Mar 31, 2015
Dear Members,
The Directors have pleasure in presenting their 29th Annual Report on
the business and operations of the Company and Audited Statement of
Accounts for the year ended 31st March, 2015.
1. FINANCIAL HIGHLIGHTS:
The Board's Report is prepared based on the stand alone financial
statements of the Company. (Rs In Lacs)
No. Particulars 2014-2015 2013-2014
1. Net Sales/ Income 84.97 45.99
2. Total Expenditure
i) Employee benefit Expenses 5.35 5.13
ii) Depreciation 2.56 1.90
iii) Other Expenditure 8.29 6.18
Total 16.20 13.21
3. Profit Before Tax 68.77 32.78
4. Provision for Taxation
i) Current Tax (13.00) (5.51)
ii) Deferred Tax 0.53 (1.69)
iii) Earlier year Tax (3.19) -
5. Profit After Tax 53.11 25.58
6. Balance carried from previous year 2.78 1.04
7. Amount Available for Appropriation 55.89 26.62
8. Appropriations:
* Proposed Dividend (36.00) (16.00)
* Dividend Distribution Tax (7.37) (2.71)
* Transferred to Statutory Reserve (10.65) (5.11)
9. Balance carried to Balance Sheet 1.87 2.78
2. DIVIDEND:
We are pleased to announce that the Board of Directors has recommended
dividend of Re. 0.09 per equity share of Re. 1/- each (i.e. 9 % of face
value) aggregating Rs. 36,00,000 (excluding dividend distribution tax
as applicable) for the year ended on 31st March, 2015.
3. RESERVES:
The Board of Directors has decided to transfer Rs. 10,65,000 to
Statutory reserve.
4. EXTRACT OF ANNUAL RETURN:
The details forming part of the extract of the Annual Report in form
MGT-9, as required under Section 92(3) of the Companies Act, 2013 read
with Rule 12(1) of the Companies) Management and Administration) Rules,
2014, are included in this Report as Annexure-1 and forms an integral
part of this report.
5. OPERATIONS:
During the period under review the profit after tax (PAT) stood at
53.11 Lacs (Previous Year Rs. 25.58 Lacs), there was an increase of
107.64 % as compared to last financial year. Your directors are
confident of even better returns in the future.
6 FUTURE PROSPECTS:
After a three-year consolidation phase, finally we witnessed growth in
the equity markets. There is optimism in the investing public as well
as the FII's and DFI's. Indian investors are increasingly choosing
mutual funds and SIP's to invest into the market. This is a very
healthy trend, which will eventually lead to systematic expansion and
growth of this industry in a sustainable manner. We in Ashirwad feel
that the market should be buoyant for the next 4-5 years.
The year 2014-15 will always be a memorable year in the history of
Ashirwad. The last couple of years, we analyzed more than 500 Companies
to select our final universe of 200 Companies to invest in. We proudly
call it the Ashirwad-200. Ashirwad-200 is a selection of large-cap,
mid-cap and a select few small-cap Companies with good business
prospects for growth in the coming years. We have been careful to
include Companies from each industry, some established ones, some with
good growth prospects and others with a huge potential to grow in the
future. All these Companies have been largely selected through the
technical indicators filter which is very unique to Ashirwad. We feel
that Ashirwad-200 should beat the market performance in the long run
i.e. 3-4 years. We are in the beginning phases of a strong bull market,
which should last for another 3-4 years and we are happy to inform you
that we are very well positioned to take advantage of this ensuing bull
market in India.
7. DIRECTORS RESPONSIBILITY STATEMENT:
The Directors' state that :
(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;
(e) the Directors, had laid down internal financial controls to be
followed by the Company and that such internal financial controls are
adequate and were operating effectively and
(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.
8. DIRECTORS OR KEY MANAGERIAL PERSONNEL APPOINTMENTS / RESIGNATIONS
DURING THE YEAR:
* The following Independent Directors were appointed during the
financial year 2014-2015:
1. Mr. Rakesh Garodia (DIN: 00143438)
2. Mr. Sanjiv Rungta (DIN: 00381643)
3. Mr. Nirmal Jain (DIN: 00894735)
4. Mr. Piyush Shah (DIN: 02333557)
* Mrs. Shilpa Poddar (DIN: 00164141) was appointed as Woman Director of
the Company, in terms of provisions of Section 149(1) of the Companies
Act, 2013 read with Clause 49 of the Listing Agreement.
However, there were no Resignations from the Board of Directors during
the financial year.
9. (1) PARTICULARS OF EMPLOYEES:
No. Particulars Remarks
1. The ratio of the Not applicable since no remuneration has
remuneration of each been paid to the Directors.
director to the
median remuneration
of the employees
of the Company for
the financial year.
2. The percentage Not applicable since no remuneration has
increase in the been paid to the Directors.
remuneration of each
Director, Chief
Financial Officer,
Chief Executive Officer,
Company Secretary or
Manager, if any, in the
financial year
3. The percentage increase in Median Median
the median remuneration of Remuneration Remuneration % Increase
employees in the financial FY 2014-2015 FY 2013-2014
year (in lacs) 267 257 3.89
4. The number of permanent 2 (Two)
employees on the rolls
of Company
5. The explanation on the Increase in the remuneration of
relationship between employees depends upon many variables
average increase in like market conditions, cost of living,
remuneration and the inflation; employeeÂs contribution
Company performance including performance of the Company.
Employees contribution and annual
performance is also evaluated to
justify the increase in remuneration.
There is a direct relationship in
the average increase in remuneration
of the employee and financial
performances of the Company
during any given period.
6. Comparison of the Not applicable since no remuneration has
remuneration of the Key been paid to the Directors.
Managerial Personnel
Against the performance
of the Company
7. Variations in the market FY FY
capitalization of the 2014- 2013- Variation
Company, price earnings 2015 2014
ratio as the closing date of
the current financial year Market
and previous financial year Capitali 1008.00 844.00 164.00
and percentage increase sation
over decrease in the market (in. lacs)
quotations of the shares of
the Company in comparison
to the rate at which the
Company came out with
the last public offer in case Price
of listed companies, and in Earning 19.38 35.17 -15.79
case of unlisted companies, Ratio
the variations in net worth of
the Company as at the close
of the current financial year
and previous financial year.
8. Average percentile increase FY FY
already made in the salaries 2014- 2013- Variation
of employees other than 2015 2014
managerial personnel in Employees
the last financial year and salary 5.35 5.13 4.16
its comparison with the (in lacs)
percentile increase in the
managerial remuneration
and justification thereof and Managerial
point out if there are any salary NA NA NA
exceptional circumstances (in lacs)
for increase in the
managerial remuneration
9. Comparison of the each Not applicable since no remuneration has
remuneration of the Key been paid to the Directors.
Managerial Personnel
against the performance
of the Company
10. The key parameters for Not applicable since no remuneration has
any variable component been paid to the Directors.
remuneration
availed by
the directors
11. The ratio of the Not applicable since no remuneration
remuneration has of been paid to the Directors.
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.
12. Affirmation that the It is affirmed that the remuneration is
remuneration is as as per the remuneration policy of the
per the remuneration Company.
policy of the Company.
(2) Particulars of employees drawing remuneration in excess of limits
prescribed under Section 134(3)(q) read with Rule 5 of Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014 :
There are no employees drawing remuneration exceeding Rupees 60 Lacs
per annum if employed throughout the financial year or Rupees 5 Lacs
per month if employed for part of the financial year or draws
remuneration in excess of Managing Director or Whole time Director or
Manager and holds by himself or along with his spouse and dependent
children, not less than two percent of the equity shares of the
Company.
10. NUMBER OF MEETINGS OF BOARD DURING THE YEAR:
Sr. Particulars no of meetings
No. held
1. Board meetings Five
2. Audit Committee meetings Five
3. Nomination and Remuneration Committee meeting One
4. Risk Management Committee meeting One
5. Stakeholders Relationship Committee meeting One
6. Independent Directors meeting One
11. FORMAL ANNUAL EVALUATION:
Pursuant to the provisions of the Companies Act, 2013 and Clause 49 of
the Listing Agreement, the Board has carried out the annual performance
evaluation of its own performance, the Directors individually as well
as the evaluation of the working of its Audit, Nomination and
Remuneration, Risk Management and Stakeholders Relationship Committees.
A structured questionnaire was prepared after taking into consideration
inputs received from the Directors, covering various aspects of the
Board's functioning such as adequacy of the composition of the Board
and its Committees, Board culture, execution and performance of
specific duties, obligations and governance.
A separate exercise was carried out to evaluate the performance of
individual Directors including the Chairman of the Board, who were
evaluated on parameters such as level of engagement and contribution,
independence of judgement safeguarding the interest of the Company and
its minority shareholders etc. The performance evaluation of the
Independent Directors was carried out by the entire Board. The
performance evaluation of the Chairman and the Non Independent
Directors was carried out by the Independent Directors. The Directors
expressed their satisfaction with the evaluation process.
12. DECLARATION BY INDEPENDENT DIRECTORS:
Declarations by the Independent Directors, that they meet the criteria
of independence as provided in sub-section (6) of Section 149 of the
Companies Act, 2013 has been received by the Company.
13. REMUNERATION POLICY:
The Board has, on the recommendation of the Nomination and Remuneration
Committee framed a policy for selection and appointment of Directors,
Senior Management and their remuneration. The said policy is also
uploaded on the website of the Company; i.e. www. ashirwadcapital.in
14. AUDITORS:
The Auditors, M/s. Sanjay Raja Jain & Co., Chartered Accountants, (FRN
No. 120132W) Mumbai, will retire at the ensuing Annual General Meeting
and being eligible, offer themselves for reappointment for a period of
three year from the conclusion of this Annual General Meeting till the
conclusion of the Annual General Meeting to be held in the year 2018.
The report given by the auditors on the financial statement of the
Company is a part of the annual report. There has been no
qualification, reservation, adverse remark or disclaimer given by the
auditors in their report.
15. SECRETARIAL AUDIT REPORT:
In terms of Section 204 of the Companies Act, 2013 and Rules made
thereunder, M/s. Sandeep Dar and Co., Practicing Company Secretaries
have been appointed as Secretarial Auditor of the Company. The report of
the Secretarial Auditor is enclosed as Annexure 3 to this report. The
report is self-explanatory however the Company has initiated necessary
steps to comply with various non-compliances as per the provisions of
various statute mentioned under the Secretarial Audit Report.
16. VIGIL MECHANISM:
Pursuant to the provisions of sub-section (9) and (10) of Section 177
of the Companies Act, 2013, a Vigil Mechanism for Directors and
Employees to report genuine concerns has been established. The Vigil
Mechanism Policy has been uploaded on the website of the Company at
www.ashirwadcapital.in
17. COMPOSITION OF AUDIT COMMITTEE:
Composition of Audit Committee as required under Section 177(8) of the
Companies Act, 2013. The Composition of Audit Committee is as follows:
1. Mr. Sanjiv Rungta - Chairman
2. Mr. Piyush Shah - Member
3. Mr. Rajesh Poddar - Member
18. There were no material changes and commitments, which adversely
affects 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.
19. The Risk management Policy has been uploaded on the website of the
Company at www.ashirwadcapital.in. There were no risk identified which
would threaten the existence of the Company during the year under
review.
20. DETAILS IN RESPECT OF ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH
REFERENCE TO THE FINANCIAL STATEMENTS:
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
was observed.
21. DEPOSITS:
The Company has not accepted any deposits during the year.
22. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186:
The Company being a company whose principal business is acquisition of
shares and securities, provisions of section 186 of the Companies Act,
2013 are not applicable.
23. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES:
The particulars of every contract or arrangements entered into by the
Company with related parties referred to in sub-section (1) of section
188 of the Companies Act, 2013 including certain arm's length
transactions under third proviso thereto is disclosed in Form AOC-2
which is enclosed as Annexure 2.
24. CORPORATE GOVERNANCE:
Your Company believes that Corporate Governance is a code of self
discipline. In the line with this policy, the Board of Directors
strongly believes that it is very important that the Company follows
healthy Corporate Governance practices and reports to the shareholders
the progress made on the various measures undertaken. The Corporate
Governance certificate from Practicing Company Secretaries regarding
compliance of conditions of corporate governance as stipulated in
Clause 49 of the Listing Agreement is annexed with this report.
26. OBLIGATION OF COMPANY UNDER THE SEXUAL HARASSMENT OF WOMEN AT
WORKPLACE (PREVENTION AND REDRESSAL) ACT, 2013:
Company has adopted a policy for prevention of Sexual Harassment of
Women at workplace under the Act.
The following is a summary of sexual harassment complaint received or
dispose of during the year 2014-15.
* No. of Complaint received: NIL
* No. of Complaint disposed off: NIL.
27. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO:
In view of the nature of activities of the Company, conservation of
energy and technology absorption respectively are not applicable to the
Company.
There were no foreign exchange earnings or outgo during the year under
review.
28. DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE
REGULATORS OR COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS
AND COMPANY'S OPERATIONS IN FUTURE:
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.
29. LISTING AGREEMENT WITH THE STOCK EXCHANGES:
Your Company continues to be listed on The Stock Exchange, Mumbai where
the company's shares are being traded. The Company confirms that it has
paid the Annual Listing Fees for the year 2014-2015 to BSE Ltd. where
the Company's Shares are listed.
30. ACKNOWLEDGEMENT:
We record our gratitude to the Banks and others for their assistance
and co-operation during the year. We also wish to place on record our
appreciation for the dedicated services of the employees of the
company. We are equally thankful to our esteemed investors for their
co-operation extended to and confidence reposed in the management.
Registered Office: By Order of the Board
303, Tantia Jogani Industrial Estate, For Ashirwad Capital Limited
J. R. Boricha Marg, Lower Parel,
Mumbai - 400 011.
Date: May 30, 2015 Ramprasad Poddar
Place: Mumbai Chairman
Mar 31, 2014
To The Members,
The Directors have pleasure in presenting the 28th Annual Report and
the Audited Statement of Accounts for the year ended 31st March, 2014.
FINANCIAL RESULTS: (RIn Lacs)
Sr.
No. Particulars Year Ended
31.03.2014 Year Ended
31.03.2013
1. Net Sales / Income 45.99 90.62
2. Total Expenditure
i) Employee Benefit Cost 5.13 4.72
ii) Financial Cost - -
iii) Depreciation 1.90 2.17
iv) Other Expenditure 6.18 13.08
Total 13.21 19.97
3. Profit Before Tax (1-2) 32.78 70.65
4. Provision for Taxation
i) Current Tax (5.51) (13.51)
ii) Deferred Ta x Asset/ (Liability) (1.69) 0.02
5. Profit After Tax (3 4) 25.58 57.16
6. Excess/(Short) Provision for
Tax of earlier years - -
7. Net Profit 25.58 57.16
8. Balance carried from previous
year 1.04 4.67
9. Amount available for Appropriation
(7 8) 26.62 61.83
10. Appropriations:
- Proposed Dividend (16.00) (40.00)
- Dividend Distribution Tax (2.72) (6.79)
- Transferred to General Reserve - (14.00)
- Transferred to Statutory Reserve (5.12) -
11. Balance carried to Balance Sheet 2.78 1.04
12. Basic & Diluted EPS (Rs.) 0.06 0.14
13. Non Promoter Shareholding
- Number of shares 1,96,00,000 1,96,00,000
- Percentage of shareholding 49.00% 49.00%
DIVIDEND:
We are pleased to announce that the Board of Directors has recommended
dividend of Re. 0.04 per equity share of Re. 1/- each (i.e. 4%)
aggregating Rs.16,00,000 (excluding dividend distribution tax as
applicable) for the year ended on 31st March, 2014.
OPERATIONS AND FUTURE PROSPECTS:
During the period under review the proft after tax (PAT) stood at 25.58
Lacs (Previous Year Rs. 57.16 Lacs), a decline of 55.25% as compared to
last financial year. We as an economy have gone through the worst
economic crisis in the last six years. Now with a strong government in
place and also the beginning of a new positive cycle for the corporate
and industrial sector, we are very hopeful that a new bull market has
started which should last for at least four years. We are extremely
well positioned to take advantage of this bull market. We are thus very
positive for the next year results.
Thank you shareholders for your continued support and trust in Ashirwad
and its management team, which we cherish and value from the bottom of
our hearts.
DIRECTORS:
Rajesh Poddar (DIN : 00164011) retires by rotation at the ensuing
Annual General Meeting and being eligible offers himself for
reappointment.
Mr. Sanjiv Rungta (DIN : 00381643), Mr. Nirmal Jain (DIN : 00894735)
and Mr. Piyush Shah (DIN : 02333557) reappointment as Independent
Directors for a term of 5 years at the ensuing Annual General Meeting.
DIRECTOR''S RESPONSIBILITY STATEMENT:
The Directors state that: -
i. In the preparation of the annual accounts, the applicable accounting
standards have been followed and that there are no material departures.
ii. The Directors had selected such accounting policies and applied
them consistently and made judgment 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 covered under this
Report and of the proft of the Company for the year.
iii. The Directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities.
iv. The Directors had prepared the annual accounts on a going concern
basis.
FIXED DEPOSITS:
The Company has not accepted/ renewed any Deposits from the Public
under section 58A of the Companies Act, 1956.
EMPLOYEES:
There are no employees drawing remuneration exceeding the limits
prescribed under Section 217 (2A) of the Companies Act, 1956 read with
Companies (Particulars of employees) Rules, 1975.
AUDITORS:
M/s. Sanjay Raja Jain & Co., Chartered Accountants, Mumbai will retire
at the ensuring meeting and being eligible offers themselves for
re-appointment.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNING
AND OUTGO:
In view of the nature of activities of the Company, Rules 2A and 2B of
the Companies (Disclosure of Particulars in the Report of Board of
Directors) Rules, 1988 concerning conservation of energy and technology
absorption respectively are not applicable to the Company.
There were no foreign exchange earnings or outgo during the year under
review.
COMPLIANCE CERTIFICATE UNDER PROVISO TO SUB- SECTION (1) OF SECTION
383A OF THE COMPANIES ACT, 1956:
Compliance Certificate issued under sub-section (1) of section 383A of
the Companies Act, 1956 by the Practicing Company Secretary for your
company is attached to this report.
LISTING ARRANGEMENT:
Your Company continues to be listed on the Stock Exchange, Mumbai where
the Company''s Shares are being traded. The Company has paid Listing
Fees for the year 2013-2014.
CORPORATE GOVERNANCE:
Corporate Governance Report along with Certificate of the company
Secretary in practice pursuant to clause 49 of the Listing Agreement
with the stock Exchange has been included in the report. Your company
believes that Corporate Governance is a voluntary code of
self-discipline. In line with this policy, the Board of Directors
strongly believes that it is very important that the Company follows
healthy Corporate Governance practices and reports to the shareholders
the progress made on the various measures undertaken. Therefore, your
directors have been reporting the initiatives on Corporate Governance
measures adopted by your Company.
ACKNOWLEDGEMENTS:
We record our gratitude to the Banks and others for their assistance
and co- operation during the year. We also wish to place on record our
appreciation for the dedicated services of the employees of the
Company. We are equally thankful to our esteemed investors for their
co-operation extended to and confidence reposed in the management.
Registered Office: By Order of the Board
303, Tantia Jogani Industrial Estate, For Ashirwad Capital Limited
J. R. Boricha Marg, Lower Parel,
Mumbai  400 011.
Date: May 30, 2014 Ramprasad Poddar
Place: Mumbai Chairman
Mar 31, 2013
To The Members,
The Directors have pleasure in presenting the 27th Annual Report and
the Audited Statement of Accounts for the year ended 31st March, 2013.
FINANCIAl RESUlTS:
(Rs. in Lacs)
Sr.
No. Particulars year ended
31.03.2013 year Ended
31.03.2012
1. Net Sales / Income 90.62 134.73
2. Total Expenditure
i) Employee Beneft Cost 4.72 3.91
ii) Financial Cost 10.70
iii) Depreciation 2.17 2.41
iv) Other Expenditure 13.08 10.95
Total 19.97 27.97
3. Proft Before Tax (1-2) 70.65 106.76
4. Provision for Taxation
i) Current Tax (13.51) (18.99)
ii) Deferred Ta x Asset/ (
Liability) 0.02
5. Proft After Tax (3-4) 57.16 87.77
6. Excess/(Short) Provision
for Tax of earlier years
7. Net Proft 57.16 87.77
8. Balance carried from
previous year 4.67 1.09
9. Amount available for
Appropriation(7 8) 61.83 88.86
10. Appropriations:
- Proposed Dividend 40.00 40.00
- Dividend Distribution Tax 6.79 6.49
- Transferred to General Reserve 14.00 37.70
11. Balance carried to
Balance Sheet 1.04 4.67
12. Basic & Diluted EPS (Rs.) 0.14 0.22
13. Non Promoter Shareholding
- Number of shares 1,96,00,000 1,96,00,000
- Percentage of shareholding 49.00% 49.00%
DIVIDEND:
We are pleased to announce that the Board of Directors has recommended
dividend of Re. 0.10 per equity shares of Re. 1.00/- each (i.e. 10%)
aggregating Rs.40,00,000 (excluding dividend distribution tax as
applicable) for the year ended on 31st March, 2013.
OPERATIONS AND FUTURE PROSPECTS:
During the period under review the proft after tax (PAT) stood at 57.16
Lacs (Previous Year Rs. 87.77 Lacs), a decline of 34.87% as compared to
last fnancial year. The reduced proft, though cause for concern,
revealed the fragile state of economy refected in the share market
indicators. However, all investment strategy is based upon long term
growth and there is much to be optimistic on long term perspective. We
are hopeful to reap the benefts of high growth rate of economy provided
the infation is reined in urgently.
Thank you shareholders for your continued support and trust in Ashirwad
and its management team, which we cherish and value from the bottom of
our hearts.
DIRECTORS:
Mr. Ramprasad Poddar and Mr. Piyush Shah retire by rotation and, being
eligible, offers themselves for re-appointment at the ensuing Annual
General Meeting.
DIRECTOR''S RESPONSIBIlITy STATEMENT:
The Directors state that: -
i. in the preparation of the annual accounts, the applicable
accounting standards have been followed and that there are no material
departures.
ii. The Directors had selected such accounting policies and applied
them consistently and made judgment 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 fnancial year covered under this
Report and of the proft of the Company for the year.
iii. The Directors had taken proper and suffcient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities.
iv. The Directors had prepared the annual accounts on a going concern
basis.
FIxED DEPOSITS:
The Company has not accepted/ renewed any Deposits from the Public
under section 58A of the Companies Act, 1956.
EMPlOyEES:
There are no employees drawing remuneration exceeding the limits
prescribed under Section 217 (2A) of the Companies Act, 1956 read with
Companies (Particulars of employees) Rules, 1975.
AUDITORS:
M/s. Sanjay Raja Jain & Co., Chartered Accountants, Mumbai will retire
at the ensuring meeting and being eligible offers themselves for
re-appointment.
CONSERVATION OF ENERGy, TEChNOlOGy ABSORPTION, FOREIGN ExChANGE EARNING
AND OUTGO:
In view of the nature of activities of the Company, Rules 2A and 2B of
the Companies (Disclosure of Particulars in the Report of Board of
Directors) Rules, 1988 concerning conservation of energy and technology
absorption respectively are not applicable to the Company.
There were no foreign exchange earnings or outgo during the year under
review.
COMPlIANCE CERTIFICATE UNDER PROVISO TO SUB-SECTION (1) OF SECTION 383A
OF ThE COMPANIES ACT, 1956:
Compliance Certifcate issued under sub-section (1) of section 383A of
the Companies Act, 1956 by the Practicing Company Secretary for your
company is attached to this report.
STING ARRANGEMENT:
Your Company continues to be listed on the Stock Exchange, Mumbai where
the Company''s Shares are being traded. The Company has paid Listing
Fees for the year 2012-2013.
CORPORATE GOVERNANCE:
Corporate Governance Report along with Certifcate of the company
Secretary in practice pursuant to clause 49 of the Listing Agreement
with the stock Exchange has been included in the report. Your company
believes that Corporate Governance is a voluntary code of
self-discipline. In line with this policy, the Board of Directors
strongly believes that it is very important that the Company follows
healthy Corporate Governance practices and reports to the shareholders
the progress made on the various measures undertaken. Therefore, your
directors have been reporting the initiatives on Corporate Governance
measures adopted by your Company.
ACKNOWlEDGEMENTS:
We record our gratitude to the Banks and others for their assistance
and co-operation during the year. We also wish to place on record our
appreciation for the dedicated services of the employees of the
Company. We are equally thankful to our esteemed investors for their
co-operation extended to and confdence reposed in the management.
Registered Offce: By Order of the Board
303, Tantia Jogani
industrial Estate, For Ashirwad capital Limited
J. R. Boricha Marg,
Lower Parel, Mumbai  400 011.
Date: May 30, 2013 Ramprasad Poddar
Place: Mumbai Chairman
Mar 31, 2012
The Directors have pleasure in presenting the 26th Annual Report and
the Audited Statement of Accounts for the year ended 31st March, 2012.
FINANCIAL RESULTS: (Rs. In Lacs)
Sr. No. Particulars Year Ended
31.03.2012 Year Ended
31.03.2011
1. Net Sales/ Income 134.73 56.05
2. Total Expenditure
i) Employee Benefit Cost 3.91 3.23
ii) Financial Cost 10.70 17.72
iii) Depreciation 2.41 2.63
iv) Other Expenditure 10.95 6.14
Total 27.97 29.72
3. Profit Before Tax (1-2) 106.76 26.33
4. Provision for Taxation
i) Current Tax (18.99) (3.77)
ii) Deferred Tax Asset/ (Liability) - 0.07
iii) Excess/(Short) Provision
for Tax of earlier years - 0.51
5. Profit After Tax (3-4) 87.77 23.14
6. Balance carried from
previous year 1.09 1.27
7. Amount available for
Appropriation(7 8) 88.86 24.41
8. Appropriations:
Proposed Dividend 40.00 20.00
Dividend Distribution Tax 6.49 3.32
Transferred to General Reserve 37.70 -
9. Balance carried to Balance Sheet 4.67 1.09
DIVIDEND AND OPERATIONS :
We are pleased to announce that the Board of Directors has recommended
a final dividend of Re.0.10 per equity shares of Re.1/- each (i.e. 10%)
aggregating Rs.40,00,000/- (excluding dividend distribution tax as
applicable) for the year ended 31st March, 2012.
During the period under review the profit after tax (PAT) stood at
Rs.87.77 Lac (Previous year Rs.23.14 Lac), an increase of 279% as
compared to the last financial year.
DIRECTORS:.
Mr. Rajesh Poddarand Mr. Sanjiv Rungta retire by rotation and, being
eligible, offers themselves for re-appointment at the ensuing Annual
General Meeting.
Mr. Harshvardhan Agarwal resigned as director in the Company . The
Board place on record its appreciation for the services rendered during
his tenure as director in the Company.
DIRECTOR'S RESPONSIBILITY STATEMENT:
The Directors state that: -
i. In the preparation of the annual accounts, the applicable
accounting standards have been followed and that there are no material
departures.
ii. The Directors had selected such accounting policies and applied
them consistently and made judgment 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 covered under this
Report and of the profit of the Company for the year.
iii. The Directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities.
iv. The Directors had prepared the annual accounts on a going concern
basis.
FIXED DEPOSITS:
The Company has not accepted/ renewed any Deposits from the Public
under section 58A of the Companies Act, 1956.
EMPOYEES:
There are no employees drawing remuneration exceeding the limits
prescribed under Section 217 (2A) of the Companies Act, 1956 read with
Companies (Particulars of employees) Rules, 1975.
AUDITORS:
M/s. Sanjay Raja Jain & Co., Chartered Accountants, Mumbai will retire
at the ensuring meeting and being eligible offers themselves for
re-appointment.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNING AND OUTGO:
In view of the nature of activities of the Company, Rules 2Aand 2B of
the Companies (Disclosure of Particulars in the Report of Board of
Directors) Rules, 1988 concerning conservation of energy and technology
absorption respectively are not applicable to the Company.
There were no foreign exchange earnings or outgo during the year under
review.
COMPLIANCE CERTIFICATE UNDER PROVISO TO SUB-SECTION (1) OF SECTION 383A
OF THE COMPANIES ACT, 1956:
Compliance Certificate issued under sub-section (1) of section 383Aof
the Companies Act, 1956 by the Practicing Company Secretary for your
company is attached to this report.
LISTING ARRANGEMENT:
Your Company continues to be listed on the Stock Exchange, Mumbai where
the Company's Shares are being traded. The Company has paid Listing
Fees for the year 2011-2012.
CORPORATE GOVERNANCE:
Corporate Governance Report along with Certificate of the company
Secretary in practice pursuant to clause 49 of the Listing Agreement
with the stock Exchange has been included in the report. Your company
believes that Corporate Governance is a voluntary code of
self-discipline. In line with this policy, the Board of Directors
strongly believes that it is very important that the Company follows
healthy Corporate Governance practices and reports to the shareholders
the progress made on the various measures undertaken. Therefore, your
directors have been reporting the initiatives on Corporate Governance
measures adopted by your Company.
ACKNOWLEDGEMENTS:
We record our gratitude to the Banks and others for their assistance
and co-operation during the year. We also wish to place on record our
appreciation for the dedicated services of the employees of the
Company. We are equally thankful to our esteemed investors for their
co-operation extended to and confidence reposed in the management.
Registered Office: By Order of the Board
303, Tantia Jogani Industrial Estate, For Ashirwad Capital Limited
J. R. Boricha Marg, Lower Parel,
Mumbai - 400 011.
Date: May 26, 2012 Ramprasad Poddar
Place: Mumbai Chairman
Mar 31, 2011
The Directors have pleasure in presenting the 25th Annual Report and
the Audited Statement of Accounts for the year ended 31st March, 2011.
FINANCIAL RESULTS: (Rs. in Lakhs)
Sr. Particulars 12 Months Ended 15 Months Ended
No. 31.03.2011 31.03.2010
1. Net Sales/ Income 56.05 161.74
2. Total Expenditure
i) Staff Cost 3.23 3.14
ii) Depreciation 2.63 3.68
iii) Other Expenditure 7.17 8.46
Total 13.03 15.28
3. Interest 16.69 8.49
4. Profit / (Loss) Before Tax 26.33 137.97
5. Provision for Taxation 3.70 17.79
i) Current Tax 3.77 17.68
ii) Deferred Tax Asset/ (Liability) (0.07) 0.11
6. Profit After Tax 22.63 120.18
7. Excess/(Short) Provision for Tax of
earlier years 0.51 (0.33)
8. Net Profit 23.14 119.85
9. Balance carried from previous year 1.27 26.62
10. Amount available for Appropriation 24.41 146.46
11. Appropriations:
Interim dividend - 44.00
Proposed Dividend 20.00 16.00
Dividend Distribution Tax 3.32 10.20
Transferred to General Reserve - 75.00
12. Balance carried to Balance Sheet 1.09 1.27
- DIVIDEND:
We are pleased to announce that the Board of Directors has recommended
final dividend of Rs. 0.05 per equity shares of Rs. 1/- each (i.e. 5%)
aggregating Rs. 20,00,000 (excluding dividend distribution tax as
applicable) for the year ended on 31st March, 2011.
- OPERATIONS AND FUTURE PROSPECTS:
During the period under review the profit after tax (PAT) stood at
22.63 Lacs (Previous Year Rs. 120.18 Lacs), a decrease of 76.47% on
annualized basis as compared to last financial year. The reversal of
the performance by such large percentile though cause for concern
revealed the fragile state of economy reflected in the share market
indicators. However, all investment strategy is based upon long term
growth and there is much to be optimistic on long term perspective. We
are hopeful to reap the benefits of high growth rate of economy
provided the inflation is reined in urgently.
Thank you shareholders for your continued support and trust in Ashirwad
and its management team, which we cherish and value from the bottom of
our hearts.
- DIRECTORS:
Mr. Piyush Shah and Mr. Nirmal Jain retire by rotation and, being
eligible, offers themselves for re-appointment at the ensuing Annual
General Meeting.
Mr. Dinesh Poddar who was appointed as Managing Directors for the
period of five years and whose appointment ends on 31st December, 2010
was re-appointed for the period of three years effective from January
1, 2011 as Managing Director of the Company.
Mrs. Shilpa Poddar resigned as director in the Company effective from
April 18, 2011. The Board place on record its appreciation for the
services rendered during her tenure as director in the Company.
- DIRECTORS RESPONSIBILITY STATEMENT:
The Directors state that: -
i. In the preparation of the annual accounts, the applicable
accounting standards have been followed and that there are no material
departures.
ii. The Directors had selected such accounting policies and applied
them consistently and made judgment 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 covered under this
Report and of the profit of the Company for the year.
iii. The Directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities.
iv. The Directors had prepared the annual accounts on a going concern
basis.
- FIXED DEPOSITS:
The Company has not accepted/ renewed any Deposits from the Public
under section 58A of the Companies Act, 1956.
- EMPOYEES:
There are no employees drawing remuneration exceeding the limits
prescribed under Section 217 (2A) of the Companies Act, 1956 read with
Companies (Particulars of employees) Rules, 1975.
- AUDITORS:
M/s. Sanjay Raja Jain & Co., Chartered Accountants, Mumbai will retire
at the ensuring meeting and being eligible offers themselves for
re-appointment.
- CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNING AND OUTGO:
In view of the nature of activities of the Company, Rules 2A and 2B of
the Companies (Disclosure of Particulars in the Report of Board of
Directors) Rules, 1988 concerning conservation of energy and technology
absorption respectively are not applicable to the Company.
There were no foreign exchange earnings or outgo during the year under
review.
- COMPLIANCE CERTIFICATE UNDER PROVISO TO SUB-SECTION (1) OF SECTION
383A OF THE COMPANIES ACT, 1956:
Compliance Certificate issued under sub-section (1) of section 383A of
the Companies Act, 1956 by the Practicing Company Secretary for your
company is attached to this report.
- LISTING ARRANGEMENT:
Your Company continues to be listed on the Stock Exchange, Mumbai where
the Companys Shares are being traded. The Company has paid Listing
Fees for the year 2010-2011.
- CORPORATE GOVERNANCE:
Corporate Governance Report along with Certificate of the company
Secretary in practice pursuant to clause 49 of the Listing Agreement
with the stock Exchange has been included in the report. Your company
believes that Corporate Governance is a voluntary code of
self-discipline. In line with this policy, the Board of Directors
strongly believes that it is very important that the Company follows
healthy Corporate Governance practices and reports to the shareholders
the progress made on the various measures undertaken. Therefore, your
directors have been reporting the initiatives on Corporate Governance
measures adopted by your Company.
- ACKNOWLEDGEMENTS:
We record our gratitude to the Banks and others for their assistance
and co-operation during the year. We also wish to place on record our
appreciation for the dedicated services of the employees of the
Company. We are equally thankful to our esteemed investors for their
co-operation extended to and confidence reposed in the management.
For and on behalf of the Board
Ashirwad Capital Limited
Ramprasad Poddar
Chairman
Registered Office:
303, Tantia Jogani Industrial Estate,
J R Boricha Marg, Lower Parel,
Mumbai à 400 011.
Date: May 20, 2011
Place: Mumbai
Mar 31, 2010
The Directors have pleasure in presenting the 24th Annual Report and
the Audited Statement of Accounts for the year ended March 31,2010.
(Rs. in Lacs)
Sr. Particulars 15 Months Ended 12 Months Ended
No. 31.03.2010 31.12.2008
1. Net Sales/Income 161.74 107.84
2. Total Expenditure
i) Staff Cost 3.14 2.13
ii) Depreciation 3.68 3.24
iii) Other Expenditure 8.46 33.72
Total 15.28 39.09
3. Interest 8.49 2.03
4. Profit Before Tax 137.97 66.72
5. Provision for Taxation 17.79 15.18
i) Current Tax 17.68 15.03
ii) Deferred Tax 0.11 0.14
iii) Fringe Benefit Tax - 0.01
6. Net Profit After Tax 120.18 51.54
7. Excess/(Short) Provision for
Tax for earlier years (0.33) 0.02
8. Net Profit 119.85 51.56
9. Proposed Dividend 70.20 46.80
(Inclusive of Tax on Dividend)
10. Paid-up Equity Share Capital 400.00 400.00
(Face Value of Re.
1/-each)
11. Reserves & Surplus 141.95 92.29
(Excluding Revaluation Reserves)
12. Basic & Diluted EPS (Rs.) 0.30 0.13
13. Non Promoters Shareholding
- Number of Shares 13616000 13597584
- Percentage of Shareholding 34.04% 33.99%
DIVIDEND:
We are pleased to announce that the Board of Directors has recommended
final dividend of Re. 0.04 per equity share of Re. 1/- each (i.e. 4%)
aggregating Rs.16,00,000 (excluding dividend distribution tax as
applicable) for the year ended on March 31, 2010 in addition to the
interim dividend of Re. 0.11 per equity share (i.e. 11 %) amounting to
Rs. 44,00,000 which was declared and paid in December 2009.
OPERATIONS & FUTURE PROSPECTS:
During the year under review the profit aftertax (PAT) stood at 120.18
Lacs, a phenomenal increase of 133.18% as compared to last year.
As we had estimated we saw a long term bottoming out of the markets in
2009. We should witness a consolidation of the equity markets in the
emerging markets basket during the first 6-8 months of 2010 and after
which we estimate the final wave of the long term bull market which
began in 2003. If we see such a scenario shaping up we shall invest our
cash position into the market. We shall continue our strategy to invest
in only A group shares with good track record and leadership position
in market segments they operate in. The timing of our investments will
be decided based on our in-house technical studies which we do on a
daily basis with a long term time horizon and ourfirm resolve to give
our most valued investors long term returns which are consistent and
outperform the broader indices.
Thank you shareholders for your continued support and trust in Ashirwad
and its management team, which we cherish and value from the bottom of
our hearts.
FOLLOWING IS A LIST OF QUOTED INVESTMENTS. THIS CONSTITUTES 100% OF OUR
INVESTED FUNDS IN THE EQUITY MARKET:
FACE 31.03.2010
SR
# PARTICULARS VALUE NO. OF AMOUNT HOLDING
RS. SHARES RS. %
FULLY PAID UP EQUITY SHARES
(QUOTED)
1 HINDUSTAN UNILEVER LTD. 1 60000 1,26,30,388 73.21
2 INDIAN HOTEL LTD. 10 40000 41,84,349 24.26
3 MANJUSHRI PLANTATION LTD. 10 333 78,698 0.46
4 RANBAXY LABORATORIES LTD. 5 1000 3,57,706 2.07
Total 1,72,51,141 100.00
AGGREGATE MARKET VALUE OF
QUOTED INVESTMENTS 1,89,77,598
> DIRECTORS:
Mr. Ramprasad Poddar and Mr. Rajesh Poddar, who retire by rotation and
being eligible, offerthemselves for re-appointment.
- DIRECTORS RESPONSIBILITY STATEMENT:
The Directors state that: -
i. In the preparation of the annual accounts, the applicable accounting
standards have been followed and thatthere are no material departures.
ii. The Directors had selected such accounting policies and applied
them consistently and made judgment 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 covered underthis
Report and of the profit of the Company for the year.
iii. The Directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities.
iv. The Directors had prepared the annual accounts on a going concern
basis.
- FIXED DEPOSITS:
The Company has not accepted/ renewed any Deposits from the Public
under Section 58A of the Companies Act, 1956.
- EMPLOYEES:
There are no employees drawing remuneration exceeding the limits
prescribed under Section 217(2A) of the Companies Act, 1956 read with
Companies (Particulars of employees) Rules, 1975.
- AUDITORS:
M/s Sanjay Raja Jain & Co., Chartered Accountants, Mumbai, will retire
at this meeting and being eligible offerthemselves for re-appointment.
- CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNING AND OUTGO:
In view of the nature of activities of the Company, Rules 2A and 2B of
the Companies (Disclosure of Particulars in the Report of Board of
Directors) Rules, 1988 concerning conservation of energy and technology
absorption respectively are not applicable to the Company.
There were no foreign exchange earnings or outgo during the year under
review.
- COMPLIANCE CERTIFICATE UNDER PROVISO TO SUB-SECTION (1) OF SECTION
383A OF THE COMPANIES ACT, 1956:
Compliance Certificate issued under sub-Section (1) of Section 383A of
the Companies Act, 1956 by the Practicing Company Secretary for your
Company is attached to this report.
- LISTING ARRANGEMENT:
Your Company continues to be listed on the Stock Exchange, Mumbai where
the Companys Shares are being traded. The Company has paid Listing
Fees forthe year 2009-2010.
- MANAGEMENT DISCUSSION AND ANALYSIS:
- BUSINESS ENVIRONMENT:
It has been a year of substantial achievements for our company, in the
face of one of the toughest global economic downturn ever witnessed in
history. Your company has a long standing reputation as a consistent
sectoral performer amongst the various finance and investment
companies. Despite the volatile economic scenario, the expertise of the
management enabled us to perform exceptionally well during the year.
- STRENGTHS & OPPORTUNITIES:
Your company has positively faced the ever changing period in the
finance and investment market quite effectively. The fiscal policies
brought by Government in the recent times have been encouraging. The
economic plan aims to put the economy towards a path of sustainable
growth and progress. Your company pays special attention to its
valuable human resource. Further keeping in view the support offered by
government and financial institutions, your company is keen to achieve
an established name and goodwill in the market.
- RISKS AND CONCERNS:
Risk is an integral part of business process. Proper risk management
can be highly beneficial for any company. The company will attempt to
soften the impact of risks through continuous monitoring, timely action
and control measures.
- OUTLOOK:
The company is looking forward to the achievement of the following
objectives in the coming year:
(i) To effectively position the company so as to meet the needs of
changing economic scene in India.
(ii) To earn national recognition by providing qualitative services in
time and in conformity with the best practices.
(iii) To enhance size and value of business activities of the company.
(iv) To achieve optimal return on capital employed.
- OVERVIEW:
Your company offers unique insights delivering independent information,
opinions and solutions that helps it to make better informed business
and investment decisions and improve the return on investment. The
future prospect continues to remain positive with focus on
strengthening risk management systems and demand for good quality and
independent research.
The accompanying financial statements have been prepared in accordance
with the requirements of Companies Act, 1956 and Generally Accepted
Accounting Principles and Accounting Standards prevailing in India.
- FINANCIAL AND OPERATIONAL PERFORMANCE:
The accompanying financial statements have been prepared in accordance
with the requirements of Companies Act, 1956 and Generally Accepted
Accounting Principles and Accounting Standards prevailing in India. The
gross income of the company during the year has increased to Rs. 161.74
Lacs from Rs. 107.84 Lacs during the previous year. The net profit has
risen from Rs. 51.56 Lacs to Rs. 119.85 Lacs during the current year.
- CAUTIONARY STATEMENT:
Statement in this Management Discussion and Analysis describing the
Companys objectives, projections, estimates, expectations or
predictions may be "forward-looking statements" within the meaning of
applicable securities laws and regulations. Actual results could differ
materially from those expressed or implied. Important factors that
could make a difference to the Companys operations include raw
material availability and prices, cyclical demand and pricing in the
Companys principal markets, changes in Government regulations, tax
regimes, economic developments within India and the countries in which
the Company conducts business and other incidental factors.
- CORPORATE GOVERNANCE:
Corporate Governance Report along with Certificate of the Company
Secretary in Practice pursuant to clause 49 (revised) of the Listing
Agreement with the Stock Exchanges has been included in the report.
Your company believes that Corporate Governance is a voluntary code of
self-discipline. In line with this policy, the Board of Directors
strongly believes that it is very important that the Company follows
healthy Corporate Governance practices and reports to the shareholders
the progress made on the various measures undertaken. Therefore, your
directors have been reporting the initiatives on Corporate Governance
measures adopted by your Company.
- ACKNOWLEDGEMENTS:
We record our gratitude to the Banks and others for their assistance
and co- operation during the year. We also wish to place on record our
appreciation for the dedicated services of the employees of the
Company. We are equally thankful to other stakeholders for their
co-operation extended to and confidence reposed in the management.
Registered Office: For and on behalf of the Board
303, Tantia Jogani
Indl. Estate, For Ashirwad Capital Limited
J R Boricha Marg, Lower Parel,
Mumbai 400 011.
Date : May 17, 2010 Ramprasad Poddar
Place: Mumbai Chairman