Mar 31, 2015
Dear Members,
The Directors have pleasure in presenting their 20THAnnual Report on
the business and operations of the Company and the accounts for the
Financial Year ended March 31, 2015.
1. FINANCIAL SUMMARY OF THE COMPANY (Standalone)
The Board's Report is to be prepared based on the stand alone financial
statements of the company.
(Rs. in lacs)
PARTICULARS 2014-15 2013-14
Income for the year 0 0
Expenditure for the year excluding 0.52 (0.47)
Depreciation and Amortization Exp.
Profit or Loss before Depreciation and (0.52) (0.47)
Amortization Exp-
Less: Depreciation and Amortization Exp. 0 0
Profit or Loss after Depreciation and (0.52) (0.47)
Amortization Exp. But before Tax
Less: Current Tax 0 0
Profit or Loss After Tax (0.52) (0.47)
The Company has not carried any commercial activities during the
financial year 2014-15. The company will try to achieve the
performance in terms of turnover well as profit in next year by making
more initiative in the activities of the company.
2. DIRECTORS AND KEY MANAGERIAL PERSONNEL:
Mr.Hemanshu Mehta, Director of the Company retires by rotation at the
forthcoming Annual General Meeting and being eligible, offer them for
reappointment.
During the year, Mr. Hemanshu Mehta, Mr. Akash Desai, Mr. Raj B Jhala,
Mr. AshwinBagdai, Mr. Pradeep Swain, have been appointed as director
of the Company.
Mr. DharmeshSolanki, Mr. PranavSampat&Mr. Akash Desaihave been
appointed as an Independent Directors for term of Five years with
effect from 30th September, 2014. Further, Mrs. VasantiNagda has been
appointed as Women Director with effect from 30th September, 2014.
The Company has received declarations from all the Independent
Directors of the Company confirming that they meet with the criteria of
independence as prescribed under sub-section 6 of Section 149 of the
Companies Act, 2013 and under clause 49 of the Listing Agreement which
is hereby enclosed as "Annexure I".
Also, Mr. AshwinBagdai has been appointed Managing Director &Chief
Financial Officer with effect from 14th August, 2014.
3. MEETINGS:
During the year four Board Meetings and four Audit Committee Meetings
were convened and held.The dates on which the said Board meetings were
held:
May 28, 2014, August 14, 2014, November 14, 2014 & February 13, 2015.
The intervening gap between the Meetings was within the period
prescribed under the Companies Act, 2013.
4. COMMITTEES:
The company has several committees which have been established as a
part of best corporate governance practices and are in compliance with
the requirements of the relevant provisions of applicable laws and
statues.
The Board has constituted following Committees.
* Audit Committee
* Nomination and Remuneration Committee
* Stakeholder's Relationship Committee
* Share Transfer Committee
The details with respect to the compositions, powers, roles, terms of
reference etc. of relevant committees are given in detail in the
'Report on Corporate Governance' of the company which forms part of
this Annual Report.
5. EXTRACTS OF ANNUAL RETURN:
Pursuant to sub-section 3(a) of Section 134 and sub-section (3) of
Section 92 of the Companies Act 2013, read with Rule 12 of the
Companies (Management and Administration) Rules, 2014 the extracts of
the Annual Return as at March 31, 2015 forms part of this report as
"Annexure II".
6. STATUTORY AUDITORS:
M/s. Praful N. Shah & Co, (Firm Registration No. 108057W), Chartered
Accountants, have been appointed as statutory auditors of the company
at the Annual General Meeting held on September 30, 2014 to hold office
from the conclusion of Annual this General Meeting (AGM)for a
consecutive period of two (2) financial years, subject to ratification
by the shareholders annually. Accordingly, ratification of appointment
of Statutory Auditors is being sought from the members of the company
at the ensuing AGM. In this regard, the Company hasreceived a
certificate from the auditors to the effect that if their appointment
is ratified, it would be in accordance with the provisions ofSection
141 of the Companies Act, 2013.Auditors comments on your company's
accounts for year ended March 31, 2015 are self explanatory in nature
and do not require any explanation as per provisions of Section
134(3)(f) of the Companies Act, 2013.
There were no qualifications, reservation or adverse remark or
disclaimer made by Statutory Auditor in its report.
7. SECRETARIAL AUDITORS AND SECRETARIAL AUDIT REPORT:
Pursuant to Section 204 of the Companies Act, 2013, your company had
appointed M/s. A. Shah & Associates, Practising Company Secretaries,
Ahmedabad, as its Secretarial Auditors to conduct the Secretarial Audit
of the company for FY 2014-15. The Report of the Secretarial Auditor
for the FY 2014-15 is annexed to this report as "Annexure III".
Secretarial Auditors have qualified their report to the Members of the
Company & in this connection; theBoard of Directors of the Company has
discussed the same at arm's length and agreed to take the corrective
steps on following Qualifications:
1. Company has not complied with clause 41(III) for all the quarters of
the financial year 2014-15.
2. Company is in part compliance with clause 41 (VI) for financial year
2014- 15.
3. Company is yet to comply with Clause 47(a) of Listing Agreement.
4. Company is not in compliance with Pursuant to Section 203 (1) (ii)
of Company's Act, 2013.
5. Company is yet to comply with Clause 41 (1) (h) with regard to peer
review audit firm.
6. Company is not in compliance with Clause 54 of listing Agreement.
7. Company has not provided notice pursuant to section 91 of Companies
Act, 2013.
8. Company is yet to comply with the section 138 of the Companies Act,
2013 i.e. Internal Auditor needs to be appointed to conduct the
internal audit of the functions and activities of the company.
9. MBP-1 provided by the Directors of the Company is not quantifiable.
10. INTERNAL AUDIT & CONTROLS:
Your company had laid down set of standards, processes and structure
which enables to implement internal financial control across the
organization and ensure that the same are adequate and operating
effectively.
11. BOARD EVALUATION:
The Board of Directors has carried out an annual evaluation of its own
performance, Board committees and individual directors pursuant to the
provisions of the Companies Act, 2013 and the corporate governance
requirements as prescribed by Securities and Exchange Board of India
("SEBI") under Clause 49 of the Listing Agreement.
The performance of the Board was evaluated by the Board after seeking
inputs from all the directors on the basis of the criteria such as the
Board composition and structure, effectiveness of board processes,
information and functioning, etc.
The performance of the committees was evaluated by the board after
seeking inputs from the committee members on the basis of the criteria
such as the composition of committees, effectiveness of committee
meetings, etc.
The Board and the Nomination and Remuneration Committee ("NRC")
reviewed the performance of the individual directors on the basis of
the criteria such as the contribution of the individual director to the
Board and committee meetings like preparedness on the issues to be
discussed, meaningful and constructive contribution and inputs in
meetings, etc. In addition, the Chairman was also evaluated on the key
aspects of his role.
In a separate meeting of independent Directors, performance of
non-independent directors, performance of the board as a whole and
performance of the Chairman was evaluated, taking into account the views
of executive directors and non- executive directors. The same was
discussed in the board meeting that followed the meeting of the
independent Directors, at which the performance of the Board, its
committees and individual directors was also discussed.
12. FIXED DEPOSITS:
Your company has not accepted any fixed deposits from the public within
the provisions of Section 73 to 76 of the Companies Act, 2013. Hence,
the disclosures required as per Rule 8(5)(v)&(vi) of the Companies
(Accounts) Rules, 2014, read with Section 73 to 76 of the Companies
Act, 2013 are not applicable to your Company.
13. CORPORATE GOVERNANCE:
The Company believes that good Corporate Governance is a continuous
process and it is our continuous endeavor to achieve good governance,
by way of a conscious and conscientious effort whereby ensuring the
truth, transparency, accountability and responsibility in all our
dealings with all our stakeholders.
A separate section on Corporate Governance Standards followed by your
company, as stipulated under Clause 49 of the Listing Agreement is
enclosed as Annexure to this Report. The Report on Corporate Governance
also contains certain disclosures required under Companies Act, 2013.
A certificate from M/s.Praful N. Shah & Co., Chartered Accountants,
conforming compliance to the conditions of Corporate Governance as
stipulated under Clause 49 of the Listing Agreement, is annexed to this
Report.
14. VIGIL MECHANISM:
In pursuant to the provisions of section 177(9) & (10) of the Companies
Act, 2013, a Vigil Mechanism for directors and employees to report
genuine concerns has been established.
15. CONSEVATION OF ENERGY & ABSORTION TECHNOLOGY:
(a)Conservation of energy-
(i) the steps taken or impact on conservation of N.A
energy
(ii) the steps taken by the company for utilizing N.A
alternate sources of energy
(iii) the capital investment on energy conservation N.A
equipment's
(b) Technology absorption
(i) the efforts made towards technology absorption N.A
(ii) the benefits derived like product improvement, N.A
cost reduction, product development or import
substitution
(iii) in case of imported technology (imported during N.A
the last three years reckoned from the beginning
of the financial year)-
(a) the details of technology imported N.A
(b) the year of import; N.A
(c) whether the technology been fully absorbed N.A
(d) if not fully absorbed, areas where absorption N.A
has not taken place, and the reasons thereof
(iv) the expenditure incurred on Research and N.A
Development
16. FOREIGN EXCHANGE EARNINGS / OUTGO:-
As the Company has not carried out any activities relating to the
export and import during thefinancial year. There is no foreign
exchange expenses and foreign income during the financialyear.
17. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES:
During the financial year 2014-15 there were no contract and
arrangement done with the related parties. The policy on material
Related Party Transactions and also on dealing with Related Party
Transactions is approved by the Audit Committee and the Board of
Directors. As there is no contractor arrangements entered into by the
Company with related parties therefore, no disclosure referred to
sub-section (1) of section 188 of the Companies Act, 2013 is disclosed
in Form No. AOC-2.
18. PARTICULARS OF LOANS. GUARANTEES OR INVESTMENTS UNDER SECTION 186:
In terms of provisions of Section 134(3)(g), the Particulars of Loans,
Guarantees or Investments under Section 186, is annexed hereto as
"Annexure IV" and forms part of this Report.
19. PARTICULARS OF EMPLOYEES REMUNERATION:
A. The ratio of the remuneration of each director to the median
employee's remuneration and other details in terms of sub-section 12 of
Section 197, of the Companies Act, 2013 read with Rule 5(1) of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules,
2014, are forming part of this report as "Annexure V".
B. The statement containing particulars of employees as required under
Section 197(12) of the Companies Act, 2013 read with Rule 5(2) of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules,
2014 is not provided as no employees is paid remuneration of Rs. 5 Lac
Per month and Rs. 60 Lacs Per Annum.
20. NOMINATION AND REMUNERATION POLICY:
The Board has on the recommendation of Nomination and Remuneration /
Compensation Committee framed a policy on directors' appointment and
remuneration of Directors including criteria for determining
qualification, positive attributes, independence of directors and
remuneration for Directors, Key Managerial Personnel and other
employees. The policy is annexed to this report as "Annexure VII".
21. HUMAN RESOURCES:
Your Company treats its "human resources" as one of its most
significant assets. The Company continues its focus on retention
through employee engagement initiatives and provides a holistic
environment where employees get opportunities to realize their
potential. A number of programs that provide focused people attention
are currently underway. Your Company thrust is on the promotion of
talent internally through job rotation and job enlargement. The
Company's Health and Safety Policy commits to provide a healthy and
safe work environment to all employees.
22. CHANGE IN NATURE OF THE BUSINESS:
There has been no change in the nature of business of the company
during the year under review.
23. MANAGEMENT DISCUSSION AND ANALYSIS:
As per Clause 49 of listing agreement with the Stock Exchanges, a
separate section on Management Discussion and Analysis outlining the
business of the Company is set out in Annexure forming part of this
Report.
24. SIGNIFICANT OR MATERIAL ORDERS AGAINST COMPANY:
No significant and material orders were passed by the regulators or
courts or tribunals impacting the going concern status and Company's
operation in future.
25. DIRECTORS' RESPONSIBILITY STATEMENT :
Pursuant to requirement under 134(3)(c) of the Companies Act, 2013
(Act), Directors, confirm that:
(a) In the preparation of the annual accounts for the year ended on
31st March, 2015, the applicable accounting standards read with
requirement set out under Schedule III to the Act, have been followed
and there are no material departures from the same;
(b) 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 March 31, 2015 and of the profit of the company
for the year ended on that date;
(c) The Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the 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 are operating effectively and
(f) The Directors had devised proper systems to ensure compliance with
the provisions of all applicable laws and that such systems are
adequate and operating effectively.
26. ACKNOWLEDGEMENT:
Your Directors wish to place on record their gratitude and sincere
appreciation for the assistance and co-operation received from the
financial institutions, banks, Government authorities, customers,
vendors and members during the year under review.
Your Directors would like to express a profound sense of appreciation
for the commitment shown by the employees in supporting the Company in
its continued robust performance on all fronts.
PLACE: AHMEDABAD BY ORDER OF THE BOARD OF DIRECTORS,
DATE: 14/08/2015 FOR, ATLANTA DEVCON LIMITED
Sd/-
MR. ASHWIN BAGDAI
MANAGING DIRECTOR
(DIN- 03614681)
Mar 31, 2014
The Members of,
M/s ATLANTA DEVCON LIMITED
The Directors have pleasure in presenting the twenty-third 19th Annual
Report of the Company together with the Audited Accounts for the
financial year ended on 31st March 2014.
1. Financial Results:
(Rs. in Million)
Particulars 2013-14 2012-13
Revenue from operations 0 0
Profit (Loss) before Depreciation (0.47) (1.72)
Depreciation 0 0
Profit / (Loss) before Tax (0.47) (1.72)
Provision for Tax - -
Profit / (Loss) after Tax (0.47) (1.72)
The Company has not carried any commercial activities during the
financial year 2013-14.
2. Dividend:
On account of having accumulated losses, your directors did not
recommend any Dividend.
3. Future Prospects:
During the year under review, Company has concentrated mainly on
exports through merchant exporters. Company has good enquiries on hand,
which are quite prospective. Company has put more emphasis on quality
control comparable to international standard along with quality
measures for pollution control. In the times to come, your Directors
are quite hopeful of wiping out of loss through achieving better sales
target and cost conservative measures even though not compromising on
quality standard of the product.
4. Delisting from Madras Stock Exchange Ltd.:
During the year under review, Company is being voluntarily delisted
from the Madras Stock Exchange Limited.
5. Directors
As per provisions of Section 152(6) of the Companies Act, 2013, Mr.
Kannan Ramasamy, Mr. Rajesh Sutaria and Mr. Saurin Kavi Director liable
to retire by rotation, Mr. Hemanshu Mehta , Mr. Dharmesh Solanki and
Mr. Akash Desai are being appointed as Independent Directors for
consecutive five financial years as per provisions of
Section 149 of the Companies Act, 2013. Mr. Hemanshu Mehta, Akash
Desai, Mr. Raj B. Jhala, Mr. Ashwin Bagdai, Mr. Pranav Sampat, Mr.
Dharmesh Solanki and Mr. PRADEEP SYAMSUNDAR SWAIN who were appointed as
an additional Director of the Company be and is hereby appointed as a
director of the company. Mrs. Vasanti Alpesh Nagda is being appointed
as a Woman Director as per provisions of Section 149 of the Companies
Act, Necessary resolutions for the appointment /re-appointment of the
aforesaid directors have been included in the notice convening the
ensuing AGM and details of the proposal for appointment /
re-appointment are mentioned in the explanatory statement of the
notice. Your directors commend their appointment / re- appointment. All
the directors of the Company have confirmed that they are not
disqualified from being appointed as directors in terms of Section 164
of the Companies Act, 2013 (Previously being Section 274(1) (g) of the
Companies Act, 1956).
6. Personnel
Your directors wish to place on record their appreciation for th e
contribution to growth of the business made by employees at all levels.
Information as required pursuant to section 217(2A) of the companies
Act, 1956 has not been given, as it is not applicable.
7. Auditors
M/s Praful N. Shah & Co., Chartered Accountants, Ahmedabad, Statutory
Auditor of the Company, (Firm Registration No. 108057W) holds office
until the conclusion of the ensuring Annual General Meeting. As per
newly inserted Section 139 of the Companies Act, 2013, they are
appointed for a term of five consecutive financial years, for which
necessary resolution is put to vote in this AGM, as stated in the item
no. 3 of the notice, they are eligible for appointment to conduct
statutory audit. The company has received certificate from the auditor
to the effect that their appointment if made, would be within the
prescribed limits under the Companies Act.
Notes to the accounts referred to in AuditorÂs report are self
explanatory and therefore do not call for any further comments.
8. Deposits
During the year under review, Company has not accepted inter corporate
Deposits, which falls under Section 58A of Companies Act, 1956.
9. Energy, Technology And Foreign Exchange
The additional information required to be disclosed in terms of
notification No.1029 dated 31st December, 1998 issued by the Department
of Company Affairs, Ministry of Finance is not applicable.
10. Directors'' Responsibility Statement
Pursuant to Section 217(2A) of Companies Act, 1956, the Directors
confirm that:
i. In the preparation of Annual Accounts, appropriate accounting
standard have been followed.
ii. Appropriate accounting policies have been selected and applied
consistently and judgments and estimates made that are reasonable and
prudent so as to give true and fair view of state of affairs of the
company at the end of financial year ended 31st March, 2014.
iii. Proper and sufficient care has been taken for the maintenance of
adequate accounting records in accordance with the provisions of
Companies Act, 1956 for safe guarding the assets of the company and for
preventing and detecting fraud and other irregularities.
iv. The Annual Accounts have been prepared on going concern basis.
11. Auditor''s Qualification
Auditors have qualified their report to the members of the Company. In
this connection directors of the Company have discussed the same at
armÂs length on the recommendation of audit committee and have
intimated to take necessary action so as to show fair view of state of
affairs of the company in the coming financial year. The Auditor has
drawn particular attention on the following matters:
(I) Adhering to significant accounting policy, the Company is
accounting for Gratuity & Leave encashment on cash basis. This is not
in accordance with AS-1 and AS-15, prescribed by the ICSI.
(II) AS-2 relating to valuation of inventories has not been followed.
(III) Balances of unsecured loans, other liabilities, Creditors,
Debtors, Loans & Advances are subject to confirmation by the parties
concerned and reconciliation thereof in subsequent years.
12. Report on Corporate Governance
Compliance Report on Corporate Governance is a part of Annual Report is
annexed herewith.
13. Acknowledgements
Your Directors wish to place on record their appreciation of the whole
hearted co-operation extended to company from various departments of
the central and state governments, company bankers and financial
institutions and employees of the company and look forward for the same
cordial relationship in coming years.
Place: AHMEDABAD By order of the Board of Directors,
Date: 14/08/2014 For, ATLANTA DEVCON LIMITED
CHAIRMAN
MR. ASHWIN BAGDAI
(DIN 03614681)
Mar 31, 2013
To, The Members,
The Directors have pleasure in presenting the Annual Report of the
Company together with the Audited Accounts for the financial year ended
on 31st March 2013.
1. Financial Results: (In Rs.)
Particulars 2012-13 2011-12
Sales 0 3,13,90,2187-
Depreciation 0 0
Other Expenditure 0 0
Profit/Loss
before Tax 17,23,602/- 3,17,57,354/
Provision for taxation 0 0
Loss after Tax 17,23,602/- 3,67,136/-_
2. Present Operation:
The Company has not carried any commercial activities during the
financial year 2012-13.
3. Dividend
In view of loss, your director did not recommend any dividend for the
year.
4. Directors
In accordance with the provision of the Companies Act, 1956 and
Company''s Article of Association, Shri Shiraj Kabir, Shri Rajesh
Sutaria and Shri Saurin Kavi, Director of the company, retire from the
Board by rotation and being eligible offer themselves for re election.
Your director recommends the re-appointment.
5. Issue of Securities on Preferential Basis:
During Financial year 2012-13, the Company had issued 24,65,000 Equity
Shares of Rs. 10 each and 27,50,000 warrants convertible in to equity
of Rs. 10 each at par to other than promoter on preferential basis in
accordance with section 81(1A) of the companies Act. 1956 to augment
funding requirements of the company.
However, out of 27,50,000 Convertible warrants, 9,37,500 Convertible
warrants have been converted in to equal number of equity shares on the
same day i.e. 27th July, 2012 on receipt of 100% issue price.
The Company had availed listing approval from Bombay Stock Exchange for
the aforesaid 34,02,500 equity shares during the year.
The Object of the said preferential issue was to raise fund for meeting
capital expenditure as well as for working capital requirements. _
6. Particular of Employee:
Your directors'' wish to place on record their appreciation for the
contribution to growth of the business made by employees at all levels.
Information as required pursuant to section 217(2A) of the companies
Act, 1956 has not been given, as it is not applicable.
7. Auditors;
M/s Praful N. Shah & Co., Chartered Accountants, Ahmadabad, Auditor of
the Company retire at the conclusion of ensuing Annual General Meeting
and being eligible, offer themselves for Re-appointment.
8. Audit Committee:
In term of provision of section 292A of the Companies Act, 1956 and
Clause 49 of the Listing Agreement executed with the exchanges, your
company has constituted the Audit committee of the Board of Director.
Details of the committee are given in the Annual Report as Report on
Corporate Governance.
9. Deposits
During the year, Company has not accepted inter corporate Deposits,
which falls under Section 58A of Companies Act, 1956.
10. Energy. Technology And Foreign Exchange
The additional information required to be disclosed in terms of
notification No.1029 dated 31st December, 1998 issued by the Department
of Company Affairs, Ministry of Finance is not applicable.
11. Directors* Responsibility Statement:
Pursuant to Section 217(2A) of Companies Act, 1956, the Directors
confirm that:
i. In the preparation of Annual Accounts, appropriate accounting
standard have been followed.
ii. Appropriate accounting policies have been selected and applied
consistently and judgments and estimates made that are reasonable and
prudent so as to give true and fair view of state of affairs of the
company at the end of financial year ended 31st March, 2013.
iii. Proper and sufficient care has been taken for the maintenance of
adequate  accounting records in accordance with the provisions of
Companies Act, 1956 for safe guarding the assets of the company and
for preventing and detecting fraud and other irregularities.
iv. The Annual Accounts have been prepared on going concern basis.
12. Auditor''s Qualification
Auditors have qualified their report to the members of the Company. In
this connection directors of the Company have discussed the same at
arm''s length on the recommendation of audit committee and have
initiated to take necessary action so as to show fair view of state of
affairs of the company in the coming financial year.
13. Management Discussion Analysis:
A Separate Report on Management Discussion Analysis Report is attached
herewith and form part of the Directors Report. 14. Report on
Corporate Governance Compliance Report on Corporate Governance is a
part of Annual Report is annexed herewith.
15. Environment Protection:
Your Company is not engaged in any type of manufacturing activities. It
is not generating any type of pollution. Hence regulation on pollution
control is not applicable to the company.
16. Name change of the company:
During the year, Name of the company has been changed to ATLANTA DEVCON
LTD to accommodate diversified business activities in various fields.
17. Acknowledgements
Your Directors wish to please on record their appreciation of the whole
hearted co-operation extended to company from various departments of
the central and state governments, company/ bankers and financial
institutions and employees of the company and look forward for the same
cordial relationship in coming years.
BY ORDER OF THE BOARD OF DIRECTORS
OF ATLANTA DEVCON LIMITED
(Formerly known as dharnidhar
global & infraprojects ltd.)
Date: 13/05/2013
Place: Ahmedabad CHAIRMAN
Mar 31, 2012
To, The Members of DHARNIDHAR GLOBAL & INFRAPROJECTS LTD AHMEDABAD
The Directors have pleasure in presenting herewith their 17th Annual
Report and together with the Audited Statements of Accounts of the
Company for the year ended 31st March, 2012.
FINANCIAL RESULTS
(Amount inRs Lacs)
PARTICULARS For the Year ended For the Year ended
on 31.03.2012 on 31.03.2011
Total Income 313.90 212.93
Expenditure 317.57 214.84
Profit / Loss before
taxation and depreciation (3.67) (1.91)
Depreciation 0.00 16.27
Profit Before Tax (11.76) (18.19)
Provision for taxation 0.00 0.00
Fringe Benefit Tax 0.00 0.00
Profit after tax (11.76) (18.19)
Balance carried to
Balance Sheet (11.76) (18.19)
DIVIDEND:
In view of losses your Directors propose not to recommend any dividends
for the current year.
PRESENT OPERATIONS:
The Company operations were satisfactory during the year under review.
The income of the company ended to Rs 3,13,90,218/- in comparison to
the previous year of Rs 2,12,92,682/-. The Company has incurred loss of
Rs 11,76,304/- as compared to the previous year loss of Rs 18,19,160/-.
FUTURE PROSPECTS
The Share holders are well aware that the Company has started
concentrating on infrastructure projects, civil construction and also
in trading of many ancillary profitable commodities.
Your directors are confident that such a restructuring process has
given a good platform to improve the scalability of business and to
have more visibility.
Your Board of Directors, after carefully considering the value of land,
opportunities available and the business prospects, proposes to launch
various major infrastructure projects in various parts of India
including Mumbai and Ahmadabad and the company also proposes to setup
corporate offices, in the above cities.
COMPLIANCE TO CODE OF CORPORATE GOVERNANCE
The Company is a listed company and is complying with the conditions
specified in Clause 49 of the Listing Agreement. A separate section on
Code of Corporate Governance is annexed with this report.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
A separate report on Management Discussion and Analysis Report is
attached herewith and form part of the Directors Report.
ENVIRONMENT PROTECTION
Your company is not engaged in any type of manufacturing activities. It
is not generating any type of pollution. Hence the regulations on
Pollution Control are not applicable to the company.
FIXED DEPOSITS
During the year under review, the Company has not accepted any deposits
from the public in terms of section 58A & 58AA of the Companies Act,
1956.
PARTICULARS OF CONSERVATION OF ENERGY ETC.
The Company had taken steps to conserve energy in its office use,
consequent to which energy consumption has been minimized. No
additional Proposals/Investments were made to conserve energy. Since
the company has not carried on industrial activities, disclosures
regarding impact of measures on cost of production of goods, total
energy consumption, etc., are not applicable.
TECHNOLOGY ABSORPTION
The Company has not adopted / intends to adopt any technology for its
business and hence no reporting is required to be furnished under this
heading.
PARTICULARS OF EMPLOYEES
Provisions of Section 217(2A) of the Companies Act, 1956 read with the
Companies (Particulars of Employees) Rules, 1975 are not applicable to
the Company during the financial year under review, and hence the
information is not given. DIRECTORS
In accordance with the provisions of the Companies Act, 1956 (the Act)
and the Company Articles of Association, Mr. Dinubhai Shah and Mr.
Hemanshu Mehta, Directors of the Company, retire from the Board by
rotation and being eligible offer themselves for re election. Your
directors recommend the re appointment.
The Board of Directors had appointed Mr. Pranav Vijay Sampat, Mr. Raj
Baldevsinh Jhala, Mr. Dharmesh Narendrakumar Solanki, Mr. Akash
Harishbhai Desai as Additional Directors of the Company with effect
from 4th October, 2011 and Mr. Pradeep Syam Sunder Swain as Additional
Director of the Company with effect from 10th November, 2011 to hold
the office upto the date of ensuing Annual General Meeting.
Notices under Section 257 of the Companies Act, 1956 have been received
from the Members of the Company proposing the appointment of Mr. Pranav
Vijay Sampat, Mr. Raj Baldevsinh Jhala, Mr. Dharmesh Narendrakumar
Solanki, Mr. Akash Harishbhai Desai and Mr. Pradeep Syam Sunder Swain
as Directors of the Company at the ensuing 17th Annual General Meeting
of the Company.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to Section 217(2AA) of Companies Act, 1956 the Directors
confirm:-
a) that in the preparation of the annual accounts, the applicable
accounting standards have been followed and there is no material
departures from the same;
b) that they have selected such accounting policies and applied them
consistently and made judgments and estimates that are reasonable and
prudent so as to give true and fair view of the state of affairs of the
Company at the end of the financial year and of the profit or loss of
the Company for that year;
c) that they have taken proper and sufficient care for the maintenance
of adequate accounting records in accordance with the provisions of the
Companies Act, 1956 for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities;
d) that they have prepared the annual accounts on a going concern
basis.
AUDIT COMMITTEE
In terms of provisions of section 292A of the Companies Act, 1956 &
Clause 49 of the Listing Agreement executed with the Exchanges, your
Company has constituted the Audit Committee of the Board of Directors.
Details of the Committee are given in the Annual Report as Report on
Corporate Governance.
LISTING
The shares of the Company are listed at Bombay Stock Exchange Ltd and
Madras Stock Exchange Ltd. The Company has paid Listing fees to the
Stock Exchange for the year 2012-13.
AUDITORS
You are requested to appoint Auditors for the Current Year to hold
office from the conclusion of the Annual General Meeting until the
conclusion of the next Annual General Meeting and to fix their
remuneration.
M/s. Praful N. Shah & Co., Chartered Accountants, Auditors of the
Company hold office up to the date of Annual General Meeting. M/s.
Praful N. Shah & Co., have also confirmed to the company that the
appointment if made at the ensuing Annual General Meeting, will be in
accordance with the provisions of the Companies Act, 1956.
INDUSTRIAL RELATIONS
The industrial relations with employees remained cordial through out
the year. Your Directors wish to place on record their appreciation of
the devoted services rendered by the workers, staff and employees of
the Company.
INTERNAL AUDIT
Mr. Akash Desai, Independent Director is a Chairman of Audit Committee.
The company has established internal audit system within the
organization which is directly reporting to him. An Internal Audit
Report is regularly placed before the Audit Committee for their
approval, comments and expert guidance.
AUDITORS OBSERVATIONS
There are no observations made by auditors in their report. Notes to
the Accounts are itself self explanatory in nature. APPRECIATION
Your Directors wish to thank the Company valued customers and various
department of Central & Stat e Government, Local Authorities, Banks,
devoted staff and other business associates for continued support to
the Company growth and looking to their continued support in the
future.
The Directors also express their gratitude to the members for the
confidence reposed in the management.
For And On Behalf Of The Board Of Directors
of Dharnidhar Global & Infra projects Ltd.
Date : 07.05.2012 Aswinkumar Bagdai Saurin Kavi
Place :Ahmadabad Executive Director Director
Mar 31, 2010
The Directors have pleasure in presenting the Fifteenth Annual Report
of your Company along with the Audited Statement of Accounts for the
financial year ended March 31, 2010.
FINANCIAL RESULTS
The financial results of the Company are briefly indicated below:
Year ended Year ended
31/03/2010 31/03/2009
Rs. Rs.
INCOME
Sales Less Return 51,783,270.00 46,238,150.00
Other Income 4,891,125.00
EXPENDITURE 44,643,053.00 60,353,522.00
Net Profit/(Loss) before Tax 7,140,217.00 2,374,509.00
Less: Provision for Taxation 2,060,000.00 700,000.00
Less: Provision for Fringe Tax Nil 83,000.00
Profit After Tax 5,080,217.00 1,591,509.00
Add: Excess Provision relating
to Income Nil 1,250,000.00
tax forearlier years written back
Add: Transfer to/(from)
Deferred Tax Asset Nil 371,225.00
Add: Balance brought forward 9,744,661.00 6,531,927.00
Balance carried to Balance Sheet 14,824878.00 9,744,661.00
REVIEW OF OPERATIONS
Though your Company had successfully carrying out various trading
activities. The profitability of the company has been increased
considerably as mentioned above.
The Share holders are well aware that your company has started to
concentrate on infrastructure projects and civil construction etc , and
also in trading of many ancillary profitable commodities.
Andheri M.I.D.C. Project
Your directors are confident that such a restructuring process had
given a good platform to improve the scalability of business and to
have more visibility.
Your Board of Directors, after carefully considering the value of land,
opportunities available and the business prospects, proposes to launch
various major infrastructure projects in various parts of India
including Mumbai and Ahmedabad and the company also proposes to setup
corporate offices, in the above cities.
DIVIDEND
To conserve the funds for future development and expansion the board
directories do not recommend any dividend to be paid on equity shares
for the year 2009-2010.
DEPOSITS
Your company has not accepted any Deposits from public during the year
under review.
DIRECTORS
Mr. V.Meenakshi Sundaram, retires by rotation at the ensuing Fourteenth
Annual General Meeting and is eligible for reappointment. As the
company has not received till date, any letter from Mr.V.Meenakshi
Sundaram, signifying his intention for the proposed re-appointment, the
casual vacancy, if any, caused by the non - reappointment of
Mr.V.Meenakshi Sundaram need not be filled in at present.
The company, has received notices from two Promoter members, pursuant
to the provisions of section 257 of the companies Act, 1956, signifying
their intention to propose the names of Mr.G.Balasubramani, belonging
to Promoters group and R.Kannan for the post of directors, along with
the deposit of Rs.500/- each Accordingly, the resolutions under item no
4 & 5 of the Notice is being placed before the shareholders for the
approval.
Mr.D.Srinivasan and Mr.K.Shiraj have tendered their resignation from
the office of directors and the board placed on record their sincere
appreciation for the services rendered by them during their tenure.
DIRECTORS RESPONSIBILITY STATEMENT
The Directors confirm:
i) that in the preparation of final accounts, the applicable accounting
standards had been followed for the year 2009 - 10 along with proper
explanation relating to material departures,
ii) that they 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 or loss
of the company for that period;
iii) that they had taken proper and sufficient care for the maintenance
of adequate accounting records in accordance with the provisions of
Companies Act. 1956 for safeguarding the assets of the company and for
preventing and detecting fraud and other irregularities;
iv) that they had prepared the annual accounts for the year 2009 - 10
on a going concern basis.
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
Conservation of Energy
The Company had taken steps to conserve energy in its office use,
consequent to which energy consumption has been minimized. No
additional Proposals/Investments were made to conserve energy. Since
the company has not carried on industrial activities, disclosures
regarding impact of measures on cost of production of goods, total
energy consumption, etc., are not applicable.
Technology Absorption:-
The company has not adopted / intend to adopt any technology for its
business and hence no reporting is required to be furnished under this
heading.
Foreign Exchange Inflow & Outgo:-
Foreign Exchange inflow during the year:- Nil
Foreign Exchange outgo during the year :- Nil
EMPLOYEES
During the year no employee of the company received remuneration in
excess of the limits fixed under Section 217(2A) of the Companies Act,
1956 read with Companies (Particulars of Employees) Rules, 1975.
AUDITOR
Mr. N. S. Shah & Associates, Chartered Accountant, Ahmedabad, Auditor
of the Company retires at the ensuing Thirteenth Annual General Meeting
and had confirmed his eligibility for re-appointment
ACKNOWLEDGEMENT
Your Directors place on record the valuable assistance extended by all
the employees of the Company and various department and agencies of
Central and State Governments during the year under review with out
which all round growth and prosperity of the Company could not have
been possible.
For and behalf of the Board
SAURIN KAVI RAJUBHAI SUTARIA
Director Director
Place : Ahmedabad
Date : 03-09-2010
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