Mar 31, 2014
The Shareholders,
The Directors have pleasure in presenting the Twenty Fourth Annual
Report of the company with the audited statement of accounts for the
year ended 31st March, 2014.
- Financial results
For the Year ended on For the Yearended on
31.03.2014 31.03.2013
Total Income 1,85,75,262 1,09,06,669
Total Expenditure 1,09,55,411 5,2,54,934
Profit/(Loss) before taxation 76,19,851 3,0,89,554
Provision for Tax (19,24,653) -
Profit/(Loss) after Taxation 56,95,198 30,89,554
Balance b/f from Previous Year (3,39,03,653) (3,69,93,207)
Balance carried forward to
Balance Sheet (2,82,08,455) (3,39,03,653)
s- Working Results:
During the year, the company has earned profit of Rs.56,95,198
(Previous Year profit of Rs. 30,89,554). We have amicably settled the
dues owed by the company to M/s Bank of Baroda and there are no dues
pending as of date.
- Dividend:
In view of past losses, directors have not proposed declassification of
dividend for the year.
- Fixed Deposits:
The Company has not accepted any deposits from the public during the
year under review.
- Particulars of Employees:
Details of remuneration paid to employees as required by Section
217(2A) of the Companies Act, 1956, are not applicable, since the
Company has not employed any person drawing salary of more than Rs.
60,00,000/- per annum or Rs. 5,00,000/- per month.
- Management Discussion & Analysis:
As required by clause 49 of the Listing Agreement with the Stock
Exchange, a Management Discussion and Analysis Report are appended.
- Director''s Responsibility Statement:
In compliance of Section 217(2AA) as incorporated by the Companies
(Amendment) Act, 2000, your Directors confirm that:
- In the preparation of annual accounts, the applicable accounting
standards have been followed and that there were no material
departures.
- The accounting policies selected by them have been applied
consistently and judgements and estimates that are reasonable and
prudent have been made 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.
- 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.
- The annual accounts have prepared on a going concern basis.
- Conservation of energy, technology absorption & foreign exchange
earnings and outgo:
Information pursuant to Section 217(1)(e) of the Companies Act, 1956
read with the Companies (Disclosure of particulars in the Report of the
Board of Directors) Rules, 1988 has not been furnished as the same is
not applicable to the Company during the year.
- Auditors:
The Board accordingly considered the matter and decided to seek the
approval of the members at the ensuing Annual General Meeting for
re-appointment of M/s S. Shah & Associates as auditors of the Company
to hold office from the conclusion of this Annual General Meeting to
the conclusion of the next Annual General Meeting.
The written consent from the Auditor has been received along with a
certificate that their appointment if made, shall be in accordance with
the prescribed conditions and the said auditors satisfy the criteria
provided in Section 141 of the Act.
- Directors:
In accordance with the provisions of the Companies Act, 1956, Mr.
Avinash Vora Director, retires by rotation at the ensuing Annual
General Meeting and being eligible offers himself for re-appointment.
The Company has two independent Directors, appointed under the Listing
Agreement, namely Mr. Pradeep Joshi and Mr. Pradeep Kumar, who have
diverse business/administrative experience and are making significant
contribution to the Company. At present, they are liable to retire by
rotation. It is proposed to appoint them as Independent Directors, with
a fixed tenure of upto five years each at the ensuing Annual General
Meeting of the Company, subject to approval of the shareholders, in
terms of Section 149 of Companies Act, 2013 (the Act). The Company has
received separate notices under Section 160 of the Act from members
signifying their Candidature as Directors along with requisite deposit
as prescribed thereunder. All abovementioned Independent Directors have
also given declarations that they meet the criteria of independence as
provided in sub-section 6 of Section 149 of the Act.
- Corporate Governance:
A separate report on the Corporate Governance and Management Discussion
& Analysis is attached as a part of the Annual Report. The Auditors''
Certificate regarding compliance of the conditions of Corporate
Governance is also annexed.
- Secretarial Audit Report:
The Company has obtained compliance certificate from practicing company
secretary Mr. Anish Gupta & Associates under section 383A of the
Companies Act, 1956 and is being form part of the Balance Sheet.
- Appreciation:
Your Board of Directors wishes to express its deep appreciation and
gratitude to the bankers, shareholders and clients for their sustained
support, without which the continuing progress of the company would not
have been possible.
For AVI PHOTOCHEM LIMITED
Sd/-
Date:14th August,2014 Avinash Vora
Place: Thane Chairman
(DIN No. 02454059)
Mar 31, 2013
To, The Shareholders,
The Directors have pleasure in presenting the Twenty Fourth Annual
Report of the company with the audited statement of accounts for the
year ended 31st March, 2013
1. Financial results Amount in Rs.
For the Year
ended on For the
Year ended on
31.03.2013 31.03.2012
Total Income 10,906,669 21,717,432
Total Expenditure 5,254,934 16,361,933
Profit/(Loss) before taxation 3,089,554 273,267
Provision for Tax
Profit/(Loss) after Taxation 3,089,554 273,267
Balance b/f from Previous Year (36,993,207) (37,266,473)
Balance carried forward
to Balance Sheet (33,903,653) (36,993,207)
2. Working Results:
During the year, the company has earned profit of Rs. 3,08,9544/-
(Previous Year profit of Rs. 273,267/-).
3. Dividend:
In view of past losses, directors have not proposed declaration of
dividend for the year.
4. Fixed Deposits:
The Company has not accepted any deposits from the public during the
year under review.
5. Particulars of Employees:
Details of remuneration paid to employees as required by Section
217(2A) of the Companies Act, 1956, are not applicable, since the
Company has not employed any person drawing salary of more than Rs.
60,00,000/- per annum or Rs. 5,00,000/- per month.
6. Management Discussion & Analysis:
As required by clause 49 of the Listing Agreement with the Stock
Exchange, a Management Discussion and Analysis Report are appended.
7. Director''s Responsibility Statement:
In compliance of Section 217(2AA) as incorporated by the Companies
(Amendment) Act, 2000, your Directors confirm that:
i. In the preparation of annual accounts, the applicable accounting
standards have been followed and that there were no material
departures.
ii. The accounting policies selected by them have been applied
consistently and judgements and estimates that are reasonable and
prudent have been made 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.
iii. They have taken proper and sufficient care for the maintenance of
adequate accounting records in accordance with the provisions of the
ompanies Act, 1956 for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities.
iv. The annual accounts have prepared on a going concern basis.
8. Conservation of energy, technology absorption & foreign exchange
earnings and outgo:
Information pursuant to Section 217(1)(e) of the Companies Act, 1956
read with the Companies (Disclosure of particulars in the Report of the
Board of Directors) Rules, 1988 has not been furnished as the same is
not applicable to the Company during the year.
9. Auditors:
The Auditors M/ S Shah & Associates, Chartered Accountants, Mumbai hold
the office until the conclusion of ensuing Annual General Meeting. The
Board of Directors has recommended their re-appointment as auditors for
the year 2013-14. Your company has received the consent of auditor to
be re-appointed as the auditor of the company, if made. The Company has
received a letter from the Auditors proposed to be appointed to the
effect that their appointment, if made, would be within the prescribed
limits under Section 224(1B) of the Companies Act, 1956.
10. Directors:
In accordance with the provisions of the Companies Act, 1956, Mr Vikram
Avinash Vora, Director, retires by rotation at the ensuing Annual
General Meeting and being eligible offers himself for re-appointment.
11. Corporate Governance:
A separate report on the Corporate Governance and Management Discussion
& Analysis is attached as a part of the Annual Report. The Auditors''
Certificate regarding compliance of the conditions of Corporate
Governance is also annexed.
12. Secretarial Audit Report:
The Company has obtained compliance certificate from practicing company
secretary Mr. Madhukar Apte under section 383A of the Companies Act,
1956 and is being form part of the Balance Sheet.
13. Appreciation:
Your Board of Directors wishes to express its deep appreciation and
gratitude to the bankers, shareholders and clients for their sustained
support, without which the continuing progress of the company would not
have been possible.
By the order of the Board of Directors
For AVI Photochem Limited
Date: 30.05.2013
Place: Mumbai Chairman
Mar 31, 2010
The Directors have pleasure in presenting the Twenty First Annual
Report of the company with the audited statement of accounts for the
year ended 31st March, 2010.
1. Financial Results:
For the year For the year
ended on ended on
31.03.2010 31.03.2009
Total Income 0 0
Profit/(Loss) after Taxation (13.23,355.73) (9,91,066.92)
2. Working Results:
During the year, the company has incured loss of Rs. 7,95.635.73
(Previous Year Rs 9,91,066.92).
3. Dividend:
In view of losses, directors have not declared dividend for the year.
4. Fixed Deposits:
The company has not accepted any deposits from the public during the
year under review.
5. Particulars of Employees:
Details of remuneration paid to employees as required by section
217(2A) of the Companies Act 1956, are not applicable since the company
has not employed any person drawing salary of more than Rs 24,00,000
per annum or Rs 2,00.000 per month.
6. Management Discussion & Analysis:
As required by clause 49 of the Listing Agreement with the Stock
Exchange, a Management Discussion and Analysis Report are appended
7. Directors Responsibility Statement:
In compliance of Section 217(2AA) as incorporated by the Companies
(Amendment) Act, 2000, your Directors confirm that:
i. In the preparation of annual accounts, the applicable accounting
standards have been followed and that there were no material
departures,
ii. The accounting policies selected by them have been applied
consistently and judgements and estimates that are reasonable and
prudent have been made so as to give a true and fair 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
iii. They have 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. The annual accounts have been prepared on a going concern basis.
8. Conservation of energy, technology, absorption & foreign exchange
earnings and outgo:
Information pursuant to section 217(l)(e) of the Companies Act.
1956 read with the Companies (Disclosure of particulars in the Report
of the Board of Directors) Rules. 1988 has not been furnished as the
same is not applicable to the company during the year.
9. Auditors:
The Auditors M/s J.H. Ghumara & Co. Chartered Accountants, Mumbai hold
the office until the conclusion of ensuing Annual General Meeting. The
Board of Directors has recommended their re-appointment as auditors for
the year 2009-10. Your company has received the consent of auditor to
be re-appointed as the auditor of the company, if made.
10. Auditors Remarks:
Remarks in the auditors report are self explanatory and hence need no
further clarification as it is also mention in notes to accounts.
Directors:
In accordance with the provision of the Companies Act, 1956 Mrs. Daksha
Avinash Vota Director, retires by rotation at the ensuing Annual
General Meeting and being eligible offers herself for reappointment.
Mr. Dhirajlal Amidas Vora, director of the Company expired on 9th
February, 2010. The Board placed their condolence on the demise of the
Director and placed their sincere appreciation for the services
rendered by him during his tenure as director
12. Corporate Governance:
A separate report on the Corporate Governance and Management Discussion
& Analysis is attached as a part of the Annual Report. The Auditors
Certificate regarding compliance of the conditions of Corporate
Governance is also annexed
13. Appreciation:
Your Board of Directors wishes to express its deep appreciation and
gratuity to the bankers, shareholders and clients for their sustained
support, without which the continuing progress of the company would not
have been possible.
Place: Mumbai FOR AVI PHOTOCHEM LIMITED
Date: 04-09-2010 Sd.
CHAIRMAN