Mar 31, 2015
Dear Members,
The Directors are pleased tc present the fifty fourth Annual Report
and the Company's Audited Accounts for the financial year ended March
31, 2015,
1. Financial Results
Particulars 2014-2015 2013-2014
Sales & other income 14,63,354 38,82,422
Expenditure 63,11,769 72,21,913
Profit(Loss) before tax (48,48,415) (33,39,491)
Tax
For Current Year 288 (805) -
For Deferred Tax (1,29,749) 38,845
ProfiVfloss) after tax (47,18,954) (3377,531)
2. Dividend
To strengthen the financial position of the Company, your Directors
have not recommended any dividend on equity shares tor the year under
review.
3. Transfer to Reserve
The Company has not transferred any amount to the Reserves during the
year
4. Management Discussion & Analysis Reports
The Management Discussion and Analysis Report has been separately
furnished as an annexure to this Report as "Annexure A."
5. 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.
6. Particulars of Loans, Guarantees or Investments
The particulars of loans, guarantees and investments have been
disclosed in the financial statement. The details of the investments
made by company is given in the notes to the financial statements.
7. Internal Control Systems and their Adequacy
The Company has an Internal Control System, commensurate with the size,
scale and nature of its operations. The scope and authority of the
Internal Audit function is defined by the Audit Committee. To maintain
its objectivity and independence, the internal Audit function reports to
the Chairman of the Audit Committee of the Board & to the Managing
Director.
The Internal Audit Department monitors and evaluates the efficacy and
adequacy of internal control system in the Company, its compliance with
operating systems, accounting procedures and policies of the Company.
Based on the suggestions of internal audit function, Management
undertakes corrective action in their respective areas and thereby
strengthens the controls.
8. Conservation of Energy, Technology Absorption, Foreign Exchange
Earnings and Outgo
Since your Company does not own manufacturing facility, the particulars
relating to conservation of energy and technology absorption stipulated
as per Section 134(3)(m) of the Companies Act, 2013 read with Rule, 8
of The Companies (Accounts) Rules, 2014, are not applicable.
There were no foreign exchange earnings / outgo during the year.
9. Industrial Relations
During the year under review, your Company enjoyed cordial relationship
with employes at all levels.
10. Directors and Key Managerial Personnel
In accordance with the provisions of Section 152 of the Companies Act,
201.3 and the Articles of Association of the Company Mr. Pradyumna
Jajodia, retires by rotation at the ensuing Annual General Meeting and
offers himself for reappointment.
11. Declaration by an Independent Director(s)
AH Independent Directors have given declarations that they meet the
criteria of independence as laid down under Section 149(6) of the
Companies Act, 2013.
12. Board Evaluation
Pursuant to the provisions of the Schedule IV, clause VIII of the
Companies Act, 2013, the Board has carried out an evaluation of its own
performance as well as performance of Independent Directors.
13. Nomination and Remuneration Policy
The Nomination and Remuneration Policy is under preparation and will be
posted on the website of the Company in due course,
14. Meetings of the Board
Nine (9) meetings of the Board of Directors were held during the year,
the details of which are incorporated in the Corporate Governance
Report. The intervening gap between the meetings was within the period
prescribed under the Companies Act, 2013.
A separate meeting of Independent Directors, pursuant to Section 149
(7) read with Schedule VI of the Companies Act, 20 J 3 was not held
during the year due to unavailability of quorum of Independent
Directors.
The details the Board meetings are furnished as an annexure to this
Report as " Annexure D."
15. Directors' Responsibility Statement As Required Under Section
134(3)(C) of the Companies Act, 2013
The Directors state that: -
a. In the preparation of the annual accounts, the applicable accounting
standards have been followed along with proper explanation by way of
notes to accounts relating to material departures;
b. The selected accounting policies were applied consistently and the
judgments and estimates made by them are reasonable and prudent so as
to give true and fair view of the state of affairs of the Company as at
31st March 2015 and of the profit for the year ended on. that date;
c. The proper and sufficient care has been taken 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;
d. The annual accounts have been prepared 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.
f. The Directors had devised proper systems to ensure compliance with
the provisions of ail applicable laws and that such systems were
adequate and operating effectively.
16, Related Party Transactions
All related party transactions that were entered into during the
financial year were on arm's length basis and were in the ordinary
course of the business. There are no materially significant related
party transactions made by the company with Promoters, Key Managerial
Personnel or other designated persons which may have potential conflict
with interest of the company at large.
17, Subsidiary Companies
The Company does not have any subsidiary Company.
18. Code of Conduct
The Code is under preparation and will be posted on the website of the
Company in due course as the Company believes in "Zero Tolerance"
against bribery, corruption and unethical dealings / behaviors of any
form and the Board has laid down the directives to counter such acts.
19. Vigil Mechanism / Whistle Blower Policy
The WBP is under preparation and will be posted on the website of the
Company in due course as the Company wants to deal with instance of
fraud and mismanagement, if any.
20. 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 unpublished price sensitive
information in relation to the Company and during the period when the
Trading Window is closed. The Compliance Officer is responsible for
implementation of the Code.
The code of prevention of Insider Trading and fair disclosures is there
on the website of the Company.
All Board Directors and the designated employees have confirmed
compliance with the Code.
21. Auditors and Auditors Report
(a) Statutory Auditor
Pursuant to Section 139(1) M/s. K L. Singhee& Co., Chartered
Accountants, (FRN No.30312 IB), were appointed as statutory auditor of
the Company in 53rd Annual General Meeting (AGM) for three consecutive
AGM of the Company and they hold office until the conclusion of Annual
General Meeting of the Company to be held in calendar year 2017.
Necessary resolution for ratification of their appointment has been
included in the Notice convening the ensuing Annual General. Meeting.
The Qualification made by the Auditors in their Report dated 2nd June,
2015, in the "Qualified opinion" are explained as under:
a. Regarding non-provision for Doubtful Debtors-
I. Sundry Debtors, amounting to Rs. 2,134,761/- are in litigation at
the Hon'ble High Court, Mumbai and the management is hopeful of
arriving at a out of Court settlement with the debtor. Hence, the same
is not provided in the accounts.
IL An amount Rs. 310,408/- is recoverable towards statutory dues from a
government organization which is disputed by them and is in litigation
and the management is hopeful of recovering the dues.
b. In respect of Investments in quoted shares which are not actively
traded on stock exchange the management is confident that the
realizable value of these investments is atleast equivalent or more
than the value at which they are stated in the balance sheet,
(b) Secretarial Audit and 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 M/s. ND Associates,
Company Secretaries in Practice to undertake the Secretarial Audit of
the Company, The Report of the Secretarial Audit Report is annexed
herewith as "Annexure Bri to this Report,
The Secretarial Audit Report does contained one qualification, Le. no
separate meeting of Independent Directors happened during the year
under review, however there are no reservations or adverse remarks. For
the qualification Board has replied above in point no.14,
(c) Cost Auditor and Cost Audit Report
Cost Audit is not applicable to your Company,
22. Statement Pursuant to Listing Agreement
The Company's Equity shares are listed at Bombay Stock Exchange
Limited, The Annual listing fee for the year 2014-15 has been paid.
23. Corporate Governance
Pursuant to Listing Agreement, Corporate Governance is not applicable
to Company; however,the Company is committed to maintain the highest
standards of Corporate Governance as set out by SEBI as good corporate
governance. The Report on composition of Committees and meeting of
committees as stipulated under Clause 49 and Section 177 of the
Companies Act, 2013, forms part of the Directors Report as an "Annexure
B".
24. Particulars of Employees
The information required under Section 197 of the Companies Act, 2013
read with Rule 5 of the Companies (appointment and Remuneration of
Managerial Personnel) rules, 2014, in respect of employees of the
Company are not applicable as no employee was in receipt of
remuneration exceeding the limits specified in the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014,
weather employed for the full year or part of the year.
25. Extract of Annual Return
The details forming part of the extract of the Annual Return in form
MGT-9 is annexed herewith as "Annexure C".
26. Cash flow statement
The Cash flow statement for the year 2014-15 is part of Balance sheet.
27, Acknowledgements
The Board of Directors wish to place on record their appreciation for
the support extended by the bankers, business associates, clients,
consultants, auditors, shareholders of the Company for their continued
co-operation and support.
The Board of Directors would also like to place on record their sincere
appreciation for the co-operation received from the Local Authorities,
BSE and all other statutory and/or regulatory bodies.
By Order of the Board of Directors
For Lynx Machinery And Commercials Limited
H K Jajodia
Place : Mumbai, Director
Dated : 21st August 2015 (DIN: 00075508)
Mar 31, 2014
Dear Members,
The Directors have pleasure in presenting their Fifty Third Annual
General Report together with the Audited Statement of Accounts for the
year ended 31st March, 2014.
FINANCIAL RESULTS 2013-2014 2012-2013
Rs. Rs.
Operating Profit/(Loss) Before Depreciation (2,460,745) 3,422,442
Add / (Less) : Depreciation 878,746 (739,140)
Net Profit / (Loss) Before Tax (3,339,491) 2,683,302
Add / (Less): Provision for Tax -
For Current Year (805) (240,541)
For Deferred Tax 38,845 (137,598)
Net Profit after Tax (3,377,531) 2,305,163
Surplus Brought Forward 22,548,013 20,242,850
Surplus Carried to Balance Sheet 19,170,482 22,548,013
Basic / Diluted Earning Per Share (5.63) 3.84
OPERATIONS
During the year under review, the Company has incurred a net loss of
Rs.3,339,491 as against profit of Rs.2,683,302 in the immediately
preceding financial year. The loss during the year is mainly on account
of decrease in rental income from 100.80 Lakhs to Rs. 24.40 Lakhs.
The Sublease agreement for the Taratalla Premises has expired during
the financial year under consideration and Oil & Natural Gas
Corporation Ltd. (ONGC) has vacated the premises during the current
financial year 2013-14. The Directors are making all efforts for
optimum utilization of the premises to generate maximum revenue.
DIVIDEND
The Company has not earned any profit during the year under review, and
therefore, your Directors do not recommend payment of any Dividend.
DIRECTORATE
Shri Harish Kumar Jajodia retires by rotation at the forthcoming Annual
General Meeting and being eligible, offers himself for re-appointment.
Shri Ram Kishore Choudhury and Shri Ashok Kumar Jajodia who are
Independent Directors of the Company holds office till the conclusion
of this Annual General Meeting. The Company has received requisite
notice in writing from 2 Members proposing Shri Ram Kishore Choudhury
and Shri Ashok Kumar Jajodia for appointment as Independent Directors.
Pursuant to the provisions of Section 161(1) of the Companies Act,
2013, and the Articles of Association of the Company, Smt. Krishna
Jaisingh Jain was appointed as an Additional Director designated as an
Independent Director with effect from 25th August, 2014, and she shall
hold office upto the date of the ensuing Annual General Meeting. The
Company has received requisite notice in writing from a Member
proposing Smt. Krishna Jaisingh Jain for the appointment as an
Independent Director.
The Company has received declarations from all the Independent
Directors of the Company confirming that they meet with the criteria of
Independence as prescribed both under Sub-section (6) of Section 149 of
the Companies Act, 2013, and under Clause 49 of the Listing Agreement
with the Stock Exchanges.
INVESTOR SERVICES CENTRE
The securities of your company are listed in Mumbai Stock Exchange. The
Investor Services Centre of the Company is with M/s. Sharex Dynamic
(India) Pvt. Ltd., Unit No.1, Luthra Industrial Premises, Andheri Kurla
Road, Safed Pool, Andheri (East), Mumbai - 400 072 who continue to
provide prompt Investor Services through Quick Resolution of Investor
grievances.
Your Company''s shares are tradable in electronic form and your Company
has established connectivity with both the depositories viz. National
Securities Depository Ltd. (NSDL) and Central Depository Services
(India) Ltd., (CDSL). Shareholders of the Company are requested to
avail this facility of keeping their holdings in electronic form in
their respective Demat Account in order to facilitate easy transfer of
shares.
DIRECTORS RESPONSIBILITY STATEMENT
Statement under sub-section (2AA) of Section 217 of the Companies Act,
1956, in the preparation of the Annual Accounts: * *
a) the applicable accounting standards have been followed and wherever
required, proper explanations relating to material departures have been
given;
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 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;
c) proper and sufficient care has been taken 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;
d) the Accounts have been prepared on a going concern basis.
PARTICULARS PRESCRIBED UNDER SECTION 217(1)(e) OF THE COMPANIES ACT
Information pursuant to Section 271 (1 )(e) regarding conservation of
energy, technology absorption, foreign exchange earnings and outgo are
not applicable to the Company.
AUDITORS'' QUALIFICATION
The Qualifications made by the Auditors in their Report dated 27th May,
2014 in the "opinion" are explained as under.
Regarding non-provision for Doubtful Debtors -
Sundry Debtors, amounting to Rs.2,134,761 are in litigation at the
Hon''ble High Court, Mumbai and the management is hopeful of arriving at
a out of Court settlement with the Debtor. Hence, the same is not
provided in the accounts.
AUDITORS
M/s. K.L. Singhee & Co., Chartered Accountants, the Auditors of the
Company retire at the conclusion of this Annual General Meeting and
being eligible have offered themselves for re-appointment.
The Company has received a Letter from M/s. K. L. Singhee & Co, to the
effect that their re-appointment, if made, would be within the
prescribed limits u/s 141 (3) (g) of the Companies Act, 2013, and that
they are not disqualified for re-appointment.
PARTICULARS OF THE EMPLOYEES
The particulars of employees under the provision of section 217(2A) of
the Companies Act, 1956 are not given as no employee was in receipt of
remuneration exceeding the limits specified in rule 1A of the Companies
(particulars of employees) Rules, 1975 as amended from time to time
whether employed for the full year or for part of the year.
Dated: 25th day of August, 2014
Registered Office: By Order of the Board of Directors
Warden House Pradyumga Jajodia Padmanat h Jajodia
340, J.J. Road, Byculla Director Director
Mumbai 400 008.
Mar 31, 2013
TO THE SHAREHOLDERS
The Directors have pleasure in presenting their Fifty Second Annual
General Report together with the Audited Statement of Accounts for the
year ended 31 st March, 2013.
FINANCIAL RESULTS 2012-2013 2011-2012
Rs. Rs.
Operating Profit/(Loss) Before
Depreciation 3,422,442 4,823,007
Add /(Less): Depreciation (739,140) (320,434)
Net Profit / (Loss) Before Tax 2,683,302 4,502,573
Add / (Less): Provision for Tax -
For Current Year (240,541) (652,000)
For Deferred Tax (137,598) 6,022
Net Profit after Tax 2,305,163 3,856,595
Surplus Brought Forward 20,242,850 16,386,255
Surplus Carried to Balance Sheet 22,548,013 20,242,850
Basic/Diluted Earning Per Share 3.84 6.43
OPERATIONS
During the year under review, the Company has earned a net profit of
Rs.2,683,302 as against Rs.4,502,573 in the immediately preceding
financial year. The decrease in Profit is due to major expenditure on
repairs & maintenance and loss on sale of Investments.
The Sublease agreement forthe Taratalla Premises has expired during the
year and Oil & Natural Gas Corporation Ltd (ONGC) has vacated the
premises. The Directors are making all efforts for optimum utilization
of the premises to generate maximum revenue.
DIVIDEND
Although the Company has earned profit during the year under review,
your Directors do not recom- mend payment of any Dividend in order to
conserve the funds for future growth of the Company.
DIRECTORATE
Mr. Padmanabh Jajodia retires by rotation at the forthcoming Annual
General Meeting and being eligible, offers himself for re-appointment.
Mr.Ashok Kumar Jajodia retires by rotation atthe forthcoming Annual
General Meeting and being eligible, offers himself for re-appointment.
INVESTOR SERVICES CENTRE
The securities of your company are listed in Mumbai Stock Exchange. The
InvestorServices Centre ofthe Company is with M/s. Sharex Dynamic
(India) Pvt. Ltd., UnitNo.1, Luthra Industrial Premises, Andheri Kurla
Road, Safed Pool.Andheri (East), Mumbai - 400 O72.who continue to
provide prompt Investor Services through Quick Resolution of Investor
grievances.
Your Company shares are tradable in electronic form and your Company
has established connec- tivity with both the depositories viz. National
Securities Depository Ltd. (NSDL) and Central Deposi- tory Services
(India) Ltd., (CDSL). Shareholders of the Company are requested to
avail this facility of keeping their holdings in electronic form in
their respective DematAccount in order to facilitate easy trahsferof
shares.
DIRECTORS RESPONSIBILITY STATEMENT
Statement under sub-section (2AA) of Section 217 of the Companies Act,
1956, In the preparation of the Annual Accounts:
a) the applicable accounting standards have been followed and wherever
required, proper explana- tions relating to material departures have
been given;
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 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;
c) proper and sufficient care has been taken for the maintenance of
adequate accounting records in accordance with the provisions of the
Act for safeguarding the assets of the Company and for pre- venting and
detecting fraud and other irregularities;
d) the Accounts have been prepared on a going concern basis.
PARTICULARS PRESCRIBED UNDER SECTION 217(1)(e) OF THE COMPANIES ACT
Information pursuant to Section 271(1)(e) regarding conservation of
energy, technology absorption, foreign exchange earnings and outgo are
not applicable to the Company.
AUDITORS'' QUALIFICATION
The Qualifications made by the Auditors in their Report dated 30th May,
2013 in the "opinion" are explained as under:
Regarding non-provision for Doubtful Debtors -
Sundry Debtors, amounting to Rs.2,134,761 are in litigation at the
Hon''ble High Court, Mumbai and the management is hopeful of recovering
all the outstanding dues. Hence, the same is not provided in the
accounts.
AUDITORS
M/s. K.L. Singhee & Co., Chartered Accountants, the Auditors ofthe
Company retire at the conclu- sion of this Annual General Meeting and
being eligible have offered themselves for re-appointment.
PARTICULARS OF THE EMPLOYEES
The particulars of employees under the provision of section 217(2A) of
the Companies Act, 1956are not given as no employee was in receipt of
remuneration exceeding the limits specified in rule 1A of the Companies
(particulars of employees) Rules.1975 as amended from time to time
whether em- ployed for the full year or for part of the year.
Dated: 31st May, 2013
Reaistered Office: By Order of the Board of Directors
Warden House
340, J.J.Road, Byculla
Mumbai 400 008 H. K. Jajodia Pradyumna Jajodia
Director Director.
Mar 31, 2012
The Directors have pleasure in presenting their Fifty First Annual
General Report together with the Audited Statement of Accounts for the
year ended 31st March, 2012.
FINANCIAL RESULTS 2011-2012 2010-2011
Rs. Rs.
Operating Profit/(Loss)
Before Depreciation 4,823,007 3,889,340
Add/(Less): Depreciation (320,434) (312,509)
Net Profit / (Loss) Before Tax 4,502,573 3,576,831
Add / (Less): Provision for Tax -
For Current Year (652,000) (603,021)
For Deferred Tax 6,022 (2,174)
Net Profit after Tax 3,856,595 2,971,636
Add/(Less)
Surplus Brought Forward 16,386,255 13,414,619
Surplus Carried to Balance Sheet 20,242,850 16,386,255
Basic / Diluted Earning Per Share 6.43 4.95
OPERATIONS
During the year under review, the Company has earned a net profit of
Rs.4,502,573 as against Rs.3,576,831 in the immediately preceding
financial year. The profit during the year has shown a healthy growth.
Your Directors are hopeful that the Company will be able to fare much
better during the current year. DIVIDEND
Although the Company has earned profit during the year under review,
your Directors do not recommend payment of any Dividend in order to
conserve the funds for future growth of the Company.
DIRECTORATE
Mr. Harish Kumar Jajodia retires by rotation at the forthcoming Annual
General Meeting and being eligible, offers himself for re-appointment.
Mr. Pradyumna Jajodia, retires by rotation at the forthcoming Annual
General Meeting and being eligible, offers himself for re-appointment.
INVESTOR SERVICES CENTRE
The securities of your company are listed in Mumbai Stock Exchange. The
Investor Services Centre of the Company is with M/s. Sharex Dynamic
(India) Pvt. Ltd., Unit No.1, Luthra Industrial Premises, Andheri Kurla
Road, Safed Pool.Andheri (East), Mumbai - 400 O72.who continue to
provide prompt Investor Services through Quick Resolution of Investor
grievances.
Your Company's shares are tradable in electronic form and your
Company has established connectivity with both the depositories viz.
National Securities Depository Ltd. (NSDL) and Central Depository
Services (India) Ltd., (CDSL). Shareholders of the Company are
requested to avail this facility of keeping their holdings in
electronic form in their respective Demat Account in order to
facilitate easy transferofshares.
DIRECTORS RESPONSIBILITY STATEMENT
Statement under sub-section (2AA) of Section 217 of the Companies Act,
1956, In the preparation of the Annual Aocounts:
a) the applicable accounting standards have been followed and wherever
required, proper explanations relating to material departures have been
given;
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 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) proper and sufficient care has been taken 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;
d) the Accounts have been prepared on a going concern basis.
PARTICULARS PRESCRIBED UNDER SECTION 217(1Xe) OF THE COMPANIES ACT
Information pursuant to Section 271 (1 )(e) regarding conservation of
energy, technology absorption, foreign exchange earnings and outgo are
not applicable to the Company.
AUDITORS'QUALIFICATION
The Qualifications made by the Auditors in their Report dated 13th
August, 2012, vide Note No.2.11 are explained as under:
Regarding non-provision for Doubtful Debtors -
Sundry Debtors, amounting to Rs.2,134,761 are in litigation at the
Hon'ble High Court, Mumbai and the management is hopeful of
recovering all the outstanding dues. Hence, the same is not provided in
the accounts.
AUDITORS
M/s. K.L. Singhee & Co., Chartered Accountants, the Auditors of the
Company retire at the conclusion of this Annual General Meeting and
being eligible have offered themselves for re-appointment.
PARTICULARS OF THE EMPLOYEES
The particulars of employees under the provision of section 217(2A) of
the Companies Act, 1956 are not given as no employee was in receipt of
remuneration exceeding the limits specified in rule 1A of the Companies
(particulars of employees) Rules,1975 as amended from time to time
whether employed for the full year or for part of the year.
Dated: 14th day of August, 2012
Registered Office: By Order of the Board of Directors
Warden House .
340, J.J.Road, Byculla
Mumbai 400 008. H. K. Jajodia Pradyumna Jajodia
Director Director.
Mar 31, 2010
The Directors have pleasure in presenting their Forty Ninth Annual
General Report together with the Audited Statement of Accounts for the
year ended 31st March, 2010.
FINANCIAL RESULTS 2009-2010 2008-2009
Rs. Rs.
Operating Profit /(Loss) Before
Depreciation 1,040,775 5,571,568
Add / (Less) : Depreciation (249,992) (205,653)
Net Profit / (Loss) Before Tax 790,783 5,365,915
Add / (Less) : Provision for Tax -
For Current Year (20,000) (500,000)
For Fringe Benefit Tax - (46,000)
For Securities Transaction Tax (1,795) (21,640)
For Deferred Tax (24,166) 41,050
Net Profit after Tax 744,822 4,839,325
Add / (Less)
Income Tax for earlier year - 2,071
Surplus Brought Forward 12,669,797 7,828,401
Surplus Carried to Balance Sheet 13,414,619 12,669,797
Basic / Diluted Earning Per Share 1.24 8.07
OPERATIONS
During the year under review, the Company has earned a net profit of
Rs. 790,783 as against Rs.5,365,915 in the immediately preceding
financial year. The reduction in profit is mainly on account of not
undertaking any share transactions during the year.
Your Directors are hopeful that the Company will be able to fare much
better during the current year.
The sub-lease deed with Oil & Natural Gas Corporation Limited (ONGC)
expired on 31st December, 2009. The management has been negotiating
with the sub-lessee, the new terms & conditions of the sub-lease. The
Company has agreed in principle the terms and conditions of the new
sub-lease Deed. However, the sub-lease agreement has not yet been
signed.
DIVIDEND
Although the Company has earned profit during the year under review,
your Directors do not recommend payment of any Dividend in order to
conserve the funds for future growth of the Company.
DIRECTORATE
Mr. Pradyumna Jajodia, retires by rotation at the forthcoming Annual
General Meeting and being eligible, offers himself for re-appointment.
Mr. Padmanabh Jajodia, retires by rotation at the forthcoming Annual
General Meeting and being eligible, offers himself for re-appointment.
INVESTOR SERVICES CENTRE
The securities of your company are listed in Mumbai Stock Exchange. The
Investor Services Centre of the Company is with M/s. Sharex Dynamic
(India) Pvt. Ltd., 17/B, Dena Bank Building, 2nd Floor, Horniman
Circle, Fort, Mumbai 400 001 who continue to provide prompt Investor
Services through Quick Resolution of Investor grievances.
Your Companys shares are tradable in electronic form and your Company
has established connectivity with both the depositories viz. National
Securities Depository Ltd. (NSDL) and Central Depository Services
(India) Ltd., (CDSL). Shareholders of the Company are requested to
avail this facility of keeping their holdings in electronic form in
their respective Demat Account in order to facilitate easy transfer of
shares.
DIRECTORS RESPONSIBILITY STATEMENT
Statement under sub-section (2AA) of Section 217 of the Companies Act,
1956: In the preparation of the Annual Accounts:
a) the applicable accounting standards have been followed and wherever
required, proper explanations relating to material departures have been
given;
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 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) proper and sufficient care has been taken 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;
d) the Accounts have been prepared on a going concern basis.
PARTICULARS PRESCRIBED UNDER SECTION 217(1)(e) OF THE COMPANIES ACT
Information pursuant to Section 271(1)(e) regarding conservation of
energy, technology absorption, foreign exchange earnings and outgo are
not applicable to the Company.
AUDITORS QUALIFICATION
The Qualifications made by the Auditors in their Report dated 4th
August, 2010, vide Note No. (v) are explained as under:
(i) Regarding payment of managerial remuneration Ã
The management has sought opinion from experts. Based on the said
opinion, the management is of the view that the payment of managerial
remuneration is in compliance with the conditions stipulated under
Schedule XIII to the Companies Act, 1956.
(ii) Regarding Storage and Hire Charges -
The sub-lease Deed with Oil & Natural Gas Corporation Limited (ONGC)
expired on 31st December, 2009. The Company served a Notice to the
sub-lessee to vacate and handover the peaceful possession of the
premises. However, the sub-lessee has not vacated the premises and
negotiations are under progress for the renewal of the sub- lease Deed.
The terms and conditions have been finalized, but the final Agreement
for sub-lease has still not been signed. As such, the changes in
Storage & Hire Charges Income shall be accounted in the current
Financial Year i.e. 2010-11.
(iii) Regarding non-provision for Doubtful Debtors -
Sundry Debtors, amounting to Rs.2,134,761 are in litigation at the
HonÃble High Court, Mumbai and the management is hopeful of recovering
all the outstanding dues. Hence, the same is not provided in the
accounts.
AUDITORS
M/s. K.L. Singhee & Co., Chartered Accountants, the Auditors of the
Company retire at the conclusion of this Annual General Meeting and
being eligible have offered themselves for re- appointment.
PARTICULARS OF THE EMPLOYEES
one of the employee of the Company is drawing Salary in excess of the
limits prescribed under section 217(2A) of the Companies, Act, 1956
read with the Companies (particulars of employees) Rules, 1975.
Dated: 5th day of August, 2010
Head Office : By Order of the Board of Directors
504, Central Plaza
2/6, Sarat Bose Road H. K. Jajodia
Kolkata 700 020. Chairman & Managing Director
R. K. Choudhury
Director
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