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Directors Report of NovaGold Petro-Resources Ltd.

Mar 31, 2014

Dear members,

The Directors have pleasure in presenting before you the 20 th Annual Report of the Company together with the Audited Statement of Accounts for the year ended 31st March,2014.

PARTICULARS (Amt. in Rs.)

2013-2014 2012-2013

Total Income 2374500 1856321

Total Expenditure 2328705 1833698

Profit / (Loss) Before Tax 45795 22623

Net Profit / (Loss) after Tax 45795 16123

OPERATIONS

During the year under review Company''s performance was upto the mark. There are many projects under consideration to be undertaken by the company.

DIVIDEND

Your Board of Directors do not recommend any dividend during the year.

DIRECTORS

Jitendra Shah, Director of the Company retires by rotation and being eligible offers himself to be reappointed. During the year Mr. JITENDRA SHAH resigned from the directorship of the company and his place Smt. Taraben Bhatt has been appointed as an additional director of the company.

AUDITORS

The Board of Directors appointed M/s C.B.Mehta & Co., Chartered Accountants of Vadodara for the audit of F.Y. 2014-2015 subject to approval of the shareholders in AGM.

AUDIT COMMITTEE

As required u/s. 177 of the Co-Act, 2013 read with clause 49 of the listing agreement, audit Committee comprising of three Directors. Audit Committee meetings were held in accordance with statutory requirements.

INDUSTRIAL RELATION

During the year under review the relation between employees and management were cordial.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING/OUTGO.

As required by the provisions of section 217(1) (e) of the Companies (Disclosure of Particulars in the report of Board of Directors) Rules, 1988, the relevant data pertaining to Conservation of Energy Technology absorption & Foreign exchange earnings and out go are furnished in the Annexure forming part of this report.

PARTICULARS OF EMPLOYEES

There was no employee during the year under review whose particulars are required to be furnished as per section 217 (2A) of the Companies Act, 1956.

CORPORATE GOVERNANCE AND COMPLIANCE

A report on corporate governance is annexed to this report. A certificate from Statutory Auditors with regards to the compliance of the corporate governance by the company is annexed to this report.

The company has fully complied with all mandatory requirements prescribed u/c. 49 of the listing agreement. In addition, the company has also implemented some of the non mandatory provisions of clause 49.

DIRECTORS'' RESPONSIBILITY STATEMENT

Pursuant to the requirement u/s. 217 (2AA) of the Companies Act, 1956, with respect to Directors'' Responsibility Statement, it is hereby confirmed:

(a) that in the preparation of annual accounts for the financial year ended 31st March 2014, the applicable accounting standards have been followed along with the proper examination relating to material departures;

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

(c) that the Directors have taken proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provision of the Companies Act, 1956, for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities:

(d) that the Directors have prepared the accounts for the F.Y. 31st March 2014 on a going concern basis.

ACKNOWLEDGEMENT

Your Directors places on record their sincere appreciation of the Co-operation and assistance extended by the bankers, Director, Executives, Staff Members and Workers of the Company

By Order of the Board of Directors

Place : Vadodara For NOVAGOLD PETRO-RESOURCS LTD.,

Date : 01/09/2014 Sd/- JITENDRA SHAH Chairman


Mar 31, 2010

The Directors have pleasure in presenting before you the 16TH ANNUAL REPORT of the Company together with the Audited Statement of Accounts for the year ended 318t March,2010.

PARTICULARS (Amt. in Rs.)

2009-2010 2008-2009

Total Income 2430041 -36,74,286

Total Expenditure 2279890 34,19,131

Profit / (Loss) Before Tax 150151 2,55,155

Net Profit / (Loss) after Tax 127509 2,25,675

OPERATIONS

During the year the Company performed satisfactorily undiversified activities. There are many projects under consideration to be undertaken by the company.

DIVIDEND

Your Board of Directors do not recommend any dividend during the year.

DIRECTORS

JITENDRA SHAH, Director of the Company retires by rotation and being eligible offers himself to be reappointed.

AUDITORS

M/s. Mukesh Chokshi & Associates., Chartered Accountants, Mumbai, retires as an auditors of the company, at the ensuing Annual General Meeting and are eligible for reappointment and they have furnished the certificate for their eligibility as per section 224(1B) of the Companies Act, 1956.

AUDIT COMMITTEE

As required u/s. 292A of the Co-Act, 1956 read with clause 49 of the listing agreement, audit Committee comprising of three Directors. Audit Committee meetings were held in accordance with statutory requirements.

INDUSTRIAL RELATION

During the year under review the relation between employees and management were cordial.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING/OUTGO.

As required by the provisions of section 217(1) (e) of the Companies (Disclosure of Particulars in the report of Board of Directors) Rules, 1988, the relevant data pertaining to Conservation of Energy Technology absorption & Foreign exchange earnings and out go are furnished in the Annexure forming part of this report.

PARTICULARS OF EMPLOYEES

There was no employee during the year under review whose particulars are required to be furnished as per section 217 (2A) of the Companies Act, 1956.

CORPORATE GOVERNANCE AND COMPLIANCE

A report on corporate governance is annexed to this report. A certificate from Statutory Auditors with regards to the compliance of the corporate governance by the company is annexed to this report.

The company has fully complied with all mandatory requirements prescribed u/c. 49 of the listing agreement. In addition, the company has also implemented some of the non mandatory provisions of clause 49.

DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to the requirement u/s. 217 (2AA) of the Companies Act, 1956, with respect to Directors Responsibility Statement, it is hereby confirmed:

(a) that in the preparation of annual accounts for the financial year ended 31st March 2010, the applicable accounting standards have been followed along with the proper examination relating to material departures;

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

(c) that the Directors have taken proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provision of the Companies Act, 1956, for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities:

(d) that the Directors have prepared the accounts for the F.Y. 31st March 2010 on a going concern basis.

ACKNOWLEDGEMENT

Your Directors places on record their sincere appreciation of the Co-operation and assistance extended by the bankers, Director, Executives, Staff Members and Workers of the Company

By Order of the Board of Directors

Place : Vadodara For NOVAGOLD PETRO-RESOURCS LTD.,

Date : 29-08-2010

Sd/-

MITESH JANI

Chairman

 
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