Mar 31, 2015
Dear Members,
The Directors feel pleasure in presenting their 23rd Annual Report
together with the Audited Statements of accounts for the Financial Year
ended on 31st March, 2015.
1. FINANCIAL RESULTS:
During the year under review, the Company has shown notable
performance. The extracts of financial results 2014-15 are as under:
(Rs. In Lacs)
Particulars Current Year Previous Year
2014 - 15 2013 - 14
Rs. Rs.
Sales & Other Income 305.93 406.67
Financial Expenses 0.17 0.07
Depreciation 0.70 1.38
Profit / (Loss) Before Taxation 71.26 4.44
Provision for Income Tax 13.86 NIL
Provision for Deferred Tax 0.15 40.57
Profit after Taxation 57.56 45.02
Appropriation for Interim
Dividend and Tax there on 24.43 NIL
Transfer to General Reserve NIL NIL
Surplus brought forward 55.82 10.80
Balance Carried to Balance Sheet 88.95 55.82
2. OPERATIONS:
During the year, the company has shown notable progress in its business
operations. After switching into the Castor Seeds business, the Company
is able to generate more revenues and profit. However, the tough
competitive market has decreased the profitability of the Company. The
company anticipates more development in the business in the year to
come.
The Ahmedabad Stock Exchange Limited has confirmed the delisting
application of the Company. Now the equity shares of the Company are
listed with The Bombay Stock Exchange Ltd. only.
3. DIVIDEND:
During the year, Company has paid interim Dividend at 2.5% based on
financial performance during the quarter ended on December 31, 2014.
Company does not recommend any Annual Dividend.
4. FINANCE
A. DEPOSITS AND LONG TERM BORROWINGS:
During the year, Company has not accepted any Deposits or long term
borrowings from any party.
B. RELATED PARTIES TRANSACTIONS
During the year, Company has not entered in related party transactions
as defined under section 188 of Companies Act 2013 and hence no
disclosure have been made in relevant section.
5. SUBSIDIARIES AND JOINT VENTURE
Company does not have any subsidiary companies. Company has not made
any investment in Joint Venture.
6. DIRECTORS' RESPONSIBILITY STATEMENT
In terms of Section 134(3) of the Companies Act, 2013, in relation to
the Financial Statements for FY 2014-15, the Board of Directors states
that:
a) in preparation of the annual accounts, the applicable accounting
standards have been followed and there are no material departures;
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 on 31st March, 2015 and of the profits for the year
ended 31st March, 2015;
c) the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 2013 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities;
d) the annual accounts have been prepared on a going concern basis;
e) 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 effectively; and
f) the Directors have devised proper systems to ensure compliance with
the provisions of all applicable laws and that such systems are
adequate and operating effectively.
7. INTERNAL FINANCIAL CONTROLS
The Company has in place adequate internal financial controls with
reference to Financial Statements. During the year, such controls were
tested and no reportable material weakness was observed.
8. AUDITORS:
STATUTORY AUDITORS:
Pursuant to the provisions of Section 139, 141, 142 and all other
applicable provisions of the Companies Act, 2013 (the "Act") read
with Rule 3(7) of the Companies (Audit and Auditors) Rules, 2014
(including any statutory modification(s) or re-enactment thereof for
the time being in force), the Company recommends to appoint Mr. Vipul
J. Shah, Chartered Accountants (Membership No. 101537), as the
Statutory Auditors of the Company to hold office from the conclusion of
this meeting until the conclusion of the Sixth Annual General Meeting
subject to approval of the members from year to year and at such
remuneration as shall be fixed by the Board of Directors.
The Auditors' report for financial year 2014-15 is self explanatory
and forms part of this Annual Report and does not contain any
qualification, reservation or adverse remark.
SECRETARIAL AUDITORS:
Pursuant to Section 204 of the Companies Act, 2013 read with Rules
thereof, the Board of Directors has appointed M/s. J Akhani Associates,
Company Secretaries, Ahmedabad, as Secretarial Auditors of the Company
for FY 2014-15. A Secretarial Audit Report for FY 2014-15 is annexed
herewith as Annexure A.
There are no adverse observations in the Secretarial Audit Report which
call for explanation.
The Board has appointed M/s J Akhani & Associates, Company Secretaries,
Ahmedabad, as Secretarial Auditors of the Company for FY 2015-16.
9. DIRECTORS AND KEY MANAGARIAL PERSONNEL:
APPOINTMENT AND RESIGNATION
Subsequent to the notification of section 149 of Companies Act 2013,
the Board of Directors of the Company in their Board Meeting held on
10.02.2015 has proposed appointment of Mr. Vallabhji Thacker as
Additional Non Executive and Ms. Payal Madiyar as Non Executive Woman
Director of the company.
During the year, Mr. Arvind Ambalal Thakkar and Mrs. Archanaben Shinde,
Independent Directors resigned from the board due to their
preoccupation w. e. f. 10.02.2015.
RE APPOINTMENT OF DIRECTORS
There are no Directors on the board whose term of office expires during
this FY 2015-16 and hence the Board does not recommend any
reappointment of Directors.
DIRECTORS RETIRING BY ROTATION
All present directors on board are Additional Directors, their
appointment has not been confirmed by the members in Annual General
Meeting and hence there are no Directors liable to retire by rotation.
Company is in process of recruiting an appropriate Company Secretary.
DECLARATION BY INDEPENDENT DIRECTORS
Pursuant to provisions of section 149(7) of Companies Act 2013, the
Company has received declaration from Independent Directors for FY
2014-15 confirming that they meet the criteria of independence as
prescribed under the Act and Clause 49 of Listing Agreement.
NUMBER OF MEETINGS OF THE BOARD
The Board meets at regular interval with gap between two meetings not
exceeding 120 days. Additional meetings are held as and when
necessary. During the year under review, the Board met 12 times.
POLICY ON DIRECTORS' APPOINTMENT
Pursuant to provisions of section 178 read with 134(3)(e) of Companies
Act 2013, The Nomination and Remuneration Committee (NRC) has approved
the criteria and process for identification / appointment of Directors
which are as under:
Criteria for Appointment:
A) The proposed Director shall meet all statutory requirements and
should:
- Possess highest values, ethics and integrity.
- Not have any direct or indirect conflict with business operations.
- Be willing to devote time and efforts.
- Have relevant experience.
- Have understanding about corporate functionality.
- Understand real value of stakeholders.
Process for identification of Directors / Appointment of Directors:
- Board Members may suggest any potential person to the Chairman of the
Company meeting the above criteria. If the chairman deems fit,
recommendation will be made by him to NRC.
- Chairman himself can also recommend a person to NRC.
- NRC shall process and evaluate the proposal and shall submit their
recommendation to Board.
- Board shall consider such proposal on merit and decide suitably.
Criteria for Performance Evaluation
The Board considered and approved criteria for performance evaluation
of itself, that of its committees and individual directors as follow:
Criteria for Board Evaluation:
- Focus on strategic decisions.
- Qualitative discussion and processes.
Criteria for Committee Evaluation:
- Fulfillment of allotted responsibilities.
- Effectiveness of recommendation, meetings.
Criteria for Independent and Non Independent Directors' evaluation:
- Contribution through their experience and expertise.
- Focus on Stakeholders' interest.
MANNER OF EVALUATION OF BOARD, ITS COMMITTEES AND INDIVIDUAL DIRECTORS
The Evaluation of Board, its Committees and Individual Directors was
carried out as per process and criteria laid down by the Board of
Directors based on the recommendation of the Nomination and
Remuneration Committee.
The obtaining and consolidation of feedback from all Directors in this
regards, was coordinated by the Chairman of Independent Directors'
meeting for Board and Non-Independent Directors while the process of
evaluation of the Independent Directors was coordinated by the Chairman
of the Company. Based on this, Chairman of the Company briefed the
Board and each of the Individual Directors, as applicable.
10. REMUNERATION
REMUNERATION POLICY
The Company has formulated the policy relating to the remuneration of
the Directors, Key Managerial Personnel and other employees of the
Company which is as under:
A) Components of Remuneration
- Fixed Pay comprising Basic Salary, HRA, Car Allowance (applicable to
General Managers & above employees), Conveyance Allowances /
Reimbursement, Company's contribution to Provident Fund,
Superannuation Fund, Gratuity, etc.
- Variable Pay, which is either in the form of:
Commission to Managing Directors and Commission to Whole-time Directors
B) Annual Appraisal process:
Annual Appraisals are conducted, following which annual increments and
promotions in deserving cases are decided once in a year based on:
- Employees self-assessment
- Assessment by Immediate Superior and
- Assessment by Head of Department
Annual Increment leading to an increase in Fixed Pay consists of
- Economic Rise based on All India Consumer Price Index published by
the Government of India or Internal Survey wherein inflation on
commonly used items is calculated.
Remuneration of Independent Directors:
The Company has formulated a policy for the remuneration of Independent
Directors as follows:
- Sitting Fees of Rs. 3000/- for each meeting of the Board or any
Committee thereof, attended by them;
- Reimbursement of Expenses incurred by Independent Directors for
attending any meeting of the Board.
PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES
As the Directors of the Company have not been paid any remuneration,
disclosure under provisions of Section 197(12) of the Companies Act,
2013 read with Rule 5 of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014, is not required.
11. AUDIT AND RISK MANAGEMENT:
During the year, the Board decided that the Audit Committee shall also
carry out the role of Risk Management and so Audit Committee has been
re named as Audit and Risk Management Committee and also changed its
terms of reference in this context.
Composition and Attendance of Audit Committee:
Name of Members of Designation 29.05.14 14.08.14 15.11.14 14.02.15
Audit Committee
Mr. Arvind Thakkar* Chairman V V V -
Mrs. Archanaben Shinde* Member V V V -
Mr. Kantiji Thakor* Member V V V V
Mr. Bhavinkumar Patel** Member V V - -
Mr. Jayesh Vallabhaji Member - - - V
Madiyar **
Mrs. Payal Jayeshbhai Member - - - V
Madiyar **
* Mr. Arvind Thakkar resigned w. e. f. 10.02.2015.
* Ms. Archana Shinde resigned w. e. f. 10.02.2015
* Mr. Bhavin Patel resigned w. e. f. 08.08.2014
** Mr. Jayesh Madiyar appointed w. e. f. 24.06.2014
** Mr. Vallabhji Thacker and Ms. Payal Madiyar appointed w. e. f.
10.02.2015 VIGIL MECHANISM
The Company has adopted a Whistle Blower Policy since March 2015 in
compliance with Listing Agreement and Companies Act 2013. The Policy
empowers all the Stakeholders to raise concerns by making Protected
Disclosures as defined in the Policy. The Policy also provides for
adequate safeguards against victimization of Whistle Blower who avail
of such mechanism and also provides for direct access to the Chairman
of the Audit Committee, in exceptional cases. The functioning of the
Whistle Blower mechanism is reviewed by the Audit Committee on a
quarterly basis.
RISK MANAGEMENT POLICY
The Board of Directors has developed and implemented Risk Management
Policy for the Company. It has identified and assessed various risks
factors, with potential impact on the Company in achieving its
strategic objectives or may threaten its existence. The Policy lays
down procedures for risk identification, assessment, monitoring, review
and reporting. The Policy also lists the roles and responsibilities of
Board and Risk Management Committee.
12. ENVIRONMENT, HEALTH AND SAFETY
The Company accords the highest priority to health, environment and
safety. The Company does not carry on manufacturing operations. The
Company takes at most care for the employees and ensures compliance
with the applicable rules and regulation applicable to the Company.
13. CORPORATE GOVERNANCE
As stipulated by Clause 49 of the Listing Agreement, Report on
Corporate Governance forms part of this Annual Report. Certificate of
the Auditors regarding compliance with the conditions of Corporate
Governance as stipulated in Clause 49 of the Listing Agreement is
annexed to the Board's Report.
14. MANAGEMENT DISCUSSION AND ANALYSIS
As stipulated by Clause 49 of the Listing Agreement, the Management
Discussion and Analysis Report form part of this Annual Report.
15. CONSERVATION OF ENERGY. TECHNOLOGY ABSOPTION, FOREIGN EXCHANGE
EARNIGS AND OUTGO:
During the financial year 2014-15, Company has not undertaken any
manufacturing operations. Company has neither earned nor spent
anything in foreign currency. Hence no disclosure is required under
this head pursuant to Companies (Accounts) Rules 2014.
16. THE EXTRACTS OF ANNUAL RETURN
The extract of the Annual Return in Form MGT-9 is annexed to this
Directors' Report.
17. APPRECIATION AND ACKNOWLEDGMENT
The Directors feel pleasure thanking all the stakeholders who have
reposed their faith in the management and the company and for their
valuable support and cooperation.
PLACE: RAJKOT BY ORDER OF THE BOARD
DATE: 30.05.2015 FOR EXCEL CASTRONICS LIMITED
JAYESH MADIYAR
DIRECTOR
Mar 31, 2014
Dear Members,
The Directors feel pleasure in presenting their 22nd Annual Report
together with the Audited Statements of accounts for the Financial Year
ended on 31st March, 2014.
FINANCIAL RESULTS:
During the year under review, the Company has shown notable
performance. The extracts of financial results 2013-14 are as under:
(Rs. In Lacs)
Particulars Current Year Previous Year
2013 - 14 2012 - 13
Rs. Rs.
Sales & Other Income 406.67 177.22
Financial Expenses 0.07 0.11
Depreciation 1.38 0.57
Profit / (Loss) Before Taxation 4.44 6.52
Provision for Income Tax NIL NIL
Provision for Deferred Tax 40.57 NIL
Profit after Taxation 45.02 6.47
Prior Period Adjustment NIL NIL
Transfer to General Reserve NIL NIL
Surplus brought forward 10.80 (268.72)
Balance Carried to Balance Sheet 55.82 10.80
The financial figures shows the following trends:
- Increase in Revenue by Rs. 231 Lacs.
- Increase in PAT by Rs. 38.00 Lacs
- Increase in EPS by Rs. 1.08
OPERATIONS:
During the year, the company has shown notable progress in its business
operations. After switching into the Castor Seeds business, the Company
is able to generate more revenues and profit. However, the tough
competitive market has decreased the profitability of the Company. The
company anticipates more development in the business in the year to
come.
The Ahmedabad Stock Exchange Limited has confirmed the delisting
application of the Company. Now the equity shares of the Company are
listed with The Bombay Stock Exchange Ltd. only.
DIVIDEND:
Due to insufficient profits, Directors do not recommend any dividend.
DEPOSITS:
The Company has not accepted any deposits from Public under section 58A
during the year under review.
DIRECTORS:
Mr. Kantiji Thakor Director of the Company whose term of office is
liable to determination by retirement of directors by rotation at this
Annual General Meeting and being eligible for reappointment, offers
himself for reappointment.
Mr. Bhavin Patel has resigned from the Company due to his
preoccupation. Board takes on record his valuable contribution in the
Company. During the year Mr. Jayesh Madiyar was appointed as Additional
Director w. e. f. 24/06/2014 and his term of office expires at this
Annual General Meeting. On request received from members, name of Mr.
Jayesh Madiyar is recommended for appointment as Director in Company
and subsequently also as a Managing Director of the Company w. e. f.
02/09/2014.
STATUTORY AUDITORS:
As per Section 139 of the Companies Act, 2013 and Rules as Companies
(Audit & Auditors) Rules 2014, the statutory auditor of the Company,
being chartered accountant shall hold the office in such capacity up to
six years. Accordingly the term of office of M/s Samir M. Shah &
Associates, Chartered Accountant, Ahmedabad, expires. Hence the board
recommends the appointment of M/s Arpan Chudgar & Associates, Chartered
Accountant, Ahmedabad as Statutory Auditor of the Company for the
financial year 2014-15. The Company has received a letter to the effect
that their appointment, if made, will be within the prescribed limits
under section 139 (1) and section 141 of the Companies Act 2013. The
appointment of auditors is required to be confirmed by the members in
every Annual General Meeting, hence, your Directors propose to appoint
the Statutory Auditors as set out in the notice accompanying the Annual
Accounts.
The observations contained in the Audi report submitted by M/s Samir M.
Shah & Associates, Chartered Accountant, Ahmedabad are self explanatory
and does not require any further explanation.
ENVIRONMENT, HEALTH AND SAFETY
The Company accords the highest priority to health, environment and
safety. The Company does not carry on manufacturing operations. The
Company takes at most care for the employees and ensures compliance
with the applicable rules and regulation applicable to the Company.
CORPORATE GOVERNANCE
As required under Clause 49 of the Listing Agreement, the Company
complies with all the conditions prescribed there under. As part of
Clause 49 requirement, Management Discussion and Analysis Report and
Corporate Governance Report have been prepared and is annexed to
Directors Report for the financial year 2013-14.
DIRECTORS'' RESPONSIBILITY STATEMENT:
The directors declare and confirm:
(A) that in 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 ended on
31st March, 2014 and of the profit of the company for the that year.
(C) That the Directors have taken proper and sufficient care for
maintenance of adequate accounting records for the year ended 31st
March 2014 in accordance with the provisions of the Companies Act, 1956
for safeguarding the assets of the company and for prevention and
detection of fraud and other irregularities.
(D) That the Directors have prepared the accounts for the financial
year ended 31st March 2014 on a going concern basis.
CONSERVATION OF ENERGY, TECHNOLOGY ABSOPTION, FOREIGN EXCHANGE EARNIGS
AND OUTGO:
During the financial year 2013-14, Company has not undertaken any
manufacturing operations. Company has neither earned nor spent anything
in foreign currency. Hence no disclosure is required under this head
pursuant to Companies (Disclosure of particulars in the report of Board
of Directors) Rules 1988.
PARTICULARS OF EMPLOYEES:
There is no employee in the Company drawing remuneration for which
information is required to be furnished under section 217 (2A) of the
Companies Act 1956 read with Companies (Particulars of Employees) Rules
1975 as amended from time to time.
APPRECIATION:
The Directors feel pleasure thanking all the stakeholders who have
reposed their faith in the management and the company and for their
valuable support and cooperation.
PLACE: AHMEDABAD
DATE: 29.05.2014 BY ORDER OF THE BOARD
FOR EXCEL CASTRONICS LIMITED
KANTIJI THAKOR
DIRECTOR
Mar 31, 2013
The directors feel pleasure in presenting their 21st Annual Report
together with the Audited Statements of accounts for the financial year
ended on 31st March, 2013.
FINANCIAL RESULTS:
During the year under review, the company has gained notable results
after shaking hands with other corporate bodies. The Company has made a
net profit of Rs. 6.46 lacs net of Taxation during the year under
review. The financial results indicate positive results after gaining
corporate synergy through brief extracts of the financial results
during the year are as under:
(Rs.In Lacs)
Particulars Current Year Previous Year
2012 - 13 2011 - 12
Rs. Rs.
Sales & Other Income 177.22 0.00
Profit / (Loss) before
Depreciation & Taxation 7.08 (49.18)
Less/(Add) : Depreciation 0.57 0.57
Profit / (Loss) before Taxation 6.51 (49.75)
Less/(Add) : Prior Period Adjustments 0.00 0.00
Less/(Add) : Provision for Taxation 0.05 0.00
Profit / (Loss) after Appropriation 6.46 (49.75)
Deferred Tax Asset / (Liabilities) 0.00 0.00
Add. : Balance Brought forward (268.72) (218.97)
Balance Carried forward to
Balance Sheet 10.80 (268.72)
OPERATIONS:
During the year, the company has commenced trading operations and has
shown notable trade in the Commodity market. The company anticipates
more development in the business in the year to come.
DIVIDEND:
The Company wishes to retain the profits for future development. Hence
the Directors do not recommend any Dividend.
DEPOSIT:
The Company has not accepted any deposits from Public under section 58A
from the public during the year under review.
DIRECTORS:
All the former Directors of the Company being Mr. Sumeet Sethi, Mr.
Rohit Thakkar and Mr. Pravinbhai Joshi, have ceased to be the members
of the Board w. e. f. 30.05.2013 with the approval of Composite scheme
of amalgamation and with the scheme becoming effective and the new
Directors Mr. Kantiji Thakor, Mr. Bhavin Patel and Mr. Pankaj Jadav
have been appointed as Additional Directors on the Board of Company w.
e. f. 30.05.2013.
STATUTORY AUDITORS:
M/s Samir M. Shah & Associates, Chartered Accountant, Ahmedabad, the
Statutory Auditors of the Company holds the office until the conclusion
of the ensuing Annual General Meeting. The Company has received a
letter to the effect that their appointment, if made, will be within
the prescribed limits under section 224 (1-b) of the Companies Act
1956. The said auditors will be appointed as the auditors of the
Company at the ensuing Annual General Meeting. Hence, your Directors
propose to appoint the Auditors as set out in the notice accompanying
the Annual Accounts.
DIRECTORS'' RESPONSIBILITY STATEMENT:
The directors declare and confirm:
(A) that in 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 ended on
31st March, 2013 and of the profit of the company for the that year.
(C) That the Directors have taken proper and sufficient care for
maintenance of adequate accounting records for the year ended 31st
March 2013 in accordance with the provisions of the Companies Act, 1956
for safeguarding the assets of the company and for prevention and
detection of fraud and other irregularities.
(D) That the Directors have prepared the accounts for the financial
year ended 31st March 2013 on a going concern basis.
CONSERVATION OF ENERGY, TECHNOLOGY ABSOPTION, FOREIGN EXCHANGE EARNIGS
AND OUTGO:
The major element of energy is power consumption. The Company is
involved into the trading of commodities. Hence the company is not
required to furnish the information with regard to consumption under
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.
PARTICULARS OF EMPLOYEES:
There is no employee in the Company drawing remuneration for which
information is required to be furnished under section 217 (2A) of the
Companies Act 1956 read with Companies (Particulars of Employees) Rules
1975 as amended.
APPRECIATION:
The Directors feel pleasure thanking all the stakeholders who have
reposed their faith in the management and the company and for their
valuable support and cooperation.
For and on behalf of the Board of Directors
PLACE: AHMEDABAD KANTIJI THAKOR PANKAJ JADAV
DATE: 30/05/2013 DIRECTOR DIRECTOR
Mar 31, 2012
Dear Members,
The directors feel pleasure in presenting their 20th Annual Report
together with the Audited Statements of accounts for the financial year
ended on 31st March, 2012.
FINANCIAL RESULTS:
The company has made a Loss of Rs. 49.75 lacs before provision of
Taxation during the year under review. The brief extracts of the
financial results during the year are as under:
(Rs. In Lacs)
Particulars Current Year Previous Year
2011 - 12 2010 - 11
Rs. Rs.
Sales & Other Income 0.00 8.48
Profit / (Loss) before
Depreciation & Taxation (49.18) 7.59
Less/(Add) : Depreciation 0.56 1.48
Profit / (Loss) before Taxation (49.75) 6.11
Less/(Add) : Prior Period
Adjustments 0.00 0.00
Less/(Add) : Provision for
Taxation 0.00 0.00
Profit / (Loss) after
Appropriation (49.75) 6.11
Deferred Tax Asset /
(Liabilities) 0.00 0.00
Add. : Balance Brought forward (218.97) (225.08)
Balance Carried forward to
Balance Sheet (268.73) (218.97)
OPERATIONS:
Due to tough financial condition and obsolete equipments, the company
is undergoing stressed phase to operate. It is under constant efforts
to overcome the stringent condition. The Company is under negotiating
stage to shake the hands with other corporate and with their corporate
network; the company hopes to come out of the stringent condition.
DIVIDEND:
As the Company, does not have any revenue generation, no dividend is
recommended.
DEPOSIT:
The Company has not accepted any deposits from Public under section 58A
from the public during the year under review.
DIRECTORS:
Shri Rohit Thakkar, being the Director liable to retire by rotation,
retires at the Annual General Meeting and being eligible for
reappointment, offers himself for reappointment. During the year, Shri
Rohit Thakkar was appointed as the Additional Director w. e. f.
07.05.2011 and was subsequently confirmed as the Director in the
previous annual general meeting. Smt. Yogita Sethi resigned from the
Board of the Company due to her preoccupation w. e. f. 12.10.2011. Shri
Rajnikant Jadav resigned from the Board w. e. f. 21.11.2011.
Consequently your Board of Directors has appointed Shri Pravin Joshi w.
e. f. 21.11.2011, as a Director appointed in casual vacancy.
STATUTORY AUDITORS:
M/s Samir M. Shah & Associates, Chartered Accountant, Ahmedabad, the
Statutory Auditors of the Company hold the office until the conclusion
of the ensuing Annual General Meeting. The Company has received a
letter to the effect that their appointment, if made, will be within
the prescribed limits under section 224 (1-b) of the Companies Act
1956. The said auditors will be appointed as the auditors of the
Company at the ensuing Annual General Meeting. Hence, your Directors
propose to appoint the Auditors as set out in the notice accompanying
the Annual Accounts.
COMPLIANCE CERTIFICATE:
Pursuant to the provisions of section 383A of the Companies Act 1956,
the company having paid up capital of more than Rs. 10 Lacs and below Rs. 5
Cr. is required to obtain a Compliance Certificate from the Practicing
Company Secretary confirming the compliance with the provisions of
Companies Act 1956. Accordingly M/s. J. Akhani & Associates, the
Practicing Company Secretary, Ahmedabad has been appointed to issue the
Compliance Certificate to the Company for the financial year 2011-12.
DIRECTORS' RESPONSIBILITY STATEMENT:
The directors declare and confirm:
(A) that in 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 ended on
31st March, 2012 and of the profit of the company for the that year.
(C) That the Directors have taken proper and sufficient care for
maintenance of adequate accounting records for the year ended 31st
March 2012 in accordance with the provisions of the Companies Act, 1956
for safeguarding the assets of the company and for prevention and
detection of fraud and other irregularities.
(D) That the Directors have prepared the accounts for the financial
year ended 31st March 2012 on a going concern basis.
CONSERVATION OF ENERGY, TECHNOLOGY ABSOPTION, FOREIGN EXCHANGE EARNIGS
AND OUTGO
The major element of energy is power consumption. For manufacturing of
industrial and medical gases, the company does not require substantial
energy. The technologies of the Company have become obsolete and are
not much fruit full. Besides, during the year under review, the company
has not carried out the business operations and so the company is not
required to furnish the information with regard to consumption under
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.
PARTICULARS OF EMPLOYEES:
There is no employee in the Company drawing remuneration for which
information is required to be furnished under section 217 (2A) of the
Companies Act 1956 read with Companies (Particulars of Employees) Rules
1975 as amended.
APPRECIATION:
The Directors feel pleasure thanking all the stakeholders who have
reposed their faith in the management and the company and for their
valuable support and cooperation.
For and on behalf of the Board of Directors
PLACE: AHMEDABAD SUMEET SETHI ROHIT THAKKAR
DATE: 02/07/2012
MANAGING DIRECTOR DIRECTOR
Mar 31, 2010
The directors have pleasure in presenting then 18th Annual Report on
the business and operations of the company and the financial accounts
for the year ended on 31st March, 2010.
FINANCIAL RESULTS
The company has made a Loss of Rs. 148,330/- before provision of
Taxation during the year under report.
(Rs. In Lacs)
Particulars Current Year Previous Year
Rs. Rs.
Sales & Other Income - 225,815
Profit / (Loss) before
Depreciation & Taxation (40) 201,815
Less/(Add): Depreciation 148,290 148,289
Profit/ (LossTbefore Taxation (148,330) 53,526
Less/(Add): Prior Period
Adjustments - -
Less/(Add): Provision
for Taxation - 5,514
Profit/ (Loss) after
Appropriation (148,330) 48,012
Deferred Tax Asset /
(Liabilities) - -
Add.: Balance Brought forward (22,860,306) (22,908,318)
Balance Carried forward
to Balance Sheet (23,008,636) (23,860,306)
OPERATIONS :
The slack economic conditions prevailing to the Industries in the
Country. Your Company has no Turnover during the year. Net Loss for the
year ended on 31st March 2010 amounts to Rs. 148,330/-. However, your
Directors are trying hard to develop new markets.
The Directors of your Company are hopeful that the coming year will
bring heers to the stumbling economy ant to your Company.
DIVIDEND:
Your Directors want to conserve the surplus fund for future expansion
purpose so no dividend has been declared.
FIXED DEPOSIT :
The company has not accepted any deposits from the public during the
year under review.
DIRECTORS :
Mrs. Yogita S. Sethi being liable to retire by rotation at ensuing
Annual General Meeting and being eligible offers herself for
re-appointment.
Mr. Sharvan D. Sethi has resigned (w. e. f. 11.05.10) and Mr. Jagdish
A. Akhani has been appointed as Director in his Place (w. e. f.
22.04.10).
AUDITORS:
The Auditors, M/s Samir M. Shah & Associates, Chartered Accountants,
retire at the ensuing Annual General Meeting and being eligible offer
themselves for re-appointment.
DIRECTORS RESPONSIBILITY STATEMENT :
The directors declare and confirm:
(A) that in preparation of the annual accounts, the applicable
accounting standards have been followed along with proper explanation
relating to material departures;
(B) that the Directors 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 i
state of affairs of the Company at the end of the financial year ended
on 31st March, 2010 and of the profit of the company for the that year.
(C) that the Directors had taken proper and sufficient care for
maintenance of adequate accounting records for the year ended 31st
March, 2010 in accordance with the provisions of the Companies Act,
1956 for the safeguarding the assets of the company and for prevention
and detection of fraud and other irregularities.
(D) that the Directors had prepared the accounts for the financial year
ended 31st March, 2010 on a going concern basis.
CONSERVATION OF ENERGY, TECHNOLOGY ABSOPTION, FOREIGN EXCHANGE EARNIGS
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 is given in ANNEXURE-A annexed hereto,
which forms part of this Report.
PARTICULARS OF EMPLOYEES:
The company has no employee for which the particulars as envisaged U/s
217 (2A) is required to be given.
APPRECIATION:
We wish to place on record our deep appreciation of the devoted
services of the workers & staff of the Company which have, in no small
way, contributed to the Companys progress. We are also grateful to the
banks for their continued help and co-operation.
By Order Of Board of Directors
FOR AHMEDABAD GASES LTD.
DIRECTOR
Date : 04/09/2010
Place: AHMEDABAD
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