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Directors Report of Indian Link Chain Manufacturer Ltd.

Mar 31, 2015

Dear Members,

We present our 57th Annual Report together with the Audited Financial Accounts for the year ended March 31,2015:

1. During the year trading turnover has grown marginally. In view of the general economic condition trading activity could not be expanded to any significant level due to negligible margins. Earning per share are not comparable to last year due to onetime capital gain in last year.

2. a) The Company has four Directors out of which two are non retiring Independent Director and one is Managing Director not liable to retirement. The Fourth Director Smt. Vandana Nevatia (DIN NO07123272) was appointed by The Board as Additional Director(Promoter)of the company with effect from 30 March2015 and she holds office till the ensuing Annual General Meeting.The ordinary Resolution for confirmation of her appointment as a Director is given in the notice. There are no Directors who retire this year.

b) P.K.Nevatia Managing Director is the Key Managerial Person

3. Declaration by Independent Directors : The Independent Directors have submitted the Declaration of Independence, as required pursuant to section 149 (7) of the Companies Act, 2013 stating that they meet the criteria of Independence as provided in sub-section (6).

4. Auditors

A) Statutory Auditor: Pursuant to the provisions of Section 139 of the Companies Act, 2013 and the Rules made there under, the auditors of the Company, M/s. M.L. Bhuwania & Co., Chartered Accountants, Mumbai were appointed by the Shareholders for three years terms at the 56th Annual General Meeting to hold office until the conclusion of the 59th Annual general Meeting, subject to ratification by the shareholders at each Annual General Meeting.

B) Secretarial Auditor: Pursuant to the provisions of Section 204 of the Companies Act, 2013 and the rule made there under, the Company has appointed Shri. Shiv Hari JALAN, Practicing Company Secretary firm to undertake the secretarial Audit of the Company. The Report of the Secretarial Audit Report is annexed herewith as "Annexure A".

C) Significant and Material orders passed by the Regulators or Court: During the year in review, there were no significant and material orders passed by the Regulators or Courts or Tribunals, which may impact the going concern status of the Company and its operations in future.

5. Material Changes & Commitments: There have been no material changes and commitments, affecting the financial position of the company, which have occurred between the end of the financial year of the company and the date of this report.

6. Adequacy of Internal Financial Control: Internal financial controls with reference to the financial statements were adequate and operating effectively.

7. Presentation of Financial results : The financial results of the Company for the year ended 31 March 2015 have been disclosed as per Schedule 111 to the Companies Act, 2013.

8. Risk Management: The Company has no employees and is engaged in trading activity. The risk in trading in sudden changes in price and loss on Stocks.. The companies tries not to keep stocks and purchase against firm orders. The company keeps watch on any risk factors arising.

9. Provision of Sec 134 & 135 of companies Act regarding corporate social responsible do not apply to the company.

10. Provision of clause 49 of the listing agreement with stock exchange are not applicable to the company.

11. Vigil Mechanism-The company has no employees other than managing Director.

12. The Board has on the recommendation of the Nomination & Remuneration committee formed a policy for selection & appointment of Directors and their Remuneration.

13. There are no employers covered by sec 197 read with rule 5 of companies (Appointment and remuneration of manager of persons) Rule 2014. As the managing Director is to only employees of the company no evaluation under the company Act 2013 is possible.

14. Director's responsibility Statement

As required under section 134(3)(C) of Companies Act, 203 Directors, to the best of their knowledge and belief, state that-

a) In the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures;

b) 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 and loss of the company for that period;

c) The Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of Companies Act, 2013 for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;

d) The Directors had prepared the annual accounts on a going concern basis;

e) 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; and

f) 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.

15. Particulars of Loans, Guarantees or Investments There are no Loans, Guarantees and Investments, covered under the provisions of Section 186 of the Companies Act, 2013.

16. Number of Meeting of the Board and Audit Committee : During the year Board Meeting were held on 29/May/2014. 4/Aug/2014 , 14/Nov/2014, 30/Jan/2015 and 30/March/2015.and Audit committee held on 14/Nov/2014 and 30/Jan/2015. The Independent Directors have met once during the year on 30th March 2015, The directors have evaluated own performance and its committees and individual directors and found it satisfactory to meet the requirement of the company.

17. Details of related party transaction form parts of the accounts and details are in note no.23 annexed to the Balance Sheet.

18. As there no women employees there is no need to have policy on redressal of sexual Harassment for the company.

19. As the company has no mfg activity conservation of energy, technical absorption and foreign exchange details are not given in the report..

20. Extract of Annual Return: The details forming part of the extract of the Annual Return in form MGT 9 is annexed herewith as "Annexure B".

21. As regards note of the company secretary is their report about not filing of MG10 with the Registrar of companies the error is noted and the reports are being filed.

Place: Mumbai By order of the board of directors

Date :27.05.2015 P.K. Nevatia Managing director (DIN No. 00852581)


Mar 31, 2014

DEAR SHAREHOLDERS,

Your Directors present the Annual Report and Audited Accounts for the year ended on 31s'' march 2014

1 RAJESH poddar and Shri Anil Thard a Director are being appointed as independent Director for a period of 5 years as provision by section 149 of the Company.s Act 2013.

2 During the year company sold its flat to un lock value which has resulted in exceptional gain of Rs 474.40 lacs. The operation in the period have resulted in surplus of Rs 2.91 lacs as against Rs 11.05 lacs in the lat year.

3 During the year an amount of Rs 20.42 lacs shown as liabilities for capital incentive in the previous year has been transferred to the Reserve as the Govt, of Maharashtra has certified that the amount is not payable by the company.

4 Efforts to generate revenue by increase of trading operation have not been successful your our directors are aware of the need to increase trading activities and are exploring all avenues possible.

5 As stipulated in Section 217 (2AA) of the Companies Act, 1956 your Directors subscribe to the "Directors" Responsibility "Statement" and Confirm as under:

(i) That in preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures.

(ii) That the directors have selected such accounting policies and applied them consistently and made judgements and estimates that are reasonable and prudent so as to give a true and fair state of affairs of the company at the end of the financial year and the profit and loss account of the company for the period.

(iii) That the directors have taken proper and sufficient care of the maintenance of adequate account records in accordance with the provisions of this act for safeguarding the assets of the company and preventing and detecting fraud and other irregularities.

(iv) The Directors have prepared the annual accounts on going concern basis.

6 As required under Section 383 A of the companies act certificate of compliance with the provision of the Act from Secretary in whole time practice is attached here with

7 M/S. M.LBhuwania & Co. Chartered Accountants, auditors of the Company, retire but are eligible for re-appointment and have furnished to the company, certificate for their eligibility, for their re-appointment. The Directors recommend their reappointment upto the conslusion of 57th annual General Meeting to be held in 2017 (subject to rectification of appointment in every Annual General Meeting as Auditors to the Company.

8 Observation made by the Auditors in their report is self explanatory.

P K Nevatias Place: MUMBAI (Managing Director)

Rajesh Poddar Date: 29.05.2014 (Director)

Anil Thard (Director)


Mar 31, 2013

Dear Shareholders,

The Directors present the Annual Report arid Audited Accounts for the year ended on 31 st March 2013.

1. Shri Rajesh Poddar a Director retires by rotation but offers himself for re-election.

2. During''the year assignment of land at Tarapur was cbmpleted and has resulted in exceptional gain of Rs 153.53.lacs The operational income stands at Rs11.05 lacs as against Rs. 8.53 lacs in previous year. Profit for the year is Rs 90.20 lacsafter providing for tax liabilities against Rs. 5.94 lacs in previous year.

3. Trading operation started last year have not been encouraging and therefore it was felt we should wait for better opportunity. The Directors will examine other Proposals. -

4. Appeal against the demand for escaped custom duty is pending before the authorizes.

5. As required under Section 383 A of the companies act certificate of compliance with the provision of the Act from Secretary in whole time practice is attached here with ''

6. M/S. M.L.Bhuwania & Co. Chartered Accountants, auditors of the Company, retire but are eligible for re-appointment, and have furnished to the company, certificate for their eligibility, for their re-appointment. The Directors recommend their reappointment for the year 2013-2014 as Auditors of the company.

7. Observation made by the Auditors in their report is self explanatory.

P. K. Nevatia

Place: Mumbai (Managing Director)

Dated: 27th May, 2013 Anil Thard

(Director)


Mar 31, 2012

The Directors present the Annual Report and Audited Accounts for the year ended on 31st March 2012.

1. At the outset the Directors regret to report passing away of Shri S V. Muzumdar, a Director who joined the Board on 01.09.1966. He passed away on 3rd May 2012. The Directors express deep sorrow on his passing away and record the appreciation of the directions, advise and guidance to the Company.

2. Shri Rajesh Poddar and Shri Anil Thard were appointed as additional Directors during the year and therefore retire on the day of the Annual General Meeting. Being eligible they offer themselves for being appointed as Directors. The Directors recommend their re-appointment.

3. The financial results show a small surplus of Rs.5.94 Lacs for the year. During the year the Company started trading but due to market conditions the margins and volume were low. This may improve during the current year.

4. A MOU was entered into for sale of Residential property at MIDC Tarapur. Permission from MIDC is received during the current year and the final Assignment of lease is expected to be signed shortly.

5. As reported in the Accounts a demand for escaped customs duty of Rs.75.50 Lacs was raised for import of sulphur for earlier years against a show cause notice issued in earlier. An appeal has been filed against the order before the Commissioner of Customs, Alibagh. Part provision for the demand was made in earlier year.

6. As required under Section 383A of the Companies Act a certificate of compliance with the provision of the Act from a Secretary in whole time practice is attached herewith.

7. M/s. M.L. Bhuwania & Co., Chartered Accountants, Auditors of the Company, retire, but are eligible for re-appointment and have furnished to the Company Certificate for their eligibility, for their re-appointment. The Directors recommend their reappointment for the year 2012-13 as Auditors of the Company.

8. Observations made by the Auditors in their report are self explanatory.

Shri P. K. Nevatia (Managing Director)

Shri Rajesh Poddar (Director)

Place: Mumbai Dated: 25th May, 2012


Mar 31, 2011

Dear Shareholders,

The Directors present the Annual Report and Audited Accounts for the year ended on 31st March 2011.

1. The financial results show a loss of Rs.6.36 Lacs.

2. The Developer, who had entered into MOU for the transfer of land at Tarapur could not complete the formalities of the authorities and therefore a fresh agreement was entered into for Rs. 1.65 Crores . The work on getting the permission is in hand and as soon as this is obtained the transfer of the land will be completed. In the meanwhile full consideration of Rs. 1.65 Crores has been received by the Company.

3. The demand raised by the Customs is pending. No hearing against our representation has taken place. The Directors are hopeful that this will be decided in favour of the Company.

4. As stipulated in Section 217 (2AA) of the Companies Act, 1956 your Directors subscribe to the "Directors' Responsibility Statement" and Confirm as under:

i) that in preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures;

ii) 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 state of affairs of the company at the end of the financial year and the profit and loss account of the company for the period;

iii) that the directors have taken proper and sufficient care of the maintenance of adequate account records in accordance with the provisions of this act for safeguarding the 'assets of the company and preventing and detecting fraud and other irregularities;

iv) the directors have prepared the annual accounts on going concern basis.

5. Shri S. V. Muzumdar, Director of the Company retires by rotation but being eligible offers himself for reelection.

6. As required under Section 383A of the Companies Act a certificate of compliance with the provision of the Act from a Secretary in whole time practice is attached herewith.

7. M/s. ML. Bhuwania & Co., Chartered Accountants, Auditors of the Company, retires, but are eligible for re-appointment and have furnished to the Company Certificate for their eligibility, for their re-appointment. The Directors recommend their reappointment for the year 2011-12 as Auditors of the Company.

8. The Directors refer to the Notes of the Statutory Auditors and of the Company Secretary in their reports as regards deposits with Mahindra & Mahindra Financial Services Ltd. The Directors regret that by oversight the provisions of Section 372A of the Companies Act 1956 were not complied with in advance. Mahindra & Mahindra Financial Services Ltd. is a reputed company and amount deposited is expected to be returned to the company on maturity in Sep. /Oct. 2011. However, in order to regularize the matter approval of shareholders is being obtained thru postal ballots, notice for which is being sent to the shareholders soon.

9. Other observations of the Auditors are self explanatory.

P.K.Nevatia

Place: Mumbai Dated: 31.05.2011 Vidhu Nevatia

 
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