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Directors Report of Intellivate Capital Ventures Ltd.

Mar 31, 2014

The Shareholders,

INTELLIVATE CAPITAL VENTURES LIMITED.

The Directors are pleased to present their 31stAnnual Report together with audited account statement for the year ended on the 31stMarch,2014.

1. BUSINESS ACTIVITY:

The Company''s financial result for the year ended on the 31st March, 2014 is as under:

Current Year Previous Year S.No. Particulars _(in Rs.) (in Rs.)

i) Total Receipt 9,95,746 14,17,508

ii) Profit/(Loss) before Depreciation 2,31,635 77,117

iii) Depreciation 17,513 23,693

iv) Profit/(Loss) Before Tax 2,14,122 53,424

a. Provision for Income Tax 60,000 7,000

b. Deferred Tax Assets/Liabilities/MAT Credit (1,475) 1,509

c. Fringe Benefit Tax - (6860)

v) Profit /(Loss) after tax 1,55,597 34,757

vi) Profit/(Loss) brought forward from previous year (s) 23,70,843 23,36,086

vii) Balance carried to the Balance Sheet 25,26,440 23,70,843

2. DIVIDEND:

Your directors do not recommend any dividend forthefinancial year 2013-14.

3. OPERATIONS:

During the year under review, your company has recorded total income of Rs.9,95,746/- showing a decrease as compared to last year, despite that company recorded a profit of Rs.1,55,597/-

4. AUDITORSAND THEIR REPORT

M/s J. B. Dudhela& Co., Chartered Accountants, the auditors of the company are retiring at the conclusion of the ensuing Annual General Meeting of the company and being eligible offer themselves for reappointment as Auditors. The Company has received certificate to the effect that their appointment, if made, would be within the limit prescribed under Section 141 (3) of the CompaniesAct, 2013. The Auditor''s Report is self-explanatory and needs no clarification.

5. PARTICULARS OF EMPLOYEES

During the year under review, the Company did not have any employee attracting provisions of Section 134(3)(e) of the CompaniesAct, 2013.

6. CONSERVATION OF ENERGY, TECHNOLOGYABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO:

The Company did not have any activity related to conservation of energy, technology absorption. There were neither a foreign exchange earnings nor outgo during the year under review within the provisions of section 134(3)(m) of Companies act, 2013.

7. INVESTORRELATIONS:

Your company continues to provide prompt investor service through quick resolution of investor grievances. Your company has designated an exclusive email id viz. secretarial@intellivatecapital.com, to enable the investors to post their grievances and the company to monitor its redressal. The company is also registered at the SCORES website of SEBI, where we take regular updates on any grievance posted, which so far has been NIL. The company has paid Annual Listing fees to the Stock Exchange for the Financial year 2013-14.

8. FIXED DEPOSITS:

Your Company has notaccepted any publicdeposits within the meaning of the provisions of Section 73(1) of the Act read with the Companies Act (Acceptance of Deposits) Rules, 1975 and section 73 of Companies act, 2013. Therefore, no amount on account of principal or intereston Public Deposits was outstanding as on the Date of the Balance Sheet.

9. DIRECTORS:

In accordance with the provisions of the Act and the Articles of Association of the Company, Mr. Siddhartha P. Shah Independent Director, retires by rotation at the forthcoming Annual General Meeting and being eligible off himself for re- appointment. The Board recommends re-appointment of Mr. Siddhartha P. Shah.

The details of the Directors being recommended for re-appointment are provided in the notice of ensuing Annual General Meeting.

10. INDUSTRIAL RELATIONS

The relations between the employees and the Management have remained cordial .11. COMPLIANCE CERTIFICATE

The Compliance Certificate under section 383Aof the Act, and Rule 3 of the Companies (Compliance Certificate) Rules, 2001 is issued bySRM & Co., Practicing CompanySecretaryand forms part of this Report.

12. DIRECTORS''RESPONSIBILITY STATEMENT:

As required under the provisions of section 134 (5), of the Companies Act, 2013, your directors state that :1. In preparation of Annual Accounts the applicable accounting standards have been followed along with proper explanation relating to material departure therefrom.

2. They had selected such accounting policies and applied them constantly 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 that of profitof the companyforthat period.

3. They had taken proper and sufficientcare of maintenance of adequate accounting records so as to safeguard the company''s assets and to detect fraud and irregularities.

4. They have prepared the annual accounts of the company on a going concern basis.

13. JOINT VENTURE AND SUBSIDIARIES

During the year under review, there was no joint venture or subsidiaries being formed and hence no reporting under the provisions of Section 129 of the Companies Act, 2013, (the Accounts and other information of the subsidiaries) is not required.

14. ACKNOWLEDGEMENT:

The Board wishes to express their sincere gratitude for the continued co-operation, encouragement and support extended by the shareholders, financial institutions and bankers of the company. The Board also wishes to express their deep appreciation of the dedicated services of the officers, staff and workers of the company.,

For & on behalf of the Board of Directors Intellivate Capital Ventures Limited

Sd/- Place : Mumbai Vipul Modi Date : 13 August 2014 Director


Mar 31, 2013

To The Members of INTELLIVATE CAPITAL VENTURES LTD

The Directors have pleasure in presenting the 30th Annual Report of the Company and the audited Annual Accounts for the year ended 31st March, 2013.

1 FINANCIAL PERFORMANCE

(Amount in Rs.)

Particulars For The Year Ended 31.03.2013 31.03.2012

Total Income 14,17,508 1,070,57311

Total Expenditure 64,084 046''250

Profit / (Loss) for the year before tax & 53,424 24,324

Provision For Tax

turren Tax 7,000

Deferred Tax 717

MAT Credit entitlement 860 (4,635)

Profit/ (Loss) for the year before Prior 51,775 23,542

Trior Period Adjustments (17,018) 1

"Profit/(Loss) after Tax 34,757 24,494

2 DIVIDEND

In order to conserve resources, your; Board of Directors has not recommended any dividend'' for this year.

3. REVIEW OF OPERATIONS

Total Revenues were Rs.14.18 Lacs during the year ended March 31st, 2013 as compared to Rs 10 71 Lacs in the previous year. During the fiscal 2013, the Company reported a Profit After tax of Rs.34, 757/- as compared to Rs. 24,494/- Lacs during the fiscal 2012.

4. DEMERGER

During the previous financial year, pursuant to the scheme of Arrangement U/s 391 to 394 and other applicable provisions of the Companies Act, 1956 there was a demerger ot Advisory Division, Chemical Division and Steel Division of the Company, which was sanctioned and approved by the Hon''ble High Court of judicature at Bombay on 16

December, 2011, and upon filing the said order with Registrar of Companies, with Maharashta on 20th January,2012, the said scheme was became effective. Accordingly all assests and liabilities of the Advisory division , Chemical division and Steel division stood transferred to the resultant companies i.e. Intellivate Capital Advisors Ltd., ICVL Chemicals Ltd. and ICVL Steels Ltd.. at book values and on a going concern basis on appointed dateIs April. 2011,

5. DEPOSITS

Your Company has not accepted or renewed any fixed deposits from the public, during the financial year ended 31st March, 2013. There were no unclaimed or unpaid deposits as on 31st March, 2013.

6. DIRECTORS:

Mrs. Leena Modi retires by rotation at the ensuing annual general meeting and being eligible, offers herself for re-appomtment.

7. AUDITORS

M/s. J. B. DUDHELA & CO., Chartered Accountants, auditors of the company retires at the conclusion of ensuing Annual General Meeting and offers themselves for re-appointment. A Certificate from the Auditors has been received to the effect that their re-appointment, if made, would be within the limits prescribed under Section 224(1 B) of the Companies Act, 1956.

& SECRETARIAL COMPLIANCE CERTIFICATE:

Pursuant to the provisions of Section 383A of the Companies Act, 1956 the necessary Secretarial Compliance Certificate is attached herewith.

9. STATEMENT UNDER SECTION 217(2A) OF THE COMPANIES ACT, 1956 *

There was no employee drawing the remuneration of or over the limit as prescribed under the Section 217(2A) of the Companies Act, 1956, read with the Companies (Particulars of Employees) Rules, 1975, as amended to date. Hence, the statement of particulars of employees as prescribed under that section is not annexed herewith.

10. STATEMENT UNDER SECTION 217(2AA) OF THE COMPANIES ACT, 1956 s

Pursuant to the provisions contained in sub-section (2AA) of Section 217 of the Companies Act, 1956, your directors state -

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

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

c) that the directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the said Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; and

d) that the directors have prepared the annual accounts, on a going concern basis.

11. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNING AND OUTGO:

The Company did not have any activity related to conservation of energy, technology absorption. There was neither Foreign Exchange Earning nor Foreign Exchange outgo during the year under review.

For & Oh Behalf Of The Board Of Directors Sd/-

VipuIJ Modi

Chairman

Date: 24th, May 2013

Place: Mumbai


Mar 31, 2012

To The Members of INTELLIVATE CAPITAL VENTURES LTD

The Directors have pleasure in presenting the 29th Annual Report of the Company and the audited Annual Accounts for the year ended 31st March, 2012.

1. FINANCIAL PERFORMANCE

(Amount in Rs.)

PARTICULARS FOR THE YEAR ENDED

31.03.2012 31.03.2011

Total Income 1,070,573 150,778,365

Total Expenditure 1,046,250 146,910,952

Profit / (Loss) for the year before tax &b 24,323 3,867,413

Provision For Tax

Current Tax 4,700 700,000

Deferred Tax 717 4,361

MAT Credit entitlement 48,468

Profit/ (Loss) for the year before Prior 23,541 3,114,584

Prior Period Adjustments 952 1,095

Profit / (Loss) after Tax 24,493 3,115,679

Add : Balance brought forward from last (804,086)

' 2,336,086 2,311,593

Less: Appropriations Balance Carried to Balance Sheet 2,336,086 2,311,593

Basic & Diluted Earnings per Share 0.11

2. DIVIDEND

In order to conserve resources, your Board of Directors has not recommended any dividend for this year.

3. REVIEW OF OPERATIONS

Total Revenues were Rs. 10.71 Lacs during the year ended March 31, 2012 as compared to Rs. 1507.78 Lacs in the previous year. During the fiscal 2012, the company reported a Profit before tax of Rs.24,323 as compared to Rs.38.67 Lacs during the fiscal 2011.

4. DEMERGER

The High Court of Judicature at Bombay has approved the Scheme of Arrangement between Indelicate Capital Ventures Limited, the Demerged Company and Indelicate Capital Advisors Limited, the First Resulting Company and ICVL Chemicals Limited, the Second Resulting Company and ICVL Steels Limited, the Third Resulting Company vide its order dated 16th December, 2011.

5. DEPOSITS

Your Company has not accepted or renewed any fixed deposits from the public, during the financial year ended 31st March, 2012. There were no unclaimed or unpaid deposits as on 31st March, 2012.

6. DIRECTORS:

Mr. Siddharth Shah retires by rotation at the ensuing annual general meeting and being eligible, offers himself for re-appointment.

7. AUDITORS:

M/s. J. B. DUDHELA & CO., Chartered Accountants, auditors of the company retires at the conclusion of ensuing Annual General Meeting and offer themselves for re-appointment. A Certificate from the Auditors has been received to the effect that their re-appointment, if made, would be within the limits prescribed under Section 224(1B) of the Companies Act, 1956.

8. SECRETARIAL COMPLIANCE CERTIFICATE :

Pursuant to the provisions of Section 383A of the Companies Act, 1956 the necessary Secretarial Compliance Certificate is attached herewith.

9. STATEMENT UNDER SECTION 217(2A) OF THE COMPANIES ACT, 1956 :

There was no employee drawing the remuneration of or over the limit as prescribed under the Section 217(2A) of the Companies Act, 1956, read with the Companies (Particulars of Employees) Rules, 1975, as amended to date. Hence, the statement of particulars of employees as prescribed under that section is not annexed herewith.

10. STATEMENT UNDER SECTION 217(2AA) OF THE COMPANIES ACT, 1956 :

Pursuant to the provisions contained in sub-section (2AA) of Section 217 of the Companies Act, 1956, your directors state -

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

b) that the directors have selected such accounting polices 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 or loss of the Company for that period;

c) that the directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the said Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; and

d) that the directors have prepared the annual accounts, on a going concern basis.

11. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNING AND OUTGO:

The Company did not have any activity related to conservation of energy, technology absorption. There was neither Foreign Exchange Earning nor Foreign Exchange outgo during the year under review.

FOR & ON BEHALF OF THE BOARD OF DIRECTORS

Sd/-

VIPULJ MODI CHAIRMAN

Date : 27th August, 2012

Place : Mumbai


Mar 31, 2011

The Members of

INTELLIVATE CAPITAL VENTURES LTD

The Directors have pleasure in presenting the 28' Annual Report of the Company and the audited Annual Accounts for the year ended 31st March, 2011.

1. FINANCIAL PERFORMANCE

(Amount in Rs.)

PARTICULARS FOR THE YEAR ENDED

31.03.2011 31.03.2010

Total Income 150,778,365 20,08,396

Total Expenditure 146,910,952 19,52,079

Profit / (Loss) for the year before tax & Prior 38,67,413 56,317

Period items

Provision For Tax

Current Tax 7,00,000 (9,000)

Deferred Tax 4,361 -

MAT Credit entitlement 48,468 -

Profit/ (Loss) for the year before Prior Period 31,14,584 47,317 items

Prior Period Adjustments 1,095 -

Profit / (Loss) after Tax 31,15,679 47,317

Add : Balance brought forward from last year (8,04,086) (8,51,403)

23,11,593 (8,04,086)

Less: Appropriations - -

Balance Carried to Balance Sheet 23,11,593 (8,04,086)

Basic & Diluted Earning per Share 4.41 0.10

2. DIVIDEND

Your Board of Directors has not recommended any dividend for this year.

3. REVIEW OF OPERATIONS

Total Revenues were Rs.1507.78 Lacs during the year ended 2011 as compared to Rs.20.08 Lacs in the previous year. During the fiscal 2011, the company reported a Profit before tax of Rs.38.67 Lacs compared to Rs. 0.56 Lacs during the fiscal 2010. The Company is operating in four segments i.e. Consulting, Trading in Steel, Trading in Chemicals and Investments.

4. DEMERGER

The Board of Directors of the Company at its meeting held on 12th May, 2011 has, in-principle, approved the demerger of Advisory Division, Chemical Division and Steel Division of Intellivate Capital ventures Limited (the Demerged Company) into Intellivate Capital Advisors Limited (the First Resulting Company)l, ICVL Chemicals Limited (the Second resulting Company) and ICVL Steels Limited (the Third Resulting Company) respectively with effect from appointed date i.e. 1st April, 2011, subject to the requisite approvals including Shareholders, Creditors, Stock Exchanges, the HonTjle High Court of Bombay and other authorities, as may be required for the purpose. The Company has obtained in principal approval from BSE and is in process of filing application with High Court.

5. RIGHT ISSUE

Pursuant to Letter of Offer dated 26th February 2011 the Company has made right issue of 24,25,000 equity shares (Face Value : Rs.10/-) at a premium of Rs.40/- per share aggregating to Rs.1212.50 Lacs. The issue has been fully subscribed and the share has been allotted on 26 March 2010 to the applicants. The Company has received Rs.1212.50 Lacs pursuant to right issue till March 2011 and the same are utilized as under :

Particulars As on 30/06/2011

Rs. In Lacs

Projected Actual

Sources of Fund

Proceeds of Righ Issue 1,212.50 1,212.50

Internal Accruals 172.50 68.73

1,385.00 1,281.23

Expansion of the existing advisory business 100.00 -

Information Technology Systems 20.00 0.36

Strategic Investments in Companies and trading in 1,000.00 681.41 securities

General Corporate Purposes 250.00 (179.23)

Issue Expenses 15.00 9.13

Total 1,385.00 511.67

6. DEPOSITS

Your Company has not accepted or renewed any fixed deposits from the public, during the financial year ended 31st March, 2011. There were no unclaimed or unpaid deposits as on 31st March, 2011.

7. DIRECTORS:

Mr. Vipul J Modi retires by rotation at the ensuing annual general meeting and being eligible, offers himself for re-appointment.

8. AUDITORS:

M/s. J. B. DUDHELA & CO., Chartered Accountants, auditors of the company retires at the. conclusion of ensuing Annual General Meeting and offer themselves for re-appointment. A Certificate from the Auditors has been received to the effect that their re-appointment, if made, would be within the limits prescribed under Section 224(1B) of the Companies Act, 1956.

9. SECRETARIAL COMPLIANCE CERTIFICATE :

Pursuant to the provisions of Section 3 83 A of the Companies Act, 1956 the necessary Secretarial Compliance Certificate is attached herewith.

10. STATEMENT UNDER SECTION 217(2A) OF THE COMPANIES ACT, 1956 :

There was no employee drawing the remuneration of or over the limit as prescribed under the Section 217(2A) of the Companies Act, 1956, read with the Companies (Particulars of Employees) Rules, 1975, as amended to date. Hence, the statement of particulars of employees as prescribed under that section is not annexed herewith.

11. STATEMENT UNDER SECTION 217(2AA) OF THE COMPANIES ACT, 1956 :

Pursuant to the provisions contained in sub-section (2AA) of Section 217 of the Companies Act, 1956, your directors state -

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

b) that the directors have selected such accounting polices 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 or loss of the Company for that period;

c) that the directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the said Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; and

d) that the directors have prepared the annual accounts, on a going concern basis.

12. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNING AND OUTGO:

The Company did not have any activity related to conservation of energy, technology absorption. There was neither Foreign Exchange Earning nor Foreign Exchange outgo during the year under review.

For & on behalf of the Board of Directors

Sd/-

VIPULJ MODI

CHAIRMAN

Date : 27/08/2011

Place : Mumbai














Mar 31, 2010

The Directors have pleasure in presenting the 27th Annual Report of the Company and the audited Annual Accounts for the year ended 31st March, 2010.

1. FINANCIAL PERFORMANCE

Amount in Rs.

PARTICULARS FOR THE YEAR ENDED

31.03.2010 31.03.2009

Total Income 20,08,396 1,451,737

Total Expenditure 19,52,079 1,367,628

Profit / (Loss) for the year

before tax & Prior Period items 56,317 84,109

Provision For Tax

Current Tax (9,000) (15,000)

MAT Credit entitlement - 48,468

Profit/ (Loss) for the year before Prior Period items 47,317 117,577

Prior Period Adjustments - 18

Profit / (Loss) after Tax 47,317 117,595

Add : Balance brought forward from last year (8,51,403) (968,998)

(8,04,086) (851,403)

Less: Appropriations

Balance Carried to Balance Sheet (8,04,086) (851,403)

Basic & Diluted Earning per Share 0.10 0.47

2. DIVIDEND

Your Board of Directors has not recommended any dividend for this year.

3. REVIEW OF OPERATIONS

Total Revenues were Rs. 20.08 Lacs during the year ended 2010 as compared to Rs. 14.52 Lacs in the previous year. During the fiscal 2010, the company reported a Profit before tax of Rs 0.56 Lacs compared to Rs. 0.84 Lacs during the Fiscal 2009.

4. RIGHT ISSUE

Pursuant to Letter of Offer dated 26fth February 2010 the Company has made right issue of 24,25,000 equity shares (face value Rs.10/- each) at a premium of Rs.40/- per share aggregating to Rs.1212.50 Lacs. The issue has been fully subscribed and the share has been allotted on 26" March 2010 to the applicants. The Company has received Rs.303.13 Lacs as application money pursuant to right issue and the same are utilized towards right issue expenses of Rs. 9.13 lacs and balance amount towards investment in shares and securities

5. DEPOSITS

Your Company has not accepted or renewed any fixed deposits from the public, during the financial year ended 31st March, 2010. There were no unclaimed or unpaid deposits as on 31s1 March, 2010.

6. DIRECTORS :

Mrs. Leena Vipul Modi retires by rotation at the ensuing annual general meeting and being eligible, offers herself for re-appointment.

7. AUDITORS:

M/s. J. B. DUDHELA & CO., Chartered Accountants, auditors of the company retires at the conclusion of ensuing Annual General Meeting and offer themselves for re- appointment. A Certificate from the Auditors has been received to the effect that their re-appointment, if made, would be within the limits prescribed under Section 224(1 B) of the Companies Act, 1956.

8. SECRETARIAL COMPLIANCE CERTIFICATE :

Pursuant to the provisions of Section 383A of the Companies Act, 1956 the necessary Secretarial Compliance Certificate is attached herewith.

9. STATEMENT UNDER SECTION 217(2A) OF THE COMPANIES ACT, 1956 :

There was no employee drawing the remuneration of or over the limit as prescribed under the Section 217(2A) of the Companies Act, 1956, read with the Companies (Particulars of Employees) Rules, 1975, as amended to date. Hence, the statement of particulars of employees as prescribed under that section is not annexed herewith.

10. STATEMENT UNDER SECTION 217(2AA) OF THE COMPANIES ACT, 1956 :

Pursuant to the provisions contained in sub-section (2AA) of Section 217 of the Companies Act, 1956, your directors state -

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

b) that the directors have selected such accounting polices 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 or loss of the Company for that period;

c) that the directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the said Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; and

d) that the directors have prepared the annual accounts, on a going concern basis.

11. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNING AND OUTGO:

The Company did not have any activity related to conservation of energy, technology absorption. There was neither Foreign Exchange Earning nor Foreign Exchange outgo during the year under review.

For & on behalf of the Board of Directors

sd/-

VIPUL J MODI

CHAIRMAN

Date : 15/07/2010 Place : Mumbai



 
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