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, 2011
Dear Members,
The Directors have pleasure in presenting their TWENTY SIXTH ANNUAL
REPORT together with the Audited Accounts of the Company for the year
ended on 31st day of March 2011.
FINANCIAL HIGHLIGHTS:
(Rs. in Lacs)
For the year For the year
ended on ended on
31.03.2011 31.03.2010
Turnover 2316.12 2018.70
Other Income (0.06) 32.54
Increase / Decrease in Stock 141.53 (5.28)
Total Income 2457.59 2056.52
Total Expenditure 2438.00 2085.62
Profit / (Loss) before Taxation 19.59 (29.10)
Provision for Tax 2.55 Ã
Profit / (Loss) after Taxation 17.04 (29.10)
Balance b/f from Previous Year 1.76 36.95
Deferred Tax (11.71) (6.08)
Balance Carried to Balance Sheet 7.09 1.76
OPERATIONAL REVIEW:
The Sales for the period ended 31.03.2011 were at Rs 2316.12 lacs as
against Rs.2018.70 Lac for the previous year. The Profit After Tax is
Rs 17.04 Lacs against Rs.(29.10) Lac for the previous year.
FUTURE OUTLOOK:
In the wake of ongoing economic scenario the outlook of the company is
to sustain itself against domestic as well as world crisis and to
maintain itself in prevailing market condition, competition and to
emerge as niche player in the market through constant endeavour to
excel and improve its position in the market.
DIVIDEND:
In view of the revival of the company's 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. Ashok Shah retires by rotation at the ensuing Annual General
Meeting and being eligible offers himself for re-appointment. Your
Directors recommends his re-appointment.
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 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,
will be within the limit prescribed.
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
Mr. Mit M. Shah
Whole Time Director
Date : 12th August, 2011
Place: Mumbai
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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