Mar 31, 2016
To,
The Members,
The Directors have pleasure in presenting their 36th Annual Report on the business and operations of the Company and the accounts for the Financial Year ended March 31, 2016.
1. Financial summary or highlights/Performance of the Company (Standalone)
The Boardâs Report shall be prepared based on the stand alone financial statements of the company.
Particulars |
Financial Year ended (in Rupees) |
|
31st March, 2016 |
31st March, 2015 |
|
Total Income |
20,16,20,510 |
11,12,50,007 |
Total Expenditure |
20,77,46,195 |
10,71,60,923 |
Profit/ (Loss) before tax |
(12,33,217) |
40,89,084 |
Profit/ (Loss) after tax |
(8,52,153) |
33,30,628 |
Paid-up Share Capital |
7,02,05,000 |
7,02,05,000 |
Reserves and Surplus |
(93,57,639) |
(82,05,489) |
Operations
The total Income of the Company during the year under review was Rs. 2016.21 Lacs against Rs. 1112.50 Lacs in the previous year. There was increase in the Income from the last financial year. The Company made a loss after tax of Rs. 8.52 Lacs as against profit of 33.31 Lacs in the previous year. Your Directors are putting in their Best efforts to improve the performance of the Company.
The Basic and Diluted earnings per share (EPS) computed in accordance with the Accounting Standard-20 issued by the Institute of Chartered Accountant of India was (0.12) Per share respectively as against 0.47 per share (basic and diluted) for the previous Year.
Significant and Material Orders passed by the regulators or courts or tribunals impacting the going concern status and companyâs operations in future.
No significant and material order passed by any regulators or courts or tribunals impacting the going concern status and companyâs operations in future. The company is doing reasonable growth and development.
2. Dividend
There was no dividend declared and paid last year by the Company.
3. Share Capital
A. BUY BACK OF SECURITIES
The Company has not bought back any of its securities during the year under review.
B. SWEAT EQUITY
The Company has not issued any Sweat Equity Shares during the year under review.
C. BONUS SHARES
No Bonus Shares were issued during the year under review.
D. EMPLOYEES STOCK OPTION PLAN
The Company has not provided any Stock Option Scheme to the employees.
4. Directors and Key Managerial Personnel
In accordance with the provision of Section 152 of the Companies Act 2013 and the company Articles of Association, Ms. Khusbhoo Agarwal, Director, retires by rotation and being eligible, offer herself for reappointment at the ensuing Annual General Meeting. Necessary resolution seeking the approval of the shareholder for the reappointment of Ms. Khushboo Agarwal forms parts of the notice convening the Annual general Meeting.
5. Particulars of Employees
The industrial relations with the workers and staff of the Company remained cordial throughout the year. There was unity of objective among all levels of employees, continuously striving for improvement in work practices and productivity. Training and development of employees continue to be an area of prime importance.
6. Meetings
A calendar of Meetings is prepared and circulated in advance to the Directors. During the year six Board Meetings were convened and held. The intervening gap between the Meetings was within the period prescribed under the Companies Act, 2013.
7. Declaration by an Independent Director(s) and re- appointment
The Company has complied with the provisions of section 149 of Companies Act, 2013
8. Remuneration Policy
The provisions of Section 178(1) relating to constitution of Nomination and Remuneration Committee is applicable to the Company and hence the Company has devised any policy relating to appointment of Directors, payment of Managerial remuneration, Directors qualifications, positive attributes, independence of Directors and other related matters as provided under Section 178(3) of the Companies Act, 2013.
9. Auditors:
The Auditors, M/s V.N. Purohit & Co., Chartered Accountants, re-appoint by ratification at the ensuing Annual General Meeting and, being eligible, offer themselves for reappointment for next AGM for a period of 2016-2017 from the conclusion of this Annual General Meeting [AGM] till the conclusion of 39th AGM.
10. Auditorsâ Report
The Auditorsâ 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.
11. Disclosure about Cost Audit
As per the Cost Audit Orders, Cost Audit is not applicable to the Company.
12. Secretarial Audit Report
Pursuant to the provisions of section 204 of the Companies Act, 2013 and the Companies Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company has appointed Mr. Amit Kumar Prop. of M/s Kumar A & Associates, a Company Secretary in practice to undertake the Secretarial Audit of the Company
13. Internal Audit & Controls
The Company appointed Internal Auditor and during the year, the Company continued to implement their suggestions and recommendations for improvements. Their scope of work includes review of operational efficiency, effectiveness of system and processes.
14. Risk management policy
The risk management includes identifying types of risks and its assessment, risk handling and monitoring and reporting .Risk Management Policy is a part of this Annual Report as ANNEXURE I.
15. 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 II .
16. Material changes and commitments, if any, affecting the financial position of the company which have occurred between the end of the financial year of the company to which the financial statements relate and the date of the report
No material changes and commitments affecting the financial position of the Company occurred between the end of the financial year of the company to which the financial statements relate and the date of the report.
17. Deposits
The Company has neither accepted nor renewed any deposits during the year under review.
18. Particulars of loans, guarantees or investments under section 186
The Company has not made any Loans, given Guarantees in relation to loan or made any investment under section 186 of Companies Act, 2013.
19. Particulars of contracts or arrangements with related parties: Not Applicable
20. Management Discussion And Analysis
The Management Discussion and Analysis forms part of this Annual Report for the year ended 31st March, 2016. The financial statement have been prepared in Compliance with the requirements of the Companies Act, 2013 guidelines issued by Securities and Exchange Board of India (SEBI) and Generally Accepted Accounting Principles(GAAP) in India. Our Management accepts the responsibility for the integrity and objectivity of these financial statements, as well as for the various estimates and Judgmentâs used therein. The estimates and Judgmentâs relating to the financial statements have been made on prudent and reasonable basis, so that the financial statement reflect in a true and fair manner the form and substance of transactions, and reasonably present our state of affairs , Profits and cash flows for the year.
21. 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.
22. Vigil Mechanism :
The Board of Directors have established Vigil Mechanism which provides for a formal mechanism to all Directors and employees of the Company to approach the Management of the Company and make protective disclosures to the Management about unethical behavior, actual or suspected fraud or violation of the Companyâs Code of Conduct.
23. Conservation of energy, technology absorption and foreign exchange earnings and outgo
Company has limited scope for undertaking energy conservation exercises, but nevertheless continues to emphasize work practices that result in conservation of energy. At the offices of your Company, special emphasis is placed on installation of energy-efficient lighting devices, use of natural light as best as possible, and adoption of effective procedures for conservation of electricity, water, paper and other materials that consume natural resources.
Foreign exchange earnings and Outgo
There was no foreign exchange inflow or Outflow during the year under review.
24. Human Resources
Company treats its âhuman resourcesâ as one of its most important assets.
Company continuously invests in attraction, retention and development of talent on an ongoing basis. A number of programs that provide focused people attention are currently underway. Company thrust is on the promotion of talent internally through job rotation and job enlargement.
25. Directorsâ Responsibility Statement
The Directorsâ Responsibility Statement referred to in clause (c) of sub-section (3) 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 had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.
26. Transfer of Amounts to Investor Education and Protection Fund
Company did not have any funds lying unpaid or unclaimed for a period of seven years. Therefore there were no funds which were required to be transferred to Investor Education and Protection Fund (IEPF).
27. Corporate Governance
Clause 49 of the listing agreement in relation to Corporate Governance is applicable to the Company and the Company is complying with the provisions of Clause 49 of the Listing Agreement.
28. 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
Sd/- Sd/-
PLACE: DELHI Director Director
DATE: 05/09/2016 Khusbhoo Agarwal Ankit Agarwal
DIN - 06792261 DIN - 05254327
Mar 31, 2015
Dear Members,
The Directors have pleasure in presen tings their 35th Annual Report
on the business and operations of the Company and the accounts for the
Financial Year ended March 31,2015.
1. Financial summary or highlights/Perfonnam:e of the Company
(Standalone)
T re Board's Report shall be prepared based on the stand alone
financial statements of the company.
Particulars Financial Year ended
(in Rupees)
31st March, 2015 31st March, 2014
Total Income 11,12,50,007 131,45,639
Total Expenditure 10,71,60,923 22,88,370
Profit/(Loss) before tax 40,89,084 1,08,37,269
Profit/(Loss) after tax 33,30,628 1,08,19,105
Paid-up Share Capital 7,02,05,000 3,30,05,000
Reserves and Surplus (85,05,489) (1,17,53,359)
Operations
The total income of the Company during the year under review was Rs.
1112.50 Lacs against Rs.131.45 Lacs in the previous year. There was
increase in the Income from the last financial year. The Company made a
profit after tax of Rs. 33.30 Lacs as against profit of 108.19 Lacs in
the previous year. Your Directors are putting in their Best efforts to
improve the performance of the Company.
The Basic and Diluted earning per share (EPS) computed in accordance
with the Accounting Standard-20 issued by the Institute of Chartered
Accountant of India was 0.47 Per share respectively as against 3.28 per
share (basic and diluted) for the previous Year
Significant and Material Orders passed by the regulators or courts or
tribunals impacting the going concern status and company's operations
in future.
No significant and material order passed by any regulators or courts or
tribunals impacting the going concern status and company's operations
in future. The company is doing reasonable growth and development.
2. Dividend
The provisions of Section 125(2) of the Companies Act, 2013 do not
apply as there was no dividend declared and paid last year.
3. Share Capital
A. BUY BACK OF SECURITIES
The Company has not bought hack any of its securities during the year
under review,
B. SWEAT EQUITY
The Company has not issued any Sweat Equity Shares during the year
under review.
C. BONUS SHARES
No Bonus Shares were issued during the year under review.
D. EMPLOYEES STOCK OPTION PLAN
The Company has not provided any Stock Option Scheme to the employees.
4. Directors and Key Managerial Personnel
In accordance with the provision of Section 152 of the Companies Act
2013 and the company Articles of Association, Mr. And kumar Dhand,
Director, retires by rotation and being eligible, offer himself for
reappointment at the ensuring Annual General Meeting. Necessary
resolution seeking the approval of the shareholder for the
reappointment of Mr. Anil Kumar Dhand forms parts of the notice
convening the Annual general Meeting.
5. Particulars of Employees
The industrial relations with the workers and staff of the Company
remained cordial throughout the year, There was unity of objective
among all levels of employees, continuously striving for improvement in
work practices and productivity. Training and development of employees
continue to be an area of prime importance.
6. Meetings
A calendar of Meetings is prepared and circulated in advance to the
Directors. During the year 10 Board Meetings were convened and held.
The intervening gap between the Meetings was within the period
prescribed under the Companies Act, 2013.
7. Declaration by an Independent Di rector(s) and re- appointment
The provisions of Section 149 pertaining to the appointment of
Independent Directors do not apply to our Company.
8. Remuneration Policy
The provisions of Section 178(1) relating to constitution of Nomination
and Remuneration Committee are not applicable to the Company and hence
the Company has not devised any policy relating to appointment of
Directors, payment of Managerial remuneration, Directors
qualifications, positive attributes, independence of Directors and
other related matters as provided under Section 178(3) of the Companies
Act, 2013.
9. AUDITORS:
The Auditors. M/s V.N. Purohit & Co, Chartered Accountants, retire
at the ensuing Annual General Meeting and, being eligible, offer
themselves for reappointment for next ACM for a period of 2015- 2016
from the conclusion of this Annual General Meeting [AGM] till the
conclusion of next ACM.
10. 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.
11. Disclosure about Cost Audit
As per the Cost Audit Orders, Cost Audit is not applicable to the
Company.
12.Secretarial Audit Report
In terms of Section 204 of the Act and Rules made there under,
Secretarial audit is applicable to company.
13. Internal Audit & Controls
Internal auditor provisions are applicable to company.
14. Risk management policy
The risk management includes identifying types of risks and its
assessment, risk handling and monitoring and reporting.Risk Management
Policy ia a part of this Annual Report as ANNEXURE II
15. EXTRACT 0F 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.
16. Material changes and commitments, if any, affecting the financial
Position of the company which have occurred between the end of the
financial year of the company to which the financial statements relate
and the date of the report
No material changes and commitments affecting the financial position of
the Company occurred between the end of the financial year of the
company to which the financial statements relate and the date of the
report.
17. Deposits
The Company has neither accepted nor renewed any deposits during the
year under review.
18. Particulars of loans, guarantees or investments under action 186
Details of Loans:
SL. No Date of Details of Amount Purpose Time
making Borrower for which period
loan the loan is for
to be which
utilized by it is
the given
recipient
SL. No Date Date of Rate of Securit
of BR SR (if Interes y
reqd) t
Details of Investments:-
Sl. Date of Details of Amount Purpose for which the
No investm Investee proceeds from
ent investment is
proposed to be
utiliized by the
recipient
Sl. Date of BR Date of Expected
No SR (if rate of
reqd) return
Details of Guarantee / Security Provided:
Sl. Date of Details Amoun Purpose for
No providing of t which the
security/guar recipie security/guara
antee nt ntee is
proposed to be
utilized by the
recipient
Sl. Date of Date of Commissio
No BR SR (if n
any)
19. Particulars of contracts or arrangements with related parties: Not
Applicable
21 -OBLIGATION OF COMPANY UNDER THE SEXUAL HARASSMENT OF WOMEN AT
WORKPLACE PREVENTION. PROHIBITION AND REPRESSAL) 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.
2 2. Vigil Mechanism :
The Board of Directors have established Vigil Mechanism which provides
for a formal mechanism to all Directors and employees of the Company to
approach the Management of the Company and make protective disclosures
to the Management about unethical behaviour, actual or suspected fraud
or violation of the Company's Code of Conduct.
23. Conservation of energy, technology absorption and foreign exchange
earnings and outgo
Company has limited scope for undertaking energy conservation
exercises, but nevertheless Continues to empitasize work practices that
result in conservation of energy. At the offices of your Company,
special emphasis is placed on installation of energy-efficient lighting
devices, use of natural light as best as possible, and adoption of
effective procedures for conservation of electricity, water, paper and
other materials that consume natural resources.
Foreign Exchange earnings and Outgo
There was no foreign exchange inflow or Outflow during the year under
review.
24. Human Resource
Company treats its "human resources" as one of its most important
assets.
Company continuously invest in attraction, retention and development of
talent on an ongoing basis. A number of programs that provide focused
people attention are currently underway. Company thrust is on the
promotion of talent internally through job rotation and job
enlargement.
2 5.Directors' Responsibility Statement
The Directors' Responsibility Statement referred to in clause (c) of
sub-section [3) 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 had devised proper systems to ensure compliance with
the provisions of all applicable laws and that such systems were
adequate and operating effectively.
26. Transfer of Amounts to Investor Education and Pritection Fund
Company did not have any funds lying unpaid or unclaimed for a period
of seven years. Therefore there were no funds which were required to be
transferred to Investor Education and Protection Fund (IEPF).
27. Corporate Governance
Clause 49 of the listing agreement in relation to Corporate Governance
is applicable to the Company and the Company is complying with the
provisions of Clause 49 of the Listing Agreement.
28. 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
Sd/- Sd/-
PLACE: DELHI Director Director
DATE: 02/09/2015 Asha Nand Sharma Anil Kumar Dhand
Din No. 06878273 Din No. 06878247
Mar 31, 2014
Dear Members,
The Directors present the Annual Report of your Company together with
the Audited Annual Accounts for the financial year ended 31st March,
2014.
Financial Highlights
Particulars Financial Year ended
(in Rupees)
31st March, 2014 31st March, 2013
Total Income 131,45,639 9,90,389
Total Expenditure 22,88,370 38,39,702
Profit/ (Loss) before tax 1,08,57,269 (28,49,313)
Profit/ (Loss) aftertax 1,08,19,105 (28,49,313)
Paid-up Share Capital 3,30,05,000 3,29,56,835
Reserves and Surplus (1,17,53,359) (2,25,72,464)
Operations
The total Income of the Company during the year under review was
Rs.131.45 Lacs against Rs.9.90 Lacs in the previous year. There was
increase in the Income from the last financial year. The Company made a
profit after tax of Rs.108.19 Lacs as against Loss of 28.49 Lacs in the
previous year. Your Directors are putting In their Best efforts to
improve the performance of the Company.
The Basic and Diluted earning per share (EPS) computed in accordance
with the Accounting Standard-20 issued by the Institute of Chartered
Accountant of India was 3.28 Per share respectively as against -0.86
per share (basic and diluted) for the previous Year.
Segment wise Performance
The company operates in only one segment and therefore, has no separate
reportable segment.
Risk and concern
The Company is endeavor to minimize the risk associated with its type
of business and is employing competent team of Professionals and Is
focused towards implementation of modem shore based management
practices.
In order to mitigate Risk the Company has taken various steps to limit
the various factors that emanate risks. These factors include:
* Insurance
* Proper credit check of the client portfolio
* Supporting customers, growth and Competitiveness
Board Of Directors
In accordance with the provision of Section 152 of the Companies Act
2013 and the company Articles of Association, Mr. Abhishek Bansal,
Director, retires by rotation and being eligible, offer himself for
reappointment at the ensuring Annual General Meeting.
Necessary resolution seeking the approval of the shareholder for the
reappointment of Mr. Abhishek Bansal forms parts of the notice
convening the Annual general Meeting.
Material changes and commitments affecting the financial position of
the Company after the close of financial year
Save as mentioned elsewhere in this Report, no material changes and
commitments affecting the financial position of the Company has
occurred between the end of the financial year of the Company- 31st
March, 2014 till the date of this report.
Dividend
Based on the Company's performance, the Directors does not recommend
any dividend for the financial year 2013-2014 due to losses in the
previous financial years and requirement of more working Capital during
the year.
Public Deposits
During the year, your Company has not accepted any fixed deposits from
the public under Section 58A or 58AA of the Companies Act, 1956 and is
therefore not required to furnish Information in respect of outstanding
deposits under Companies (Acceptance of Deposit) Rules, 1975.
Auditors
M/s Anil Ram and Associates, Chartered accountant, statutory auditors
of the Company retires at the ensuring Annual General and M/s V.N.
Purohit & Co., Chartered Accountants, (Firm Registration No. 304040N),
be and Is hereby appointed as the Statutory Auditors of the Company, to
hold office from the conclusion of this Annual General Meeting until
the conclusion of the 39th (Thirty Ninth) Annual General Meeting
(subject to annual ratification by the Members at the Annual General
Meeting),.
The Company has received a certificate from the auditors to the effect
that their appointment if made, would be in accordance with the
provisions of section 141(3) (g) of the Companies Act, 2013
Auditors' Report
The observations of Statutory Auditors in their report read with notes
to the accounts are self-explanatory and do not call for any further
explanation or clarification.
Human Resource Development and Industrial Relation
Your Company strives to provide the best working environment with ample
opportunities to grow and explore. Your Company maintains a work
environment that is free from physical, verbal and sexual harassment.
Every initiative and policy of the Company takes care of welfare of all
its employees. The human resource development function of the Company
is guided by a strong set of values and policies. The Company
maintained healthy, cordial and harmonious industrial relations at all
levels throughout the year.
Personnel & Particulars of Employees
The industrial relations with the workers and staff of the Company
remained cordial throughout the year. There was unity of objective
among all levels of employees, continuously striving for improvement in
work practices and productivity. Training and development of employees
continue to be an area of prime importance.
Particulars of the employees as required under section 217 (2A) of the
Companies Act, 1956 read with the Companies (Particulars of the
Employees) Amendment Rules, 2011 are not applicable since, none of the
employee of the Company was drawing more than Rs. 60,00,000/- p.a or
Rs. 5,00,000/- p.m. for the part of the year.
Vigil Mechanism
The Board of Directors have established Vigil Mechanism which provides
for a formal mechanism to all Directors and employees of the Company to
approach the Management of the Company and make protective disclosures
to the Management about unethical behaviour, actual or suspected fraud
or violation of the Company's Code of Conduct.
Directors' Responsibility Statement
In terms of the provisions of section 217(2AA) of the Companies Act,
1956, and to the best of their knowledge and belief and according to
the information and explanations obtained by them and save as mentioned
elsewhere in this Report, the attached Annual Accounts and the
Auditors' Report thereon, your Directors confirm that:
a. in preparation of the annual accounts, the applicable accounting
standards have been followed;
b. 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 as at 31st March, 2014 and of the profit of the Company
for the year ended on that date;
c. 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; and
d. the Directors have prepared the Annual Accounts on a going concern
basis.
e. the Directors had laid down internal financial controls to be
followed by the company and that such internal controls are adequate
and were operating effectively; and
f. the Directors had devised proper systems to ensure compliance with
the provisions of all applicable laws and that systems were adequate
and operating effectively.
Conservation of Energy, Technoloqy Absorption, Foreign Exchange
Earnings and Outgo
a. Conservation of Energy & Technology Absorption; Since the Company
is not engaged In any manufacturing activity, issues relating to
conservation of energy and technology absorption are not quite relevant
to its functioning.
b. Export Activities: There was no export activity in the Company
during the year under review. The Company has no immediate plans for
export In the near future as well.
c. Foreign Exchange Earnings and Outgo; There was no Foreign Exchange
earnings and outgo during the year under review.
Audit Committee
The Audit Committee comprises of three Directors, Mr.Y.I.P Sehgal, Mr.
Nishant Sehgal, Mr. Prashant Sehgal, The Audit Committee is constituted
in accordance with the Listing Agreement and Section 292A of the
Companies Act, 1956. All these Directors possess adequate knowledge of
corporate finance, accounts and company law.
Corporate Governance
Clause 49 of the listing agreement in relation to Corporate Governance
is applicable to the Company and the Company is complying with the
provisions of Clause 49 of the Listing Agreement.
Acknowledgement
Your Directors take this opportunity to place on record their sincere
appreciation for the co-operation and assistance the Company has
received from Banks and various Government Departments. The Board also
places on record Its appreciation of the devoted services of the
employees; support and co-operation extended by the valued business
associates of the Company.
For and on Behalf of the Board
For International Pumps and Projects Limited
Date: 23/05/2014 Abhishek Barisal Anil Kumar Dhand
Place: Delhi Director Director
(DIN:01972424) (DIN:06878247)
Mar 31, 2013
Dear Members,
The Directors have pleasure in presenting the 33rd Annual Report of
the Company together with Audited Accounts for the year ended 31st
March, 2013.
FINANCIAL RESULTS
Particulars 2012-2013 2011-2012
Sales: other income & prior 990,389.66 4,003,956.20
period income
Profit/(Loss) before taxation (2,849,316.61) (4,069,677.74)
Less : Excess Provision of - (37.195.50)
Previous Year
Profit/(Loss) after taxation (2,849,316.61) (4,032.482.24)
Add: Balance b/f from previous (40,742,194.60) (36,709,712.36)
year
Profit/(Loss) carried to Balance (43,591,511.21) (40.742,194.60)
Sheet
MANAGEMENT DISCUSSION & ANALYSIS AND REVIEW OF OPERATIONS AND FUTURE
LAW
OVERVIEW
The financial statements have been prepared in compliance with the
requirements of the Companies Act. 1956, guidelines issued by the
Securities and Exchange Board of India (SEBI) and the Generally
Accepted Accounting Principles (GAAP) in India. Our Management accepts
responsibility for the integrity and objectivity of these financial
statements, as well as for the various estimates and judgments used
therein. The estimates and judgments relating to the financial
statements have been made on a prudent and reasonable basis, so that
the financial statements reflect in a true and fair manner the form and
substance of transactions, and reasonably present our state of affairs,
profits and cash flows for the year.
SEGMENT WISE PERFORMANCE
The Company operates in only one segment and therefore, has no separate
reportable segments.
RISKS AND CONCERNS
The Company in its endeavor to minimize the risks associated with its
type of business is employing competent team of professionals and is
focused towards implementation of modern shore based management
practices.
In order to mitigate the risks the Company has taken various steps to
limit the various factors that emanate risks. These factors include:
* Insurance
* Proper credit check of the client portfolio
* Supporting customers, growth and competitiveness
HUMAN RESOURCES
The Company considers its employees as partners in growth. They have
played a significant role and enabled the Company to deliver superior
performance year after year.
ADEQUACY OF INTERNAL CONTROLS
The Company has adequate and effective internal control systems
commensurate with the size of its operations and has complied with the
various statutes of the Government and statutory authorities.. Internal
Audit has been entrusted to an external auditor and periodical review
is being carried out. The Audit Committee meets regularly to review the
adequacy of internal controls.
DIRECTORS' RESPONSIBILTY STATEMENT
In terms section 217(2AA) of the Companies Act, 1956 your directors
confirms as under:
1. That the preparations of Annual Accounts, the applicable accounting
standards have been followed and no materials departures have been made
from the same.
2. That they have selected such accounting policies and applied them
consistently, except where changes have been made and disclosed
appropriately and made judgments and estimates that arc reasonable and
prudent so as to give a true and fair view of state affairs of the
Company at the end of profit or loss of the Company that period.
3. That they have taken proper and sufficient care for maintenance of
adequate accounting records in accordance with the provisions of
Companies Act. 1956 for the safeguarding the assets of the company and
preventing and detecting fraud and other irregularities.
4. That they have prepared the Annual .Accounts on a going concern
basis.
AUDITORS
M/s. Anuj Garg & Company. Chartered Accountants, be appointed as
statutory auditors of the Company for the financial year 2013-14. The
Company has received a certificate under section 224(1B) of the
Companies Act. 1956 to the effect that their appointment, if made, will
be within the prescribed limit. The Audit Committee has also
recommended their re-appointment.
AUDITOR'S REPORT
The Auditors in their report have referred to the notes forming parts
of Accounts. The said notes are self-explanatory and need not require
any further clarifications. The suggestion given by him has taken note
for future operation.
DIRECTORS
In accordance with the provisions of the Companies Act. 1956 Mr.
Abhishek Bansal. Director of the Company retires by rotation, and being
eligible, offers himself for re-appointment.
FIXED DEPOSITS
During the year under review the Company has not accepted any money
from the public as Fixed Deposits.
BUY BACK OF SHARES
The Company has not made any offer to Buy Back its shares.
PARTICULARS OF EMPLOYEES
No employee of the Company is covered under section 217(2A) of the
Companies Act, 1956 read with the Companies (Particulars of Employees)
Rules, 1980 as amended to date.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE
EARNINGS & OUTGO
Information u/s 217(1) (c) of the Companies Act, 1956 read with
Companies (Disclosures of Particulars in the Report of Board of
Directors) Rules, 1988 is furnished in Annexure "A" and forms part of
this report.
REPORT ON CORPORATE GOVERNANCE
As stipulated by clause 49 of the Listing Agreement, the Report on
Corporate Governance is given separately in this Annual Report. The
Certificate of M/s. Anuj Garg and Company, Chartered Accountant in
Practice, regarding the Compliance of Clause 49 of the Listing
Agreement is enclosed herewith and form part of Directors' Report.
CEO AND CFO CERTIFICATION
The Managing Director of the Company gives certification on financial
reporting and Internal controls to the Board as required under clause
49 (V) of the Listing Agreement
CAUTIONARY STATEMENT
Statements in the Management Discussion and Analysis describing the
Company's strategics on business, projections and estimates are forward
looking statements. The actual results may vary from those expressed or
implied, depending upon economic conditions. Government policies,
regulations, tax laws and other incidental factors.
ACKNOWLEDGEMENT
The Directors acknowledge with gratitude the support given to the
Company by the dealers, customers and suppliers, shareholders and
investors who indeed deserve a special mention for their faith and
confidence reposed by them in the Company.
By order of the Board
For International Pumps and Projects Limited
Place: New Delhi (Y.I.P Sehgal) (Nishant Sehgal)
Date: 30thAugust, 2013 Managing Director Director
DIN - 00042049 DIN - 00042116
Mar 31, 2012
Dear Members,
The Directors have immense pleasure in presenting you the 32nd ANNUAL
REPORT of your Company together with the Audited Balance Sheet and
Profit & Loss Account for the year ended on 31st March. 2012
1. FINANCIAL RESULTS
(in Rs.Lacs)
PARTICULARS Year Ended Year Ended
31.03.2012 31.03.2011
Sales & Other Income 40.03 105.55
Gross Profit/Loss
Depreciation 0.46 10.85
Profit/Loss before tax (40.69) (12.55)
Provision for Taxation NIL NIL
Net Profit available for
Appreciation
Proposed Dividend on NIL NIL
Equity Shares
Tax on proposed divided NIL NIL
General Reserve
Balance Carried Forward. (407.42) (403.02)
* Figures of previous year have been regrouped and reclassified,
wherever required
2. OPERATIONS
The Company has decreased level of operations as compared to last year.
3. FUTURE PROSPECTS
The Company plans to stabilize itself as far as its recovery of its
dues is Concerned while also embarking on growth.
4. PUBLIC DEPOISTS
Your Company had not accepted any deposit from public during the year.
5. DIVIDEND
In view of the insufficient profit during the year under report the
Board has not recommended for any dividend.
6. GENERAL RESERVE
During the year the Company has not transferred any sum to General
Reserve.
7. DEPOSIT
During the year the Company has not accepted or renewed any deposit
From the Public within the meaning of Sector 58-A of the Companies Act.
1956. and rules framed there under.
8. DIRECTORS
The Board further wishes to place on record that none of the Directors
eligible for re-appointment as director, disqualified for being
appointed as director in terms of clause (g) of Sub-section 274 of the
Companies Act. 1956.
9. CONVERVATION OF ENERGY, TECHNOLOGY ABRUPTION AND FOREIGN EXCHANGE.
The Company docs not fall under the categories of Industries which are
required to furnish particulars in Form A ( under Rule 2 in the
disclosure of particulars in report of Board of Directors Rule 1988)
10 DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to requirement under Section 217 ( 2AA) of the Companies Act.
1956 with respect to Director's Responsibility Statement, it is hereby
confirmed.
i That in the preparation of the Annual Accounts, 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 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 that period.
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 safeguard the assets of the
Company and for preventing and detecting fraud and other irregularities.
iv That the Directors had prepared the annual accounts on a "going
concern" basis.
11. AUDITOR AND AUDITOR REPORT
M/s.Anuj Garg & Co.. Chartered Accountants arc appointed as Statutory
Auditors. The Company has received certificate from to effect that
their appointment if made would be within the prescribed limits u/s
224(1B) of the Companies Act. 1956.
12. AUDITORS OBSERVATIONS
The notes to the accounts referred to in the Auditors Report are self
explanatory and therefore do not call for any further comments.
13. PERSONNEL
As required by the provisions of Sector 217 (2A) of the Companies Act.
1956 read with Companies ( Particulars of Employees) Rule 1975 as
amended there are no employees whose names and other particulars are
required to be set out in the Directors Report.
14. MANAGEMENT DISCUSSION AND ANALYSIS
Management Discussion and Analysis Report for the year under review as
stipulated under Clause 49 of the listing agreement with the Stock
Exchanges in India is presented in a separate section form part of the
Annual Report.
15. CORPORATE GOVERNANCE
It has always been the Company's endeavor to excel through better
Corporate Governance and fair and transparent practices. The Company
complies with the revised clause 49 of the Listing Agreement. The
Compliance Report on Corporate Governance forms part of the Annual
Report. The Auditors certificate on the compliance of Corporate
Governance Code embodied in Clause 49 of the Listing Agreement is
attached as Annexure-I and form part of this Report.
16. CEO AND CFO CERTIFICATION
The Chief Financial Officer and the Manager of the Company give
certification on financial reporting and internal controls to the Board
as required under Clause 49 (V) if the Listing Agreement.
17. INDUSTRIAL RELATIONS
The industrial relations in all the units and branches of the Company
remained cordial and peaceful throughout the year.
ACKNOWLEDGEMENT
Your Directors would like to place on record their gratitude to various
Central State Govt, authorities, financial institutions and banks for
the assistance and co-operation received by the Company during the year
under review.
Your Directors also wish to place on record their deep sense of
appreciation for the devoted services of the executive, staff and
workers of the Company as also support given by dealers, customers,
suppliers and shareholder.
For and on behalf of the Board of Directors
Sd/- Sd /-
(Y.I.P. SEHGAL) (NISHANT SEHGAL)
MANAGING DIRECTOR DIRECTOR
Place : New Delhi
Date: 02.09.2012
Mar 31, 2011
Dear members,
The Directors have immense pleasure in presenting you the 31st ANNUAL
REPORT of your Company together with the Audited Balance Sheet and
Profit &Loss Account for the year ended on 31st March. 2011
1. FINANCIAL RESULTS
(in Rs.Lacs)
PARTICULARS Year Ended Year Ended
31.03.2011 31.03.2010
Sales & Other Income i 05.55 197. 70
Gross Profit/Loss
Depreciation 10.85 14.85
Profir/Loss before tax (12.55) 58.47
Provision for Taxation Nil 145
Net Profit available for
Appreciation
Proposed Dividend on NIL NIL
Kquity Shares
Tax on proposed divided Nil Nil
General Reserve
Balance Carried Forward. (402.02) (447.48)
* Figures of previous year have been regrouped and reclassified.
wherever required
2. OPERATIONS
The Company has decreased level of operations as compared to last year.
3. FUTURE PROSPECTS
The Company plans to stabilize itself as far as its recovery of its
dues is Concerned while also embarking on growth.
4. PUBLIC DEPOISTS
Your Company had not accepted any deposit from public during the year.
5. DIVIDEND
In view of the insufficient profit during the year under report the
Board has not recommended for any dividend.
6. GENERAL RESERVE
During the year the Company has not transferred any sum to General
Reserve.
7. DEPOSIT
During the year the Company has not accepted or renewed any deposit
From the Public within the meaning of Sector 58-A of the Companies Act.
1956. and rules framed there under.
8. DIRECTORS
The Board further wishes to place on record that none of the Directors
eligible for re-appointment as director, disqualified for being
appointed as director in terms of clause (g) of Sub-section 274 of the
Companies Act. 1956.
9. CONVERVATION OF ENERGY, TECHNOLOGY ABROPTION AND FOREIGN EXCHANGE.
The Company does not fall under the categories of Industries which are
required to furnish particulars in Form A ( under Rule 2 in the
disclosure of particulars in report of Board of Directors Rule 1988)
10 DIRECTORS RESPONSIB1LTY STATEMENT
Pursuant to requirement under Section 217 ( 2AA) of the Companies Act.
1956 with respect to Director s Responsibility Statement, it is hereby
confirmed.
i That in the preparation of the Annual Accounts, 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 arc 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 that period.
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 safeguard the assets of the
Company and for preventing and detecting fraud and other
irregularities.
iv. That the Directors had prepared the annual accounts on a "going
concern" basis.
11. AUDITOR AND AUDITOR REPORT
M/s.Anuj Garg & Co.. Chartered Accountants arc appointed as Statutory
Auditors. The Company has received certificate from to effect that
their appointment if made would be within the prescribed limits u/s
224(1B) of the Companies Act. 1956.
12. AUDITORS OBSERVATIONS
The notes to the accounts referred to in the Auditors Report are self
explanatory and therefore do not call for any further comments.
13. PERSONNEL
As required by the provisions of Sector 217 (2A) of the Companies Act.
1956 read with Companies ( Particulars of Employees) Rule 1975 as
amended there are no employees whose names and other particulars are
required to be set out in the Directors Report.
14. MANAGEMENT DISCUSSION AND ANALYSIS
Management Discussion and Analysis Report for the year under review as
stipulated under Clause 49 of the listing agreement with the Stock
Exchanges in India is presented in a separate section form part of the
Annual Report.
15. CORPORATE GOVERNANCE
It has always been the Company's endeavor to excel through better
Corporate Governance and fair and transparent practices. The Company
complies with the revised clause 49 of the Listing Agreement. The
Compliance Report on Corporate Governance forms part of the Annual
Report. The Auditors certificate on the compliance of Corporate
Governance Code embodied in Clause 49 of the Listing Agreement is
attached as Annexure-1 and form part of this Report.
16. CEO AND CFO CERTIFICATION
The Chief Financial Officer and the Manager of the Company give
certification on financial reporting and internal controls to the Board
as required under Clause 49 (V) if the Listing Agreement.
17. INDUSTRIAL RELATIONS
The industrial relations in all the units and branches of the Company
remained cordial and peaceful throughout the year.
ACKNOWLEDGEMENT
Your Directors would like to place on record their gratitude to various
Central State Govt, authorities, financial institutions and banks for
the assistance and co-operation received by the Company during the year
under review.
Your Directors also wish to place on record their deep sense of
appreciation for the devoted services of the executive, staff and
workers of the Company as also support given by dealers, customers,
suppliers and shareholder.
For and on behalf of the Board of Directors
Sd/- Sd/-
(Y.I.P. SEHGAL) (NISHANT SEHGAL)
MANAGING DIRECTOR DIRECTOR
Place : New Delhi
Date : 02.09.2011