Mar 31, 2015
The Directors presenting their Annual Report on the business and
operations of the Company and statement of accounts for the year ended
31st March, 2015.
Financial Summary/Highlights
During the financial year, the performance of the Company is as under:
(Rs. In Lakhs)
Particulars 2014-15 2013-14
Total Income - -
Profit / (Loss) before Tax (184.96) (17.79)
Less: Provision for Tax - -
Profit after Tax (184.96) (17.79)
Add : Balance bought forward (1740.64) (1722.85)
Surplus carried forward (1925.60) (1740.64)
Overview of Company's Financial Performance
In view of heavy losses accrued over the years & the Company's
activities have come to a stand still.
Transfer to reserves
During the financial year, the Company did not transfer any amount to
reserve.
Dividend
Considering the fact, that the Company has suffered a loss, your
Directors have decided not to recommend any dividend on the equity
shares for the year ended March 31, 2015.
Change in the nature of business
There was no change in the nature of business of the Company during the
financial year.
Public Deposits
During the financial year 2014-15, your Company has not accepted any
deposit within the meaning of Sections 73 and 74 of the Companies Act,
2013 read together with the Companies (Acceptance of Deposits) Rules,
2014.
Subsidiaries, Associate and Joint venture Companies
As on March 31, 2015, the Company does not have any Subsidiary Company,
Associate Company and joint venture Company.
Directors and Key Managerial Personnel
Mr. Mahesh Garodia (DIN-01250816), Director of the Company, is liable
to retire by rotation at the forthcoming Annual General Meeting and,
being eligible, offers himself for re-appointment. Your Directors
recommend his re-appointment.
The Nomination and Remuneration Committee of the Board of Directors
('Board') had recommended to the Board, appointment of Mrs. Menka Jha
(DIN-06950148) as Additional Woman Director of the Company. The Board
on recommendation of said committee had accorded their approval for
appointment of Mrs. Menka Jha as Additional Woman Director of the
Company w.e.f. 26th February, 2015 in accordance with the applicable
provisions and rules of the Companies Act, 2013.
Mrs. Menka Jha (DIN-06950148) has resigned from the Directorship w.e.f
31st August, 2015. The Board has accepted her resignation and has
placed on record sincere appreciation towards her contribution made by
her during her association with the Company.
Declaration by independent directors
The Company has received necessary declaration from each independent
director under Section 149 (7) of the Companies Act, 2013 , that they
meet the criteria of independence laid down in Section 149(6) of the
Companies Act, 2013 and Clause 49 of the Listing Agreement.
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 financial year, there were no such orders passed by the
regulators or courts or tribunals impacting the going concern status
and company's operations in future.
Adequacy of Internal Financial Control
The Board is in the process for adoption of policies and procedures for
ensuing the orderly and efficient conduct of its business, including
adherence to the Company's policies, the safeguarding the assets, the
prevention and detention of frauds and errors, the accuracy and
completeness of the accounting records, and timely preparation of
reliable financial disclosure.
Composition of Audit Committee
The Audit Committee comprises of three Directors. Composition of the
Audit Committee during the financial year 2014-2015 is as follows:
Sr.
No. Name of the Committee Members Designation
1 Mr. Kunal Naik Chairman
2 Mr. Mahesh Garodia Member
3 Mr. Brian Fernandes Member
There were no matters during the financial year 2014-2015, wherein the
Board did not accept recommendations given by the Audit Committee.
Establishment of Vigil Mechanism
The Company has established and adopted Vigil Mechanism and the policy
(Whistle Blower Policy) thereof for directors and employees of the
Company in accordance with the provisions of Companies Act, 2013 as
well as listing agreement. During the year under review, no personnel
of the Company approached the Audit Committee on any issue falling
under the said policy. The vigil mechanism policy is available on the
website of the company at link www.gchem.co.in
Particulars of remuneration to employees
Pursuant to the provisions of section 197 of the Companies Act, 2013,
read with rule 5 of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014, particulars of employees are
required to be provided in the Directors' Report. However, having
regard to the provisions of section 136 of the Companies Act, 2013, the
Annual Report, excluding the aforesaid particulars, is being sent to
all the members of the Company and others entitled thereto. Any member
interested in obtaining these particulars will be provided with the
same upon receipt of a written request delivered at the Registered
Office of the Company
Management Discussion and Analysis
The Management Discussion and Analysis forms part of the Directors'
Report is annexed herewith as 'Annexure A'.
Corporate Governance Report
As required by clause 49 of the Listing Agreement with the Stock
Exchange (s), a report on Corporate Governance and a certificate
confirming compliance with requirement of Corporate Governance forms
part of this Annual Report as in 'Annexure ÂB'.
Auditors:
a) Statutory Auditors
The Company's Auditors, M/s. Milind K. Mehta & Co., Chartered
Accountants (Registration No. 129664W) hold office up to the conclusion
of the forthcoming Annual General Meeting and being eligible, offer
themselves for re-appointment. The Company has received letter from
them giving their consent to act as Auditors of the Company and stating
that their re-appointment, if made, would be within the prescribed
limits under Section 139 of the Companies Act, 2013. Your Directors
recommend their re- appointment form the conclusion of this Annual
General Meeting until the conclusion of the next Annual General
Meeting.
b) Secretarial Auditor
CS Rakesh Kapur, Practicing Company Secretaries, was appointed to
conduct the secretarial audit of the Company for the financial year
2014-2015, as required under Section 204 of the Companies Act, 2013 and
Rules there under. The secretarial audit report for financial year
2014-2015 forms part of the Directors Report as 'Annexure C' to the
Board's report.
Explanations by the Board on qualification, reservation or adverse
remark or disclaimer made by the
- Auditors in their report
Sr. No. Observation Reply to the observation
Please refer to the Non - provision of In view of the heavy accumulated
Note No. 20 of Interest expenses on losses and suspension of the the
Notes to loans and borrowings manufacturing activities for the last
accounts and taken from IDBI almost 5 years, resulting in non- Point
No. of 7.1 (now taken over by generation of the cash profit for the of
the Auditors Aaskha Holdings Pvt repayment of interest to the financial
Report Ltd) institution and the company is in the process of getting an
legal opinion as to how to come out of the crisis being faced by the
company as on date.
Employees Stock Option Scheme (ESOS)
Your Company has not issued any shares to the employees of the Company
under the Employee Stock Option Scheme in the previous financial year.
Corporate Social Responsibility:
The Company is not falling in any criteria as mentioned in Section 135
of the Act read with Companies (Corporate Social Responsibility Policy)
Rules, 2014, the Act. Hence, provisions of CSR is not applicable to the
Company.
Extract of Annual Return
In accordance with Section 134(3)(a) of the Companies Act, 2013, an
extract of the Annual return in the prescribed format is annexed
herewith as 'Annexure D 'to the Board's report.
Number of Meetings of the Board
During the financial year, 10 (Ten) Board Meetings and 4 (Four) Audit
Committee Meetings were held the details of which are given in the
Corporate Governance Report forming part of the Annual Report.
Directors' Responsibility Statement
Pursuant to the requirement of Section 134(3)(c) of the Companies Act
2013, with respect to the Directors' Responsibility Statement, it is
hereby confirmed:
a) that in the preparation of the accounts for the financial year ended
on 31st March, 2015, 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 were 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/ loss of the
Company for the year ended on that date;
c) that the Directors had 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) that the Directors had prepared the accounts for the financial year
ended on 31st March, 2015 on a 'going concern' basis.
e) that Directors are in process for adoption adequate financial
controls and also ensure that financial controls will be adequate and
operate effectively.
f) that Directors had devised proper systems to ensure compliance with
the provisions of all applicable laws were in place and were adequate
and operating effectively.
Policy on Directors' appointment and remuneration
Policy for Selection and Appointment of Directors and their
Remuneration including criteria for determining qualifications,
positive attributes, independence of a director and other matters under
Sub-section (3) of Section 178 of the Companies Act, 2013, adopted by
the Board, is annexed as 'Annexure E' to the Board's report.
Particulars of loans, guarantees or investments under Section 186
During the financial year 2014-2015, there are no such transactions
transacted by the Company and hence particulars of details of loans,
guarantee, security or investments covered under Section 186 of the
Companies Act, 2013 are not required to be furnished.
Particulars of contracts or arrangements made with related parties
There were no contract or arrangements entered into by the Company with
related parties referred to in sub-section (1) of Section 188 of the
Companies Act 2013 during the financial year 2014-2015.
Material changes and commitments affecting financial position between
the end of the financial year and date of report
There are no material changes and commitments affecting financial
position between the end of the financial year and date of Boards
Report.
Conservation of Energy, Technology Absorption and Foreign Exchange
Earnings & Outgo
A. Conservation of Energy:
Steps taken or impact on conservation of energy Due to heavy losses
during
Steps taken by the company for utilizing alternate the year the Company
has not sources of energy spent any substantial amount Capital
investment on energy conservation on Conservation of Energy to
equipments be disclosed here.
B. Technology Absorption
- Efforts made towards technology absorption: Considering the nature of
activities of the Company, there is no requirement with regard to
technology absorption.
- Benefits derived as a result of the above efforts: Since the Company
did make any technology absorption there was no benefits derived from
the same.
- In case of imported technology (imported during the last 3 years
reckoned from the beginning of the financial year): no new technology
has been imported during the year.
a) the details of technology imported: Not Applicable
b) the year of import: Not Applicable
c) whether the technology been fully absorbed: Not Applicable
d) if not fully absorbed, areas where absorption has not taken place,
and the reasons thereof: Not Applicable
- Expenditure Incurred on Research and Development: The Company did not
spend any money on Research and Development.
C. Foreign exchange earnings and outgo
There was no Foreign Currency earning & expenditure during the year.
Risk Management Policy and Compliance Framework
Risk Management policy of the Company has been developed and
implemented, recommended by the Audit Committee and approved by Board
of Directors in their Meeting held on 26th March, 2015. In the opinion
of the board the below given risks may threaten the existence of the
Company:
External Risk Factors
a. Economic Environment and Market conditions
b. Political Environment
c. Competition
d. Technology
Internal Risk Factors
a) Contractual Compliance
b) Environmental Management
c) Human Resource Management
Board Evaluation
Clause 49 of the Listing Agreement mandates that the Board shall
monitor and review the Board evaluation framework. The Companies Act,
2013 states that a formal annual evaluation needs to be made by the
Board of its own performance and that of its committees and individual
directors. Schedule -IV of the Companies Act, 2013 states that the
performance evaluation of independent directors shall be done by the
entire Board of Directors, excluding the director being evaluated
The evaluation of all the directors and the Board as a whole was
conducted based on the criteria and framework adopted by the Board. The
evaluation process has been explained in the corporate governance
report section in this Annual Report.
Acknowledgment:
Your Directors would like to express their grateful appreciation for
the assistance, support and co-operation received from the Financial
Institutions, Banks, Government Authorities and Shareholders during the
year under review. Your Directors would also like to take this
opportunity to express their appreciation to the dedicated and
committed employees of the Company towards the achievement of short
term and long term goals of the Company.
On behalf of the Board of Directors
Garodia Chemicals Limited
Mahesh Gordhandas Garodia Kunal Nalin Naik
SD/- SD/-
DIN: 01250816 DIN: 02689478
Address: Namakwala, M. G. Road, Address: H.No. Ii-43 Plot 65 New
Vasant Apt.,
Ghatkopar (East), Mumbai, 400077 4th Road Garodia Nagar, Ghatkopar,
400077
Place: Mumbai
Date: 01/09/2015
Mar 31, 2014
Dear Members,
The Directors have pleasure in presenting their Annual Report along
with Audited accounts for the year ended 31st March, 2014.
1. PERFORMANCE:-
PARTICULARS 2013-14 2012-13
Sales & Other Income 0.00 0.00
Less : Expenditure 17,79,181 00 1,609,205.00
Profit/(Loss) Before Extraordinary
Items and Tax (17,79,181 00) (1,609,205.00)
Less : Extra ordinary items 0.00 0.00
Less : Provision for Taxation 0.00 0.00
Add/Less : Deferred Tax Liabilities 0.00 0.00
Loss for the year (17,79,181 .00) (1,609,205.00)
2. DIVIDEND:
In view of losses, your Directors do not recommend any dividend.
3. PERFORMANCE DURING THE CURRENT YEAR:
In view of heavy losses accrued over the years & the Company''s
activities have come to a stand still.
4. DEPOSIT FROM PUBLIC:
The Company has not accepted any deposits from public during the year
under review.
5. PARTICULARS OF EMPLOYEES:
Provisions of section 217 (2A) of the Companies Act, 1956 read with
companies (Particulars of Employees) Rules 1975 are not attracted in
respect of any employees of the Company.
6. COMPANIES (DISCLOSURE OF PARTICULARS IN THE REPORT OF BOARD OF
DIRECTORS) RULES, 1988:
Companies (Disclosure of Particulars in the Report of Board of
Directors) Rules, 1988 has been attached as an Addendum to Directors
Report.
7. FOREIGN EXCHANGE EARNINGS AND OUTGO:
There was no Foreign Currency earning & expenditure during the year.
8. DIRECTORS RESPONSIBILITY STATEMENT:
The Directors hereby confirm that:
1) In preparation of annual accounts, applicable Accounting Standards
had been followed with proper explanation relating to material
departures
2) 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 state of affairs
of the company at the end of the financial year and of the profit or
loss of the company for that period;
3) That the directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the company and
for preventing and detecting fraud and other irregularities.
4) That the directors had prepared the annual accounts on a going
concern basis.
9. MATERIAL CHANGES:
The Company has established demat connectivity with Central Depository
Securities (India) Limited (CDSL) and the Company has been allotted
with ISIN - INE236PO1010.
10. MANAGEMENT DISCUSSION AND ANALYSIS:
The Management Discussion and Analysis forms part of the Directors''
Report is annexed hereto.
11. DIRECTORS:
Mr. Nishant Garodia has resigned from the directorship of the Company
on 13th March, 2014. Pursuant to section 152 of the Companies Act,
2013, Mr. Brian Fernandes, who retires by rotation and being eligible
for reappointment, offer himself for reappointment at the ensuing
Annual General Meeting.
The above appointments/re-appointments forms part of the notice
convening Annual General Meeting. The profile of these Directors as
required under Clause 49 of the Listing Agreement entered with the
Stock Exchange(s), are given in the notice convening Annual General
Meeting.
12. AUDITORS:
M/s. M. K. MEHTA & CO., Chartered Accountants retire at the conclusion
of the Ensuing General Meeting, are eligible for the re-appointment.
You are requested to appoint the Auditors & fix their remuneration.
13. ACKNOWLEDGEMENT:
The Directors take this opportunity to thank shareholders, bankers and
auditors for their support & co- operation to the Company. The
directors wish to place on record their appreciation for dedication of
employees of Company.
For and On Behalf of Board of Directors
SD/-
Mahesh Garodia
Chairman
DIN: 01250816
Date: 30/05/2014
Place: Mumbai
Mar 31, 2013
The Members of Garodia Chemicals Ltd.
The Directors have pleasure in presenting their Annual Report along
with Audited accounts for the year ended 31st March, 2013.
1. PERFORMANCE:-
PARTICULARS 2012-13 2011-12
Sales & Other Income 0.00 00.00
Less : Expenditure 1,609,205.00 3,314,453.00
Profit/(Loss) Before
Extraordinary Items and (1,609,205.00) (3,314,453.00)
Tax
Less : Extra ordinary items 0.00 (10,513,090.00)
Less : Provision for Taxation 0.00 0.00
Add/Less : Deferred Tax Liabilities 0.00 0.00
Loss for the year (1,609,205.00) (13,827,543.00)
2. DIVIDEND:
In view of losses, your Directors do not recommend any dividend.
3. PERFORMANCE DURING THE CURRENT YEAR:
In view of heavy losses accrued over the years & the Companys
activities have come to a stand still.
4. DEPOSIT FROM PUBLIC:
The Company has not accepted any deposits from the members of the
public as defined in section 58A of the CompanyÂs Act 1956.
5. PARTICULARS OF EMPLOYEES:
Provisions of section 217 (2A) of the Companies Act 1956 read with
companies (Particulars of Employees) Rules 1975 are not attracted in
respect of any employees of the Company.
6. COMPANIES (DISCLOSURE OF PARTICULARS IN THE REPORT OF BOARD OF
DIRECTORS) RULES, 1988:
Companies (Disclosure of Particulars In The Report Of Board Of
Directors) Rules, 1988 has been attached as an Addendum to Directors
Report.
7. FOREIGN EXCHANGE EARNINGS AND OUTGO:
There was no Foreign Currency earning & expenditure during the year.
8. DIRECTORS RESPONSIBILITY STATEMENT: The Directors hereby confirm
that:
1) In preparation of annual accounts, applicable Accounting Standards
had been followed with proper explanation relating to material
departures
2) 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 state of affairs
of the company at the end of the financial year and of the profit or
loss of the company for that period;
3) That the directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the company and
for preventing and detecting fraud and other irregularities.
4) That the directors had prepared the annual accounts on a going
concern basis.
9. Material Changes:
The Company has established demat connectivity with Central Depository
Securities (India) Limited (CDSL) and the Company has been allotted
with ISIN - INE236PO1010.
10. MANAGEMENT DISCUSSION AND ANALYSIS:
The Management Discussion and Analysis forms part of the DirectorsÂ
Report is annexed hereto.
11. DIRECTORS:
There is no change in Board of Directors of Company. Pursuant to
section 256 of the Companies Act, 1956 Mr. Kunal Naik who retire by
rotation and being eligible for reappointment, offer himself for
reappointment at the ensuing Annual General Meeting.
The above appointments/re-appointments forms part of the notice
convening Annual General Meeting. The profile of these Directors as
required under Clause 49 of the Listing Agreement entered with the
Stock Exchange(s), are given in the notice convening Annual General
Meeting.
12. AUDITORS:
M/s. M. K. MEHTA & CO., Chartered Accountants retire at the conclusion
of the Ensuing General Meeting, are eligible for the re-appointment.
You are requested to appoint the Auditors & fix their remuneration.
11. ACKNOWLEDGEMENT:
The Directors take this opportunity to thank shareholders, bankers and
auditors for their support & co- operation to the Company. T he
directors wish to place on record their appreciation for dedication of
employees of Company.
For and On Behalf of Board of Directors
SD/- SD/-
Mahesh Garodia Nishant Garodia
Director Director
Date: 29th May 2013
Place: Mumbai
Mar 31, 2012
To The Members of Garodia Chemicals Ltd.
The Directors have pleasure in presenting their Annual Report along
with Audited accounts for the year ended 31st March, 2012.
1. PERFORMANCE:-
PARTICULARS 2011-12 2010-11
Sales & Other Income 00.00 307,800.00
Less : Expenditure 3,314,453.00 2,088,161.00
Profit/(Loss) Before
Extraordinary Items and Tax (3,314,453.00) (1,780,361.00)
Less : Extra ordinary items (10,513,090.00) 0.00
Less : Provision for Taxation 0.00 0.00
Add/Less : Deferred Tax Liabilities 0.00 0.00
Loss for the year (13,827,543.00) (1,780,361.00)
2. DIVIDEND:
In view of losses, your Directors do not recommend any dividend.
3. PERFORMANCE DURING THE CURRENT YEAR:
In view of heavy losses accrued over the years & the Company's
activities have come to a stand still.
4. DEPOSIT FROM PUBLIC:
The Company has not accepted any deposits from the members of the
public as defined in section 58A of the Company's Act 1956.
5. PARTICULARS OF EMPLOYEES:
Provisions of section 217 (2A) of the Companies Act 1956 read with
companies (Particulars of Employees) Rules 1975 are not attracted in
respect of any employees of the Company.
6. COMPANIES (DISCLOSURE OF PARTICULARS IN THE REPORT OF BOARD OF
DIRECTORS) RULES, 1988:
Considering Nature of business of your Company no comment is made on
the energy consumption and technology absorption.
7. FOREIGN EXCHANGE EARNINGS AND OUTGO
There was no Foreign Currency earning & expenditure during the year.
8. DIRECTORS RESPONSIBILITY STATEMENT:
The Directors hereby confirm that:
1) In preparation of annual accounts, applicable Accounting Standards
had been followed with proper explanation relating to material
departures
2) 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 state of affairs
of the company at the end of the financial year and of the profit or
loss of the company for that period;
3) That the directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the company and
for preventing and detecting fraud and other irregularities.
4) That the directors had prepared the annual accounts on a going
concern basis.
9. DIRECTORS:
There is no change in Board of Directors of Company.
10. AUDITORS:
M/s. M. K. MEHTA & CO., Chartered Accountants retire at the conclusion
of the Ensuing General Meeting, are eligible for the re-appointment.
You are requested to appoint the Auditors & fix their remuneration.
11. ACKNOWKDEGMENT:
The Directors take this opportunity to thank shareholders, bankers and
auditors for their support & co- operation to the Company. The
directors wish to place on record their appreciation for dedication of
employees of Company.
Place: Mumbai. For and On Behalf of Board of Directors
Date: 30th May 2012 Garodia Chemicals Limited
SD/-
Director
Mar 31, 2011
The Directors have pleasure in presenting their Annual Report along
with Audited accounts for the year ended 31st March, 2011.
1. PERFORMANCE:-
PARTICULARS 2010-11 2009-10
Gross Income 3,07,800.00 0.00
Total Expenditure 20,88,161.00 14,65,320.00
Loss for the year 17,80,361.00 -14,65,320.00
Add- B/ F Losses 15,50,68,132.00 15,36,02,812.00
Loss carried to
Balance sheet 15,68,48,493.00 l5,50,68,l32.00
2. DIVIDEND:
In view of losses, your Directors do not recommend any dividend.
3. PERFORMANCE DURING THE CURRENT YEAR:
In view of heavy losses accrued over the years & the Company's
activities have come to a stand still.
4. DEPOSIT FROM PUBLIC:
The Company has not accepted any deposits from the members of the
public as defined in section 58A of the Company's Act 1956.
5. PARTICULARS OF EMPLOYEES:
Provisions of section 217 (2A) of the Companies Act 1956 read with
companies (Particulars of Employees) Rules 1975 are not attracted in
respect of any employees of the Company.
6. COMPANIES (DISCLOSURE OF PARTICULARS IN THE REPORT OF BOARD OF
DIRECTORS) RULES. 1988:
Considering Nature of business of your Company no comment is made on
the energy consumption and technology absorption.
7. FOREIGN EXCHANGE EARNINGS AND OUTGO
There was no Foreign Currency earning & expenditure during the year.
8. DIRECTORS RESPONSIBILITY STATEMENT:
Directors hereby confirm that:
1) In preparation of annual accounts applicable Accounting Standards
had been followed with proper explanation relating to material
departures
2) 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 state of affairs
of the company at the end of the financial year and of the profit or
loss of the company for that period;
3) That the directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the company and
for preventing and detecting fraud and other irregularities.
4) That the directors had prepared the annual accounts on a going
concern basis.
9. DIRECTORS:
There is no change in Board of Directors of Company.
10. REPLY TO QUALIFICATIONS IN AUDITORS REPORT:
With respect to Auditors qualification in their report dated 8th
September, 2006, explanation given by directors is as follows: Point
No.4(a), 4(b) and 4(d) The documents got misplaced due to some reasons.
However the Company has made an application to receive Duplicate
documents.
Point No.4(e)
None of the directors of the Company are disqualified under Section
274(l)(g) of the Companies Act, 1956.
Point No.4(f)
The documents got misplaced due to some reasons. However the Company
has made an application to receive Duplicate documents. The management
is in process of obtaining confirmations.
10. AUDITORS:
M/s. Milind Mehta & Co., Chartered Accountants retire at the conclusion
of the ensuing Annual General Meeting and being eligible offers
themselves for the re-appointment. The Board of Directors recommends
the re-appointment of M/s. Milind Mehta & Co. as Statutory Auditors of
the Company.
11. ACKNOWKDEGMENT:
The Directors take this opportunity to thank shareholders, bankers and
auditors for their support & co- operation to the Company. The
directors wish to place on record their appreciation for dedication of
employees of Company.
Place: Mumbai. For and On Behalf of Board of Directors
Date: 2nd September, 2011 Sd/-
Chairman
Mar 31, 2010
To The Members of Garodia Chemicals Ltd.
The Directors have pleasure in presenting their Annual Report along
with Audited accounts for the year ended 31st March, 2010.
1. PERFORMANCE:-
PARTICULARS 2009-10 2008-09
Gross Income 00.00 00.00
Total Expenditure 1465320.00 1518589.00
Loss for the year 1465320.00 1518589.00
Add- B/ F Losses 153602812.00 152084223.00
Loss carried to Balance sheet 155068132.00 153602812.00
2. DIVIDEND:
In view of losses, your Directors do not recommend any dividend.
3. PERFORMANCE DURING THE CURRENT YEAR:
In view of heavy losses accrued over the years & the Company's
activities have come to a stand still
4. DEPOSIT FROM PUBLIC:
The Company has not accepted any deposits from the members of the
public as defined in section 1
58A of the Company's Act 1956.
5. PARTICULARS OF EMPLOYEES:
Provisions of section 217 (2A) of the Companies Act 1956 read with
companies (Particulars of Employees) Rules 1975 are not attracted in
respect of any employees of the Company.
6. COMPANIES (DISCLOSURE OF PARTICULARS IN THE REPORT OF BOARD OF
DIRECTORS) RULES. 1988:
Considering Nature of business of your Company no comment is made on
the energy consumption and technology absorption.
7. FOREIGN EXCHANGE EARNINGS AND OUTGO
There was no Foreign Currency earning & expenditure during the year.
8. DIRECTORS RESPONSIBILITY STATEMENT:
Directors hereby confirm that:
1) In preparation of annual accounts applicable Accounting Standards
had been followed with * proper explanation relating to material
departures
2) 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 state of affairs
of the company at the end of the financial year and of the profit or
loss of the company for that period;
3) That the directors had taken proper and sufficient care for the
maintenarice of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the company and
for preventing and detecting fraud and other irregularities.
4) That the directors had prepared the annual accounts on a going
concern basis.
9. DIRECTORS:
There is no change in Board of Directors of Company.
10. AUDITORS:
M/s. M. K. MEHTA & CO., Chartered Accountants retire at the conclusion
of the Ensuing General Meeting, are eligible for the re-appointment.
You are requested to appoint the Auditors & fix their remuneration. ;
11. ACKNOWKDEGMENT:
The Directors take this opportunity to thank shareholders, bankers and
auditors for their support & co- operation to the Company. The
directors wish to place on record their appreciation for dedication of
employees of Company.
Place: Mumbai. For and On Behalf of Board of Directors
Date: 3rd September, 2010 Sd/-
Director
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