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Directors Report of Goldline International Finvest Ltd.

Mar 31, 2014

To the Members,

The Directors have pleasure in presenting before you the 22nd Annual Report of the Company together with the Audited Statements of Accounts for the year ended 31st March, 2014.

FINANCIAL RESULTS

(Amt in Rs.)

S. No. Particulars 2013-14 2012-13

1. Total Income/Loss 1,23,82,568 46,48,332



2. Less: Total Expenses 1,00,15,252.79 36,83,370

3. Profit Before Tax 23,67,315.21 9,64,962



4. Current Tax 7,95,466 2,42,555



5. Profit/Loss after Tax 15,33,118.21 6,67,716



OPERATIONS

The Company achieved a turnover of Rs. 1.24 Crores during the current year, as against Rs. 0.46 Crores during the previous year. Net Profit before taxation for the financial year ended on 31st March, 2014 increased to Rs. 0.24 Crore against Rs. 0.09 Crore in the previous year.

DIVIDEND

To plough back the profits in to the business activities, no dividend is recommended this year.

DEPOSITS

During the year under review, Your Company has not accepted the deposits under section 58A of the Companies Act, 1956 and Companies (Acceptance of deposits) Rules 1975 as amended upto date.

LISTING OF EQUITY SHARES

Your Directors are pleased to inform you that the Company''s Equity Shares have been listed on BSE Limited on April 28, 2014 and the Company had paid listing fees to the Exchange for the year 2014-15.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

As required by Clause 49 of the Listing Agreements with Stock Exchanges, the Management discussion and Analysis Report is enclosed as a part of this report (Annexure - I).

DEMATERIALISATION OF SHARES

60.98 % of the company''s paid up Equity Share Capital is in dematerialized form as on 31st March, 2014 and balance 39.02% is in physical form.

The Company''s Registrars is M/s Beetal Finance & Computer Services Private Limited, Beetal House, 3rd Floor, 99, Madangir, Behind Local Shopping Centre, Near Dada Harsukhdas Mandir, New Delhi – 110062

DIRECTORS

Mr. Mahesh Chand will retire by rotation at the ensuing annual general meeting and, being eligible offer, himself for reappointment.

DIRECTOR''S RESPONSIBILITY STATEMENT

As required under section 217 (2AA) of the companies act, 1956 Directors of your Company hereby state and confirm that:

(i) the applicable Accounting Standards have been followed in preparation of annual accounts;

(ii) the accounting policies selected were applied consistently and the judgments and estimates made are reasonable and prudent so as to give a true and fair view of the State of affairs of the Company as at 31st March, 2014 and of the profit for the year ended on that date;

(iii) proper and sufficient care has been taken for 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 Annual Accounts for the year ended 31st March, 2014 have been prepared on a going concern basis;

AUDIT OBSERVATIONS

Auditors'' observations are suitably explained in notes to the Accounts and are self-explanatory.

AUDITORS

The Auditors, M/s Agrawal Goyal & Co. (Firm Registration number 004977C) Chartered Accountants, retire at the ensuing Annual General Meeting and, being eligible, offer themselves for reappointment.

CORPORATE GOVERNANCE AND SHAREHOLDERS'' INFORMATION

Your Company has taken adequate steps to adhere to all the stipulations laid down in Clause 49 of the Listing Agreement. A report on Corporate Governance is included as a part of this Annual Report (Annexure II).

Certificate from the Statutory Auditors of the company M/s Agrawal Goyal & Co., Chartered Accountants, confirming the compliance with the conditions of Corporate Governance as stipulated under Clause 49 of the Listing Agreement is attached to this report.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE OUTGO

Information required under Section 217 (1) (e) of the Companies Act, 1956 read with Companies (Disclosure of particulars in Directors'' Report) Rules, 1988 being not relevant/significant, are not given. There were no foreign exchange earnings or outgo during the year under review.

HUMAN RESOURCES

There are no employees as on date on the rolls of the Company who are in receipt of Remuneration which requires disclosures under Section 217 (2A) of the Companies Act, 1956 and Companies (Particulars of Employees) Rules, 1975.

During the year under review, relationship with the employees is cordial.

ACKNOWLEDGEMENT

Directors take this opportunity to express their thanks to various departments of the Central and State Government, Bankers, Material Suppliers, Customers and Shareholders for their continued support and guidance.

The Directors wish to place on record their appreciation for the dedicated efforts put in by the employees of the Company at all levels.

By Order of the Board of Directors

GOLD LINE INTERNATIONAL FINVEST LIMITED

Sd/- Sd/-

Place: New Delhi Mahendra Singh Arun Kumar Gupta

Date: 15/07/2014 Director Director

DIN: 06437665 DIN: 06447121


Mar 31, 2013

To The Members of M/s Gold Line International Finvest Limited,

The Directors have pleasure in presenting their 21stAnnual Report and Audited Statement of Accounts of the Company for the year ended on 31st March, 2013.

1. FINANCIAL HIGHLIGHTS:

Particulars Current Yr. 31.03.2013 Previous Yr. (Rs.) 31.03.2012 (Rs.)

Total Income/Loss 4648332 8,00,000

Less: Total Expenses 3683370 503054

Profit Before Tax 964962 296946

Profit/Loss after Tax 667716 205370

Less: Profit Brought from Previous Yr (978611) (1183981)

Balance carried to Balance Sheet (310896) (978611)

2. FINANCIAL PERFORMANCE

During the year under review, Your Company has recorded a total income of Rs. 46,48,332 against Rs. 8,00,000 in the previous year with total increase of Rs. 38,48,332. Net Profit before taxation for the financial year ended on 31st March, 2013 increased to Rs. 964962 from Rs. 296946 in the previous year. Consequently, the Profit'' after tax increase to Rs. 667716 from Rs. 205370 as .in the previous year.

3. ISSUE OF EQUTY SHARES

During the year under review, the Company has issued and allotted 48720500 Equity Shares of Rs. 10/- each on various dates and consequently, the Issued and Paid up share capital of the Company has increased from Rs. 3,37,60,000 divided into 3376000 equity shares of Rs. 10/- each to Rs. 52,09,65,000 divided into 52096500 equity shares of Rs. 10/- each.

4. DIVIDEND:

To plough back the profits in to the business activities, no dividend is recommended this year.

5. DEPOSITS :

During the year under review, Your Company has not accepted the deposits under section 58A of the Companies Act, 1956 and Companies (Acceptance of deposits) Rules 1975 as amended upto date.

4. STATUTORY AUDITORS :

M/s Thakur Saroj & Company, Chartered Accountants, Delhi, Statutory Auditors of the Company hold office until the conclusion of the ensuing Annual General Meeting. The Company has received a letter from them to The effect that their appointment, if made, would be within the limits prescribed u/s 224(1B) of the Companies Act, 1956.

Therefore, the Board of Directors recommends their re appointment as Statutory Auditors of the Company.

5. DIRECTORS:

Mr. Mahender Singh Bisht, Mr. Arun Gupta and Mr. Mahesh Chand were appointed by the Board of Directors in their held on 1st November, 2012, 2»une, 2013 and 30th May, 2013 respectively.

Further, Mr. Ashok Marwah and Mr. Akshod Kumar Sharma were from the Directorship of the Company on 2nd June, 2013 and 30th May, 2013 respect resign .

In accordance with the provisions of the Articles of Association of the Company, Mr. Nihar Ranjan Mishra is due to- retire by rotation and being eligible, offer himself for re- appointment.

6. DIRECTOR''S RESPONSIBILITY STATEMENT

In compliance to the provisions of Section 217 (2AA) of the Companies Act, 1956, your Directors wish to place on record

(i) that in preparing the Annual Accounts, all the applicable accounting standards have been followed ;

(ii) that the directors had selected such accounting policies and applied them consistently

and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit of the Company for that period;

(iii) that 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/detecting fraud and irregularities;

(iv) that the Directors have prepared the Annual Accounts on going concern basis.

7. PERSONNEL :

During the year under review, no employee was in receipt of remuneration in excess of the prescribed limits as prescribed under Section 217 (2A) of the Companies Act, 1956 and the rules made there under as amended upto date.

8. CORPORATE GOVERNANCE

A report on Corporate Governance along with a certificate from the Auditors regarding the compliances with conditions of Corporate Governance in terms of Clause 49 of the Listing Agreement is annexed to this report.

9. MANAGEMENT DISCUSSION AND ANALYSIS REPORT:

As required under Clause 49 of the Listing Agreement with the Stock Exchange, the Management and Discussion and Analysis of the financial Condition and results of the operations of the Company under review forms part of the Annual Report.

10. ENERGY, TECHNOLOGY & FOREIGN EXCHANGE :

Information in accordance with the provision of Section 217 (I) (e) of the Companies Act, 1956, read with Companies (Disclosure of particular sin the report of Board of Directors) Rules 1988 being not relevant/ significant, are not given. There was no foreign exchange earning or outgo during the year under review.

APPRECIATION:

Your Directors wish to place on record their deep sense of appreciation of the devoted services rendered by the executives and bank etc.

FOR AND ON BEHALF OF THE BOARD

GOLD LINE INTERNATIONAL FINVEST LIMITED

SD/- SD/-

(MAHENDER SINGH BISHT) (ARUN KUMAR GUPTA)

DIRECTOR DIRECTOR

Place : New Delhi

Date :02/09/2013


Mar 31, 2012

To The Members of M/s Gold Line International Finvest Limited,

The Directors have pleasure in presenting their 20th Annual Report and Audited Statement of Accounts of the Company for the year ended on 31st March, 2012.

1. Financial Results :

Particulars Current Yr. 31.03.2012 Previous Yr. (Rs.) 31.03.2011 (Rs.)

Total Income/Loss 8,00,000 55375

Less: Total Expenses 503054 74038

Profit Before Tax 296946 (18663)

Profit/Loss after Tax 205370 (18663)

Less: Profit Brought from Previous Yr (1183981) (1165318)

Balance carried to Balance Sheet (978611) (1183981)

2. Dividend:

Due to losses the Company is not in the position to pay any dividend.

3. Deposits :

The Company has not accepted the deposits under section 58A of the Companies Act, 1956 and Companies (Acceptance of deposits) Rules 1975.

4. Auditors :

The Auditors M/s Thakur Saroj & Company, Chartered Accountants, Delhi, Statutory Auditors of the Company hold office until the conclusion of the ensuing Annual General Meeting. The Company has received letter from them to the effect that their appointment, if made, would be within the limits prescribed U/s 224(1B) of the Companies Act, 1956. Accordingly, M/s Thakur Saroj & Company, Chartered Accountants, are required to be reappointed as Statutory Auditors of the Company at the ensuing Annual General Meeting.

5 Auditor''s Report :

There is no adverse qualification/remark in the Auditor''s Report

6 Directors:

In accordance with the provisions of the Articles of Association of the Company Mr. Ashok Marwah is due to retire by rotation and being eligible, offer himself for re-appointment.

7 Director''s Responsibility Statement :

In compliance to the provisions of Section 217 (2AA) of the Companies Act, 1956, your Directors wish to place on record –

(i) that in preparing the Annual Accounts, all the applicable accounting standards have been followed ;

(ii) that the directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit of the Company for that period;

(iii) that 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/detecting fraud and irregularities;

(iv) that the Directors have prepared the Annual Accounts on going concern basis.

8 Personnel :

As no employee is in receipt of remuneration in excess of the prescribed limits, information under Section 217 (2A) may be treated as nil.

9 Compliance Certificate from Company Secretary in Practice :

A Certificate of compliance by a Company Secretary in practice referred to in the proviso to sub-section (1) of Section 383A of the Companies Act, 1956 read with Rule 2(b), 2(c) & Rule 3 of the Companies (Compliance Certificate) Rules, 2001 is annexed herewith as Annexure-A.

10 Energy, Technology & Foreign Exchange :

Information in accordance with the provision of Section 217 (I) (e) of the Companies Act, 1956, read with Companies (Disclosure of Particulars in the Report of Board of Directors) Rules 1988 being not relevant/significant, are not given. There was no foreign exchange earning or outgo during the year under review.

Appreciation:

Your Directors wish to place on record their deep sense of appreciation of the devoted services rendered by the executives and bank etc.

FOR AND ON BEHALF OF THE BOARD

GOLD LINE INTERNATIONAL FINVEST LIMITED

SD/- SD/-

(ASHOK MARWAH) (AKSHOD KUMAR SHARMA)

DIRECTOR DIRECTOR

Place : New Delhi

Date : 27/07/2012


Mar 31, 2011

To The Members of M/s Goldline International Finvest Limited,

The Directors have pleasure in presenting their 19th Annual Report and Audited Statement of Accounts of the Company for the year ended on 31st March, 2011.

1. Financial Results :

Particulars Current Yr. Previous Yr. 31.03.2011(Rs.) 31.03.2010 (Rs.)

Total Income/Loss 55375 50000

Less: Total Expenses 74038 67397

Profit Before Tax (18663) (17397)

Profit/Loss after Tax (18663) (17397)

Less: Profit Brought from Previous Yr (1165318) (1147921)

Balance carried to Balance Sheet (1183981) (1165318)

2. Dividend:

Due to losses the Company is not in the position to pay any dividend.

3. Deposits :

The Company has not accepted the deposits under section 58A of the Companies Act, 1956 and Companies (Acceptance of deposits) Rules 1975.

4. Auditors :

The Auditors M/s Thakur Saroj & Company, Chartered Accountants, Delhi, Statutory Auditors of the Company hold office until the conclusion of the ensuing Annual General Meeting. The Company has received letter from them to the effect that their appointment, if made, would be within the limits prescribed U/s 224(1B) of the Companies Act, 1956. Accordingly, M/s ThakurSaroj& Company, Chartered Accountants, are required to be reappointed as Statutory Auditors of the Company at the ensuing Annual General Meeting.

5 Auditor''s Report :

There is no adverse qualification/remark in the Auditor''s Report

6 Directors:

In accordance with the provisions of the Articles of Association of the Company Mr. NihalRanjan Mishra is due to retire by rotation and being eligible, offer himself for re-appointment. During the period under review Mr. Shamit Goel resigned. Your Directors place on record their appreciation for the valuable services rendered by Mr Shamit Goel during his tenure as Director

7 Director''s Responsibility Statement :

In compliance to the provisions of Section 217 (2AA) of the Companies Act, 1956, your Directors wish to place on record –

(i) that in preparing the Annual Accounts, all the applicable accounting standards have been followed ;

(ii) that the directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit of the Company for that period;

(iii) that 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/detecting fraud and irregularities;

(iv) that the Directors have prepared the Annual Accounts on going concern basis.

8 Personnel :

As no employee is in receipt of remuneration in excess of the prescribed limits, information under Section 217 (2A) may be treated as nil.

9 Compliance Certificate from Company Secretary in Practice :

A Certificate of compliance by a Company Secretary in practice referred to in the proviso to sub-section (1) of Section 383A of the Companies Act, 1956 read with Rule 2(b), 2(c) & Rule 3 of the Companies (Compliance Certificate) Rules, 2001 is annexed herewith as Annexure-A.

10 Energy, Technology & Foreign Exchange :

Information in accordance with the provision of Section 217 (I) (e) of the Companies Act, 1956, read with Companies (Disclosure of Particulars in the Report of Board of Directors) Rules 1988 being not relevant/significant, are not given. There was no foreign exchange earning or outgo during the year under review.

Appreciation :

Your Directors wish to place on record their deep sense of appreciation of the devoted services rendered by the executives and bank etc.

FOR AND ON BEHALF OF THE BOARD

GOLDLINE INTERNATIONAL FINVEST LIMITED

SD/- SD/-

(ASHOK MARWAH) (AKSHOD KUMAR SHARMA)

DIRECTOR DIRECTOR

Place : New Delhi

Date : 27.07.2011

 
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