Home  »  Company  »  Hind. Appliances  »  Quotes  »  Directors Report
Enter the first few characters of Company and click 'Go'

Directors Report of Hindustan Appliances Ltd.

Mar 31, 2013

To, The Members

The Directors have pleasure in presenting their Annual Report together with the Audited Accounts of the Company for the year ended 31st March 2013.

(Rs.in Lacs) (Rs.in Lacs) Particulars Year ended Year ended

31.03.2013 31.3.2012

Income from operation 84.23 86.66

Total 84.23 86.66

Gross Profit/ loss Before Depreciation and Taxation 81.19 84.85

Add : Income Tax of earlier year 0.13 0.01

Deduct:-

Depreciation 0.00 0.00

Provision for taxation 25.20 26.30

Deferred tax liabilities 0.00

Net profit / Loss for the year 55.86 58.56

Balance brought forward 169.96 111.40

Balance carried forward 225.82 169.96



DIVIDEND:

In order to conserve the financial resources for future the directors do not recommend any dividend for the year under the report.

OPERATION:

The Company has earned a gross total Income of Rs 84.23 lacs for the year under review against the gross total income of Rs. 86.66 lacs during the previous year.

MANAGEMENT DISCUSSION AND ANALYSIS

Management discussion and analysis report for the year under review as required under Clause 49 of the Listing Agreement with the Stock Exchange is given in the report as a separate statement.

CORPORATE GOVERNANCE

Necessary measures have been adopted to comply with the requirements of the listing agreement with stock exchange wherein the company''s shares are listed. A separate Section on corporate governance report forms part of this annual report.

A certificate from the auditors of the company regarding compliance of the conditions of corporate governance as stipulated under clause 49 of the listing agreement is attached to this report.

SUBSIDIARIES

Pursuant to the Provision of section 212 of the Companies Act ,1956 statement & other documents relating to the subsidiaries of the company are annexed to this report.

DIRECTORS.

Mr. Sunil Hirji Shah and Mr. Kalpesh R Shah , Directors retire by rotation retires by rotation and being eligible offer themselves for reappointment.

PARTICULARS OF EMPLOYEES :

The company did not employ anybody drawing remuneration of Rs. 60,00,000/- or more per annum or Rs.5,00,000/-or more per month and hence the question of providing information under section 217(2A) of the companies Act, 1956 does notarise.

PUBLIC DEPOSIT:

The Company has not accepted any deposit from public. Therefore provision of section 58(A) of Companies Act,1956 are not applicable to the Company. There are no unclaim or unpaid deposits for which information to be given in this report.

DISCLOSURES OF PARTICULARS WITH RESPECT TO CONSERVATION ENERGY-TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGES EARNINGS AND OUTGO.:

Particulars regarding conservation of energy, technology absorption as required pursuant to section 217 (1) (e) of the Companies Act, 1956, as amended are not given since the said section is not applicable to the Company.

Foreign exchange earnings.: Rs. Nil Foreign exchange outgo. : Rs. Nil

DIRECTORS'' RESPONSIBILITY STATEMENT:

Pursuant to the provision of Sub-Section (2AA) of section 217 of the companies Act, 1956 your directors confirm:

1. that in the preparation of the annual accounts for year ended 31st March, 2013 the applicable accounting standards have been followed with no departures there from;

2. that the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year 31st March, 2013 and of the profit of the Company for that year;

3. that the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities ;

4. that the Directors have prepared the annual accounts for the year ended 31st,March ,2013 on a going concern basis.

The above statements have been noted by the Audit Committee at its meeting held on 30st

May.13.

CONSOLITED FINANCIAL STATEMENTS:

The Audited Financial Statement for the year under review ended 31st, march 2013 is annexed to this report. The Report and standalone audited accounts of all subsidiary companies along with statement pursuant to section 212 of the companies Act,1956 containing full details of the performance also form part of this Annual Report. These statements have been prepared on the basis of audited financial statement received from the subsidiary Companies as approved by their respective Boards.

AUDITORS:

M/S. A. C. MODI & ASSOCIATES, Chartered Accountants, the present Auditors of the Company have furnished a certificate regarding their eligibility for re-appointment. You are requested to appoint auditors of the company and fix their remuneration.

FOR AND ON BEHALF OF THE BOARD DIRECTORS

PLACE: MUMBAI, DATED:


Mar 31, 2012

The Directors have pleasure in presenting their Annual Report together with the Audited Account of the Company for the year ended 31st March 2012.

(Rs.in Lacs) (Rs.in Lacs) Particulars

Year ended Year ended 31.3.2012 31.3.2011

Income from operation 86.66 1.70

Total 86.66 1.70

Gross Profit/ loss Before Depreciation and Taxation 84.85 0.29

Add : Income Tax of earlier year 0.01 2.15

Deduct:-

Depreciation 0.00 0.00

Provision for taxation 26.30 0.10

Deferred tax liabilities 0.00 0.00

Net profit / Loss for the year 58.56 2.34

Balance brought forward 111.40 109.06

Balance carried forward 169.96 111.40

DIVIDEND:

In view of the loss the directors are unable to recommend any dividend for the year under the report.

OPERATION:

, : The Company has earned a gross total Income of Rs 86.66 lacs for the year under review against the gross total income of Rsl.70 lacs during the previous year.

MANAGEMENT DISCUSSION AND ANALYSIS

Management discussion and analysis report for the year under review as required under Clause 49 of the Listing Agreement with the Stock Exchange is given in the report as a separate statement.

' CORPORATE GOVERNANCE

Necessary measures have been adopted to comply with the requirements of the listing agreement with stock exchange wherein the company's shares are listed. A separate Section 01 corporate governance report forms part of this annual report.

A certificate from the auditors of the company regarding compliance of the conditions o corporate governance as stipulated under clause 49 of the listing agreement is attached to this report.

SUBSIDIARIES

Pursuant to the Provision of section 212 of the Companies Act ,1956 statement & other documents relating to the subsidiaries of the company are annexed to this report.

DIRECTORS.

Mr. Mehul J. Shah and Mr. Ravindra K. Myatra , Directors retire by rotation retires by rotation and being eligible offer themselves for reappointment.

PARTICULARS OF EMPLOYEES :

The company did not employ anybody drawing remuneration of Rs. 60,00,000/- or more per: annum or Rs.5,00,000/-or more per month and hence the question of providing information under section 217(2A) of the companies Act, 1956 does not arise.

PUBLIC DEPOSIT:

The Company has not accepted any deposit from public. Therefore provision of section 58(A) o Companies Act,1956 are not applicable to the Company. There are no unclaimed or unpaid deposits for which information to be given in this report.

DISCLOSURES OF PARTICULARS WITH RESPECT TO CONSERVATION ENERGY.TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGES EARNINGS AND OUTGO:

Particulars regarding conservation of energy, technology absorption as required pursuant t( section 217 (1) (e) of the Companies Act, 1956, as amended are-not given since the said section i: not applicable to the Company. '

Foreign exchange earnings.: Rs. Nil Foreign exchange outgo. : Rs. Nil

DIRECTORS'RESPONSIBILITY STATEMENT:

Pursuant to the provision of Sub-Section (2AA) of section 217 of the companies Act, 1956 your directors confirm:

1. that in the preparation of the annual accounts for year ended 31st March, 2012 the applicable accounting standards have been followed with no departures there from;

2. that the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year 3lsi March, 2012 and of the loss of the Company for that year;

3. that the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

4. that the Directors have prepared the annual accounts for the year ended 31.3.2012 on ; going concern basis.

The above statements have been noted by the Audit Committee at its meeting held on 30th June 2012.

CONSOLITED FINANCIAL STATEMENTS:

The Audited Financial Statement for the year under review ended 31st, march 2012 is annexes to this report. The Report and standalone audited accounts of all subsidiary companies along with statement pursuant to section 212 of the companies Act,1956 containing full details of the performance also form part of this Annual Report. These statements have been prepared on tin basis of audited financial statement received from the subsidiary Companies as approved b} their respective Boards.

AUDITORS:

M/S. A. C. MODI & ASSOCIATES, Chartered Accountants, the present Auditors of the Company have furnished a certificate regarding their eligibility for re-appointment. You are requested tc appoint auditors of the company and fix their remuneration.

FOR AND ON BEHALF OF THE BOARD

DIRECTORS

PLACE: MUMBAI,

DATED:


Mar 31, 2010

The Directors have pleasure in presenting their Annual Report together with the Audited Accounts of the Company for the year ended 31st March 2010.

(Rs.in Lacs) (Rs.in Lacs}

Particulars Year ended Year ended 31.3.2010 31.3.2009

Income from operation 6.19 40.12

Total 6.19 40.12

Gross Profit/ loss Before Depreciation and Taxation (22.41) 39.10

Less : Income Tax of earlier year 0.00 (0.32)

Deduct:-

Depreciation O.00 0.00

Provision for taxation 1.55 12.10

Provision for Fringe Benefit Tax 0.00 0.00

Deferred tax liabilities 0.00 0.00

Net profit / Loss for the year (23.96) 27.32

Balance brought forward 133.02 10570

Balance carried forward 109.06 133.02

DIVIDEND:

In view of the loss the directors are unable to recommend any dividend for the year under the report.

OPERATION:

The Company has earned a gross total Income of Rs 6.19 lacs for the year under review against the gross total income of Rs.40.12 lacs during the previous year.

MANAGEMENT DISCUSSION AND ANALYSIS

Management discussion and analysis report for the year under review as required under Clause 49 of the Listing Agreement with the Stock Exchange is given in the report as a separate statement.

CORPORATE GOVERNANCE

Necessary measures have been adopted to comply with the requirements of the listing agreement with stock exchange wherein the companys shares are listed. A separate Section on corporate governance report forms part of this annual report.

A certificate from the auditors of the company regarding compliance of the conditions of corporate governance as stipulated under clause 49 of the listing agreement is attached to this report.

SUBSIDIARIES

Pursuant to the Provision of section 212 of the Companies Act ,1956 statement & other documents relating to the subsidiaries of the company are annexed to this report.

DIRECTORS.

Mr. Sanjay A. Desai and Mr. Ravindra K Mayatra retire by rotation and being eligible offer themselves for re-appointment. Mr. Kantilal S. Maroo and Mr. Hitesh R Kariya resigned as directors of the Company .The Directors have placed on record the appreciation of services rendered by them during their association with the Company.

Mr. Sunil Hirji Shah. and Mr. Kalpesh R. Shah were appointed as additional directors of the Company by the board of directors and they hold the office until the date of the ensuing annual general meting. You are requested to appoint them as directors of the Company.

PARTICULARS OF EMPLOYEES:

The company did not employ anybody drawing remuneration of Rs. 24,00,000/- or more per annum or Rs.2,00,000/-or more per month and hence the question of providing information under section 217(2A) of the companies Act, 1956 does not arise.

PUBLIC DEPOSIT:

The Company has not accepted any deposit from public. Therefore provision of section 58(A) of Companies Act,1956 are not applicable to the Company. There are no unclaim or unpaid deposits for which information to be given in this report.

DISCLOSURES OF PARTICULARS WITH RESPECT TO CONSERVATION ENERGY.TECHNOLOGY ABSORPTION AND. FOREIGN EXCHANGES EARNINGS AND OUTGO.:

Particulars regarding conservation of energy, technology absorption as required pursuant to section 217 (1) (e) of the Companies Act, 1956, as amended are not given since the said section is not applicable to the Company.

Foreign exchange earnings. : Rs. Nil

Foreign exchange outgo. : Rs. Nil

DIRECTORS RESPONSIBILITY STATEMENT:

Pursuant to the provision of Sub-Section (2AA) of section 217 of the companies Act, 1956 your directors confirm:

1. that in the preparation of the annual accounts for year ended 31st March, 2010 the applicable accounting standards have been followed with no departures there from;

2. that the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year 31st March, 2010 and of the loss of the Company for that year;

3. that the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

4. that the Directors have prepared the annual accounts for the year ended 31.3.2010 on a going concern basis.

The above statements have been noted by the Audit Committee at its meeting held on 2/9/2010

CONSOLITED FINANCIAL STATEMENTS:

The Audited Financial Statement for the year under review ended 31st, march 2010 is annexed to this report. The Report and standalone audited accounts of all subsidiary companies along with statement pursuant to section 212 of the companies Act,1956 containing full details of the performance also form part of this Annual Report. These statements have been prepared on the basis of audited financial statement received from the subsidiary Companies as approved by their respective Boards.

AUDITORS:

M/S. A.C.MODI & ASSOCIATES, Chartered Accountants, the present Auditors of the Company have furnished a certificate regarding their eligibility for re-appointment. You are requested to appoint auditors of the company and fix their remuneration.

NOTES:

1. A MEMBER ENTITLED TO ATTEND AND VOTE IS ENTITLED TO APPOINT PROXY TO ATTEND AND VOTE INSTEAD OF HIMSELF AND PROXY NEED NOT BE A MEMBER OF THE COMPANY.

2. The instrument appointing proxy should be deposited at the Registered office of the Company not less than 48 hours before commencing of this meeting.

3. An Explanatory Statement as required under section 173 [2] of the companies Act ,1956 relating to Special Business to be transacted at the meeting is annexed hereto.

4. The register of members and transfer books of the Company will remain closed from 23rd September,2009 to 29th September 2010.

Explanatory Statement as required under section 173 (2) of the Companies Act, 1956.

In Respect of Item No. 4.

Mr. Sunil Hirji Shah who was appointed as additional Director of the company pursuant to section 260 of the Companies Act, 1956 and who holds the office until the date of the ensuing annual general meeting and in respect of whom the Company has received a notice in writing together with requisite deposit under section 257 of the companies Act 1956, from a member expressing his intention to propose him as candidate for the office of Director, is to be appointed as director of the company liable to retire by rotation.

The Board of Directors recommend the members to adopt the proposed Resolution.

None of the Directors of the company is in any way concerned or interested in the resolution except Mr. Sunil Hirji Shah.

In Respect of Item No. 5.

Mr. Kalpesh R. Shah who was appointed as additional Director of the company pursuant to section 260 of the Companies Act, 1956 and who holds the office until the date of the ensuing annual general meeting and in respect of whom the Company has received a notice in writing together with requisite deposit under section 257 of the companies Act 1956, from a member expressing his intention to propose him as candidate for the office of Director, is to be appointed as director of the company liable to retire by rotation.

The Board of Directors recommend the members to adopt the proposed Resolution.

None of the Directors of the company is in any way concerned or interested in the resolution except Mr. Kalpesh R. Shah.

FOR AND ON BEHALF OF THE BOARD

DIRECTORS

PLACE: MUMBAI,

DATED: 2nd SEPTEMBER, 2010.

 
Subscribe now to get personal finance updates in your inbox!