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Directors Report of Globus Corporation Ltd.

Mar 31, 2014

Dear Members,

The Directors have pleasure in presenting their TWENTY NINTH ANNUAL REPORT together with the Audited Accounts of the Company for the year ended on 31st day of March 2014.

FINANCIAL HIGHLIGHTS:

(Rs. in Lacs)

For the For the year year ended ended on on 31.03.2014 31.03.2013

Turnover 135.93 227.26

Other Income 3.124 203.04

Total Income 139.05 430.30

Total Expenditure 422.83 867.10

Profit / (Loss) before Taxation (283.78) (436.80)

Provision for Tax 126.01 52.58

Profit / (Loss) after Taxation (157.76) (384.23)

OPERATIONAL REVIEW:

The Sales for the period ended 31.03.2014 were at Rs. 135.93 lacs as against Rs. 227.26 Lacs for the previous year. The loss After Tax is Rs. 157.76 Lacs against loss after tax of Rs. 384.23 Lacs for the previous year.

FUTURE OUTLOOK :

In the wake of ongoing economic scenario the outlook of the company looks bleak. Although the economy seems on its way to a recovery, the State of Telangana (Previously Andhra Pradesh) is still going through some turmoil. The State Owned Units are getting bifurcated and has proven to be a challenge. Hence the number of "bandhs" called by both sides of the party frequently. Power supply in the State of Telangana has not improved. The state distribution company (APCPDCL) has increased power bills by means of collecting FSA charges and other miscellaneous charges to pay for their financial deficit besides there is no power for 4 days in week for Industries. This is directly related to industrial power bill increase. Since the creation of the new state and a very inexperienced government coming to power, there is much work to do to get the state on a path of economic recovery.

Looking at all the above issues of global as well as local grim economic condition experienced by economy, business, Nation and World at large, we the Director of the company are not hopeful of continuing business of manufacturing conductor by the company and hence as a matter of abundant precaution, and for preserving economic value of the company and as a prudent norms of business decided to suspend its manufacturing and Job work activity. Company has decided to reassess the opportunities, Scope, threat and value of company. We are in talks with the Bank to settle their dues against the assets of the Company.

DIVIDEND:

In view of the loss and suspension of the company s operation, your Directors have decided not to recommend any dividend for the year under operation.

MANAGEMENT DISCUSSION AND ANALYSIS:

As required by clause 49 of the Listing Agreement with the Stock Exchange, a Management Discussion and Analysis Report are appended.

DIRECTORS:

Mr. Mahendra C Shah retires by rotation at the ensuing Annual General Meeting and being eligible offers himself for re-appointment. Your Directors recommends his re- appointment.

The Company has two independent Directors, appointed under the Listing Agreement, namely Mr. N. S. Rangnathan and Mr. Vikram Shah, who have diverse business/administrative experience and are making significant contribution to the Company. At present, they are liable to retire by rotation. It is proposed to appoint them as Independent Directors, until the conclusion of next Annual General Meeting, subject to approval of the shareholders, in terms of Section 149 of Companies Act, 2013 (the Act). The Company has received separate notices under Section 160 of the Act from members signifying their Candidature as Directors along with requisite deposit as prescribed thereunder. All above mentioned Independent Directors have also given declarations that they meet the criteria of independence as provided in sub-section 6 of Section 149 of the Act.

PERSONNEL:

There were no employees during the year or part of the year drawing remuneration, which falls within the preview of the provisions of Section 217 (2A) of the Companies Act 1956.

AUDITORS'' REPORT:

The observation made in the Auditors Report read together with relevant notes thereon are self explanatory and hence do not call, any further comments under Section 217 of the Companies Act 1956.

AUDITORS:

The Auditors M/s Sandip V. Doshi & Co., Chartered Accountants, Mumbai hold the office until the conclusion of ensuing Annual General Meeting. Your company has received certificate from the Auditors U/S 224(1B) of the Companies Act, 1956 to the effect that their reappointment if made, shall be in accordance with prescribed conditions and the said Auditors satisfy the criteria provided in Section 141 of the Companies Act, 2013.

FIXED DEPOSITS:

The Company has not invited / accepted / renewed any fixed deposits as per the provisions of Section 58 A of the Companies Act 1956 from the public during the year under review.

CORPORATE GOVERNANCE:

A separate report on the Corporate Governance and Management Discussion & Analysis is attached as a part of the Annual Report. The Auditors Certificate regarding compliance of the conditions of Corporate Governance is also annexed.

DIRECTORS'' RESPONSIBILITY STATEMENT:

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

i) In the preparation of the Annual Accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures;

ii) The Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit of the Company for the year under review

iii) 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;

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

CONSERVATION OF ENERGY. ABSORPTION OF TECHNOLOGY & FOREIGN EXCHANGE EARNINGS AND OUTGO:

Information relating to Conservation of Energy, Technology absorption and Foreign Exchange Earning and Outgo as stipulated under Section 217 (1) (e) of the Companies Act 1956 read with the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules 1988 is set out in the separate statement, attached to this report & forms part of it.

ACKNOWLEDGEMENTS:

Your Company & its Directors wish to extend their sincerest thanks to the Bankers, State Government, Customers, Suppliers and Staff for their continuous co-operation & guidance.

By the Order of the Board of Directors For GLOBUS CORPOORATION LIMITED

Date: 16th May, 2014 Mr. Mit M. Shah Place: Mumbai CHAIRMAN Din no.01662293


Mar 31, 2010

The Directors have pleasure in presenting their TWENTEETH FIFTH ANNUAL REPORT together with the Audited Accounts of the Company for the year ended on 31st day of March 2010.

FINANCIAL PERFORMANCE:

PARTICULARS Year ended Year ended 31-3-2010 31-3-2009 Rs. (lacs) Rs. (lacs)

Turnover 2018.70 1977.74

Other Income 32.54 6.23

Increase/ Decrease in Stock (5.28) (310.56)

Total Income 2056.52 2294.52

Total Expenditure 2085.62 2254.46

Profit / (Loss) before Taxation (29.10) 19.17

Provision for Tax - 5.88

Profit / (Loss) after Taxation (29.10) 13.29

Balance b/f from Previous Year 36.95 22.96

Deferred Tax (6.08) 0.68

Earlier Year Adjustments

Balance Carried to Balance Sheet 1.76 13.98



OPERATIONAL REVIEW

The Sales for the period ended 31.03.2010 were at Rs 2018.70 lacs as against Rs. 1977.74 Lac for the previous year. The Profit After Tax is Rs (29.10) Lacs against Rs.13.98 Lac for the previous year.

FUTURE OUTLOOK

The future outlook of the Company is to sustain itself, maintain and improve its position in the market.

DIVIDEND

In view of the revival of the companys operation, your Directors have decided not to recommend any dividend on account for the year under operation.

MANAGEMENT DISCUSSION AND ANALYSIS

As required by clause 49 of the Listing Agreement with the Stock Exchange, a Management Discussion and Analysis Report are appended.

DIRECTORS

Mr. N. S. Ranganath retires by rotation at the ensuing Annual General Meeting and being eligible offers himself for re-appointment. Your Directors recommends his re-appointment.

Mr. Mit M. Shah was appointed as Whole-Time Director of the Company w.e.f. 31.07.2010 for a period of five years.

The Board of Director of your company appointed Mr. Ashok C. Shah as an Additional Director at their meeting held on 6th July, 2010 to broad base the Board. In terms of the provisions of the section 260 of the Companies Act, 1956 Mr. Ashok C. Shah shall hold the office up to the date of ensuing Annual General Meeting. Your company has received notices from some members under section 257 of the Companies Act, 1956 together with necessary deposit, proposing their candidature for the office of Director.

During the year Dr. Mahendra C. Shah re- signed as Managing Director as per SEBI Order. The Board of Directors of Company would like to place on record their sincere appreciation for the services rendered by him during his tenure as Director.

PERSONNEL

There were no employees during the year or part of the year drawing remuneration, which falls within the preview of the provisions of Section 217 (2A) of the Companies Act 1956.The company has paid providend fund dues of Rs. 64,111/- on 17.05.2010.

AUDITORS REPORT

The observation made in the Auditors Report read together with relevant notes thereon are self explanatory and hence do not call, any further comments under Section217 of the Companies Act 1956.

AUDITORS

The Auditors M/s Sandip Doshi & Co., Chartered Accountants, Mumbai hold the office until the conclusion of ensuing Annual General Meeting. Your company has received certificate from the Auditors U/S 224(1 B) of the Companies Act, 1956 to the effect that their reappointment if made, will be within the limit prescribed.

FIXED DEPOSITS

The Company has not invited / accepted / renewed any fixed deposits as per the provi- sions of Section 58 A of the Companies Act 1956 from the public during the year under review.

CORPORATE GOVERNANCE

A separate report on the Corporate Gover- nance and Management Discussion & Analy- sis is attached as a part of the Annual Report. The Auditors Certificate regarding compliance of the conditions of Corporate Governance is also annexed.

DIRECTORS RESPONSIBILITY STATEMENT

In terms of Section 217 (2AA) of the Compa- nies Act 1956, the directors would like to state that:

i) In the preparation of the Annual Accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures;

ii) The Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit of the Company for the year under review.

iii) 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;

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

CONSERVATION OF ENERGY, ABSORPTION OF TECHNOLOGY & FOREIGN EXCHANGE EARNINGS AND OUTGO

Information relating to Conservation of Energy, Technology absorption and Foreign Exchange Earning and Outgo as stipulated under Section 217 (1) (e) of the Companies Act 1956 read with the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules 1988 is set out in the separate statement, attached to this report & forms part of it.

ACKNOWLEDGEMENTS

Your Company & its Directors wish to extend their sincerest thanks to the Bankers, State Government, Customers, Suppliers and Staff for their continuous co-operation & guidance.

By the Order of the Board of Directors

For Globus Corpooration Limited

Mr. Mit M. Shah

Mumbai: 31st July, 2010. Whole Time Director

 
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