your Company at present consists of two (2) Non-Independent Directors. In the light of above referred provisions of the Companies Act, 2013, it is desirable that the period of office of Mr. Swetank M. Patel amd Mrs. Hina Patel are made liable to determination by retirement of directors by rotation.

Accordingly Mr. Swetank Patel who retires by rotation, being eligible, offers himself for re-appointment.

AUDITOR''S REPORT:

The comments of the auditors in the report are self explanatory.

AUDITORS:

M/s. J. K. Parmar & Co. Chartered Accountants, Ahmedabad retires at the conclusion of the ensuing Annual General Meeting and is eligible, offer themselves for appointment. The certificate has been obtained from them for their appointment, if made, shall be in accordance with the provisions of Section 224 (1 B) of the companies Act, 1956.

CORPORATE GOVERNANCE:

A separate Report on Corporate Governance together with the Certificate from Auditors is provided.

EMPLOYEES:

None of the employee of the company were in receipt remuneration in excess prescribed limit and hence information pursuant to the provisions of section 217 (2 A) of the companies Act, 1956, read with companies (Particulars of Employees) Rules. 1975 not required to be furnished.

LISTING OF SECURITIES:

The Company''s equity shares are listed on the BSE Limited. The Annual Listing fees to each of these Stock Exchanges have been paid by the Company.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO:

Since the company is not engaged in any manufacturing activity the information under conservation of energy and Technology absorption is not applicable. There has been no foreign exchange earnings or outgo in respect of the company.

APPRECIATION:

Your company and its Directors wish to place on record their appreciation for the support received from staff, banks and customers during the year.

For and on behalf of the Board

DATE: 30/05/2014 PLACE: AHMEDABAD SWETANK M PATEL CHAIRMAN


Mar 31, 2013

To, The Members,

The Directors have pleasure in presenting 21" Annual Report along with the Audited Accounts of the company for the year ended on 31*'' March, 2013.

(Rs.in Lacs)

FINANCIAL RESULTS Year ended 31st Year ended 31st March, 2013 March, 2012

Income from Operations 198.5 7.24

Profit/ Loss Before Tax (-) 17.03 (-) 29.85

Provision of Income tax Nil Nil

Income of Previous year Nil Nil

Provision for Differed Tax 3.29 10.96

Profit/Loss transferred to Balance sheet (-) 13.74 (-) 18.89

DIVIDEND

The company has made Net Loss of Rs. 13.74 Lacs during the year. Your directors are unable to recommend the dividend for the year under review.

OPERATION

During the year company has incurred net loss of Rs. 13.74 lacs after making necessary provisions. During the year company has achieved sales of Rs 198.50 lacs and new management is putting their best efforts for doing more business in the field of Software/Hardware, Internet provider and also to carry out construction activities in near future.

PUBLIC DEPOSITS

The company has not invited and accepted any new deposits from the public.

DIRECTORS

As per the provisions of Section 256 of the companies Act, 1956 read with the Articles of Association of the Company, Mrs.HinaS. Patel, retires by rotation at the forth coming Annual General Meeting, being eligible offers herself for re-appointment.

DIRECTOR''S RESPONSIBILITY STATEMENT AS PER SECTION 217 (2AA) OF THE COMPANIES ACT, 1956 Pursuant to section 217 (2AA) of the Companies Act, 1956, the preparations of the Directors confirm that:

i) In the preparation of the annual account, the applicable Accounting Standards have been followed;

ii) Appropriate accounting policies have been selected and applied consistently and judgments and estimates made 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 the profit and loss account for the current financial year.

iii) 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;

iv) The Annual Accounts have been prepared on a going concern basis.

AUDIT COMMITTEE:

The company has constituted an Audit Committee, which comprises of two independent directors and non executive director of the company. AUDITOR''S REPORT

All the items on which comments have been made by the auditors in their report to the shareholders are self explanatory as explained by way of notes to the accounts to the Balance Sheet and statement of Profit & Loss.

AUDITORS

M/s. J. K. Parmar & Co., Chartered Accountants, Ahmedabad retires at the forthcoming Annual General Meeting and have confirmed their eligibility and willingness to accept the office, if re-appointed. Companies under the Section 224(1 B) of the Companies Act, 1956 certify their eligibility.

CORPORATE GOVERNANCE

A separate Report on Corporate Governance together with the Certificate from Auditors are given as part of this Audited accounts.

EMPLOYEES

None of the employee of the company were in receipt remuneration in excess of prescribed limit and hence information pursuant to the provisions of section 217 (2A) of the companies Act, 1956 read with companies (Particulars of Employees) Rules, 1975, are not required to be given.

STOCK EXCHANGE LISTING & COMPLIANCE

Company has paid listing fees of Mumbai Stock Exchange up to 31.03.2013 where the shares of the company are listed for trading. Required compliances as per listing agreement are made from time to time.

CONSERVATION OF ENERGY,TECHNOLOGY ABSORPTION, AND FOREIGN EXCHANGE EARNING AND OUTGO:

Since the company is not engaged in any manufacturing activity the information under conservation of energy and Technology absorption is not applicable. No Technology has been brought. There has been no foreign exchange earnings or outgo in respect of the company.

APPRECIATION

Your company and its Directors wish to place on record their appreciation for the support received from staff, banks, Government departments, BSE and customers during the year.

By order of the Board

For ANAR INDUSTRIES LTD

Earlier known as ENRICH INDUSTRIES LIMITED)

Place:Ahmedabad SWETANK PATEL

Date : 21/05/2013 Chairman


Mar 31, 2010

The Directors present their Eighteenth Annual Report and Audited Statement of Accounts for the year ended on 31st March 2010.

ENRICH INDUSTRIES LIMITED

(Rs. In Lacs)

FINANCIAL RESULTS Year ended 31st Yearended 31st March 2010 March 2009

Income from Operations 38.33 108.79

ProfitLoss Before Tax (+)9.56 (-) 211.00

Loss Transfer to Capital Reduction Nil 211.78

Income of Previous year NIL Nil

Provision for Tax/FBT 2.96 0.32

ProfitLoss after Tax (+) 4.49 (+) 2.90



OPERATIONS:

Since last 7-8 years, the company was incurring loss and most of the assets were become bad or doubtful for recovery. The management has put up all efforts for recovery of loans and advances as well as investments but unfortunately could not recover the money. Mean while the management of the company has received a proposal from the promoters of Anar Softcom Pvt. Ltd. to merge their entire business of internet provider as well as software business with our company. Looking to the good opportunities in the business and profitability of Anar Softcom Pvt. Ltd, the management have agreed the proposal hence it is necessary to restructure the company in a better way for revival of the company. The company has received an order from Honorable Gujarat High Court for approval of restructuring of the company U/S. 391 to 394 of the Companies Act. The company is awaiting approval from Ahmedabad & Mumbai Stock Exchange for listing and trading of new shares after restructuring of the company. After restructuring of Com- pany, the new management is very much hopeful for better result of the company in near future. As per scheme of restructuring, ail directors of old management will resign from the Board of Directors.

As per the scheme approved by Honorable Gujarat High Court and Shareholders of the company, the softcom division of Anar Softcom Pvt. Ltd. has been merged with the company as a going concern with effect from 31-01-2009 i.e. the appointed date under the scheme. Hence audited accounts of Softcom division of Anar Softcom Pvt. Ltd. have been merged with the audited accounts of the company.

DIVIDEND:

The company has earned Net Profit Rs. 4.49 Lacs during the year. Looking to less profit, your directors are unable to recommend the dividend for the year under review.

DEPOSITS:

The company has not invited and accepted any new deposits from the public.

FUTURE PLANS:

New management is very dynamic and experience in the software and internet providing business. The man- agement is hopeful for revival of the company in near future. The new management will induct experience and knowl- edgeable directors on the board, which will help for better performance of the company.

DIRECTORS:

Mr. Kulin B. Vyas & Mr. Gaurang Vora, Directors of the company, retire by rotation and being eligible offers himself for reappointment. Mr.Swetank Patel is inducted as Additional director and New promoter of the Company as per the Order of Honorable Highcourt of Gujarat for Restructurning Scheme of the Company.

DERECTORS RESPONSIBILITY STATEMENT:

I. In the preparation of the annual accounts, the applicable accounting standards have been followed;

II. Appropriate accounting policies have been selected and applied consistently and have 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 Loss of the company for the year under review.

III. Proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provision of the companies Act, 1956, for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities.

IV. The annual accounts have been prepared on a going concern basis,

AUDIT COMMITTEE

The company has constituted Audit Committee, which comprises of two independent directors and a Manag- ing Director of the company,

AUDITORS REPORT:

The comments of the auditors in the report are self explanatory however management would like to explain that all efforts are being put for recovery from the loanees, hence only few account of Bad debts are written off in the accounts.

AUDITORS:

M/s. J. K. Parmar & Co. Chartered Accountants, Ahmedabad retires at the conclusion of the ensuing Annual General Meeting and are eligible, offer them selves for re-appointment. The certificate has been obtained from them for their re-appointment, if made, shall be in accordance with the provisions of Section 224 (1 B) of the companies Act, 1956.

EMPLOYEES:

None of the employee of the company were in receipt remuneration in excess of Rs. 1,00,000/- p.m. and hence information pursuant to the provisions of section 217 (2 A) of the companies Act, 1956, read with companies (Particulars of Employees) Rules. 1975 not required to be furnished.

STOCK EXCHANGE LISTING & COMPLIANCE:

Company has paid listing fees of Ahmedabad & Mumbai Stock Exchange up to 31.03.2010 where the shares of the company are listed for trading. Majority of compliance as per listing agreement are made from time to time.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGEEARNINGS AND OUTGO:

Since the company is not engaged in any manufacturing activity the information under conservation of energy and Technology absorption is not applicable. There has been no foreign exchange earning or outgo in respect of the company.

APPRECIATION:

Your company and its Directors wish to place on record their appreciation for the support received from staff, banks, share transfer agent, stock exchanges and customers during the year.

For and on behalf of the Board

DATE: 14/09/2010.

PLACE : AHMEDABAD [JAYESH MOR]

CHAIRMAN

 
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