Home  »  Company  »  Opal Luxury Time Pro  »  Quotes  »  Directors Report
Enter the first few characters of Company and click 'Go'

Directors Report of Opal Luxury Time Products Ltd.

Mar 31, 2014

Dear Members,

The Directors have pleasure in presenting the Seventh Annual Report of the Company together with the Audited Financial Statements for the year ended March 31, 2014.

SUMMARISED FINANCIAL RESULTS

(Rs. in Lacs)

Standalone Consolidated

Particular Year ended Year ended Year ended 31.03.2014 31.03.2013# 31.03.2014

Turnover / Income (Gross) 2499.24 2269.13 2484.17

Turnover/Income Net) 2499.24 2269.13 2484.17

Other Income 23.76 13.30 23.76

Total Expenditures 2093.34 1752.50 2088.32

Interest and Finance Cost 172.64 165.30 172.64

Depreciation 138.64 52.42 138.64

profit Before Tax 118.37 312.21 108.31

Tax Expenses

Current Tax 17.66 62.47 17.66

MAT Credit (13.00) (60.02) (13.00)

Differed Tax Liability 65.33 (9.37) 65.33

Tax for earlier year - - -

MAT Credit for earlier year - - -

profit After Tax 48.38 319.14 38.32

Balance Brought forward from last year 1079.65 760.51 1079.65

Profit Available for Appropriation 1128.03 1079.65 1117.97

Appropriations 1128.03 1079.65 1117.97

Dividend - - -

Balance Carried over to Balance sheet 1128.03 1079.65 1117.97

Earnings Per Share (Basic & Diluted) 1.44 14.56 1.14

Number of Shares* 3358818 _2358818 3358818

* Number of shares has shown in actual numbers.

# Previous year''s figures may have been regrouped wherever necessary.

REVIEW OF OPERATIONS

During the year under review, the Company earned a profit of Rs. 48.38 lacs as compared to a profit of Rs. 319.14 lacs for the previous year.

SUBSIDIARIES

During the financial year under review, the Company has floated its Wholly Owned Subsidiary ("100% Subsidiary" or "WOS") viz. Opal Luxury Products INC with a view to establish strong footprints in the US market for various products of the Company.

DIVIDEND

Considering requirements of the funds for business purpose, your Directors do not recommend any dividend for the year under review.

PARTICULARS OF EMPLOYEES

None of the employees of the Company is in receipt of remuneration exceeding the limit prescribed under Section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975. Therefore, the information required under Section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975, is not applicable to the Company.

DEPOSITS

The Company has not accepted any deposits from the public during the year under review and does not have any fixed deposits as at the date of the Balance Sheet.

DIRECTORS

During the year under review, there was no change in the composition of the Board of Directors of the Company.

In accordance with the provisions of the Companies Act, 2013 Mr. O K Balraj retire by rotation at the forthcoming Annual General Meeting and being eligible, seeks re-appointment.

Pursuant to the provisions of Model Listing Agreement for listing on SME Exchange, the Company had appointed Mr. Ramprasad Joshi, Mr. Pradeep Tupe and Mr. Ramachandran Nair as Independent Directors.

As per section 149(4) of the Companies Act, 2013 (Act), which came into effect from 01st April, 2014, every listed company is required to have at least one-third of the total number of directors as Independent Directors. In accordance with the provisions of section 149 of the Act, these Directors are being appointed as Independent Directors to hold office as per their tenure of appointment mentioned in the Notice of the forthcoming AGM of the Company.

NOTE ON CORPORATE GOVERNANCE

A separate section on Corporate Governance is included in this Report.

AUDITORS

M/s Bharat J Rughani & Co., Chartered Accountants, Mumbai who are the Statutory Auditors of the Company, hold office till the conclusion of the forthcoming AGM and are eligible for re-appointment. Pursuant to the provisions of section 139 of the Companies Act, 2013 and the Rules framed thereunder, it is proposed to appoint M/s Bharat J Rughani & Co., Chartered Accountants, Mumbai as Statutory Auditors of the Company from the conclusion of the forthcoming AGM till the conclusion of the Tenth AGM to be held in the year 2017, subject to ratification of their appointment at every AGM.

COST AUDIT

Cost Audit is not applicable to the Company under applicable provisions of the Companies Act, 2013 and the Rules framed thereunder for FY 2014-15.

CONSERVATION OF ENERGY, RESEARCH & DEVELOPMENT, TECHNOLOGY ABSORPTION

The provisions of Section 217(1)(e) of the Companies Act, 1956 read with the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 ("Companies Rules") relating to conservation of energy and technology absorption do not apply to the Company. The Company doesn''t fall under the list of Industries which are directed to furnish information in Form A Rule 2 of Companies Rule prescribed in this behalf.

However, the Company is taking adequate steps to conserve the energy at all the levels and also implementing various measures for reduction in energy consumption and its preservation.

There is no Technology Absorption during the year under review.

THE FOREIGN EXCHANGE EARNINGS AND OUTGO

Foreign Exchange Earnings: Rs. NIL

Foreign Exchange Outgo: Rs. 6.76 lacs (Expenses)

DIRECTORS'' RESPONSIBILITY STATEMENT

Pursuant to the requirements 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 along with proper explanation relating to material departures, if any;

(b) They have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent to give a true and fair view of the Company''s state of affairs at the end of the financial year and of the Company''s profit for that period;

(c) They have taken proper and sufficient care for the maintenance of adequate accounting records, in according to the provisions of this Act, to safeguard the Company''s assets and to prevent and detect fraud and other irregularities

(d) They have prepared the annual accounts on a going concern basis.

CAUTIONARY STATEMENT

The information and opinion expressed in the Report may contain certain forward-looking statements, which the management believes are true to the best of its knowledge at the time of its preparation. Actual results may differ materially from those either expressed or implied in the Report. Important factors that could make a difference to the Company''s operations include, among others, economic condition in the domestic and the overseas market in which the Company operates changes in the government regulations, tax laws and other statute and incidental factors.

ACKNOWLEDGEMENT

The Board of Directors of your Company wishes to record their appreciation for co-operation, support from all the stakeholders of the Company. Your Directors also gratefully acknowledge the sincere efforts and guidance extended to the Company by its customers, vendors, government authorities, bankers, employees.

For and on Behalf of the Board of Directors

Sameer Gujar Chairman & Managing Director

Place: Pune Date: May 26, 2014


Mar 31, 2013

The Directors have pleasure in presenting the Sixth Annual Report of the Company together with the Audited Financial Statements for the year ended March 31, 2013.

SUMMARISED FINANCIAL RESULTS

(Rs.in Lacs)

Year ended Year ended Particulars 31.03.2013 31.03.2012

Turnover / Income (Gross) 2,425.15 1,821.24

Turnover/Income Net) 2,269.13 1,721.53

Other Income 13.30 9.09

Total Expenditures 1,752.50 1,255.11

Interest and Finance Cost 165.30 171.69

Depreciation 52.42 12.85

Profit Before Tax 312.21 290.98 Tax Expenses

Current Tax 62.47 56.57

MAT Credit (60.02) (54.80)

Differed Tax Liability (9.37) 1.84

Tax for earlier year - 2.83

MAT Credit for earlier year - (2.88)

Profit After Tax 319.14 287.42

Balance Brought forward from last year 760.51 473.09

Profit Available for Appropriation 1,079.65 760.51

Appropriations 1,079.65 760.51

Dividend

Balance Carried over to Balance sheet 1,079.65 760.51

Earnings Per Share (Basic & Diluted) 14.56 23.47

Number of Shares* 2358818 2177000

* Number of shares has shown in actual numbers.

# Previous year''s figures have been regrouped wherever necessary.

REVIEW OF OPERATIONS

During the year under review, the Company earned a profit of Rs. 319.14 lacs as compared to a profit of Rs. 287.42 lacs for the previous year.

INITIAL PUBLIC OFFER (IPO)

The Company raised Rs. 1,300 lacs from public through its Initial Public Offer (IPO) during March 2013. In the month of April 2013 the Company issued & allotted 1000000 equity shares of Rs. 10/- each at a premium of Rs. 120/- per share under IPO.

Prior to the IPO, the Company allotted 181818 equity shares of Rs. 10/- each at a price of Rs. 110/- per share aggregating to Rs. 200 lacs approx. to "SIDBI Trustee Company Limited A/c India Opportunities Fund, managed by SIDBI Venture Capital Limited" (SVCL) under Pre-IPO placement.

The Company got listed on Emerge platform of National Stock Exchange of India Limited on April 12, 2013.

IPO funds shall be utilized broadly for Investments in moulds, tools & equipments and indigenisation of the designs for expansion of the existing manufacturing facility, branding and general corporate purposes as specified in the offer document.

DIVIDEND

Considering requirements of the funds for business purpose, your Directors do not recommend any dividend for the year under review.

PARTICULARS OF EMPLOYEES

None of the employees of the Company is in receipt of remuneration exceeding the limit prescribed under Section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975. Therefore, the information required under Section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975, is not applicable to the Company.

FIXED DEPOSITS

The Company has not accepted any deposits from the public during the year under review and does not have any fixed deposits as at the date of the Balance Sheet.

DIRECTORS

During the year under review, Mr. Ramprasad Joshi was appointed as an Additional Director of the Company by the Board. Later on he was appointed as an Independent Director by the members at their Meeting held on October 25, 2012. Further, Mr. O K Balraj, Mr. Pradeep Tupe and Mr. Ramachandran Nair were inducted to the Board of the Company as Additional Directors holding office till the ensuing Annual General Meeting. (Mr. O K Balraj is a Nominee Director representing interest of Innoventive Venture Limited whereas Mr. Pradeep Tupe and Mr. Ramachandran Nair are Independent Directors).

In accordance with the provisions of the Companies Act, 1956 and the Articles of Association of the Company, Ms. Pratibha Gujar and Mr. Ramprasad Joshi, retire by rotation at the forthcoming Annual General Meeting. Both of them, being eligible, seek re-appointment.

Pursuant to the requirement of the Listing Agreement of Stock Exchanges on Corporate Governance, the information about the Directors proposed to be appointed / re-appointed at the Annual General Meeting is given in the annexure to the Notice calling Sixth Annual General Meeting.

NOTE ON CORPORATE GOVERNANCE

A separate section on Corporate Governance is included in this Report.

AUDITORS

M/s Bharat J Rughani & Co., Chartered Accountants, Mumbai retire and, being eligible, offer themselves for appointment.

The Board of Directors recommends their appointment.

COST AUDIT

Pursuant to Section 233B and other applicable provisions. If any, of the Companies Act, 1956 and orders passed by Cost Audit Branch of Ministry of Corporate Affairs from time to time in this behalf, the Board has appointed M/s A J Paranjape & Co., Cost Accountant, to audit the cost accounts of the Company for the financial year 2013-14, subject to necessary approval of Central Government.

CONSERVATION OF ENERGY, RESEARCH & DEVELOPMENT, TECHNOLOGY ABSORPTION

The provisions of Section 217(1)(e) of the Companies Act, 1956 read with the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 ("Companies Rules") relating to conservation of energy and technology absorption do not apply to the Company. The Company doesn''t fall under the list of Industries which are directed to furnish information in Form A Rule 2 of Companies Rules prescribed in this behalf.

However, the Company is taking adequate steps to conserve the energy at all the levels and also implementing various measures for reduction in energy consumption and its preservation.

There is no Technology Absorption during the year under review.

THE FOREIGN EXCHANGE EARNINGS AND OUTGO

Foreign Exchange Earnings: NIL Foreign Exchange Outgo: Rs. 7.43 lacs

DIRECTORS'' RESPONSIBILITY STATEMENT

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

(a) That in the preparation of Annual Accounts for the financial year ended on March 31, 2013, the applicable accounting standards had been followed along with proper explanation relating to material departures, if any;

(b) That the Directors had selected such accounting policies and applied them consistently and made judgments and estimates that were reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year ended March 31, 2013 and of the profit of the Company for that year;

(c) That 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 the Companies Act, 1956, for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities, to the best of their knowledge and ability; and

(d) That the Directors had prepared the Annual Accounts for the financial year ended on March 31, 2013 on a going concern basis.

CAUTIONARY STATEMENT

The information and opinion expressed in the Report may contain certain forward-looking statements, which the management believes are true to the best of its knowledge at the time of its preparation. Actual results may differ materially from those either expressed or implied in the Report. Important factors that could make a difference to the Company''s operations include, among others, economic condition in the domestic and the overseas market in which the Company operates changes in the government regulations, tax laws and other statute and incidental factors.

ACKNOWLEDGEMENT

The Board of Directors of your Company wishes to record their appreciation for co-operation, support from all the stakeholders of the Company. Your Directors also gratefully acknowledge the sincere efforts and guidance extended to the Company by its customers, vendors, government authorities, bankers, employees.

For and on Behalf of the Board of Directors

Sameer Gujar Chairman & Managing Director

Place: Pune

Date: May 16, 2013

Find IFSC

News
Company News
Page Not Found, Goodreturns.in
Page not found

The page you requested cannot be found. The page you are looking for might have been removed, had its name changed, or is temporarily unavailable.

Please try the following:

  • If you typed the page address in the Address bar, make sure that it is spelled correctly.

  • Open the Money homepage and look for links to the information you want.

  • Use the navigation bar to find the link you are looking for.

  • Click the "Back" button to try another link.