Mar 31, 2015
Dear Members,
The Directors have pleasure in presenting their 20th Annual Report on
the business and operations of the Company and the accounts for the
Financial Year ended March 31, 2015.
Financial summary or highlights/Performance of the Company (Standalone)
The Board's Report shall be prepared based on the stand alone financial
statements of the company.
The financial Performance of the Company for the year is as under:
(Rs. in lacs)
Particulars 2014-2015 2013-14
Profit/Loss before Bad (9.98) 11.19
debts and Depreciation
Written off and extra
ordinary items
Depreciation written off (0 .42) (0 .77)
Bad debts written off 0.00 0.00
Profit or loss before (10.40) 10.41
adjustments
Prior period adjustments 0.00 0.00
(Cr/Dr)
Exceptional items (Cr/Dr) 0.00 0.00
Extra ordinary items 0.00 0.00
(Cr/Dr)
Profit after adjustments (10.40) 10.41
Provision for income 0.00 1.57
tax/MAT Cr.
Profit after tax (10.44) 8.83
Earnings Per Share (0.20) 0.17
The relevant Notes on Accounts of the Company referred to in the
Auditors' Report are Self- explanatory. The New Management is in the
Process of identifying new business ventures in which it can involve.
Keeping in view accumulated losses and recent takeover, the Directors
are unable to recommend payment of any dividend for the year under
review.
Listing
The Securities of your Company are listed with the Bombay Stock
Exchange Limited, and pursuant to Clause 38 of the Listing Agreement,
the Annual Listing fees for the year 2014- 2015 have been paid to them.
The Company has also paid the annual custodian fees to NSDL & CDSL for
the Securities of the Company held in dematerialized mode with them for
the year 2014-2015.
Dividend
The company has not declared any Dividend during the Financial Year.
Reserves
Since, the company has not declared the dividend during the financial
year transfer of amount from profits to reserves does not arise.
Directors and Key Managerial Personnel
To appoint a director in place of Shri K. Rambabu who retires by
rotation and being eligible offers himself for re-appointment.
EXTRACT OF ANNUAL RETURN:
As required pursuant to section 92(3) of the Companies Act, 2013 and
rule 12(1) of the Companies (Management and Administration) Rules,
2014, an extract of annual return in MGT 9 as a part of this Annual
Report as ANNEXURE I .
Particulars of contracts or arrangements with related parties:
The particulars of every contract or arrangements entered into by the
Company with related parties referred to in sub-section (1) of section
188 of the Companies Act, 2013 including certain arm's length
transactions under third proviso thereto shall be disclosed in Form No.
AOC-2. As Annexure III (Format enclosed).
Particulars of Employees
Pursuant to the,Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014, statement of particulars of employees is
annexed as Annexure IV.
Details of Subsidiary/Joint Ventures/Associate Companies
The Company has no Subsidiary Companies.
Declaration by an Independent Directoi (s) and re- appointment, if any
A declaration by an Independent Director(s) that he/they meet the
criteria of independence as provided in sub-section (6) of Section 149
of the Companies Act, 2013 shall be enclosed as
Annexure VI.
An independent director shall hold office for a term up to five
consecutive years on the Board of a Company, but shall be eligible for
reappointment for next five years on passing of a special resolution by
the Company and disclosure of such appointment in the Board's report.
Meetings
A calendar of Meetings is prepared and circulated in advance to the
Directors. During the year Six Board Meetings and Six Audit Committee
Meetings were convened and held. The details of which are given in the
Corporate Governance Report, The intervening gap between the Meetings
was within the period prescribed under the Companies Act, 2013.
Board Evaluation
Pursuant to the provisions of the Companies Act, 2013 and Clause 49 of
the Listing Agreement, the Board has carried out an annual performance
evaluation of its own performance, the directors individually as well as
the evaluation of the working of its Audit, Nomination & Remuneration
and Compliance Committees. The manner in which the evaluation has been
carried out has been explained in the Corporate Governance Report.
Remuneration Policy
The Board has, on the recommendation of the Nomination & Remuneration
Committee framed a policy for selection and appointment of Directors,
Senior Management and their remuneration. The Remuneration Policy is
stated in the Corporate Governance Report.
AUDITORS:
The Auditors, M/s. LNP & Co, Chartered Accountants, Hyderabad retire at
the ensuing Annual General Meeting and, being eligible, offer
themselves for reappointment for a period of 4 Years from the
conclusion of this Annual General Meeting [AGM] until the conclusion of
Fourth Annual General Meeting to be held after this meeting.
AUDITORS' REPORT
The Auditors' Report does not contain any qualification. Notes to
Accounts and Auditors remarks in their report are self-explanatory and
do not call for any further comments.
Secretarial Audit Report
In terms of Section 204 of the Act and Rules made there under, M/s.
VCSR & Associates, Company Secretaries have been appointed Secretarial
Auditors of the Company. The report of the Secretarial Auditors is
enclosed as Annexure VII to this report. The report is self-explanatory
and do not call for any further comments.
Internal Audit & Controls :
During the year, the Company continued to implement his suggestions and
recommendations to improve the control environment. His scope of work
includes review of processes for safeguarding the assets of the
Company, review of operational efficiency, effectiveness of systems and
processes, and assessing the internal control strengths in all areas.
Internal Auditor findings are discussed with the process owners and
suitable corrective actions taken as per the directions of Audit
Committee on an ongoing basis to improve efficiency in operations.
Vigil Mechanism :
In pursuant to the provisions of section 177(9) & (10) of the Companies
Act, 2013, a Vigil Mechanism for directors and employees to report
genuine concerns has been established. The Vigil Mechanism Policy has
been uploaded on the website of the Company at www.indo-asian.com under
investors/policy- documents/Vigil Mechanism Policy link.
Risk management policy :
A statement indicating development and implementation of a risk
management policy for the Company including identification therein of
elements of risk, if any, this in the opinion of the Board may threaten
the existence of the company.
Deposits :
The Company has not accepted any Fixed Deposits covered under Chapter V
of the Act.
Particulars of loans, guarantees or investments under section 186
Details of Loans: Nil
SL Date of Details Amount Purpose Time Date of
No making of for which period BR
loan Borrower the loan for be
is to which
utilized it is
by the given
recipient
Nil
SL Date of Rate Security
No SR (if of
reqd) Interest
Details of Investments:- Nil
SL Date of Details Amount Purpose Date of
No making of for which BR
loan Borrower the proceeds
from investment
is proposed
to be utilized
by the
recipient
Nil
SL Date of Expected
No SR (if rate of
reqd) return
Details of Guarantee / Security Provided: Nil
SL Date of Details of Amount Purpose for
No providing recipient which the of
security/ security/
guarantee guarantee is
proposed to
be utilized by
the recipient
Nil
SL Date Date of Commission
No BR SR (if
any)
Corporate Governance Certificate (Applicable to Listed Companies)
The Compliance certificate from the auditors or practicing company
secretaries regarding compliance of conditions of corporate governance
as stipulated in Clause 49 of the Listing agreement shall be annexed
with the report.
MANAGEMENT DISCUSSION AND ANALYSIS
The Management Discussion and Analysis forms part of this Annual Report
for the year ended 31st March 2015.
STATUTORY DISCLOSURES
In terms of the provisions of Section 217 (2A) of the Companies Act,
1956, read with the Companies (Particulars of Employees) Rules, 1975 as
amended, the names and other particulars of the employees are set out in
the annexure to the Directors' Report. However, as per the provisions of
Section 219 (b) (iv) of the said Act read with Clause 32 of the Listing
Agreement, the Annual Report excluding the aforesaid information is
being sent to all the members of the Company and others entitled
thereto. Any member interested in obtaining such particulars may write
to the Company at the registered office of the Company.
OBLIGATION OF COMPANY UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE
(PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013
In order to prevent sexual harassment of women at work place a new act
The Sexual Harassment of Women at Workplace (Prevention, Prohibition
and Redressal) Act, 2013 has been notified 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.
Company has adopted a policy for prevention of Sexual Harassment of
Women at workplace and has set up Committee for implementation of said
policy. During the year Company has not received any complaint of
harassment.
Conservation of energy, technology absorption and foreign exchange
earnings and outgoÂNA
The details of conservation of energy, technology absorption, foreign
exchange earnings and outgo are as follows:
a) Conservation of energy: Nil
(b) Technology absorption: Nil
(c) Foreign exchange earnings and OutgoÂNil
Directors' Responsibility Statement
The Directors' Responsibility Statement referred to in clause (c) of
sub-section (5) of Section 134 of the Companies Act, 2013, shall state
thatÂ
(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 this Act 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; and
(e) the directors, in the case of a listed company, had laid down
internal financial controls to be followed by the company and that such
internal financial controls are adequate and were operating
effectively.
(f) the directors had devised proper-system's to ensure compliance with
the provisions of all applicable laws and that such systems were
adequate and operating effectively.
(g) All Independent Directors have given- declarations that, they meet
the criteria of Independence as laid down under Section 149 (6) of the
Companies Act, 2013 and Clause 49 of Listing Agreement.
Acknowledgements
An acknowledgement to all with whose help, cooperation and hard work
the Company is able to achieve the results.
For and on behalf of the Board of Directors
Place: Hyderabad
Date: 13.08.2015
Sd/-
K. Rambabu
Managing Director
(DIN: 01165601)
Sd/-
K. Lohit
Director
(DIN: 05156603)
Mar 31, 2014
Dear Members,
The Directors/Management have pleasure in presenting 19th Annual
Report together with the Audited Financial Statements for the year
ended 31.03.2014.
Financial Performance
The financial Performance of the Company for the year are as under
(Rs.in lakhs)
31.03.2014 31.03.2013
Profit/Loss before Bad debts and
Depreciation
Written off and extra ordinary items (11.19) (9.44)
Depreciation written off (0.77) (0.89)
Bad debts written off 0.00 0.00
Profit or loss before adjustments 10.41 (10.33)
Prior period adjustments (Cr/Dr) 0.00 0.00
Exceptional items (Cr/Dr) 0.00 0.00
Extra ordinary items (Cr/Dr) 0.00 0.00
Profit after adjustments 10.41 (10.33)
Provision for income tax/MAT Cr. 1.57 (3.00)
Profit after tax 8.83 (7.33)
Earning Per Share 0.17 (0.14)
The relevant Notes on Accounts of the Company referred to in the
Auditors'' Report are Self-explanatory. The New Management is in the
Process of identifying new business ventures in which it can involve.
Keeping in view accumulated losses and recent takeover, the Directors
are unable to recommend payment of any dividend for the year under
review.
Business Review
Your Company is exploring work orders for various works on back to back
basis as Sub Contractors and Work Contractors as the Company has no
eligibility for direct bidding.
The Company is expecting positive work orders improvement in the
operations.
Listing
The Securities of your Company are listed with the Bombay Stock
Exchange Limited, and pursuant to Clause 38 of the Listing Agreement,
the Annual Listing fees for the year 2014-2015 have been paid to them
well before the due date i.e. April 30, 2014. The Company has also paid
the annual custodian fees to NSDL & CDSL for the Securities of the
Company held in dematerialized mode with them for the year 2014-2015.
Directors
In accordance with the provisions of section 152 of the Companies Act,
2013 and the Articles of Association of the Company, Smt. K. Sridevi is
liable to retire by rotation and is eligible for re-appointment.
Mr. Lohit Kamarajugadda has been appointed as Additional Director in
the Board Meeting held on 20th May 2014; The Company has received a
letter from a member with the requisite deposit for his appointment as
a Director of the Company.
Public Deposits
The Company has not accepted any deposits during the year under review.
Corporate Governance
As per clause 49 of the Listing Agreement with the Stock Exchanges, a
report on Corporate Governance together with the Auditors Certificate
regarding compliance of the conditions of Corporate Governance forms
part of the Annual report.
Auditors
The auditors M/s. LNP & Co., Chartered Accountants retire at the Annual
General Meeting and are eligible for re-appointment.
Particulars of Employees
None of the employees of the Company was in receipt of remuneration in
excess of the limits prescribed under Section 217(2A) of the Companies
Act, 1956, read with Companies (Particulars of Employees) Rules, 1975,
as amended.
Conservation of Energy, Technology Absorption, Foreign Exchange
Earnings and Outgo
All possible measures have been taken to reduce energy consumption. The
Company has also taken up adequate measures for the innovation,
adoption and absorption of
technology in construction and developmental activities. The provisions
of section 217(1) (e) of the Companies Act, 1956 are not applicable.
Foreign Exchange
There are no earnings and out go of Foreign Exchange.
Directors'' Responsibility Statement
As required under Section 217 (2AA) of the Companies Act, 1956, your
Directors state:
1. That in the preparation of the annual accounts, the applicable
accounting standards have been followed:
2. That appropriate accounting policies selected and applied are
consistent 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 of the Company for
the year ended on that date.
3. That proper and sufficient care has been taken 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 and detecting fraud and other irregularities; and
4. That the annual accounts have been prepared on going concern basis.
Acknowledgement
Your new management is thankful and grateful for accepting and allowing
them to turnaround the Company in the best interest of the
Shareholder''s. Your Directors are grateful to the financial
institutions and Banks for the valuable support as well. Your Directors
wish to thank all the employees of the Company for their continued
support. Your Directors acknowledge the support received from you as
Shareholders of the Company.
For and on behalf of the Board
Place: Hyderabad
Date: 14.08.2014
Sd/-
K. Rambabu
Managing Director
Mar 31, 2013
The new Directors/Management have pleasure in presenting 18th Annual
Report together with the Audited Financial Statements for the year
ended 31.03.2013. This is the first report after the takeover by the
new management.
1. Financial Results:
The financial results of the Company for the year are as under
(Rs.in lakhs)
31.03.2013 31.03.2012
Profit/Loss before Bad debts
and Depreciation (9.44) (8.56)
Written off and extra ordinary items
Depreciation written off (0.89) 1.03
Bad debts written off 0.00 0.00
Profit or loss before adjustments (10.33) (9.59)
Prior period adjustments (Cr/Dr) 0.00 8.17
Exceptional items (Cr/Dr) 0.00 0.00
Extra ordinary items (Cr/Dr) 0.00 0.00
Profit after adjustments (10.33) (17.76)
Provision for income tax/MAT Cr. (3.00) 0.05
Profit after tax (7.33) (17.71)
Loss brought forward from previous year (60.58) (42.87)
Net loss carried to balance sheet (67.91) (60.58)
The relevant Notes on Accounts of the Company referred to in the
Auditors` Report are Self-explanatory. The New Management is in the
process of identifying new business ventures in which it can involve.
Keeping in view accumulated losses and recent takeover, the Directors
are unable to recommend payment of any dividend for the year under
review.
2. Business Review:
Your Company is exploring work orders for various works on back to back
basis as Sub Contractors and Work Contractors as the Company has no
eligibility for direct bidding.
The Company is expecting positive work orders improvement in the
operations.
3. Market Scenario
Metropolitan Cities in India like Mumbai, Delhi, Pune, Bangalore,
Chennai and Hyderabad are going to see strong growth in both commercial
and retail sector. However, Residential sector may see a slowdown as
the cost of construction and holding the land for the projects will
keep rising.
Indian construction Industry 2013:
Although most of the cities of India will see an increase in
residential launches in 2013, the Southern cities of Bangalore and
Chennai will witness a decline in launches as compared to 2012.
According to Indian construction industry 2013 forecasts, Mumbai,
NCR-Delhi, Bangalore and Chennai will grab the lion`s share of
contribution in total commercial space absorption in 2013, certainly
within the range of 74-76%.
In terms of commercial real estate investment potential, Mumbai,
Bangalore and Delhi NCR will continue to be of highest interest to big
ticket investors focused on real estate in 2013.
Year 2013 will bring a larger-than-usual number of NRI investors into
the commercial space arena. This is because NRIs are currently enthused
by the prevailing exchange rate benefits and the fact that commercial
real estate capital values are still 15-25% under their 2007-08 peak
levels.
In 2013, new organised retail project completions will increase
significantly (by 109% y-o- y). Chennai, Hyderabad, Kolkata and Pune
will be among the major contributors to this increase, with a 53% share
of the country`s overall mall supply for 2013.
India''s major cities like Mumbai, NCR-Delhi, Bangalore, Chennai, Pune,
Hyderabad and Kolkata will see the addition of close to 9.5 million
square feet of mall space in 2013, according to Indian construction
industry 2013 report. Mumbai, NCR-Delhi, Bangalore and Chennai will
together contribute 70% of the total retail space absorption. Other
cities like Pune, Hyderabad and Kolkata will account for the remaining
30%.
Infrastructure investment expected to double in the next Five Year
Plan.
Investment in the infrastructure sector plays a crucial role in the
growth of the economy and in turn the construction industry. In the
last few years, the rapid growth of the economy has put a tremendous
pressure on the physical infrastructure of the country. In order to
sustain the economic growth, the Government has lined up huge
investments across various infrastructure segments. The total
investment planned in the infrastructure sector during the Twelfth Five
Year Plan is estimated to double that in the Eleventh Five Year Plan.
Investment in the infrastructure as a percentage of GDP has increased
from 4.5% in FY04 to 7.9% in FY11. The Planning Commission has
estimated that, for the GDP to continue to grow at 9%, the proportion
of investment in infrastructure as a percentage of GDP is required to
increase from the targeted 8.4% in FY12 to 10.7 % by the terminal year
of Twelfth Five Year Plan i.e. FY17.
Using the top-down approach, the investment in the infrastructure
sector during the Twelfth Five Year Plan is estimated at a massive
Rs.41,000 billion. Based on construction intensity of the various
infrastructure projects and similar allocation among sectors during the
Eleventh Five Year Plan, the indicative effective construction
investment is estimated at a whopping Rs.20,000 Billion during the
Twelfth Five Year Plan.
Industrial sectorÂconstruction opportunity of more than Rs.4,200
billion
Apart from infrastructure projects, the construction industry also
receives orders from different manufacturing industries to execute
construction work for industrial plants and related civil construction.
The construction industry had been benefiting from the rise in
industrial production in the past few years. As on June 30, 2011, the
total outstanding investment in the industrial sector stood at about
Rs.35,000 billion, omitting the investment which is already under
implementation from the total outstanding investment, CARE Research
estimates the effective construction investment of more than Rs.4,200
billion during the next 4-5 years period.
Even though, the construction opportunity from both infrastructure and
industrial sectors looks immense; order inflow in the near term is
likely to be affected due to slowdown in capex cycle and awarding of
infrastructure projects by the Government.
Delay in project execution to hamper the revenue growth
In the past few years, with the improvement in the macroeconomic
conditions and the growing emphasis of the GOI on improving
infrastructure in the country, construction Companies have been
benefited. This is evident from the bulging order backlog positions of
the leading construction Companies. The multiple of order backlog to
sales has been in the range of 2.4 to 3.3 times over the past five
years. In FY09, due to the overall economic slowdown and poor liquidity
conditions, the multiple had declined to a level of 2.4 times. However,
with the improvement in the macroeconomic scenario in FY10, awarding of
infrastructure projects caught pace and the multiple increased to three
times. At the end of the FY11, the multiple reached a level of 3.3
times which was mainly on account of the muted top line growth due to
poor order execution. Even though, the multiple of aggregate order
backlog to sales at 3.3 times shows the decent revenue visibility for
the construction Companies, execution of the order backlog remains a
key challenge due to various issues.
On account of this, almost 30-35% of projects in the existing aggregate
order backlog are slow moving or stuck which can hamper the project
execution to a great extent and drag down the revenue growth. Taking
this into consideration, CARE Research has estimated that construction
companies are expected to register revenue growth at a CAGR of 29%
during the period FY 11
Initiatives announced in Union Budget, 2013-14
- Infrastructure Debt Funds (IDFs) were proposed to mobilise resources
and provide long-term low-cost debt for infrastructure projects.
- India Infrastructure Finance Corporation Ltd. (IIFCL), in partnership
with the Asian Development Bank (ADB), would offer credit enhancement
to Infrastructure Companies intending wish to access the bond market to
tap long-term funds.
- Floating of tax-free infrastructure bonds of Rs.500 billion in FY14.
- Mobilizing a corpus of Rs. 200 billion towards the Rural
Infrastructure Development Fund (RIDF).
- Making Rs.50 billion available to National Bank for Agriculture and
Rural Development (NABARD) to finance the construction of warehouses,
godowns, silos and cold storage units designed to store agricultural
produce. This window will also finance, through State Governments, the
construction of godowns by panchayats to store farm produce.
- 15 per cent investment allowance, in addition to normal depreciation
benefits, will benefit capital goods and equipment used in the various
infrastructure sectors.
4. Fixed Deposits
The Company has not accepted any deposits during the year under the
provisions of Section 58A of the Companies Act, 1956, read with the
Company`s (acceptance of deposits) rules 1975 as amended from time to
time.
5. Particulars of Employees:
Particulars of employees as required under the provisions of Section
217 (2A) of the Companies Act, 1956 read with the Companies
(particulars of employees) rules 1975 are NIL. The relationships with
employees were cordial.
6. Directors responsibility statement:
Pursuant to the requirement under section 217 (2AA) of the Companies
Act, 1956 with respect to Directors Responsibilities Statement it is
hereby confirmed that:
(i) In the preparation of the Annual Accounts for the financial year
ended 31st March, 2013 the applicable Accounting Standards have been
followed along with proper explanation relating to material departures,
if any;
(ii) appropriate accounting policies have been selected and applied
them consistently, made judgment 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 or loss
of the Company for the year under review.
(iii) proper and sufficient care has been taken 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 and detecting fraud and other irregularities;
(iv) the accounts for the Financial Year ended 31st March, 2013 are on
a going concern basis.
7. Directors:
After the takeover by new management all the erstwhile Directors,
(representative of erstwhile management) have given their resignations.
The new Promoters have duly appointed Mr. K. Rambabu, Ms. K. Sridevi,
Mr. G. Prabhakar Setti, and Mr. P. Sai Venkateswara Rao as Additional
Directors of the Company to hold the office upto the date of
forthcoming Annual General Meeting and the Company has received notice
from them proposing their candidature for the office of a Director.
Resolution seeking approval of the members for appointment of Mr. K.
Rambabu, Ms. K. Sridevi, Mr. G. Prabhakar Setti, and Mr. P. Sai
Venkateswara Rao have been incorporated in the Notice of the Annual
General Meeting along with the brief details about them.
8. Conservation of Energy and Technology Absorption:
All possible measures have been taken to reduce energy consumption. The
Company has also taken up adequate measures for the innovation,
adoption and absorption of technology in construction and developmental
activities. The provisions of section 217(1) (e) of the Companies Act,
1956 are not applicable.
9. Foreign Exchange:
There are no earnings and out go of Foreign Exchange.
10. Corporate Governance & Management discussion and Analysis Report:
Pursuance to clause 49 of the Listing Agreement, a report on Corporate
Governance are given as annexure to this report. The certificate by the
Company`s Auditors, M/s. Ch. Veeranjaneyulu & Associates, Company
Secretaries, confirming compliance of conditions of Corporate
Governance as stipulated under clause 49 of the Listing Agreement with
the Stock Exchanges in India, is annexed to the report on Corporate
Governance.
11. Auditors:
The auditors M/s. LNP & Co., Chartered Accountants retire at the Annual
General Meeting and are eligible for re-appointment.
12. Acknowledgement:
Your new management is thankful and grateful for accepting and allowing
them to turnaround the Company in the best interest of the
Shareholders. Your Directors are grateful to the Financial Institutions
and Banks for the valuable support as well. Your Directors wish to
thank all the employee of the Company for their continued support. Your
Directors acknowledge the support received from you as Shareholders of
the Company.
For and on behalf of the Board
For Indo-Asian Projects Limited
Place: Hyderabad K. Rambabu G. Prabhakar Setti
Date : 13.05.2013 Director Director
Mar 31, 2012
The Directors have pleasure in presenting the 17th Annual Report
together with the Audited Accounts for the year ended 31.03.2012.
1. Performance and Future outlook
a) During this year under review the company has achieved a turn over
of Rs. NIL lakhs and earned income from other sources amounting to Rs.
1.35 Lakhs. Thus making a total income of Rs. 1.35 Lakhs.
b) During the year under review the Company has made a cash Loss of
Rs.8.56 lakhs before depreciation and Extra ordinary items.
c) The Company is making its efforts to improve the operations of the
company.
d) Considering market conditions, financial resources available and the
efforts made by the company your Company is steadily moving ahead in
achieving its goals and expect to have better results in coming years.
e) The Companys'shares are Traded on Bombay Stock Exchange Limited.
2. Financial Results:
The financial results of the Company for the year are as under
(Rs.in lacs)
31.03.2012 31-.03-2011
Profit/(LOSS) before depreciation and* (8.56) 9.77
Bad debts written off and Extra
ordinary items.
Depreciation written off 1.03 1.38
Bad Debts written off 0.00 3.75
Profit or Loss before adjustments (9.59) 4.64
Prior period adjustments (Cr/Dr) 8.17 0.01
Exceptional items (Cr/Dr) 0.00 0.12
Extraordinary items 0.00 0.00
Profit after adjustments (17.76) 4.77
Provision for Income tax/MAT Cr. 0.05 0.45
Profit after Tax (17.71) 4.32
Loss brought forward from previous year (42.87) (47.19)
Net Loss carried to Balance Sheet (60.58) (42.87)
3. Fixed Deposits
The Company has not accepted any deposits during the year under the
provisions of Section 58A of the Companies Act, 1956, read with the
Company's (Acceptance of deposits) rules 1975 as amended from time to
time.
4. Personnel:
Particulars of employees as required under the provisions of section
217 (2A) of the Companies Act, 1956 read with the Companies
(Particulars of Employees) rules 1975 are NIL. The employee relations
during the period under review were cordial and hormonal.
5. Directors:
Sri S.G.K. Murthy the Director of the Company Retires at this Annual
General Meeting by rotation and being eligible offer himself for
re-appointment.
6. Directors Responsibility statement:
Pursuant to the requirement under section 217 (2AA) of the Companies
Act, 1956 with respect to Directors' Responsibilities statement it is
hereby confirmed.
(i) That in the preparation of the annual accounts for the financial
year ended 31st March, 2012 the applicable accounting standards had
been followed along with proper explanation relating to material
departures.
(ii) That the Directors had selected such accounting policies and
applied them consistently and made judgments and estimates that were
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 or loss of the Company for the year under review
(iii) That the directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, T956 fof safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities.
(iv) That the directors had prepared the accounts for the financial
year ended 31st March, 2012 on a 'going concern' basis.
7. Conservation of energy and technology absorption:
All possible measures have been taken to reduce energy consumption. The
Company has also taken up adequate measures " for the innovation,
adoption and absorption of technology in construction and developmental
activities. The provisions of section 217 (1) (e) of the Companies Act,
1956 are not applicable.
8. Foreign Exchange:
There are no earnings and out go of foreign exchange.
9. Corporate Governance & Management Discussion and Analysis Report :
Pursuance to clause 49 of the listing agreement, a report on corporate
governance and Management Discussion and Analysis Reports are given as
annexure to this report. The certificate of the Company's Auditors,
M/s. S. Ramesh Babu & Co., Chartered Accountants, confirming compliance
of conditions of corporate governance as stipulated under clause 49 of
the listing agreement with the Stock Exchanges in India, is annexed to
the report on corporate governance.
10. Auditors:
The Auditors M/s. S. Ramesh Babu & Co., Chartered Accountants retire at
the Annual General Meeting. A notice has been received from a member
proposing M/s. LNP & Co., Chartered Accountants, Hyderabad to be
Auditors of the Company for the Current Financial year and the Board
has recommended that they may be appointed as Auditors of the Company.
11. Acknowledgement:
Your Directors are grateful to the financial institutions for the
valuable support extended by them and wish to thank all the members of
the Company and place on record their appreciation and of the continued
support from all the employees of the Company.
For and on behalf of the Board
For INDO-ASIAN PROJECTS LIMITED
Place.-Hyderabad
Date :30.05.2012 Sd/-
(P. SREENIVASAIYYENGAR)
Chairman.
Mar 31, 2010
The Directors have pleasure in presenting the 15th Annual Report
together with the Audited Accounts for the year ended 31.03.2010.
1. Performance and Future outlook
a) During this year under review the company has achieved a turn over
of Rs.212.10 lakhs and earned income from other sources amounting into
Rs. 1.45 Lakhs. Thus making a total income of Rs. 213.55 Lakhs.
b) During the year under review the Company has made a cash Profit of
Rs. 5.32 Lakhs before depreciation.
c) The Company is successful in obtaining some material supply contract
to M/s. Vedantam Alluminimum Limited and successfully started supply of
Laterite material to the above company w.e.f. May 2009 onwards. The
orders pending as at 31st March 2010 are about Rs. 6.00 Crores and
total estimated value of turnover for the year 2010-2011 would be about
Rs. 12.00 Crores and above for the supply of Laterite to M/s. Vadanta
Aluminum Limited.
d) Considering market conditions, financial resources available and the
efforts made by-the company your Company is steadily moving ahead in
achieving its goals and expect to have better results in coming years.
e) The Companys shares are now regularly Traded on Bombay Stock
Exchange and they are categorized , under "B" category.
2. Financial Results:
The financial results of the Company for the year are as under
(Rs.in lacs)
31.03.2010 31-.03-2009
Profit before depreciation 5.32 (1.09)
Depreciation written off 1.85 0.14
Profit or Loss before adjustments 3.47 (1-23)
Prior period adjustments 0.01 0.60
Exceptional items 0.57 4.20
Profit after adjustments 2.91 (6.03)
Provision for MAT 0.55 0.10
Profit after Tax 2.36 (6.13)
Loss brought forward from previous year (49.55) (43.42)
Net Loss carried to Balance Sheet (47.19) (49.55)
3. Fixed Deposits
The Company has not accepted any deposits during the year under the
provisions of Section 58A of the Companies Act, 1956, read with the
Companys (Acceptance of deposits) rules 1975 as amended from time to
time.
4. Personnel:
Particulars of employees as required under the provisions of section
217 (2A) of the Companies Act, 1956 read with the Companies
(Particulars of Employees) rules 1975 are NIL. The employee relations
during the period under review were cordial and hormonial.
5. Directors:
Sri D. Surendra Rao Director of the Company Retires at this Annual
General Meeting by rotation and being eligible offer himself for
re-appointment. æ
6. Directors Responsibility statement:
Pursuant to the requirement under section 217 (2AA) of the Companies
Act, 1956 with respect to Directors Responsibilities statement it is
hereby confirmed.
(i) That in the preparation of the annual accounts for the financial
year ended 31st March, 2010 the applicable accounting standards had
been followed along with proper explanation relating to material
departures.
(ii) That the Directors had selected such accounting policies and
applied them consistently and made judgments and estimates that were
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 or loss of the Company for the year under review.
(iii) That the directors had taken proper and 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 and detecting fraud and other
irregularities.
(iv) That the directors had prepared the accounts for the financial
year ended 31st March, 2010 on a going concernbasis. æ.Ã,
7. Conservation of energy and technology absorption:
For this year as the Company is engaged in Supply of Laterite Ore as a
Trading activity, the operations of the Company involve only low energy
consumption. However all possible measures have been taken to reduce
energy consumption. The Company has also taken up adequate measures for
the innovation, adoption and absorption of technology in construction
and developmental activities. The provisions of section 217 (1) (e) of
the Companies Act, 1956 are not applicable.
8. Foreign Exchange:
There are no earnings and out go of foreign exchange.
9. Corporate Governance & Management Discussion and Analysis Report:
Pursuance to clause 49 of the listing agreement, a report on corporate
governance and Management Discussion and Analysis Reports are given as
annexure to this report. The certificate of the Companys Auditors,
M/s. S. Ramesh Babu & Co., Chartered Accountants, confirming compliance
of conditions of corporate governance as stipulated under clause 49 of
the listing agreement with the Stock Exchanges in India, is annexed to
the report on corporate governance.
10. Auditors:
The Auditors M/s. S. Ramesh Babu & Co., Chartered Accountants retire at
the Annual General Meeting and they are eligible for reappointment.
11. Acknowledgement:
Your Directors are grateful to the financial institutions for the
valuable support extended by them and wish to thank all the members of
the Company and place on record their appreciation and of the continued
support from all the employees of the Company.
For and on behalf of the Board
For INDO-ASIAN PROJECTS LIMITED
Sd/-
Place:Hyderabad (P.SREENIVASA IYYENGAR)
Date: 14.08.2010 Chairman
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