Home  »  Company  »  Momai Apparels  »  Quotes  »  Directors Report
Enter the first few characters of Company and click 'Go'

Directors Report of Momai Apparels Ltd.

Mar 31, 2015

To

The Members of

MOMAI APPARLES LIMITED

The Directors are pleased to present the Annual Report of your Company together with the Audited Statement of Accounts and the Auditors' Report of your company for the financial year ended, 31st March, 2015.

FINANCIAL RESULTS (Rs. in Lacs)

YEAR ENDED 31.03.2015 YEAR ENDED 31.03.2014

Sales & Other Income 12310.03 11745.35

Profit before depreciation and Tax 614.19 531.20

Depreciation (57.51) (40.42)

Profit before tax 556.68 490.78

Provision for Taxation (190.19) (163.97)

Net Profit for the year 366.491 326.811

The Financial statement of the Company have been prepared in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP) to comply with the Accounting Standards notified under Section 133 of the Companies Act, 2013 in terms of Rule 7 of the Companies (Accounts) Rules, 2015) and the relevant provisions of the Companies Act, 2013 as applicable and guidelines issued by the Securities and Exchange Board of India(SEBI).

SUBSIDIARIES, JOINT VENTURE AND ASSOCIATE COMPANIES

As on 31st March, 2015, the company is not having any Subsidiaries, Joint Ventures or Associates Companies.

KEY MANAGERIAL PERSONNEL

In accordance with the Provisions of the act and the articles of association of the Company,

Sr. Date of Date of Resignation/ withdrawal Name Designation No Appointment of Nomination

1 Harshad Thakkar Managing Director 21/01/2010 -

2 Dinesh Sodha Director 21/01/2010 -

3 Hitesh Punjani Director 15/04/2013 -

4 Tarak Gor Independent Director 16/08/2014 -

5 Alok Nag Independent Director 16/08/2014 -

6 Anupama Sharma Independent Director 27/11/2014 -

7 Shrikant Maheshwari Independent Director 16/08/2014 31/10/2014

8 Bhoomi Mewada Company Secretary 16/06/2014 -

DIVIDEND

The DIVIDEND of Rs. 0.75 (i.e.7.5% of FV Rs. 10/-) per equity share on the equity paid up of the company as recommended by the Board be and is hereby declared."

SHARE CAPITAL

The equity shares of the Company is listed on NSE of India Limited since 16th October, 2014.

During the year there was change in the Share Capital of the Company which are mentioned in the Table Below:

Authorised Increase During Date Particulars Paid up Capital Share Capital the year

As on 1st April, -- 15,00,00,000 -- 8,87,43,350 2014

As on 28th July, Authorised Share Capital 16,00,00,000 1 Crore 8,87,43,350 2014 Increased to 16 Crores

As on 12th Issue of 1, 70,880 Equity shares on 16,00,00,000 1,70,88,00 10,58,31,350 September, 2014 Private Placement Basis.

As on 13th Inital Public Ofering 16,00,00,000 38,46,400 14,42,95,350 October, 2014

OPERATIONS

Detailed information on the operation of the Different business lines of the company and details on the state of affairs of the Company are covered in the Management Discussion and Analysis Report.

CREDIT RATING

Momai Apparels Ltd" has been assigned 'SME Fundamental Grade 4 /5' to the Company') by CARE rating, indicating the "Very Good fundamentals".

Momai Apparels Limited has been assigned BBB- which stand for Moderate degree of safety regarding timely servicing of financial obligations.

DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to Section 134(3) (c) of the Companies Act, 2013 the Board of Directors of the Company confirms that-

1. In preparation of the Annual Accounts, the applicable accounting standards have been followed.

2. 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 or loss of the company for that period.

3. 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.

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

5. The Directors had laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and were operating effectively.

6. 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.

CORPORATE GOVERNANCE

The company has complied and company is duly in process of Compliance with the requirements regarding Corporate Governance as required under the revised Clause 49 of the Listing Agreement with the Stock Exchange(s). The report on Corporate Governance, Management Discussion and Analysis, as well as the Auditors Certificate on the compliance of Corporate Governance form part of the Annual Report.

DECLARATION BY INDEPENDENT DIRECTOR

The Company has received declaration from each Independent Director of the Company under Section 149(7) of the Companies Act, 2013 that the Independent Directors of the Company meet with the criteria of their Independence laid down in Section 149(6).

INFORMATION UNDER SECTION 134 OF THE COMPANIES ACT, 2013, READ WITH COMPANIES (DISCLOSURE OF PARTICULARS IN THE REPORT OF THE BOARD OF DIRECTORS) RULES 1988:

(A) Conservation of Energy

(B) Pollution Control

(C) Technology, Absorption, Adaptations &Innovation

(D) Foreign Exchange Earnings and Outgo

VIGIL MECHANISM

The Company is committed to adhere to the highest standards of ethical, moral and legal conduct of business operations and in order to maintain these standards, the Company encourages its employees who have genuine concerns about suspected misconduct to come forward and express these concerns without fear of punishment or unfair treatment.

The mechanism provides for adequate safeguards against victmizaton of Directors and employees to avail of the mechanism and Chairman of the Audit Committee shall have a direct access of the complaints and grievances under the mechanism.

LOANS, GUARANTEES OR INVESTMENTS IN SECURITIES

Your Directors reports that the Company has not granted any Loans, Guarantees or Investment in Securities under Section 186 of the Companies Act, 2013 and has complied with the provisions of the Act and other relevant provisions as may be applicable.

CONTRACTS OR ARRANGEMENTS WITH THE RELATED PARTIES

There were no materially significant related parties Contracts entered into by the Company with the Directors, Key Managerial Personnel or any other persons which may have a potential conflict with the interest of the Company.

PARTICULAR OF RELATED PARTY TRANSACTION

All related party transactions are done by the Company during the financial year were at Arm's Length and in ordinary course of business. During the financial year your Company has entered into material transaction (as per Clause 49 of the Listing Agreement). Disclosures pursuant to accounting standards on related party transactions have been made in notes to the financial Statements.

AUDITORS

a. Statutory Auditors:

M/s. Bagaria and Co., LLP, Chartered Accountants, Statutory Auditors having its office at 101, Tripta Sadan, Shantawadi, J P Road, Andheri (W), Mumbai – 400 058 will hold office till the conclusion of the ensuing Annual General Meeting and are eligible for re- appointment. The Company has received the consent from the Auditors and confirmation to the effect that they are not disqualified to be appointed as Auditors of the Company in terms of the provisions of the Companies Act, 2013 and rules made there under. Accordingly, the Board of Directors has recommended the re-appointment of Bagaria &Co.LLP, Chartered Accountants to hold office from the ensuing AGM till the conclusion of the next AGM on and remuneration to be mutually decided by the Board and the Auditor.

b. Secretarial Auditors:

Pursuant to Section 204 of the Companies Act, 2013, your Company had appointed M/s. Jaiprakash R Singh & Associates, Practicing Company Secretaries, Mumbai as its Secretarial Auditor to conduct the Secretarial Audit of the Company for the FY 2014-15.

EXTRACT OF ANNUAL REPORT

Pursuant to Section 92(3) of the Companies Act, 2013 extract of the annual return is annexed to this report in the prescribed form MGT-9 as Annexure- I.

MEETINGS OF THE BOARD

Your Directors report that the regular Meetings of the Board are held to discuss and decide on various business policies, strategies and other businesses. The Board met 9 times during the year. Detailed information is given in the Corporate Governance Report.

MANAGEMENT'S DISCUSSION AND ANALYSIS REPORT

Management Discussion and Analysis Report for the year ended under review, as stipulated under clause 49 of the Listing Agreement entered with the Stock Exchange in India, is present N ng in a separate sect 0 on forming Part of the Annual Report.

CASH FLOW STATEMENT:

In conformity with the provisions of Clause 32 of the Listing Agreement with Stock Exchanges, the Cash Flow Statement for the year ended 31st March, 2015 is annexed hereto

STATUTORY DISCLOSURE

The summary of the key financial of the company is included in this Annual report. A copy of audited financial statements for the company will be made available to the members of company seeking such information at any point of time. The Audited financial statements for the company will be kept for inspection by any member of the company at its registered office during business hours.

FIXED DEPOSITS:

The Company has not accepted fixed deposits from public within the purview of Section 74 of the Companies Act, 2013 during the year under review.

COMMITTEES OF THE BOARD:

The Board has Committees as a part of best corporate practices and has complied with the requirements of the relevant provisions of applicable laws and statues. Accordingly, the Board has formed the following Committees of the Board:

Audit Committee and Vigil Mechanism

Investor Grievance Committee

Nomination and Remuneration Committee

AUDITORS REPORT:

The Auditors' Report for the financial year ended March 31, 2015 does not contain any qualification. The Notes on Financial Statements referred to in the Auditors 'Report are self-explanatory.

ACKNOWLEDGEMENTS

Your Directors place on record their gratitude for the continuing support of Shareholders, Investors, Banks, various Government authorities & departments, Port trust authorities and Business allies & associates for their continuous support and co-operaton.at all levels.

Your Directors would also appreciate and value the contributions made by all our employees and their families towards operation and growth of the Company.

For and on behalf of the Board of the Directors MOMAI APPARELS LIMITED

Sd/- Mr. HARSHAD THAKKAR

Chairman and Managing Director

Date : 29th August, 2015.

DIN:01869173 Place: Mumbai


Mar 31, 2014

Dear Members,

The Directors are pleased to present the Annual Report of your Company together with the Audited Statement of Accounts and the Auditors' Report of your company for the financial year ended, 31st March, 2014. Since this Report pertains to financial year that commenced prior to 1st April 2014, the contents therein are governed by the relevant provisions/schedules/rules of the Companies Act, 1956, in compliance with general circular No. 08/2014 dated 4th April 2014 issued by the Ministry of Corporate Affairs.

The summarized financial results for the year ended 31st March, 2014 are as under:

1. OPERATIONS

During the year under review, the company has achieved turnover of Rs.11, 728.58 LACS against RS.9954.82 LACS against turnover for the year 2012-13. Your Directors are optimistic about the result in the coming years.

2. FINANCIAL RESULTS

YEAR ENDED YEAR ENDED 31.03.2014 31.03.2013 (In Lakhs) (In Lakhs)

Sales & Other Income 11745.35 9,955.82

Profit before depreciation and Tax 5,311.97 3064.41

Depreciation (404.22) (7.15)

Profit before tax 4907.74 3057.26

Provision for Taxation (1639.70) (103.89)

Net Profit for the year 3268,04 2953.37

3. FINANCIAL PERFORMANCE

During the year under reviewed the Authorised Share Capital of the Company was increase with members approvals from Rs. 7, 50, 00,000 (Seven Crore Fifty Lacs) divided into 75, 00,000 ( Seventy Five Lacs) equity shares of Rs. 10 each to Rs. 15,00,00,000 ( Fifteen Crore) divided into 1,50,00,000 (one crore fifty lacs) equity shares of Rs. 10 each as on 27th February,2014.

4. AUDITORS REPORT

The notes to the Accounts as referred to in the Auditors' Report are self explanatory, and therefore do not call for any further comments.

5. AUDITORS

The Statutory Auditors M/S Bagaria & Co., Chartered Accountant have expressed their willingness and offer themselves for appointment as Statutory Auditors for the Financial Year 2013-2014.

6. PERSONNEL

There were no employees drawing more than aggregate remuneration as specified under Section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975 as amended

7. DIVIDEND

Your Directors are pleased to recommend an equity dividend of Rs. 0.50 per equity share for the year ended March 31st, 2014, subject to the approval of the shareholders at the ensuing Annual General Meeting.

8. DIRECTORS

i) Appointment

Mr. HITESH SUBHASH PUNJANI, who was appointed by the Board of Directors as an Director of the Company with effect April 15th , 2013 and who holds office up to the date of the forthcoming Annual General Meeting of the Company, in terms of Section 260 of the Companies Act, 1956 ("the Act") read with the Article of Association of the company and in respect of whom the Company has received a notice, in writing, from a Member under Section 257 of the Act, proposing his candidature for the office of Director of the Company at the said Annual General Meeting.

ii) Resignation

Mrs.Vanita Sodha, Member of the board, resigned from the services of the company effective with 15th April, 2013. The board would like to thank and record its appreciation for her contribution in the building company's Market.

9. CONVERSION OF COMPANY

Company converted from Private Company to Public Company as on 5th September, 2013 and the certificate of conversion received on the same day.

10. CONVERSATION OF ENERGY & TECHNOLOGY ABSORPTION.

Regular supervision and controls are being maintained for the conversation of energy. As regards technology, the company is in continuous touch with the developments taking place in the international field. The company has achieved efficient plant operation and international product quality.

11. FOREIGN EXCHANGE EARNING & OUTGO

There is no expenditure/lncome of Foreign exchange during the year ended 31st March, 2014.

12. DIRECTORS RESPONSIBILITY STATEMENT

Your Directors would like to inform the members that the audited accounts containing the Financial statement for the year 2013-14 are in full conformity with the requirement of the Act and they believe that the financial statement reflects fairly the form and substance of the transactions carried out during the year and reasonably present the company's financial condition and results of operations. These financial statements are audited by the statutory Auditors M/S Bagaria & Co.,

Yours Directors further confirm that:

I. In the preparation of the annual accounts for the year ended March 31st , 2014 the applicable accounting standards read with requirement set out under Schedule VI to the Companies Act, 1956, have been followed and that there are no material departures from the same:

II. The Directors have selected such accounting policies and applied them consistently and made judgment and estimates that are reasonable and prudent so as to give true and far view of the state of affairs of the company for the year ended on that date: and

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: and

IV. The Directors have prepared the annual accounts of the company on a going concern basis.

13. ACKNOWLEDGEMENT

Yours Directors acknowledge with gratitude the assistance, co-operation and support received by the company from Banks, other statutory/ Government bodies, shareholders & Auditors and look forward to their continued support in future.

For and on behalf of the Board, Momai Aonarels Limited

Harshad Hirji Thakkar Director DIN: 01869173

Place: Mumbai Date: 15th May, 2014


Mar 31, 2013

Dear Members,

The Directors are pleased to present the third Annual Report together with the Audited Accounts of the company for the year ended on 31st March, 2013.

1. OPERATIONS

During the year under review, the company has achieved turnover of Rs.9997.92 LACS against 3152.99 LACS turnover for the year 2011-12, Your Directors are optimistic about the results in the coming years.

2. FINANCIAL RESULTS

(Rs IN LACS)

Particulars Year Ended Year Ended

31.03.2013 31.03.2012

Revenue from operations 9,996.93 3,152.99

Other Income 0.995 -

Total "A" 9,997.92 3,152.99

Profit/Loss before Interests Depreciation 423.13 88.43

Less: Finance cost 116.72 0.01

Less: Depreciation & Amortisation 7.15 0.21

Profit/Loss before Tax 299.27 88 21

Less: Tax Expenses 103.93 30.00

Less : Deferred Tax (Asset)/Liabilities (0.04) -

Profit/Loss-after Tax 195.38 58.21

Earnings Per Share Rs. 65.86 116.41

3. AUDITOR'S REPORT

The Notes to the Accounts as referred to in the Auditor's Report are seif explanatory, and therefore do not call for any further comments

4. AUDITORS

M/s JDNG & ASSOCIATES, Chartered Accountants, Auditor has informed that they are not seeking reappointment The Board of Directors has evaluated the appointment of Auditor and is of the opinion that in the best interest of the Company, M/s Bagaria & Co., Chartered Accountants be appointed as the Company's Auditors. The Directors place on record their appreciation of the services rendered by M/s JDNG & Associates.

M/s Bagaria & Co., have confirmed that they are eligible for appointment as Auditors. M/s Bagaria & Co., if appointed, will hold office up to the conclusion of the next Annuai General Meeting of the Company.

5. PERSONNEL

There were no employees drawing more than aggregate remuneration as specified under Section 217 (2-A) of the Companies Act, 1956 read with the Companies ( Particulars of Employees) Rules, 1975, as amended.

6. DIVIDEND

Although the Company has earned profit during the year under review, the Board of Directors has decided to conserve resources and has not recommended dividend to the Equity Shareholders of the Company. At this stage the Directors of the Company consider the policy of Retention of Profits earned for strengthening the Net Worth of the Company in the long-term benefits of the members of the Company.

7. CONVERSATION OF ENERGY & TECHNOLOGY ABSORPTION

Regular supervision and controls are being maintained for the conservation of energy. As regard technology, the company is in continuous touch with the developments taking place in the international field. The company has achieved efficient plant operation and international product quality.

8. FOREIGN EXCHANGE EARNINGS & OUTGO

There is No expenditure/lncome of Foreign exchange during the year ended 31st March, 2013.

9. DIRECTORS' RESPONSIBILITY STATEMENT

Your Directors would like to inform the members that the audited accounts containing the Financial-statements for the year 2012-2013 are in full conformity with the requirement of the Act and they believe that the finartda/ statements reflect fairly the form and substance of the transactions carried out during the year and reasonably present the company's financial condition and result of operations. These financial statements are audited by the Statutory Auditors M/S Bagaria & Co.

Your Directors' further confirm that

i) In the preparation of the annual accounts for the year ended March 31, 2013, the applicable accounting standards read with requirements set out under Schedule VI to the Companies Act, 1956, have been followed and that there are no material departures from the same;

ii) The Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and far view of the state of affairs of the Company as at March 31, 2013 and of the profit of the Company for the year ended on that date; and

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; and

iv) The Directors have prepared the annual accounts of the Company on a going concern basis

10. ACKNOWLEDGEMENTS

Your Directors acknowledge with gratitude the assistance , co-operation and support received by the company from the Banks, Other statutory/Government bodies, Shareholders & Auditors and look forward to their continued support in future.

For and on behalf of the Board, MOMAI APPARELS PVT LTD



Director Director

Place: Mumbai Date: 19. 07. 2013




Mar 31, 2012

Dear Members,

The Directors have pleasure in presenting the Third Annual Report together with the Audited Accounts of the Company for the year ended on 31st March, 2012.

1. OPERATIONS

During the year under review, the Company has achieved turnover of Rs. 3152.99 LACS against NIL turnover for the year 2010-2011. Your Directors are optimistic about the results in the coming years.

1. FINANCIAL RESULTS (Rs .in Lacs)

2011-2012 2010-2011

Net profit before tax 88.21 NIL

Provision for income tax 30.00 NIL

Provision for deferred tax NIL NIL

Net profit for after tax 58.21 NIL

3. AUDITOR'S REPORT:

The Notes to the Accounts as referred to in the Auditor's Report are self explanatory, and therefore do not call for any further comments.

4. AUDITORS:

M/s. JONG & ASSOCIATES, CHARTERED ACCOUNTANTS, auditor of the Company retires and being eligible, offer themselves for re-appointment.

5. PERSONNEL;

There were no employees drawing more than aggregate remuneration as specified under Section 217(2-A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975, as amended.

6. DIVIDEND:

Your Directors do not recommend any dividend on equity shares of the Company for the year ended 31st March,2012.

7. CONVERSATION OF ENERGY & TECHNOLOGY ABSORPTION:

Regular supervision and controls are being maintained for the conservation of energy. As regard technology, the Company is in continuous touch with the developments taking place in- the international field. The Company has achieved efficient plant operation and international product quality.

8. FOREIGN EXCHANGE EARNINGS & OUTGO:

There is an No expenditure/ Income of foreign exchange during the year ended 31st March,2012.

9. DIRECTORS' RESPONSIBILITY STATEMENT

Your Directors would like to inform the members that the audited accounts containing the Financial Statements for the year 2011-2012 are in full conformity with the requirement of the Act and they believe that the financial statements reflect fairly the form and substance of the transactions carried out during the year and reasonably present the Company's financial condition and result of operations. These financial statements are audited by the Statutory Auditors M/s. JDNG & ASSOCIATES,

Your Directors' further confirm that:

i) in the preparation of the annual accounts, applicable accounting standards have been followed;

ii) the accounting policies are consistently applied and reasonable, prudent, Judgment and estimates are 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 ;

iii) that 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 ;

iv) That the Directors had prepared the annual accounts on a going concern basis.

ACKNOWLEDGMENTS:

Your Directors acknowledge with gratitude the assistance, co-operation and support received by the Company from the Banks, Other Statutory/Govemment bodies. Shareholders & Auditors and look forward to their continued support in future.

For and on behalf of the Board, MOMAI APPARELS PVT LTD

DIRECTOR DIRECTOR

PLACE: MUMBAI

DATE : 3rd September,2012.

 
Subscribe now to get personal finance updates in your inbox!