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Directors Report of Parshwanath Corporation Ltd.

Mar 31, 2015

Dear Members,

The Directors present this ANNUAL REPORT and Audited Accounts for the year ended on 31st March, 2015.

FINANCIAL RESULTS

(Rs. in Lakhs)

Particulars 2014-2015 2013-2014

Total Revenue from Operations 59.61 15.91

Other Income 74.02 58.58

Profit before Finance Cost and Depreciation 66.99 (1.03)

Less: Finance Cost 0 4.32

Profit/(Loss) before Depreciation 66.99 (5.34)

Less: Depreciation 14.73 8.95

Profit/(Loss) before Tax 52.26 (14.31)

Current Tax 18.00 -

Deferred Tax - -

Tax expense for earlier years (26.48) -

Balance of Profit/(Loss) for the year 60.74 (14.31)

OPERATIONS

A. PERFORMANCE

1. The total Revenue of the Company for the year ended on 31st March, 2015 has been increased from Rs.74,50,131 Rs. of previous year to Rs. 133,62,704 Rs. in the current year, which is worth appreciating. The Company does not have any project in present time. The company is generating revenue from interest business.

2. The profit of the Company during the previous year was Rs. (-14,31,053). However, during the current year, it mounted to Rs. 60,74,364 which was higher than Previous Year. The proper planning and knowledge of the management in investing the Company's funds at right place and at right time has brought good results. The efficiency of the Directors in this field has proved to be beneficial for the Company.

B. CURRENT OUTLOOK

The Company is engaged in the business of housing finance, Construction and development of housing projects in India. But currently company does not have any ongoing projects. Company is earning from the interest of previous Investment. The Directors of the Company are expecting future growth which shall be beneficial to the stakeholders of the company.

DIVIDEND

The Board of Directors of the Company is of the opinion to retain the profits in to the business of the Company for future investment therefore does not recommend any dividend for the financial year 2014-15.

TRANSFER TO RESERVE:

The Company has decided to transfer Rs.60,74,364 to reserves of the Company.

PUBLIC DEPOSITS

The Company has not accepted any deposits from the Public during the year under review.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS

The details of Loans, Guarantees or Investments are provided in the notes to the Financial Statement. Further, the Company has made following investment, which was dominated during the year as follows:

Particulars Amount

Investment in Equity Instruments (Quoted) 5,25,000

Less: Provision for diminution in value of Investment 3,50,000

Government Securities - NSC 10,000

Total 1,85,000

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO

1) Conservation of Energy and Technology Absorption :

The year under review, there are no manufacturing activities undertaken by the Company. However, the Company has made necessary endeavor to conserver the non - renewable resources and Energy and has taken utmost care to use the latest technology to conserve the energy.

2) Foreign Exchange Earnings : NIL Foreign Exchange Outgos : NIL

PARTICULARS OF EMPLOYEES

The information required under section 197 of the Act read with rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are given below:

a. The ration of the remuneration of each director to the median remuneration of the employees of the Company for the financial year:

Name of the Directors Ratio

Mr. Navnitbhai C. Patel (Chairman) 0.83:1

Mr. RushabhNavnitbhai Patel (Managing Director) 2.5:1

Mrs. RiddhiRushabh Patel(Joint Managing Director) 0.42:1

The percentage increase in remuneration of each director, Chief Executive Officer, Chief Financial Officer, Company Secretary in the financial year.:

Name of the Directors % Increase

Mr. Navnitbhai C. Patel (Chairman) -75%

Mr. Rushabh Navnitbhai Patel (Managing Director) NIL

Mrs. Riddhi Rushabh Patel (Joint Managing Director) -75%

b. The percentage increase in the median of employees in the financial year: -4.34%

c. The number of permanent employees on the rolls of the Company: 3

d. The remuneration of the Directors was Rs.27,00,000 in previous year which is decrees to Rs. 13,50,000 during the review period.

e. Comparison of the remuneration of the key managerial personnel against the performance of the Company: (Amt in Lacs)

Average remuneration of key managerial Amount personnel (KMP) in FY-2015 (Per Month)

Mr. Navnitbhai C. Patel (Chairman)* 1,00,000

Mr. RushabhNavnitbhai Patel (Managing Director) 75,000

Mrs. RiddhiRushabh Patel (Joint Managing Director)* 50,000

*Mr. Navnitbhai C. Patel and Mrs. Riddhiben R. Patel received remuneration from the month April, May and June. Whereas Mr. Rushabh N. Patel has received Remuneration for the Whole Year under Review.

As compare to the last year Company has earned profit of Rs. 60,74,364 and total remuneration paid during the year to the Directors is Rs. 13,50,000.

f. Variation in the market capitalization of the Company, price earnings ratio as at the closing date of current financial year and previous financial year (Rs in Lacs)

Particulars March 31, 2015 March 31, 2014 % Change

Market capitalization* — — —

Price Earning Ratio 7.92 -0.04 1000%

g. Percentage increase over decrease in the market quotation of the shares of the Company in comparison to the rate at which the Company come out with the last Public Offer. :- N.A.

h. Average percentile increase already made in the salaries of the employee other than the managerial personnel in the last financial year and its comparison with the percentile increase in the managerial remuneration and justification thereof and point out if there are any exceptional circumstances for increase in the managerial remuneration: N.A

i. Average Percentile increase already made in the salaries of employees other than the managerial personnel in the last financial year and its comparison with the percentile increase in the Managerial remuneration and justification thereof and point out if there are any exceptional circumstances for increase in the managerial remuneration:: N.A

j. The Key parameters for any variable component of remuneration availed by the Directors: Services provided to the company.

k. The ratio of the remuneration of the highest paid director to that of the employees who are not directors but receive remuneration in excess of the highest paid director during the year: No Employees are there who are receiving any amount in excess of remuneration paid to the director

l. Affirmation that the remuneration is as per the remuneration policy of the Company.

We affirm that the remuneration paid to the Managerial personnel is as per the remuneration policy of the Company.

There is no employee covered under section 197(12) of the Companies Act, 2013 read with Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.

CORPORATE SOCIAL RESPONSIBILITY (CSR) INITIATIVES

The Company has not developed and implemented any Corporate Social Responsibility initiatives as the said provisions are not applicable.

STATEMENT CONCERNING DEVELOPMENT AND IMPLEMENTATION OF RISK MANAGEMENT POLICY OF THE COMPANY

Considering the present condition of the company the company has formulated the risk management policy. The board is being regularly provided with information which may have potential threat of risk as and when required.

DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to the provisions of Section 134(5) of the Companies Act, 2013, the board of directors, to the best of their knowledge and ability confirm and state that -

i. In the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures;

ii. 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;

iii. The Directors have 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;

iv. The Directors had prepared the annual accounts on a 'going concern' basis;

v. The Directors had laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and were operating effectively; and

vi. The Directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

EXTRACT OF THE ANNUAL RETURN

The details forming part of the extract of the Annual Return in form MGT-9 is annexed herewith as "Annexure A".

DIRECTORS AND KEY MANAGERIAL PERSONNEL

1. Appointment or Resignation/ Cessation of Director and KMP:

During the year under review, there are no changes in directorship of the Company. The Company has not appointed key managerial personnel however; company is under consideration to appoint Key managerial personnel as per Section 203 of the Companies Act, 2013.

2. Retirement by Rotation

In accordance with the Articles of Association of the Company and the provisions of the Companies Act, 2013, Mrs. Riddhiben R. Patel retires by rotation and being eligible, seeks re-appointment.

DECLARATION BY INDEPENDENT DIRECTORS

The Company do have formation of board as per Companies Act, 2013 as well as per Listing Agreement all the independent director attending the meetings of the Company and have given declaration to the Company stating their independence pursuant to Section 149(6) of the Companies Act, 2013. There has been no change in the circumstances which may affect their status as independent director during the year.

BOARD MEETINGS

The Board of Directors met 5 (Five) times during the year. The details of the meeting are as below:

Sr. Date of meeting Sr. No Date of meeting No.

1 27.05.2014 4 11.11.2014

2 13.08.2014 5 13.02.2015

3 23.09.2014

BOARD EVALUATION

During the year, the Board adopted a formal mechanism for evaluating its performance and as well as that of its Committees and individual Directors, including the Chairman of the Board.

The evaluation framework for assessing the performance of Directors comprises of the following key areas:

* Attendance and participation in the Meetings and timely inputs on the minutes of the meetings

* Adherence to ethical standards & code of conduct of Company and disclosure of non * independence, as and when it exists and disclosure of interest

* Raising of valid concerns to the Board and constructive contribution to resolution of issues at meetings

* Interpersonal relations with other directors and management

* Objective evaluation of Board's performance, rendering independent, unbiased opinion

* Understanding of the Company and the external environment in which it operates and contribution to strategic direction

* Safeguarding interest of whistle-blowers under vigil mechanism and Safeguard of confidential information

The valuation involves Self-Evaluation by the Board Member and subsequently assessment by the Board of Directors. A member of the Board will not participate in the discussion of his / her evaluation.

EQUAL OPPORTUNITY EMPLOYER

The Company has always provided a congenial atmosphere for work to all employees that is free from discrimination and harassment including sexual harassment. It has provided equal opportunities of employment to all without regard to their caste, religion, colour, marital status and sex. The Company has also framed a Policy on "Prevention of Sexual Harassment" at the workplace. There were no cases reported under the said Policy during the year.

REMUNERATION POLICY

Pursuant to the provisions of Section 178, Company was required to constitute a Nomination and Remuneration Committee and to adopt the remuneration policy. The Company has formulated remuneration policy. Brief of the same has been provided in the Corporate Governance report.

AUDIT COMMITTEE:

During the year under review the board has re-constituted the audit committee in accordance with the applicable provision of the companies Act, 2013 and listing agreement. The composition of the committee is as under:

Name of the Director Designation

Mr. Ramanbhai H. Patel Chairman

Mrs. Riddhiben R. Patel Member

Mr. Arvindbhai B. Patel Member

The meeting of the Audit committee held on 27.05.2014, 13.08.2014, 11.11.2014 and 13.02.2015 during the year under review.

STATUTORY AUDITORS

Pursuant to provisions of Section 139 of the Companies Act, 2013 and the rules framed there under, appoint M/s. Manubhai & Shah (FRN: 106041W), Chartered Accountants, Ahmedabad were reappointed as statutory auditors of the Company for a period of one year, from the conclusion of this Annual General Meeting till the conclusion of AGM to be held for the financial year 2015-16.

COMMENT ON AUDITOR'S REPORT:

The report of the Auditor is Self-explanatory and no further comments required for the same.

COST AUDIT

As per section 148 of the Companies Act, 2013 read with the Companies (Audit and Auditors) Rules, 2014, Company is in construction business, and the Companies (Cost Records and Audit) Amendment Rules, 2014 (the Rules) are applicable to the Company but company does not fall under the criteria mentioned in the Rules.

SECRETARIAL AUDITOR

The provisions of Section 204 of the Companies Act, 2013 mandates Secretarial Audit of the Company to be done from the financial year commencing on or after 1st April, 2014 by a Company Secretary in Practice. The Board of Directors of the Company has appointed Mrs. Kajal Shukla (Fellow Membership No. 8042, Certificate of Practice No. 8267) of M/S K. A. Shukla & Associates, Practicing Company Secretaries, Ahmedabad to conduct the Secretarial Audit of the Company for the financial year 2014-15 and her SecretarialAudit Report is appended to this Report in MR - 3 which forms part of the Board's Report.

The explanations to the observation given in the Secretarial Audit report are as follows:

1. In respect to the qualification made by the Secretarial Auditor in their report towards the point (i), (ii), (ill), (iv) & (xii) of the Report, we would like to state that, the management is in process of formulating organization structure in order to follow the eligible compliances to the company;

2. Point (v) of the report made by the Secretarial Auditor, being self explanatory, hence no further comments required;

3. In respect of the qualification made in point (vii) of the Secretarial Audit Report, the company is under process to availing suitable candidates;

4. In respect of the qualification made in the point (viii) of the Secretarial Report, the unaudited financial statement are subject to the limited review by the Auditor of the Company, but the limited review report is not being attached along with the unaudited results;

5. In respect of point (vi) of the Secretarial Audit Report, as the 2(two) out of the 4(four) Independent Directors had the continuous leave of absence, since long period, they have de facto ceased to be the director of the Company. In this respect the company is under the process of reconstituting of the Board of Director and its committee members in compliance with the Clause 49(II)(A) and Section 149 of the Companies Act, 2013;

6. In respect of point (ix) of the Secretarial Audit Report, the company is under process of maintenance of proper updated website on its portal;

7. In respect of point (x) of the Secretarial Audit Report, a proceeding was under process with Securities and Exchange Board of India (SEBI) in respect of non - compliance of the Minimum Public Shareholding in respect of Securities Contract (Regulation) Act, 1956; the matter was resolved and was complied by issue bonus shares other than non - promoter group dated 23rd September, 2014, after taking necessary approvals;

8. In respect of point (xi) of the Secretarial Audit Report, a settlement process has been initiated by the SEBI, in respect of Section 23E and Section 23H of the Securities Contract (Regulation) Act, 1956, for the purpose of unauthorized off - loading of promoters shareholding in order to reduce the non - public shareholding. The matter is still under process.

INTERNAL AUDITOR:

In terms of Section 138 of the Companies Act, 2013 read with the Companies (Accounts) Rules, 2014, the company has appointed M/s. Trupal J. Patel & Co, Chartered Accountant as the internal auditor of the Company.

RELATED PARTY TRANSACTIONS

There were no contract or arrangements made with related parties as defined under Section 188 of the Companies Act, 2013 during the year under review so AOC-2 shall not be required. The Disclosure regarding the related party transaction has been provided in notes to the financial statement.

SUBSIDIARY COMPANIES / ASSOCIATE COMPANIES / JOINT VENTURE

The Company does not have any Subsidiary, Associate Company or Joint Venture.

WHISTLE BLOWER &VIGILMECHANISM

The Company has established a "Whistle Blower and Vigil Mechanism Policy" for Directors and employees to report the genuine concerns. The provisions of this policy are in line with the provisions of Section 177(9) of the Companies Act, 2013 and the revised clause 49 of the Listing Agreements with the stock exchanges.

ANNUAL EVALUATION OF BOARD'S PERFORMANCE

The information pertaining to Annual Evaluation of Board's performance as required to be stated in terms of section 134(3)(p) of the Companies Act, 2013 read with Rule 8(4) of the Companies (Accounts) Rules, 2014 have been provided in the Corporate Governance Report forming part of this Annual Report.

CORPORATE GOVERNANCE AND MANAGEMENT DISCUSSION & ANALYSIS REPORTS

A separate report on corporate Governance and Management and Analysis forms part of Annual report and the certificate from the Company's auditors regarding compliance of conditions of corporate Governance is annexed to the Corporate Governance Report.

MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE COMPANY

There have been no material changes and commitments, affecting the financial position of the Company which have occurred between the end of the financial year of the Company to which the financial statements relate and the date of the report.

SIGNIFICANT AND MATERIAL ORDERS

The Securities and Exchange Board of India Passed an Order on 08.01.2015 with reference to interim order passed on 4th June 2013 regarding non compliance with the minimum Public shareholding. The Company is now under settlement procedure with SEBI regarding off loading of shares of promoter's group in public without permission of SEBI.

INTERNAL CONTROL SYSTEMS

The Company has an adequate system of internal control procedures which is commensurate with the size and nature of business. Detailed procedural manuals are in place to ensure that all the assets are safeguarded, protected against loss and all transactions are authorised, recorded and reported correctly. The internal control systems of the Company are monitored and evaluated by internal auditors and their audit reports are periodically reviewed by the Audit Committee of the Board of Directors. The observations and comments of the Audit Committee are also generally placed before the Board.

CAUTIONARY STATEMENT

Statements in the Boards' Report and the Management Discussion and Analysis describing the Company's objectives, explanations and predictions, may be forward looking within the meaning of applicable securities laws and regulations. Actual results may differ materially from those expressed in the statement. Important factors that could influence the company's operations include: global and domestic demand and supply conditions affecting selling prices, new capacity additions, availability of critical materials and their cost, changes in government policies and tax laws, economic development of the country, and other factors which are material to the business operations of the Company.

APPRECIATION

Your Directors place on record their appreciation and gratitude for the excellent support the Company has received from its workers, employees, customers, vendors and shareholders. They also express their sincere thanks to the CDR Cell, the Bankers and various State Governments for the valuable support extended to the Company.

On Behalf of the Board of Directors For, Parshwanath Corporation Limited.

Place: Ahmedabad Date : 31.08.2015 Sd/- Sd/- Mr. Navnitbhai C. Patel Mr. Rushabh N. Patel Chairman Managing Director DIN : 00042153 DIN : 00047374


Mar 31, 2014

Dear Members,

The Directors present herewith the 28th Annual Report together with the Audited Statements of Accounts of the Company for the year ended 31st March, 2014.

FINANCIAL RESULTS:

The financial highlights of the year are as under which reflects that the Company has earned gross profit/loss of Rs. (14.31) Lacs during the year under report.

(Rs. in Lacs)

Particulars For The Year Ended

March 31,2014 March 31,2013

Net Sales/Income from Operations 15.92 119.96

Other Operating Income 58.58 65.63

Total Income 74.50 185.59

Total Expenses 75.53 102.40

Operating Profit( )/Loss (-) (1.02) 83.19

Less: Finance Cost (4.32) (2.90) Less: Depreciation (8.96) (9.23)

Profit ( )/Loss (-) Before TAX & Exceptional Items (14.31) 71.06

Provision For Tax (NET) 0.00 11.28

Profit ( )/Loss (-) After TAX before Exceptional Items (14.31) 59.78

Less: Exceptional Items 0.00 0.00

Profit ( )/Loss (-) After Exceptional Items (14.31) 59.78

Add: Balance Brought Forwarded from Previous Year 480.85 421.07

Balance Carried to Balance Sheet 466.54 480.85

DIVIDEND :

In view of loss of the company, your Directors do not recommend any Dividend for the year under Report.

OPERATIONS :

Members are aware that the company entered into constructions activities and joined as partner with two partnership firms M/s. Vaibhavlaxmi Corporation and M/s. Chinmay Corporation, which are engaged in construction activities. The company itself is also engaged in the construction activities The company has taken legal steps for recovering the dues from the defaulting members and filed Civil and Criminal proceedings against such persons who failed to pay installments of loan in time. The hearing of Civil and Criminal Suits filed by the Company has come up and orders have been passed in favour of the Company. All steps are being taken to see that the judgment is properly implemented so that maximum amount can be recovered from the defaulting members.

DIRECTORS'' RESPONSIBILITY STATEMENT:

The Board of Directors of the Company confirms:

i that in the preparation of the annual accounts, the applicable accounting standards have been followed and there has been no material departure;

ii that the selected accounting policies were applied consistently and the Directors 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 as at 31st March, 2013 and of the profit of the Company for the year ended on that date;

iii that proper and sufficient care has been taken 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 detaching fraud and other irregularities; iv that the annual accounts have been prepared on a going concern basis.

CORPORATE GOVERNANCE:

Your Directors affirm their commitment to the Corporate Governance Standards prescribed by the Securities and Exchange Board of India (SEBI). This annual report carries a separate section on Corporate Governance and forms part of this report and the same is annexed hereto. The Company has complied with all the requirements of Corporate Governance.

COMPLIANCE CERTIFICATE:

The company has received compliance Certificate for the year under report from Shri S. R. Sanghavi, Practicing Company Secretary and the same is attached herewith.

DIRECTORS:

Your Directors Shri Navinbhai S. Patel and Shri H. K. Yadav, retire by rotation at the ensuing Annual General Meeting. They being eligible, offer themselves for reappointment.

Particulars of Directors seeking reappointment are mentioned in the Corporate Governance Report and notice convening the Annual General Meeting.

The members are requested to consider to reappoint the Directors.

DEMATERIALISATION OF EQUITY SHARES:

Your directors are pleased to inform you that now the Equity shares of the company are dematerialized and can be traded in dematerialized form also by all investors.

BONUS SHARES:

With a view to comply with Minimum Public Shareholding requirement as per SEBI guidelines and as directed in SEBI''s letter dated 23rd April, 2013, the company decided to issue Bonus Shares as per Special Resolution passed by the Members at their Extra Ordinary General Meeting held on 31st May, 2013. However, the Bombay Stock Exchange raised some querries and the matter is pending with them.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION ETC.:

As required under section 217 (1) (e) of the Companies Act, 1956 no information is to be given as the Company is not carrying on any such activities.

There were no earnings or outgoings of Foreign Exchange during the year.

PARTICULARS OF EMPLOYEES:

Information as required to be given under section 217 (2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975, is NIL.

FIXED DEPOSIT:

The Company did not accept any deposit from the Public during the year under report and as such there were no depositors whose deposit remained unpaid/unclaimed.

AUDITORS:

The existing Auditors of the Company M/s. Manubhai & Shah, Chartered Accountants, Ahmedabad, are due to retire at the conclusion of the ensuing Annual General Meeting and are eligible for reappointment. You are requested to appoint the Auditors and fix their remuneration.

ACKNOWLEDGMENT:

Your Directors are thankful to The Kalupur Commercial Co-op. Bank Limited as well as Officers of Central and State Governments for their assistance and Co-operation. Your Directors also place on record their appreciation of devoted services rendered by the staff of the Company. They also appreciate the continued support and confidence reposed by the Shareholders in the management.

Registered Office : For, Parshwanath Corporation Ltd. 50, Harsiddha Chambers, By order of the Board of Directors 3rd Floor, Ashram Road, Ahmedabad-380014. NAVNITBHAI C. PATEL Date : 13th August, 2014 Chairman


Mar 31, 2013

To, The Members of Parshwanath Corporation Limited,

The Directors present herewith the 27th Annual Report together with the Audited Statements of Accounts of the Company for the year ended 31st March, 2013.

FINANCIAL RESULTS:

The financial highlights of the year are as under which reflects that the Company has earned gross profit of Rs. 71.06 Lacs during the year under report.

(Rs. in Lacs)

Particulars For The Year Ended

March 31,2013 March 31,2012

Net Sales/Income from Operations 119.96 1213.69

Other Operating Income 65.63 193.64

Total Income 185.59 1407.33

Total Expenses 102.40 957.12

Operating Profit( )/Loss (-) 83.19 450.22

Less: Finance Cost (2.90) (0.15)

Less: Depreciation (9.23) (1.74)

Profit ( )/Loss (-) Before TAX & Exceptional Items 71.06 448.32

Provision For Tax (NET) 11.28 62.72

Profit ( )/Loss (-) After TAX before Exceptional Items 59.78 385.60

Less: Exceptional Items 0.00 0.00

Profit ( )/Loss (-) After Exceptional Items 59.78 385.60

Add: Balance Brought Forwarded from Previous Year 421.07 35.48

Balance Carried to Balance Sheet 480.85 421.07



DIVIDEND :

With a view to strengthen the capital base of the company, your Directors do not recommend any Dividend for the year under Report.

OPERATIONS:

Members are aware that the company entered into constructions activities. After commencing the construction activities, the Company has started earning profits.

The company filed Civil and Criminal proceedings against the persons who failed to pay installments of loan in time. The hearing of Civil and Criminal Suits filed by the Company has come up and orders have been passed in favour of the Company. All steps are being taken to see that the judgment is properly implemented so that maximum amount can be recovered from the defaulting members.

DIRECTORS'' RESPONSIBILITY STATEMENT:

The Board of Directors of the Company confirms:

i that in the preparation of the annual accounts, the applicable accounting standards have been followed and there has been no material departure;

ii that the selected accounting policies were applied consistently and the Directors 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 as at 31st March, 2013 and of the profit of the Company for the year ended on that date;

iii that proper and sufficient care has been taken 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 detaching fraud and other irregularities;

iv that the annual accounts have been prepared on a going concern basis.

CORPORATE GOVERNANCE:

Your Directors affirm their commitment to the Corporate Governance Standards prescribed by the Securities and Exchange Board of India (SEBI). This annual report carries a separate section on Corporate Governance and forms part of this report and the same is annexed hereto. The Company has complied with all the requirements of Corporate Governance.

COMPLIANCE CERTIFICATE:

The company has received compliance Certificate for the year under report from Shri S. R. Sanghavi, Practicing Company Secretary and the same is attached herewith.

DIRECTORS:

Your Directors Shri Arvindbhai B. Patel and Shri Ramanbhai H. Patel, retire by rotation at the ensuing Annual General Meeting. They being eligible, offer themselves for reappointment.

Particulars of Directors seeking reappointment are mentioned in the Corporate Governance Report and notice convening the Annual General Meeting.

The members are requested to consider to reappoint the Directors.

DEMATERIALISATION OF EQUITY SHARES:

Your directors are pleased to inform you that now the Equity shares of the company are dematerialized and can be traded in dematerialized form also by all investors.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION ETC.:

As required under section 217 (1) (e) of the Companies Act, 1956 no information is to be given as the Company is not carrying on any such activities.

There were no earnings or outgoings of Foreign Exchange during the year.

PARTICULARS OF EMPLOYEES:

Information as required to be given under section 217 (2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975, is NIL, as there is no employee the remuneration under the said Section.

FIXED DEPOSIT:

The Company did not accept any deposit from the Public during the year under report and as such there were no depositors whose deposit remained unpaid/unclaimed.

AUDITORS:

The existing Auditors of the Company M/s. Manubhai & Company, Chartered Accountants, Ahmedabad, are due to retire at the conclusion of the ensuing Annual General Meeting and are eligible for reappointment. You are requested to appoint the Auditors and fix their remuneration.

ACKNOWLEDGMENT:

Your Directors are thankful to The Kalupur Commercial Co-op. Bank Limited, Punjab National Bank, as well as Officers of Central and State Governments for their assistance and Co-operation. Your Directors also place on record their appreciation of devoted services rendered by the staff of the Company. They also appreciate the continued support and confidence reposed by the Shareholders in the management.



Registered Office : For, Parshwanath Corporation Ltd.

50, Harsiddha Chambers, By order of the Board of Directors

3rd Floor, Ashram Road,

Ahmedabad-380014. NAVNITBHAI C. PATEL

Date : 13th August, 2013 Chairman


Mar 31, 2012

To, The Members of Parshwanath Corporation Limited,

The Directors present herewith the 26th Annual Report together with the Audited Statements of Accounts of the Company for the year ended 31st March, 2012.

FINANCIAL RESULTS :

The financial highlights of the year are as under which reflects that the Company has earned gross profit of Rs. 448.32 Lacs during the year under report.

(Rs. in Lacs) Particulars For The Year Ended March 31,2012 March 31,2011

Net Sales/Income from Operations 1213.69 72.00

Other Operating Income 193.64 115.33

Total Income 1407.33 187.33

Total Expenses 957.12 44.61

Operating Profit( )/Loss (-) 450.22 142.72

Less: Finance Cost (0.15) (0.10)

Less: Depreciation (1.74) (1.33)

Profit ( )/Loss (-) Before TAX & Exceptional Items 448.32 141.29

Provision For Tax (NET) 62.72 6.00

Profit ( )/Loss (-) After TAX before Exceptional Items 385.60 135.29

Less: Exceptional Items 0.00 0.00

Profit ( )/Loss (-) After Exceptional Items 385.60 135.29

Add: Balance Brought Forwarded from Previous Year 35.48 (99.81)

Balance Carried to Balance Sheet 421.07 35.48

DIVIDEND :

With a view to strengthen the capital base of the company, your Directors do not recommend any Dividend for the year under Report.

OPERATIONS:

Members are aware that the company entered into construction activities and joined as partner with M/s. Vaibhavlaxmi Corporation, M/s. Chinmay Corporation, Shri Parshwanath Corporation & Parshwanath Corporation the partnership firms, engaged in construction activities. The Company is now earning profits from construction activities.

The company continued to face problems in recovering the housing loan installments. The hearing of Civil and Criminal Suits filed by the Company has come up and orders have been passed in favour of the Company. All steps are being taken to see that the judgment is properly implemented so that maximum amount can be recovered from the defaulting members. '

DIRECTORS' RESPONSIBILITY STATEMENT:

The Board of Directors of the Company confirms:

i that in the preparation of the annual accounts, the applicable accounting standards have been followed and there has been no material departure;

ii that the selected accounting policies were applied consistently and the Directors 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 as at 31st March, 2012 and of the profit of the Company for the year ended on that date;

iii that proper and sufficient care has been taken 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 detaching fraud and other irregularities;

iv that the annual accounts have been prepared on a going'concern basis.

CORPORATE GOVERNANCE:

Your Directors affirm their commitment to the Corporate Governance Standards prescribed by the Securities and Exchange Board of India (SEBI). This annual report carries a separate section on Corporate Governance and forms part of this report. The Company has complied with all the requirements of Corporate Governance.

COMPLIANCE CERTIFICATE:

The company has received compliance Certificate for the year 2011-12 from Shri S. R. Sanghavi, Practicing Company Secretary and the same is attached herewith.

DIRECTORS :

Your Directors Shri Navnitbhai C. Patel and Shri Navinbhai S. Patel retire by rotation at the ensuing Annual General Meeting. They being eligible, offer themselves for reappointment.

Particulars of Directors seeking reappointment are mentioned in the Corporate Governance Report and notice convening the Annual General Meeting.

The members are requested to consider reappointing the Directors.

DEMATERIALISATION OF EQUITY SHARES:

Your directors are pleased to inform you that now the Equity shares of the company are dematerialized and can be traded in dematerialized form also by all investors.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION ETC. :

As required under section 217 (1) (e) of the Companies Act, 1956 no information is to be given as the Company is not carrying on any such activities.

There were no earnings or outgoings of Foreign Exchange during the year.

PARTICULARS OF EMPLOYEES:

Information as required to be given under section 217 (2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975, is NIL.

FIXED DEPOSIT:

The Company did not accept any deposit from the Public during the year under report and as such there were no depositors whose deposit remained unpaid/ unclaimed.

AUDITORS :

The existing Auditors of the Company M/s. Manubhai & Company, Chartered Accountants, Ahmedabad, are due to retire at the conclusion of the ensuing Annual General Meeting and are eligible for reappointment. You are requested to appoint the Auditors and fix their remuneration.

ACKNOWLEDGMENT:

Your Directors are thankful to Punjab National Bank, Central Bank of India, The Kalupur Commercial Co-op. Bank Limited as well as Officers of Central and State Governments for their assistance and Co-operation. Your Directors also place on record their appreciation of devoted services rendered by the staff of the Company. They also appreciate the continued support and confidence reposed by the Shareholders in the management.

Registered Office : For, Parshwanath Corporation Ltd.

50, Harsiddha Chambers, By order of the Board of Directors

3rd Floor, Ashram Road,

Ahmedabad-380014. NAVNITBHAI C. PATEL

Date ; 27th August, 2012 Chairman


Mar 31, 2010

The Directors present herewith the 24th Annual Report together with the Audited Statements of Accounts of the Company for the year ended 31st March, 2010.

FINANCIAL RESULTS :

The financial highlights of the year are as under which reflects that the Company has earned gross profit of Rs. 7.23 Lakhs during the year under report.

2009-2010 2008-2009 Rs. in Lacs Rs. in Lacs

Gross Profit: 7.23 (23.09)

Less: Depreciation <1.34) (1.81)

Profit Before Tax 5.89 (24.09)

Add/(Less): Deferred Tax adjustments - -

Current Tax - (54.61)

Profit after Tax 5.89 (79.51)

Balance of Loss brought forward from previous year (105.70) (26.19)

(99.81) (105.70)

Less : adjustment of transitional gratuity liability due to Adoption of AJ-15 (revised)

Balance of Loss carried forward to Balance Sheet (99.81) (105.70)

DIVIDEND :

With a view to strengthen the capital base of the company, your Directors do not recommend any Dividend for the year under Report.

OPERATIONS :

Members are aware that the company enterned into constructions activities and joined as partner with M/s. Vaibhavlaxmi Corporation, M/s. Chinmay Corporation, Shri Parshwanath Corporation & Parshwanath Corporation the partnership firms, engaged in construction activities. This is going to be beneficial in coming years.

The company continued to face serious problems in recovering the housing loan installments. The hearing of Civil and Criminal Suits filed by the Company, has come up and orders have been passed in favour of the Company. All steps are being taken to see that the judgment is properly implemented so that maximum amount can be recovered from the defaulting members.

DIRECTORS RESPONSIBILITY STATEMENT :

The Board of Directors of the Company confirms :

i that in the preparation of the annual accounts, the applicable accounting standards have been followed and there has been no material departure;

ii that the selected accounting policies were applied consistently and the Directors 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 as at 31st March, 2010 and of the profit of the Company for the year ended on that date;

iii that proper and sufficient care has been taken 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 detaching fraud and other irregularities;

iv that the annual accounts have been prepared on a going concern basis.

CORPORATE GOVERNANCE :

Your Directors affirm their commitment to the Corporate Governance Standards prescribed by the Securities and Exchange Board of India (SEBI). This annual report carries a separate section on Corporate Governance and forms part of this report. The Company has complied with all the requirements of Corporate Governance.

COMPLIANCE CERTIFICATE:

The company has received compliance Certificate for the year 2009-10 from the Pactising Company Secretary and the same is enclose herewith.

DIRECTORS :

Your Directors Shri H.K. Yadav & Shri Ramanbhai H. Patel retire by rotation at the ensuing Annual General Meeting. They being eligible, offer themselves for reappointment.

Particulars of Directors seeking reappointment are mentioned in the Corporate Governance Report.

The members are requested to consider to reappoint the Directors.

MANAGING DIRECTORS:

During the year under report, Shri Navnitbhai C. Patel Chairman and Managing Director, and Smt. Ridhhiben R. Patel Jt. Managing Director, were reappointed for further period of five years, subject to the approval of the members. Particulars of their reappointment are mentioned in the Corporate Governance Reports. The members are requested to consider to reappoint them.

The remuneration payable to Shri Rushabh N. Patel was revised and increased subject to the approval of the members.

DEMATERIALISATION OF EQUITY SHARES :

Your directors are pleased to inform you that now the Equity shares of the company are dematerialized and can be traded in dematerialized form also by all investors.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION ETC.:

As required under section 217 (1) (e) of the Companies Act, 1956 no information is to be given as the Company is not carrying on any such activities.

There were no earnings or outgoings of Foreign Exchange during the year.

PARTICULARS OF EMPLOYEES :

Information as required to be given under section 217 (2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975, is NIL.

FIXED DEPOSIT :

The Company did not accept any deposit from the Public during the year under report and as such there were no depositors whose deposit remained unpaid/unclaimed.

AUDITORS :

The existing Auditors of the Company M/s. Manubhai & Company, Chartered Accountants, Ahmedabad, are due to retire at the conclusion of the ensuing Annual General Meeting and are eligible for reappointment. You are requested to appoint the Auditors and fix their remuneration.

ACKNOWLEDGMENT :

Your Directors are thankful to Punjab National Bank, Central Bank of India, The Kalupur Commercial Co- op. Bank Limited as well as Officers of Central and State Governments for their assistance and Co- operation. Your Directors also place on record their appreciation of devoted services rendered by the staff of the Company. They also appreciate the continued support and confidence reposed by the Shareholders in the management.

Registered Office : For, Parshwanath Housing Finance Corp. Ltd.

50, Harsiddha Chambers, For and on behalf of the Board of Directors 3rd Floor, Ashram Road,

Ahmedabad-380014. NAVNITBHAI C. PATEL

Date : 31 st August, 2010 Chairman


Mar 31, 2009

The Directors present herewith the 23rd Annual Report together with the Audited Statements of Accounts of the Company for the year ended 31st March, 2009.

FINANCIAL RESULTS :

The financial highlights of the year are as under which reflects that the Company has earned gross profit of Rs. 69.51 Lakhs during the year under report.

2008-2009 2007-2008

Rs. in Lacs Rs. in Lacs

Gross Profit: (23.09) 69.51

Less: Depreciation (1-81) 2.01

Profit Before Tax (24.09) 67.50

Add/ (Less): Deferred Tax adjustments - 0.38

Current Tax (54.61) (3.65)

Profit after Tax (79.51) 64.23

Balance of (Loss) brought forward from previous year (26.19) (90.09)

(105.70) 26.52

Less : adjustment of transitional gratuity liability due to

Adoption of AJ-15 (revised) - 0.33

Balance of (Loss) carried forward to Balance Sheet (105.70) (26.19)

DIVIDEND :

In view of accumulated loss of the Company your Directors do not recommend any Dividend for the year under Report.

OPERATIONS :

Members are aware that the company enterned into constructions activities and joined as partner with M/s. Vaibhavlaxmi Corporation, M/s. Chinmay Corporation & Shri Parshwanath Corporation, the partnership firms, engaged in construction activities. This is going to be beneficial in coming years.

The company continued to face serious problems in recovering the housing loan installments. The hearing of Civil and Criminal Suits filed by the Company, has come up and orders have been passed

in favour of the Company. All steps are being taken to see that the judgment is properly implemented so that maximum amount can be recovered from the defaulting members.

DIRECTORS RESPONSIBILITY STATEMENT :

The Board of Directors of the Company confirms :

i that in the preparation of the annual accounts, the applicable accounting standards have been followed and there has been no material departure;

ii that the selected accounting policies were applied consistently and the Directors 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 as at 31st March, 2009 and of the profit of the Company for the year ended on that date;

iii that proper and sufficient care has been taken 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 detaching fraud and other irregularities;

iv that the annual accounts have been prepared on a going concern basis.

CORPORATE GOVERNANCE :

Your Directors affirm their commitment to the Corporate Governance Standards prescribed by the Securities and Exchange Board of India (SEBI). This annual report carries a separate section on Corporate Governance and forms part of this report. The Company has complied with all the requirements of Corporate Governance.

DIRECTORS :

Your Directors Shri Navinbhai S. Patel & Shri Arvindbhai B. Patel retire by rotation at the ensuing Annual General Meeting. They being eligible, offer themselves for reappointment.

Particulars of Directors seeking reappointment are mentioned in the Corporate Governance Report.

The members are requested to consider to reappoint the Directors.

DEMATERIALISATION OF EQUITY SHARES :

Your directors are pleased to inform you that now the Equity shares of the company are dematerialized and can be traded in dematerialized form also by all investors.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION ETC. :

As required under section 217 (1) (e) of the Companies Act, 1956 no information is to be given as the Company is not carrying on any such activities.

There were no earnings or outgoings of Foreign Exchange during the year..-

PARTICULARS OF EMPLOYEES :

Information as required to be given under section 21.7 (2A) of the Companies Adt, 1956 read with the . Companies (Particulars of Employees) Rules, 1975, is NIL.

FIXED DEPOSIT :

The Company did not accept any deposit from the Public during the year under report and as such there were no depositors whose deposit remained unpaid/unclaimed.

AUDITORS :

The existing Auditors of the Company M/s. Manubhai & Company, Chartered Accountants, Ahmedabad, are due to retire at the conclusion of the ensuing Annual General Meeting and are eligible for reappointment. You are requested to appoint the Auditors and fix their remuneration.

ACKNOWLEDGMENT :

Your Directors are thankful to Punjab National Bank, Central Bank of India, The Kalupur Commercial Co-op. Bank Limited as well as Officers of Central and State Governments for their assistance and Co-operation. Your Directors also place on record their appreciation of devoted services rendered by the staff of the Company. They also appreciate the continued support and confidence reposed by the Shareholders in the management.

Registered Office : For, Parshwanath Housing Finance Corp. Ltd.

50, Harsiddha Chambers, For and on behalf of the Board of Directors

3rd Floor, Ashram Road,

Ahmedabad-380014. NAVNITBHAI C. PATEL

Date :31st July, 2009 Chairman

 
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