Home  »  Company  »  Chartered Logistics  »  Quotes  »  Directors Report
Enter the first few characters of Company and click 'Go'

Directors Report of Chartered Logistics Ltd.

Mar 31, 2014

The Directors are pleased to present the 19th Annual Report together with the Audited Accounts of the Company for the year ended on 31ST March, 2014.

1. FINANCIAL RESULTS:

The Financial results for the year ended 31ST March, 2014 are summarized as under:

(Rs. in lakhs)

31/03/2014 31/03/2013

Total Income 16393.43 25269.23

Profit (Loss) before Interest, depreciation and taxes 1352.64 2825.73

Less : Interest & Finance Charges 1168.86 1258.66

Less : Depreciation 1092.86 1140.16

Profit Before Tax (909.08) 426.91

Less : Payment/ Provision for Tax and Others 0.00 82.44

Less: Deferred Tax Credit -85.45 2.83

Add: Mat credit entitlement 0.00 (59.75)

Profit (Loss) After Tax (823.63) 281.89

Excess/(Short) Provision of earlier year 0.00 0.00

Net Profit (823.63) 281.89

2. DIVIDEND

The Company has incurred substantial loss in operations during the year due to which the Board of Directors do not recommend any dividend for the year 2013-14.

3. OPERATIONS

Your company''s operational and financial performance has declined during the financial year 2013- 14 as compared to previous year due to economy slowdown resulting decrease in sales, and other circumstances beyond the control of the company. During the year company has reported total income of Rs. 16393.43 Lakhs against total income of Rs. 25269.23 lakhs in the previous year. Profit before tax (PBT) has been reported at Rs. (909.08) lakhs in the current year as against Profit before tax (PBT) of Rs. 426.91 lakhs .in the previous year. The net profit after tax for the current year 2013-14 is (823.63) lakhs as compared to 281.89 lakhs in the previous year.

4. BUSINESS STRATEGY

We have introduced a number of strategic initiatives during the year to spur overall growth and productivity in the Company. The following are some of the broad areas covered by these initiatives:

· Cost optimization: A series of measures have been initiated to yield high levels of cost optimization. These include focusing on location Optimization, deploying people in the right jobs and eliminating unnecessary costs.

· Enhancing sales productivity: We are focusing on reinvigorating our sales teams and enabling them with better systems, training and processes. We have made all branches of the company online located at the various locations of the country. This help us in getting the MIS Report daily from all branches which enable us to focus and improving the sales productivity of all branches thereby winning large revenue for the company

· Improving Service effectiveness: Our delivery services have always been of a high order, and we want to re-focus on strengthening it further.

5. FUTURE OUTLOOK

Your company is striving hard and is confident of growth prospects going forward. The steps which are being taken by the government for developing infrastructure for logistics and the increasing demand and importance of logistic services will also help the company in achieving its business goals which will not only increase our profit margins but also will enhance the value for our stakeholders.

6. STOCK EXCHANGES:

The company''s shares are listed on Bombay Stock Exchange Limited (BSE) the company has paid necessary listing fees for the year 2013-2014.

7. DIRECTORS:

As per the provisions of the Companies Act, 2013 Mr. Lalit Kumar Gandhi will retire in the ensuing AGM and offers himself for re-appointment. The Board of Directors recommends his re-appointment.

The Companies Act, 2013 provides for appointment of independent directors. Sub-section (10) of section 149 of the Companies Act, 2013 provides that independent directors shall hold office for a term of up to 5 consecutive years on the Board of a company and shall be eligible for re-appointment on passing a special resolution by the shareholders of the company.

Sub-section (11) states that no independent director shall be eligible for more than 2 consecutive term of five years and any tenure of an independent director on the date of commencement of this act (effective April 1,2014) shall not be counted as a term under the above provisions. Sub section (13) states that the provisions of retirement by rotation as defined in sub section (6) and (7) of section 152 of the act shall not apply to such independent directors.

Our Non-executive independent directors were appointed as directors liable to retire by rotation under the provisions of erstwhile Companies Act, 1956.The Board of directors has been advised that our non-executive independent directors would continue to serve the term pursuant to which they were appointed. Therefore, Mr.Mohib Nominbhai Khericha and Mr. Ajaybhai Chinubhai Shah the non-executive independent directors of the company who retires at the ensuing AGM and being eligible offers themselves for re-appointment be considered by the shareholders for re- appointment for a term of up to 5 consecutive years.

Mr. Sandeep Motilal Shah Non-executive independent director who do not complete his term at the ensuing AGM, will continue to hold office till the expiry of his term and thereafter would be eligible for re-appointment for a fixed term in accordance with the Companies Act,2013

8. DIRECTORS'' RESPONSIBILITY STATEMENT:

In terms of Section 217 (2AA) of the Companies Act, 1956, the Directors would like to state that:

1. The financial statements are prepared in accordance with the Indian Generally Accepted Accounting Principles (GAAP) under the historical cost convention on the accrual basis except for certain financial instruments, which are measured at fair values. GAAP comprises mandatory accounting standards as prescribed by the Companies (Accounting Standards) Rules, 2006, the provisions of the Companies Act, 2013 (to the extent notified), the Companies Act, 1956 (to the extent applicable), and guidelines issued by SEBI. There are no material departures from prescribed accounting standards in the adoption of these standards.

2. The Board of Directors accepts responsibility for the integrity and objectivity of these financial statements. The accounting policies used in the preparation of financial statements have been consistently applied except as otherwise stated in the notes accompanying the respective tables. The estimates and judgments related to the financial statements have been made on a prudent and reasonable basis, so that the financial statements reflect in a true and fair manner the form and substance of transactions, and reasonably present our state of affairs and profits for the year.;

3. The Board of Directors has taken sufficient care to maintain adequate accounting records in accordance with the provisions of the Companies Act, 1956 (to the extent applicable) and the Companies Act, 2013 (to the extent notified), to safeguard the assets of the Company and to prevent and detect fraud and other irregularities.

4. The Directors have prepared the Annual Accounts on a going concern basis.

5. The directors have laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and are operating efficiently.

6. The directors have devised proper system to ensure compliance with the provisions of all applicable laws and that such systems are adequate and operating efficiently.

9. FIXED DEPOSITS:

During the year Company has not accepted any deposits under Section 58-A of the Companies Act, 1956.

10. INSURANCE:

All the properties of the company have been adequately insured.

11. SUBSIDIARY:

The company has no subsidiary company.

12. MANAGEMENT''S DISCUSSION AND ANALYSIS

In terms of the provisions of Clause 49 of the Listing Agreement, the Management''s discussion and analysis is set out in this Annual Report.

13. CORPORATE GOVERNANCE REPORT

In terms of the provisions of Clause 49 of the Listing Agreement, the Report on Corporate Governance is set out in this Annual Report.

14. PARTICULARS REQUIRED TO BE FURNISHED BY THE COMPANIES (DISCLOSURE OF PARTICULARS IN THE REPORT OF THE BOARD OF DIRECTORS) RULES, 1988:

The Company has no activities relating to conservation of energy or technology absorption. There has been no foreign exchange earning or outgo during the year under review.

15. PARTICULARS OF EMPLOYEES COVERED UNDER THE (PARTICULARS OF EMPLOYEES) RULES, 1975:

The company does not have any employee in the category as specified under Section 217 (2A) of the Companies Act, 1956.

16. AUDITORS AND AUDITORS'' REPORT:

The auditors M/S Vidya & Co. Chartered Accountants, Ahmedabad retires at the ensuing AGM and have confirmed their eligibility and willingness to accept office, if re-appointed.

The notes to the accounts referred to in the Auditors Reports are self explanatory, and, therefore do not call for any further comments.

17. CORPORATE SOCIAL RESPONSIBILITY

As per section 135 of the Companies Act, 2013, all companies having net worth of Rs.500 crore or more, or turnover of Rs. 1,000 crore or more or a net profit of Rs.5 crore or more during any financial year will be required to constitute a corporate social responsibility (CSR) committee of the Board of Directors and spend at least 2% of its average profits of immediately 3 preceding years on such policy every year.

The provisions of corporate social Responsibility are not applicable on the company and we are not required to constitute the corporate social responsibility (CSR) committee.

18. GREEN INITIATIVES

As per the Green initiative of Ministry of Corporate affairs (MCA) Electronic copies of the Annual Report 2014 and Notice of the 19th AGM are sent to all members whose email addresses are registered with the Company / Depository Participant(s). For members who have not registered their email addresses, physical copies of the Annual Report 2014 and the Notice of the 19th AGM are sent in the permitted mode. Members requiring physical copies can send a request to the Company Secretary.

19. ACKNOWLEDGEMENTS

We thank our customers, vendors, investors and bankers for their continued support during the year. We place on record our appreciation of the contribution made by our employees at all levels. Our consistent growth was made possible by their hard work, solidarity; cooperation and support We also thank the Government of India, particularly the Ministry of Corporate Affairs, the Income Tax Department and other government agencies for their support, and look forward to their continued support in the future.

For and on behalf of Board of Directors

Sd/-

Place: Ahmedabad Lalit Kumar Gandhi

Date : May 30, 2014 (Managing Director)


Mar 31, 2013

To, The Shareholders of Chartered Logistics Limited

The Directors are pleased to present the 18th Annual Report together with the Audited Accounts of the Company for the year ended on 31st March, 2013.

1. FINANCIAL RESULTS:

The Financial results for the year ended 31st March, 2013 are summarized as under:

(Rs. in lakhs)

31/33/2013 31/03/2012

Total Income 25269.23 25737.70

Profit (Loss) before Interest, depreciation and taxes 2825.73 3290.12

Less: Interest & Finance Charges 1258.66 1033.92

Less: Depreciation 1140.16 1123.53

Profit Before Tax 426.91 1132.67

Less : Payment/ Provision for Tax and Others 82.44 527.17

Less: Deferred Tax Credit 2.83 94.77

Add: Mat credit entitlement (59.75) 62.99

Profit (Loss) After Tax 281.89 573.72

Excess/(Short) Provision of earlier year 0.00 0.00

Net Profit 281.89 573.72

2. DIVIDEND

Considering the decline in profit the Board of Directors do not recommend any dividend for the year 2012-13.

3. OPERATIONS

Your company''s operational and financial performance has declined during the financial year 2012- 13 as compared to previous year due to increase of diesel price, other operating cost on our fleet, outsource transportation contract rate Jncrease in interest and financial charges and other circum- stances beyond the control of the company..During the year company has reported total income of Rs. 25269.23 Lakhs against total income of Rs. 25737.70 lakhs in the previous year Profit before tax (PBT) has been reported at Rs.426.91 lakhs in the current year as against Profit before tax (PBT) of Rs 1132.67 lakhs .in the previous year The net profit after tax for the current year 2012-13 is 281.89 lakhs.

4. FUTURE OUTLOOK

Your company is striving hard and is confident of growth prospects going forward The steps which are being taken by the government for developing infrastructure for logistics and the increasing demand and importance of logistic services will also help the company in achieving its business goals which will not only increase our profit margins but also will enhance the value for our stake- holders.

5 STOCK EXCHANGES:

The company''s shares are listed on Bombay Stock Exchange Limited (BSE) the company has paid necessary listing fees for the year 2012-2013.

6 DIRECTORS:

During the year Mr. Kishore Kumar Gandhi has resigned dated 31st August, 2012 from the office of Director due to pre-occupation. The Board records its sincere appreciation of the valuable services rendered by Mr. Kishore Kumar Gandhi to the Board and the management of the Company during his tenure.

Ms. Nisha Makwana resigned from the position of WholeTime Director of the company w.e.f. 30th April, 2013. The Board records its sincere appreciation of the valuable services rendered by her to the Board and the management of the Company during her tenure.

In accordance with the provisions of the Companies Act, 1956 and the Articles of Association of the company Mr. Sandeep M Shah and Mr. Harsh Gandhi retires by rotation and being eligible, offers themselves for re-appointment.

7 DIRECTORS'' RESPONSIBILITY STATEMENT:

In terms of Section 217 (2AA) of the Companies Act, 1956 the Directors would like to state 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. 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 and of the profit or loss of the company for the period;

3. The Directors have taken proper and sufficient care for the maintenance of adequate ac- counting records in accordance with the provisions of this Act for safeguards in accordance with the provisions of this Act for safeguarding the assets of the company and for prevent- ing and detecting frauds and other irregularities;

4. The Directors have prepared the Annual Accounts on a going concern basis.

8. DEPOSITS:

During the year Company has not accepted any deposits under Section 58-A of the Companies Act, 1956.

9. INSURANCE:

All the properties of the company have been adequately insured.

10. SUBSIDIARY:

The company has no subsidiary company.

11. PARTICULARS REQUIREDTO BE FURNISHED BYTHE COMPANIES (DISCLOSURE OF PARTICULARS IN THE REPORT OF THE BOARD OF DIRECTORS) RULES, 1988:

The Company has no activities relating to conservation of energy or technology absorption There has been no foreign exchange earning or outgo during the year under review.

12. PARTICULARS OF EMPLOYEES COVERED UNDER THE (PARTICULARS OF EMPLOYEES) RULES, 1975:

The company does not have any employee in the category as specified under Section 217 (2A) of the Companies Act, 1956.

13. AUDITORS AND AUDITORS'' REPORT:

The Board recommends to re-appoint M/s Vidya & Co. Chartered Accountants, Ahmedabad as the statutory Auditors of the Company to hold office of the Auditors of the Company from the date of this Annual General Meeting till the conclusion of the next Annual General Meeting on the remu- neration as may be fixed by the Board the notes to the accounts referred to in the Auditors Reports are self explanatory, and, therefore do not call for any further comments.

14. ACKNOWLEDGEMENTS:

The Board of Directors sincerely acknowledge the vision given by the Past Chairman and Founder Promoter of the Company, Shri Gyanchand Gandhi, who left for heavenly abode during the year. The sound principles and ethics of business instilled in the company have helped the business to grow and would be the guiding spirit for the future. Equality and human approach is the corner- stone for success in business and the Board strives to implement the same for the benefit of human force in the company.

Your Directors record their appreciation for the valuable services rendered by all the employees of the company, their gratitude to the Bankers and to the Members of the Company for their support.

For and on behalf of Board of Directors

S/d

Place: Ahmedabad Lalit Kumar Gandhi

Date: 30th May, 2013 (Managing Director)


Mar 31, 2012

To The Shareholders of Chartered Logistics Limited

The Directors are pleased to present the 17th Annual Report together with the Audited Accounts of the Company for the year ended on March 31, 2012.

1. FINANCIAL RESULTS

The Financial results for the year ended March 31, 2012 are summarized as under:

(Rs. in lacs)

31/03/2012 31/03/2011

Total Income 25737.70 18467.69

Profit (Loss) before Interest, depreciation and taxes 3290.12 2392.32

Less: Interest & Finance Charges 1033.92 490.41

Less: Depreciation 1123.53 741.47

Profit Before Tax 1132.67 1160.45

Less: Payment/ Provision for Tax and Others 527.17 234.35

Less: Deferred Tax Credit 94.77 185.49

Add: Mat credit entitlement 62.99 43.01

Profit (Loss) After Tax 573.72 783.63

Excess/(Short) Provision of earlier year 0.00 (1.54)

Net Profit 573.72 782.08

2. DIVIDEND

During the year 2011-12 the Board has declared and paid interim dividend twice.

The Board of Directors at its meeting held on July 15, 2011 declared an interim dividend @ Rs. 0.05 (i.e. 5%) per equity share on 99340000 equity shares amounting to Rs. 4967000 for the year 2011-12 and paid to those shareholders who were registered as shareholders / beneficial owners of the company as on record date July 21, 2011.

The Board of Directors at its meeting held on October 15,2011 declared an interim dividend second time for 2011-12 (5)0.10 (i.e. 10%) per equity share on 99340000 equity shares amounting to Rs. 9934000 and paid to those shareholders who were registered as shareholders / beneficial owners of the company as on record date October 24, 2011.

The Board of Directors do not recommend final dividend for the year 2011-12.

3. OPERATIONS

Your company's operational and financial performance has vastly improved during the financial year 2011-12. During the year company has reported total income of Rs. 25737.70 Lacs against total income of Rs. 18467.69 lacs in the previous year. Profit before tax (PBT) has been reported to be 1132.67 lacs in the current year from Profit before tax (PBT) of Rs. 1160.45 lacs in the previous year. The net profit after tax for the current year 2011-12 is Rs. 573.72 lacs, and for the previous year 2010-11 the net profit after tax was Rs. 782.08 lacs.

This year the company has paid income tax demand for earlier assessment years on completion of search by income tax authorities. However the company has filed rectification petition u/s 154 of the Income Tax Act, 1961 and assessment orders are awaited. The operating cost and financial charges have also increased this year

Your directors are very glad to inform you that this year by Business World Magazine, the Company has been ranked amongst top 500 companies in India in terms of promoter's net worth.

We are moving ahead with a well thought and planned strategy. Our success and accomplishments in the journey of our growth have been due to our clear vision, dedicated team, superior performance and execution and strong leadership. Our operational excellence has also helped us in achieving successful milestones and value to our shareholders.

4. FUTURE OUTLOOK

The Company expects that Year 2012-13 and coming years will be the years of our expansion and Growth. The company is planning to expand its fleet of trucks further to make its presence all over India. Besides exploring the opportunities in extending its presence in road logistics, the company is also exploring the business potential in the sea and rail logistics. The company has tied up with Arshiya International Limited (For rail logistics) and Jindal Vector Water Ways Limited (For Bulk Shipping Cargo) which will lead to dynamic presence of the company in all the three segments of transportation via Road, Rail and Sea. Your company is striving hard and is confident of growth prospects going forward. The steps which are being taken by the government for developing infrastructure for logistics and the increasing demand and importance of logistic services will also help the company in achieving its business goals which will not only increase our profit margins but also will enhance the value for our stakeholders.

5. STOCK EXCHANGES

The company's shares are listed on Bombay Stock Exchange Limited (BSE) the company has paid necessary listing fees for the year 2011-2012. The Company has also applied for the listing of its shares on National Stock Exchange Limited.

6. DIRECTORS

During the year Mr. Jay Prakash Gandhi has resigned with effect from October 15, 2011 from the office of Director due to pre-occupation. The Board sincerely appreciates the valuable services rendered by Mr. Jay Prakash Gandhi to the Board and the management of the Company during his tenure.

Mr. Harsh Lalit Gandhi was appointed as an additional director of the Company with effect from June 23, 2012 under section 260 of the Companies Act 1956. He holds the office upto the date of ensuing Annual General Meeting. The Company has received notice in writing from members under Section 257 of the Companies Act 1956 along with requisite deposit proposing the candidature of Mr. Harsh Lalit Gandhi for the office of Directors.

In accordance with the provisions of the Companies Act, 1956 and the Articles of Association of the company Mr. Mohib N. Khericha and Mr. Ajay C. Shah retire by rotation and being eligible, offer themselves for re-appointment.

7. DIRECTORS' RESPONSIBILITY STATEMENT

In terms of Section 217 (2AA) of the Companies Act, 1956 the Directors would like to state 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. 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 and of the profit or loss of the company for the period;

3. The Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguards in accordance with the provisions of this Act for safeguarding the assets of the company and for preventing and detecting frauds and other irregularities;

4. The Directors have prepared the Annual Accounts on a going concern basis.

8. DEPOSITS

During the year Company has not accepted any deposits under Section 58-A of the Companies Act, 1956.

9. INSURANCE

All the properties of the company have been adequately insured.

10. SUBSIDIARY

The company has no subsidiary company.

11. PARTICULARS REQUIRED TO BE FURNISHED BY THE COMPANIES (DISCLOSURE OF PARTICULARS IN THE REPORT OF THE BOARD OF DIRECTORS) RULES, 1988

The Company has no activities relating to conservation of energy or technology absorption. There has been no foreign exchange earning or outgo during the year under review.

12. PARTICULARS OF EMPLOYEES COVERED UNDER THE (PARTICULARS OF EMPLOYEES) RULES, 1975

The company does not have any employee in the category as specified under Section 217 (2A) of the Companies Act, 1956.

13. AUDITORS AND AUDITOR'S REPORT

M/s Raman M. Jain & Co., Chartered Accountants, Ahmedabad the existing Auditors of the Company, have expressed their unwillingness for re-appointment. The Board in its meeting held on September 03, 2012 proposed the appointment of M/s Vidya & Co. as the statutory auditors of the company. The Company has obtained an eligibility letter from M/s Vidya & Co. in terms of section 224(1B) of the Companies Act, 1956.

Therefore, the Board recommends to appoint M/s Vidya & Co. Chartered Accountants, Ahmedabad as the statutory Auditors of the Company in place of M/s Raman M. Jain & Co., Chartered Accountants, Ahmedabad to hold office of the Auditors of the Company from the date of this Annual General Meeting till the conclusion of the next Annual General Meeting on the remuneration as may be fixed by the Board.

The notes to the accounts referred to in the Auditors Reports are self explanatory, and, therefore do not call for any further comments.

14. ACKNOWLEDGEMENTS

Your Directors record their appreciation for the valuable services rendered by all the employees of the company, their gratitude to the Bankers and to the Members of the Company for their support.

For and on behalf of Board of Directors

Sd/- Place: Ahmedabad Lalit Kumar Gandhi

Date : September 3, 2012 Managing Director


Mar 31, 2011

The Shareholders,

Chartered Logistics Limited

The Directors are pleased to present the 16th Annual Report together with the Audited Accounts of the Company for the year ended March 31st, 2011.

1. FINANCIAL RESULTS

The Financial results for the year ended March 31st, 2011 are summarized as under:

(Rs. in lacs)

31.03.2011 31.03.2010

Total Income 18467.69 12389.03

Profit (Loss) before Interest, depreciation and taxes 2392.32 1188.82

Less : Interest & Finance Charges 490.41 260.04

Less : Depreciation 741.47 324.92

Profit Before Tax 1160.45 603.85

Less : Payment/ Provision for tax 234.35 205.00

Less: Deferred Tax (Credit)/liability 185.49 (1.10)

Add: MAT credit entitlement 43.01 0.00

Profit (Loss) After Tax 783.63 399.96

Excess/(Short) Provision of earlier year (1.54) 2.64

Net Profit 782.08 402.60

2. DIVIDEND AND RESERVE

The Board of Directors at its meeting held on November 5, 2010 declared an interim dividend @ 0.10 Re. (i.e. 10%) per equity share for the year ended March 31, 2011. No final dividend has been recommended by the Board.

The company proposes to transfer Rs. 78.21 lacs to General Reserve out of the amount available for appropriation.

3. OPERATION

During the year company has reported Total Income of Rs. 18467.69 Lacs as against Rs. 12389.03 Lacs in the previous year and Net Profit of Rs. 782.08 lacs as against Net Profit of Rs. 402.60 lacs in the previous year.

4. FUTURE OUTLLOK

The Company expects that market condition will improve in the coming year and perform reasonably well.

5. STOCK EXCHANGES

The company's shares are listed on Bombay Stock Exchange Limited (BSE) the company has paid necessary listing fees for the year 20110-2011.Also the Company is considering listing at National Stock Exchange(NSE) shortly.

6. INCREASE IN AUTHORISED SHARE CAPITAL AND SPLITTING OF SHARES

During the year Company increased its authorized share Capital from Rs. 6,00,00,000/-(six crore) to Rs. 25,00,00,000/- (twenty five crore) vide special resolution passed through postal ballot conducted as per section 192A of the Companies Act 1956 read with the Companies (passing of resolution by Postal Ballot) Rules,2001 of which result declared on 11th Day of December,2010.

During the year shares of the company splitted from 1 equity share of Rs. 10/- each into 10 equity shares of Re. 1/- each. Presently the face value of the equity share of the company is Re. 1/- per share.

7. BONUS SHARES ISSUED

The Company issued 4,96,70,000 Bonus shares for Rs. 1/- per share in the proportion of 1 (one) new Equity share for every 1 (one) existing Equity Share held by Shareholders as on 27/12/2010, thereby increasing the Paid-up Capital of the Company to Rs.9,93,40,000/- ; vide special resolution passed through postal ballot conducted as per section 192A of the Companies Act 1956 read with the Companies (passing of resolution by Postal Ballot) Rules,2001 of which result declared on 11th Day of December,2010.

8. DIRECTORS

During the year Mr. Mangilal Bohra has resigned from the office of Director due to pre-occupation. The Board records its sincere appreciation of the valuable services rendered by Mr. Mangilal Bohra to the Board and the management of the Company during his tenure.

Mr. Jay Prakash Gandhi was appointed as an additional director of the Company with effect from 05/11/2010 under section 260 of the Companies Act 1956. He holds the office upto the date of ensuing Annual General Meeting. The Company has received notice in writing from members under Section 257 of the Companies Act 1956 alongwith requisite deposit proposing the candidature of Mr. Jay Prakash Gandhi for the office of Directors.

In accordance with the provisions of the Companies Act, 1956 and the Articles of Association of the company Mr. Lalit kumar Gandhi, Ms. Nisha Makwana and Mr. Sandeep Shah retires by rotation and being eligible, offers themselves for re-appointment.

9. DIRECTORS' RESPONSIBILITY STATEMENT

In terms of Section 217 (2AA) of the Companies Act, 1956 the Directors would like to state that:

1. In the preparation of the Annual Accounts, the applicable accounting standards have been followed alongwith proper explanation relating to material departures;

2. 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 and of the profit or loss of the company for the period;

3. The Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguards in accordance with the provisions of this Act for safeguarding the assets of the company and for preventing and detecting frauds and other irregularities;

4. The Directors have prepared the Annual Accounts on going concern basis.

12. DEPOSITS

During the year Company has not accepted any deposits under Section 58-A of the Companies Act, 1956.

13. PARTICULARS REQUIRED TO BE FURNISHED BY THE COMPANIES (DISCLOSURE OF PARTICULARS IN THE REPORT OF THE BOARD OF DIRECTORS) RULES, 1988

The Company has no activities relating to conservation of energy or technology absorption. There has been no foreign exchange earning or outgo during the year under review.

14. PARTICULARS OF EMPLOYEES COVERED UNDER THE (PARTICULARS OF EMPLOYEES) RULES, 1975

The company does not have any employee in the category as specified under Section 217 (2A) of the Companies Act, 1956.

15. AUDITORS AND AUDITORS' REPORT

M/s Raman M Jain & Co., Chartered Accountants, retires as auditors of the company at the ensuing Annual General Meeting and are eligible for re-appointment.

The notes to the accounts referred to in the Auditors Reports are self explanatory, and, therefore do not call for any further comments.

13. ACKNOWLEDGEMENTS

Your Directors record their appreciation for the valuable services rendered by all the employees of the company, their gratitude to the Banks and to the Members of the Company for their support.

For and on behalf of Board of Directors

Place : Ahmedabad Lalit Kumar Gandhi

Date :August 18th, 2011 Chairman & Managing Director

 
Subscribe now to get personal finance updates in your inbox!