Mar 31, 2014
Dear Members,
The Directors take pleasure in presenting herewith Thirtieth Annual
Report and Audited Accounts for the year ended on 31st March, 2014.
FINANCIAL RESULTS:
(Amt.in Lacs)
Year ended Year ended
March 31, 2014 March 31,2013
Profit before Interest, Depreciation
and Taxation (0.42) (0.16)
Interest 0.00 0.00
Depreciation 0.02 0.48
Profit / (Loss) before Tax (0.44) (0.64)
Provision for Taxation 0.00 0.00
Deferred Tax 0.00 0.00
Profit / (Loss) after Tax (0.44) (0.64)
Review of Performance
Company has not carried on any business activities during the year.
Company has incurred Loss of Rs. 0.44 Lacs as compared to the Loss of
Rs. 0.64 Lacs for the previous year. At present the company is in idle
situation and promotes are trying to revive the company.
Dividend
The Directors, regret their inability to recommend any dividend for the
year, due to losses.
Public Deposits
During the year, the Company has not accepted any deposits from the
public or otherwise in terms of Section 58A of the Companies Act, 1956,
read with Companies (Acceptance of Deposit) Rules, 1975.
Directors
In accordance with the provisions of Articles of Association of the
Company and the provisions of the Companies Act, 1956, Mr. Bharvin
Patel, director is liable to retire by rotation at the ensuing AGM and
is eligible for reappointment. Mr. Keyur B. Mehta and Maulik A. Shah,
Directors of the Company, is being appointed as independent director
for five consecutive years for a term upto March 31, 2019 as per
provisions of Section 149 and other applicable provisions of the
Companies Act 2013.
Subject to the approval of the members in the general meeting, the
Board of Directors Appointed Mr. Bharvin Patel as Managing Director
effective October 1, 2014 for a period of 3 years. 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 274(1)(g) of the
Companies Act, 1956. The Company has received declarations from all the
independent directors confirming that they meet with the criteria of
independence as prescribed both under sub- section (6) of section 149
of Companies Act, 2013 and under Clause 49 of the Listing Agreement
with the Stock Exchanges.
Directors Responsibility Statement
In Compliance of Section 217(2AA) of the Companies Amendment Act, 1956
as amended by the Companies (Amendment) Act, 2000, the Directors of
your Companies confirm:
1. That the applicable Accounting Standards have been followed in the
preparation of final accounts and that there are no material
departures.
2. That such accounting polices have been selected are applied
consistently judgments and estimates made are reasonable and prudent so
as to give a true and fair view of the state of affairs of your Company
as at March 31,2014.
3. That proper and sufficient care has been taken for the maintenance
of adequate accounting records in accordance with the provision of the
Companies Act, 1956 for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities; and
4. That the annual accounts have been prepared on going concern basis.
Auditors
M/s. Vishves A. Shah & Co., Chartered Accountants, statutory auditors
of the Company having Firm Registration Number 121356W retire at the
ensuing AGM and are eligible for re-appointment. The Company has
received a certificate from the statutory auditors to the effect that
their re-appointment, if made, would be within the limits under Section
141 (3)(g) of the Companies Act, 2013 and that they are not
disqualified for re-appointment.
Auditors Reports
The observations of the Auditors in their Report and Notes Attached to
the Accounts are Self- Explanatory and do not call for any Further
comments.
Listing
The shares of the Company are listed on Bombay Stock Exchange Limited
(BSE). The Company has paid the annual listing fees for the year
2014-15.
Corporate Governance & Management Discussion & Analysis
A separate section on Corporate Governance and a Certificate from
Auditors of the company regarding compliance of conditions of Corporate
Governance as stipulated under clause 49 of the Listing Agreement
together with the Management Discussion and Analysis of the financial
position of the company forms part of the Annual Report.
Particulars of the employees
Company has no employee who were in receipt of the remuneration of Rs.
60,00,000/- in the aggregate, if employed for the year and in receipt
of the monthly remuneration of Rs. 5, 00,000/- p.m. if employed for a
part of the year as per the provision of Section 217(2A) of the
Companies Act, 1956 read with the Companies (particulars of employees)
Rules, 1975. Hence the information required under S-217(2A) of the
Companies Act, 1956 being not applicable are not given in this report.
Conservation of energy, Technology absorption, Research & Development
and Foreign exchange earnings and out go
Conservation of energy and technology absorption information pursuant
to Section 217(1) (e) of the Companies Act, 1956 read with the
Companies (Disclosure of Particulars in the Report of Board of
Directors) Rules, 1988 are not applicable. There is no Foreign Exchange
Earning and Outgo during the year.
Acknowledgment
Your company & Directors wish to place on record their appreciation of
the assistance and co- operation extended by Investors, Bankers,
Customers, Business Associates, Suppliers and Government. We are
deeply grateful to shareholders for their continued faith, confidence
and support to the company. The Directors wishes to place on record its
appreciation of sincere and dedicated work of employees at all levels,
which has largely contributed to the present growth of the Company.
For and on behalf of the Board
PLACE: Ahmedabad Bharvin Patel
DATE: May 30, 2014 Chairman
Mar 31, 2012
The Directors "take pleasure in presenting herewith Twenty eighth
Annual Report and Audited Accounts for the year ended on 31st March,
2012,
FINANCIAL RESULTS:
(Amt, in Lacs)
Year ended Year ended
March 31,2012 March 31, 2011
Profit before Interest,
Depreciation and Taxation (0,51) (1.44)
Interest 0,00 0.18
Depreciation 0.55 0.55
Profit! (Loss) before Tax (1.06) (2.17)
Provision for Taxation 0.00 0.00
Less: Short Provision
of Cartier Exp. (I. T.) 0 00 0,00
Deferred Tax 0.00 0.29
Profit f [Loss) after Tax (1.06) (1.87)
Review of Performance
The year was very tough for the company. Company has achieved turnover
of Rs, 1.31 Crores against the turnover of Rs. 5,61 Crores for the
previous year. However company has incurred Loss of Rs. 106 Lacs as
compared to the Loss of Rs, 1,87 Lacs for the previous year. At present
the company is instable situation and promotes are trying to revive
the company.
Dividend
The Directors, regret their inability to recommend only dividend for the
year, due to losses.
Public Deposits
During the year, the Company has not accepted any deposits from the
public or otherwise in terms of Section 58A of the Companies Act, 1956,
read with Companies (Acceptance of Deposit) Rules, 1975.
Directors
At the forthcoming Annual General Meeting, Mr, Bharvinbhai S. Patel
will retire by rotation pursuant to the provisions of the Articles of
Association of the Company. Being eligible, they offer himself for
reappointment. Board recommends his reappointment.
Directors Responsibility Statement
In Compliance of Section 2I7[2AA) of the Companies Amendment Act, 1956
as amended by the Companies (Amendment) Act, 2000, the Directors of
your Companies confirm:
1. That the applicable Accounting Standards have been followed in the
preparation of final accounts and that there are no material
departures,
2. That such accounting policies have been selected are applied
consistently judgments and estimates made are reasonable and prudent so
as to give a true and fair view of the state of affairs of your Company
as at March 31. 2012,
3. That proper and sufficient care has been taken for the maintenance
of adequate accounting records in accordance with the provision of the
Companies Act, 1956 for safeguarding the assess of the Company and for
preventing and detecting fraud and other Irregularities; and
4. That the annual accounts have been prepared on going concern basis.
Auditors
M/s, Vishves A. Shah & Co., Chartered Accountants of the Company retire
at this Annual General Meeting and being eligible, are recommended
their re-appointment as auditors of the company for the period from the
conclusion of this Annual General Meeting up of the date of the next
Annual General Meeting.
Auditors Reports
The observations of the Auditors in their Report and Notes Attached to
the Accounts are Self- Explanatory and do not require any Further
Clarifications.
Listing
The shares of the Company are listed on Bombay Stock Exchange Limited
(BSE), The Company has paid the annual listing fees for the year
2012-13.
Corporate Governance & Management Discussion & Analysis
A separate section on Corporate Governance and a Certificate from
Auditors of the company regarding compliance of conditions of Corporate
Governance as stipulated under clause 49 of the Listing Agreement
together with the Management Discussion and Analysis of the financial
position of the company forms part of the Annual Report.
Particulars of the employees
Company has no employee who were in receipt of the remuneration of Rs.
60, 00,000/- in the aggregate, if employed for the year and in receipt
of the monthly remuneration of Rs, 5,00,000/- p.m. if employed for a
part of the year as per the provision of Section 217[2AJ of the
Companies Act, 1956 read with the Companies (particulars of employees)
Rules, 1975, Hence the information required under 5-2 T 7f2A) of the
Companies Act, 1956 being not applicable are not given in this report.
Insurance
The Company has taken adequate insurance to cover its assets.
Conservation of energy, Technology absorption, Research & Development
and Foreign exchange earnings and out go The Additional information
required under Section 217(11 (e)" of the Companies Act,1956 relating
to Conservation of energy, technology absorption, research &
development and Foreign exchange earnings or outgoes is annexed
herewith and forming part of this report.
Acknowledgment
Your company & Directors wish to place on record their appreciation of
the assistance and co- operation extended by Investors, Bankers,
Customers, Business Associates, Suppliers and Government. We are
deeply grateful to shareholders for their continued faith, confidence
and support to the company. The Directors wishes to place on record its
appreciation of sincere and dedicated worth of employees at all levels,
which has largely contributed to the present growth of the Company.
For and on behalf of the Board
Ahmadabad Bharvin Patel
August 18,2012 Chairman
Mar 31, 2010
The Directors have pleasure in presenting the Annual Report along with
the Audited Statement of Accounts of the Company for the year ended
31st March 2010.
FINANCIAL RESULTS (Rs. In Lacs)
2009-2010 2008-2009
Income From Operation & Other Income 421.25 135.97
(Loss)/Profit before tax, interest
and depreciation (16.01) (1.02)
Less: Financial charges 0.00 0.00
Depreciation 1.57 1.57 1.57 1.57
(Loss}/Profit Before Tax (17.68) (2.59)
Less: Provision for taxation
- Current Tax 0.00 0.26
- Fringe Benefit Tax 0.00 0.02
-Deferred (0.94) (0.25)
- Short (Excess) provision of
earlier years 0.03 (0.91) - 0.03
Loss/Profit after tax (16.77) (2.62)
Add: Balance brought forward from
Previous year 305.66 308.28
Balance carried to Balance Sheet 288.89 305.66
During the year the company has achieve total turnover of Rs.421.25
Lacs compared to previous years turnover of Rs.135.97 Lacs.
CORPORATE GOVERNANCE REPORT:
Pursuant to Clause 49 of the Listing Agreement with Stock Exchange, a
compliance report on Corporate Governance has been annexed hereto as
part of the Annual Report. The Company is in compliance with the
requirements and disclosures that have to be made in this" regard. The
Auditors Certificate on compliance with Corporate Governance
requirements by the Company forms part of said report.
DIVIDEND:
During the year under review Company has incurred the Loss, Your
Directors does not recommended any dividend in this financial Year.
DEPOSITS:
The Company has not accepted any deposit within the meaning of Section
58A of the Companies Act, 1956 during the year under review.
MANAGEMENT DISCUSSION & ANALYSIS REPORT:
The Management Discussion and Analysis report is annexed hear to as
part of the Directors Report.
DIRECTORS:
Mr. Sandip Goyal and Mr. Jatin Gupta, Directors of the Company retire
by rotation at the ensuing Annual General Meeting and are eligible for
reappointment. The Board recommends their reappointment.
During the year under review, Mr. Bhavin Patel and Mr. Keyur Mehta was
appointed as additional Director of the company w.e.f 30th April, 2010.
He hold office up to the date of ensuing Annual General meeting and is
eligible for reappointment.
Your Company has received necessary notices from members, pursuant to
section 257 of the Companies Act, 1956, signifying their intention to
propose candidature of Mr. Bhavin Patel and Mr. Keyur Mehta for the
office of the Director. Necessary Resolutions have been proposed for
the approval of members at the ensuing Annual General Meeting.
DIRECTORS RESPONSIBILITY STATEMENT:
Pursuant to Section 217(2AA) of the Companies Act, 1956 the Directors
confirm that:
(1) in the preparation of the annual accounts, the applicable
accounting standards have been followed along with proper explanation
relating to material departures;
(2) appropriate accounting policies have been selected and applied them
consistently and judgments and estimates made 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 of the
Company for that period;
(3) proper and sufficient care has been taken for the maintenance of
adequate accounting records in accordance with the provisions of the
Companies Act, 1956 for safeguard the assets of the Company and for
preventing and detecting fraud and other irregularities ;
(4) the accounts have been prepared on going concern basis.
LISTING:
The Companys securities are listed with Bombay Stock Exchange Ltd,
Mumbai. The Company has paid annua! listing fee for the year 2009-2010
to the said stock Exchange.
EMPLOYEES:
As required under provisions of section 217(2A) of the Companies Act,
1956, read with the Companies (Particulars of Employees) Rules 1975 as
amended, from time to time, the requisite particulars in respect of the
employees of the Company, who were in receipt of remuneration in excess
of the limits specified under the said section are set out in the
annexure herewith and form part of this report.
INSURANCE:
The Company has taken adequate insurance to cover its assets.
AUDITORS:
M/s. J Vageriya & Chartered, Chartered Accountants. Mumbai will retire
at the ensuring Annual General meeting and being eligible to offer
themselves for re- appointment. The Members are requested to appoint
auditors for the current year and fix remuneration.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNING
AND OUTGO:
The Company has no activities relating to Conservation of Energy,
Technology Absorption etc. Details of foreign exchange earnings and out
go are given into notes to accounts.
ACKNOWLEDGEMENT:
The Board of Directors takes this opportunity to thank the Banks and
Regulatory Authority for their continued assistance and co-operation.
Your Directors wish to sincerely thank to all the shareholders for
making strategic investment in the Company and the faith they have
shown in the management. and workings of the Company.
Your Directors recognize the patronage extended by the customers,
business associates, employees and Bank of India, Bank of Baroda &
State Bank of India, - the bankers of the company.
BY ORDER OF THE BOARD
FOR, AVIVA INDUSTRIES LIMITED.
Place: Ahmedabad
Date :23rd July 2010
Director Director
Mar 31, 2009
The Directors have pleasure to submit their twenty fifth Annual Report
together with Statement of Accounts for the year ended on 31st March,
2009.
1. Financial review:
[Rs.in lacs]
No. Particulars 2008-09 2007-08
01. Income From Operations 135.25 47.41
02. Other Income 0.72 2.88
Profit/(Loss) before Interest,
depreciation and Tax (1-02) (1-15)
03. Financial Charges NIL NIL
Depreciation 1.57 NiL
04. Profit/ ( Loss) Before Tax (2.59) (1.15)
Taxation 0.26 0.69
Fringe Benefit Tax 0.02 0.01
Income Tax for earlier years (0-25) NIL
05. Profit/( Loss) After Tax (2.62) (1.85)
06 Add; Balance of earlier years
brought forward 308.28 310.13
07 Balance carried to Balance Sheet 305.66 308.28
2. operations:
The turn over of the Company during the year is Rs. 135.25 Lacs
compared to Rs. 47.41 Lacs during previous year.
3. DIVIDEND
Directors expressed their inability to recommend any dividend for the
year as there is toss during the year under review.
4. fixed deposit:
Since your company has not invited any fixed deposit from the Public
under section 58 A of the Companies Act, 1956 no information is
required to be furnished in respect of outstanding deposit.
5. DIRECTORS RESPONSIBILITY STATEMENT:
As stipulated in Section 217(2AA) of Companies Act, 1956, your
directors confirm as under:
a. That in the preparation of the annual accounts, the applicable
accounting standards have been followed along with proper explanation
relating to material departures;
b. That the Directors have selected such accounting policies and
applied them consistently and made judgments and estimates that are
reasonable and prudent so as to give a true and fair view of the state
of affairs of the Company at the end of the financial year.
c. That the Directors have taken proper and sufficient care of the
Maintenance of adequate accounting records In accordance with the
provisions of this Act for safe guarding the assets of the company and
for preventing and detecting fraud and other irregularities;
d. That the Directors have prepared the Annual accounts on a going
concern basis.
6. DIRECTORS:
Mr. Ajay Gupta & Mr. Anilkumar Shinghal Directors of the Company will
retire by rotation in the ensuing Annual General Meeting and being
eligible offer themselves for reappointment.
7. PARTICULARS AS PER SECTION 217 OF THE COMPANIES ACT, 1956
The Company does not have employees drawing salary as specified in
section 217 (2A) of the Companies Act, 1956 read with the Companies
(Particulars of Employees) Rules,1975.
The Company is not a engaged in manufacturing during the year under
review and therefore there are no information relating to conservation
of energy .technology absorption. The information relating to Foreign
Exchange Earnings and outgo .required under section 217 (1) (e) of the
Companies Act, 1956 is set out as under
(A) Earning in foreign exchange Rs. NIL
(B) Foreign exchange out go Rs. NIL
8. AUDITORS:
The existing Statutory Auditors M/s J.P. Saboo & Co. Chartered
Accountants who have shown unwillingness for reappointment as auditors
of the Company. The Baord commends the members to appoint M/s
O.P.Vaghathe, Chartered Accountants as Statutory Auditors of the
company for the year 2009-10 , in place of J. P. Saboo & Co. Charteied
Accountants being retiring auditors , to hold office from the
conclusion of ensuing Annual General Meeting till the conclusion of the
next Annual General Meeting and to fix their remuneration The Company
has received a letter from M/S. J.P. Vaghethe, Chartered Accountants
stating that their appointment, if made, will be within the limits laid
down under Section 224(1B) of the Companies Act, 1956.
9. CORPROATE GOVERNANCE REPORT :
Your company is committed to maintain the highest standards of
Corporate Governance. Your Directors adhere to the requirements set out
by the Securities and Exchange Board of India in respect of the
Corporate Governance Practices and have implanted all the stipulation
prescribed. Report on the Corporate Governance as stipulated under
clause 49 of the Listing Agreement with the Stock Exchange is annexed
which forms part of the Annual Report. A Certificate from the Statutory
Auditors, confirming compliance of the conditions of the Corporate
Governance as stipulated under clause 49 of the Listing Agreement is
annexed to this report.
10. COMPLIANCE CERTIFICATE :
The Company has availed Secretarial Compliance Certificate for the year
under review from the Practicing Company Secretary pursuant to the
provisions of section 383 A of the Companies Act,. 1956 and a copy of
the same is attached with this report.
11. DEPOSITORY SYSTEM :
Your Company has established electronic connectivity with both the
Depositories i.e. NSDL & CDSL. The members are requested to avail the
facility of dematerialization of the Companys Shares on NSDL & CDSL.
12. Acknowledgement:
Your Directors acknowledge with gratitude the Co-Operation and
Assistance received from the Banks, Government, Employees and all those
associated with the Company during the year under review.
Regd. Office: By Order of the Board of Directors,
336, Sardar Gruh Building, For Aviva Industries Limited
198, Lokmanya Tilak Road
Nr. Crawford Market, Mumbai - 400002
Dated : 12.08.2009 Director
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