Mar 31, 2015
Dear Members,
The Directors have pleasure in submitting their Annual Report of the
Company together with the Audited Statements of Accounts for the year
ended 31st March, 2015.
1. FINANCIAL RESULTS
The Company's financial performance for the year under review along
with previous year's figures are given hereunder:
(INR in Lakhs)
PARTICULARS 2014-15 2013-14
Net Sales /Income from
Business Operations (423.96) 2,768.27
Other Income 146.59 107.20
Total Income (277.37) 2,875.48
Less Interest - -
Profit before Depreciation (417.59) 19.62
Less Depreciation - -
Profit after depreciation and Interest (417.59) 19.62
Less Current Income Tax 13.80 3.75
Less Previous year adjustment of Income - -
Tax(short provision)
Less Deferred Tax - -
Net Profit after Tax (431.39) 15.87
Dividend (including Interim if any and final) - -
Net Profit after dividend and Tax (431.39) 15.87
Amount transferred to General Reserve (431.39) 15.87
Balance carried to Balance Sheet - -
Earnings per share:
Earnings per share (Basic) (0.22) 0.00
Earnings per Share (Diluted) (0.22) 0.00
2. DIVIDEND
No Dividend was declared for the current financial year.
3. TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCTION AND PROTECTION
FUND
The provisions of Section 125(2) of the Companies Act, 2013 do not
apply as there was no dividend declared and paid last year.
4. RESERVES
No amount has been carried by the Board to any Reserves.
5. BRIEF DESCRIPTION OF THE COMPANY'S WORKING DURING THE YEAR/STATE OF
COMPANY'S AFFAIR.
Your Directors wish to present the details of Business operations done
during the year under review:
During the year the Company had a loss Rs.(277.37) lakhs (Previous Year
Rs. 2875.47Lakhs) after deduction of all expenses including
depreciation Rs 0 (Previous Year Rs 0) and Provision for Tax Rs. 13.80
lakhs (Previous Year Rs 3.75 lakhs) and the Company has incurred a loss
of Rs.(431.39) lakhs (Previous Year Rsl5.87)
Barring unforeseen circumstances, your Directors are confident of
achieving better results in the ensuing year.
6. CHANGE IN THE NATURE OF BUSINESS
There is no change in nature of Business.
7. DETAILS IN RESPECT OF ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH
REFERENCE TO THE FINANCIAL STATEMENTS.
The Company has taken adequate measures regarding internal control with
reference to financial statement.
8. DETAILS OF SUBSIDIARY/JOINT VENTURES/ASSOCIATE COMPANIES
The Company do not have any Subsidiary/Joint Ventures/Associate
Companies.
9. PERFORMANCE AND FINANCIAL POSITION OF EACH OF THE SUBSIDIARIES,
ASSOCIATES AND JOINT VENTURE COMPANIES INCLUDED IN THE CONSOLIDATED
FINANCIAL STATEMENT
The Company do not have any Subsidiary/Joint Ventures/Associate
Companies.
10. DEPOSITS
The Company has neither accepted nor renewed any deposits during the
year under review.
11. STATUTORY AUDITORS
M/s NPV& Associates, Chartered Accountants, who are Statutory Auditors
of the Company, hold office, in accordance with the provisions of the
Act upto the conclusion of the forthcoming Annual General Meeting. The
board assessed and determined that M/s NPV & Associates will be the
statutory auditors for the Company. The Company has received letters
from M/s NPV& Associates, Chartered Accountants to the effect that
their reappointment, it would be in accordance with the provisions of
Section 141 of the Companies Act, 2013.
12. AUDITORS' REPORT
Auditors Report is self-explanatory and do not call for any explanation
and clarification by directors.
13. SHARE CAPITAL
A) Issue of equity shares with differential rights
The Company has not issued any Equity Shares during the year under
review.
B) Issue of sweat equity shares
The Company has not issued any Sweat Equity Shares during the year
under review.
C) Issue of employee stock options
The Company has not provided any Stock Option Scheme to the employees.
D) Provision Of Money By Company For Purchase Of Its Own Shares By
Employees Or By Trustees For The Benefit Of Employees
The Company has not bought back any of its securities during the year
under review.
14. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
Considering the fact that the Company is not a Manufacturing Company,
the Directors have nothing to report pursuant the provisions of Section
134(m) of the Companies Act, 2013.
15. CORPORATE SOCIAL RESPONSIBILITY (CSR)
The Company has not developed and implemented any Corporate Social
Responsibility initiatives as the said provisions are not applicable.
16. DIRECTORS:
A) Changes in Directors And Key Managerial Personnel
Mr. Hemen Ratilal Shah (holding DIN 03425792) and Mr. Kushal Shah
(holding DIN 00434124) as Director of the Company will retire by
rotation at this Annual General Meeting and being eligible offers
themselves for reappointment.
B) Declaration By An Independent Director And Re- Appointment, If Any
The Independent Directors have submitted their disclosures to the Board
that they fulfill all the requirements as stipulated in Section 149(6)
of the Companies Act, 2013 so as to qualify themselves to be appointed
as Independent Directors under the provisions of the Companies Act,
2013 and the relevant rules.
17. NUMBER OF MEETINGS OF THE BOARD OF DIRECTORS
The Company had 6 Board meetings during the financial year under
review.
18. AUDIT COMMITTEE
The composition of Audit Committee and attendance of members in the
meeting.
Name of the Member No. of meeting held No. of meetings
attended
Mr, Hemen Shah 5 5
Mr. Kushal Shah 5 5
19. DETAILS OF ESTABLISHMENT OF VIGIL MECHANISM FOR DIRECTORS AND
EMPLOYEES
Anukaran Commercial Enterprises Limited believes in the conduct of the
affairs of its constituents in a fair and transparent manner by
adopting highest standards of professionalism, honesty, integrity and
ethical behavior to ensure that a robust vigil mechanism is in place.
Towards this end, the Company has formulated a code of conduct for
employees through various policies. The Company has also formulated a
separate code of conduct for directors and senior management personnel.
The Whistle Blower Policy providing a mechanism to employee of the
Company to report violation of personnel policies of the Company,
unethical behavior, suspected or actual fraud, violation of code of
conduct was already in place.
Pursuant to Section 177(9) of Companies Act, 2013, every listed Company
shall establish a vigil mechanism for directors, employees to report
genuine concern or grievances.
Clause 49 of Listing Agreement provides for establishment of vigil
mechanism for directors and employees for above mentioned matters.
The Company's Whistle Blower Policy has been reviewed and amended in
the light of the requirement of the Companies Act, 2013 and Clause 49
of the Listing Agreement to ensure highest standards of
professionalism, honesty, integrity and ethical behavior through robust
vigil mechanism.
20. NOMINATION AND REMUNERATION COMMITTEE
The composition of Nomination and Remuneration Committee and attendance
of members in the meeting.
Name of the Member No. of meeting held No. of meetings
attended
Mr.Hemen Shah 4 4
Mr.Kushal Shah 4 4
21. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186
The particulars of Loans, guarantees or investments made under Section
186 is to Maximaa Systems Limited Rs 50 lakhs.
22. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES:
The particulars of Loans, guarantees or investments made under Section
186 is to Maximaa Systems Limited Rs 50 lakhs.
23. SECRETARIAL AUDIT REPORT
A Secretarial Audit Report given by Prasad Raghunath Baraskar, a
company secretary in practice shall be in annexure - 1 with the report.
24. CORPORATE GOVERNANCE CERTIFICATE
The Compliance certificate from the auditors regarding compliance of
conditions of corporate governance as stipulated in Clause 49 of the
Listing agreement.
25. RISK MANAGEMENT POLICY
The Company does not have any Risk Management Policy as the elements of
risk threatening the Company's existence are very minimal.
26. DIRECTORS' RESPONSIBILITY STATEMENT
The Directors' Responsibility Statement referred to in clause (c) of
sub-section (3) of Section 134 of the Companies Act, 2013, shall state
thatÂ
(a) in the preparation of the annual accounts, the applicable
accounting standards had been followed along with proper explanation
relating to material departures;
(b) 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 and
loss of the company for that period;
(c) 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;
(d) the directors had prepared the annual accounts on a going concern
basis; and
(e) the directors, has laid down internal financial controls to be
followed by the company and that such internal financial controls are
adequate and were operating effectively.
(f) the directors had devised proper systems to ensure compliance with
the provisions of all applicable laws and that such systems were
adequate and operating effectively.
27. ACKNOWLEDGEMENTS
Your Directors place on record their sincere thanks to bankers,
business associates, consultants, and various Government Authorities
for their continued support extended to your Companies activities
during the year under review. Your Directors also acknowledges
gratefully the shareholders for their support and confidence reposed on
your Company
Mar 31, 2014
The Members,
The Directors have pleasure in presenting the Annual Report on the
operations of the Company together with the Audited Accounts for the
year ended 31st March, 2014.
FINANCIAL RESULTS:
(Rs. In Lakhs)
Particulars Year Ended Year Ended
31/03/2014 31/03/2013
Total Income 3798.66 2875.47
Total Expenses 2855.85 3798.35
Profit/ (Loss) Before Depreciation & Tax 19.62 0.31
Less: Depreciation& Tax - -
Provision For Tax (3.75) (0.06)
Provision for FBT. - -
Profit / (Loss) After Tax 15.87 0.25
Deferred Tax (Assets) Liability - -
Net Profit / (Loss) for the Year 15.87 0.25
Performance:
During the year under review your Company has earned an income of Rs.
2875.47Lakhs (Previous Year Rs. 3798.66), after deduction of all
expenses including depreciation(Rs 0) and Rs.375000/- (Provision for
Tax) your Company has incurred a profit of Rs. 15,87,117/- (Previous
year Profitof Rs. 0.25 Lakhs)which is carried to Balance sheet under
the head reserves and surplus.
Barring unforeseen circumstances, your Directors are confident of
achieving better results in the ensuing year.
Dividend:
With a view to conserve the financial resources for the future
operations of the Company, the Directors have thought it prudent not to
recommend any dividend for the year ended 31st March, 2014.
Dematerialization of the securities of the Company:
The Company has already signed Tripartite Agreement with NSDL & CDSL
for Dematerializing of its Equity Shares. The Equity shares are now
available for Dematerialization the new ISIN allotted to shares of the
Company is INE090G01028. Shareholders are requested to take benefits of
Dematerialization.
Directors'' Responsibility Statement:
Pursuant to Section 217(2AA) of the Companies Act, 1956, your Directors
confirm the following:
- That in the preparation of the annual accounts, the applicable
accounting standards have been followed.
- They have 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 of the
Company for that year.
- Proper and sufficient care have been taken 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.
- The attached Statement of Accounts for the year ended March 31,
2014have been prepared on a going concern basis.
Public Deposits:
During the year under review your Company has neither invited nor
accepted any public deposit or deposits from the private parties as
defined under section 58A of the Companies Act-1956.
Directors:
Mr. Manoj Shah has resigned from Directorship w.e.f. 3rd July, 2014
In accordance with the provisions of the Companies Act, 2013 and the
Articles of Association of the Company, Mr. HemenRatilal Shah (holding
DIN 03425792) & Mr. KushalShah (holding DIN 00434124), Directors of the
Company, shall retire by rotation and being eligible offer themselves
for re-appointment at the ensuing Annual General Meeting.
Auditors:
M/s NPV& Associates, Chartered Accountants, who are Statutory Auditors
of the Company, hold office, in accordance with the provisions of the
Act upto the conclusion of the forthcoming Annual General Meeting. The
board assessed and determined that M/s NPV& Associates will be the
statutory auditors for the Company. The Company has received letters
from M/s NPV& Associates, Chartered Accountants to the effect that
their reappointment, if made, would be within the prescribed limits
section 139 of the Companies Act, 1956, and that they are not
disqualified for such appointment within the meaning of section 141 of
the Companies Act, 2013.
Auditors'' Comment:
Auditors Report is self-explanatory and do not call for any explanation
and clarification by directors.
Conservation of Energy, Technology Absorption, Foreign Exchange Earning
and Outgo:
Considering the fact that the Company is not a Manufacturing Company,
the Directors have nothing to report pursuant to Section 217(1)(e) of
the Companies Act, 1956 read with the Companies (Disclosure of
Particulars in the Report of Board of Directors) Rules, 1988.
Particulars of employees:
During the year under review, none of the employees of the Company,
whether employed for the whole year or part thereof, was in receipt of
remuneration aggregating to or in excess of the limits specified under
Section 217(2A) of the Companies Act, 1956, read with the Companies
(Particulars of Employees) rules, 1975 as amended, and hence, no
particulars are required to be furnished in connection with the same.
Acknowledgements
Your Directors take this opportunity to express their gratitude for the
support and co-operation received during the year from the Investors,
Financial Institutions, Bankers, Statutory Authorities and all
organizations connected with its business. Your Directors also take
pleasure in commending the valuable contributions made by the employees
of the Company at all levels during the year.
On behalf of the Board of Directors
Kushal Shah
Managing Director
Place: Mumbai
Dated: 30th August, 2014
Mar 31, 2013
The Members,
The Directors have pleasure in presenting the Annual Report on the
operations of the Company together with the Audited Accounts for the
year ended 31st March, 2013.
FINANCIAL RESULTS:
(Rs. In Lakhs)
Particulars Year Ended Year Ended
31/03/2013 31/03/2012
Total Income 3798.66 629.45
Total Expenses 3798.35 653.39
Profit/ (Loss) Before Depreciation & Tax 0.31 (23.94)
Less: Depreciation & Tax - -
Provision For Tax (0.06) -
Provision for FBT. - -
Profit / (Loss) After Tax 0.25 (23.94)
Deferred Tax (Assets) Liability - -
Net Profit / (Loss) for the Year 0.25 (23.94)
Performance:
During the year under review your Company has earned an income of Rs.
3798.66 Lakhs (Previous Year Rs. 629.45), after deduction of all
expenses including depreciation(Rs 0) and Rs.6000/- (Provision for Tax)
your Company has incurred a profit of Rs. 25,360/- (Previous year Loss
of Rs. 23.94 Lakhs) which is carried to Balance sheet under the head
reserves and surplus.
Barring unforeseen circumstances, your Directors are confident of
achieving better results in the ensuing year.
Bonus Issue :
The Board had recommended for bonus issue of equity shares in
proportion of Eight equity shares for every Ten equity share held by
the members on a date fixed by the Board of Directors
Split :
The Board had recommended for increase in the Authorised Capital from
Rs.11,00,00,000 (Rupees Eleven Crores) to Rs. 20,00,00,000 (Rupees
Twenty Crores) and that the same be subdivided in to 20,00,00,000
(Twenty Crore) equity shares of Re. 1/- (Rupee One) each.
Dividend:
With a view to conserve the financial resources for the future
operations of the Company, the Directors have thought it prudent not to
recommend any dividend for the year ended 31st March, 2013.
Transfer of unpaid/ unclaimed dividend:
The Company has no liability on account of unpaid/ unclaimed dividend
which may be required to be transferred and credited to the Investors
Education and Protection Fund as per requirements of Section 205C of
the Companies Act. The Company has also no outstanding unpaid/
unclaimed Interest liability on Deposits or Debentures or no
outstanding unpaid/ unclaimed principal amount of any Deposits or
Debentures or share application money.
Dematerialisation of the securities of the Company:
The Company has already signed Tripartite Agreement with NSDL & CDSL
for Dematerializing of its Equity Shares. The Equity shares are now
available for Dematerialization the new ISIN allotted to shares of the
Company is INE090G01028. Shareholders are requested to take benefits of
Dematerialization.
Directors'' Responsibility Statement:
Pursuant to Section 217(2AA) of the Companies Act, 1956, your Directors
confirm the following:
- That in the preparation of the annual accounts, the applicable
accounting standards have been followed.
- They have 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 of the
Company for that year.
- Proper and sufficient care have been taken 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.
- The attached Statement of Accounts for the year ended March 31, 2013
have been prepared on a going concern basis.
Public Deposits:
During the year under review your Company has neither invited nor
accepted any public deposit or deposits from the private parties as
defined under section 58A of the Companies Act-1956.
Directors:
In accordance with the provisions of the Companies Act, 1956 and the
Articles of Association of the Company, Mr. Manoj Shah & Mr. Kushal
Shah, Directors of the Company, shall retire by rotation and being
eligible offer themselves for re-appointment at the ensuing Annual
General Meeting.
Mr Dumpy Gangar who holds office as additional director upto ensuing
annual general meeting, has given notice pursuant to section 257 of the
Companies Act 1956, proposing his candidature as a "Director of the
company , be and is hereby appointed as a Director of the Company,
liable to retire by rotation."
A brief profile of the above directors is attached to the Notice of the
Meeting.
Auditors:
M/s NPV & Associates, Chartered Accountants, who are Statutory Auditors
of the Company, hold office, in accordance with the provisions of the
Act up to the conclusion of the forthcoming Annual General Meeting. The
board assessed and determined that M/s NPV & Associates will be the
statutory auditors for the Company. The Company has received letters
from M/s NPV & Associates, Chartered Accountants to the effect that
their reappointment, if made, would be within the prescribed limits
under Section 224 (1B) of the Companies Act, 1956, and that they are
not disqualified for such appointment within the meaning of Section of
226 of the Companies Act, 1956.
Auditors'' Comment:
The observations made by the Auditors in the Auditors'' Reports read
with relevant notes given in the Notes on Accounts are self explanatory
and therefore do not call for any further comments under Section 217
(3) of the Companies Act, 1956.
Conservation of Energy, Technology Absorption, Foreign Exchange Earning
and Outgo: Considering the fact that the Company is not a Manufacturing
Company, the Directors have nothing to report pursuant to Section
217(1)(e) of the Companies Act, 1956 read with the Companies
(Disclosure of Particulars in the Report of Board of Directors) Rules,
1988.
Particulars of employees:
During the year under review, none of the employees of the Company,
whether employed for the whole year or part thereof, was in receipt of
remuneration aggregating to or in excess of the limits specified under
Section 217(2A) of the Companies Act, 1956, read with the Companies
(Particulars of Employees) rules, 1975 as amended, and hence, no
particulars are required to be furnished in connection with the same.
Acknowledgements
Your Directors take this opportunity to express their gratitude for the
support and co-operation received during the year from the Investors,
Financial Institutions, Bankers, Statutory Authorities and all
organizations connected with its business. Your Directors also take
pleasure in commending the valuable contributions made by the employees
of the Company at all levels during the year.
On behalf of the Board of Directors
Kushal Shah
Managing Director
Place: Mumbai
Dated: 14th August, 2013
Mar 31, 2012
The Directors have pleasure in presenting the Annual Report on the
operations of the Company together with the Audited Accounts for the
year ended 31st March, 2012.
FINANCIAL RESULTS: (Rs. In Lakhs)
Particulars Year Ended Year Ended
31/03/2012 31/03/2011
Total Income 629.45 -
Total Expenses 653.39 18.42
Profit/ (Loss) Before Depreciation & Tax (23.94) (18.42)
Less: Depreciation & Tax - -
Provision For Tax - -
Provision for FBT. - -
Profit / (Loss) After Tax (23.94) (18.42)
Deferred Tax (Assets) Liability - -
Net Profit / (Loss) for the Year (23.94) (18.42)
Performance:
During the year under review your Company has earned a trading income
of Rs. 629.45 Lakhs (Previous Year Rs. 0), after deduction of all
expenses including depreciation, of Rs. 0 your Company has incurred a
loss of Rs. 23.94 Lakhs (Previous year of Rs. 18.42 Lakhs) which is
carried to Balance sheet under the head reserves and surplus.
Barring unforeseen circumstances, your Directors are confident of
achieving better results in the ensuing year.
Preferential Issue:
During the year under review, the Board of Directors felt that with the
increase in the Company's operations into various infrastructure
segments there is a need for raising funds through preferential
allotment in order to utilize the same for the increasing operations,
hence in order to strengthen its financial position and net worth by
augmenting long term resources, a decision was taken to issue 50,00,000
shares on preferential basis.
Dividend:
With a view to conserve the financial resources for the future
operations of the Company, the Directors have thought it prudent not to
recommend any dividend for the year ended 31st March, 2012.
Transfer of unpaid/ unclaimed dividend:
The Company has no liability on account of unpaid/ unclaimed dividend
which may be required to be transferred and credited to the Investors
Education and Protection Fund as per requirements of Section 205C of
the Companies Act. The Company has also no outstanding unpaid/
unclaimed Interest liability on Deposits or Debentures or no
outstanding unpaid/ unclaimed principal amount of any Deposits or
Debentures or share application money.
Dematerialisation of the securities of the Company:
The Company has already signed Tripartite Agreement with NSDL & CDSL
for Dematerializing of its Equity Shares. The Equity shares are now
available for Dematerialization the ISIN allotted to shares of the
Company is INE090G01010. Shareholders are requested to take benefits of
Dematerialization.
Directors' Responsibility Statement:
Pursuant to Section 217(2AA) of the Companies Act, 1956, your Directors
confirm the following:
- That in the preparation of the annual accounts, the applicable
accounting standards have been followed.
- They have 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 of the
Company for that year.
- Proper and sufficient care have been taken 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.
- The attached Statement of Accounts for the year ended March 31, 2012
have been prepared on a going concern basis.
Public Deposits:
During the year under review your Company has neither invited nor
accepted any public deposit or deposits from the private parties as
defined under section 58A of the Companies Act 1956.
Directors:
In accordance with the provisions of the Companies Act, 1956 and the
Articles of Association of the Company, Mr. Milan Chitalia & Mr. Hemen
Shah, Directors of the Company, shall retire by rotation and being
eligible offer themselves for re-appointment at the ensuing Annual
General Meeting. A brief profile of the above directors is attached to
the Notice of the Meeting.
Auditors:
M/s NPV & Associates, Chartered Accountants, who are Statutory Auditors
of the Company, hold office, in accordance with the provisions of the
Act up to the conclusion of the forthcoming Annual General Meeting. The
board assessed and determined that M/s NPV & Associates will be the
statutory auditors for the Company. The Company has received letters
from M/s NPV & Associates, Chartered Accountants to the effect that
their reappointment, if made, would be within the prescribed limits
under Section 224 (1B) of the Companies Act, 1956, and that they are
not disqualified for such appointment within the meaning of Section of
226 of the Companies Act, 1956.
Auditors' Comment:
The observations made by the Auditors in the Auditors' Reports read
with relevant notes given in the Notes on Accounts are self explanatory
and therefore do not call for any further comments under Section 217
(3) of the Companies Act, 1956.
Conservation of Energy, Technology Absorption, Foreign Exchange Earning
and Outgo:
Considering the fact that the Company is not a Manufacturing Company,
the Directors have nothing to report pursuant to Section 217(1)(e) of
the Companies Act, 1956 read with the Companies (Disclosure of
Particulars in the Report of Board of Directors) Rules, 1988.
Particulars of employees:
During the year under review, none of the employees of the Company,
whether employed for the whole year or part thereof, was in receipt of
remuneration aggregating to or in excess of the limits specified under
Section 217(2A) of the Companies Act, 1956, read with the Companies
(Particulars of Employees) rules, 1975 as amended, and hence, no
particulars are required to be furnished in connection with the same.
Acknowledgements
Your Directors take this opportunity to express their gratitude for the
support and co-operation received during the year from the Investors,
Bankers, Statutory Authorities and all organizations connected with its
business. Your Directors also take pleasure in commending the valuable
contributions made by the employees of the Company at all levels during
the year.
On behalf of the Board of Directors
Kushal Shah
Managing Director
Place: Mumbai
Dated: 14th August, 2012
Mar 31, 2010
The Directors have pleasure in presenting the 25th Annual Report on
the operations of the Company together with the Audited Accounts for
the year ended 31st March, 2010.
FINANCIAL RESULTS;
(Rs.In lacs)
Particulars For The Year For The Year
Ended On Ended On
31/03/2010 31/03/2009
Total Income 28.20 241.35
Total Expenses 11.60 240.62
Profit Before Depreciation & Tax 16.60 0.73
Depreciation 0.59 0.69
Provision For Tax 2.47 0.00
Provision for FBT. 0.00 0.00
Profit / (Loss) After Tax. 13.54 0,04
Deferred Tax (Assets) Liability 0.00 0.00
Net Profit / (Loss) for the Year 13.54 0.04
Performance:
During the year under review your company has earned a net trading
income of Rs. 0.00 Lacs (Previous Year Rs. 241.27 Lacs), Other Income
of Rs. 28.20 Lacs (Previous Year Rs. 0.08 Lacs) and Total income of Rs.
28.20 Lacs (Previous year Rs. 241.35 Lacs). After deduction of all
Expenses including depreciation, of Rs. 12.19 Lacs (Previous Year Rs.
241.31 Lacs) your company has earned a gross profit of Rs. 16.01 Lacs
(Previous year of Rs. 0.04 Lacs). After making provisions of Corporate
Income Tax, FBT and Deferred Tax Assets, your company has earned a Net
Profit of Rs. 13.54 Lacs (Previous Year of Rs. 0.04 Lacs) which is
carried to Balance sheet as profit & Loss account debit balance and
show accordingly.
Barring unforeseen circumstances, your Directors are confident of
achieving better results in the ensuing year.
Dividend:
With a view to conserve the financial resources for the future
operations of the Company, the Directors have thought it prudent not to
recommend any dividend for the year ended 31st March, 2010.
Transfer of unpaid/ unclaimed dividend:
The Company has no liability on account of unpaid/ unclaimed dividend
which may be required to be transferred and credited to the Investors
Education and Protection Fund as per requirements of Section 205C of
the Companies Act. The Company has also no outstanding unpaid/
unclaimed Interest liability on Deposits or Debentures or no
outstanding unpaid/ unclaimed principal amount of any Deposits or
Debentures or share application money.
Information pursuant to the listing agreement and SEBI circular no.
SMDRP / cir- 14 / 98 dated April 29th, 1998
The Companys shares are at present listed on Bombay Stock Exchanges.
The complete addresses are given elsewhere in this report. The Company
has paid the Annual listing fees for the years 2010-2011 of Bombay
Stock Exchange. The shares of the company are freely tradable on Bombay
stock Exchange.
Dematerialisation of the securities of the Company:
The Company has already signed Tripartite Agreement with NSDL & CDSL
for Dematerializing of its Equity Shares. The Equity shares are now
available for Dematerialization the ISIN allotted to shares of the
company is INE090G01010. Shareholders are requested to take benefits of
Dematerializations.
Directors Responsibility Statement:
Pursuant to Section 217(2AA) of the Companies Act, 1956, your Directors
confirm the following:
- that in the preparation of the annual accounts, the applicable
accounting standards have been followed.
- they have 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 of the
Company for that year.
- proper and sufficient care have been taken 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.
- the attached Statement of Accounts for the year ended March 31, 2010
have been prepared on a going concern basis.
Public Deposits:
During the year under review your company has neither invited nor
accepted any public deposit or deposits from the private parties as
defined under section 58A of the Companies Act-1956.
Directors:
In accordance with the provisions of the Companies Act, 1956 and the
Articles of Association of the Company, Mr. Kushal Shah, Mr. Faiyaz
Rangwala and Mr. Krishna Birmole, Directors of the Company, shall
retire by rotation and being eligible, offer themselves for
re-appointment at the ensuing Annual General Meeting.
A brief profile of the above directors is attached to the Notice of the
ensuing Annual General Meeting.
Secretarial Compliance Certificate:
Pursuant to the provision to Section 383(A) (1) of the Companies Act,
1956 read with Companies (Compliance Certificate) Rules, 2001,
Secretarial Compliance Certificate is obtained from M/s Kaushal Dalai
& Associates, Practicing Company Secretaries.
Auditors:
M/s Umesh P. Gosar & Associates, Chartered Accountants, who are
Statutory Auditors of the company, hold office, in accordance with the
provisions of the Act upto the conclusion of the forthcoming Annual
General Meeting. The board assessed and determined that M/s Umesh P.
Gosar & Associates will be the statutory auditors for the company. The
company has received letters from M/s Umesh P. Gosar & Associates,
Chartered Accountants to the effect that their reappointment, if made,
would be within the prescribed limits under Section 224 (IB) of the
Companies Act, 1956, and that they are not disqualified for such
appointment within the meaning of Section of 226 of the Companies Act,
1956.
Auditors Comment:
The observations made by the Auditors in the Auditors Reports read
with relevant notes given in the Notes on Accounts are self explanatory
and therefore do not call for any further comments under Section 217
(3) of the Companies Act, 1956.
Conservation of Energy, Technology Absorption, Foreign Exchange Earning
and Outgo:
Considering the fact that the Company is not a Manufacturing Company,
the Directors have nothing to report pursuant to Section 217(l)(e) of
the Companies Act, 1956 read with the Companies (Disclosure of
Particulars in the Report of Board of Directors) Rules, 1988.
Particulars of employees:
During the year under review, none of the employees of the company,
whether employed for the whole year or part thereof, was in receipt of
remuneration aggregating to or in excess of the limits specified under
Section 217(2A) of the Companies Act, 1956, read with the Companies
(Particulars of Employees) rules, 1975 as amended, and hence, no
particulars are required to be furnished in connection with the same.
Bonus issue of Equity shares:
The Board has recommended for bonus issue of equity shares of face
value Rs. 10/- each in proportion of five equity shares for every one
equity share held by the members on a date to be fixed by the Board of
Directors.
Acknowledgements
Your Directors take this opportunity to express their gratitude for the
support and co-operation received during the year from the Investors,
Financial Institutions, Bankers, Statutory Authorities and all
organizations connected with its business. Your Directors also take
pleasure in commending the valuable contributions made by the employees
of the Company at all levels during the year.
On behalf of the Board of Directors
Place: Mumbai Sd/- Sd/-
Dated: 25th May, 2010. Director Director
Disclaimer: This is 3rd Party content/feed, viewers are requested to use their discretion and conduct proper diligence before investing, GoodReturns does not take any liability on the genuineness and correctness of the information in this article