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Directors Report of Elcid Investments Ltd.

Mar 31, 2014

The Members . Elcid Investments Limited

The Directors have pleasure in.presenting the Thirty Third Annual Report together with the audited Statement of Accounts for the year ended 31st March, 2014.

FINANCIAL RESULTS:

PARTICULARS . 2013-14 2012-13

Net Profit before tax 163,704,763 128,851,818

Less; Provisions for taxation 4,500,000 1,200,000

Less; Deferred Tax 409,851 (29,287)

Net Profit after tax 158,794,912 127,681,105

Add: Balance brought forward from last year's Balance Sheet 400,989,615 314,048,410

Disposable Profit 559,784,527 441,729,515

Less: Transfer to Special Reserve 32,000,000 25,600,000

Less: Transfer to General Reserve 16,000,000 12,800,000

Less: Proposed Dividend on Equity 2,000,000 2,000,000

Corporate Dividend Tax 339,900 339,900

Balance carried to Balance Sheet 509,444,627 400,989,615

1. DIVIDENDS: .

Your Directors have pleasure to recommend payment of Dividend for the year ended 31.03.2014 on 200000 Equity Shares of Rs.10/- each at 10.00.(Previous year Rs.10.00 per share) The Dividend on equity

- shares, if approved, would amount to Rs. 23.40 Lacs including corporate dividend tax of 3.40 Lacs and will be paid to those members whose names appear on the Register of Members as on 20th August, 2014. 2. FIXED DEPOSITS:

The company does not accept any Fixed Deposits from the Public. . .

3. EMPLOYEES:

There are no employees drawing any remuneration in terms of section 217(2A) of the Companies Act, 1956, read with the Companies (particulars of employees) Rules, 1975 (as amended).

4. DIRECTORS:

Mr. Amar A. Vakil and Ms. Nehal A. Vakil retire by rotation and being eligible, offer themselves for reappointment.

5. DIRECTOR'S RESPONSILITY STATEMENT:

Pursuant to requirement under Section 217(2AA) of the Companies Act, 1956, with respect to Director's Responsibility Statement, it is hereby confirmed:

1. That in preparation of the accounts for the financial year ended March 31, 2014, the applicable accounting standards have been followed along with proper explanation relating to material departures;

2. That the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that were 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 year under review:

3. That the Directors 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:

4. That the directors have prepared the accounts for the financial year ended March 31, 2014 on'a 'going concern' basis.

6. SUBSIDIARY:

As required under Section 212 of the Companies Act, 1956, the audited statement of accounts of Subsidiary Companies along with the Report of Board of Directors and Auditors for the ended March 31,2014 is annexed,

7. AUDITORS AUDITOR'S REPORT:, .

M/s. Deepak Shah & Company, Chartered Accountants, retire as the Auditors of the Company at the conclusion of the ensuing Annual General Meeting and have confirmed their eligibility and willingness to accept office if reappointed, Your Directors recommend their re-appointment for the ensuing year.

8. INFORMATION AS PER SECTION 217m fel READ WITH COMPAINES ^DISCLOSURE OF PARTICULARS IN THE REPORT BOARD OF DIRECTORS') RULES. 1988:

The particulars regarding Conservation of Energy, Technology Absorption is not given as the same is not applicable. The Company has not earned any Foreign Exchange and has no outgo of Foreign Exchange.

9. COMPLIANCE CERTIFICATE:

Your company does not attract the conditions of Corporate Governance as stipulated under clause 49 of Listing Agreement with the Stock Exchange, Mumbai, as per Schedule of implementation.

10. SECRETARIAL COMPLIANCE CERTIFICATE:

In accordance with the provisions of section 383A of the .companies Act, 1956, a certificate from Mr. Bhupendra K. Shroff, Company Secretary, Certifying that the Company has complied with all the provisions of the companies Act, 1956, is given in the annexure and forms part of this report.

For And On Behalf Of The Board

Nehal A, Vakil Chairperson Mumbai: May 27, 2014


Mar 31, 2013

To, The Member of Elcid Investments Limited

The Directors have pleasure in presenting the Thirty Second Annual Report together with the audited Statement of Accounts for the year ended 31st March, 2013.

FINANCIAL RESULTS:

PARTICULARS 2012-13 2012

Net Profit before tax 128,851,818 103,802,617

Less: Provisions for taxation 1,200,000 1,000,000

Less: Deferred Tax (29,287) (79,917)

Net Profit after tax 127,681,105 102,882,534

Add: Balance brought forward from last year''s

Balance Sheet 314,048,410 244,390,326

Disposable Profit 441,729,515 347,272,860

Less: Transfer to Special Reserve 25,600,000 20,600,000

Less: Transfer to General Reserve 12,800,000 10,300,000

Less: Proposed Dividend on Equity 2,000,000 2,000,000

Corporate Dividend Tax 339,900 324,450

Balance carried to Balance Sheet 400,989,615 314,048,410

1. DIVIDENDS:

Your Directors have pleasure to recommend payment of Dividend for the year ended 31.03.2013 on 200000 Equity Shares of ?.10A each at ?.10.00.(Previous year ?.10.00 per share) The Dividend on equity shares, if approved, would amount to ?. 23.40 Lacs including corporate dividend tax of ?. 3.40 Lacs and will be paid to those members whose names appear on the Register of Members as on 9th August, 2013.

2. FIXED DEPOSITS:

The company does not accept any Fixed Deposits from the Public.

3. EMPLOYEES:

There are no employees drawing any remuneration in terms of section 217(2A) of the Companies Act, 1956, read with the Companies (particulars of employees) Rules, 1975 (as amended).

4. DIRECTORS:

Mr. Varun A. Vakil and Mr. Bharat B. Talati retire by rotation and being eligible, offer themselves for reappointment.

5. DIRECTOR''S RESPONSILITY STATEMENT:

Pursuant to requirement under Section 217(2AA) of the Companies Act, 1956, with respect to Director''s Responsibility Statement, it is hereby confirmed:

1. That in preparation of the accounts for the financial year ended March 31,2013, the applicable accounting standards have been followed along with proper explanation relating to material departures;

2. That the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that were 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 year under review:

3. That the Directors 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:

4. That the directors have prepared the accounts for the financial year ended March 31, 2013 on a ''going concern'' basis.

6. SUBSIDIARY:

As required under Section 212 of the Companies Act, 1956, the audited statement of accounts of Subsidiary Companies along with the Report of Board of Directors and Auditors for the ended March 31,2013 is annexed.

7. AUDITORS & AUDITOR''S REPORT:

M/s. Deepak Shah &c Company, Chartered Accountants, retire as the Auditors of the Company at the conclusion of the ensuing Annual General Meeting and have confirmed their eligibility and willingness to accept office if reappointed. Your Directors recommend their re-appointment for the ensuing year.

8. INFORMATION AS PER SECTION 217(T) (e) READ WITH COMPAINES DISCLOSURE OF PARTICULARS IN THE REPORT BOARD OF DIRECTORS'') RULES, 1988:

The particulars regarding Conservation of Energy, Technology Absorption is not given as the same is not applicable. The Company has not earned any Foreign Exchange and has no outgo of Foreign

Exchange.

9. COMPLIANCE CERTIFICATE:

Your company does not attract the conditions of Corporate Governance as stipulated under clause 49 of Listing Agreement with the Stock Exchange, Mumbai, as per Schedule of implementation.

10. SECRETARIAL COMPLIANCE CERTIFICATE:

In accordance with the provisions of section 383A of the companies Act, 1956, a certificate from Mr. Bhupendra K. Shroff, Company Secretary, Certifying that the Company has complied with all the provisions of the companies Act, 1956, is given in the annexure and forms part of this report.

For And On Behalf Of The Board

Varun A. Vakil

Chairman

Mumbai: May 20,2013


Mar 31, 2012

The Directors have pleasure in presenting the Thirty First Annual Report together with the audited Statement of Accounts for the year ended 31st March, 2012.

I.

FINANCIAL RESULTS:

(as per standalone basis)

2011-12 2010-11 Rs Rs

Net Profit before tax 103,802,617 88,947,351

Less: Provisions for taxation 1,000,000 1,000,000

Less: Deferred Tax (79,917) (124,675)

Less: Prior Period Adjustments - (107,923)

Net Profit after tax 102,882,535 88,072,026

Add Balance brought forward from last year's ' Balance Sheet 244,390,325 185,250,672

Disposable Profit 347,272,860 273,214,775

Less: Transfer to Special Reserve 20,600,000 17,600,000

Less: Transferto General Reserve 10,300,000 8,900,000

Less: Proposed Dividend on Equity 2,000,000 2,000,000

Corporate Dividend Tax 324,450 324.450

Balance carried to Balance Sheet 314,048,410 244,390,325

1. DIVIDENDS:

Your Directors have pleasure to recommend payment of Dividend for the year ended 31.03.2012 on 200000 Equity Shares of Rs..10/- each at Rs..10.00. (Previous year Rs..10.00 per share) The Dividend on equity shares, if approved, would amount to Rs.. 23.24 Lacs including corporate dividend tax of Rs.. 3.24 Lacs and will be paid to those members whose names appear on the Register of Members as on 31st August, 2012.

2. FIXED DEPOSITS:

The company does not accept any Fixed Deposits from the Public.

3. EMPLOYEES:

There are no employees drawing any remuneration in terms of section 217(2A) of the Companies Act,

1956, read with the Companies (particulars of employees) Rules, 1975 (as amended).

4. DIRECTORS:

Mr. Amar A. Vakil and Mr. Mahesh C. Dalai retire by rotation and being eligible, offer them/selves for reappointment.

5. DIRECTOR'.S RESPONSILITY STATEMENT:

Pursuant to requirement under Section 217(2AA) of the Companies Act, 1956, with respect to Director'.s Responsibility Statement, it is hereby confirmed:

1. That in preparation of the accounts for the financial year ended March 31,2012, the applicable accounting standards have been followed along with proper explanation relating to material departures;

2. That the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that were 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 year under review:

3. That the Directors 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:

4. That the directors have prepared the accounts for the financial year ended March 31,2012 on a 'going concern'. basis.

6. SUBSIDIARY:

As required under Section 212 of the Companies Act, 1956, the audited statement of accounts of Subsidiary Companies along with the Report of Board of Directors and Auditors for the ended March 31,2012 is annexed.

7. AUDITORS & AUDITOR'.S REPORT:

M/s. Deepak Shah Company, Chartered Accountants, retire as the Auditors of the Company at the conclusion of the ensuing Annual General Meeting and have confirmed their eligibility and willingness to accept office if reappointed. Your Directors recommend their re-appointment for the ensuing year.

8. INFORMATION AS PER SECTION 217(1) to READ WITH COMPAINES (DISCLOSURE OF PARTICULARS IN THE REPORT BOARD OF DIRECTORS' RULES. 1988:

The particulars regarding Conservation of Energy, Technology Absorption is not given as the same is not applicable. The Company has not earned any Foreign Exchange and has no outgo of the Foreign Exchange.

9. COMPLIANCE CERTIFICATE: I

Your company does not attract the conditions of Corporate Governance as stipulated under clause 49 of Listing Agreement with the Stock Exchange, Mumbai, as per Schedule of implementation.

10. SECRETARIAL COMPLIANCE CERTIFICATE:'

In accordance with the provisions of section 383A of the companies Act, 1956, a certificate from Mr. Bhupendra K. Shroff, Company Secretary, Certifying that the Company has complied with all the provisions of the companies Act, 1956, is given in the annexure and forms part of this report.

For And On Behalf Of The Board

Vanin A. Vakil Chairman

Mumbai: May 26,2012


Mar 31, 2010

The Directors have pleasure in presenting the Twenty Nineth Annual Report together with the audited Statement of Accounts for the year ended 31st March, 2010.

FINANCIAL RESULTS:

2009-10 2008-09 Rs. Rs.

Net Profit before tax 64,115,339 51,517,672

Less: Provisions for taxation 550,000 250,000

Less: Deferred Tax (337585) -

Less: Fringe Benefit Tax - 4,200

Net Profit after tax 63,902,924 51,263,472

Add: Balance brought forward

from last years

Balance Sheet 142,887,648 112,964,076

Disposable Profit 206,790,572 164,227,548

Less: Transfer to Special Reserve 12,800,000 11,000,000

Less: Transfer to General Reserve 6,400,000 8,000,000

Less: Proposed Dividend on Equity 2,000,000 2,000,000

Corporate Dividend Tax 339,900 339,900

Balance carried to Balance Sheet 185,250,672 142,887,648

1. DIVIDENDS:

Your Directors have pleasure to recommend payment of Dividend for the year ended 31.3.2010 on 200000 Equity Shares of Rs.l0/- each at Rs10.00.(Previous year-Rs.10.00 per share) The Dividend on equity shares, if approved, would amount to Rs. 23.40 Lacs including corporate dividend tax of Rs. 3.40 Lacs and will be paid to those members whose names appear on the Register of Members as on 13th September, 2010.

2. FIXED DEPOSITS:

The company does not accept any Fixed Deposits from the Public.

3. EMPLOYEES:

There are no employees drawing any remuneration in terms of section 217(2A) of the Companies Act, 1956, read with the Companies (particulars of employees) Rules, 1975 (as amended).

4. DIRECTORS:

Mr. Mahesh C. Dalai and Mr. Bharat B. Talati retire by rotation and being eligible, offer themselves for reappointment.

5. DIRECTORS RESPONSILITY STATEMENT:

Pursuant to requirement under Section 217(2AA) of the Companies Act, 1956, with respect to Directors Responsibility Statement, it is hereby confirmed:

1. That in preparation of the accounts for the financial year ended March 31, 2010, the applicable accounting standards have been followed along with proper explanation relating to material departures;

2. That the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that were 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 year under review.

3. That the Directors 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:

4. That the directors have prepared the accounts for the financial year ended March 31, 2010 on a going concern basis.

6. SUBSIDIARY:

As required under Section 212 of the Companies Act, 1956, the audited statement of accounts of Subsidiary Companies along with the Report of Board of Directors and Auditors for the ended March 31,2010 is annexed.

7. AUDITORS & AUDITORS REPORT:

M/s. Deepak Shah & Company, Chartered Accountants, retire as the Auditors of the Company at the conclusion of .the ensuing Annual General Meeting and have confirmed their eligibility and willingness to accept office if reappointed. Your Directors recommend their re appointment for the ensuing year.

8. INFORMATION AS PER SECTION 217 (1) (e) READ WITH COMPAINES (DISCLO- SURE OF PARTICULARS IN THE REPORT BOARD OF DIRECTORS) RULES, 1988:

The particulars regarding Conservation of Energy, Technology Absorption is not given as the same is not applicable. The Company has not earned any Foreign Exchange and has no outgo of the Foreign Exchange.

9. COMPLIANCE CERTIFICATE:

Your company does not attract the conditions of Corporate Governance as stipulated under clause 49 of Listing Agreement with the Stock Exchange, Mumbai, as per Schedule of implementation.

10. SECRETARIAL COMPLIANCE CERTIFICATE:

In accordance with the provisions of section 383A of the companies Act, 1956, a certificate from Mr. Bhupendra K. Shroff, Company Secretary, Certifying that the Company has complied with all the provisions of the companies Act, 1956, is given in the annexure and forms part of this report.

11. CORPORATE GOVERNANCE

The Ministry of Corporate Affairs, Government of India, during the year introduced the Corporate Governance Voluntary Guidelines, 2009. The Board would consider adopting the relevant provisions of the said guidelines as and when deemed appropriate.

FOR AND ON BEHALF OF THE BOARD

Nehal A.Vakil

Mumbai: July 16, 2010 CHAIRPERSON



 
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