Home  »  Company  »  First Winner Industr  »  Quotes  »  Directors Report
Enter the first few characters of Company and click 'Go'

Directors Report of First Winner Industries Ltd.

Mar 31, 2015

Dear Members,

The Directors have pleasure in presenting their 13th Annual Report on the business and operations of the Company and the accounts for the financial year ended March 31, 2015.

Financial Results

Standalone Consolidated

2014-15 2013-14 2014-15 2013-14

Rupees Rupees Rupees Rupees

Total Revenue 5458775 160066859 7722493 209389473

Profit before depreciation and tax -133869779 -74949139 -264716617 -211999311

Less: Depreciation 66765710 54545389 100986935 81180253

Profit after depreciation but before tax -200635489 -129494529 -365703552 -293179564

Less: Provision for tax -- -- -- 74090

Deferred tax -23765274 -15338627 -32314874 -30421165

Fringe Benefit tax

Profit after tax -176870215 -114155902 -333388678 -262832490

Add: Balance brought forward from -51921 64295909 -135993232 129897013

previous year

Less: Short provision for earlier year -- -2066289 -- -3060337

Less: Minority Interest in Current years -- -- -- 2582

Profit

Balance carried forward -228796496 -51926281 -469381910 -135993232

Dividend

The directors do not recommend payment of dividend keeping in view the requirement of surplus funds for your Company's future growth. They trust the shareholders will appreciate their efforts for the future growth of your Company.

State of Company's affair

The Company registered total revenue of Rs. 54,58,775/- during the year under review as against Rs. 16,00,66,859/- in the previous financial year. There is a loss of Rs. (17,68,70,215)/- for the financial year ended March 31, 2015 compared to Rs. (11,41,55,902)/- in previous year. Due to high interest costs, ever increasing input costs in all the segments and adverse market conditions in which the Company operates, the performance of the Company has not been up to a desired level.

Deposits

The Company has not accepted any deposits covered under chapter V of the Companies Act, 2013.

Change in the Nature of Business, if any There were no changes in nature of the business of the Company done during the year.

Material Changes and Commitment, if any, affecting the financial position of the Company which have occurred between the end of financial year of the Company to which the financial statements relate and the date of report No material changes and commitments have occurred after the close of the year till the date of this Report, which affect the financial position of the Company.

Details of significant and material orders passed by the regulators or courts or tribunals impacting the going concern status and company's operations in future During the year under review no significant or material orders were passed by the Regulators or Courts or Tribunals which impact the going concern status and Company's operations in future.

Details in respect of adequacy of internal financial controls with reference to the Financial Statements 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 in the design or operation were observed.

Details of Subsidiary Companies & their Financial Position The Company has three wholly owned subsidiaries, viz. First Winner Lifestyle Limited (Material Subsidiary), Ramshyam Textile Industries Limited and Pal Trading Co. Pvt. Ltd. All companies are in the Textile Business and have same business line as ours and beneficial to all the Four companies to work together to reflect better turnover and profitability.

- First Winner Lifestyle Limited:

First Winner Lifestyle Limited is wholly owned subsidiary (Material Subsidiary) of the Company. It reported the total revenue of Rs. 22,63,438/- and net loss of Rs. (6,36,29,381)/-.

- Ramshyam Textile Industries Limited:

Ramshyam Textile Industries Limited, a wholly owned subsidiary of the Company did not undertake any business during the financial year under review.

- Pal Trading Company Private Limited:

Pal Trading Company Private Limited is a wholly owned subsidiary of the Company. It only earned an Interest income from long term investments during the financial year under review.

The audited accounts of the subsidiary companies are placed on Company's website.

Consolidated Financial Statements

The Consolidated Financial Statement, prepared by the Company in accordance with the applicable Accounting Standards issued by the Institute of Chartered Accountants of India and the provisions of the Listing Agreement with the stock exchanges forms the part of this annual report.

Directors' Responsibility Statement

Your Directors state that:

a) in the preparation of the annual accounts for the year ended March 31, 2015, the applicable accounting standards read with requirements set out under Schedule III to the Act, have been followed and there are no material departures from the same;

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 at March 31, 2015 and of the Profit of the Company for the year ended on that date;

c) the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

d) the Directors have prepared the annual accounts 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.

Corporate Social Responsibility (CSR)

During any financial year preceding the FY 2014-15 the Company was not falling under any of the criteria which mandate the Company to comply with the Section 135 of the Companies Act, 2013 in FY 2014-15.

Contracts & Arrangements with Related Parties

All contracts / arrangements / transactions entered by the Company during the financial year with related parties were in ordinary course of business and on arm's length basis. During the year, the Company had not entered into any contract / arrangement / transaction with related parties which could be considered material in accordance with the policy of the Company on materiality of related party transactions.

The policy on materiality of related party transactions and dealing with related party transactions as approved by the Board may be accessed on company's website. Details of establishment of Vigil Mechanism for directors and employees In accordance with the provisions of Section 177 of the Companies Act, 2013 and Clause 49 of the Listing Agreement, your Company has a vigil mechanism which has incorporated a whistle blower policy with a view to provide a mechanism for directors and employees of the Company to approach the Chairman of the Audit Committee of the Company. Protected disclosures can be made by a whistle blower through the complaint box(es) provided at every unit/office of the Company to the Chairman of the Audit Committee. The Policy on vigil mechanism and whistle blower policy can be accessed on the Company's website.

Statutory Auditors and Auditors' Report

At the Annual general Meeting, members are requested to ratify the appointment of M/s. AVCS & Associates, Chartered Accountants, Mumbai, (Membership No. 148465) as the Statutory Auditors of the Company, to hold office from the conclusion of this 13th Annual General Meeting until the conclusion of the 18th Annual General Meeting and are eligible for re-appointment. They have confirmed their eligibility to the effect that their re-appointment, if made, would be within the prescribed limits under the Act and that they are not disqualified for re-appointment.

The specific notes forming the part of the accounts referred to in the Auditor's Report are self explanatory and give complete information and addresses the qualification/reservation/remark/disclaimers in the Audit Report.

Internal Auditor

M/s. J. H. Ghumara, Chartered Accountant, Mumbai (Membership No. 14320) are the Internal Auditors of the Company.

Secretarial Auditor

Mr. Nishant Jawasa & Associates, practicing Company Secretary was appointed as a Secretarial Auditor to undertake the Secretarial Audit of the Company for the Financial Year 2014-2015. Their secretarial Audit report, in prescribed format is annexed to the Directors Report as Annexure – I. The report is self explanatory and give complete information and addresses thequalification/reservation/remark/ disclaimers in the Report.

Directors & Key Managerial Personnel

1. Change in Directors and Key Managerial Personnel:

In Accordance with the provision of the Act and the Articles of Association of the Company Mrs. Anita Patodia is liable to retire by rotation at the ensuing annual general meeting and being eligible offer herself for re-appointment and your directors recommend the re-appointment in the interest of the Company.

During the financial year under review, Ms. Priyaka Upadhyay and Mr. Nand Kishore Tiwari were appointed as an Additional Directors of the Company with effect from 28.10.2014 and 31.03.2015 respectively and were regularize as Independent Non Executive Directors at the Extra Ordinary General Meeting of the Company on 30.04.2015.

Further pursuant to the Section 203 of the Companies Act, 2013 ("the Act"), the Company was required to appoint the Chief Executive Officer (CEO) & Chief Financial Officer (CFO). Accordingly, Mr. Rinku Patodia was appointed as CEO & Mrs. Anita Patodia, was appointed as the CFO of the Company by the Board in the meeting held on 31.03.2015.

2. Declaration by an Independent Director(s) and re-appointment:

The Company has received declarations from all the Independent Directors of the Company confirming that they meet the criteria of independence as prescribed both under the Act and Clause 49 of the Listing Agreement with the Stock Exchanges.

The brief resumes and other details relating to the Director who is proposed to be re-appointed as required to be disclosed under Clause 49 of the Listing agreement, forms part of the Annual Report.

3. Formal Annual Evaluation:

The Board recognize the importance of reviewing and improving upon its performance. For this purpose they discuss the effectiveness of the functioning of the Chairman, Executive Directors, and other Directors and to agree ways in which performance can be further improved looking at the likely needs in future.

A structured questionnaire was prepared after taking into consideration, various aspect of the Board's functioning, composition of the Board and its committees, culture, execution and performance of specific duties, obligation and governance.

The Performance evaluation of the Chairman and Non-independent Directors was carried out by the Independent Directors. The Board of Directors expressed their satisfaction with evaluation process of Board.

Familiarization programme for Independent Directors

The Company proactively keeps its directors informed of the activities of the Company, its management and operations and provides an overall industry prospective as well as issues being faced by the industries.

The Details of programmes for familiarization of Independent Directors with the Company, their roles, rights, responsibilities in the Company and related matters are put up on the website of the Company at its website.

Number of meetings of the Board of Directors

During the year seven meetings of the Board of Directors were held during the year. The details of the same has mentioned in the Corporate Governance Report.

Audit & Risk Management Committee

Pursuant to Clause 49 of the Listing Agreement it is required to constitute a Risk Management Committee. Since Terms of Reference of the Audit Committee also includes the roles, responsibility and power which are required to be fulfilled by the Risk Management Committee, it was proposed to, instead of creating separate committee for the Risk Management, change the name of the Audit Committee to Audit & Risk Management Committee.

The Audit & Risk Management Committee consists of two independent Non-executive Directors and One Executive Director. The Members of the Committee are well versed in finance matters, accounts, company law and general business practices. The detail composition of the Audit & Risk Management Committee is given in the Corporate Governance Report. All the recommendations made by the Audit & Risk Management Committee were accepted by the Board.

Policy on Directors' appointment and Remuneration including criteria for determining qualifications, positive attributes independence of a director:

Based on the recommendation of Nomination and Remuneration Committee (NRC) the Board has adopted the Remuneration policy for directors, KMP and other employees. NRC has formulated the criteria for determining qualifications, positive attributes and independence of an Independent Director and also criteria for evaluation of Individual directors and the Board / Committees. The Remuneration policy is given by way of Annexure – II to this report.

Particulars of Loans, Guarantees or Investments Under Section 186 of The Companies Act, 2013, during FY 2014-15:

The Company has not given any loans, guarantees or made investments under Section 186 of the Companies Act, 2013.

Share Capital

The Company has not issued any shares (including sweat equity shares) to employees of the Company under any scheme including ESOS.

Management Discussion and Analysis

The Management Discussion and Analysis Report, which gives a detailed account of operations of your company and the market in which it operates, including initiative taken by the company to further its business, forms part of this Annual Report.

Corporate Governance

A report on Corporate Governance along with a certificate from the auditors of the Company regarding the compliance of conditions of corporate governance as stipulated under Clause 49 of the Listing Agreement is annexed to this report.

Conservation of energy, technology absorption, foreign exchange earnings and outgo:

Information pursuant to Section 134 (3) (m) of the Companies act, 2013, relating to conservation of energy technology absorption, foreign exchange earnings and outgo is given as Annexure III to this report.

Particulars of Employee

The Information required under Section 197 of the Act read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel), Rules, 2014 are given as Annexure IV to this Report.

None of the Company's Employees were covered by the disclosure requirement pursuant to the provisions of Section 197 of the Companies Act, 2013 read with Rules 5 (2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.

Extract of Annual Return

Pursuant to Section 92(3) and 134(3)(a) of the Companies Act, 2013 read with Rule 12(1) of the Companies (Management and Administration) Rules, 2014 the extract of Annual Return in prescribed Form No. MGT-9 is given as Annexure V to this report.

ACKNOWLEDGEMENT

The Board of Directors thanks the Banks, Central and State Government authorities and all the stakeholders for their continued co-operation and support to the Company.

Mumbai, 30th May, 2015. For and on behalf of the Board

Registered Offi ce: 605,

Business Classic, First Winner Industries Limited

Chincholi Bunder Road,

Malad (West), Mumbai-400 064. sd/-

Rinku Patodia

Chairman & Managing Director

DIN: 00752500


Mar 31, 2014

Dear Members,

The Directors have pleasure in presenting their Twelvth Annual Report and Accounts for the year ended March 31, 2014. FINANCIAL RESULTS

2013-14 2012-13 Rupees Rupees

Profit before depreciation and tax -74949139 -53468766

Less: Depreciation 54545389 56338028

Profit after depreciation but before tax -129494528 -109806794

Less: Provision for tax -- -- Deferred tax -15338627 -13006615

Fringe Benefit tax -- --

Profit after tax -114155901 -96800179

Add: Balance brought forward from 64295909 161096088 previous year

Less: Short provision for earlier year -2066289 --

Balance carried forward -51926281 64295909

DIVIDEND

The directors do not recommend payment of dividend keeping in view the requirement of surplus funds for your Company''s future growth. They trust the shareholders will appreciate their efforts for the future growth of your Company.

DEPOSITS

The Company has not accepted any deposits pursuant to section 58A of the Companies Act, 1956 and the Rules framed there under including Companies (Acceptance of Deposits) Rules, 1975.

AUDITORS'' REPORT

The Auditors'' report to the shareholders does not contain any qualifications.

DIRECTORS'' RESPONSIBILITY STATEMENT

The Board of Directors ofthe Company confirms:

i. that in the preparation of the annual accounts, the applicable Accounting Standards have been followed and there has been no material departure;

ii. that the selected Accounting Policies were applied consistently and the Directors 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 at March 31, 2014 and of the profit of the company for the year ended on that date;

iii. that 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 safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; and

iv. that the annual accounts have been prepared on going concern basis.

DIRECTORS

Mrs. Anita Patodia is liable to retire by rotation at the ensuing annual general meeting and being eligible offer herself for re-appointment and your directors recommend the re-appointment in the interest of the Company.

MANAGEMENT DISCUSSION AND ANALYSIS

The Management Discussion and Analysis Report, which gives a detailed account of operations of your company and the market in which it operates, including initiative taken by the company to further its business, forms part of this Annual Report.

CORPORATE GOVERNANCE

A report on Corporate Governance along with a certificate from the auditors of the Company regarding the compliance of conditions of corporate governance as stipulated under Clause 49 of the Listing Agreement is annexed to this report.

AUDITORS

M/s Sarvaiya & Co., Chartered Accountants, hold office until the conclusion of the forthcoming Annual General Meeting and are recommended for re-appointment and authorize Board to fix their remuneration.

SUBSIDIARIES

Your company has three wholly owned subsidiaries, viz. First Winner Lifestyle Limited, Ramshyam Textile Industries Limited and Pal Trading Co. Pvt. Ltd. All companies are in the Textile Business and have same business line as ours and beneficial to all the Four companies to work together to reflect better turnover and profitability.

The requisite disclosure in accordance with Section 212 of the Companies Act, 1956 in respect of the subsidiaries annexed to and form part of this Report.

FUTURE OUTLOOK

As you all know year from the year 2011,the textile industry had an experience of huge economic crises. Practically there was a recession in all global market. Textile industries also as a whole suffered a lot. Lower global demand, domestic policy uncertainties and the cumulative impact of monetary tightening contributed to growth slowing down considerably to the estimated level. All three sectors of the economy - agriculture, industry and services - slowed down. Even though there was moderation in agriculture growth, the year witnessed an all-time high food grains output. The services sector moderated primarily due to the slowdown in construction, while the disappointing performance of mining and manufacturing sub-sectors contributed to slackening of industrial growth.

DISCLOSURE OF PARTICULARS

Information as per the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988, relating to Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo are given in Annexure forming part of this Report.

PARTICULARS OF EMPLOYEES

None of the Employee is in receipt of remuneration up to the limits prescribed under Section 217(2A) of the Companies Act, 1956 and the Rules made there under.

PERSONNEL

The Board of Directors wishes to express its appreciation for the outstanding contribution made by employees to the operations of the Company during the year.

ACKNOWLEDGEMENT

The Board of Directors thanks the Banks, Central and State Government authorities and all the stakeholders for their continued co-operation and support to the Company.

Mumbai, 28th May, 2014. For and on behalf of the Board Registered Office:605,Business Classic, First Winner Industries Limited Chincholi Bunder Road, Malad (West), Mumbai-400 064. sd/-

Rinku Patodia Chairman


Mar 31, 2012

The Directors have pleasure in presenting their Tenth Annual Report and Accounts for the year ended March 31, 2012.

FINANCIAL RESULTS

2011-12 2010-11 Rupees Rupees

Profit before depreciation and tax 66902956 89955896

Less: Depreciation 44639692 29057353

Profit after depreciation but before tax 22263264 60898543

Less: Provision for tax 4482110 12916346

Deferred tax 7541618 20943432

Fringe Benefit tax - -

Less: Short provision for earlier year 47380 (45302)

Profit after tax 10192156 27084068

Add: Balance brought forward from previous year 145552298 133180053

Appropriation:

Proposed Dividend - 12616397

Tax on Proposed Dividend - 2095426

Add: Excess provision for tax of previous year 5351634 -

Balance carried forward 161096088 145552298

DIVIDEND

The directors do not recommend payment of dividend keeping in view the requirement of surplus funds for your Company's future growth. They trust the shareholders will appreciate their efforts for the future growth of your Company.

DEPOSITS

The Company has not accepted any deposits pursuant to section 58A of the Companies Act, 1956 and the Rules framed there under including Companies (Acceptance of Deposits) Rules, 1975.

AUDITORS' REPORT

The Auditors' report to the shareholders does not contain any qualifications.

DIRECTORS' RESPONSIBILITY STATEMENT

The Board of Directors of the Company confirms:

i. that in the preparation of the annual accounts, the applicable Accounting Standards have been followed and there has been no material departure;

ii. that the selected Accounting Policies were applied consistently and the Directors 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 at March 31, 2012 and of the profit of the company for the year ended on that date;

iii. that 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 safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; and

iv. that the annual accounts have been prepared on going concern basis.

DIRECTORS

Mrs. Anita Patodia is liable to retire by rotation at the ensuing annual general meeting and being eligible offer herself for re- appointment and your directors recommend the re-appointment in the interest of the Company.

MANAGEMENT DISCUSSION AND ANALYSIS

The Management Discussion and Analysis Report, which gives a detailed account of operations of your company and the market in which it operates, including initiative taken by the company to further its business, forms part of this Annual Report.

CORPORATE GOVERNANCE

A report on Corporate Governance along with a certificate from the auditors of the Company regarding the compliance of conditions of corporate governance as stipulated under Clause 49 of the Listing Agreement is annexed to this report.

AUDITORS

The Joint Auditors M/s Deshmukh & Associates and M/s Praful M. Joshi, Chartered Accountants, hold office until the conclusion of the forthcoming Annual General Meeting and are recommended for re-appointment and authorize Board to fix their remuneration.

SUBSIDIARIES

Your company has three wholly owned subsidiaries, viz. First Winner Lifestyle Limited, Ramshyam Textile Industries Limited and Pal Trading Co. Pvt. Ltd. All companies are in the Textile Business and have same business line as ours and beneficial to all the Four companies to work together to reflect better turnover and profitability.

The requisite disclosure in accordance with Section 212 of the Companies Act, 1956 in respect of the subsidiaries annexed to and form part of this Report.

FUTURE OUTLOOK

As you all know year 2011-2012 was a year of global crises & had an experience of huge economic crises. Practically there was a recession in all global market. Textile industries also as a whole suffered a lot. This situation made us to take very strict measures & to arrest the huge losses. Our quick action on this regard like reduction in employment, giving higher allocation of work, introduction of high value product, increase in our own fabric sales instead of relying on job work, cost control on fuel & power has helped us and this will make a batter tomorrow for an upcoming year.

DISCLOSURE OF PARTICULARS

Information as per the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988, relating to Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo are given in Annexure forming part of this Report.

PARTICULARS OF EMPLOYEES

None of the Employee is in receipt of remuneration up to the limits prescribed under Section 217(2A) of the Companies Act, 1956 and the Rules made there under.

PERSONNEL

The Board of Directors wishes to express its appreciation for the outstanding contribution made by employees to the operations of the Company during the year.

ACKNOWLEDGEMENT

The Board of Directors thanks the Banks, Central and State Government authorities and all the stakeholders for their continued co-operation and support to the Company.

Registered Office: For and on behalf of the Board

605, Business Classic, First Winner Industries Limited

Chincholi Bunder Road,

Malad (West), Mumbai-400 064. sd/-

Rinku Patodia Chairman

Mumbai, August 31, 2012.


Mar 31, 2011

Dear Shareholders,

The Directors have pleasure in presenting their Ninth Annual Report and Accounts for the year ended March 31, 2011.

FINANCIAL RESULTS

2010-11 2009-10 Rupees Rupees

Profit before depreciation and tax 89955896 83533412

Less: Depreciation 29057353 27392289

Profit after depreciation but before tax 60898543 56141123

Less: Provision for tax 12916346 10270833

Deferred tax 20943432 13564194

Fringe Benefit tax - -

Less: Short provision for earlier year 45302 89570

Profit after tax 27084068 32216526

Add: Balance brought forward from previous year 143519048 111302522

Appropriation:

Proposed Dividend 12616397 8866397

Tax on Proposed Dividend 2095426 1472598

Balance carried forward 155891293 133180053

DIVIDEND

The Board of Directors of your Company has recommended a dividend of 5% per equity share of Rs. 10/- each.

DEPOSITS

The Company has not accepted any deposits pursuant to section 58A of the Companies Act, 1956 and the Rules framed there under including Companies (Acceptance of Deposits) Rules, 1975.

AUDITORS' REPORT

The Auditors' report to the shareholders does not contain any qualifications.

DIRECTORS' RESPONSIBILITY STATEMENT

The Board of Directors of the Company confirms:

i. that in the preparation of the annual accounts, the applicable Accounting Standards have been followed and there has been no material departure;

ii. that the selected Accounting Policies were applied consistently and the Directors 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 at March 31, 2011 and of the profit of the company for the year ended on that date;

iii. that 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 safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; and

iv. that the annual accounts have been prepared on going concern basis.

DIRECTORS

Mr. B. G. Agarwal is liable to retire by rotation at the ensuing annual general meeting and being eligible offer himself for re- appointment and your directors recommend the re-appointment in the interest of the Company.

MANAGEMENT DISCUSSION AND ANALYSIS

The Management Discussion and Analysis Report, which gives a detailed account of operations of your company and the market in which it operates, including initiative taken by the company to further its business, forms part of this Annual Report.

CORPORATE GOVERNANCE

A report on Corporate Governance along with a certifcate from the auditors of the Company regarding the compliance of conditions of corporate governance as stipulated under Clause 49 of the Listing Agreement is annexed to this report.

AUDITORS

The Joint Auditors M/s Deshmukh & Associates and M/s Praful M. Joshi, Chartered Accountants, hold office until the conclusion of the forthcoming Annual General Meeting and are recommended for re-appointment and authorize Board to fix their remuneration.

SUBSIDIARIES

In accordance with the general circular issued by the Ministry of Corporate Affairs, Government of India, the Balance Sheet, Profit and Loss and other documents of the subsidiary companies are not being attached with the Balance sheet of the Company. The Company will make available the Annual Accounts of the subsidiary companies and the related detailed information to any member of the Company who may be interested in obtaining the same. The annual accounts of the subsidiary companies will also be kept open for inspection at the Registered Office of the Company. The Consolidated Financial Statements present by the Company including the financial results of its subsidiary companies.

Your company has three wholly owned subsidiaries, viz. First Winner Lifestyle Limited, Ramshyam Textile Industries Limited and Pal Trading Co. Pvt. Ltd. All companies are in the Textiles Business and having same business line as of ours and beneficial to all the Four companies to work together to refect better turnover and profitability.

In the interest of our share holder the company has decided to up load the annual account of its subsidiaries companies with the annual report on its web site.

FUTURE OUTLOOK

Your directors are happy to inform you that this year was good for textile business as a whole and in particular it was very good for your company. As our special field of fine variety woven coloured checks we could have made much higher profits if the cost of raw material, fuel and labour would not have increased significantly.

We are pleased to inform you that the yarn dyeing project is ready for bulk production. Initial trials are already organized and now we are confident to have very good output as all our customers, those who are getting their fabric woven from us, are very much interested to load us with their requirements.

As you are aware that our garment division is supplying to the market, full range of men's clothing and apparels like casual shirts, party shirts, formal shirts, denim jeans and formal trousers under the brand names of "Vencedor" and "Seiger", in addition, I am delighted to inform you that we have also started marketing and export of fabrics. We have received very good response from the market for our products.

The present textile business and response to your company for textile marketing has been very encouraging. It gives us the motivation for further expansion in the form of fabric processing division. In the near future, we propose to come out with our processing unit.

DISCLOSURE OF PARTICULARS

Information as per the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988, relating to Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo are given in Annexure forming part of this Report.

PARTICULARS OF EMPLOYEES

None of the Employee is in receipt of remuneration up to the limits prescribed under Section 217(2A) of the Companies Act, 1956 and the Rules made there under.

PERSONNEL

The Board of Directors wishes to express its appreciation for the outstanding contribution made by employees to the operations of the Company during the year.

ACKNOWLEDGEMENT

The Board of Directors thanks the Banks, Central and State Government authorities and all the stakeholders for their continued co-operation and support to the Company.

For and on behalf of the Board First Winner Industries Limited



Sd/- Rinku Patodia Chairman Mumbai, August 30, 2011.

Registered Office:

605, Business Classic, Chincholi Bunder Road, Malad (West), Mumbai-400 064.

 
Subscribe now to get personal finance updates in your inbox!