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Directors Report of Parnav Sports Academy Ltd.

Mar 31, 2014

TO THE MEMBERS

The Directors are pleased to present the 6th Annual report of your Company with the Audited Accounts for the year ended on March 31st 2014:

FINANCIAL RESULTS

Particulars For the year ended For the year ended March 31st 2014 March 31st 2013

Total Income 15339273 5355478

Profit/(Loss) before tax 303719.42 191425.51

Provision for Income Tax 93850 59150

Profit/(Loss) after tax 209869.42 132275.51

Profit/(Loss) adjusted - -

Profit/(Loss) carried to 209869.42 132275.51 Balance Sheet

RESULTS OF OPERATIONS

Operating in a volatile and uncertain environment, the Company demonstrated the resilience of its business model. The Company delivers robust profits in the financial year 2013-14. The highlights of the Company's performance are as mentioned above.

DIVIDEND

To plough back the profits in to the business activities, no dividend is recommended this year.

INCREASE IN AUTHORISED SHARE CAPITAL

The authorized share capital of the Company is being increased from Rs. 1,27,500,000 (Rupees Twelve Crore and Seventy Five Lakhs only) to Rs. 1,35,000,000 (Rupees Thirteen Crore and Fifteen Lakhs only) by creation of 1,28,80,000 (One Crore Twenty Eight Lacs and Eighty Thousand) of Rs.10/- each dated October 01st 2013.

CONVERSION FROM PRIVATE LIMITED TO PUBLIC LIMITED

We are pleased to inform you that the status of our Company converted from private limited to public limited w.e.f. December 26, 2013. Further, the name of the Company changed from

M/s PARNAV SPORTS ACADEMY PRIVATE LIMITED to M/S PARNAV SPORTS ACADEMY LIMITED. Pursuant to the provisions of Section 14 of the Companies Act, 2013 (Corresponding to 31 of the Companies Act, 1956) the existing Articles of Association of the Company substituted with the new set of Articles having all the provisions of the Public Limited Company.

DIRECTORS

Mr. Ranjeet Kumar who was co-opted as an Additional Director on the board of the company with effect from 27.12.2013 respectively and who ceases to hold the office at this Annual General Meeting and in respect of whom a notice under section 160 of the Companies Act, 2013 has been received from a member along with requisite deposit proposing his candidatures for the office of a Director on the Board of the Company.

Mr. Ankit Agrawal, who was appointed as an Additional Director of the Company with effect from 27.12.2013, he holds office until the date of the Annual General Meeting of the Company. The Company has received notice under Section 160 of the Companies Act, 2013 proposing the candidature of him for the office of the Director under the provisions of Section 160 of the Companies Act, 2013.

Mr. Ankit Agrawal was appointed as Whole time Director with effect from 27.12.2013, subject to the approval of Members at the ensuing Annual General Meeting and subject to the approval of the Central Government, if any, for a period of five(05) years.

Mr. Deepak Tiwari is retire by rotation and being eligible for reappointment has offered himself for reappointment as director of the Company, retire by rotation.

The Board of Directors has recommended these appointments for your approval.

Also, during the year under review, Mr. Amit Kumar Saxena and Mr. Mukesh Kumar resigned from the Board w.e.f. March 04, 2014.

INDEPENDENT DIRECTOR

Pursuant to Section 149 of the Companies Act, 2013(new act) read with the Rules made thereunder, the Independent Directors shall hold office for a period of upto 5 consecutive years and shall not be liable to retire by rotation. They may be appointed for a maximum of two consecutive terms of upto 5 years each. In terms of Presently, Ms. Ranjeet Kumar and Mr. Prashant Sigh Tomar are the Independent Directors of the Company. As per their existing terms of appointment, all of them are liable to retire by rotation. However, under the new act and the Listing Agreement, they may be appointed afresh with a fixed period of upto 5 years.

The Board considered the independence of each of the above mentioned Directors in terms of Section 149 and Schedule IV to the Companies Act, 2013 and the Listing Agreement and was of the view that the proposed directors fulfill the criteria of independence as mentioned in the above provisions and can be appointed in the above provisions and can be appointed as Independent Directors. All the proposed Directors possess requisite qualifications, appropriate skills, experience and knowledge in one or more fields of finance, law management, marketing, administration, technical operations and other disciplines related to Company’s business, positive attributes, already being on the Board of the Company and benefits that the Company will derive with their appointment, the Board has recommended their appointment as Independent Directors of the Company to hold office for a term of five consecutive years commencing from the date of Annual General Meeting of the Company.

PREFERENTIAL ALLOTMENT

The Company has made following preferential allotment during the financial year 2013-2014:

Date of Allotment No. of shares Face Value Amount

01/01/2014 8,25,000 10 82,50,000

04/01/2014 17,53,000 10 1,75,30,000

07/01/2014 7,13,500 10 71,35,000

09/01/2014 8,32,000 10 83,20,000

11/01/2014 7,27,500 10 72,75,000

14/01/2014 7,41,000 10 74,10,000

16/01/2014 16,88,000 10 1,68,80,000

18/01/2014 6,35,000 10 63,50,000

LISTING OF EQUITY SHARES ON BSE LIMITED

During the year under review, Your Company has applied for listing of its equity shares on the SME ITP plate form of BSE Limited.

AUDITORS

The existing Auditors NKG & Co., Chartered Accountants, retire at the conclusion of the ensuing Annual General Meeting and has shown their inability to continue as Statutory Auditors of the Company.

Also, the Company has received a letter from M/s. SINGH R. K. & ASSOCIATES, Chartered Accountants, FRN 027247N to the effect that their appointment, if made, would be in accordance with the Act and that they are not disqualified for such appointment.

A Board of Directors of the company has recommended their appointment in the ensuing

AUDITORS OBSERVATIONS / QUALIFICATIONS

The Auditors observations / qualifications are detailed in the Auditor's Report annexed hereto are self explanatory and be read together with the notes to the accounts in the Schedule annexed to the Account.

INDUSTRIAL RELATIONS

During the year under review, your Company enjoyed cordial relationship with workers and employees at all levels.

SUBSIDARY COMPANIES

The Company does not have any subsidiary.

CONSOLIDATED FINANCIAL STATEMENTS

Since there is no subsidiary of the Company at present, hence no consolidated financial statements have been prepared.

DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to the provisions of Section 217(2AA) of the Companies Act, 1956 the Directors confirm:

a) In the preparation of the annual accounts, the applicable accounting standards had 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 were reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at 31st March, 2014 and of the Profit or Loss of the company for the year under the review.

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, in 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, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNING AND OUTGO

The provisions of Section 217 (1) (e) of the Companies Act, 1956 read with Companies (Disclosure of Particulars in the Report of Board of Directors) Rules 1988 are not applicable to the Company. Therefore, the information relating to conservation of energy or technology absorption etc. is not given. There has been no foreign exchange earnings and outgo during the year under Report

PARTICULARS OF EMPLOYEES

The provisions of section 217(2A) of the Companies Act 1956 are not applicable as no Employee was in receipt of remuneration to the extent laid down therein

PERSONNEL

The Management-Employees relations remained very cordial throughout the year. Your Directors wish to place on record their appreciation of sincere and devoted services rendered by all the workers and staff at all levels.

AKNOWLEDGEMENT

Your Directors would like to express their appreciation for the assistance and co-operation received from the cooperative banks, Government Authorities, customers, vendors and, members during the year under review. Your Directors also wish to place on record their deep sense of appreciation for the committed services by the Company's executive's, Staff.

By Order of the Board

For PARNAV SPORTS ACADEMY LIMITED

Place: New Delhi DEEPAK TIWARI ANKTI AGARWAL

Date: 03/09/2014 DIRECTOR DIRECTOR

DIN: 06653035 DIN: 06705022


Mar 31, 2013

To the members,

The Directors are pleased ta present their Fifth Annual Repart on the working af the Company far the period from l* April, 2012 to 31st March, 2013 with audited statements of accounts :-

Financial Results

During the periad ended an 31st March, 2013, the Company has done business and has earned Lasses. Detailed summary af the financial is provided hereunder:

31.03.2013 31.03.2012

Profit before Tax 191425.51 13448.22

Provision far Income Tax

Current Tax 54386.00 4360.00

Deferred Tax 4764.00 0.00

Profit After Taxation 132275.51 9088.22

Profit and Loss for the period 132275.51 9088.22

Dividend

Yaur Directors have decided nat to recommend any dividend for the periad under review,

Directors

None of the Directors af the Company is disqualified for appointment / re- appointment under Section 274(1 ](g) of the Companies Act, 1956 and the Rules made there under.

Auditors

M/s. N.K.G & Ca., Chartered Accountant, Chartered Accountant is liable ta retire at the conclusion of the Annua! General Meeting and being eligible, have offered themselves far re-appaintment.

Particulars of Employees

There is na Employee in respect of wham information as per section 217(2A) af the Companies Act, 1956 read with Companies (Particulars of Employees) Rules 1975 is required ta be furnished.

Conservation of Energy: Technology Absorption and Foreign Exchange Earnings & Outgo

Pursuant to section 217[l){e] of the Companies Act, 1956, read with the Companies (Disclosure of particulars in the report of Board of Directors) Rules, 1988, the Board does not require to disclose any information. During the year under review, the Company has neither earned nor incurred any expenditure in any foreign currency.

Auditors Report

The Audit Report and Notes as referred to by the Auditors in their Report are self explanatory, and hence do not require any further explanations.

Deposits

During the year under review, the Company neither invited nor accepted any deposit from the public under Section 58A of the Companies Act, 1956 and the Rules made there under.

Buy Back

The Company has not made any offer for buy back of any of its securities during the period under review.

Directors Responsibility Statement

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

1. That in the preparation of the annual accounts for the period from lsf April, 2012 to 31st March, 2013 the applicable Accounting Standards had been followed along with proper explanation relating to material departures;

2. 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 or loss ot the Company for that period;

3. That the Directors had 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 your Company and for preventing and detecting fraud and other irregularities; and

4. That the Directors had prepared the annual accounts for the period from 1st April, 2012 to 31st March, 2013 on a going concern basis.

Acknowledgment

The Directors take this opportunity to express their sincere appreciation for the contribution and support of the Bankers and Business Associates and the Managemlnt.

On behalf of the Board of Parnav Sports Academy Private Limited

Anil Kumar Sushil Kumar (Director) (Director) Place: New Delhi Date: 26/08/2013


Mar 31, 2012

Dear Members,

The Directors take pleasure in presenting Annual Report of the company together with Audited Statement of Accounts for the financial year ended on March 31, 2012 and Auditors'' Report thereon.

1. Financial Results: During the financial year under review, your company has made a Profit of Rs 13448.22/= (Previous Year Loss of Rs. 5346/-) before tax. Your Directors hope to do better business in coming financial year.

2. Dividend: In view of the unsatisfactory result, the Board of Directors has decided not to pay any dividend for the year under review.

3. Deposit: The Company has neither invited nor accepted any public deposits during the financial period.

4. Conservation of energy, technology, absorption, foreign exchange earning & outgo

a. ) As regards to disclosure u/s 217(i)(e) of the Companies Act, 1956 read with Rule 2 of the Companies (Disclosure of Particulars in the Report of Board of Directors) Rule. 1988.

particulars relating to conservation of energy are not application to the company.

b. ) Disclosure of information relating to Foreign Exchange earning & outgo as required under Rule 2(i) is Nil.

5. Employee: During the year the company did not employ any employee who is in receipt remuneration of Rs. 2,00,000/- or more per month or Rs. 24,00.000/- or more per annum, therefore provisions of Section 217(2A) of the Companies Act, 1956 are not applicable to the company.

6. Auditors: M/S Kumar Agarwal Singh Chaudhary & Co., Chartered Accountants. Statuary Auditors of the Company hold office until the ensuing Annual General Meeting. It is proposed to re-appoint them to examine and audit the accounts of the company for the next financial year. The Auditor of the company has furnished certificate under Section 224(1) of the Companies Act, 1956, of their eligibility for reappointment.

7. Responsibility Statement: The responsibility statement pursuant to Section 217 (2AA) ot the Companies Act, 1956 as amended by Companies (Amendment) Act, 2000 are as under:

i.) The said annual account has been prepared in compliance of all applicable accounting standards.

ii) All accounting policies selected for preparing accounts has been consistently applied and wherever required, judgments and estimates are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end ot the financial year and in case of Profit and Loss accounts for that period.

iii) Proper and sufficient care has been taken to maintain adequate accounting records as per the provisions of the said Act and also sufficient care has been taken for the safeguard ol the assets of the Company including preventing and detecting frauds and other irregularities.

iv) The said annual accounts have been prepared on a going concern concept basis.

8. Acknowledgement: The management acknowledges with gratitude, the cooperation extended by the company''s staff and members and other outside agencies.

For and on behalf of the Board ot Directors

For Parnav Sports Academy Pvt. Ltd.

Chairman Director

Place: New Delhi

Date: 31.08.2012


Mar 31, 2011

Dear Members,

On behalf of the Board of Directors of your company, it is our privilege to present Third Annual Report and Audited Statements of Account for the financial year ended 31st March 2011 together with Auditors Report.

FINANCIAL RESULTS

During the year under review, company has incurred a loss of Rs. 5,346/-. Further there are no other major financial highlights to be mentioned in Directors report.

TRANSFER TO RESERVES

Company has no operational profits, so nothing has been transferred to reserves.

DIVIDEND

As there is no operational profit, Board of Directors has not recommended any dividend.

OPERATIONS

Company is in process of strengthening its operations and your directors are of opinion that soon company will start generating profits.

DIRECTORS

At present company have Two Directors, Mr. Anil Kumar & Mr. Sushil Kumar.

COMMENTS ON AUDITORS REPORT

Report of Auditors to the members of the company does not contain any adverse remarks.

STATUTORY DISCLOSURES

None of the directors of your company is disqualified as per provision of section 274(1) (g) of the Companies Act, 1956. Your Directors have made necessary disclosures, as required under various provisions of the Act.

RESPONSIBILITY STATEMENTS

In pursuance of provisions of Section 217(2AA), we hereby confirm that:

1) That in the preparation of the Annual Accounts for the period ended as on 31st March 2011, the applicable accounting standards had been followed and no material departure has been identified.

2) Accounting Policies have been consistently applied in a reasonable and prudent manner so as to give true and fair view of the state of affairs of the Company for this financial year ending 31st March 2011 and of the Profit and Loss Account for this financial year ending as on 31st March 2011.

3) Proper and sufficient care has been taken for the maintenance of adequate records in accordance with the applicable provisions for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

4) The Accounts have been prepared on the going concern basis.

AUDITORS

M/s Anupam Parashar, Chartered Accountants, statutory auditors of the Company, retires at the conclusion of the ensuing Annual General Meeting and has given their consent for their reappointment as statutory Auditors in forthcoming Annual General meeting.

NOTES TO ACCOUNTS

They are self-explanatory and do not require any explanations.

FIXED DEPOSITS:

The company has not accepted any fixed deposits during the year

ACKNOWLEDGEMENT

Your Directors appreciates the continuous support and co-operation that the Company has received from its bankers, employees and members and other Government Departments.

For and on Behalf of the Board of Directors

Date: 05-09-2011 Place: Delhi Sd/- Sd/- Director Director

 
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