Mar 31, 2016
The Members,
The Directors have pleasure in presenting the 31st Annual Report on the operations of the Company together with the Audited Accounts for the year ended 31st March, 2016.
1. FINANCIAL HIGHLIGHTS:
Particulars |
Standalone |
Consolidated (consolidated with Associates) |
|
(Amount in lakhs) |
(Amount in lakhs) |
||
Year ended 31.03.2016 |
Year ended 31.03.2015 |
Year ended 31.03.2016 |
|
Revenue from operations & other income |
1301.57 |
364.63 |
|
Profit before finance cost, Depreciation, Extraordinary items and Tax |
1213.95 |
274.08 |
|
Less: Finance cost |
1.46 |
3.79 |
|
Less: Depreciation |
8.28 |
6.67 |
|
Profit before Tax |
1204.21 |
263.62 |
|
Provision for Taxation/MAT Credit/Deferred Tax |
1.64 |
16.13 |
|
Net Profit after Taxation |
1202.57 |
247.48 |
- |
Balance brought forward from Previous Year |
4201.87 |
3954.39 |
- |
Balance Carried Forward |
5404.41 |
4201.87 |
- |
Profit after tax before share loss of associate |
- |
- |
1202.57 |
Share in loss of associate for the year |
- |
- |
0.041 |
Profit for the year attributable to shareholders of the Company |
- |
- |
1202.53 |
2. DIVIDEND:
Your Directors do not recommend any dividend for the year ended 31st March 2016 with a view to conserve the resources for future.
3. TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCATION AND PROTECTION FUND:
The provision of Section 125(2) of the Companies Act, 2013 do not apply as there was no dividend declared and paid last year.
4. STATE OF AFFAIRS OF THE COMPANY:
- Revenues - Standalone:
During the year ended 31st March, 2016, your Company has earned total revenue aggregating to Rs. 1301.57Lakhs. After providing for Depreciation and Finance Cost, the Company has registered a profit before tax Rs. 1204.21Lakhs. After making provision for tax in respect of current year and MAT and deferred tax, the profit after tax of Rs. 1202.57 Lakhs has been carried to the Balance sheet.
- Revenues - Consolidated:
The Company has consolidated the financial statement of its associate company in accordance with Accounting Standard 23 "Accounting for Investments in Associates in Consolidated Financial Statements" by using "Equity Method."
During the year on consolidation, after considering share of loss in associate profit for the year attributable to the shareholder of the Company is 1202.53 Lakhs.
By virtue of the exemption given by MCA through the notification issued on 14th October, 2014, the consolidated financial statement in respect of associates companies for the financial year 2014-15 was not applicable & hence financial year 2015 - 16 being the first year for preparation of its consolidated financial statement, therefore figures for the previous year have not been presented.
5. TRANSFER TO RESERVE:
Your Company has not transferred anything to reserve during the year under review.
6. NATURE OF BUSINESS OF THE COMPANY:
There has been no change in the nature of business of the Company.
7. SUBSIDIARIES, JOINT VENTURES AND ASSOCIATES:
Arkaya Commercial Private Limited is an associate of the company. None of the Companies have become or ceased to be Company''s subsidiary and joint ventures. Pursuant to Section 129 (3) of the Companies Act, 2013 read with the Rules (5) of the Companies Accounts Rules, 2014 the salient feature of Financial Statement of Associates in Form AOC 1 is attached as "Annexure 1" which forms part of this report.
Financial Highlights of Associates:
(Standalone figures) (Amt: in Lakhs, except for EPS)
Particulars |
Arkaya Commercial Private Limited |
Year ended 31.03.2016 |
|
Revenue from operations & other Income |
00.00 |
Profit before Tax |
(0.09) |
Net Profit after Taxation |
(0.09) |
EPS - Basic |
(0.36) |
-Diluted |
(0.36) |
8. DIRECTORS & KEY MANAGERIAL PERSONNEL:
a) Directors
Your Company has 4 (Four) directors, consisting of 2 (Two) Independent Director, 2(Two) Non-Executive Director as on 31st March, 2016.
b) Women Director
In terms of the provision of Section 149 of the Companies Act, 2013 a company shall have at least one women director on the board of the company. Your Company has appointed Smt. Manisha Parikh on 18th December, 2014.
c) Appointment / Resignation of Directors
Pursuant to Section 152 of the Companies Act, 2013 Smt. Manisha Parikh is due to retire at the ensuing Annual General Meeting and is eligible for reappointment.
Shri. Ashok Rupani was appointed as an Additional Independent Director of the Company w.e.f. 11th August, 2016 pursuant to Sections 149 and 152 read with Schedule IV and other applicable provisions, if any, of the Companies Act, 2013 ("the Act"), The Companies (Appointment and Qualification of Directors) Rules, 2014 (including any statutory modifications or re-enactment(s) thereof for the time being in force) read with the Articles of Association of the Company. Shri. Ashok Rupani will hold office till the ensuing Annual General Meeting. The Company has received the notice under section 160 of Companies Act, 2013 from the member of the company proposing his candidature for the office of Director of the company. Shri. Ashish Mohta has resigned from the directorship of the Company with effect from 11th August, 2016. The Board placed on record his appreciation of the enormous contribution made by him during his tenure as Director of the Company.
A brief profile of Directors proposed to be reappointed is given in the notes to the Notice of the ensuing Annual General Meeting. The Company has devised a policy on directors appointment and remuneration including criteria for deeming qualification, independence of director and other matter provided under sub section (3) of Section 178 of Companies Act, 2013. Such Nomination & Remuneration policy devised by the company can be accessed on the website of the Company - http://www.aronicommercials.com/policies/NOMINATION%20AND%20 REMUNERATION%20POLICY-ACL.pdf
d) Declaration by Independent Directors
Declaration have been received from all the Independent Directors affirming that they meet the criteria of independence as provided in sub-section (6) of Section 149 of the Companies Act, 2013.
None of the Directors of the Company are disqualified from being appointed as Directors as specified in Section 164 of the Companies Act, 2013.
e) Familiarization programme for Independent Directors
As per the requirement of Regulation 25 (7) of SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015, during the year under review, one programme was conducted for familiarization of independent directors. The details of such programme can be viewed on the website of the company at http://www.aronicommercials.HYPERLINK "http://www.aronicommercials.com/id/Details_of_Familiarisation_Programme_ARONI-15.12.15.pdf"com/id/Details_of_Familiarisation_Programme_ARONI-15.12.15.pdf
f) Number of meetings of the Board
Regular meetings of the board are held to discuss and decide on various business policies, strategies and other business decisions.
The Board met 8 (Eight) times during the FY 2015 - 2016 viz. 27th May, 2015, 30th June, 2015, 12th August, 2015, 05th November, 2015, 01st December, 2015, 22nd January, 2016, 10th February, 2016 and 24th February, 2016. Additionally several committee meetings were held during the year including Audit Committee, Nomination & Remuneration Committee, Stakeholder Relationship Committee, Committee of Independent Director and Risk Management Committee.
g) Committees of the Board
The Company has several committees which has been established as a part of good Corporate Governance practices and are in compliance with the requirements of the relevant provisions of applicable laws.
Company has following Committees of the Board:
- Audit Committee
- Nomination & Remuneration Committee
- Stakeholder Relationship Committee
- Risk Management Committee
h) Key Managerial Personnel
Pursuant to the provision of Section 203 of the Companies Act, 2013, the Key Managerial Personnel of the company are as follows:
Sr. No. |
Name |
Designation |
1 |
Avani Jani1 |
Company Secretary & Compliance Officer |
2 |
Shreya Dhende2 |
Company Secretary & Compliance Officer |
3 |
Nirav Shah |
CEO |
4 |
Anoop Chaturvedi |
CFO |
1. Ms. Avani Jani resigned from the post of Company Secretary w.e.f. 30.06.2015
2. Smt. Shreya Dhende was appointed as Company Secretary & Compliance Officer w.e.f. 27.07.2015.
9. DIRECTORS'' Responsibility STATEMENT:
Pursuant to the requirements of Section 134 (3) (c) of the Companies Act, 2013, your Directors states that:
a) That in the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures;
b) that the Directors 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 as at 31st March, 2016 and of the profit and loss of the Company for the year ended on that date;
c) that the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013, for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;
d) That the directors had prepared the annual accounts on a going concern basis.
e) That the directors have laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and are operating effectively and;
f) That the directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems are adequate and operating effectively.
10. Disclosure AS PER sexual HARASSMENT OF WOMEN AT workplace (PREVENTION, PROHIBITION AND REDRESSAD ACT, 2013
The Company has zero tolerance for sexual harassment at workplace and has adopted a policy on prevention, prohibition and redressal of sexual harassment at workplace in line with the provisions of Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the rules framed there under. During the financial year 2015-16, the Company has not received any complaints on sexual harassment and no complaint is remain pending as on 31st March, 2016. The policy on prevention, prohibition and redressal of sexual harassment at work place can be accessed on the website of the Company - http://www.aronicommercials.com/policies/HYPERLINK "http://www.aronicommercials.com/policies/Policy%20On%20Prevention%20of%20Sexual%20Harassment.pdf"Policy%20On%20Prevention%20of%20Sexual%20Harassment.pdf
11. INSURANCE
Your Company has adequately insured all its properties against the risk of accidents like fire, earthquakes etc.
12. LISTING AGREEMENT:
The Securities and Exchange Board of India (SEBI), on 2nd September, 2015 issued SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 with the aim to consolidate and streamline the provisions of the Listing Agreement for different segments of capital markets to ensure better enforceability. The said regulations were effective from 1st December, 2015.
Accordingly all the listed entities were required to enter into the Listing Agreement within six months of the effective date.
The company entered into Listing Agreement with BSE Ltd during February, 2016.
13. CORPORATE GOVERNANCE:
Pursuant to Regulation 34 (3) V E of SEBI (Listing Obligation and Disclosure Requirements) Regulation, 2015, a separate Report on Corporate Governance and a certificate from M/s. Nishant Jawasa & Associates, Company Secretaries in practice confirming the compliance with the conditions of Corporate Governance are annexed.
14. MANGEMENT''S DISCUSSION AND ANALYSIS REPORT
Pursuant to Regulation 34 (2) (e) of SEBI (Listing Obligation and Disclosure Requirements) Regulation, 2015, a Management Discussion and Analysis Report is annexed to this Report.
15. AUDITORS:
It is proposed to re-appoint M/s Lalit Mehta Associates, Chartered Accountants, the Statutory Auditors of the Company, retires at the ensuing Annual General Meeting.
In terms of Section 139 of the Companies Act, 2013 the members are requested to appoint Auditors for the current year. The Auditors have confirmed their eligibility under Section 141 of the Act and the Rules framed there under for reappointment as Auditors of the Company. As required under Regulation 33 (1) (d) of SEBI (Listing Obligation and Disclosure Requirements) Regulation, 2015 the Auditors have also confirmed that they hold valid certificate issued by Peer Review Board of the Institute of Chartered Accountants of India.
The Board on the recommendation of the Audit Committee has proposed the re-appointment of M/s. Lalit Mehta Associates as Statutory Auditors of the Company to hold office from the conclusion of this AGM till the conclusion of next AGM at such remuneration to be decided by the Board of Directors in consultation with the said Auditors The Notes on financial statement referred to in the Auditor''s Report are self-explanatory and do not call for any further comments. The Auditors'' Report does not contain any qualification, reservation or adverse remark.
16. SECRETARIAL AUDITOR:
Pursuant to the provision of Section 204 of the Companies Act, 2013 and Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014, the Company has appointed M/s Nishant Jawasa and Associates, Practicing Company Secretary, to undertake the secretarial audit of the Company. Report of the Secretarial Auditor is annexed to this Report as "Annexure 2".
17. PUBLIC DEPOSITS:
The Company has not accepted any deposits from public.
18. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO:
A] Conservation of Energy and Technology Absorption:
i) The step taken or impacts on conversation of energy - The operation of your Company are not energy intensive.
However, adequate measures have been initiated for conservation of energy.
ii) The steps taken by the Company for utilizing alternative sources of energy - though the operations of the Company are not energy intensive, the Company shall explore alternative sources of energy, as and when necessity arises.
iii) The capital investment on energy conservation equipment''s - NIL
B] Foreign Exchange Earnings & Outgo:
(Rs. In Lakhs)
particulars |
2015-2016 |
2014-2015 |
Foreign Exchange Earning |
Nil |
Nil |
Foreign Exchange Outgo |
Nil |
Nil |
19. Particulars OF LOANS GIVEN, INVESTMENTS MADE, guarantees GIVEN AND securities PROVIDED:
Details of Guarantees and Investment covered under the provision of Section 186 of the Companies Act, 2013, are given in the Notes to the Financial Statement. The company has not given any loan neither guarantee during the year under review.
20. Extract OF annual return:
The details forming part of extract of the Annual Return in form MGT-9 as required under Section 92 of the Companies Act, 2013, reads with the Rule 12 of the Companies (Management and Administration) Rules, 2014 is included in this report as "Annexure-3" this Report.
21. RISK MANAGEMENT:
Risk Management Committee which has been entrusted with the responsibility to assist the Board in (a) Overseeing and approving the Company''s enterprise wide risk management framework and (b) Overseeing that all the risk that the organization faces have been identified and assessed and there is an adequate risk management infrastructure in place capable of addressing those risks. A Risk Management Policy was reviewed and approved by the Committee. The Company manages monitors and reports on the principal risk and uncertainties that can impact its ability to achieve its objective.
22. INTERNAL FINANCIAL CONTROLS:
The Company has a proper and adequate system of internal control to ensure that all assets are safeguarded and protected against loss from unauthorized use and the disposition and transactions are authorized, recorded and reported correctly.
Internal control systems are supplemented by internal audit review, coupled with guidelines and procedures updated from time to time by the management. During the year, such controls were tested and no reportable material weakness in the design or operation was observed.
Report on the Internal Financial Controls under clause (i) of Sub-section 3 of Section 143 of the Companies Act,2013 ("the Act") forms part of this Annual Report as Annexure-A to the Auditors Report.
23. WHISTLE BLOWER POLICY/VIGIL MECHANISM:
The Company has a whistle Blower policy to report genuine concerns or grievances. The Whistle Blower policy has been posted on the website of the Company http://www.aronicommercials.com/policies/latest%20whistle-blower-policy. pdf.
24. NOMINATION AND REMUNERATION COMMITTEE:
The Nomination and Remuneration Committee comprises of Shri. Hatim Harianawala Chairman, Shri. Ashok Rupani and Shri.V. V. Sureshkumar members. The Committee has laid down the Company''s Policy on Directors appointment and remuneration, including criteria for determining qualifications, positive attribute, independence of a Director and other related matters.
Pursuant to Section 134 (3) (e) and Section 178 of the Companies Act, 2013, the Company''s policy on Directors appointment and remuneration has been posted on the website of the Company http://www.aronicommercials.com/ policies/NOMINATION%20AND%20REMUNERATION%20POLICY-ACL.pdf.
25. BOARD EVALUATION:
Pursuant to the provisions of the Companies Act, 2013, the Board, based on recommendations of the Nomination and Remuneration Committee, has carried out an annual performance evaluation of its own performance and that of its statutory committeeâs viz. Audit Committee, Stakeholders Relationship Committee, Nomination and Remuneration Committee and that of the individual Directors. The manner in which the evaluation has been carried out has been explained in the Corporate Governance Report.
The details of programmes for familiarization of Independent Directors with the Company, their roles, rights, responsibilities in the Company, nature of the Industry in which the Company operates, business model of the Company and related matters and familiarization programmes attended by Independent Directors are put up on the website of the Company http://www.aronicommercials.com/id/Details_of_Familiarisation_Programme_ARONI-15.12.15.pdf.
26. CONTRACTS AND ARRANGEMENTS WITH RELATED PARTIES:
All related party transactions that were entered into during the financial year were on an arm''s length basis and were in the ordinary course of business. Accordingly, the disclosure of Related Party Transactions as required under Section 134(3) (h) of the Companies Act, 2013 in Form AOC 2 is included in this report as "Annexure-4"
The Policy on materiality of related party transactions and dealing with related party transactions as approved by the Board may be accessed on the Company''s websiteat http://www.aronicommercials.com/policies/RPT%20Policy.pdf
27. POLICIES:
The SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 mandated the formulation of certain policies for all listed companies. All such policies which are applicable to the company are available on our website(http:// www.aronicommercials.com/Policies-Code.asp). The policies are reviewed by the Board and updated based on need and new compliance requirements.
The policies adopted by the company along with their web links are as follows:
Sr. No. |
Name of the policy |
Web link |
1 |
Document Retention and Archival Policy |
|
2 |
Policy for determination of Materiality |
|
3 |
Policy on prevention of |
http://www.aronicommercials.com/policies/Policv%200n%20Prevention%20of%20 |
|
sexual harassment |
|
4 |
Whistle Blower Policy |
http://www.aronicommercials.com/policies/latest%20whistle-blower-policv.pdf |
5 |
Nomination & Remuneration Policy |
http://www.aronicommercials.com/policies/N0MINATI0N%20AND%20 |
28. MATERIAL CHANGES AND COMMITMENTS:
The material changes and commitment affecting the financial position of the Company which have occurred between the end of the financial year of the Company to which the financial statements relate and the date of the Report are as follows:
Voluntary Delisting of Shares:
The Company has voluntarily delisted its shares from The Calcutta Stock Exchange of India Limited with effect from 16th March, 2016.
Scheme of Amalgamation:
The Company has passed the resolution on 9th April, 2016 for approving the scheme of amalgamation of Aroni Commercials Limited with Saraswati Commercial (India) Limited with effect from 1st April, 2015. Company has received no observation letter from BSE on 13th July, 2016 regarding the Scheme of Amalgamation. Company is in the process of making an application with Hon''ble Bombay High Court for summon for direction.
Corporate Social Responsibility
On 31st March, 2016 the Net Profit of the company was more than Rs. 5 crores (Five crores), i.e. Rs. 120,256,955. Therefore pursuant to Section 135 of the Companies Act, 2013, the Board, is in the process of forming Corporate Social Responsibility (CSR) Committee consisting of three Directors out of which one will be Independent Director. The company will take initiatives for the CSR activities in the year 2016-2017.
29. PARTICULARS OF EMPLOYEES:
The information required under Section 197 of the Act and the Rules made there-under, in respect of the employees of the company
a) The ratio of the remuneration of each director to the median remuneration of the employee of the company for the financial year: NA
No remuneration is been paid to the Directors of the company.
b) The percentage of increase in remuneration of each Director, Chief Executive Officer, Chief Financial Officer or Manager if any, in the financial year-
Name of the Person |
% of increase |
Nirav Shah (CEO) |
13.59 |
Anoop Chaturvedi (CFO) |
6.95 |
Avani Jani1 (CS) |
NA |
Shreya Dhende2 (CS) |
NA |
1. Ms. Avani Jani resigned from the post of Company Secretary w.e.f. 30.06.2015
2. Smt. Shreya Dhende was appointed as a Company Secretary & Compliance Officer w.e.f. 27.07.2015.
c) The percentage increase in the median remuneration of employees in the financial year is 40.55%.
d) The number of permanent employees on the rolls of company as on 31.03.2016 are 6 (Six).
e) Average percentile increase already made in the salaries of employees other than the managerial personnel in the last financial year and its comparison with the percentile increase in the managerial remuneration and justification thereof and point out if there are any exceptional circumstances for increase in the managerial remuneration.
The average increase in salaries of employees other than managerial personnel in 2014-15 was 14.76%. Percentage increase in the managerial remuneration for the year was 11.95%.
(Note: Figures are calculated based on salary of employees who have worked with the company through out the two financial year)
f) Affirmation that the remuneration is as per the remuneration policy of the Company:
The Company''s remuneration policy is driven by the success and performance of the individual employees and the Company. Through the compensation package, the Company endeavor to attract, retain develop and motivate a high performance staff. The Company follows a compensation mix of fixed pay, benefits and performance based variable pay. Individual performance pay is determined by business performance and the performance of the individuals measured through the annual appraisal process, The Company affirms remuneration is as per the remuneration policy of the company.
j) Details Pertaining to remuneration as required under Section 197 (12) of the Companies Act, 2013 read with Rule 5(2) and (3) of the Companies (Appointment & Remuneration of Managerial Personnel) Rules,2014 and forming part of the directors report for the year ended 31st March, 2016.
As required under Rule 5 (2) none of the employees were in receipt of remuneration of not less than 1 Crore and 2 Lakh rupees p.a. or employed for a part of the financial year were in receipt of remuneration of not less than 8 Lakh and Fifty Thousand p.m.
Details of top ten employees in terms of remuneration drawn as per Rule 5 (2) are as follows:
Name and Age of the employee and % of equity shares held |
Designation of employee |
Qualifications |
Date of Comencement of Employment |
Gross remunera tion received (Per annum) |
Other Terms & Conditions |
Nature of employment, whether contractual or otherwise |
Nature of duties of the employees |
The last employment held by such employee before joining the company. |
Relationship with other Directors |
Shri. Nirav Shah |
CEO |
B.com, CFA |
01.05.2014 |
23,13,105 |
Appointment letter |
Not Contractual |
Looks after Investment |
Antique Stock Broking Limited |
No such relation exists. |
Shri. K. S. Premanand |
Sec. to Directors |
Under Graduate |
17.05.1990 |
7,65,856 |
Appointment letter |
Not Contractual |
Secretarial work & A dministration |
Winro Commercial (India) Ltd. |
No such relation exists. |
Shri. Anoop Chaturvedi |
CFO |
B.Com |
02.08.2011 |
7,15,399 |
Appointment letter |
Not Contractual |
Looks after accounts |
Chaturverdi & Shah Associates |
No such relation exists. |
Smt. Shreya Dhende |
Company Secretary |
B.com, ACS, Post Graduation Diploma in IPR |
27.07.2015 |
4,98,580 |
Appointment letter |
Not Contractual |
Looks after compliances |
JIK Industries Limited |
No such relation exists. |
Shri. Gajendra Pawar |
Admin Manager |
Under Graduate |
18.01.1995 |
4,22,571 |
Appointment letter |
Not Contractual |
Looks after Admin work |
|
No such relation exists. |
Shri. Madhukar Waghe |
Back Office Assistant |
Under Graduate |
10.12.1993 |
2,84,754 |
Appointment letter |
Not Contractual |
Looks after back office work |
|
No such relation exists. |
Ms.Avani Jani |
Company Secretary |
BLS, ACS, LLB |
23.02.2012 |
2,13,299 |
Appointment letter |
Not Contractual |
Looks after secretarial compliances |
Pramod Shah & Associates |
No such relation exists. |
Ms. Urja Karia |
Trainee - CS |
B.com, CS |
21.07.2014 |
1,15,104 |
Appointment letter |
Not Contractual |
Looks after secretarial compliances |
|
No such relation exists. |
30. GENERAL:
Your Directors state that no disclosure or reporting is required in respect of the following items as there were no transactions on these items during the year under the review:
1. Details relating to deposits covered under Chapter V of the Act.
2. Issue of equity shares with differential rights as to dividend, voting or otherwise.
3. Issue of share (including sweat equity shares) to employees of the Company under any scheme.
4. Company does not have any subsidiary and hence none of the Directors of the company receives any remuneration or commission from any of its subsidiaries.
5. No significant or material orders were passed by the Regulators or Courts or Tribunals which impact the going concern status and Company''s operations in future.
31. ACKNOWLEDGEMENTS:
Your Directors take this opportunity to express their gratitude for the support and co-operation from the Investors, Banks and Statutory Authorities. Your Directors express their deep appreciation to the Company''s employees at all levels for their unstinted efforts and valuable contributions during the year.
By order of the Board of Directors
SD/-
V. V Suresh Kumar
CHAIRMAN
DIN: 00053859
Place: Mumbai
Dated: 11th August, 2016
Mar 31, 2015
The Directors have pleasure in presenting the 30th Annual Report on
the operations of the Company together with the Audited Accounts for
the year ended 31st March, 2015.
1. FINANCIAL HIGHLIGHTS:
(Amount in Lacs)
Particulars Year ended Year ended
31.03.2015 31.03.2014
Revenue from operations & other income 364.63 282.98
Profit before finance cost, Depreciation,
Extraordinary items and Tax
274.08 214.21
Less: Finance cost 3.79 0.00
Less: Depreciation 6.67 4.73
Profit before Tax 263.62 209.47
Provision for Taxation/MAT Credit
/Deferred Tax 16.13 69.98
Net Profit after Taxation 247.48 139.49
Balance brought forward from
Previous Year 3954.39 3814.90
Balance Carried Forward 4201.87 3954.39
2. DIVIDEND:
Your Directors do not recommend any dividend for the year ended 31st
March 2015 with a view to conserve the resources for future.
3. STATE OF AFFAIRS OF THE COMPANY:
During the year ended 31st March, 2015, your Company has earned total
revenue aggregating to Rs. 364.63 Lacs. After providing for Depreciation
and Finance Cost, the Company has registered a Profit before tax Rs.
lacs.263.62 After making provision for tax in respect of current year
and MAT and deferred tax, the Profit after tax of Rs. 247.48 Lacs has been
carried to the Balance sheet.
4. TRANSFER TO RESERVE:
Your Company has not transferred anything to reserve during the year
under review.
5. SUBSIDIARIES, JOINT VENTURES AND ASSOCIATES:
Arkaya Commercial Private Limited is an associate of the company.
During the year under review, Four Dimensions Capital Markets Private
Limited, Mahotsav Trading and Finance Private Limited and Windsor
Trading and Finance Private Limited ceased to be associate of the
company and none of the Companies have become or ceased to be Company's
subsidiary and joint ventures. Pursuant to Section 129 (3) of the
Companies Act, 2013 read with the Rules (5) of the Companies Act, 2014
the salient feature of Financial Statement of Associates in Form AOC 1
is attached as "Annexure 1" which forms part of this report
6. DIRECTORS & KEY MANAGERIAL PERSONNEL:
Director
Your Company has 4 (Four) directors, consisting of 2 (Two) Independent
Director, 2(Two) Non-Executive Director as on 31st March, 2015.
Independent Director
In terms of the definition of 'Independence' of Directors as prescribed
under Clause 49 of Listing Agreement entered with the Stock Exchanges
and Section 149 (6) of Companies Act, 2013 and based on the Confirmation
received from the Directors, the following Non  Executive Directors
are Independent Directors :-
1. Shri. Ashish Mohta
2. Shri. Hatim Fakhruddin Harianawala
Familiarisation programme for Independent Directors
As per the requirement of Clause 49 of the Listing Agreement, during
the year under review, two programmes were conducted for
familiarization of independent directors. The details of such
programmes can be viewed on the website of the company at
http://aronicommercials.com/polices- and-code.html.
WOMEN DIRECTOR
In terms of the provision of Section 149 of the Companies Act, 2013 and
Clause 49 of the Listing
Agreement, a company shall have at least one women director on the
board of the company. Your Company has appointed Smt. Manisha Parikh
on 18th December, 2014.
Appointment / Resignation of Directors
Shri.V. V. Sureshkumar, Director of the Company retires by rotation and
being eligible, offers himself for re-appointment at the ensuing Annual
General Meeting.
Smt. Manisha Parikh was appointed as an Additional Director of the
Company w.e.f 18th December, 2014 pursuant to Section 161 of the
Companies Act, 2013 read with the Articles of Association of the
Company. Smt. Manisha Parikh will hold office till the ensuing Annual
General Meeting. The Company has received the notice under section 160
of Companies Act, 2013 from the member of the company proposing her
candidature for the office of Director of the company. Shri. Hatim
Harianwala was appointed as Independent Director on 13th February, 2015
for a period of Five years. Shri. Bhagawati Prasad Kejariwal, Shri.
Ritesh Zaveri and Shri. Ravi Chaturvedi have resigned from the
directorship of the Company with effect from 11th July, 2014, 19th
December, 2014 and 13th February, 2015 respectively. The Board placed
on record its appreciation of the enormous contribution made by them
during their tenure as Directors of the Company.
A brief profile of Directors proposed to be re- appointed is given in
the notes to the Notice of the ensuing Annual General Meeting.
The Company has devised a policy on directors' appointment and
remuneration including criteria for deeming qualifications, independence
of director and other matter provided under sub-section (3) of section
178 which is enclosed to this report.
Appointment / Resignation of Key Managerial Personnel
Shri. Nirav Shah , CEO, Shri. Anoop Chaturvedi and Smt. Shreya Dhende,
Company Secretary are the Key Managerial Personnel as per the provision
of the Companies Act, 2013.
Shri. Nirav Shah was appointed as CEO of the Company with effect from
01st May, 2014, Shri. Anoop Chaturvedi is CFO of the Company since
2011. In terms of requirement of section 203 of the Companies Act, 2013
he was re-designated as Key Managerial Personnel with effect from 13th
February, 2015 Smt. Avani Jani has resigned from the office of Company
Secretary on 30th June, 2015 & Smt. Shreya Dhende has been appointed as
Company Secretary with effect from 27th July, 2015.
Number of meetings of the Board
Regular meeting of the board are held to discuss and decide on various
business policies, strategies and other business decisions.
The Board met 10 (Ten) times during the FY 2014 - 2015 viz. 28th May,
2014, 11th July, 2014, 26th July, 2014, 07th August, 2014, 04th
September, 2014, 30th September, 2014, 12th November, 2014, 18th
December, 2014, 14th January, 2015 and 13th February, 2015.
Additionally several committee meetings were held during the year
including Audit Committee, Nomination & Remuneration Committee,
Stakeholder Relationship Committee and Risk Management Committee.
Committees of the Board
The Company has several committees which has been established as a part
of good Corporate Governance practices and are in compliance with the
requirements of the relevant provisions of applicable laws.
Company has following Committees of the Board
- Audit Committee
- Nomination & Remuneration Committee
- Stakeholder Relationship Committee
- Risk Management Committee
7. DIRECTORS' RESPONSIBILITY STATEMENT:
Pursuant to the requirements of Section 134 (3) (c) of the Companies
Act, 2013, your Directors states that:
- that in the preparation of the annual accounts, the applicable
accounting standards have been followed along with proper explanation
relating to material departures;
- that the Directors 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 as at 31st March, 2015 and of the Profit and loss of the
Company for the year ended on that date;
- that the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 2013, for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities;
- that the directors had prepared the annual accounts on a going
concern basis.
- that the directors have laid down internal financial controls to be
followed by the company and that such internal financial controls are
adequate and are operating effectively and;
- that the directors have devised proper systems to ensure compliance
with the provisions of all applicable laws and that such systems are
adequate and operating effectively.
8. DISCLOSURE AS PER SEXUAL HARRASSMENT OF WOMEN AT WORKPLACE
(PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013
The Company has zero tolerance for sexual harassment at workplace and
has adopted a policy on prevention, prohibition and redressal of sexual
harassment at workplace in line with the provisions of Sexual
Harassment of Women at Workplace (Prevention, Prohibition and
Redressal) Act, 2013 and the rules framed thereunder. During the
financial year 2014- 15, the Company has not received any complaints on
sexual harassment and no complaints is remain pending as on 31 March,
2015.
9. CORPORATE GOVERNANCE:
Your Company has taken adequate steps to adhere to all the stipulations
laid down in Clause 49 of the Listing Agreement. A report on Corporate
Governance is included as a part of this Annual Report. Certificate from
M/s. Nishant Jawasa & Associates, Company Secretaries in practice
Confirming the compliance with the conditions of Corporate Governance as
stipulated under Clause 49 of the Listing Agreement is included as a
part of this report.
10. MANGEMENT'S DISCUSSION AND ANALYSIS REPORT
Management's Discussion and Analysis Report for the year under review,
as stipulated in the Clause 49 of the Listing Agreement with the Stock
Exchanges in India, is presented in a separate section forming the part
of the Annual Report.
11. AUDITORS:
M/s Lalit Mehta Associates, Chartered Accountants, the Statutory
Auditors of the Company, retires at the ensuing Annual General Meeting
and being eligible, offer themselves for re-appointment. Your Company
has received intimation to the effect that the proposed re-appointment,
if made, would be within the prescribed limit under section 141 of the
Companies Act, 2013 and Rules made thereunder.
The said Auditors have Confirmed their willingness to accept office, if
re-appointed. The Board on the recommendation of the Audit Committee
has proposed the re-appointment of M/s. Lalit Mehta
Associates as Statutory Auditors of the Company to hold office from the
conclusion of this AGM till the conclusion of next AGM at such
remuneration to be decided by the Board of Directors in consultation
with the said Auditors
Members are requested to appoint auditors for the current year and to
authorize the Board to fix their remuneration.
The Notes on financial statement referred to in the Auditor's Report are
self-explanatory and do not call for any further comments. The
Auditors' Report does not contain any qualification, reservation or
adverse remark.
12. SECRETARIAL AUDITOR:
The Board has appointed M/s Nishant Jawasa and Associates, Practising
Company Secretary, to conduct Secretarial Audit for the financial year
2014-2015. The Secretarial Audit Report for the financial year ended
March 31, 2015 is annexed to this Report as "Annexure 2". The
Secretarial Audit's Report are self- explanatory and do not call for
any further comments except that intimation required under Clause 20b
of listing agreement was not intimated to the Stock Exchanges.
Management was of the view that the details as required under Clause
20b is similar as given in the Audited results under Clause 41 and was
not intimated separately, however we assure the compliance of the same
henceforth.
13. PUBLIC DEPOSITS:
The Company has not accepted any deposits from public.
14. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO:
A] Conservation of Energy and Technology Absorption:
i) The step taken or impacts on conversation of energy  The operation
of your Company are not energy intensive. However, adequate measures
have been initiated for conservation of energy.
ii) The steps taken by the Company for utilizing alternative sources of
energy  though the operations of the Company are not energy intensive,
the Company shall explore alternative sources of energy, as and when
necessity arises.
15. PARTICULARS OF EMPLOYEES:
The Company does not have any employee in receipt of remuneration equal
to or exceeding the limits prescribed under Section 197 (12) of the
Companies Act, 2013, read with rules 5(2) and 5(3) of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014.
16. PARTICULARS OF LOANS GIVEN, INVESTMENTS MADE, GURANTEES GIVEN AND
SECURITIES PROVIDED:
Details of Guarantees and Investments covered under the provisions of
Section 186 of the Companies Act, 2013 are given in the Notes to the
Financial Statements. The company has not given any loan during the
year under review.
17. EXTRACT OF ANNUAL RETURN
The details forming part of extract of the Annual Return in form MGT-9
a required under section 92 of the Companies Act, 2013, is included in
this report as "Annexure-3" and forms an integral part of this Report.
18. INDEPENDENT DIRECTORS' DECLARATION:
Shri. Ashish Mohta and Shri. Hatim Harianwala who are independent
Directors, have submitted a declaration that each of them meets the
criteria of independence as provided in Sub-Section (6) of Section 149
of the Act and revised Clause 49 of the Listing Agreement. Further,
there has been no change in the circumstances which may affect their
status as independent director during the year.
19. RISK MANAGEMENT
During the year, your Directors have constituted a Risk Management
Committee which has been entrusted with the responsibility to assist
the Board in (a) Overseeing and approving the Company's enterprise wide
risk management framework and (b) Overseeing that all the risk that the
organization faces have been identified and assessed and there is an
adequate risk management infrastructure in place capable of addressing
those risks. A Risk Management Policy was reviewed and approved by the
Committee. The Company manages monitors and reports on the principal
risk and uncertainties that can impact its ability to achieve its
objective.
20. INTERNAL FINANCIAL CONTROLS:
The Company has in place adequate internal financial controls with
reference to financial statements. During the year, such controls were
tested and no reportable material weakness in the design or operation
were observed
21. WHISTLE BLOWER POLICY
The Company has a whistle Blower policy to report genuine concerns or
grievances. The Whistle Blower policy has been posted on the website of
the Company (www.aronicommercials.com) or through the following link
http://aronicommercials.com/policy/ latest%20whistle-blower-policy.pdf
22. REMUNERATION AND NOMINATION POLICY
The Board of Directors has framed a policy which lays down a framework
in relation to remuneration of Directors, Key Managerial Personnel and
Senior Management of the Company. This policy also lays down criteria
for selection and appointment of Board Members and the same has been
annexed with this report as "Annexure 4".
23. BOARD EVALUATION
The Nomination and Remuneration Committee and the Board of Directors
has laid down criteria for performance evaluation of Directors,
Chairperson, Board Level Committees and Board as a whole and also the
evaluation process for the same. The performances of the members of the
Board, the Board level Committees and the Board as a whole were
evaluated at the meeting of the Independent Directors and the Board of
the Directors held on December 22, 2014 and December 18, 2014
respectively. The Board of Directors expressed their satisfaction with
the evaluation process.
24. CONTRACTS AND ARRANGEMENTS WITH RELATED PARTIES
All related party transactions that were entered into during the
financial year were on an arm's length basis and were in the ordinary
course of business. Accordingly, the disclosure of Related Party
Transactions as required under Section 134(3) (h) of the Companies Act,
2013 in Form AOC 2 is included in this report as "Annexure-5"
The Policy on materiality of related party transactions and dealing with
related party transactions as approved by the Board may be accessed on
the Company's website at the link: http://www.
aronicommercials.com/policy/RPT%20Policy.pdf
25. PARTICULARS OF REMUNERATION
The information required under Section 197 of the Act and the Rules
made there-under, in respect of the employees of the company
a) The ratio of the remuneration of each director to the median
remuneration of the employee of the company for the financial year: NA
No remuneration is been paid to the Directors of the company.
b) The percentage of increase in remuneration of each Director, Chief
Executive Officer, Chief Financial Officer and Company Secretary if any,
in the financial year-
Name of the Person % of increase
Nirav Shah (CEO) *NA
Anoop Chaturvedi (CFO) 10.59%
Avani Jani (CS) 39.39%
* Shri. Nirav Shah has been appointed during the year therefore % of
increase is not applicable.
* Shri. Anoop Chaturvedi is a CFO of Company from 2nd August, 2011 and
the E-form DIR 12 with MCA has been fled on 13th February, 2015.
c) The percentage increase in the median remuneration of employees in
the financial year is 13.87%
d) The number of permanent employees on the rolls of company as on
31.03.2015 are 7 (Seven).
e) The explanation on the relationship between average increase in
remuneration and company performance
On an average, employees received an increase of 17.45%. The increase
in remuneration is in line with the market trends. In order to ensure
that remuneration reflects company performance, the performance pay is
linked to organization performance.
f) Comparison of the remuneration of the Key Managerial Personnel
against the performance of the Company
Particulars Rs. In lacs
Remuneration of Key 32.55
Managerial Personnel during financial
year (2014-2015) (aggregated)
Revenue from operations 364.63
Remuneration (as % of 8.93
revenue)
Profit before Tax 263.62
Remuneration (a s% of PBT) 12.35
g) Variations in the market capitalization of the Company price
earnings ratio as at the closing date of the current financial year and
previous financial year and percentage increase over decrease in the
market quotations of the share s of the Company in comparison to the
rate at which the Company came out with the last public offer in case
of listed companies, and in case of unlisted companies, the variations
in the net worth of the Company as at the close of the current financial
year and previous financial year.
Particulars Unit As at 31st As at 31st Variation
March, 2015 March 2014
Closing rate of
share at BSE Rs. 44.45 19.25 56.80
EPS Rs. 6.00 3.38 43.67
Market
Capitalization Rs. /Lac 1833.56 794.06 130.91
Price earnings
ratio Ratio 7.41 5.69 30.23
h) Average percentile increase already made in the salaries of
employees other than the managerial personnel in the last financial year
and its comparison with the percentile increase in the managerial
remuneration and justification thereof and point out if there are any
exceptional circumstances for increase in the managerial remuneration
The average increase in salaries of employees other than managerial
personnel in 2014-15 was 12.68%.Percentage increase in the managerial
remuneration for the year was 22.65%
i) Comparison of each remuneration of the Key Managerial Personnel
against the performance of the Company (Rs. Lakhs)
Particulars CEO CFO CS
Remuneration 20.31 6.42 5.83
Revenue 364.63 364.63 364.63
Remuneration (as% of revenue) 5.57 1.76 1.60
Profits before tax (PBT) 263.62 263.62 263.62
Remuneration (as % of PBT) 7.70 2.43 2.21
j) The key parameters for any variable component of remuneration
availed by the directors No variable component of remuneration has been
availed by the directors
k) The ratio of the remuneration to the highest paid director to that
of the employees who are not directors but receive remuneration in
excess of the highest paid director during the year: NA
l) Affirmation that the remuneration is as per the remuneration policy
of the Company
The Company's remuneration policy is driven by the success and
performance of the individual employees and the Company. Through the
compensation package, the Company endeavor to attract, retain develop
and motivate a high performance staff. The Company follows a
compensation mix of fixed pay, benefits and performance based variable
pay. Individual performance pay is determined by business performance
and the performance of the individuals measured through the annual
appraisal process, The Company affirms remuneration is as per the
remuneration policy of the company.
26. MATERIAL CHANGES AND COMMITMENTS, IF ANY, IN THE FINANCIAL
STATEMENTS: There are no material
changes or commitments which have occurred subsequent to the close of
the financial year of the Company to which the financial statements
relates and the date of this Report.
27. GENERAL:
Your Directors state that no disclosure or reporting is required in
respect of the following items as there were no transactions on these
items during the year under the review:
1. Details relating to deposits covered under Chapter V of the Act.
2. Issue of equity shares with differential rights as to dividend,
voting or otherwise.
3. Issue of share (including sweat equity shares) to employees of the
Company under any scheme.
4. The Company does not have any subsidiary and hence none of the
Directors of the company receives any remuneration or commission from
any of its subsidiaries
5. No significant or material orders were passed by the Regulators or
Courts or Tribunals which impact the going concern status and Company's
operations in future.
28. ACKNOWLEDGEMENTS:
Your Directors take this opportunity to express their gratitude for the
support and co-operation from the Investors, Banks and Statutory
Authorities. Your Directors express their deep appreciation to the
Company's employees at all levels for their unstinted efforts and
valuable contributions during the year.
For and on behalf of the Board of Directors
SD/-
Place: Mumbai V. V Sureshkumar
Dated: 12th August,2015 CHAIRMAN
DIN: 00053859
Mar 31, 2014
The Members,
The Directors have pleasure in presenting the 29th Annual Report on
the operations of the Company together with the Audited Accounts for
the year ended 31st March, 2014.
1. FINANCIAL HIGHLIGHTS:
(Amount in Lacs)
Particulars Year ended Year ended
31.03.2014 31.03.2013
Revenue from operations & other income 282.98 147.73
Profit before finance cost, Depreciation,
Extraordinary items and Tax 214.21 85.71
Less: Finance cost 0.00 1.05
Less: Depreciation 4.73 6.43
Profit before Tax 209.47 78.23
Provision for Taxation/ MAT Credit (69.98) (51.78)
Net Profit after Taxation 139.49 26.45
Balance brought forward from Previous Year 3814.90 3788.45
Balance Carried Forward 3954.39 3814.90
2. DIVIDEND:
Your Directors do not recommend any dividend for the year ended 31st
March 2014 with a view to conserve the resources for future.
3. OPERATIONS & PERFORMANCE:
During the year ended 31st March, 2014, your Company has earned total
revenue aggregating to Rs. 282.98 Lacs. After providing for
Depreciation and Finance Cost, the Company has registered a profit
before tax Rs. 209.47 lacs. After making provision for tax in respect
of current year and deferred tax, the profit after tax of Rs. 139.49
Lacs has been carried to the Balance sheet.
Although the Company maintains adequate internal control systems
covering all its operation areas, the Company''s Audit Committee
reviews these internal control systems in detail for their
effectiveness and their adequacy in the present scenario.
4. OTHER MATTER:
The Board of Directors of the Company at its meeting held on 26.07.2014
has considered and in principally approved the proposed merger of Aroni
Commercials Limited with Saraswati Commercial (India) Limited and the
same would be implemented subject to the approval of members of the
company, Stock Exchanges where the shares of the company are listed and
all such other statutory approval as may be required for this purpose.
5. DIRECTORS:
Mr. Ritesh V. Zaveri, Director of the Company retires by rotation and
being eligible, offers himself for re-appointment at the ensuing Annual
General Meeting.
Mr. Ravi Kumar Chaturvedi was appointed as an Additional Director of
the Company w.e.f 11 thJuly, 2014 pursuant to Section 161 of the
Companies Act, 2013 read with the Articles of Association of the
Company. He will hold the office as such till the ensuing Annual
General Meeting.
Under Section 149 of the Companies Act, 2013 and Rules made thereunder,
and as per Clause 49 of the Listing Agreement, an Independent Director
now shall hold office for a term of 5 (five) consecutive years on the
Board of the Company and is not subject to retire by rotation. In terms
of Section 149 and other applicable provisions of the Companies Act,
2013, and Rules made thereunder, Mr. Ravi Kumar Chaturvedi and Mr.
Ashish Mohta being eligible are offering themselves for re-appointment.
The Company has received Notice under section 160 of the said act from
the member of the company proposing there candidature for office of
Director of the Company and are proposed to be re-appointed as
Independent Directors of the Company for a term of 5 (five) consecutive
years.
A brief profile of Directors proposed to be re-appointed is given in
the notes to the Notice of the ensuing Annual General Meeting.
6. DIRECTORS'' RESPONSIBILITY STATEMENT:
Pursuant to the requirements of 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;
- that the Directors 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 as at 31st March, 2014 and of the profit of
the Company for the year ended on that date;
- that the Directors 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 detecting fraud and other
irregularities;
- that the annual accounts for the year ended 31st March, 2014 have
been prepared on a going concern basis.
7. CORPORATE GOVERNANCE:
A Report on Corporate Governance along with a certificate from M/s.
Nishant Jawasa & Associates, Company Secretaries in practice, regarding
compliance of the requirements of Corporate Governance pursuant to
Clause 49 of the Listing Agreement with the Stock Exchange is annexed
hereto.
8. MANGEMENT''S DISCUSSION AND ANALYSIS REPORT
Management''s Discussion and Analysis Report for the year under
review, as stipulated in the Clause 49 of the Listing Agreement with
the Stock Exchanges in India, is presented in a separate section
forming the part of the Annual Report.
9. AUDITORS:
M/s Lalit Mehta Associates, Chartered Accountants, the Statutory
Auditors of the Company, retires at the ensuing Annual General Meeting
and being eligible, offer themselves for re-appointment. Your Company
has received intimation to the effect that the proposed re-appointment,
if made, would be within the prescribed limit under section 141 of the
Companies Act, 2013 and Rules made thereunder.
The said Auditors have confirmed their willingness to accept office, if
re-appointed. The Board on the recommendation of the Audit Committee
have proposed the re-appointment of M/s. Lalit Mehta Associates as
Statutory Auditors of the Company to hold office from the conclusion of
this AGM till the conclusion of next AGM at such remuneration to be
decided by the Board of Directors in consultation with the said
Auditors.
Members are requested to appoint auditors for the current year and to
authorize the Board to fix their remuneration.
10. AUDITORS'' REPORT:
The observations made by the Auditors in their Report read with the
relevant notes as given in the Notes on Accounts for the year ended
31st March, 2014 are self-explanatory and therefore do not call for any
further comments under Section 217(3) of the Companies Act, 1956 as it
does not contain any qualification in the same.
11. PUBLIC DEPOSITS:
The Company has not accepted any deposits from public.
12. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO:
A] Conservation of Energy and Technology Absorption:
The Company has not engaged in any manufacturing activity and had no
foreign collaboration and also has not imported or exported any goods
and services. Hence the particulars as required under section 217 (1)
of the Companies Act, 1956, read with the Companies (Disclosure of
Particulars in the report of Board of Directors) Rules, 1988 are not
applicable.
13. PARTICULARS OF EMPLOYEES:
The Company does not have any employee in receipt of remuneration equal
to or exceeding the limits prescribed under Section 217(2A) of the
Companies Act, 1956, read with the Companies (Particulars of Employees)
Rules, 1975 as amended.
14. ACKNOWLEDGEMENTS:
Your Directors take this opportunity to express their gratitude for the
support and co-operation from the Investors, Banks and Statutory
Authorities. Your Directors express their deep appreciation to the
Company''s employees at all levels for their unstinted efforts and
valuable contributions during the year.
For and on behalf of the Board of Directors
SD/-
V. V Sureshkumar
CHAIRMAN
Place : Mumbai
Dated : 7thAugust,2014
Mar 31, 2013
The Members,
The Directors have pleasure in presenting the 28th Annual Report on
the operations of the Company together with the Audited Accounts for
the year ended 31st March, 2013.
1. FINANCIAL HIGHLIGHTS :
(Amount in Lacs)
Particulars Year ended Year ended
31.03.2013 31.03.2012
Revenue from operations & other income 147.73 79.85
Profit before finance cost, Depreciation, 85.71 32.78
Extraordinary items and Tax
Less: Finance cost 1.05 2.50
Less: Depreciation 6.43 8.60
Profit before Tax 78.23 21.68
Provision for Taxation/ MAT Credit (51.78) 37.65
Net Profit after Taxation 26.45 59.33
Balance brought forward from Previous Year 3788.45 3729.12
Balance Carried Forward 3814.90 3788.45
2. DIVIDEND:
Your Directors do not recommend any dividend for the year ended 31st
March 2013 with a view to conserve the resources for future.
3. OPERATIONS & PERFORMANCE:
During the year ended 31st March, 2013, your Company has earned total
revenue aggregating to Rs. 147.73 Lacs. After providing for
Depreciation and Finance Cost, the Company has registered Rs. 78.23
Lacs as profit before tax. After making provision for tax in respect of
current year and deferred tax credit the profit after tax of Rs.
26.45Lacs has been carried to the Balance sheet.
Although the Company maintains adequate internal control systems
covering all its operation areas, the Company''s Audit Committee reviews
these internal control systems in detail for their effectiveness and
their adequacy in the present scenario.
4. Other Matters
Your company during the year 2004-2005 has kept Rs. 100.70 Lacs in the
Escrow account with Calyon Bank, Nariman Point Branch, Mumbai for any
demands of stamp duty, penalties and liabilities that may arise on the
account of scheme of arrangement as approved by the High Court of
Judicature at Mumbai in terms of which company has transferred its
Aluminum Chloride undertaking and wind mill undertaking to Nagda Orgo
Chem Private Limited under section 301 to section 394 of the Companies
Act, 1956. On 01/10/2012 The High court of Indore has given decision in
favor of the company. The Revenue authority has filed writ appeal
against the said order with Hon''ble High Court of M.P, Indore. The
company has not accounted for interest income accrued on the said
escrow account, the same being contingent in nature as the outcome will
depend on the decision of the court.
5. DIRECTORS:
Mr. Ashish Mohta Director of the Company retires by rotation and being
eligible, offers himself for re-appointment at the ensuing Annual
General Meeting.
A brief profile of Directors proposed to be re-appointed is given in
the notes to the Notice of the ensuing Annual General Meeting.
6. DIRECTORS'' RESPONSIBILITY STATEMENT:
Pursuant to the requirements of 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;
- that the Directors 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 as at 31st March, 2013 and of the profit of the Company
for the year ended on that date;
- that the Directors 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 detecting fraud and other
irregularities.
- that the annual accounts for the year ended 31st March, 2013 have
been prepared on a going concern basis.
7. CORPORATE GOVERNANCE:
A Report on Corporate Governance along with a certificate from M/s.
Nishant Jawasa & Associates, Company Secretaries in practice, regarding
compliance of the requirements of Corporate Governance pursuant to
Clause 49 of the Listing Agreement with the Stock Exchange is annexed
hereto.
8. MANGEMENT''S DISCUSSION AND ANALYSIS REPORT
Management''s Discussion and Analysis Report for the year under review,
as stipulated in the Clause 49 of the Listing Agreement with the Stock
Exchanges in India, is presented in a separate section forming the part
of the Annual Report.
9. AUDITORS:
M/s Lalit Mehta Associates, Chartered Accountants, the Statutory
Auditors of the Company, retires at the ensuing Annual General Meeting
and being eligible, offer themselves for re- appointment. Members are
requested to appoint auditors for the current year and to authorize the
Board to fix their remuneration.
10. AUDITORS'' REPORT:
The observations made by the Auditors in their Report read with the
relevant notes as given in the Notes on Accounts for the year ended
31st March, 2013 are self-explanatory and therefore do not call for any
further comments under Section 217(3) of the Companies Act, 1956 as it
does not contain any qualification in the same.
11. PUBLIC DEPOSITS:
The Company has not accepted any deposits from public.
12. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO:
A] Conservation of Energy and Technology Absorption :
The Company has not engaged in any manufacturing activity and had no
foreign collaboration and also has not imported or exported any goods
and services. Hence the particulars as required under 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 are not
applicable.
B] Foreign Exchange Earnings & Outgo :
PARTICULARS 2012-2013 2011-2012
Foreign Exchange Earning Nil Nil
Foreign Exchange Outgo Nil Nil Nil
13. PARTICULARS OF EMPLOYEES:
The Company does not have any employee in receipt of remuneration equal
to or exceeding the limits prescribed under Section 217(2A) of the
Companies Act, 1956, read with the Companies (Particulars of Employees)
Rules, 1975 as amended.
14. Acknowledgements:
Your Directors take this opportunity to express their gratitude for the
support and co-operation from the Investors, Banks and Statutory
Authorities. Your Directors express their deep appreciation to the
Company''s employees at all levels for their unstinted efforts and
valuable contributions during the year.
For and on behalf of the Board of Directors
Sd/-
Place : Mumbai V. V. SURESHKUMAR
Dated : 27th May, 2013 CHAIRMAN
Mar 31, 2012
The Directors have pleasure in presenting the 27th Annual Report on
the operations of the Company together with the Audited Accounts for
the year ended 31st March, 2012.
1. FINANCIAL HIGHLIGHTS:
(Amount in Lacs)
Particulars Year ended Year ended
31.03.2012 31.03.2011
Revenue from operations & other income 79.85 274.99
Profit before finance cost, Depreciation, 32.78 185.72
Extraordinary items and Tax
Less: Finance cost 2.50 5.67
Less: Depreciation 8.60 11.39
Profit before Tax 21.68 168.66
Add/(Less): Provision for Taxation
a) Current (32.24) (17.65)
b) Previous Year - (1.54)
c) MAT credit 73.34 -
d) Deferred Tax (Expenses)/Income (3.45) 90.18
Net Profit after Taxation 59.33 239.65
Balance brought forward from Previous Year 3729.12 3489.47
Balance Carried Forward 3788.45 3729.12
2. DIVIDEND:
Your Directors do not recommend any dividend for the year ended 31st
March 2012 with a view to conserve the resources for future.
3. OPERATIONS & PERFORMANCE:
During the year ended 31st March, 2012, your Company has earned total
revenue aggregating to Rs. 79.85 Lacs. After providing for Depreciation
and Finance Cost, the Company has registered a profit before tax of Rs.
21.68 Lacs. After making provision for tax in respect of current year
and deferred tax credit, the profit after tax of Rs. 59.33 Lacs has
been carried to the Balance sheet.
Although the Company maintains adequate internal control systems
covering all its operation areas, the Company's Audit Committee
reviews these internal control systems in detail for their
effectiveness and their adequacy in the present scenario.
During the year to widen its business prospects the company has become
SEBI registered sub broker of M/s Shriyam Broking Intermediary Ltd (A
BSE Corporate Member) in their capital market segment. However the
company is yet to start this business activity.
4. DIRECTORS:
Mr. V. V. Sureshkumar Director of the Company retires by rotation and
being eligible, offers himself for re-appointment at the ensuing Annual
General Meeting.
Mr. Ritesh Zaveri was appointed as an Additional Director of the
Company w.e.f 29th May, 2012 pursuant to Section 260 of the Companies
Act, 1956 read with the Article 121 of Articles of Association of the
Company. He will hold the office as such till the ensuing Annual
General Meeting. The Company has received Notice under section 257 of
the said act from Mr. Ritesh Zaveri proposing his candidature for
office of Director of the Company.
A brief profile of Directors proposed to be appointed/ re-appointed is
given in the notes to the Notice of the ensuing Annual General Meeting.
5. DIRECTORS' RESPONSIBILITY STATEMENT:
Pursuant to the requirements of 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;
- that the Directors 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 as at 31st March, 2012 and of the profit of
the Company for the year ended on that date;
- that the Directors 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 detecting fraud and other
irregularities.
- that the annual accounts for the year ended 31st March, 2012 have
been prepared on a going concern basis.
6. CORPORATE GOVERNANCE:
A Report on Corporate Governance along with a certificate from M/s.
Nishant Jawasa & Associates, Company Secretaries in practice, regarding
compliance of the requirements of Corporate Governance pursuant to
Clause 49 of the Listing Agreement with the Stock Exchange is annexed
hereto.
7. MANGEMENT'S DISCUSSION AND ANALYSIS REPORT
Management's Discussion and Analysis Report for the year under
review, as stipulated in the Clause 49 of the Listing Agreement with
the Stock Exchanges in India, is presented in a separate section
forming the part of the Annual Report.
8. AUDITORS :
M/s Lalit Mehta Associates, Chartered Accountants, the Statutory
Auditors of the Company, retires at the ensuing Annual General Meeting
and being eligible, offer themselves for re- appointment. Members are
requested to appoint auditors for the current year and to authorize the
Board to fix their remuneration.
9. AUDITORS' REPORT:
The observations made by the Auditors in their Report read with the
relevant notes as given in the Notes on Accounts for the year ended
31st March, 2012 are self explanatory and therefore do not call for any
further comments under Section 217(3) of the Companies Act, 1956 as it
does not contain any qualification in the same.
10. PUBLIC DEPOSITS :
The Company has not accepted any deposits from public.
11. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO :
A] Conservation of Energy and Technology Absorption:
The Company has not engaged in any manufacturing activity and had no
foreign collaboration and also has not imported or exported any goods
and services. Hence the particulars as required under 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 are not
applicable.
B] Foreign Exchange Earnings & Outgo : (Rs. in Lacs)
PARTICULARS 2011-2012 2010-2011
Foreign Exchange Earning Nil Nil
Foreign Exchange Outgo Nil Nil
12. PARTICULARS OF EMPLOYEES:
The Company does not have any employee in receipt of remuneration equal
to or exceeding the limits prescribed under Section 217(2A) of the
Companies Act, 1956, read with the Companies (Particulars of Employees)
Rules, 1975 as amended.
13. ACKNOWLEDGEMENTS:
Your Directors take this opportunity to express their gratitude for the
support and co-operation from the Investors, Banks and Statutory
Authorities. Your Directors express their deep appreciation to the
Company's employees at all levels for their unstinted efforts and
valuable contributions during the year.
For and on behalf of the Board of Directors
Sd/-
Place : Mumbai V. V. SURESHKUMAR
Dated : 29th May, 2012 CHAIRMAN
Mar 31, 2011
The Members,
The Directors have pleasure in presenting the 26th Annual Report on
the operations of the Company together with the Audited Accounts for
the year ended 31st March, 2011.
FINANCIAL HIGHLIGHTS:
Particulars Rupees in Lacs
Year ended Year ended
31.03.2011 31.03.2010
Interest Received and other Income 274.99 127.91
Profit before Interest, Depreciation, 185.72 98.92
Extraordinary items and Tax
Less: Interest 5.67 29.92
Less: Depreciation 11.39 15.36
Profit before Tax 168.66 53.64
Add/(Less): Provision for Taxation
a) Current (17.65) -
b) Previous Year (1.54) 26.53
b) Deferred Tax Expenses 90.18 1.88
c) Fringe Benefit tax - -
Net Profit after Taxation 239.65 82.05
Balance brought forward from
Previous Year 3489.47 3407.42
Profit available for appropriation 3729.12 3489.47
Balance Carried Forward 3729.12 3489.47
Dividend:
Your Directors do not recommend any dividend for the year ended on 31st
March 2011 with a view to conserve the resources for future.
Operations & Performance:
During the year ended 31st March, 2011, your Company achieved a total
income aggregating to Rs. 274.99 Lacs. After providing for
Depreciation and Finance Charges, the Company has registered a profit
before tax of Rs. 168.66 Lacs. After making provision for tax in
respect of current year and deferred tax , the profit after tax of Rs.
239.65 Lacs has been carried to the Balance sheet. Although the Company
maintains adequate internal control systems covering all its operation
areas, the Company's Audit Committee reviews these internal control
systems in detail for their effectiveness and their adequacy in the
present scenario. The Directors are putting in their efforts and are
hopeful of improved working during the years to come.
Directors:
Shri Bhagwati Prasad Kejariwal, Director of the Company, retires by
rotation and being eligible, offers himself for re-appointment at the
ensuing Annual General Meeting.
Shri Bhagwati Prasad Kejariwal, Shri V. V. Sureshkumar, Shri Anilkumar
Rajan and Shri Ashish Mohta were appointed as an Additional Directors
of the Company w.e.f 6th January, 2011, 17th January, 2011, 17th
January, 2011 and 22nd March, 2011 respectively pursuant to Section 260
of the Companies Act, 1956 read with the Articles of Association of the
Company. They will hold their offices as such till the ensuing Annual
General Meeting. The Company has received Notices under Section 257 of
the said act from a shareholder proposing the candidature of the said
Additional Directors for the office of Director of the Company.
Shri Jaysukhlal N. Shah was resigned as director of the Company on 6th
January, 2011. The Board places on record their deep appreciation for
the services rendered by Shri Jaysukhlal N. Shah during his tenure on
the Board.
Shri Ashwin Kumar Kothari and Shri Rohit A.Kothari were resigned as
directors of the Company on 17th January, 2011. The Board places on
record their deep appreciation for the services rendered by Shri Ashwin
Kumar Kothari and Shri Rohit Kothari during their respective tenure on
the Board.
Shri Rajnikant Khalpada was resigned as director of the Company on 22nd
March, 2011. The Board places on record their deep appreciation for the
services rendered by Shri Rajnikant Khalpada during his tenure on the
Board.
A brief profile of Directors proposed to be appointed/ re-appointed is
given in the notes to the Notice of the ensuing Annual General Meeting.
Directors' Responsibility Statement :
Pursuant to the requirements of 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;
- that the Directors 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 as at 31st March, 2011 and of the profit of the Company
for the year ended on that date;
- that the Directors 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 detecting fraud and other
irregularities.
- that the annual accounts for the year ended 31st March, 2011 have
been prepared on a going concern basis.
Corporate Governance:
A Report on Corporate Governance along with a certificate from M/s.
Nishant Jawasa & Associates, Company Secretaries in practice, regarding
compliance of the requirements of Corporate Governance, as also a
Management Discussion & Analysis Report pursuant to Clause 49 of the
Listing Agreement with the Stock Exchange are annexed hereto.
Auditors:
M/s Lalit Mehta Associates, Chartered Accountants, the Statutory
Auditors of the Company, retire at the ensuing Annual General Meeting
and being eligible, offer themselves for re-appointment. Members are
requested to appoint auditors for the current year and to authorize the
Board to fix their remuneration.
Auditors' Report:
The observations made by the Auditors in their Report read with the
relevant notes as given in the Notes on Accounts for the year ended
31st March, 2011 are self explanatory and therefore do not call for any
further comments under Section 217(3) of the Companies Act, 1956.
Secretarial Compliance Certificate:
The Secretarial Compliance Certificate issued by M/s. Nishant Jawasa &
Associates, Company Secretaries, pursuant to the requirement of proviso
to sub-section (1) of section 383A of the Companies Act, 1956 is
enclosed herewith.
Public Deposits :
The Company has not accepted any deposits from public.
Conservation of Energy, Technology Absorption and Foreign Exchange
Earnings and outgo :
A] Conservation of Energy and Technology Absorption:
The Company has not engaged in any manufacturing activity and had no
foreign collaboration and also has not imported or exported any goods
and services. Hence the particulars as required under 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 are not
applicable
B] Foreign Exchange Earnings & Outgo:
(Rs. In Lacs)
PARTICULARS 2010-2011 2009-2010
Foreign Exchange Earning Nil Nil
Foreign Exchange Outgo Nil Nil
Particulars of Employees :
The Company does not have any employee in receipt of remuneration equal
to or exceeding the limits prescribed under Section 217(2A) of the
Companies Act, 1956, read with the Companies (Particulars of Employees)
Rules, 1975 as amended.
Acknowledgements :
Your Directors take this opportunity to express their gratitude for the
support and co-operation from the Investors, Banks and Statutory
Authorities. Your Directors express their deep appreciation to the
Company's employees at all levels for their unstinted efforts and
valuable contributions during the year.
For and on behalf of the Board of Directors
Sd/-
V. V. SURESHKUMAR
CHAIRMAN
Place Mumbai
Dated 24th August, 2011
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 HIGHLIGHTS:
Particulars (Amount in Lacs)
Year ended Year ended
31.03.2010 31.03.2009
Interest Received and other Income 129.21 72.58
Profit before Interest, Depreciation,
Extraordinary items and Tax 98.92 51.09
Less: Interest 29.92 7.63
Less: Depreciation 15.36 20.72
Profit before Tax 53.65 22.74
Add/(Less): Provision for Taxation
a) Current
b) Previous Year 26.53 (0.28)
b) Deferred Tax Expenses 1.88 3.12
c) Fringe Benefit tax - (1.40)
Net Profit after Taxation 82.06 24.17
Balance brought forward from Previous Year 3407.41 3383.25
Profit available for appropriation 3489.47 3407.42
Balance Carried Forward 3489.47 3407.42
Dividend:
Your Directors do not recommend any dividend for the year ended on 31st
March 2010 with a view to conserve the resources for future.
Operations & Performance:
During the year ended 31st March, 2010, your Company achieved a total
income aggregating to Rs. 129.21 Lacs. After providing for Depreciation
and Finance Charges, the Company has registered a profit before tax of
Rs. 53.65 Lacs. After making provision for tax in respect of current
year, the profit after tax of Rs. 82.06 Lacs has been carried to the
Balance sheet.
Although the Company maintains adequate internal control systems
covering all its operation areas, the Companys Audit Committee reviews
these internal control systems in detail for their effectiveness and
their adequacy in the present scenario. The Directors are putting in
their efforts and are hopeful of improved working during the years to
come.
Directors:
Shri Rohit Kothari, Director of the Company, retires by rotation and
being eligible, offers himself for re-appointment at the ensuing Annual
General Meeting.
Shri Umaidmal Kala had resigned as director of the Company on 14th
January, 2010. The Board places on record their deep appreciation for
the services rendered by Shri Umaidmal Kala during his respective
tenure on the Board.
Shri Jayshukhlal N. Shah was appointed as an Additional Director of the
Company w.e.f 14th January, 2010 pursuant to Section 260 of the
Companies Act, 1956 read with the Articles of Association of the
Company. He will hold his office as such till the ensuing Annual
General Meeting. The Company has received a Notice under Section 257 of
the said act from a shareholder proposing the candidature of the said
Additional Director for the office of Director of the Company.
A brief profile of Directors proposed to be appointed/ re-appointed is
given in the notes to the Notice of the ensuing Annual General Meeting.
DirectorsResponsibility Statement:
Pursuant to the requirements of 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;
- that the Directors 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 I] view of the state of
affairs of the Company as at 31st March, 2010 and of the profit of the
Company for the year ended on that date;
- that the Directors 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 detecting fraud and other
irregularities.
- that the annual accounts for the year ended 31st March, 2010 have
been prepared on a going concern basis.
Corporate Governance:
A report on Corporate Governance along with a certificate from M/s.
Nishant Jawasa & Associates, Company Secretaries in practice, regarding
compliance of the requirements of Corporate Governance, as also a
Management Discussion & Analysis Report pursuant to Clause 49 of the
Listing Agreement with the Stock Exchange are annexed hereto.
Auditors:
M/s Lalit Mehta Associates, Chartered Accountants, the Statutory
Auditors of the Company, retire at the ensuing Annual General Meeting
and being eligible, offer themselves for re-appointment. Members are
requested to appoint auditors for the current year and to authorize the
Board to fix their remuneration.
Auditors Report:
The observations made by the Auditors in their Report read with the
relevant notes as given in the Notes on Accounts for the year ended
31st March, 2010 are self explanatory and therefore do not cali for any
further comments under Section 217(3) of the Companies Act, 1956.
Secretarial Compliance Certificate:
The Secretarial Compliance Certificate issued by M/s. Nishant Jawasa &
Associates, Company Secretaries, pursuant to the requirement of proviso
to sub-section (1) of section 383A of the Companies Act, 1956 is
enclosed herewith.
Public Deposits:
The Company has not accepted any deposits from public.
Conservation of Energy, Technology Absorption and Foreign Exchange
Earnings and outgo:
A] Conservation of Energy and Technology Absorption:
The Company has not engaged in any manufacturing activity and had no
foreign collaboration and also has not imported or exported any goods
and services.
B] Foreign Exchange Earnings & Outgo:
(Rs. In Lacs)
PARTICULARS 2009-2010 2008-2009
Foreign Exchange Earning Nil Nii
Foreign Exchange Outgo Nil Nii
Particulars of Employees:
The Company does not have any employee in receipt of remuneration equal
to or exceeding the limits prescribed under Section 217(2A) of the
Companies Act, 1956, read with the Companies (Particulars of Employees)
Rules, 1975 as amended.
Acknowledgements:
Your Directors take this opportunity to express their gratitude for the
support and co-operation from the Investors, Banks and Statutory
Authorities. Your Directors express their deep appreciation to the
fCompanys employees at all levels for their unstinted efforts and
valuable contributions during the year.
For and on behalf of the Board of Directors
Place: Mumbai ASHWIN KUMAR KOTHARI
Dated: 16th August, 2010 CHAIRMAN