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Directors Report of MPF Systems Ltd.

Dec 31, 2014

Dear members,

The directors are pleased to present the 22nd Annual report of the Company together with the Audited Financial Statements for the financial year ended 31 December, 2014.

Summarized Financial Results

(Million INR) Year ended

Particulars 31st Dec 2014 31st Dec 2013

Sales & services 0

Operating Revenue & other Income 0.11 35.83

Profit/(Loss) before Interest, (4.98) 34.55 Depreciation and Tax

Less :Interest 0 0

Depreciation 0 0

Profit before Tax (4.98) 34.55

Provision for Income Tax :

Current Tax 0 6.92

Short provision of income tax with 0 0.64 respect to earlier years

Profit after Tax (4.98) 26.98

Balance Profit / (Loss) brought (29.56) (56.54) forward from previous year

Balance in Statement of Profit & Loss (34.54) (29.56)

Net Surplus in the Statement of (34.54) (29.56) Profit & Loss

Review of Operations

The Company has not carried out any operations during the financial year under review.

Dividend

In view of the accumulated losses your directors do not recommend any dividend .

Directors

In accordance with the provisions of the Companies Act 2013 and the Articles of Association of the Company, Mr. Bijay Kumar Dokania (DIN 00570916), who vacates his office on the date of Annual General Meeting and offers himself for reappointment.

Mr. Shailendra Kumar Patni (DIN 05281098) who vacates his office on the date of Annual General Meeting and offers himself for reappointment.

Mr. Mukesh Sarswat (DIN 05340062), an additional Director who vacates his office on the date of Annual General Meeting and offers himself for reappointment.

Mr. Arvind Kumar Maurya (DIN 06923706), an Additional Director who vacates his office on the date of Annual General Meeting and offers himself for reappointment.

Mrs. Kirti Mahadev Salvi (DIN 07141300), an Additional Director who vacates her office on the date of Annual General Meeting and offers herself for reappointment.

Ms. Pooja Jalan (DIN 06879482), an additional Director who vacates her office on the date of Annual General Meeting and offers herself for reappointment.

Mr. Rajesh Kumar Khetan (DIN 02659900) an Additional Director who vacates his office on the date of Annual General Meeting and offers himself for reappointment.

Mr. Hemant Walve has resigned from the Board with effective from 11''" August 2014 and he ceased to be a Director of the Company.

Mr. Kiran Malhotra has resigned from the Board with effective from 11''" August 2014 and he ceased to be a Director of the Company.

Mr. Bomi Daruwala has resigned from the Board with effective from 11th August 2014 and he ceased to be a Director of the Company.

Particulars of Employees

During the year under review the Company did not have any employee falling within the purview of Section 217(2AA) of the Companies Act.

Directors'' Responsibility Statement

In pursuance of Section 217 (2AA) of the Companies Act, 1956, the Directors hereby confirm that:

In the preparation of annual accounts, the applicable a counting standards have been followed along with proper explanation relating to material departure ;

a. in the preparation of annual accounts, the applicable a counting standards have been followed alongwith proper explanation relating to material departure;

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 at the end of the financial year ended 31st December 2014 and of the profit of the Company for that financial year ;

c. 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;

d. the Directors have prepared the Annual Accounts on a going concern basis.

Conservation of Energy, Research and Development, Technology Absorption etc.

Since the company has not carried out any operations during the year under review, there is nothing significant to be mentioned under this head.

There is no foreign exchange earnings or outgo during the financial year under review

Corporate Governance Certificate

The report on Corporate Governance pursuant to Clause 49 of the Listing Agreement is annexed hereto as Annexure A.

Management Discussion and Analysis Report

The report on Management Discussion and Analysis pursuant to Clause 49 of the Listing Agreement is annexed hereto as

Annexure B

Auditors

M/s B S R & Co. LLP, Chartered Accountants, 701, 703, 7th Floor, Godgrej Castlemaine Next to Ruby hall Clinic Bund Garden road, Pune-411001 retires at the conclusion of the Annual General Meeting .The chairman informed the Board that it has been decided to appoint M/s. Kala Jain & Co,Chartered Accountants, 502, 5th Floor, Jolly Bhavan No 1,10, New Marine Lines, as auditors of the company in the coming Annual General Meeting subject to the approval of the shareholders in the place of the existing auditors.

The information and explanation with respect to the remarks in audit report is given hereunder Para 10 of the Annexure to the Audit Report;

The accumulated losses of the Company have exceeded 50% of its net worth at the end of the financial year. The Company has- not Incurred cash losses in the current financial year and in the immediately preceding financial year.

Listing

The equity shares of the Company are listed at The Bombay Stock Exchange Limited. Listing fees for the year 2014-15 has been paid to The Bombay Stock Exchange Limited. The Share holders of Pune Stock Exchange in their Annual General Meeting dated September 28th, 2013 had applied for voluntarily surrender of recognition and exit as Pune stock exchange as per SEBI Circular dated 30th May, 2012 and the SEBI allowed the exit of Pune Stock Exchange as a stock exchange via its order no. WTM/RKA/MRD/28/2015 dated 13th April, 2015.

Acknowledgement

Your Directors convey their sincere gratitude to the Customers, Shareholders, Creditors, Government and Statutory Authorities, Banks and Employees for the continued support to the Company.

For and on behalf of the Board of Directors

Arvind Kumar Maurya Bijay kumar Dokania (DIN No.: 06923706) (DIN No.:00570916) Director Director

Place: Pune Date : 3rd June 2015


Dec 31, 2013

Dear members,

The directors are pleased to present the 21st Annual Report of the Company together with the Audited Financial Statements for the financial year ended 31s December 2013.

Summarized Financial Results

(Million INR) Year ended

Particulars 31st Dec. 2013 31st Dec. 2012

Sales & Services 0 0

Operating Revenue & Other Income 35.83 9.80

Profit / (Loss) before Interest, 34.55 7.67

Depreciation and Tax

Less: Interest 0 0

Depreciation 0 0

Profit before Tax 34.55 7.67

Provision for Income Tax:

Current Tax 6.92 0

Short provision of income tax with 0.64

respect to earlier years 0

Profit after Tax 26.98 7.67

Balance Profit / (Loss) brought (56.54) (64.21)

forward from previous year

Balance in Statement of Profits Loss (29.56) (56.54)

Net Surplus in the Statement of Profit (29.56) (56.54) & Loss

Review of Operations

The Company has not carried out any operations during the financial year under review.

Dividend

In view of trie accumulated losses your directors do not recommend any dividend.

Change of Name

The Board of Directors of the Company, by a resolution passed by circulation on 7th February 2014, have decided to change the name of the Company from ''Mather and Piatt Fire Systems Limited'' to ''MPF Systems Limited'' and to seek consent of the shareholders to the said change of name, through Postal Ballot. The Board fixes 17th February 2014 as the last date for dispatch of notice, 19th March 2014 as the last date of receipt of postal ballot forms and 21st March 2014 as the date of declaration of result by the Chairman or any Director.

Further, the Board of Directors has also appointed Mr. Pradeep Purwar, Practising Company Secretary, to act as the scrutinizer, for conducting the postal ballot process.

Directors

In accordance with the provisions of the Companies Act, 1956 and the Articles of Association of the Company, Mr. Hemant Watve retire by rotation and being eligible, have offered himself for re-appointment at the ensuing Annual General Meeting.

Mr. Prakash Nene has resigned from the Board with effective from 7th January 2013 and he ceased to be a Director of the Company.

Ms. Jenny Guo has resigned from the Board with effective from 16th January 2013 and she ceased to be a Director of the Company.

Mr. Gilbert Faul has resigned from the Board with effective from 20th February 2013 and he ceased to be a Director of the Company.

Particulars of Employees

During the year under review the Company did not have any employee falling within the purview of Section 217(2AA) of the Companies Act. 1956. ,

Directors'' Responsibility Statement

In pursuance of Section 217 (2AA) of the Companies Act, 1956, the Directors hereby confirm that:

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

(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 at the end of the financial year ended 31st December 2013 and of the profit of the Company for that financial year;

(c) 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;

(d) the Directors have prepared the Annual Accounts-on a going concern basis.

Conservation of Energy, Research and Development, Technology Absorption etc.

Since the company has not carried out any operations during the year under review, there is nothing significant to be mentioned under this head.

There is no foreign exchange earnings or outgo during the financial year under review.

Corporate Governance

The report on Corporate Governance pursuant to Clause 49 of the Listing Agreement is annexed hereto as Annexure A.

Management Discussion and Analysis Report

The report on Management Discussion and Analysis pursuant to Clause 49 of the Listing Agreement is annexed hereto as Annexure B.

Auditors

M/s. B S R & Co,LLP, Chartered Accountants, auditors of the Company holds office till the conclusion of the 21st Annual General Meeting and are eligible for re-appointment. The Company has received a certificate from the auditors to the effect that their re-appointment if made, would be within the limits prescribed under Section 224(1 B) of the Companies Act, 1956.

During the year, BSR & Co. have communicated that their legal structure has changed from BSR& Co., a partnership firm to BSR & Co. LLP, Limited Liability Partnership under the provisions of the Limited Liability Partnership Act, 2008.

The Board of Directors recommends their re-appointment.

The information and explanation with respect to the remarks in audit report is given hereunder.

Para 10 of the Annexure to the Audit Report;

The accumulated losses of the Company have exceeded 50% of its net worth at the end of the financial year. The Company has not incurred cash losses in the current financial year and in the immediately preceding financial year.

Listing

The equity shares of the Company are listed at Bombay Stock Exchange Limited and Pune Stock Exchange Limited. Listing fees for the year 2013-2014 have been paid to both the Stock Exchanges.

Acknowledgement

Your Directors convey their sincere gratitude to the Customers, Shareholders, Creditors, Government and Statutory Authorities, Banks and Employees for the continued support to the Company

For and on behalf of the Board of Directors

Kiran Malhotra Hemant Watve

Director Director

Place: Pune

Date :28th February 2014


Dec 31, 2012

Dear members,

The directors are pleased to present the 20th Annual Report of the Company together with the Audited Financial Statements for the financial year ended 31 December 2012.

Summarized Financial Results

(Million INR)

Year ended Year ended 31st Dec.2012 31st Dec.2011

Sales & Services 0 0

Operating Revenue & 9.80 1.55 Other Income

Profit/(Loss) before 7.67 0.01 Interest, Depreciation and Tax

Less: Interest 0 0.02

Depreciation 0 0

Profit before Tax 7.67 (0.01)

Provision for Income Tax:

Tax expense 0 0

Excess provision of income 0 (1.25) tax for earlier years written back

Profit after Tax 7.67 1.24

Balance Profit/ (Loss) brought (64.21) (65.45) forward from previous year

Balance in Profit & Loss (56.54) (64.21)

Net Accumulated Loss carried to (56.54) (64.21) Balance Sheet

Review of Operations

As in the previous year, the activities of the Company have been restricted merely to completing the existing projects and recovery of dues.

Dividend

In view of the accumulated, losses your directors do not recommend any dividend.

Directors

In accordance with the provisions of the Companies Act, 1956 and the Articles of Association of the Company, Mr. Kiran Malhotra and Mr. Bomi Daruwala retire by rotation and being eligible, have offered themselves for re-appointment at the ensuing Annual General Meeting.

Ms. Jenny Guo has been appointed as Additional Director with effect from 28!h April 2012 and holds office upto the conclusion of the 20th Annual General Meeting. Ms. Jenny Guo has resigned from the Board with effective from 16th January 2013 and she ceased to be a Director of the Company with effect from 16,h January 2013. ,.

Mr. Prakash Nene has resigned from the Board with effect from 7th January 2013 and he ceased to be a Director of the Company with effect from 7th January 2013.

Particulars of Employees

During the year under review the Company did not have any employee falling within the purview of Section 217(2AA) of the Companies Act, 1956.

Directors''Responsibility Statement

In pursuance of Section 217 (2AA) of the Companies Act, 1956, the Directors hereby confirm that:

(a) in the preparation of annual accounts, the applicable accounting standards have been followed aiongwith proper explanation relating to material departures;

(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 at the end of the financial year ended 31 December 2012 and of the profit of the Company for that financial year;

(c) 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;

(d) the Directors have prepared the Annual Accounts on a going concern basis.

Conservation of Energy, Research and Development, Technology Absorption etc.

Since the activities of the Company have been restricted merely to completing the existing projects and recovery of dues, there is nothing significant to be mentioned under this head. There is no foreign exchange earnings or outgo during the financial year under review.

Corporate Governance

The report on Corporate Governance pursuant to Clause 49 of the Listing Agreement is annexed hereto as Annexure A.

Management Discussion and Analysis Report

The report on Management Discussion and Analysis pursuant to Clause 49 of the Listing Agreement is annexed hereto as Annexure B.

Auditors

M/s. B S R & Co., Chartered Accountants, auditors of the Company holds office till the conclusion of the 20th" Annua! General Meeting and are eligible for re-appointment. The Company has received a certificate from the auditors to the effect that their re- appointment if made, would be within the limits prescribed under Section 224(1 B) of the Companies Act, 1956. The Board of Directors recommends their re-appointment. The information and explanation with respect to the remarks in audit report is given hereunder.

Para 10 of the Annexure to the AuditReport; The accumulated losses of the Company have exceeded 50% of its net worth at the end of the financial year. The Company has not incurred cash losses in the current financial year but has incurred cash loss during the preceding financial year.

Listing

The equity shares of the Company are listed at Bombay Stock Exchange Limited and Pune Stock Exchange Limited. Listing fees for the year 2012-2013 have been paid to both the Stock Exchanges.

Acknowledgement

Your Directors convey their sincere gratitude to the Customers, Shareholders, Creditors, Government and Statutory Authorities, Banks and Employees for the continued support to the Company.

For and on behalf of the Board of Directors

Bomi Daruwala Hemant Watve

Director Director

Place : Pune

Date : 16 February 2013


Dec 31, 2011

The directors are pleased to present the 19 Annual Report of the Company together with the Audited Financial Statements for the financial year ended 31 December 2011.

Summarized Financial Results (Million INR) Year ended

31 Dec. 2011 31 Dec. 2010

Sales & Services 0 0

Other Income 1.55 10.38

Profit / (Loss) before Interest,

Depreciation and Tax 0.01 7.56

Less: Interest 0.02 0.13

Depreciation 0 0

Profit before Tax (0.01) 7.43

Provision for Income Tax:

Tax expense 0 1.44

Excess provision of income

tax for earlier years written back (1.25) 0

Profit after Tax 1.24 5.99

Balance Profit / (Loss) brought (65.45) (71.44) forward from previous year

Balance in Profit & Loss Account (64.21) (65.45) Net Accumulated Loss earned to

Balance Sheet (64.21) (65.45) Review of Operations

As in the previous year, the activities of the Company have been restricted merely to completing the existing projects and recovery of dues.

Dividend

In view of the accumulated losses your directors do not recommend any dividend.

Directors

In accordance with the provisions of the Companies Act, 1956 and the Articles of Association of the Company, Dr. Holger Krasmann and Mr. Gilbert Faull retire by rotation and being eligible, have offered themselves for re-appointment at the ensuing Annual General Meeting.

Mr. Hemant Watve has been appointed as Additional

Director with effect from 30 July 2011 and holds office up to the conclusion of the 19th Annual General Meeting. The Company has received notice under Section 257 of the Companies Act, 1956, from a member proposing the candidature of Mr. Hemant Watve for appointment as director liable to retire by rotation. The Board recommends his appointment.

Particulars of Employees

During the year under review the Company did not have any employee falling within the purview of Section 217(2AA) of the Companies Act, 1956.

Directors' Responsibility Statement

In pursuance of Section 217 (2AA) of the Companies Act, 1956, the Directors hereby confirm that:

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

(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 at the end of the financial year ended 31 December 2011 and of the profit of the Company for that financial year;

(c) 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;

(d) the Directors have prepared the Annual Accounts on a going concern basis.

Conservation of Energy, Research and Development, Technology Absorption etc.

Since the activities of the Company have been restricted merely to completing the existing projects and recovery of ' dues, there is nothing significant to be mentioned under this head.

There is no foreign exchange earning or outgo during the financial year under review.

Corporate Governance

The report on Corporate Governance pursuant to Clause 49 of the Listing Agreement is annexed hereto as Annexure A

Management Discussion and Analysis Report

The report on Management Discussion and Analysis pursuant to Clause 49 of the Listing Agreement is annexed hereto as Annexure B.

Auditors

M/s. B S R & Co, Chartered Accountants, auditors of the Company holds office till the conclusion of the 19th Annual General Meeting and are eligible for re-appointment. The Company has received a certificate from the auditors to the effect that their re-appointment if made, would be within the limits prescribed under Section 224(1 B) of the Companies Act, 1956.

The Board of Directors recommends their re-appointment

The information and explanation with respect to the remarks in audit report is given hereunder.

Para 10 of the Annexure to the Audit Report;

The accumulated losses of the Company have exceeded 50% of its net worth at the end of the financial year. The Company has incurred cash losses in the current financial year and in the immediately preceding financial year.

Listing

The equity shares of the Company are listed at Bombay Stock Exchange Limited and Pune Stock Exchange Limited. Listing fees for the year 2011-2012 have been paid to both the Stock Exchanges.

Acknowledgement

Your Directors convey their sincere gratitude to the Customers, Shareholders, Creditors, Government and Statutory Authorities, Banks and Employees for the continued support to the Company.

For and on behalf of the Board of Directors

Hemant Watve

Place : Pune Director

Date : 11 February 2012


Dec 31, 2010

The directors are pleased to present the 18th Annual Report of the Company together with the Audited Financial Statements for the financial year ended 31 December 2010.

Summarised Financial Results

(Million INR) Year ended 31st Dec. 2010 31st Dec. 2009

Sales & Services 0 0

Other Income 10.38 6.59

Profit / (Loss) before Inferest,

Depreciation and Tax 7.56 (2.24)

Less: Interest 0.13 0.47

Depreciation 0 0

Profit before Tax 7.43 (2.71)

Provision for Income Tax:

Tax expense 1.44 0

Excess provision of income tax for earlier years written back 0 5.67

Profit after Tax 5.99 2.96

Balance Profit / (Loss) brought forward from previous year (71.44) (74.40)

Balance in Profit & Loss Account (65.45) (71.44)

Net Accumulated Loss carried to Balance Sheet (65.45) (71.44)

Review of Operations

As in the previous year, the activities of the Company have been restricted merely to completing the existing projects and recovery of dues. The Company is implementing the Scheme of Arrangement as approved by the Honble High Court, Bombay vide its order dated 30 April 2007. The Second installment of the Scheme was disbursed by the Company during the year.

Dividend

In view of the accumulated losses your directors do not recommend any dividend.

Directors

In accordance with the provisions of the Companies Act, 1956 and the Articles of Association of the Company, Mr. Ravindra Pal Bhatia and Mr. Prakash Nene retire by rotation and being eligible have offered themselves for re-appointment at the ensuing Annual General Meeting.

Mr. Eike Doelschner has been appointed as Additional

Director with effect from 26 February 2011 and holds office upto the conclusion of the 18th Annual General Meeting. The Company has received notice under Section 257 of the Companies Act, 1956, from a member proposing the candidature of Mr. Eike Doelschner for appointment as director liable to retire by rotation. The Board recommends his appointment.

Particulars of Employees

During the year under review the Company did not have any employee falling within the purview of Section 217{2fA) of the Companies Act, 1956.

Directors Responsibility Statement

In pursuance of Section 217 (2AA) of the Companies Act, 1956, the Directors hereby confirm that:

(a) in the preparation of annual accounts, the applicable accounting standards have been followed alongwith proper explanation relating to material departures;

(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 at the end of the financial year ended 31 December 2010 and of the profit of the Company for that financial year;

(c) 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;

(d) the Directors have prepared the Annual Accounts on a going concern basis.

Conservation of Energy, Research and Development, Technology Absorption etc. -

Since the activities of the Company have been restricted merely to completing the existing projects and recovery of dues, there is nothing significant to be mentioned under this head.

There is no foreign exchange earning or outgo during the financial year under review.

Corporate Governance

The report on Corporate Governance pursuant to Clause 49 of the Listing Agreement is annexed hereto as Annexure A

Management Discussion and Analysis Report

The report on Management Discussion and Analysis

pursuant to Clause 49 of the Listing Agreement is annexed hereto as Annexure B.

Auditors

M/s. BSR and Co, Chartered Accountants, auditors of the Company will retire at the conclusion of the ensuing annual general meeting. M/s. B S R and Co, Chartered Accountants has expressed their unwillingness to continue as the Statutory Auditors of the Company for the year 2011. The Audit Committee of directors at their meeting held on 26 February 2011 have recommended M/s. BSR & Co, Chartered Accountants to be appointed as Statutory Auditors of the Company to hold the office from the conclusion of this meeting until the eonclusion of the next Annual General Meeting. The Company has received the eligibility certificate from the M/s. BSR & Co, Chartered Accountants that their appointment if made, by the Company at the ensuing Annual General Meeting would be within the limits prescribed under Section 224(1 B) of the Companies Act, 1956.

The Board of Directors recommends their appointment.

The information and explanation with respect to the remarks in audit report is given hereunder.

Para 10 of the Annexure to the Audit Report;

The accumulated losses of the Company have exceeded 50% of its net worth at the end of the financial year. The Company has incurred cash losses in the current financial year and in the immediately preceding financial year.

Listing

The equity shares of the Company are listed at Bombay Stock Exchange Limited and Pune Stock Exchange Limited. Listing fees for the year 2010-2011 have been paid to both the Stock Exchanges.

Acknowledgement

Your Directors convey their sincere gratitude to the Customers, Shareholders, Creditors, Government and Statutory Authorities, Banks and Employees for the continued support to the Company.

For and on behalf of the Board of Directors

Ravindra Pal Bhatia

Director

Place : Pune

Date : 26 February 2011


Dec 31, 2009

The directors are pleased to prese nt the 17,thAnnual Report of the Company together with the Audited Financial Statements for the financial year ended 31 December 2009.

Summarised Financial Results

(Million INR) Year ended 31st Dec. 2009 31st Dec. 2008

Sales & Services (Net) 0 4.53

Other Income 6.59 6.70

Profit / (Loss) before Interest, Depreciation and Tax (2.24) 4.20

Less: Interest 0.47 0.34

Depreciation 0 -

Profit before Tax (2.71) 3.86

Provision for Income Tax:

Tax expense 0 0.38 Excess provision of income tax for earlier years written back 5.67 0.0

Profit after Tax 2.96 3.48

Balance Profit / (Loss) brought forward from previous year (74.40) (77.88)

Balance in Profit & Loss Account (71.44) (74.40)

Net Accumulated Loss carried to Balance Sheet (71.44) (74.40)

Review of Operations

As in the previous year, the activities of the Company have been restricted merely to completing the existing projects and recovery of dues. The Company has implemented the Scheme of Arrangement as approved by the Honble High Court, Bombay vide its order dated 30 April 2007. The Second installment of the Scheme was disbursed by the Company during the year.

Dividend

In view of the accumulated losses your directors do not recommend any dividend.

Directors

In accordance with the provisions of the Companies Act, 1956 and the Articles of Association of the Company, Mr. Kiran Malhotra and Mr. Bomi Daruwala retire by rotation and being eligible have offered themselves for re- appointment at the ensuing Annual Genera! Meeting.

Dr. Holger Krasmann and Mr. Gilbert Faul has been appointed as additional director with effect from 27 February 2010 and holds office upto the conclusion of the

17th Annual General Meeting. The Company has received notice under Section 257 of the Companies Act, 1956, from a member proposing candidature of Mr. Gilbert Faul and Dr. Holger Krasmann for appointment as director liable to retire by rotation. The Board recommends their appointment.

During the year ended 31 December 2009, Mr. Peter Wurzbacher resigned from the Directorship of the Company with effect from 30 September 2009 and Mr. Otto Northe, resigned from the Directorship of the Company with effect from 27 February 2010.

Particulars of Employees

During the year under review the Company did not have any employee falling within the purview of Section 217(2AA) of the Companies Act, 1956.

DirectorsResponsibility Statement

In pursuance of Section 217 (2AA) of the Companies Act, 1956, the Directors hereby confirm that:

(a) in the preparation of annual accounts, the applicable accounting standards have been followed alongwith proper explanation relating to material departures;

(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 at the end of the financial year ended 31 December 2009 and of the profit of the Company for that financial year;

(c) 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;

(d) the Directors have prepared the Annual Accounts on a going concern basis.

Conservation of Energy, Research and Development, Technology Absorption etc.

Since the activities of the CompLny have been restricted merely to completing the existing projects and recovery of dues, there is nothing significant to be mentioned under this head.

There is no foreign exchange earning or outgo during the financial year under review.

Corporate Governance

The report on Corporate Governance pursuant to Clause 49 of the Listing Agreement is annexed hereto asAnnexure A

Management Discussion and Analysis Report

The report on Management Discussion and Analysis pursuant to Clause 49 of the Listing Agreement is annexed hereto as Annexure B.

Auditors

M/s. B S R and Co, Chartered Accountants, auditors of the Company will retire at the conclusion of the ensuing annual general meeting. The Company has received a certificate from the auditors to the effect that their re-appointment if made, by the Company at the ensuing Annual General Meeting would be within the limits prescribed under Section 224(1 B) of the Companies Act, 1956.

The Board of Directors recommends their re-appointment

The information and explanation with respect to the remarks in audit report is given hereunder.

Para 10 of the Annexure to the Audit Report;

The accumulated losses of the Company have exceeded its net worth. However the management is taking effective steps to ensure execution of existing contracts in hand, reduce costs and recover dues. The Company has entered into a Scheme of Arrangement with its unsecured creditors under section 391 to 394 of the-Companies Act, 1956. The Scheme was approved by the Honble Court, Bombay vide its order dated 30 April 2007 and the Company has implemented the same.

Listing

The equity shares of the Company are listed at Bombay Stock Exchange Limited and Pune Stock Exchange Limited. Listing fees for the year 2009-2010 have been paid to both the Stock Exchanges.

Acknowledgement

Your Directors convey their sincere gratitude to the customers, shareholders, creditors, government and statutory authorities, banks and employees for the continued support to the Company.

For and on behalf of the Board of Directors

Ravindra Pal Bhatia

Director Place: Pune Date : 27 February 2010


Mar 31, 2002

The Directors present their 9th Annual Report together with the Audited Financial Statements for the year ended 31st March, 2002.

SUMMARISED FINANCIAL RESULTS

Year ended Year ended 31.3.2002 31.3.2001 Rupees Rupees

Loss before Depreciation 11,667,589 23,436,830

Less: Depreciation 369,642 428,349

Loss before Tax 12,037,231 23,865,179

Less : Deferred Tax Credit 2,132,977 -

Loss after Tax 9,904,254 23,865,179

Balance of loss brought forward from previous year - 54,946

Transfer of loss for the year 1999-2000 from Mather & Platt (I) Ltd. after demerger - 2,478,236

Less: Transfer from General Reserve 9,904,254 26,398,361

Balance - -

DIVIDEND

In view of the loss, your Directors regret their inability to declare any dividend for the period ended 31st March 2002.

OPERATIONS AND FUTURE OUTLOOK

Despite recession in the Power Sector business, with the active presence in other sectors, your Company succeeded in securing a major contract worth about Rs. 11 crore from New Manglore Port Trust . The Contract envisages installation of a sophisticated Fire Protection System. With increased presence in oil, gas and petrochemical sector , the market position and profitability of your Company is expected to show substantial improvement.

DIRECTORATE

Mr. M. R. Chhabria, Chairman of Jumbo Group and an Additional Director of the Company during the period from 14th September, 2001 to 29th September,2001, departed for heavenly abode on

6th April, 2002. This has indeed left a deep void which will be difficult to fill. The Members of the Board place on record their sincere appreciation for the invaluable advise, guidance and support extended by Mr. M. R. Chhabria to the Company.

Mr. Satish G. Pillai resigned as the Managing Director of the Company with effect from 31st July, 2002 but continues to be a Director.

Mr. Suresh Dadlani, a Director of the Company has been appointed as the Managing Director of the Company with effect from 31st July, 2002.

Mr. P. M. Nene, retires by rotation and being eligible offers himself for reappointment.

CONSERVATION OF ENERGY, RESEARCH AND DEVELOPMENT, TECHNOLOGY ABSORPTION ETC.

A Statement showing particulars pursuant Section 217(1)(e) of the Companies Act, 1956 read with Companies (Disclosure of Particulars in the Report of Board of Directors), 1988, is annexed to this report and marked as Annexure A.

INDUSTRIAL RELATIONS

The industrial relationship with employees of the Company continues to be cordial.

PARTICULARS OF EMPLOYEES

The provisions of Section 217 (2A) of the Companies Act, 1956 read with Companies (Particulars of Employees) Rules, 1975 as amended , are not applicable as there are no employees , particulars of whom are required to be reported .

DIRECTORS RESPONSIBILITY STATEMENT

As required under Section 217 (2AA) of the Companies Act, 1956 the Directors hereby confirm that:

(a) in the preparation of Annual Accounts, the applicable accounting standards had been followed;

(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 ended 31st March, 2002 and of the loss of the Company for that year;

(c) the Directors had, as far as possible, 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, to the best of their knowledge and ability;

(d) the Directors had prepared the Annual Accounts on a going concern basis.

CORPORATE GOVERANCE

Your Companys equity shares have been listed during the current year. As per the Listing Agreement with the Stock Exchanges, the Company is required to comply with the requirement of Corporate Governance during the current financial year onwards.

AUDITORS

M/s. Lodha & Co., Chartered Accountants, the Companys Auditors will retire at the conclusion of the ensuing Annual General Meeting and are eligible for reappointment.

In regard to the comments of the Auditors in their Report on the notes to Accounts, the same are self-explanatory and do not call for any further explanation.

ACKNOWLEDGEMENTS

Your Directors convey their sincere thanks to the Government Authorities, Financial Institutions, Banks and Customers for their continued support extended to the Company at all times.

The Directors further express their deep appreciation to all employees for commendable teamwork, high degree of professionalism and enthusiastic efforts displayed by them during the year.

On behalf of the Board of Directors Suresh Dadlani Satish G Pillai Managing Director Director

Place: Mumbai Dated: 12th August, 2002

 
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