Mar 31, 2018
Dear Members,
The Directors have immense pleasure in presenting the 33rd Annual Report of your Company along with the Audited Financial Statements for the financial year ended March 31st, 2018.
FINANCIAL SUMMARY OR HIGHLIGHTS
The Companyâs financial performance on standalone basis for the financial year ended March 31st, 2018 in comparison to previous year is as under:
(Rupees in Lakhs)
PARTICULARS |
Financial Year 2017-18 |
Financial Year 2016-17 |
Sales and other income |
0 |
1.60 |
Profit/(Loss) before depreciation and tax |
(87.35) |
(8737.60) |
Depreciation |
2.13 |
3.85 |
Profit/(Loss) After Tax and depreciation |
(91.72) |
(8747.76) |
Profit/(Loss) brought forward |
(9452.12) |
(704.35) |
Balance carried to balance sheet |
(9543.84) |
(9452.12) |
ADOPTION OF INDIAN ACCOUNTING STANDARDS (IND AS)
As notified by the Ministry of Corporate Affairs, your Company adopted Indian Accounting Standards (Ind AS) with effect from April 1, 2017. The financial statements of the Company for the year have been prepared in accordance with the Ind AS notified under the Companies (Indian Accounting Standards) Rules 2015 and Companies (Indian Accounting Standards) Amendment Rules, 2016 (as amended). For all the periods up to and including the year ended March 31, 2017, the company prepared its financial statements in accordance with requirement of previous GAAP, which includes Accounting Standards notified under section 133 of the Companies Act, 2013 read together with Companies (Accounting Standards) Rules, 2006. These financial statements for the year ended March 31, 2018 are companyâs first Ind AS financial statements. Accordingly, the financial statements have been prepared based on Ind AS 101- First time adoption of Indian Accounting Standards with a date of transition to Ind AS as April 1, 2016. Previous yearâs figures have been regrouped and presented according to Ind AS requirement.
OPERATIONS
During the financial year ended March 31st, 2018 the total revenue on a standalone basis was NIL as against the revenue for the last financial year ended March 31st, 2017 which was Rs. 1.60 Lakhs. The Company has during the year under review incurred a loss of Rs. 91.72 Lakhs as against loss of Rs. 8747.76 Lakhs in the previous financial year.
ACCOUNTS
The financial statements of your Company for the financial year 2017-18, are prepared in compliance with applicable provisions of the Companies Act, 2013, Accounting Standards, IND AS and Listing Agreement as prescribed by the Securities and Exchange Board of India (SEBI). The financial statements have been prepared on the basis of audited financial statements of the Company as approved by their respective Board of Directors.
DIVIDEND
There being no profits earned during the year 2017-2018, so your Directors express their inability to recommend any dividend for the year ended March 31st, 2018.
FIXED DEPOSIT
In terms of the provisions of Sections 73 of Companies Act, 2013 read with the relevant Rules of Companies Act, 2013 your Company has not accepted any fixed deposit and as such no principal or interest was outstanding as on the date of the Balance sheet.
SUBSIDIARY AND ASSOCIATE COMPANIES
Subsidiary Companies
During the Financial Year 2017-18, the Company had no subsidiary.
In accordance with Section 136 of Companies Act 2013, the audited financial statements of the Company are available on the website of the Company i.e. www. gpgl.in/investors-relations.html.
Associate Companies
During the Financial Year 2017-18, the Company had no associate Company.
In accordance with Section 136 of Companies Act 2013, the audited financial statement and related information of the Company are available on the website of the Company i.e. www. gpgl.in/investors-relations.html.
DIRECTORS
Pursuant to the provisions of section 152 of the Companies Act, 2013 Mr.Pawan Kumar Agarwal, Director retires by rotation and being eligible, offers himself for reappointment at the ensuing Annual General Meeting. The Board recommends his reappointment.
Your Company has received declarations from all the Independent Directors of the Company confirming that they meet with the criteria of Independence as prescribed under sub-section (7) of Section 149 of the Act and under Regulation 25 of the SEBI (LODR) Regulations, 2015.
NUMBER OF MEETINGS OF THE BOARD AND AUDIT COMMITTEE
The details of the number of Board and Audit Committee meetings of your Company are set out in the Corporate Governance Report which forms part of this Report.
COMMITTEES OF BOARD OF DIRECTORS
We have in place all the Committees of the Board which are required to be constituted under the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. A detailed note on the Board and its committees is provided under the Corporate Governance Report section in this Annual Report.
The Composition of various Committees of the Board is hereunder:
Name of the Committee |
Composition of the Committee |
Audit Committee |
Mr.NarendraKumbhat (Chairman) Mr.Pawan Kumar AgarwalMrs. Nishi AroraSabharwal |
Nomination and Remuneration Committee |
Mr.NarendraKumbhat (Chairman) Mr.Pawan Kumar AgarwalMrs. Nishi AroraSabharwal |
Stakeholders Relationship Committee |
Mr.NarendraKumbhat (Chairman) Mr.Pawan Kumar AgarwalMr.AbhayKhanna |
DECLARATION BY AN INDEPENDENT DIRECTOR(S)
Your Company has received declaration from all the Independent Directors confirming that they meet the criteria of independence as prescribed under the provisions of Companies Act, 2013 read with the Schedules and Rules issued there under as well as Regulation 25 of Securities and Exchange Board of India (Listing Obligation and Disclosure Requirement).
ANNUAL EVALUATION OF BOARD''S PERFORMANCE
During the year under review as per the guidance note on board evaluation issued by Securities and Exchange Board of India, vide its circular dated 5th January 2017 and pursuant to the provisions of the Companies Act & the corporate governance requirements prescribed by SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, the board has carried out an annual evaluation of its own performance and that of its committees as well as performance of all the directors individually. Feedback was sought by way of a structured questionnaire covering various aspects of the board''s functioning such as adequacy of the composition of the board and effectiveness of its committees, execution and performance of specific duties, governance, meaningful and constructive contribution and inputs in meetings etc. Evaluation was carried out based on responses received from the directors. A separate meeting of the independent directors also was held where in performance of non independent directors, performance of the board as a whole and performance of the chairman and managing director was evaluated. The directors expressed their satisfaction with the evaluation process.
FAMILIARISATION PROGRAMME MODULE
The Familiarization Program Module ("the Program") for Independent Directors of the Company has been adopted by the Board of Directors pursuant to Securities and Exchange Board of India Circular no. CIR/CFD/POLICY CELL/7/2014 dated September 15, 2014.
The Independent Directors were intimated and informed about the operational, financial, legal and secretarial aspects of the Company. The details of such familiarization programs have been disclosed on the Company''s website of the Company under the link www.gpgl.in/investors-relations.html.
VIGIL MECHANISM/WHISTLE BLOWER POLICY FOR DIRECTORS AND EMPLOYEES
In terms of the provisions of Section 177 (9) & (10) of Companies Act, 2013 and Regulation 22 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company has formalized the process and institutionalized ''Vigil Mechanism Policy'' within the Company, whereby employees and other stakeholders can report matters such as generic grievances, corruption, misconduct, illegality and wastage/misappropriation of assets to the Company.
The policy safeguards the whistle blowers to report concerns or grievances and also provides direct access to the Chairman of the Audit Committee.
The details of the policy are posted on the website of the Company under the link www.gpgl.in/investors-relations.html. There were no complaints during the year 2017-18.
DISCLOSURE UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE
The Sexual Harassment at the Workplace (Prevention, Prohibition and Redressal) Act and Rules, 2013 has been notified by the Ministry of Women & Child Development on 9th December, 2013. Under the said Act every Company is required to set up an Internal Complaints Committee to look into complaints relating to sexual harassment at work place of any women employee. The Company has adopted a policy and was approved by the Board. Details of constitution of the committee forms part of the policy and have been uploaded on the website of the Company under the link www.gpgl.in/investors-relations.html.
The following is a summary of sexual harassment complaints received and disposed off during the year:
- No. of complaints received: Nil
- No. of complaints disposed off: Nil
MATERIAL CHANGES
There are no material changes and commitments affecting the financial position of the company occurred between the end of the financial year of the company to which the financial statements relate and the date of the report.
DIRECTORS RESPONSIBILITY STATEMENT
In terms of the provision of section 134(3) (c) of Companies Act, 2013, your Directors confirm that:
i) in the preparation of the annual accounts for the financial year ended March 31, 2018, the applicable accounting standards and Schedule III of the Companies Act, 2013, have been followed and there are no material departures from the same;
ii) 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 the affairs of the Company at the end of financial year 2017-2018 and of the profit/ loss of the Company for the year ended as on that date;
iii) the Directors had taken proper and sufficient care for the maintenance of adequate Accounting Records in the 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.
v) the Directors had laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and were operating effectively.
vi) the Directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.
AUDITORS
At Annual General Meeting("AGM") held on 29.09.2014, M/s Padam Dinesh & Company (FRN : 009061N), Chartered Accountants, were appointed as Statutory Auditor of the Company to hold office till the conclusion of 33rd AGM to be held in the calendar year 2018 with the ratification by shareholders at AGM every year.
Further M/s Padam Dinesh & Company (FRN : 009061N), retiring auditors, have given their consent to be reappointed as Statutory Auditors and have confirmed that their appointment, if made, would be in compliance with provision of section 139 and section 141 of the Companies Act, 2013 and other applicable sections for time being in force. Their continuance by re-appointment to hold office for next five years from the conclusion of ensuing AGM till the conclusion of 38th AGM to be held in calendar year 2023. Your directors recommend for their reappointment at the AGM.
The members may note that consequent to the changes made in the Companies Act, 2013 and the Companies (Audit and Auditors) Rules, 2014 by the Ministry of Corporate Affairs (MCA) vide Notification dated May 7, 2018, the Proviso to Section 139(1) of the Companies Act, 2013 read with explanation to Rule 3(7) of the Companies (Audit and Auditors) Rules, 2014, the requirement of ratification of appointment of Auditors by the Members at every AGM has been done away with. Therefore, the Company is not seeking any ratification of appointment of M/s Padam Dinesh & Company, Chartered Accountants as the Auditors of the Company, by the Members at the ensuing AGM.
The Auditorâs Report presented by M/s Padam Dinesh & Co., Chartered Accountants (FRN: 009061N), Statutory Auditors of the Company pertaining to accounts of the Company for the financial year ended March 31, 2018 does not contain any qualification, reservation, adverse remark or disclaimer.
SECRETARIAL AUDITOR
Pursuant to the provisions of Section 204 of the Companies Act, 2013 and The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, and based on the recommendation of Audit Committee, the Company has re-appointed Mr.SandeepMehra, Practicing Company Secretary in its meeting held on 29.05.2018 to undertake the Secretarial Audit of the Company for the financial year 2018-19.
The Secretarial Audit Report for the FY 17-18 is annexed herewith as "Annexure - 1" to this report.
The Secretarial Audit Report for the FY 17-18 does not contain any qualification, reservation, adverse remark or disclaimer.
INTERNAL AUDITOR
The Board of Directors based on the recommendation of the Audit Committee, appointed M/s Naresh Jai & Associates, Chartered Accountants, as an Internal Auditors of your Company in terms of Section 138 and other applicable provisions of the Companies Act, 2013 and rules made thereunder.
COSTRECORDS
Your Company is not required to maintain cost records as prescribed under Companies Act, 2013.
ANNUAL RETURN
The extracts of Annual Return pursuant to the provisions of Section 92(3) of the Companies Act, 2013 read with Rule 12 of the Companies (Management and administration ) Rules, 2014 in the prescribed Form MGT-9 is appended to Boardâs Report as "Annexure-2" and same was uploaded on the website of the Company under the link www.gpgl.in/investors-relations.html.
IMPLEMENTATION OF RISK MANAGEMENT POLICY
The Company has developed and adopted a Risk Management Policy. This policy identifies all perceived risks which might impact the operations and on a more serious level also threaten the existence of the Company. Risks are assessed, department wise such as financial risks, information technology related risks, legal risks, accounting fraud etc. The Risk Management Committee assists the Board in fulfilling its corporate governance oversight responsibilities with regard to the identification, evaluation and mitigation of operational, strategic and external environment risks. The Committee also ensures that the Company is taking appropriate measures to achieve prudent balance between risk and reward in both ongoing and new business activities.
There are no risks which in the opinion of the Board threaten the existence of your Company. However, some of the risks which may pose challenges are set out in the Management Discussion and Analysis which forms part of this Report.
PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES
There are no materially significant related party transactions entered by the Company with the Promoters, Directors, Key Managerial Personnel or other designated persons which may have a potential conflict with the interest of the Company at large.
The Policy on Related Party Transactions as approved by the Board is uploaded on the website of the Company http://www. gpgl.in/assets/rpt-policy.pdf.
COMPANY AFFAIRS
The Company is engaged in the business of making strategic investments in infrastructure sector and particularly power generation business and acquisition of portfolio of wind / bio mass power plants and to make them part of their group. The business includes making investment in other securities, derivatives, mutual funds and properties. The company is a listed entity on BSE in the name of Globus Constructors and Developers Ltd. having its security code-526025 & ISIN-INE064L01015.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO
Information required under the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988
Conservation of Energy
Presently there being no operations involving energy consumption, thus the provisions with respect to conservation of energy does not apply.
Form of Disclosure of Particulars with respect to Absorption of Technology, Research & Development. Research & Development
There was no research and development activity carried out during the financial year.
Technology Absorption, Adaptation and Innovation
No technology was absorbed, adapted or innovated during the financial year.
Foreign Exchange-Earning /Outgo
There was no transaction made by the Company involving Foreign Exchange.
PARTICULARS OF EMPLOYEES
The information required pursuant to Section 197(12) of the Companies Act, 2013 read with Rule, 5 of The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 in respect of employees of the Company is appended to the Boardâs Report as "Annexure-3".
DISCLOSURE RELATING TO REMUNERATION OF DIRECTORS, KEY MANAGERIAL PERSONNEL AND PARTICULARS OF EMPLOYEES
In accordance with Section 178 and other applicable provisions if any, of the Companies Act, 2013 read with the rules issued there under and Regulations, the Board of Directors at their meeting formulated the Nomination and Remuneration Policy of your Company on the recommendations of the Nomination and Remuneration Committee. The salient aspects covered in the Nomination and Remuneration Policy, covering the policy on appointment and remuneration of Directors and other matters have been outlined in the Corporate Governance Report which forms part of this Report.
INDUSTRIAL RELATIONS
The Company remains regularly in touch with each employee with regard to solving their grievance and maintains high quality standards for them.
CORPORATE GOVERNANCE REPORT
Your Company believes that Corporate Governance is the basis of stakeholder satisfaction. Your Companyâs governance practices are described separately in this annual report. Your Company has obtained a certification from Mr.SandeepMehra, Practicing Company Secretary on compliance with Regulation 27 of Securities and Exchange Board of India (Listing Obligation and Disclosure Requirement) Regulation, 2015. This certificate is also forms part of this Report as "Annexure- 4".
INTERNAL FINANCIAL CONTROLS
The internal control system including internal financial controls of the Company is monitored by an independent internal auditor, which encompasses examination/ periodic reviews to ascertain adequacy of internal controls and compliance to Companyâs policies. Weaknesses are noted and shared with audit committee, which ensures orderly and efficient conduct of the business and effectiveness of the system of internal control. Internal auditors, Audit Committee members and Statutory Auditors have full and free access to all the information and records considered necessary to carry out the assigned responsibilities.
The Annual Accounts have been prepared on a going concern basis. Directors have laid down internal financial controls to be followed by the Company; through periodic internal audits they monitor compliance to the internal financial controls to ascertain whether they are adequate and operating effectively. The Directors have devised appropriate systems to ensure compliance with the provisions of all applicable laws and they monitor adequacy and operating effectiveness of the same annually.
MANAGEMENT DISCUSSION AND ANALYSIS
Pursuant to the provisions of Regulation 34(2) (e) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, a report on Management Discussion & Analysis forms part of the Annual Report and is herewith annexed as "Annexure-5" to this report.
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186 OF COMPANIES ACT, 2013
The particulars of loans given, investment made or guarantee given or security provided by the Company under section 186 of Companies Act, 2013 is not exceeding Rs. 5000 crores together with the existing loans & advances or security or guarantee, in connection of which consent of members had already been taken by way of Special resolution in the Annual General Meeting for the year ended 2014 held on 29th September, 2014.
Particulars of loans, guarantees and investments covered under section 186 of the Companies Act, 2013 form part of the Notes to the financial statements provided in this Annual Report.
SIGNIFICANT/MATERIAL ORDERS PASSED BY THE REGULATORS
There are no significant/material orders passed by the Regulators or Courts or Tribunals impacting the going concern status of your Company and its operations in future.
ACKNOWLEDGEMENT
The Board of Directors would like to express their sincere appreciation for the assistance and co-operation received from the financial institutions, banks, Government authorities, customers, vendors and members during the year under review. The Boards of Directors also wish to place on record its deep sense of appreciation for the committed services by the Company''s executives, staff and workers.
On and Behalf of the Board of Directors
For Globus Power Generation Limited
Sd/-
PawanAgarwal
Chairman
DIN:01056455
Add.: C-9/192, Block-C, Pocket-9,
Rohini, Sector-7, Delhi-110085
Date : 11/08/2018
Place : New Delhi
Mar 31, 2016
Dear Members,
The Directors have pleasure in presenting their 31st Annual Report on the business and operations of the Company together with audited accounts for the financial year ended March 31st, 2016.
FINANCIAL SUMMARY OR HIGHLIGHTS
The Company''s financial performance on standalone basis for the financial year ended March 31st, 2016 is as under :
(Rupees in Lakhs)
PARTICULARS |
Financial Year 2015-2016 |
Financial Year 2014-2015 |
Sales and other income |
105.49 |
6.92 |
Profit before depreciation and tax |
(84.26) |
(56.64) |
Depreciation |
6.01 |
10.44 |
Profit/(Loss) After Tax and depreciation |
(92.85) |
(55.74) |
Profit/Loss brought forward |
(611.51) |
(555.77) |
Balance carried to balance sheet |
(704.35) |
(611.51) |
OPERATIONS
During the financial year ended March 31s* 2016 the total revenue on a standalone basis was Rs. 105.49 Lakhs as against the revenue for the last financial year ended March 31st, 2015 which was Rs. 6.92 Lakhs. The Company has during the year under review incurred a loss of Rs. 92.85 Lakhs as against loss of Rs. 55.74 Lakhs in the previous financial year.
CONSOLIDATED ACCOUNTS
The consolidated financial statements of your Company for the financial year 2015-16, are prepared in compliance with applicable provisions of the Companies Act, 2013 Accounting Standards, Listing Agreement as prescribed by the Securities and Exchange Board of India (SEBI) and Listing Obligations and Disclosures Requirements (SEBI) Regulations, 2015. The consolidated financial statements have been prepared on the basis of audited financial statements of the Company, its subsidiaries and audited financial statement of associate company, as approved by their respective Board of Directors.
DIVIDEND
There being no profits earned during the year 2015-2016, so your Directors regret their inability to recommend any dividend for the year ended March 31, 2016.
FIXED DEPOSIT
In terms of the provisions of Sections 73 of the Companies Act, 2013 read with the relevant Rules of the Companies Act, 2013 your Company has not accepted any deposit from the public during the financial year 2015-2016.
SUBSIDIARY AND ASSOCIATE COMPANIES Subsidiary Companies
The Company has two subsidiaries i.e. M/s Transtech Green Power Private Limited and Globus Solar Power Private Limited. The Board of Directors of the Company has reviewed the affairs of its subsidiary Companies regularly. In accordance with section 129(3) of Companies Act, 2013, the Company has prepared consolidated financial statements including requisite details of subsidiaries. We have prepared consolidated financial statements of the Company and its subsidiaries, which form part of the Annual Report. Further, a statement containing the salient features of the financial statement and all other requisite details of the subsidiary Companies in the prescribed format AOC-1 (Part-A) is appended as âAnnexure- â1 to the Boardâs Report.
In accordance with Section 136 of Companies Act 2013, the audited financial statements together with consolidated financial statement and related information of the Company and audited accounts of subsidiaries are available on the website of the Company i.e. www.gpgl.in/investors-relations.html.
Associate Companies
The Company has only one associate Company i.e. M/s Spectrum Power Generation Limited. In accordance with section 129(3) of the Companies Act, 2013, the Company has prepared consolidated financial statements including requisite details of associate. We have prepared consolidated financial statements of the Company and its associate, which form part of the Annual Report. Further, a statement containing the salient features of the financial statement and all other requisite details of the associate Companies in the prescribed format AOC-1 (Part-B) is appended as âAnnexure-1â to the Boardâs Report.
In accordance with Section 136 of Companies Act 2013, the consolidated financial statement and related information of the Company and audited accounts of associate company are available on the website of the Company i.e. www.gpgl.in/investors-relations.html.
DIRECTORS
Brief Details of Directors appointment/re-appointment has been stated in the Corporate Governance Report.
NUMBER OF MEETINGS OF THE BOARD AND AUDIT COMMITTEE
The details of the number of Board and Audit Committee meetings of your Company are set out in the Corporate Governance Report which forms part of this Report.
DECLARATION BY AN INDEPENDENT DIRECTOR(S)
Your Company has received declaration from all the Independent Directors confirming that they meet the criteria of independence as prescribed under the provisions of Companies Act, 2013 read with the Schedules and Rules issued there under as well as Regulation 25 of Securities and Exchange Board of India (Listing Obligation and Disclosure Requirement).
ANNUAL EVALUATION OF BOARD''S PERFORMANCE
In terms of the provisions of the Companies Act, 2013 read with Rules prescribed thereunder and regulation of Securities and Exchange Board of India (Listing Obligation and Disclosure Requirement) Regulation, 2015, the Board of Directors on recommendation of the Nomination and Remuneration Committee, have evaluated the effectiveness of the Director(s) for the financial year 2015-16.
The parameter for evaluation was based on following points:
1. Leadership initiative.
2. Initiative in terms of new ideas and planning for the Company.
3. Professional skills, problem solving, and decision-making.
4. Compliance with policies of the Company, ethics, code of conduct, etc.
5. Reporting of frauds, violation etc.
6. Safeguarding of interest of whistle blowers under vigil mechanism.
7. Timely inputs on the minutes of the meetings of the Board and Committee, if any.
8. Consideration of the independent audit plan and provides recommendations.
FAMILIARISATION PROGRAMME MODULE
The Familiarization Program Module (âthe Programâ) for Independent Directors of the Company has been adopted by the Board of Directors pursuant to Securities and Exchange Board of India Circular no. CIR/CFD/POLICY CELL/7/2014 dated September 15, 2014.
The Independent Directors were intimated and informed about the operational, financial, legal and secretarial aspects of the Company. The details of such familiarization programs have been disclosed on the Companyâs website of the Company under the link www.gpgl.in/investors-relations.html.
VIGIL MECHANISM FOR DIRECTORS AND EMPLOYEES
The Company has implemented a vigil mechanism policy to deal with instance of fraud and mismanagement, if any. The policy also provides for adequate safeguards against victimization of persons who use such mechanism and makes provision for direct access to the chairman of the Audit Committee in all cases. The details of the policy are posted on the website of the Company under the link www.gpgl.in/investors-relations.html.There were no complaints during the year 2015-16.
DISCLOSURE UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE
The Sexual Harassment at the Workplace (Prevention, Prohibition and Redressal) Act and Rules, 2013 has been notified by the Ministry of Women & Child Development in year 2014. The policy was approved by the Board and same was uploaded on the website of the Company under the link www.gpgl.in/investors-relations.html.
MATERIAL CHANGES
Ms. Nishi Sabharwal, appointed as a Non-Executive Women Independent Director with effect from 28th day of September, 2015.
Further, Mr. Akash Khanna has resigned from the post of Whole Time Director with effect from 12th day of May, 2016.
Further, Ms. Aarti Jassal has resigned from the post of Secretary of the Company with effect from 20th day of June, 2016.
DIRECTORS RESPONSIBILITY STATEMENT
In terms of the provision of section 134(3)(c) of Companies Act, 2013, your Directors confirm that:
i) in the preparation of the annual accounts for the financial year ended March 31, 2016, the applicable accounting standards and Schedule III of Companies Act, 2013, have been followed and there are no material departures from the same;
ii) 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 the affairs of the Company at the end of financial year 2015-2016 and of the profit/ loss of the Company for the year ended as on that date;
iii) the Directors had taken proper and sufficient care for the maintenance of adequate Accounting Records in the 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.
v) the Directors had laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and were operating effectively.
vi) the Directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.
At Annual General Meeting(âAGMâ) held on 29.09.2014, M/s Padam Dinesh & Company (FRN: 009061N), Chartered Accountants, were appointed as Statutory Auditor of the Company to hold office till the conclusion of 3 3rd AGM to be held in the calendar year 2018 with the rectification of shareholders at AGM every year. Their continuance of appointment and payment of remuneration are to be confirmed and approved in the ensuing Annual General Meeting. The Company has received a certificate from the above Auditors to the effect that if they are re-appointed, it would be in accordance with the provisions of Section 141 of the Companies Act, 2013.
The Auditor''s Report presented by M/s Padam Dinesh & Co., Chartered Accountants (FRN: 009061N), Statutory Auditors of the Company on the accounts of the Company for the financial year ended March 31, 2016 is unqualified.
SECRETARIAL AUDIT
Pursuant to the provisions of Section 204 of the Companies Act, 2013 read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2016, your Company has appointed Mr. Sandeep Mehra, Practicing Company Secretary in its meeting held on 28.05.2014 to conduct the Secretarial Audit for the financial year 2015-16 of your Company. The Secretarial Audit Report is appended to Boardâs Report as "Annexure -2".
ANNUALRETURN
The extracts of Annual Return pursuant to the provisions of Section 92(3) of the Companies Act, 2013 read with Rule 12 of the Companies (Management and administration ) Rules, 2014 in the prescribed Form MGT-9 is appended to Board''s Report as "Annexure -3".
IMPLEMENTATION OF RISK MANAGEMENT POLICY
The Company has developed and adopted a Risk Management Policy. This policy identifies all perceived risks which might impact the operations and on a more serious level also threaten the existence of the Company. Risks are assessed, department wise such as financial risks, information technology related risks, legal risks, accounting fraud etc. The Risk Management Committee assists the Board in fulfilling its corporate governance oversight responsibilities with regard to the identification, evaluation and mitigation of operational, strategic and external environment risks. The Committee also ensures that the Company is taking appropriate measures to achieve prudent balance between risk and reward in both ongoing and new business activities.
There are no risks which in the opinion of the Board threaten the existence of your Company. However, some of the risks which may pose challenges are set out in the Management Discussion and Analysis which forms part of this Report.
COMPANY AFFAIRS
The Company is engaged in the business of making strategic investments in infrastructure sector and particularly power generation business and acquisition of portfolio of wind / bio mass power plants and to make them part of their group. The business includes making investment in other securities, derivatives, mutual funds and properties. The company is a listed entity on BSE in the name of Globus Constructors and Developers Ltd. having its security code-526025 & ISININE064L01015.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO
Information required under the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988
Conservation of Energy
Presently there being no operations involving energy consumption, thus the provisions with respect to conservation of energy does not apply.
Form of Disclosure of Particulars with respect to Absorption of Technology, Research & Development.
Research & Development
There was no research and development activity carried out during the financial year.
Technology Absorption, Adaptation and Innovation
No technology was absorbed, adapted or innovated during the financial year.
Foreign Exchange-Earning /Outgo
There was no transaction made by the Company involving Foreign Exchange.
PARTICULARS OF EMPLOYEES
The information required pursuant to Section 197 of the Companies Act, 2013 read with Rule, 5 of The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 in respect of employees of the Company is appended to the Board''s Report as "Annexure -4".
DISCLOSURE RELATING TO REMUNERATION OF DIRECTORS, KEY MANAGERIAL PERSONNEL AND PARTICULARS OF EMPLOYEES
In accordance with Section 178 and other applicable provisions if any, of the Companies Act, 2013 read with the rules issued there under and Regulations, the Board of Directors at their meeting held on 30th day of March, 2015 formulated the Nomination and Remuneration Policy of your Company on the recommendations of the Nomination and Remuneration Committee. The salient aspects covered in the Nomination and Remuneration Policy, covering the policy on appointment and remuneration of Directors and other matters have been outlined in the Corporate Governance Report which forms part of this Report.
INDUSTRIAL RELATIONS
The Company remains regularly in touch with each employee with regard to solving their grievance and maintains high quality standards for them.
CORPORATE GOVERNANCE REPORT
Your Company believes that Corporate Governance is the basis of stakeholder satisfaction. Your Companyâs governance practices are described separately in this annual report. Your Company has obtained a certification from Mr. Sandeep Mehra, Practicing Company Secretary on compliance with Regulation 27 of Securities and Exchange Board of India (Listing Obligation and Disclosure Requirement) Regulation, 2015. This certificate is also forms part of this Report.
INTERNAL FINANCIAL CONTROLS
The internal control system including internal financial controls of the Company is monitored by an independent internal auditor, which encompasses examination/ periodic reviews to ascertain adequacy of internal controls and compliance to Company''s policies. Weaknesses are noted and shared with audit committee, which ensures orderly and efficient conduct of the business and effectiveness of the system of internal control. Internal auditors, Audit Committee members and Statutory Auditors have full and free access to all the information and records considered necessary to carry out the assigned responsibilities.
The Annual Accounts have been prepared on a going concern basis. Directors have laid down internal financial controls to be followed by the Company; through periodic internal audits they monitor compliance to the internal financial controls to ascertain whether they are adequate and operating effectively. The Directors have devised appropriate systems to ensure compliance with the provisions of all applicable laws and they monitor adequacy and operating effectiveness of the same annually.
MANAGEMENT DISCUSSION AND ANALYSIS
A report on Management Discussion and Analysis as applicable, forms the part of this report under corporate governance report.
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS MADE UNDER SECTION 186 OF COMPANIES ACT, 2013
The particulars of loans given, investment made or guarantee given or security provided by the Company under section 186 of Companies Act, 2013 is not exceeding Rs. 5,000 crores together with the existing loans and advances or security or guarantee, in connection of which consent of members had already been taken by way of special resolution in the Annual General Meeting for the year ended 2014.
SIGNIFICANT/MATERIAL ORDERS PASSED BY THE REGULATORS
There are no significant/material orders passed by the Regulators or Courts or Tribunals impacting the going concern status of your Company and its operations in future.
APPRECIATION
Your Directors wish to convey their gratitude and place on record their appreciation for all the employees at all levels for their hard work, solidarity, cooperation and dedication during the financial year. Your Directors sincerely convey their appreciation to customers, shareholders, vendors, bankers, business associates, regulatory and government authorities for their continued support.
ACKNOWLEDGEMENT
Your Directors take this opportunity to express the gratitude to all investors, clients, vendors, bankers, Regulatory and Government authorities, Stock Exchanges and business associates for their cooperation, encouragement and continued support extended to the Company.
Your Directors also wish to place on record their appreciation to the Associates for their continuing support and unstinting efforts in ensuring an excellent all round operational performance at all levels.
On and behalf of the Board of Directors
For Globus Power Generation Limited
Sd/-
Pawan Kumar Agarwal
Director
DIN: 01056455
C-9/192, Block-C, Pocket-9
Date: 09.08.2016 Rohini Sector-7, New Delhi-110085
Place: New Delhi
Mar 31, 2015
Dear Member.
The Directors have pleasure it presenting their 30th Annual Report on
the business and operations of tile Company together with audited
accounts for the financial year ended March 31, 2015.
FINANCIAL SUMMARY
The Company's financial performance on standalone basis for the
financial year ended March 31,2015 is as under
(Rupees in Lakhs)
PARTICULARS Financial Financial
Year Year
2014-2015 2013-2014
Sales and other income 6,92 127.66
Profit before depreciation
and tax (56.64) (140.64)
Depreciation 10.44 3.20
Profit/(Loss) After Tax and
depreciation (55.74) (169.28)
Profit/Loss due to merger --- (329.86)
Profit/Loss brtught forward (555.77) (56.63)
Balance carried In balance sheet (611.51) (555.77)
OPERATIONS
During the financial year ended March 31, 2015 the total revenue on a
standalone basis was Rs. 6.92 Lakhs as against the revenue for die last
financial year ended March 3lst, 2014 which was Rs. 127.66 Lakhs,
During the year the Company has incurred a loss of Rs. 55.74 Lakhs as
against loss of Rs. 169.28 Lakhs in the previous financial year.
CONSOLIDATED ACCOUNTS
The consolidated financial statements of your Company for the financial
year 2014-15, are prepared in compliance with applicable provisions of
the Companies Act, 2013, Accounting Standards and Listing Agreement as
prescribed by the Securities and Exchange Board of India (SEBI-. The
consolidated financial statements have been prepared on the basis of
audited financial statements of the Company, its subsidiary and
Unaudited Financial statement of associate companies, as approved by
their respective Board of Directors.
DIVIDEND
There being no profits earned during the year 2014-2015, so your
Directors regret their inability to recommend any dividend for the
financial year ended March 31, 2015.
DEPOSIT
In terms of the provisions of Sections 73 of the Companies Act, 2013
read with the relevant Rules of the Companies Act, 2013 your Company
has not accepted any deposit from the public during the financial year
2014-2015.
SUBSIDIARY AND ASSOCIATE COMPANIES
Subsidiary Companies
The Company has only one subsidiary i.e. M/s Transect Green Power
Private Limited. The Board of Directors of the Company reviewed the
affairs of its subsidiary Company regularly. In accordance with section
129(3) of the Companies Act, 2013, the Company has prepared
consolidated financial statements including requisite details of
subsidiary. We have prepared consolidated financial statements of the
Company and its subsidiary, which form part of the Annual Report,
Further, a statement containing the salient features of the financial
statement and all other requisite details of the subsidiary Company in
the prescribed format AOC-l (Part-A) is appended as Annexure 1 to the
Board's Report In accordance with Section 136 of Companies Act 2013,
the audited financial statements together with consolidated financial
statements and related information of the Company and audited accounts
of subsidiary are available on die website of the Company i.e. www,
gpgL in/investors-relations. html,
Associate Companies
The Company has two associate Companies i,e, M/s Trinity Credit
Management Services Pvt Ltd. & M/s Spectrum Power Generation Limited.
In accordance with section 129(3) of the Companies Act, 2013. the
Company has prepared consolidated financial statements including
requisite details of associates. We have prepared consolidated
financial statements of the Company and its associates, which form part
of the Annual Report. Further, a statement containing the salient
features of the financial statements and all other requisite details of
the associate Companies in the prescribed format AOC-l (Part-B) is
appended as Annexure- I to the Board's Report.
In accordance with Section 136 of Companies Act 2013, the consolidated
financial statements and related information of the Company and audited
accounts of Associates are available on the website of the Company i.e.
www.gpgl.in/investois-reiatiotis,html
DIRECTORS
Brief Details of Directors appointment/re-appointment has been stated
in the Corporate Governance Report.
NUMBER OF MEETINGS OF THE BOARD AND AUDIT COMMITTEE
The details of the number of Board and Audit Committee meetings of your
Company are set out in the Corporate Governance Report which forms part
of this Report.
DECLARATION BY AN INDEPENDENT DIRECTOR)
Your Company has received declaration from all the Independent
Directors confirming that they meet the criteria of independence as
prescribed under the provisions of Companies Act, 2013 read with the
Schedules and Rules issued there under as well as Clause 49 of the
Listing Agreement.
ANNUAL EVALUATION OF BOARD'S PERFORMANCE
In teems of the provisions of the Companies Act, 2013 read with Rules
prescribed there under and Clause 49 of the Listing Agreement, me Board
of Directors on recommendation of the Nomination and Remuneration
Committee, have evaluated the effectiveness of the Directors} for The
financial year 2014-15.
The parameter for evaluation was based on following points:
1. Leadership initiative.
2. Initiative in terms of new ideas and planning for the Company.
3. Professional skills, problem solving and decision-making.
4. Compliance with policies of the Company, ethics, code of conduct,
etc.
5. Reporting of frauds, violation etc
6. Safeguarding of merest of whistle blowers under vigil mechanism
7. Timely inputs out the minutes of the meetings of the Board and
Committee, if any.
8. Consideration of the independent audit plan and provides
recommendations.
FAMILIARISATION PROGRAMME MODULE
The Familiarization Program Module ("the Program") for Independent
Directors of the Company leas been adopted by die Board of Directors
pursuant to Securities and Exchange Board oldie Circular no.
CFRYCFD/POLLCY CELL/7/2014 dated September 15,2014.
The Independent Directors were intimated and informed about the
operational, financial, legal and secretarial aspects of me Company.
The details of such familiarization programs have been disclosed on me
Company's website of the Company under the link wwvt.gpgl.in/
investors/-relations. html
VIGIL MECHANISM FOR DIRECTORS AND EMPLOYEES
The Company has implemented a vigil mechanism policy to deal with
instance of fraud and mismanagement, if any. The policy also provides
for adequate safeguards against victimization of persons who use such
mechanism and makes provision for direct access to the chairman of the
Audit Committee in all cases. The details of the policy are posted on
the website of (he Company under tire link www. gpgl.in/ investors/-
relations. html There were no complaints during the year 2014-15,
DISCLOSURE UNDER SEXUAL HARASSMENT OF WOMAN AT WORKPLACE
The Sexual Harassment at live Workplace (Prevention, Prohibition and
Redressal) Act and Rules, 2013 has been notified by me Ministry of
Women & Child Development last year- The Company felt the need to have
a policy on this matter The policy was approved by the Board and same
was uploaded on the website of me Company under the link uww.gpgl
in/investors- relations.htmL
MATERIAL CHANGES
The Company has acquired M/s Globus Solar Power Private Limited
(formerly known as Transect Green Solar M P Pvt. Ltd.) on 13.08.2015.
Further, M/s Trinity Management Services Private Limited is not an
Associate Company of Globus Power Generation Limited w.e.f 01.04.2015.
Further, Company has received the certificate from Ministry of
Corporate Affairs in respect of change of registered office from the
state of Delhi to the state of Raj as than on 02nd day of March 2015.
DIRECTORS RESPONSIBILITY STATEMENT
In terms of the provision of section 134(3)(c) of the Companies Act,
2013, your Directors confirm that:
i) in the preparation of the annual accounts for (he financial year
ended March 31, 2015, the applicable accounting standards and Schedule
HI of the Companies Act, 2013, have been followed and there are no
material departures from (he same;
ii) 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 the
affairs of the Company at the end of financial year 2014-2015 and of
the profit/ loss of the Company for the year ended as on that date;
iii) the Directors laid taken proper and sufficient care for the
maintenance of adequate Accounting Records in the 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.
v) the Directors had laid down internal financial controls to be
followed by the Company and that such internal financial controls are
adequate and were operating effectively.
vi) the Directors had devised proper systems to ensure compliance with
the provisions of all applicable laws and that such systems were
adequate and operating effectively.
AUDITORS
At Annual General Meeting("AGM") held on 29.09.2014, M/s Padam Dinesh &
Company (FRN : 00906IN), Chartered Accountants, were appointed as
Statutory Auditor of the Company to hold office till the conclusion of
33rd AGM to be held in the calendar year 2018 with tie ratification of
Shareholders at AGM every year. Their continuance of appointment and
payment of remuneration are to be confirmed and approved in the ensuing
Annual General Meeting. The Company has received a certificate from the
above Auditors to the effect that if they are re-appointed, it would be
in accordance with the provisions of Section 141 of the Companies Act,
2013.
The Auditor's Report presented by M/s Padam Dinesh & Co., Chartered
Accountants (FRN: 00906IN), Statutory Auditors of the Company on the
accounts for me financial year ended March 31, 2015 is unqualified.
SECRETARIAL AUDIT
Pursuant to the provisions of Section 204 of the Companies Act, 2013
read with the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014, your Company has appointed M/s Manish Durga &.
Associates, Company Secretaries in its meeting held on 30.09.2014 to
conduct the Secretarial Audit for the financial year 2014-2015 of your
Company. The Secretarial Audit Report is appended to Board's Report as
"Annexure- 2". The Secretarial Audit Report does not contain any
qualification, reservation or adverse remark.
ANNUAL RETURN
The extracts of Annual Return pursuant to the provisions of Section
92(3) of the Companies Act, 2013 read with Rule 12 of the Companies
(Management and administration ) Rules, 2014 in the prescribed Form
MGT-9 is appended to Board's Report as "Anexure-3 "
IMPLEMENTATION OF RISK MANAGEMENT POLICY
The Company has developed and adopted a Risk Management Policy. This
policy identifies all perceived risks which might impact the operations
and on a more serious level also threaten the existence of the Company,
Risks are assessed, department wise such as financial risks,
information technology related risks, legal risks, accounting fraud
etc. The Risk Management Committee assists the Board in fulfilling its
corporate governance oversight responsibilities with regard to the
identification, evaluation and mitigation of operational, strategic and
external environment risks. The Committee also ensures that the Company
is taking appropriate measures to achieve prudent balance between risk
and reward in both ongoing and new business activities.
There are no risks which in the opinion of the Board threaten the
existence of your Company. However. sonic of the risks which may pose
challenges are set out in the Management Discussion and Analysis Report
which forms part of this Report,
COMPANY AFFAIRS
The Company is engaged in the business of making strategic investments
in infrastructure sector and particularly power generation business
and. acquisition of portfolio of wind / bio mass power plants and to
make them part of their group. The business includes making investment
in other securities, derivatives, mutual funds and properties. The
Company is listed on Bombay Stock Exchange (BSE) in the name of Globus
Constructors and Developers Ltd having its Security Code- 526025 & 1S1N
- IEN064L01015.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
Information required under the Companies {Disclosure of Particulars in
the Report or Board of Directors) Rules, 1988 Conservation of Energy
Present theta being no operations involving energy consumption, thus
the provisions with respect to conservation of energy does not apply.
Form of Disclosure of Particulars with respect to Absorption of
Technology, Research & Development.
Research & Development
There was no research and development activity carried out during the
financial year, Technology Absorption, Adaptation and Innovation No
technology was absorbed, adapted or innovated during the financial
year.
Foreign Exchange-Earning /Outgo
There was no transaction made by the Company involving Foreign
Exchange.
PARTICULARS OF EMPLOYEES
The information required pursuant to Section 147 of the Companies Act.
2013 read with Rule, 5 of The Companies (Appointment and Remuneration
of Managerial Personnel) Rules, 2014 in respect of employees of me
Company is appended to the Boards Report as "Annexure-4" Further, there
was no employee during the financial year who was in receipt of
remuneration more than Rs, 5,00,000 per month or Rs- foil Lacs per
annum,
DISCLOSURE RELATING TO REMUNERATION OF DIRECTORS, KEY MANAGERIAL
PERSONNEL AND PARTICULARS OF EMPLOYEES
In accordance with Section 178 and other applicable provisions if any,
of the Companies Act, 2013 read with the rules issued there under and
Clause 4*- of the Listing Agreement, the Board of Directors at their
meeting held on 3001 day of March, 2015 formulated the Nominal ion and
Remuneration Policy of your Company on the recommendations of the
Nomination and Remuneration Committee. The salient aspects covered in
the Nomination and Remuneration Policy, covering the policy on
appointment and remuneration of Directors and other matters have been
outlined in the Corporate Governance Report which forms pair of this
Report.
INDUSTRIAL RELATIONS
The Company remains regularly in touch with each employee with regard
to solving their grievance and maintains high quality standards for
them.
CORPORATE GOVERNANCE REPORT
Your Company believes that Corporate Governance is the basis of
stakeholder satisfaction- Your Company's governance practices are
described separately in this annual report Your Company has obtained a
certification from M/s Manish Durga & Associates, Company Secretaries
on compliance whit clause 49 of the Listing Agreement with Indian Stock
Exchanges. This certificate is also farms part of this Report.
INTERNAL FINANCIAL CONTROLS
The internal control system including internal financial controls of
the Company is monitored by an independent internal auditor, which
encompasses examination/ periodic reviews to ascertain adequacy of
internal controls and compliance to Company's policies. Weaknesses are
noted and shared with audit committee, which ensures orderly and
efficient conduct of the business and effectiveness of the system of
internal control. Internal auditors. Audit Committee members and
Statutory Auditors have full and free access to all the information and
records considered necessary to carry out the assigned
responsibilities.
The Annual Accounts have been prepared on a going concern basis.
Directors have laid down internal financial controls to be followed by
the Company; through periodic internal audits they monitor compliance
to the internal] financial controls to ascertain whether they are
adequate and operating effectively. The Directors have devised
appropriate systems 10 ensure compliance with the provisions of all
applicable laws and ahoy monitor adequacy and operating effectiveness
of the same annually,
MANAGEMENT DISCUSSION AND ANALYSIS
A report on Management Discussion and Analysis as stipulated under
clause 49 of the Listing Agreement, as applicable, forms the part of
lilies report under corporate governance Teport.
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS MADE UNDER SECTION 186
OF THE COMPANIES ACT, 2013
Loans, guarantees and investments covered under Section 186 of me
Companies Act, 2013 form part of the notes to the financial statements
provided in this Annual Report.
SIGNIFICAM7MATER1AL ORDERS PASSED BY THE REGULATORS
There are no significant /material orders passed by the Regulators or
Courts or Tribunals impacting the going concern status of your Company
and its operations in future.
APPRECIATION
Your Directors wish to convey their gratitude and place on record their
appreciation for all the employees at all levels for their hard work,
solidarity, cooperation and dedication during the financial year. Your
Directors sincerely convey their appreciation to customers*
shareholders, vendors* bankers, business associates, regulatory and
government authorities for their continued support.
ACKNOWLEDGEMENT
Your Directors take this opportunity to express the gratitude to all
investors, clients, vendors* bankers, Regulatory and Government
authorities. Stock Exchanges and business associates 1br their
cooperation, encouragement and continued support extended to the
Company.
Your Directors also wish to place on Record their appreciation to the
Associates for their continuing support and unstinting efforts in
ensuring an excellent all round operational performance at all levels,
On and behalf of the Board of
Directors of Globus Power Generation Limited
sd/-
Pawan Kumar Agarwal
Chairman
DIN No. 01056455
PLACE: New Delhi Add. C-9/192, Block-C, Pocket-9,
DATE: 13.0S.2015 Rohmi, Sector-7 Delhi-1 10085
Mar 31, 2014
The Members
The Directors have pleasure in presenting the Annual Report of your
Company together with the audited Statement of Accounts for the
financial year ended on 31st March, 2014.
Financial Results
Rs. In Lacs
STANDALONE CONSOLIDATED
ITEM As on 31st
March, As on 31st
March, As on 31st March
2014
(in Rs.) 2013 (in Rs.) 2014 (in Rs.)
Sales & other Income 127.66 2.59 814.32
Profit before 57.60 (27.64) (186.61)
depreciation and tax
Depreciation 3.20 NIL 557.24
Profit/Loss after
tax (169.28) (27.64) (920.76)
and depreciation
Profit/Loss brought
forward (56.63) (28.99) (56.63)
Balance carried to (555.77) (56.63) (1307.24)
Balance Sheet
Current Business Omri alhms & Future Outlook
Your Directors have pleasure to state that your Company has expanded
its business operations and entered into power generation sector. The
Company has entered into a framework agreement with M/s Transtech Green
Power Private Limited (TGPPL) for a long-term association. TGPPL
possesses bio mass power project development capabilities and has the
necessary specialized knowledge and expertise to assist the Company in
acquisition of its desired bio mass power plant portfolio.
Wc have pleasure to state that Company is a clean energy power Company
with 220 MW of operations, clean power assets, 500 MW under development
with a target to have the clean power assets, 6000 MW in the next 1 -6
years.
The Company is planning to further expand the business by acquisition
of existing wind/solar/thcmial assets with firm cash flows.
Subsidiary
Company has only one subsidiary Company. During the year, the Board of
Directors reviewed the affairs of the subsidiary Company. As per
section 212 cf the Companies Act, 1956, we arc required to attached the
Balance sheet, statement of profit & loss and other documents of
subsidiary. The Ministry of Corporate Affairs, Government of India vide
its Circular No. 2/2011 dated February 8,2011, exempted Companies from
Complying with Section 212, provided such companies publish the audited
consolidated financial statement for the year 2014 and tlx; same forms
pan of this Annual Report. Accordingly this Annual Repon docs not
contain the financial statements of our subsidiary.
Director
In accordance with the provisions of the Companies Act, 1956, Mr Anand
Prakash and Mr Narendra Kumbhat, Directors shall retire by rotation at
the ensuing Annual General Meeting.
Details regarding Directors proposed to be appointed at the Annual
General Meeting to be held on September 29, 2014, due to changes
arising from the implementation of the Companies Act, 2013 are provided
in the Notice convening the Annual Genera. Meeting.
Dividend
There being no profits, you directors regret their inability to
recommend any dividend for the year ended March 31, 2014.
Directors Responsibility Statement
As per the requirement of Section 217 (2AA) of the Companies Act 1956.
your directors hereby make the following statement:
1. That in the preparation of the accounts for the financial year ended
31st March , 2014 the applicable Accounting Standards have been
followed along with proper explanations relating to material
departures;
2. That the Directors have selectee such accounting policies & applied
them consistently & made judgments & estimates that are reasonable &
prudent so as to give a true & lair view of the state of affairs cf the
Company at the end of the financial year; 3 4
3. That the Directors have taken proper & sufficient care for the
maintenance of adequate accounting tecords in accordance with the
provisions of the Companies Act, 1956 (to the extent applicable) and
the Companies Act, 7013 (to the extent applicable) for safeguarding the
assets of the Company and for preventing & detecting fraud & other
irregularities;
4. That the Directors have prepared the accounts of the Company for the
Financial Year ended 31sl March, 2014 on a going concern basis.
Deposits
Your Company has not accepted any deposits during the period under
review within :he meaning of Section 58A of the Companies Act, 1956
read with Companies (Acceptance of Deposit) Rules 1975.
Particulars of Employees
During the year, there was no employee covered under Section 217(2A) of
the Companies Act, 1956 read with the Companies (Particulars of
Employees) Rules, 1975.
Particulars of Conservation of Encruv, Technology Absorption and
Foreign Exchange Earnings and Ouf-io.
Information required under the Companies (Disclosure of Particulars in
the Report of Board of Directors) Rules, 1988
Conservation of Energy
Presently there being no operations involving energy consumption, thus
he provisions with respect to conservation of energy does not apply.
Form of Disclosure of Particulars with respect to Absorption of
Technology, Research & Development.
Research & Development
There was no research and development activity carried out during the
financial year.
Technology Absorption, Adaptation and Innovation
No technology was absorbed, adapted or innovated during the financial
year.
Foreign Exchange-Earning /Outgo
There was no transaction made by the Company involving Foreign
Exchange.
Statutory Auditors
M/s Padam Dinesh & Co., Chartered Accountant, retires at the conclusion
o: this Annual General Meeting and arc eligible for reappointment.
Rook Closure
The liansfci books of the company will be closed fioin 27th day of
Scpleiiibei 2014 to 30,f day of September 2014 for purpose of Annual
General Meeting dated 29th September 2014.
Management Discussion and Analysis Report
A report on industry analysis is attached hereto and forms part of the
Directors Report.
Corporate Governance
Your Company believes that Corporate Governance is the basis of
stakeholder satisfaction. Your Company''s governance practices are
described separately in this annual report Your Company has obtained a
certification from Sakshi Sachdcva & Associates, Company Secretaries on
compliance with clause 49 of the listing agreement with Indian Stock
Exchanges. This certificate is also given with this Annual Report.
Material Changes
Merger of Cumulative Investments Trading Co. Private Limited with
Globus Power Generation Limited
M/s Cumulative Investments & Trading Co. Private Limited has merged
with M/s Globus Power Generation Limited during the Financial Year
2013-14. Scheme of arrangement has beer, approved by the Hon''ble
High Court of Delhi vide its order dated September 23.2013.
Change in Control of the Company
There was no change in the control and management of the Company during
the financial year ended 31st March, 2014.
Increase in Authorised Capital uf the Company
The authorized share capital of the Company has been increased to Rs.
102,00,00,000''- (Rupees One Hundred & Two Crores only). The issued
share capital of the Company is Rs. 74,74,84,800 .
Acknowledgement
Your Directors would like to express their gratitude for timely
assistance and co operation received from Government Authorities,
Registrar & Share Transfer Agen:, Investors, Advisors, Bankers and all
other concerns.
By order of the Board of Directors
For Globus Power Generation Limited
Sd/-
Date: 14.08.2014 Pawan Kumar Agarwal
Place: New Delhi Chairman
DIN: 01056455
C-9/192. Block - C, Pocket - 9,
Rohini Sector - 7, Delhi. 110085
Mar 31, 2013
To The Members
The Directors have pleasure in presenting the Annual Report of your
Company together with the audited Statement of Accounts for the
financial year ended on 31st March, 2013.
Financial Results
As on 31st
March, 2013 As on 31st
December, 2011
iTEM (in Rs.) (in Rs.)
(15 Months) (9 Months)
Sales & other Income 258,810 NIL
Loss before depreciation
and tax (27,64,039) (11,55,806)
Depreciation NIL NIL
Loss after tax and
depreciation (27,64,039) (11,55,806)
Loss brought forward (28,98,981) (17,43,175)
Balance carried to
Balance Sheet (5,663,020) (28,98,981)
Current Business
Operations & Future Outlook
Your Directors have pleasure to state that, your Company has expanded
its business operations and entered into power generation sector. The
Company has entered into a framework agreement with M/s Transtech Green
Power Private Limited (TGPPL) for a long-term association. TGPPL
possesses bio mass power project development capabilities and has the
necessary specialized knowledge and expertise to assist the Company in
acquisition of its desired bio mass power plant portfolio.
The Company is also under the process of amalgamation with M/s
Cumulative Investments & Trading Company Private Limited and the final
date of hearing fixed at Hon''ble High Court of Delhi is 14th August,
2013. At this date, it is expected that High Court would approve the
scheme of amalgamation.
The Company is in the process of acquiring 12 MW Biomass based power
plant at Sanchore in Rajasthan and 208 MW gas based plant located near
Kakinada. The management is of the view to acquire certain other power
plants based at different locations in Rajasthan & Gujarat.
Directors
During the year, four directors were regularized. At the close of this
financial year, Mr. Pawan Kumar Agarwal and Mr. Akash Khanna, are
liable to retire by rotation and being eligible are proposed to be
re-appointed as Directors in this Annual General Meeting of the
Company.
Dividend
There being no profits, your directors regret their inability to
recommend any dividend for the Financial Year beginning on 1st January,
2012 and ending on 31st March, 2013.
Directors'' Responsibility Statement
As per the requirement of Section 217 (2AA) of the Companies Act 1956,
your directors hereby make the following statement:
1. That in the preparation of the accounts for the financial year
ended 31st March ,2013 the applicable Accounting Standards have been
followed along with proper explanations relating to material
departures;
2. That the Directors have selected such accounting policies & applied
them consistently & made judgments & estimates that are reasonable &
prudent so as to give a true & fair view of the state of affairs of the
Company at the end of the financial year;
3. That the Directors have taken proper & sufficient care 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 & detecting fraud & other
irregularities;
4. That the Directors have prepared the accounts of the Company for
the Financial Year ended 31st March, 2013 on a going concern basis.
Deposits
Your Company has not accepted any deposits during the period under
review within the meaning of Section 58A of the Companies Act, 1956
read with ''Companies (Acceptance of Deposit) Rules 1975.
Particulars of Employees
During the year, there was no employee covered under Section 217(2A) of
the Companies Act, 1956 read with the Companies (Particulars of
Employees) Rules, 1975.
Particulars of Conservation of Energy, Technology Absorption and
Foreign Exchange Earnings and Outgo.
Information required under the Companies (Disclosure of Particulars in
the Report of Board of Directors) Rules, 1988
Conservation of Energy
Presently there being no operations involving energy consumption, thus
the provisions with respect to conservation of energy does not apply.
Form of Disclosure of Particulars with respect to Absorption of
Technology, Research & Development.
Research & Development
There was no research and development activity carried out during the
financial year.
Technology Absorption, Adaptation and Innovation
No technology was absorbed, adapted or innovated during the financial
year.
Foreign Exchange-Earning /Outgo
There was no transaction made by the Company involving Foreign
Exchange.
Statutory Auditors
The Statutory Auditors of the Company, ''M/s BNPSY & Associates,
Chartered Accountants, will retire at the ensuing Annual General
Meeting and expressed their unwillingness to continue as the auditors
of the Company for the Financial Year 2013-14 due to some personal
reason. Thus M/s Padam Dinesh & Company, Chartered Accountant, being
eligible, are proposed for appointment as the auditors for the
Financial Year 2013-14. The auditors have furnished a certificate to
this effect that the proposed appointment, if made, will be in
accordance with Section 224(1B) of the Companies Act 1956.
Your directors recommend the appointment of the Statutory Auditors
until the conclusion of next Annual General Meeting.
Secretarial Compliance Certificate
The Secretarial Compliance Certificate for the financial year ending on
31st March 2013 is attached hereto and forms part of this Report. The
Board took note of the same.
Book Closure
The transfer books of the company will be closed from 12th August, 2013
till 16th August, 2013 for purpose of Annual General Meeting dated 16th
August, 2013.
Management Discussion And Analysis Report
A report on industry analysis is attached hereto and forms part of the
Directors Report.
Corporate Governance
A separate section on Corporate Governance is attached hereto and forms
part of this report.
Material Changes
Change in Control of the Company
There is no change in the control and management of the Company during
the financial year ended 31s''March, 2013.
Change in Name of the Company
There was change in the name of the Company during the financial year
ended 31st March, 2013 through postal ballot process dated 16.03.2012.
Change in Main Objects of the Company
There was change in the main objects of the Company during the
financial year ended 31st March, 2013 through postal ballot dated
16.03.2012
Increase in Authorized Capital of the Company
The authorized share capital of the Company has been increased to Rs.
31,28,00,000/- (Rupees Thirty One Crores Twenty Eight Lakhs only).
Further the Company is planning to increase its paid up equity share
capital by way of preferential allotment aggregating to Rs. 21 Crores
to the non -promoter category.
Auditors Report & Notes on Accounts
The observations of the Auditor and Notes on Account are
self-explanatory.
Acknowledgement
Your Directors would like to express their gratitude for timely
assistance and co operation received from Government Authorities,
Registrar & Share Transfer Agent, Investors, Advisors, Bankers and all
other concerns.
By order of the Board of Directors
For Globus Power Generation Limited
Sd/-
Date: 18.07.2013 Pawan Kumar Agarwal
Place: New Delhi Chairman
DIN: 01056455
Dec 31, 2009
The Directors have pleasure in presenting the Annual Report of your
Company together with the audited Statement of Accounts for the
financial year ended on 31st December, 2009
FINANCIAL RESULTS
As on 31st December, As on 31st March,
2009 (in Rs.) 2009 (in Rs.)
Sales & other Income 805,900.00 137,500.00
Loss before depreciation and
tax 625,595.00 122,906.00
Depreciation Nil NIL
Loss after tax and
depreciation 647,644.00 122,906.00
Loss brought forward* 122906.00 36,394,284.05
Balance carried to Balance
779,148.00 36,517,154.05
Sheet
*Accumulated Losses as on 31s March 2008 written off against 92% of
the Equity Share Capital and whole of the Share Forfeiture Account
pursuant to Honble High Court Order dated 15th December 2009
CURRENT BUSINESS OPERATIONS & FUTURE OUTLOOK
Your directors have pleasure to state that, your Company has started
operating its business activities but still however are in the process
of preparing necessary business plans & strategies for initiating its
operations in the field of Infrastructure & Real Estate, on a large
scale basis in the near future.
DIRECTORS
During the year, Mr. Ankit Singhi and Mr. Manoj Kumar were appointed as
directors of the Company on 30th December, 2009. At the close of this
Financial Year Mr. Ankit Singhi being director liable to retire by
rotation, being eligible is proposed to be reappointed in this Annual
General Meeting of the Company.
DIVIDEND
There being no profits, your directors regret their inability to
recommend any dividend for the Financial Year beginning on 1st April
2009 and ending on 31st December 2009.
DIRECTORS RESPONSIBILITY STATEMENT
As per the requirement of Section 217(2AA) of the Companies Act, 1956
your directors hereby make the following statement:
1. That in the preparation of the accounts for the financial year
ended 31st March, 2009 the applicable Accounting Standards have been
followed along with proper explanations relating to material
departures;
2. That the Directors have selected such accounting policies & applied
them consistently & made judgments & estimates that are reasonable &
prudent so as to give a true & fair view of the state of affairs of the
Company at the end of the financial year;
3. That the Directors have taken proper & sufficient care 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 & detecting fraud & other
irregularities;
4. That the Directors have prepared the accounts of the Company for
the Financial Year ended 31st December, 2009 on a going concern basis.
DEPOSITS
Your Company has not accepted any deposits during the period under
review within the meaning of Section 58A of the Companies Act, 1956
read with Companies (Acceptance of Deposit) Rules 1975.
PARTICULARS OF EMPLOYEES
During the year, there was no employee covered under Section 217(2A) of
the Companies Act, 1956 read with the Companies (Particulars of
Employees) Rules, 1975.
PARTICULARS OF CONSERVATION OF ENERGY. TECHNOLOGY ABSORPTION AND
FOREIGN EXCHANGE EARNINGS AND OUTGO
Information required under the Companies (Disclosure of Particulars in
the Report of Board of Directors) Rules. 1988
Conservation of Energy:
Presently there being no operations involving energy consumption, thus
the provisions with respect to conservation of energy does not apply.
Form of Disclosure of Particulars with respect to Absorption of
Technology, Research & Development.
Research & Development
There was no research and development activity carried out during the
financial year.
Technology Absorption, Adaptation and Innovation
No technology was absorbed, adapted or innovated during the financial
year.
Foreign Exchange-Earning /Outgo
There was no transaction made by the Company involving Foreign
Exchange.
STATUTORY AUDITORS
The Statutory Auditors of the Company, M/s BNPSY & Associates (M/s
Sharma Jain & Co. merged with M/s BNPSY & Associates) Chartered
Accountants retire at the ensuing Annual General Meeting and being
eligible, are proposed for re-appointment for the Financial Year
beginning on 1st January 2010 and ending on 31st March 2011. The
auditors have furnished a certificate to this effect that the proposed
appointment, if made, will be in accordance with Section 224(1 B) of
the Companies Act 1956.
Your directors recommend the re-appointment of the Statutory Auditors
until the conclusion of next Annual General Meeting.
SECRETARIAL COMPLIANCE CERTIFICATE
The Secretarial Compliance Certificate for the Financial Year ending on
31st December 2009 is attached hereto and forms part of this Report.
The Board took note of the same.
BOOK CLOSURE
The transfer books of the Company will be closed from 20th February
2010 till 22nd February 2010 for purpose of Annual General Meeting
dated 15th March 2010 and for issue of new reduced share certificates
to the members consequent to reduction of share capital of the Company
pursuant to order of the Honble High Court dated 15th December 2009.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
A report on industry analysis is attached hereto and forms part of the
Directors Report.
CORPORATE GOVERNANCE:
A separate section on Corporate Governance forming part of the
Directors Report is attached hereto and forms part of this report.
MATERIAL CHANGES
REDUCTION OF CAPITAL
The share forfeiture account and paid-up share capital of the Company
has been reduced against the accumulated losses to the extent of
36,385,650.00 (Rupees Three Crores, Sixty- Three Lacs, Eighty-Five
Thousand, Six-Hundred and Fifty only) with effect from 31st December
2009 pursuant to approval by the Honble High Court dated 15th December
2009 and new share certificates are being issued to the shareholders.
ISSUE OF PREFERENCE SHARES
Your Company has issued 1,000,000 1% Non Convertible Preference Shares
of Rs. 10 each at par on preferential basis to strategic investors not
related to promoters with due consent of members of the Company.
AUDITORS REPORT & NOTES ON ACCOUNTS
The observations of the Auditor and Notes on Account are
self-explanatory.
ACKNOWLEDGEMENT
Your Directors would like to express their gratitude for timely
assistance and co operation received from Government Authorities,
Registrar & Share Transfer Agent, Investors, Advisors, Bankers and all
other concerns.
By order of the Board of Directors
For Globus Constructors & Developers Limited
(Formerly known as Gupta Fibres Limited)
Sd/-
Place : New Delhi Santosh Gupta
Date : 05.02.2010 Chairman
DIN:00001418
Mar 31, 2009
The Directors have pleasure in presenting the Annual Report of your
Company together with the audited Statement of Accounts for the year
ended on 31st March, 2009
FINANCIAL RESULTS
As on 31st March, 2009 As on 31st March, 2008
ITEM (in Rs.) (in Rs.)
Sales & other Income 137,500.00 307,250.00
Loss before depreciation 122,906.00 334,567.05
and tax
Depreciation NIL NIL
Loss after tax and 122,906.00 334,567.05
depreciation
Loss brought forward 36,394,284.05 36,231,208.00
Balance carried to
36,517,154.05 36,394,248.05
Balance Sheet
CURRENT BUSINESS OPERATIONS & FUTURE OUTLOOK
Currently, your Company is not carrying on any business operation but
is in the process of preparing necessary business plans & strategies
for initiating its operations in the field of Infrastructure & Real
Estate, in the forth coming financial year.
CHANGE IN CONTROL
During the year, there has been transfer of absolute control of the
Company from its old promoters to Mr. Santosh Gupta in compliance with
the provisions of SEBI (Substantial Acquisition of shares and
Takeover) Regulations, 1997.
NEW DIRECTORS
During the year, Mr. Santosh Gupta, new promoter of the Company has
been appointed in the Board of Directors of the Company as director
liable to retire by rotation through the process of Postal Ballot
convened by the Board and thus being eligible for re-appointment offers
himself to be re-appointed in the ensuing Annual General Meeting. Your
directors recommend the re- appointment.
Besides your Company had invited Mr. Manoj Kumar and Mr. Ankit Singhi
as Additional Directors on the Board, at the Board Meeting held on 5th
December 2008 to hold office until the ensuing Annual General Meeting.
Your Company has received nomination from members for appointment of
Mr. Manoj Kumar and Mr. Ankit Singhi as Directors in the Board at the
forth coming Annual General Meeting. Your Board recommend their
appointment as such.
CHANGE OF NAME
During the year, your Companys name was changed to Globus
Constructors & Developers Limited from Gupta Fibres Limited and the
approval of the Government was appropriately obtained vide letter dated
17th December 2008.
Your Company is entering into the new business area in the field of
Construction, Infrastructure and Real Estate Development. The
Memorandum of Association of the Company has been amended suitably to
reflect the new business of the Company.
ALTERATION OF ARTICLES OF ASSOCIATION
During the year, the Articles of Association of the Company were
altered through the process of Postal Ballot in compliance with the
provisions of Section 31 of the Companies Act, 1956 for inclusion of
provisions relating to dematerialization/ rematerialization of shares
of the Company, issue of shares with differential voting rights etc.
DIVIDEND
There being no income/ profits, your directors regret their inability
recommend any dividend for the financial year 2008-09.
DIRECTORS RESPONSIBILITY STATEMENT
As per the requirement of Section 217(2AA) of the Companies Act, 1956
your directors hereby make the following statement:
1. That in the preparation of the accounts for the financial year
ended 31st March, 2009 the applicable Accounting Standards have been
followed along with proper explanations relating to material
departures;
2. That the Directors have selected such accounting policies & applied
them consistently & made judgments & estimates that are reasonable &
prudent so as to give a true & fair view of the state of affairs of the
Company at the end of the financial year;
3. That the Directors have taken proper & sufficient care 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 & detecting fraud & other
irregularities;
4. That the Directors have prepared the accounts of the Company for
the financial year ended 31st March, 2009 on a going concern basis.
DEPOSITS
Your Company has not accepted any deposits during the period under
review within the meaning of Section 58A of the Companies Act, 1956
read with Companies (Acceptance of Deposit) Rules 1975.
PARTICULARS OF EMPLOYEES
During the year, there was no employee covered under Section 217(2A) of
the Companies Act, 1956 read with the Companies (Particulars of
Employees) Rules, 1975.
PARTICULARS OF CONSERVATiON OF ENERGY. TECHNOLOGY ABSORPTION AND
FOREIGN EXCHANGE EARNINGS AND OUTGO
Information required under the Companies (Disclosure of Particulars in
the Report of Board of Directors) Rules, 1988
Conservation of Energy:
Presently there being no operations, the provisions with respect to
conservation of energy does not apply.
Form of Disclosure of Particulars with respect to Absorption of
Technology, Research & Development.
Research & Development
There was no research and development activity carried out during the
financial year.
Technology Absorption, Adaptation and Innovation
No technology was absorbed, adapted or innovated during the financial
year.
Foreign Exchange-Earning /Outgo
There was no transaction made by the Company involving Foreign
Exchange.
STATUTORY AUDITORS
The Statutory Auditors of the Company, M/s BNPSY & Associates (M/s
Sharma Jain & Co. merged with M/s BNPSY & Associates) Chartered
Accountants retire at the ensuing Annual General Meeting and being
eligible, are proposed for re-appointment. They have furnished a
certificate to this effect that the proposed appointment, if made, will
be in accordance with Section 224(1 B) of the Companies Act 1956.
Your directors recommend the re-appointment of the Statutory Auditors
until the conclusion of next Annual General Meeting.
SECRETARIAL COMPLIANCE CERTIFICATE
The Secretarial Compliance Certificate for the financial year is
attached hereto and forms part of this Report. The Board took note of
the same.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
A report on industry analysis is attached hereto and forms part of the
Directors Report.
CORPORATE GOVERNANCE:
A separate section on Corporate Governance forming part of the
Directors Report is attached hereto and forms part of this report.
MATERIAL CHANGES AFFECTED AFTER THE END OF THE FIANCIAL YEAR
SHIFTING OF REGISTERED OFFICE
The Registered Office of your Company has been shifted in the regions
of National Capital Territory of Delhi from the State of Punjab in
compliance with the provisions of the Companies Act, 1956 under the
order of Company Law Board, Northern Region Bench. The Memorandum of
Association of the Company has been amended suitably to reflect the
above mentioned change.
REDUCTION OF CAPITAL
The Order for Reduction of Paid Up Share Capital of the Company has
been reserved by the Honble High Court of Delhi on 24th November 2009
against the reduction petition filed by your Company. The effect of
Reduction Order would be taken in the Current Financial Year of the
Company.
REVOCATION OF SUSPENSION
The shares of the Company suspended from trading from Delhi Stock
Exchange has been admitted to the dealings with effect from June 29,
2009 vide letter of the Delhi Stock Exchange dated June 14, 2009
AUDITORS REPORT & NOTES ON ACCOUNTS
The observations of the Auditor and Notes on Account are
self-explanatory.
ACKNOWLEDGEMENT
Your Directors would like to express their appreciation for assistance
and co operation received from Government Authorities, Registrar &
Share Transfer Agent. Investors, Advisors and Bankers of the Company.
By order of the Board of Directors
For Globus Constructors & Deveiopers Limited
{Formerly known as Gupta Fibres Limited")
Sd/-
Place : New Delhi Santosh Gupta
Date : 03.12.2009 Chairman
DIN: 00001418