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Directors Report of Mahavir Impex Ltd.

Mar 31, 2013

Dear Shareholders,

The Directors here by present the 19th Annual Report on business and operations of the Company together with the Audited statements of Accounts for the financial year ended on 31st March 2013.

REVIEW OF OPERATIONS:

During the year under review due to sluggish market condition and company faces financial crisis. So company was unable to generate revenue from the operation of the Company hence made net loss of Rs. 234313/- for the year ended 31st March, 2013.

DIVIDEND:

Your Directors have not declared any dividend during the year under review due inappropriate profit of the company.

FIXED DEPOSIT:

The Company has not accepted any deposit from the public pursuant to the provisions of Section 58A of the Companies Act, 1956.

DIRECTORS:

MR. VIPUL TRIVEDI Director of the Company is retires by rotation at the ensuing Annual General Meeting and being eligible, offer himself for reappointment.

MR. RAMANLAL NAGJIBHAI TRIVEDI was appointed as additional director of the Company with effect from 03.11.2012 and is eligible for re-appointment as directors of the Company at the forthcoming Annual General Meeting and whose period of office will be liable to retire by rotation. MR. HASMUKH SENMA was ceased as a Director of the Company with effect from 03.11.2012.

CHANGES IN CAPITAL STRUCTURE:

- Authorised Capital: During the year under review, Company in Extra Ordinary General Meeting held on 6th May, 2013 the Authorized Share Capital of the Company comprising of 1,00,00,000 (One Crore) equity shares of the face value of Rs.10/- aggregating to Rs.10,00,00,000 (Rupees Ten Crores Only) be and is hereby sub-divided into 2,00,00,000 (Two Crores) equity shares of the face value of Re.5/- each

- Paid up Capital: The Company in its Board Meeting held on 17th May, 2013 Paid-up Equity Share Capital of the Company, comprising of 90,00,000 (Ninety Lacs) equity shares of the face value of Rs.10/- each aggregating to Rs.9,00,00,000/- (Rupees Nine Crores Only) be sub-divided into 1,80,00,000 (One Crore Eighty Lacs) equity shares of the face value of Re.5/- each

AUDITORS AND AUDITORS'' REPORT:

M/s. Y. D. & Co., Chartered Accountants, Ludhiana, Statutory Auditors of the Company, hold office until the conclusion of the ensuing Annual General Meeting and are eligible for reappointment.

The observations made by the Auditors'' in their Auditors'' Report and the Notes on Accounts referred to in the Auditors'' Report are self-explanatory and do not call for any further comments.

MANAGEMENT DISCUSSION AND ANALYSIS:

Management Discussion and Analysis forms part of the Annual Report to the shareholders and it includes discussion on matters as required under the provisions of Clause 49 of the listing agreement forming part of this report is annexed herewith. The Audit Committee of the Company has regularly reviewed internal Control System of the company.

PARTICULARS OF EMPLOYEES:

The statement showing particulars of employees under section 217(2A) of the Companies Act, 1956, read with the companies (Particulars of Employees) Rules, 1975, as amended, is not required to be given as there were no employees coming within the purview of this section.

CORPORATE GOVERNANCE REPORT:

Your Company has complied with the requirements of Clause 49 of the Listing Agreement on Corporate Governance. Pursuant to Clause 49 of the Listing Agreement with the Stock Exchanges, Report on Corporate Governance along with the Auditors'' Certificate on its compliance is annexed separately to this Annual Report.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO:

The details of conservation of energy, technology absorption etc. as required to be given under Section 217(1)(e) of the Companies Act 1956, are not applicable to our Company, as our Company in not engage in manufacturing activities.

The foreign exchange earning on account of the operation of the Company during the year was Rs. Nil.

DIRECTORS'' RESPONSIBILITY STATEMENT:

Pursuant to the provisions of Section 217(2AA) of the Companies Act, 1956, the Directors of your Company confirm that:

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

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

iii) the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;

iv) Directors have prepared the accounts on a "going concern basis".

ACKNOWLEDGEMENT:

Your Directors would like to express their sincere appreciation for the assistance and co-operation received from the Banks, Government Authorities, Customers, and Shareholders during the year. Your directors also wish to take on record their deep sense of appreciation for the committed services of the employees at all levels, which has made our Company successful in the business.

For and on Behalf of the Board For, MAHAVIR IMPEX LIMITED

PLACE: AHMEDABAD DATE: 30.08.2013 Sd/- (ANAND JIVANLAL PARDESHI) CHAIRMAN


Mar 31, 2012

The Directors here by present the Eighteenth Annual Report on business and operations of the Company together with the Audited statements of Accounts for the financial year ended on 31st March 2012.

FINANCIAL PERFORMANCE:

Key aspects of Company'' financial performance for the year 2011-12 is tabulated below:

[Amount in Rupees]

Particular 2011-12 2010-11

Total Income 859500 767490

Total Expenditure 811452 430530

Profit/(Loss) Before Extraordinary items and Taxation 48048 336960

Extraordinary items Nil Nil

Profit/(Loss) before Tax (PBT) 48048 336960

Less: current Tax 16200 104121

Net Profit/(Loss) after Tax for the year 31848 232839

REVIEW OF OPERATIONS:

During the year under review due to sluggish market condition and company faces financial crisis .So company was unable to generate revenue from the operation of the Company hence made net profit was Rs. 31848/- for the year ended 31st March, 2012.

DIVIDEND:

Your Directors have not declared any dividend during the year under review due inappropriate profit of the company.

FIXED DEPOSIT:

The Company has not accepted any deposit from the public pursuant to the provisions of Section 58A of the Companies Act, 1956.

DIRECTORS:

MR. HASMUKH K. SENMA Director of the Company is retires by rotation at the ensuing Annual General Meeting and being eligible, offer himself for reappointment.

MR. ANAND JIVANLAL PARDESHI was appointed as additional director of the Company with effect from 11.11.2011 and is eligible for re-appointment as directors of the Company at the forthcoming Annual General Meeting and whose period of office will be liable to retire by rotation.

MR. JIVANBHAI RAMANBHAI PARDESHI was ceased as a Director of the Company with effect from 11.11.2011 due to resignation. The management appreciated the services given by him during the tenure of the office as a Director.

AUDITORS AND AUDITORS'' REPORT:

M/s. Y. D. & Co., Chartered Accountants, Ludhiana, Statutory Auditors of the Company, hold office until the conclusion of the ensuing Annual General Meeting and are eligible for reappointment.

The observations made by the Auditors'' in their Auditors'' Report and the Notes on Accounts referred to in the Auditors'' Report are self-explanatory and do not call for any further comments.

MANAGEMENT DISCUSSION AND ANALYSIS:

Management Discussion and Analysis forms part of the Annual Report to the shareholders and it includes discussion on matters as required under the provisions of Clause 49 of the listing agreement forming part of this report is annexed herewith. The Audit Committee of the Company has regularly reviewed internal Control System of the company.

PARTICULARS OF EMPLOYEES:

The statement showing particulars of employees under section 217(2A) of the Companies Act, 1956, read with the companies (Particulars of Employees) Rules, 1975, as amended, is not required to be given as there were no employees coming within the purview of this section.

CORPORATE GOVERNANCE REPORT:

Your Company perceives Corporate Governance as an endeavor for transparency and a wholehearted approach towards continuous enhancement of shareholders'' value. Your Company has been complying with the conditions of Corporate Governance as stipulated in Clause 49 of the Listing Agreement. Further, the Board of Directors of your Company constituted a Committee known as Corporate Governance Committee, which recommends the best practices in the Corporate Governance.

A separate report on Corporate Governance along with Auditors'' Certificate on compliance with the Corporate Governance norms and stipulated in Clause 49 of the Listing Agreement, forming part of this report is annexed herewith.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO:

The details of conservation of energy, technology absorption etc. as required to be given under Section 217(1)(e) of the Companies Act 1956, are not applicable to our Company, as our Company in not engage in manufacturing activities.

The foreign exchange earnings on account of the operation of the Company during the year was Rs. Nil. DIRECTORS'' RESPONSIBILITY STATEMENT:

Pursuant to the provisions of Section 217(2AA) of the Companies Act, 1956, the Directors of your Company confirm that:

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

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

iii) the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;

iv) Directors have prepared the accounts on a "going concern basis".

ACKNOWLEDGEMENT:

Your Directors would like to express their sincere appreciation for the assistance and co-operation received from the Banks, Government Authorities, Customers, and Shareholders during the year. Your directors also wish to take on record their deep sense of appreciation for the committed services of the employees at all levels, which has made our Company successful in the business.

For and on Behalf of the Board

For, MAHAVIR IMPEX LIMITED

PLACE: AHMEDABAD

DATE: 01.09.2012

(HASMUKHBHAI SENMA)

CHAIRMAN


Mar 31, 2011

To The Members of MAHAVIR IMPEX LIMITED

The Directors have pleasure in presenting the Annual Report of the Company on operations and performance during the year together with the Audited Accounts for the year ended 31st March, 2011.

FINANCIAL RESULTS:

(In Rs,)

PARTICULARS 2010-2011 2009-2010

Sales & other Income 0 0

Profit/(Loss) Before Tax (106972) (267221)

Less: Provision for Tax 0 0

Profit/(Loss) for the year after Taxation (106972) (267221)

Profit/(Loss) carried from last year 560708 827929

Balance Brought transferred to the B/S. 453736 560708

OPERATIONS:

During the year under review, your Company has incurred net loss of Rs. 1,06,972/- compared to loss of Rs. 2,67,221/- of previous year. Your Directors strive hard and expect that your Company will achieve significant growth in the coming years.

DIVIDEND:

In order to loss incurred, the Board of Directors has thought it prudent not to recommend payment of dividend for the year under review.

PARTICULARS OF EMPLOYEES:

There is no employee having remuneration in accordance with the provisions of section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employee) Rules, 1975 as amended.

DIRECTOR:

In accordance with the Companies Act, 1956 and Article of Association of the Company, Shri Kantibhai Joshi, director of the Company, retire by rotation at the forthcoming Annual General Meeting and are eligible for reappointment.

CODE OF CONDCUCT:

The Company has adopted a Code of Conduct for Directors and Senior Management. It is the responsibility of all employees and Directors to familiarize themselves with the Code and comply with the same.

The Code includes provisions where the employees of the Company can voice their concerns on violation and potential violation of the Code in a responsible and effective manner.

RESPONSIBILITY STATEMENT:

As required u/s 217(2AA) of the companies Act 1956 your director confirms that in the preparation of the annual accounts:

1) The applicable accounting standards have been followed along with proper explanation relating to material departures.

2) Such accounting policies have been selected and applied consistently and reasonable and prudent judgments and estimates made, 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 the loss of the company for that period.

MAHAVIR IMPEX LIMITED 2010-2011

3) Proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with provisions of this act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities.

4) The annual accounts have been prepared on a going concern basis.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE:

As required under rule 3 of the companies (Disclosure of Particulars in the report of board of directors) Rules 1988, the particulars relating to the conservation of energy, Technology absorption, and the foreign exchange earnings and outgo are also Nil.

APPOINTMENT OF AUDITORS:

M/s. Naimish K. Shah & Co., Chartered Accountants, Ahmedabad reappointed as auditor of the company for the financial year 2011-2012 and holds office from the conclusion of this meeting until the conclusion of next annual General Meeting of the Company.

The Statutory Auditors of the Company have submitted auditor's report on the accounts of the Company for the accounting year ended 31st March, 2011 which is self-explanatory and needs no comments.

ACKNOWLEDGEMENT:

The management is grateful to the Government Authorities, Bankers, Vendors, Employees, for their continued assistance and co-operation. The Directors also wish to place on record the confidence of members in the Company.

For and on behalf of Board of Directors

Sd/- Place: Ahmedabad

Date: 01st September, 2011 Chairman


Mar 31, 2010

Dear Shareholders,

The Directors submit herewith the Annual General Report together with the Audited Accounts for the year ended 31st March 2010.

REVIEW OF OPERATION:

Financial Results:

(In Rs) Particulars: 2009-2010 2008-2009

Profit After tax (2,67,221) 4,66,515

Add: Balance brought forwards 827,929 316,033

Net Profit transferred to Balance sheet 560,708 827,929

Operations

During the current year the company has incurred loss of Rs.2, 67,221 compared to previous year's income of Rs.4, 66,515.

Dividend

The directors do not recommend any dividend during the year.

Directors

Mr. Jivanbhai K. Pardeshi , Director who is eligible for retirement at the forthcoming annual general meeting of the company offer him for re-appointment.

Auditors

NAIMISH K. SHAH & CO., Chartered Accountants, Ahmedabad, Auditors of the Company retires at the ensuing Annual General Meeting and are eligible for re-appointment. The Board recommends their appointment.

Audit committee

Pursuant to Section 292A of the Companies Act, 1956 as introduced by the Companies (Amendment) Act, 2000, an audit committee was constituted by the Board of Directors consisting of 3 directors.

Auditor's report

The notes to the Accounts referred to in the Auditors report are self - explanatory and, therefore, do not call for any further explanation under section 217(3) of the Companies Act, 1956.

Public Deposits

During the year, the Company has not accepted any deposit u/s. 58A of the Companies Act, 1956.

Employees

There were no employees coming within the ambit of section 217(2A) of the Companies Act, 1956.

Conservation of Energy, Technology Absorption and Foreign Exchange earnings and outgoings.

The company has no activities relating to Conservation of Energy, Technology Absorption and Foreign Exchange earnings and Outgoings.

Directors' responsibility statement

As required under sub-section (2AA) of Section 217 of the Companies Act, 1956, the Directors confirm:

1. That in preparation of the Annual accounts, the applicable accounting standards had been followed.

2. 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 affairs of the Company at the end of the financial year and of the financial year and of the loss of the Company for the year.

3. That the Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding the assets of the company and for preventing and detecting frauds and other irregularities.

4. That the Directors had prepared the Annual Accounts on a going concern basis. Listing

The equity share of the company is listed at Bombay Stock Exchange Limited (BSE) & Ahmedabad Stock Exchange Ltd (ASE).

The management is trying its best and its taking necessary steps in order to revoke the suspension in the equity shares of the company.

Corporate Governance

Your company has complied with mandatory requirement of Corporate Governance as stipulated in Clause 49 of the listing agreement. A report on Corporate Governance and certificate from auditors of the company regarding the compliance of Corporate Governance and also the management discussion & analysis report as stipulated in Clause 49 of the Listing agreement, are annexed to this report.

Acknowledgements

Your Directors place on record their sincere appreciation for the valuable and dedicated services rendered by the employees of the company. They also place on record the fullest co-operation extended by the bankers of the company.



By order of the board of directors,

FOR, MAHAVIR IMPEX LTD.

Date : 01/09/2010

Place: AHMEDABAD CHAIRMAN

 
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