Mar 31, 2015
Dear Members,
The Directors have pleasure in presenting the Twenty Fifth Board's
Report of your Company together with the Audited Statement of Accounts
and the Auditors' Report of your company for the financial year ended
31st March, 2015.
Financial summary or highlights/Performance of the Company (Standalone)
(Rs. in Lacs)
Particulars Standalone
2014-2015 2013-2014
Gross Income 285.54 157.77
Profit Before Interest and Depreciation 1.14 (12.62)
Finance Charges 0.06 0.91
Gross Profit 1.08 (13.52)
Provision for Depreciation 5.62 3.07
Net Profit / Loss Before Tax from
continuing operations (4.54) (16.59)
Net Profit / Loss Before Tax from
discontinuing operations 26.42 26.68
Net Profit / Loss Before Tax 21.88 10.09
Provision for Tax (5.64) (0.32)
Net Profit After Tax 16.23 9.77
Balance of Profit brought forward 55.96 46.43
Balance available for appropriation 72.19 56.20
Proposed Dividend on Equity Shares - -
Tax on proposed Dividend - -
Transfer to General Reserve 72.19 56.20
Transfer to Capital Reserve 30.00 30.00
Surplus carried to Balance Sheet 102.19 86.20
Overview and the State of Company's affairs
The Sales of the Company was Rs. 280.87 Lakhs in the current year as
against last year Rs. 156.39 Lakhs. The profit after tax was Rs. 16.23
lakhs compared Rs. 9.77 lakhs in the previous year. Your directors are
hopeful of achieving higher sales and higher profit in the next year.
Change in the nature of business.
There is no change in the nature of business of the Company DIVIDEND:
In view of past losses, Directors did not recommend any dividend for
the equity shareholders for the financial year 2014-15.
DEPOSITS:
Your Company has not accepted any deposits within the meaning of
Section 73 of the Companies Act, 2013 and the Companies (Acceptance of
Deposits) Rules, 2014.
SHARE CAPITAL:
Presently, the Share Capital of the Company is Rs. 903,47,000/-
(includes calls in arrear of Rs. 1,98,000) divided into 90,54,500
Equity Shares of Rs. 10/- each.
CORPORATE GOVERNANCE:
Your Company complies with the provisions laid down in Corporate
Governance laws. It believes in and practices good corporate
governance. The Company maintains transparency and also enhances
corporate accountability. Pursuant to Clause 49 of the Listing
Agreement with the Stock Exchanges, the following forms part of this
Annual Report:
i. Declaration regarding compliance of Code of Conduct by Board
Members and Senior Management Personnel;
ii. Management Discussion and Analysis;
iii. Report on the Corporate Governance; and
iv. Auditors' Certificate regarding compliance of conditions of
Corporate Governance
CORPORATE SOCIAL RESPONSIBILITY (CSR) INITIATIVES:
During this period under the review, a provision of CSR is not
applicable to the Company. Hence, your Directors have not constituted
the Corporate Social Responsibility (CSR) Committee.
SUBSIDIARY COMPANIES:
The Company does not have any subsidiary company.
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS:
Particulars of Loans, guarantees or Investments under section 186, are
given in the Notes forming part of Financial Statements for the year
ended 31st March, 2015.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION:
A. Conservation of Energy, Technology Absorption
The particulars as required under the provisions of Section 134(3)(m)
of the Companies Act, 2013 in respect of conservation of energy and
technology absorption have not been furnished considering the nature of
activities undertaken by the company during the year under review:
(a) Conservation of energy measures taken:
The Board of Directors has taken following steps to conserve the
energy:
* Switching off lights, A/C and computers whenever not used.
* Power utilization on all computers, pantry and cabins.
* Planning to replace lights with low energy consumption units.
* The Board is considering the option of using solar energy resources.
* Controlled the energy consumption by optimizing the temperature
inside the office premises is the major contributor for the energy
conservation for the stores.
* Optimized lighting consumption by strictly controlling the operating
hours as per the usage pattern.
Impact:
After constant monitoring and effective utilization, the company's
electricity bill has shown reduction. The board is constantly taking
initiatives and steps to reduce the bills and is optimist for a
favourable output. The Board is also using energy saver equipment.
(b) Technology absorption measures:
(i) The efforts made towards Technology Absorption
The Company is searching for the advance technology which can be used
in the Company's premises.
(ii) the benefits derived like product improvement, cost reduction,
product development or import substitution
The benefits will be seen in future.
(iii) in case of imported technology (imported during --
the last three years reckoned from the beginning
of the financial
year)-
(a) the details of technology imported --
(b) the year of import; --
(c) whether the technology been fully absorbed --
(d) if not fully absorbed, areas where absorption --
has not taken place, and the reasons thereof
(iv) the expenditure incurred on Research and Development
B. Foreign Exchange Earnings And Outgo:
There were no foreign exchange earnings and outgo during the year under
review.
PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES:
The Company does not have any employees drawing remuneration in excess
of the limits specified in Section 197(12) read with Rule 5 of
(Appointment and remuneration of managerial Personnel) Rules, 2014.
CONTRACTS AND ARRANGEMENTS WITH RELATED PARTIES:
During the financial year, your Company has entered into related party
transactions. Suitable disclosures as required under AS-18 have been
made in the Notes to the financial statements.
All related party transactions have been approved by the Audit
Committee of your Company.
The policy on Related Party Transactions was approved by the Board of
Directors. None of the Directors has any undue benefit or advantage in
the transactions with the related parties. The details of transactions
with the related parties as required under section 188 are given in
"Annexure A" formingpart of this Report.
RISK POLICY:
The Company does not have any Risk Management Policy as the elements of
risk threatening the Company's existence are very minimal.
INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY:
The Company has an Internal Control System, commensurate with the
sizeof its operations. Internal control systems comprising of policies
and procedures are designed to ensure sound management of your
Company's operations, safekeeping of its assets, optimal utilizations
of resources, reliability of its financial information and compliance.
Systems and Procedures are periodically reviewed to keep pace with
thegrowing size and complexity of your Company's operations.
DIRECTOR'S RESPONSIBILITY STATEMENT:
To the best of our knowledge and belief and according to the
information and explanations obtained by us, your Directors make the
following statements in terms of Section 134(3) (c) of the Companies
Act, 2013:
i. In the preparation of the annual accounts, the applicable
accounting standards have been followed.
ii. The directors have 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. 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.
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 system to ensure compliance with
the provisions of all applicable laws and that such system were
adequate and operating effectively.
DIRECTORS:
Changes in Board constitution -
The Board of Directors had appointed Mrs. Rima Bandyopadhyay(DIN:
06919771) as an Additional Woman Director in the category of
Non-Executive Director with effect from 25th March, 2015. She being
eligible offered herself as the Independent Woman Director. The Board
recommends her to be appointed as Independent Woman Director.
In accordance with the provisions of the Companies Act, 2013, Mr.
JaysukhChhganlalShah(DIN: 00334286) liable to retire by rotation at the
ensuing AGM and being eligible offers himself for reappointment.
Mrs. Rima Bandyopadhyay & Mr. JaysukhChhganlal Shah are not
disqualified from being appointed as a Director as specified in terms
of Section 164 of the Companies Act, 2013.
Meetings -
The Board of Directors of your Company met 11 Times during the year to
carry the various matters. The Meetings were convened on30th May,
2014, 14th August, 2014, 15thSeptember, 2014, 15th November, 2014, 30th
November, 2014, 05th January, 2015, 15th January, 2015, 14th February,
2015, 04th March, 2015, 13th March, 2015 and 25th March, 2015 and
further details of which are given in the Corporate Governance Report
forming part of this Annual Report.
Declaration by Independent Directors -
The Company has received declaration by all Independent Director(s)
that they meet the criteria of independence as provided in sub-section
(6) of Section 149 of the Companies Act, 2013 and Clause 49 of the
Listing Agreement.
Board Evaluation -
The Board of Directors has made the formal annual evaluation of its own
performance and that of its committees and individual directors and
found it to be satisfactory.
Policy on Appointment and Remuneration of Directors and KMP and
Remuneration Policy -
The Board has, on the recommendation of the Nomination and Remuneration
Committee adopted the Remuneration Policy, which inter-alia includes
policy for selection and appointment of Directors, Key Managerial
Personnel, Senior Management Personnel and their remuneration. The
Remuneration Policy is stated in the Corporate Governance Report.
NOMINATION AND REMUNERATION COMMITTEE:
The composition and terms of reference of the Nomination and
Remuneration Committee has been furnished in the Corporate Governance
Report forming a part of this Annual Report.
KEY MANAGERIAL PERSONNEL:
In terms of the provisions of Section 203 of the Act, Mr.
VardhamanChhanganlal Shah, Managing Director, Mr. Akshit
BalwantraiLakhani, Executive Director and CFO and Mr. JaysukhChhganlal
Shah are the Key Managerial Personnel of your Company.
AUDIT COMMITTEE:
The Audit Committee comprises of Mr. PareshMaganlalValaniwho serves as
the Chairman of the Committee, Mr. Dipak kumarPratapraiPandya and Mr.
AkshitBalwantraiLakhaniareother members. The terms of reference of the
Audit Committee has been furnished in the Corporate Governance Report
forming a part of this Annual Report. All the recommendations made by
the Audit Committee during the year were accepted by the Board.
VIGIL MECHANISM:
The Company has a vigil mechanism and Whistle Blower Policy' in terms
of Section 177 of the Companies Act, 2013 and revised Clause 49 of the
Listing Agreement to deal with instance of fraud and mismanagement, if
any, and to report concerns about unethical behavior, wrongful conduct
and violation of the Company's code of conduct or ethics policy.
AUDITORS:
Statutory Auditors-
At the Annual General Meeting held on 29th September, 2014, M/s. V. S.
Lalpuria& Co., Chartered Accountants, were appointed as statutory
auditors of the Company to hold office till the conclusion of the
Annual General Meeting to be held in the Financial year 2017. In terms
of the first proviso to Section 139 of the Companies Act, 2013, the
appointment of the auditors shall be placed for ratification at every
Annual General Meeting. Accordingly, the appointment of M/s. V. S.
Lalpuria& Co., Chartered Accountants, as statutory auditors of the
Company, is placed for ratification by the shareholders. In this
regard, the Company has received a certificate from the auditors to the
effect that if their ratification is confirmed, it would be in
accordance with the provisions of Section 141 of the Companies Act,
2013.
Statutory Auditors' Observations -
The observation made in the Auditor's Report read with notes in
Significant Accounting Policies are self-explanatory and therefore, do
not call for any further comments under Section 134(3)(f) of the Act.
SECRETARIAL AUDITORS:
In terms of the provisions of section 204 of the Companies Act, 2013
read with the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014 the Board has appointed M/s. Anish Gupta &
Associates, Company Secretaries, Mumbai as Secretarial Auditor for
conducting Secretarial Audit of your Company for the financial year
31.3.2015. The report of the Secretarial Auditor is annexed herewith as
"Annexure B".
SECRETARIAL AUDITORS' OBSERVATIONS& COMMENTS FROM BOARD:
1. The Company has not appointed Company Secretary as KMP under section
203 of the Companies Act, 2013 and Compliance Officer as per Listing
Agreement:-The Board shall ensure its compliances.
2. Internal Auditor was not appointed within 6 months as required under
section 138 of the Companies Act, 2013:-The Board shall ensure its
compliances.
3. The Nomination and Remuneration committee is not constituted as per
the provisions of Section 178, of Companies Act, 2013 during the period
under review:-The Board shall ensure its compliances.
4. The company has not published the quarterly unaudited/audited
financial results in the news- papers as required under the Listing
Guidelines: - Due to inadequate profits the company has not published
the results in the News Paper; however the same has been immediately
sent to the stock exchange for uploading on their website for making it
available for public at large.
5. The Company has not updated the results, shareholding patterns,
annual report and policies and other information as required under the
Companies Act, 2013 and Listing Agreement on the website of the
Company:-The Board shall ensure its compliances.
6. There are delays and non-submission of forms as required under the
Companies Act, 2013 with the Registrar of Companies:-The Board shall
ensure its compliances.
EXTRACT OF ANNUAL RETURN:
In terms of the provisions of Section 92 (3) of the Act read with the
Companies (Management and Administration) Rules, 2014, an extract of
the Annual Return of your Company for the financial year ended 31st
March, 2015 is given in "Annexure C"
OTHER DICLOSURES;
* There were no material changes and commitments affecting the
financial position of your Company between end of the financial year
and the date of this report.
* Your Company has not issued any shares with differential voting.
* There was no revision in the financial statements.
* Your Company has not issued any sweat equity shares.
DISCLOSURES UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION.
PROHIBITION & REDRESSAL) ACT, 2013;
The Company is committed to provide a safe & conducive work environment
to its employees. Though the Company is not required to adopt the
policy, however it ensures the safety of its women employees at
workplace.Duringthe year under review, no case of sexual harassment was
reported.
PREVENTION OF INSIDER TRADING:
The Company has adopted a Code of Conduct for Prevention of Insider
Trading with a view to regulate trading in securities by the Directors
and designated employees of the Company. The Code requires
pre-clearance for dealing in the Company's shares and prohibits the
purchase or sale of Company shares by the Directors and the designated
employees while in possession of unpublishedprice sensitive information
in relation to the Company and during the period when the Trading
Window is closed. The Board is responsible for implementation of the
Code.
All Board Directors and the designated employees have confirmed
compliance with the Code.
APPRECIATIONS:
Your Company and its Directors wish to extend their sincerest thanks to
the Members of the Company, Bankers, State Government, Local Bodies,
Customers, Suppliers, Executives, Staff and workers at all levels for
their continuous co-operation and assistance.
By Order of the Board of Directors
For Indo Euro Indchem Limited
Sd/-
Place: Mumbai Vardhaman C. Shah
Chairman
Date:14.08.2015 Din No. 00334194
Mar 31, 2014
Dear Members,
The Directors have pleasure in presenting the TWENTY FOURTH ANNUAL
REPORT of the Company together with the audited statement of accounts
of the Company for the year ended on March 31,2014.
FINANCIAL HIGHLIGHTS:
For the year ended on For the year ended on
31.03.2014 31.03.2013
Total Income 15,776,581 47,213,696
Total Expenditure 17,435,927 44,566,743
Profit / (Loss) before
Taxation (1,659,346) 26,46,953
Provision for Tax 932,977 652,961
Deferred Tax (901,212) (668,141)
Profit / (Loss) after
Taxation 976,961 2,039,135
Balance Carried to BS 976,961 2,039,135
OPERATIONAL REVIEW:
The Sales for the period ended March 31, 2014 were at Rs. 15,639,112/-
as against Rs. 46,424,875/-for the previous year ended March 31, 2013.
The Profit / (Loss) after tax for March 31, 2014 is Rs. 976,961/- as
against profit of Rs. 2,039,135/- for the previous year ended March
31,2013.
LISTING OF EQUITY SHARES OF COMPANY ON BOMBAY STOCK EXCHANGE:
The Board is pleased to inform that the Bombay Stock Exchange has
revoked the suspension on the trading of shares of the Company, The
Company has received the listing permission from the Bombay Stock
Exchange for trading of its shares on its stock exchange and the
trading in equity shares begins w.e.f 9th July, 2013 on the Bombay
Stock Exchange.
DIVIDEND:
In view of the revival of the company''s operation, your Directors have
decided not to recommend any dividend on account for the year under
operation.
MANAGEMENT DISCUSSION AND ANALYSIS:
As required by clause 49 of the Listing Agreement with the Stock
Exchange, a Management Discussion and Analysis Report are appended.
DIRECTORS:
Mr. Akshit B. Lakhani and, retire by rotation at the ensuing Annual
General Meeting and being eligible offers himself for re-appointment.
Your Directors recommend his re-appointment.
The Company has two independent Directors, appointed under the Listing
Agreement, namely Mr, Paresh M. Valani and Mr. Dipakkumar P. Pandya,
who have diverse business/admimstrative experience and are making
significant contribution to the Company. At present, they are liable to
retire by rotation. It. is proposed to appoint them as Independent
Directors, with a fixed tenure of upto five years each at the ensuing
Annual General Meeting of the Company, subject to approval of the
shareholders, in terms of Section 149 of Companies Act, 2013 (the Act).
All abovementioned Independent Directors have also given declarations
that they meet the criteria of independence as provided in sub-section
6 of Section 149 of the Act.
PERSONNEL:
There were no employees during the year or part of the year drawing
remuneration, which falls within the preview of the provisions of
Section 217 (2A) of the Companies Act 1956.
AUDITORS:
The Auditors M/s V.S. Lalpuria& Co., Chartered Accountants, Mumbai hold
the office until the conclusion of ensuing Annual General Meeting. Your
company has received certificate from the Auditors u/s. 139(2) of the
Companies Act, 2013 to the effect that their reappointment if made,
shall be in accordance with prescribed conditions and the said Auditors
satisfy the criteria provided in Section 141 of the Companies Act,
2013.
AUDITORS'' REPORT:
The observation made in the Auditors'' Report read together with
relevant notes thereon are selfexplanatory and hence do not call, any
further comments under Section 217 of the Companies Act 1956.
Remarks by Auditor
1. (I.a) - The Company is in process of completion of the records.
2. III - The Register u/s 301 is not complete and upto date as on the
date of the report.
3. VII- The Company is strengthening its internal audit system and
internal checks system to commensurate with the size of the Company.
FIXED DEPOSITS:
The Company has not invited / accepted / renewed any fixed deposits as
per the provisions of Section 5 8 A of the Companies Act 1956 from the
public during the year under review.
CORPORATE GOVERNANCE:
A separate report on the Corporate Governance and Management Discussion
& Analysis is attached as a part of the Annual Report. The Auditors''
Certificate regarding compliance of the conditions of Corporate
Governance is also annexed.
DIRECTORS'' RESPONSIBILITY STATEMENT:
In terms of Section 217 (2AA) of the Companies Act 1956, the directors
would like to state that:
i) In the preparation of the Annual Accounts, the applicable accounting
standards have been followed along with proper explanation relating to
material departures;
ii) 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 and of the profit of
the Company for the year under review.
iii) 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 and detecting fraud and other irregularities;
iv) The Directors have prepared the Annual Accounts on a going concern
basis.
CONSERVATION OF ENERGY, ABSORPTION OF TECHNOLOGY & FOREIGN EXCHANGE
EARNINGS AND OUTGO:
Information relating to Conservation of Energy, Technology absorption
and Foreign Exchange Earning and Outgo as stipulated under Section 217
(1) (e) of the Companies Act 1956 read with the Companies (Disclosure
of Particulars in the Report of Board of Directors) Rules 1988 is set
out in the separate statement, attached to this report & forms part of
it,
ACKNOWLEDGEMENTS:
Your Company & its Directors wish to extend their sincerest thanks to
the Bankers, State Government. Customers, Suppliers and Staff for their
continuous co-operation & guidance.
By the Order of the Board of Directors
For INDO EURO INDCHEM LIMITED
Sd/-
Date: May 30, 2014 Mr. Vardhaman C. Shah
Place: Mumbai Chairman
(DIN No. 00334194)
Mar 31, 2013
The Directors have pleasure in presenting their TWENTY THIRD ANNUAL
REPORT together with the Audited Accounts of the Company for the year
ended on 31st day of March 2013.
FINANCIAL HIGHLIGHTES:
For the year
ended on For the year
ended on
31.03.2013 31.03.2012
Total Income 50,357,276.00 5,23,54,607.00
Total Expenditure 46,928,821.00 4,50,96,545.00
Profit / (Loss) before Taxation 2,023,955.00 11,29,680.00
Provision for Tax 652,961.00 2,15,261.00
Deferred Tax (668,140.00) 2,49,344.00
Profit / (Loss) after Taxation 2,039,134.00 6,65,075.00
Balance Carried to BS 2,039,134.00 6,65,075.00
OPERATIONAL REVIEW:
The Sales for the period ended 31.03.2013 were at Rs. 4,64,24,875/- as
against Rs. 4,86,84,061/- for the previous year ended 31.03.2012. The
Profit / (Loss) after tax is 2,039,134 against profit of Rs. 6,65,075/-
for the previous year ended 31.03.2012.
LISTING OF EQUITY SHARES OF COMPANY ON BOMBAY STOCK EXCHANGE:
The Board is pleased to inform that the Bombay Stock Exchange has
revoked the suspension on the trading of shares of the Company. The
Company has received the listing permission from the Bombay Stock
Exchange for trading of its shares on its stock exchange and the
trading in equity shares begins - w.e.f.9dl July, 2013 on the Bombay
Stock Exchange.
DIVIDEND:
In view of the revival of the company''s operation, your Directors have
decided not to recommend any dividend on account for the year under
operation.
MANAGEMENT DISCUSSION AND ANALYSIS:
As required by clause 49 of the Listing Agreement with the Stock
Exchange, a Management Discussion and Analysis Report are appended.
DIRECTORS:
Mr. Vardhaman Shah and Mr. Dipak Kumar Pandya, retire by rotation at
the ensuing Annual General Meeting and being eligible offers themselves
for re-appointment. Your Directors recommend their re- appointment.
Mr. Vardhman C Shah was appointed as Managing Director in the Annual
General Meeting held on 30 September, 2008 for a period of five years
w.e.f. 1st September, 2008. His term has expired on 31st August, 2013.
The Board recommends his appointment as the Managing Director of the
Company for further period of 5 years with effect from 01.09.2013. ''
PERSONNEL:
There were no employees during the year or part of the year drawing
remuneration, which falls within the preview of the provisions of
Section 217 (2A) of the Companies Act 1956.
CONSERVATION OF ENERGY, ABSORPTION OF TECHNOLOGY & FOREIGN EXCHANGE
EARNINGS AND OUTGO:
Information relating to Conservation of Energy, Technology absorption
and Foreign Exchange Earning and Outgo as stipulated under Section 217
(1) (e) of the Companies Act 1956 read with the Companies (Disclosure
of Particulars in the Report of Board of Directors) Rules 1988 is set
out in the separate statement, attached to this report & forms part of
it.
AUDITORS:
M/s V.S. Lalpuria & Co., Chartered Accountants, retires as Auditors of
the Company at the conclusion of the ensuing Annual General Meeting.
The Company has received letters from them to effect that their
appointment, if made, would be within the prescribed limits under
Section 224(1B) of the Companies Act, 1956.
AUDITORS'' REPORT:
The observation made in the Auditors'' Report read together with
relevant notes thereon are self explanatory and hence do not call, any
further comments under Section 217 of the Companies Act 1956.
Remarks by Auditor
1. (La) - The Company is in process of completion of the records.
2. Ill - The Register u/s 301 is complete and upto date as on the date
of the report.
3. VII - The Company is strengthening its internal audit system and
internal checks system to commensurate with the size of the Company
FIXED DEPOSITS:
The Company has not invited / accepted / renewed any fixed deposits as
per the provisions of Section 58 A of the Companies Act 1956 from the
public during the year under review.
CORPORATE GOVERNANCE:
A separate report on the Corporate Governance and Management Discussion
& Analysis is attached as a part of the Annual Report. The Auditors''
Certificate regarding compliance of the conditions of Corporate
Governance is also annexed.
DIRECTORS'' RESPONSIBILITY STATEMENT;
In terms of Section 217 (2AA) of the Companies Act 1956, the directors
would like to state that:
i) In the preparation of the Annual Accounts, the applicable accounting
standards have been followed along with proper explanation relating to
material departures;
ii) 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 and of the profit of
the Company for the year under review.
iii) 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 and detecting fraud and other irregularities;
iv) The Directors have prepared the Annual Accounts on a going concern
basis.
ACKNOWLEDGEMENTS:
Your Company & its Directors wish to extend their sincerest thanks to
the Bankers, State Government, Customers, Suppliers and Staff for their
continuous co-operation & guidance.
For And On Behalf Of Board Of Directors
Date: 1st September, 2013 Sd/-
Place: Mumbai Chairman
Mar 31, 2011
The Directors have pleasure in presenting their TWENTY FIRST ANNUAL
REPORT together with the Audited Accounts of the Company for the year
ended on 31st day of March 2011.
FINANCIAL HIGHLIGHTES:
(Rs. in Lac)
For the year ended on For the year ended on
31.03.2011 31.03.2010
Turnover 2,60,23,330.00 2,47,88,560.37
Other Income 68,09,294.00 57,69,770.00
Increase / Decrease
in Stock - -
Total Income 3,61,31,391.00 3,38,57,097.37
Total Expenditure 3,55,08,225.73 3,37,87,728.69
Profit / (Loss) before
Taxation 6,23,165.27 69,368.68
Provision for Tax (3,93,169.00) (5,12,109.00)
Profit / (Loss) after Taxation (1,073.73) 5,81,477.68
Balance b/f from Previous Year 19,40,124.00 13,58,646.66
Deferred Tax (5,08,704.00) (5,22,829.00)
Earlier Year Adjustments - -
Balance Carried to Balance
Sheet 19,39,050.61 19,40,124.34
OPERATIONAL REVIEW:
The Sales for the period ended 31.03.2011 were at Rs.2,60,23,330.00 as
against Rs.2,47,88,560.37 for the previous year ended 31.03.2010. The
Profit / (Loss) After Tax is Rs.(1,073.00) against Rs.(5,81,477.68)
for the previous year ended 31.03.2010.
DIVIDEND:
In view of the revival of the company's operation, your Directors have
decided not to recommend any dividend on account for the year under
operation.
MANAGEMENT DISCUSSION AND ANALYSIS:
As required by clause 49 of the Listing Agreement with the Stock
Exchange, a Management Discussion and Analysis Report are appended.
DIRECTORS:
Mr. Vardhman Shah retires by rotation at the ensuing Annual General
Meeting and being eligible offers himself for re-appointment. Your
Directors recommends his re-appointment.
Mr. Deepak Kumar Pandya and Mr. Akshit Balwantrai Lakhani were
appointed as additional directors of the Company on 1.3.2011 by the
Board of Directors of the Company, at their meeting, as per the
provisions of Section 260 of Companies Act 1956. They hold office of
the Company up to the conclusion of the ensuing Annual General Meeting.
As required by Section 257 of the Companies Act 1956, a notice has been
received from a member signifying his intention to propose their
candidature as Directors of the Company. The Board recommends their
appointment as Directors.
CHANGE OF NAME:
The Company has changed it name from Rinku Polychem Limited to Indo
Euro Indchem Limited in the Extra Ordinary General Meeting held on 5th
May, 2011 as the company is planning to expand its business operations
in India as well as aboard and also to diversify its business
activities.
PERSONNEL:
There were no employees during the year or part of the year drawing
remuneration, which falls within the preview of the provisions of
Section 217 (2A) of the Companies Act 1956.
CONSERVATION OF ENERGY, ABSORPTION OF TECHNOLOGY & FOREIGN EXCHANGE
EARNINGS AND OUTGO:
Information relating to Conservation of Energy, Technology absorption
and Foreign Exchange Earning and Outgo as stipulated under Section 217
(1) (e) of the Companies Act 1956 read with the Companies (Disclosure
of Particulars in the Report of Board of Directors) Rules 1988 is set
out in the separate statement, attached to this report & forms part of
it.
AUDITORS' REPORT:
The observation made in the Auditors' Report read together with
relevant notes thereon are self explanatory and hence do not call, any
further comments under Section 217 of the Companies Act 1956.
AUDITORS:
M/s V.S. Lalpuria & Co., Chartered Accountants, retires as Auditors of
the Company at the conclusion of the ensuing Annual General Meeting.
The Company has received letters from them to effect that their
appointment, if made, would be within the prescribed limits under
Section 224(1B) of the Companies Act, 1956.
FIXED DEPOSITS:
The Company has not invited / accepted / renewed any fixed deposits as
per the provisions of Section 58 A of the Companies Act 1956 from the
public during the year under review.
CORPORATE GOVERNANCE:
A separate report on the Corporate Governance and Management Discussion
& Analysis is attached as a part of the Annual Report. The Auditors'
Certificate regarding compliance of the conditions of Corporate
Governance is also annexed.
DIRECTORS' RESPONSIBILITY STATEMENT:
In terms of Section 217 (2AA) of the Companies Act 1956, the directors
would like to state that:
i) In the preparation of the Annual Accounts, the applicable accounting
standards have been followed along with proper explanation relating to
material departures;
ii) 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 and of the profit of
the Company for the year under review.
iii) 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 and detecting fraud and other irregularities;
iv) The Directors have prepared the Annual Accounts on a going concern
basis.
ACKNOWLEDGEMENTS:
Your Company & its Directors wish to extend their sincerest thanks to
the Bankers, State Government, Customers, Suppliers and Staff for their
continuous co-operation & guidance.
For And On Behalf Of Board Of Directors
Date : 31/08/2011 Sd/-
Place: Mumbai Chairman
Mar 31, 2010
The Directors have pleasure in presenting their TWNETIETH ANNUAL
REPORT together with the Audited Accounts of the Company for the year
ended on 31st day of March 2010.
FINANCIAL HI6HLIGHTES:
(Rs. in Lac)
For the year ended on For the year ended
31.03.2010 on 31.03.2009
Turnover 2,47,88,560.37 98,38,779.50
Other Income 57,69,770.00 34,84,723.00
Increase / Decrease in Stock
Total Income 3,38,57,097.37 1,88,57,160.50
Total Expenditure 3,37,87,728.69 1,77,93,672.15
Profit / (Loss) before Taxation 69,368.68 10,63,488.35
Provision for Tax (5,12,109.00) (9,24,863.00)
Profit / (Loss) after Taxation 5,81,477.68 (93,818.65)
Balance b/f from Previous Year 13,58,646.66 14,52,465.31
Deferred Tax (5,22,829.00) (10,41,085.00)
Earlier Year Adjustments
Balance Carried to Balance Sheet 19,40,124.34 13,58,646.66
OPERATIONAL REVIEW:
The Sales for the period ended 31.03.2010 were at Rs.2,47,88,560.37 as
against Rs. 98,38,779.50 for the previous year ended 31.03.2009. The
Profit / (Loss) After Tax is Rs. 5,81,477.68 against Rs. (93,818.65)
for the previous year ended 31.03.2009.
DIVIDEND:
In view of the revival of the companys operation, your Directors have
decided not to recommend any dividend on account for the year under
operation.
MANAGEMENT DISCUSSION AND ANALYSIS:
As required by clause 49 of the Listing Agreement with the Stock
Exchange, a Management Discussion and Analysis Report are appended.
DIRECTORS:
Mr. Jaysukh C. Shah retires by rotation at the ensuing Annual General
Meeting and being eligible offers himself for re-appointment. Your
Directors recommends his re-appointment.
PERSONNEL:
There were no employees during the year or part of the year drawing
remuneration, which falls within the preview of the provisions of
Section 217 (2A) of the Companies Act 1956.
CONSERVATION OF ENERGY, ABSORPTION OF TECHNOLOGY A FOREIGN EXCHANGE
EARNINGS AND OUTGO:
Information relating to Conservation of Energy, Technology absorption
and Foreign Exchange Earning and Outgo as stipulated under Section 217
(1) (e) of the Companies Act 1956 read with the Companies (Disclosure
of Particulars in the Report of Board of Directors) Rules 1988 is set
out in the separate statement, attached to this report & forms part of
it.
AUDITORS" REPORT:
The observation made in the Auditors Report read together with
relevant notes thereon are. self explanatory and hence do not call, any
further comments under Section 217 of the Companies Act 1956.
AUDITORS:
M/s M.S. Lalpuria V.S & Co., Chartered Accountants, retires as Auditors
of the Company at the conclusion of the ensuing Annual General Meeting.
The Company has received letters from them to effect that their
appointment, if made, would be within the prescribed limits under
Section 224(1B) of the Companies Act, 1956.
FIXED DEPOSITS:
The Company has not invited / accepted / renewed any fixed deposits as
per the provisions of Section 58 A of the Companies Act 1956 from the
public during the year under review.
CORPORATE GOVERNANCE:
A separate report on the Corporate Governance and Management Discussion
& Analysis is attached as a part of the Annual Report. The Auditors
Certificate regarding compliance of the conditions of Corporate
Governance is also annexed.
DIRECTORS RESPONSIBILITY STATEMENT:
In terms of Section 217 (2AA) of the Companies Act 1956, the directors
would like to state that:
i) In the preparation of the Annual Accounts, the applicable accounting
standards have been followed along with proper explanation relating to
material departures;
ii) 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 and of the profit of
the Company for the year under review.
iii) 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 assess 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.
ACKNOWLEDGEMENTS:
Your Company & its Directors wish to extend their sincerest thanks to
the Bankers, State Government, Customers, Suppliers and Staff for their
continuous co-operation & guidance.
FOR AND ON BEHALF OF BOARD OF DIRECTORS
Date : 07/09/2010 Sd/-
PLACE: Osmanabad CHAIRMAN & MANAGING DIRECTOR
Mar 31, 2009
The Directors have pleasure in presenting their NINTEENTH ANNUAL
REPORT together with the Audited Accounts of the Company for the year
ended on 31st day of March 2009.
FINANCIAL HIGHLIGHTES:
(Rs. in Lac)
For the year
ended on For the year ended
31.03.2009 on 31.03.2008
Turnover 98,38,779.50 3,00,89,595.00
Other Income 34,84,723.00 6,24,924.00
Increase / Decrease in Stock
Total Income 1,88,57,160.50 3,67,88,710.00
Total Expenditure 1,77,93,672.15 3,66,48,392.50
Profit / (Loss) before Taxation 10,63,488.35 1,40,317.50
Provision for Tax (9,24,863.00) (9,28,236.00)
Profit / (Loss) after Taxation (93,818.65) 10,68,553.50
Balance b/f from
Previous Year 14,52,465.31 3,83,911.81
Deferred Tax (10,41,085.00) (9,46,236.00)
Earlier Year Adjustments - -
Balance Carried to
Balance Sheet 13,58,646.66 14,52,465.31
OPERATIONAL REVIEW: .
The Sales for the period ended 31.03.2009 were at Rs. 98,38,779.50 as
against Rs. 3,00,89,595.00 for the previous year ended 31.03.2008. The
Profit / (Loss) After Tax is Rs. (93,818.65.) against Rs. 10,68,553.50
for the previous year ended 31.03.2008.
DIVIDEND:
In view of the revival of the company''s operation, your Directors
have decided not to recommend any dividend on account for the year
under operation.
MANAGEMENT DISCUSSION AND ANALYSIS:
As required by clause 49 of the Listing Agreement with the Stock
Exchange, a Management Discussion and Analysis Report are appended.
DIRECTORS:
Mr. Bhadhresh C. Shah retires by rotation at the ensuing Annual General
Meeting and being eligible offers himself for re-appointment. Your
Directors recommends his re-appointment.
PERSONNEL:
There were no employees during the year or part of the year drawing
remuneration, which falls within the preview of die provisions of
Section 217 (2A) of the Companies Act 1956.
AUDITORS'' REPORT:
The observation made in the Auditors'' Report read together with
relevant notes thereon are self explanatory and hence do not call, any
further comments under Section 217 of the Companies Act 1956.
AUDITORS: .
M/s V.S. Lalpuria & Co., Chartered Accountants, retires as Auditors of
the Company at the conclusion of the ensuing Annual General Meeting.
The Company has received letters from them to effect that their
appointment, if made, would be within the prescribed limits under
Section 224(1B) of the Companies Act, 1956.
FIXED DEPOSITS:
The Company has not invited / accepted / renewed any fixed deposits as
per the provisions of Section 58 A of the Companies Act 1956 from the
public during the year under review.
CORPORATE GOVERNANCE: -
A separate report on the Corporate Governance and Management Discussion
& Analysis is attached as a part of the Annual Report. The Auditors''
Certificate regarding compliance of the conditions of Corporate
Governance is also annexed.
DIRECTORS'' RESPONSIBILITY STATEMENT:
In terms of Section 217 (2AA) of the Companies Act 1956, the directors
would like to state that:
i) In the preparation of the Annual Accounts, the applicable accounting
standards have been followed along with proper explanation relating to
material departures;
ii) 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 and of the profit of
the Company for the year under review.
iii) 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 and detecting fraud and other irregularities;
iv)The Directors have prepared the Annual Accounts on a going
concern basis.
ACKNOWLEDGEMENTS:
Your Company & its Directors wish to extend their sincerest thanks to
the Bankers, State Government, Customers, Suppliers and Staff for their
continuous co-operation & guidance.
FOR AND ON BEHALF OF BOARD OF DIRECTORS
Date: 06/09/2009 Sd/-
PLACE. Osmanabad CHAIRMAN & MANAGING DIRECTOR
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