Mar 31, 2015
Dear Members,
The Directors present herewith the 24th Annual Report together with the
Audited Statement of Accounts for the year ended 31st March, 2015 and
other accompanying reports, notes and certificates.
REVIEW OF OPERATIONS
During the year under Report i.e. for the financial year 2014-15, the
Sales of the Company were Rs. 333.18 Lacs against the sales of
Rs.286.90 lacs for the financial year 2013-14. As per audited
financials the company earned a minor profit after tax of Rs. 0.42 lacs
for the last financial year 2014-15.
MANAGEMENT DISCUSSIONS & ANALYSIS REPORT
Management Discussions & Analysis have been separately dealt with and a
separate Report is attached herewith.
DIVIDEND
Considering the huge accumulated losses, the Directors do not recommend
any Dividend.
FIXED DEPOSITS
The Company has not accepted any deposits from public and as such, no
amount on account of principal or interest on deposits from public was
outstanding as on the date of the balance sheet.
DIRECTORS
Pursuant to the provisions of Articles of Association Mr. Gurusiddapa M
Kalshetti, the Director retires by rotation, and being eligible, offers
himself for re-appointment. The Board of Directors recommends his
re-appointment.
AUDITORS
The term of appointment of 'Sanjay N. Pawar & Associates', Chartered
Accountants, having Firm Registration Number 122769W will expire at the
conclusion of the forthcoming Annual General Meeting. They have
expressed their willingness to continue for the current year. The Audit
Committee and the Board recommend the appointment of M/s Sanjay N.
Pawar. Chartered Accountants having Registration No. 122769W with same
remuneration. You are requested to re appoint them and fix their
remuneration.
AUDITORS' QUALIFICATION
The Directors are of the opinion that the Auditors Qualification in
respect of AS 22 are not applicable to the Company, considering the
nature of transactions.
CORPORATE GOVERNANCE AND COMPLIANCE CERTIFICATE
Separate notes on Corporate Governance and Management Discussion and
Analysis Report are set out and are annexed hereto. A Certificate from
the Auditor of the Company certifying compliance conditions of
Corporate Governance as stipulated under Clause 49 of the Listing
Agreement is also attached thereto.
DIRECTOR'S RESPONSIBILITY STATEMENT
Pursuant to the provisions of Sec-134(5) of the Companies Act 2013, the
Board of Directors, to the best of their knowledge, confirms that:
i. the applicable accounting standards have been followed consistently
for the purpose of the preparation of the annual accounts and there are
no material departures;
ii. they have selected such applied accounting policies and standards
consistently and made such reasonable as well as prudent judgments and
estimates so as to give true and fair view of both the Company's state
of affairs and the profit for the year ended 2014-15;
iii. they have taken sufficient as well as adequate care of the
accounting records as per the provisions of the Act for safeguarding
the assets of the Company and also for detecting as well as preventing
any possible frauds and other irregularities;
iv. they have prepared the annual accounts on going-concern basis;
v. they have laid down adequate internal financial controls, which are
operating efficiently, to be followed by the Company;
vi. they have devised proper adequate systems, which are operating
efficiently, for ensuring compliance with other provisions of all
applicable laws;
Based on the above framework of the internal financial controls and
compliance systems, designed and maintained by the Company, the work,
performed by the internal, statutory auditors and external consultants,
and the reviews, performed by the management, board committees and
audit committees, the Board is of the opinion that the internal
financial controls were adequate and operating effectively and
efficiently for the year 2014-15.
NUMBER OF MEETINGS OF THE BOARD
Thirteen meetings of the board were held during the year. For details
of the meetings of the board, please refer to the corporate governance
report, which forms a part of this report.
BOARD EVALUATION
The board of directors has carried out an annual evaluation of its own
performance, Board Committees and individual directors pursuant to the
provisions of the Act and the corporate governance requirements as
prescribed by Securities and Exchange Board of India ("SEBI") under
Clause 49 of the Listing Agreements ("Clause 49").
The performance of the Board was evaluated by the Board after seeking
inputs from all the directors on the basis of the criteria such as the
Board composition and structure, effectiveness of board processes,
information and functioning, etc. The performance of the committees was
evaluated by the board after seeking inputs from the committee member
on the basis of the criteria such as the composition of committees,
effectiveness of committee meetings, etc.
The Board and the Nomination and Remuneration Committee
("NRG")-reviewed the performance of the individual directors on the
basis of the criteria such as the contribution of the individual
director to the Board and committee meetings like preparedness on the
issues to be discussed, meaningful and constructive contribution and
inputs in meetings, etc. in addition, the Chairman was also evaluated
on the key aspects of his role.
In a separate meeting of independent Directors, performance of
non-independent directors, performance of the board as a whole and
performance of the Chairman was evaluated, taking into account the
views of executive directors and non-executive directors. The same was
discussed in the board meeting that followed the meeting of the
independent Directors, at which the performance of the Board, its
committees and individual director was also discussed.
AUDITORS' REPORT
The auditors' report does not contain any qualifications, reservations
or adverse remarks. Report of the secretarial auditor is given as an
annexure which forms part of this report.
CORPORATE SOCIAL RESPONSIBILITY
There is no requirement of CSR policy mentioned in Section-135 of the
Act as well as the CSR activities mentioned in Schedule-Vll of the
Companies (Corporate Social Responsibility)Rules, 2014 since the
Company's net-worth and turnover, is not above the limits prescribed
therein.
PARTICULARS OF EMPLOYEES
The statement, under Section 134(5) of the Companies Act, 2013 is not
furnished as none of the Employees have drawn salary above the limits
prescribed therein.
ADDITIONAL INFORMATION UNDER SECTION 134(3)(m) OF THE COMPANIES ACT,
2013
Information required in respect of Conservation of Energy, Technology
Absorption and Foreign Exchange Earnings and Outgo in terms of Section
134(3)(m) of the Companies Act, 2013, read with Rule-8 of the Companies
(Accounts) Rules, 2014, is NIL.
FOREIGN EXCHANGE EARNINGS AND OUTGO
Foreign Exchange earned : - Rs. Nil
Foreign Exchange outgo : - Rs. Nil
DISCLOSURE UNDER STOCK EXCHANGE REQUIREMENTS
The Equity Shares of the Company are listed on Stock Exchange Mumbai,
The Pune Stock Exchange Ltd., Ahmedabad Stock Exchange, and Delhi Stock
Exchange Association Ltd.
The Company has paid the Listing Fees of the Stock Exchange Pune. The
trading of the Equity Shares on Stock Exchange Pune has started now.
As per Clause 49 of the listing agreements entered into with the stock
exchanges, corporate governance report with auditors' certificate
thereon and management discussion and analysis are attached, which form
part of this report.
As per Clause 55 of the listing agreements entered into with the stock
exchanges, a business responsibility report is attached and forms part
of this annual report.
POLICY ON DIRECTORS' APPOINTMENT AND REMUNERATION AND OTHER DETAILS
The Company's policy on directors' appointment and remuneration and
other matters provided in Section 178(3) of the Act has been disclosed
in the corporate governance report, which forms a part of the
directors' report.
ACKNOWLEDGEMENT
The directors thank the Company's employees, customers, vendors,
investors and academic institutions for their continuous support. The
directors also thank the government of various countries, government of
India, the governments of various states in India and concerned
government departments / agencies for their co-operation.
By Order of the Board of Directors
Navcom Industries Limited
Pravin S Lunkad
Director
Place Pune
Date 31/08/2015
Mar 31, 2013
The Directors present herewith the 22 Annual Report together with the
Audited Statement of Accounts for the year ended 31st March, 2013 and
other accompanying reports, notes and certificates.
REVIEW OF OPERATIONS
During the year under Report i.e. for the financial year 2012-13, the
Sales of the Company were Rs. 209.24 Lacs against the sales of Rs.
204.77 lacs for the financial year 2012-13 and the Company made after
tax profit of 0.67 Lacs.
MANAGEMENT DISCUSSIONS & ANALYSIS REPORT
Management Discussions & Analysis have been separately dealt with and a
separate Report is attached herewith.
DIVIDEND
Considering the huge accumulated losses the Directors do not recommend
any Dividend. FIXED DEPOSITS
The Company has not accepted any Fixed Deposits within the meaning of
Section 58A of the Companies Act, and the rules made thereunder.
DIRECTORS
Pursuant to the provisions of Articles of Association Mr. Prashant P
Kumbhare, the Director retires by rotation, and being eligible, offers
himself for re-appointment. The Board of Directors recommends his
re-appointment.
AUDITORS
The term of appointment of''Prakash E. Humbad & Co.'', Chartered
Accountants, having Firm Registration Number 122956W will expire at the
conclusion of the forthcoming Annual General Meeting. They have
expressed their willingness to continue for the current year. The Audit
Committee and the Board recommend their re-appointment with same
remuneration. You are requested to re-appoint them and to fix their
remuneration.
AUDITORS'' QUALIFICATION
The Directors are of the opinion that the Auditors Qualification in
respect of AS 22 are not applicable to the Company, considering the
nature of transactions.
CORPORATE GOVERNANCE AND COMPLIANCE CERTIFICATE
Separate notes on Corporate Governance and Management Discussion and
Analysis Report are set out and are annexed hereto. A Certificate from
the Auditor of the Company certifying compliance conditions of
Corporate Governance as stipulated under Clause 49 of the Listing
Agreement is also attached thereto.
DIRECTOR''S RESPONSIBILITY STATEMENT
Pursuant to the provisions of Section 217 (2AA) as amended by the
Companies (Amendment) Act, 2000 the Directors hereby state:
a) that while preparing the annual accounts for the period ended 31st
March, 2013, the applicable accounting standards had been followed
along with proper explanation relating to material departures.
b) that the Directors had selected such accounting policies and applied
them consistently and made judgments and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs
of the Company at the end of the financial year and of the profit of
the Company for that period.
c) 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.
d) that the Directors had prepared the annual accounts on a going
concern basis.
PARTICULARS OF EMPLOYEES
The statement under Section 217(2A) of the Companies Act, 1956 is not
furnished as none of the Employees have drawn salary above the limits
prescribed therein.
ADDITIONAL INFORMATION UNDER SECTION 217(1) (e) OF THE COMPANIES ACT,
1956
Information required in respect of Conservation of Energy, Technology
Absorption and Foreign Exchange Earnings and Outgo in terms of Section
217(1 )(e) of the Companies Act, 1956, read with the Companies
(Disclosure of Particulars in the Report of the Board of Directors)
Rules, 1988, is NIL.
FOREIGN EXCHANGE EARNINGS AND OUTGO
Foreign Exchange earned : - Rs. Nil Foreign Exchange outgo : - Rs. Nil
DISCLOSURE UNDER STOCK EXCHANGE REQUIREMENTS
The Equity Shares of the Company are listed on Stock Exchange Mumbai,
The Pune Stock Exchange Ltd., Ahmedabad Stock Exchange, and Delhi Stock
Exchange Association Ltd.
The Company has paid the Listing Fees of the Stock Exchange Mumbai. The
trading of the Equity Shares on Stock Exchange Mumbai has started now.
ACKNOWLEDGEMENT
The Directors place on record their appreciation for the co-operation
and support extended by the Shareholders and well wishers during these
difficult days.
By Order of the Board of Directors
Navcom Industries Limited
Place :- Pune Pravin Lunkad
Date :-02/09/2013 Director
Mar 31, 2009
The Directors have pleasure in presenting the 18th Annual Report
together with the Audited Statement of Accounts for the year ended 31st
March, 2009.
REVIEW OF OPERATIONS
During the year under Report, the Sales of the Company were Rs. 5.43
Lacs and the Company suffered the Net Loss of Rs. 0.74 Lacs.
DIRECTORS
Pursuant to the provisions of Articles of Association Mr. Vilas Bagate
the Director retires by rotation, and being eligible offers himself for
re-appointment..
AUDITORS
The present Auditors V. S. Mehta & Co., Chartered Accountants will
retire at the conclusion of this Annual General Meeting. They have
expressed their willingness to continue for the current year. You are
requested to reappoint them and to fix their remuneration.
DIRECTOR'S RESPONSIBILITY STATEMENT
Pursuant to the provisions of Section 217 (2AA) as amended by the
Companies (Amendment) Act, 2000 the Directors hereby state:
a) that while preparing the annual accounts for the period ended 31st
March, 2009, the applicable accounting standards had been followed
along with proper explanation relating to material departures.
b) that the Directors had selected such accounting policies and applied
them consistently and made judgments and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs
of the Company at the end of the financial year and of the Loss of the
Company for that period.
c) 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.
d) that the Directors had prepared the annual accounts on a going
concern basis.
PARTICULARS OF EMPLOYEES
The statement under Section 217(2A) of the Companies Act, 1956 is not
furnished as none of the Employees have drawn salary above the limits
prescribed therein.
ADDITIONAL INFORMATION UNDER SECTION 217(1) (e) OF THE COMPANIES ACT,
1956
Information required in respect of Conservation of Energy, Technology
Absorption and Foreign Exchange Earnings and Outgo in terms of Section
217(1 )(e) of the Companies Act, 1956, read with the Companies
(Disclosure of Particulars in the Report of the Board of Directors)
Rules, 1988, is NIL.
By Order of the Board of Directors
Navcom Industries Limited
Place :- Pune Pravin Lunkad
Date :- 03/09/2009 Director
Mar 31, 2008
The Directors have pleasure in presenting the 17th Annual Report
together with the Audited Statement of Accounts for the year ended 31st
March, 2008.
REVIEW OF OPERATIONS
During the year under Report, the Sales of the Company were Rs. 5.30
Lacs and the Company suffered the Net Loss of Rs. 6.17 Lacs.
DIRECTORS
Pursuant to the provisions of Articles of Association Mr. Vilas Bagate
the Director retires by rotation, and being eligible offers himself for
re-appointment..
AUDITORS
The present Auditors V. S. Mehta & Co., Chartered Accountants will
retire at the conclusion of this Annual General Meeting. They have
expressed their willingness to continue for the current year. You are
requested to reappoint them and to fix their remuneration.
DIRECTOR'S RESPONSIBILITY STATEMENT
Pursuant to the provisions of Section 217 (2AA) as amended by the
Companies (Amendment) Act, 2000 the Directors hereby state:
a) that while preparing the annual accounts for the period ended 31st
March, 2008, the applicable accounting standards had been followed
along with proper explanation relating to material departures.
b) that the Directors had selected such accounting policies and applied
them consistently and made judgments and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs
of the Company at the end of the financial year and of the Loss of the
Company for that period.
c) 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.
d) that the Directors had prepared the annual accounts on a going
concern basis.
PARTICULARS OF EMPLOYEES
The statement under Section 217(2A) of the Companies Act, 1956 is not
furnished as none of the Employees have drawn salary above the limits
prescribed therein.
ADDITIONAL INFORMATION UNDER SECTION 217(1) (e) OF THE COMPANIES ACT,
1956
Information required in respect of Conservation of Energy, Technology
Absorption and Foreign Exchange Earnings and Outgo in terms of Section
217(1 )(e) of the Companies Act, 1956, read with the Companies
(Disclosure of Particulars in the Report of the Board of Directors)
Rules, 1988, is NIL.
By Order of the Board of Directors
Navcom Industries Limited
Place :- Pune Pravin Lunkad
Date :-25/08/2008 Director
Mar 31, 2007
The Directors have pleasure in presenting the 16th Annual Report
together with the Audited Statement of Accounts for the year ended 31st
March, 2007.
REVIEW OF OPERATIONS
During the year under Report, the Sales of the Company were Rs. 4.00
Lacs and the Company suffered the Net Loss of Rs. 704.73 Lacs.
DIRECTORS
Pursuant to the provisions of Articles of Association Mr. Pravin Lunkad
the Director retires by rotation, and being eligible offers himself for
re-appointment.
Mr. Vilas Pandharinath Bagate, Mr. Sambhaji Genbhau Satpute and Umesh
Bomble were appointed as an additional Directors w.e.f. 1st March,
2007. Necessary Resolutions for their appointment as the Directors of
the Company are recommended for your approval.
Mr. M. L. Jalori, Director resigned as the Director of the Company
w.e.f. 1st March, 2007. The Directors do place on record their sincere
appreciation of the services rendered by him during his tenure as the
Director of the Company.
DIVIDEND
Considering the Losses incurred by the Company the Directors do not
recommend any Dividend.
AUDITORS
The present Auditors V. S. Mehta & Co., Chartered Accountants will
retire at the conclusion of this Annual General Meeting. They have
expressed their willingness to continue for the current year. You are
requested to reappoint them and to fix their remuneration.
DIRECTOR'S RESPONSIBILITY STATEMENT
Pursuant to the provisions of Section 217 (2AA) as amended by the
Companies (Amendment) Act, 2000 the Directors hereby state:
a) that while preparing the annual accounts for the period ended 31st
March, 2007, the applicable accounting standards had been followed
along with proper explanation relating to material departures.
b) that the Directors had selected such accounting policies and applied
them consistently and made judgments and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs
of the Company at the end of the financial year and of the Loss of the
Company for that period.
c) 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.
d) that the Directors had prepared the annual accounts on a going
concern basis.
PARTICULARS OF EMPLOYEES
The statement under Section 217(2A) of the Companies Act, 1956 is not
furnished as none of the Employees have drawn salary above the limits
prescribed therein.
ADDITIONAL INFORMATION UNDER SECTION 217(1) (e) OF THE COMPANIES ACT,
1956
Information required in respect of Conservation of Energy, Technology
Absorption and Foreign Exchange Earnings and Outgo in terms of Section
217(1)(e) of the Companies Act, 1956, read with the Companies
(Disclosure of Particulars in the Report of the Board of Directors)
Rules, 1988, is NIL.
By Order of the Board of Directors
Navcom Industries Limited
Place :- Pune Pravin Lunkad
Date :- 14/08/2007 Chairman
Mar 31, 2006
The Directors have pleasure in presenting the 15th Annual Report
together with the Audited Statement of Accounts for the year ended 31st
March, 2006.
REVIEW OF OPERATIONS
During the year under Report, the Sales of the Company were Rs. 850.73
Lacs and the Company suffered the Net Loss of Rs. 186.32 Lacs.
DIRECTORS
Pursuant to the provisions of Articles of Association Mr. M. L. Jaroli
the Director retires by rotation, and being eligible offers himself for
re-appointment.
AUDITORS
The present Auditors V. S. Mehta & Co., Chartered Accountants will
retire at the conclusion of this Annual General Meeting. They have
expressed their willingness to continue for the current year. You are
requested to reappoint them and to fix their remuneration.
DIRECTOR'S RESPONSIBILITY STATEMENT
Pursuant to the provisions of Section 217 (2AA) as amended by the
Companies (Amendment) Act, 2000 the Directors hereby state:
a) that while preparing the annual accounts for the period ended 31st
March, 2006, the applicable accounting standards had been followed
along with proper explanation relating to material departures.
b) that the Directors had selected such accounting policies and applied
them consistently and made judgments and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs
of the Company at the end of the financial year and of the Loss of the
Company for that period.
c) 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.
d) that the Directors had prepared the annual accounts on a going
concern basis.
PARTICULARS OF EMPLOYEES
The statement under Section 217(2A) of the Companies Act, 1956 is not
furnished as none of the Employees have drawn salary above the limits
prescribed therein.
ADDITIONAL INFORMATION UNDER SECTION 217(1) (e) OF THE COMPANIES ACT,
1956
Information required in respect of Conservation of Energy, Technology
Absorption and Foreign Exchange Earnings and Outgo in terms of Section
217(1)(e) of the Companies Act, 1956, read with the Companies
(Disclosure of Particulars in the Report of the Board of Directors)
Rules, 1988, is NIL.
By Order of the Board of Directors
Navcom Industries Limited
Place :- Pune Pravin Lunkad
Date :- 07/08/2006 Director
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