Home  »  Company  »  Radford Global  »  Quotes  »  Directors Report
Enter the first few characters of Company and click 'Go'

Directors Report of Radford Global Ltd.

Mar 31, 2015

The Directors have pleasure in presenting the 20th Annual Report of the Company together with the Audited Statement of Accounts for the year ended 31slMarch, 2015.

1. FINANCIAL STATEMENTS & RESULTS:

a. Financial Results

The Company's performance during the year ended 31st March, 2015 as compared to the previous financial year, is summarized below:

Particular For the financial For the financial year ended year ended 31st March,2015 31st March, 2014

Income 153,663,125 119,134,038

Less: Expenses 148,880,191 116,523,918

Profit/ {Loss) before tax 4,782,9355 2,610,120

Less: Provision for tax 1,478,355 806,661

Profit after Tax 3,304,579 1,803,459

APPROPRIATION

Interim Dividend 0.00 0.00

Final Dividend 0.00 0.00

Tax on distribution ofdividend 0.00 0.00

Transfer of General Reserve 0.00 0.00

Balance carried to Balance sheet 3,304,579 1 1,803,459

b. OPERATIONS:

The operations of the Company for the year under review have resulted in the gross profit of Rs. 4,782,935/- as against Rs. 2,610,120/- in the earlier year. After providing for interest, depreciation and taxes, the Company has recorded a net profit of Rs. 3,304,579/- as against Rs. 1,803,459/- in the earlier year. The gross revenue stood at Rs. 153,663,125/- as against Rs. 119,134,038/-

c. Business Overview:

Company is engaged into business of Staffing, placements, and workforce management Services, Textile and Real Estate . Company during the year under review, did business in textile trading, staffing services and could made smart profits out of the business.

Radford Global Ltd has more than 20 plus man years of collaborated experience in recruitment industry with a experienced team of industry professionals and having offices in Four locations in Mumbai, Ahmedabad, Banglore and Pune.

Radford global is one of the reputed consulting company of India that work for different type of recruitment that includes Temporary Staffing, Recruitment & RPO, Payroll Processing. Recently, company is awarded as Best IT Staffing Company in SME category by Silicon India Magazine in August 2015 edition.

i) Temporary Staffing Solutions: Temporary Staffing Solutions works best for company they need particular talent for a specific period of time. Some of the major benefits of Temporary Staffing are reducing internal hiring cost, Help companies to concentrate on core areas, Implementation of minimum wages etc

ii) Recruitments Solutions: This is a process to hire top executive of a company, which play a vital role in company's success.

iii) Payroll Processing Solutions: Payroll Processing Solutions is always a difficult problem for companies because processing payroll takes huge time, difficult to keep a track of pay, difficult to organize all records.

The company carries on its activity of Purchase, acquire on lease or hire or in any other manner, any lands, Estates and properties of any nature ,rights or interests therein and to develop the same and to build, construct, execute, improve, administer, manage, sell, lease or control in India and in any part of the world, works relating to housing complexes apartments, commercial complexes, markets, warehouses, hotels, farms, farmhouses, resorts, amusement parks, docks, harbors, piers, wharves, canals, roads, bridges ,Tunnels, irrigation & software, telecommunication, textile and chemicals other civil works.

d. Future Outlook

We have pleasure to state that your Company is engaged in multi activity businesses, workforce management Services and doing business in temp Staffing, placements, Textile and Real Estate Company is expected to expand its foot print to many more domestic as well international locations. We would be focusing more on the temp staffing business catering to IT & NON IT segment. We are expected to UAE and Middle East recruitment services soon. With the proliferation of MNC's coupled with a great rise in domestic entrepreneurial ventures over the last decade has placed India in position where the demand for staffing is like never before. The buzz in the market is that the staffing and recruitment industry in India is expected to grow significantly by 2020, fuelled by the need, on the one hand, for a flexible workforce, and on the other, desire from the worker for a mobile, educational and flexible work arrangement.

Recently, Indian Staffing Federation (ISF), The top body of flexi-staffing industry in India comprising of about 30 members from the staffing industry, organized a National Conclave on Staffing - 'The future of Employment to galvanize the recognition of staffing as a choice of employment both by employers and society'. It was noted that at a time of burgeoning black economy, staffing could be a strategic and cost effective approach taken by the companies.

It is appropriate to note that India is among the top five nations in flexi staffing industry but, it stands out as the only one where the flexi staffing industry does not have a regulatory recognition as yet. Going by the Economic Survey report, it becomes more viable to make necessary provisions, set up guidelines to encourage contract staffing in areas, roles, industries where it can add utmost value."

India has been projected to be among the largest staffing countries along with Brazil, china and South Africa by the global staffing market. Staffing in India, like other developing countries, is at a very vital juncture as a large proportion of workforce belongs to the unorganized sector having low or almost no social security. From current global experience, the demand for flexi staffing (for providing flexible solutions to both workers and employers) would increase predominantly in the coming years. In 2013, a modest growth rate was noted in the Indian Job market, owing to increasing number of executive search firms and large- scale hiring by the public sector.

According to a report by Staffing Industry Analysts, the Indian staffing industry is estimated at Rs 26,650 crore, wherein flexi (flexible) staffing accounts for 75 per cent and is worth Rs 19,900 crore, permanent recruitment accounts for 12 per cent (worth Rs 3,250 crore) and other services 13 per cent (Rs 3,500 crore).

e. REPORT ON PERFORMANCE OF SUBSIDIARIES, ASSOCIATES AND JOINT VENTURE COMPANIES:

During the year under review, your Company did not have any subsidiary, associate and joint venture company.

f. DIVIDEND:

With a view to conserve resources, your Directors have thought it prudent not to recommend any dividend for the financial year under review.

g. TRANSFER TO RESERVES:

The Board of Directors has not recommended transfer of any amount of profit to reserves during the year under review. Hence, the entire amount of profit for the year under review has been carried forward to the Statement of Profit and Loss.

h. REVISION OF FINANCIAL STATEMENT:

There was no revision of the financial statements for the year under review.

i. DEPOSITS:

The Company has not accepted or renewed any amount falling within the purview of provisions of Section 73 of the Companies Act 2013 ("the Act") read with the Companies (Acceptance of Deposit) Rules, 2014 during the year under review. Hence, the requirement for furnishing of details of deposits which are not in compliance with the Chapter V of the Act is not applicable.

j. DISCLOSURES UNDER SECTION 134(3) (1) OF THE COMPANIES ACT, 2013:

Except as disclosed elsewhere in this report, no material changes and commitments which could affect the Company's financial position, have occurred between the end of the financial year of the Company and date of this report.

k. DISCLOSURE OF INTERNAL FINANCIAL CONTROLS:

The Internal Financial Controls with reference to financial statements as designed and implemented by the Company are adequate. During the year under review, no material or serious observation has been received from the Internal Auditors of the Company for inefficiency or inadequacy of such controls.

1. DISCLOSURE OF ORDERS PASSED BY REGULATORS OR COURTS OR TRIBUNAL

The Securities and Exchange Board of India passed an ex-parte interim order no. WTM/RKA/ISD/161/2014 dated 19th December, 2014 against the Company debarring the Company, its promoters and directors from accessing Securities Market.

m. PARTICULAR OF CONTRACTS OR ARRANGEMENT WITH RELATED PARTIES

Your Company has not entered into any transaction with the Related Parties during the year under review.

n. PARTICULARS OF LOANS, GUARANTEES, INVESTMENTS AND SECURITIES:

Your Company has not provided and loan, guarantee, investment or security in favor of third party during the year under review.

o. DISCLOSURE UNDER SECTION 43(a)(ii) OF THE COMPANIES ACT, 2013:

The Company has not issued any shares with differential rights and hence no information as per provisions of Section 43(a)(ii) of the Act read with Rule 4(4) of the Companies (Share Capital and Debenture) Rules, 2014 is furnished.

p. DISCLOSURE UNDER SECTION 54(l)(d) OF THE COMPANIES ACT, 2013:

The Company has not issued any sweat equity shares during the year under review and hence no information as per provisions of Section 54(l)(d) of the Act read with Rule 8(13) of the Companies (Share Capital and Debenture) Rules, 2014 is furnished.

q. DISCLOSURE UNDER SECTION 62(l)(b) OF THE COMPANIES ACT, 2013:

The Company has not issued any equity shares under Employees Stock Option Scheme during the year under review and hence no information as per provisions of Section 62(l)(b) of the Act read with Rule 12(9) of the Companies (Share Capital and Debenture) Rules, 2014 is furnished.

r. DISCLOSURE UNDER SECTION 67(3) OF THE COMPANIES ACT, 2013:

During the year under review, there were no instances of non-exercising of voting rights in respect of shares purchased directly by employees under a scheme pursuant to Section 67(3) of the Act read with Rule 16(4) of Companies (Share Capital and Debentures) Rules, 2014 is furnished.

2. MATTERS RELATED TO DIRECTORS AND KEY MANAGERIAL PERSONNEL

a) BOARD OF DIRECTORS & KEY MANAGERIAL PERSONNEL

Appointment of Directors:

Mr. Vaibhav Laddha (DIN: 05168734) was appointed as an Additional Director in the Board Meeting held on 19th November, 2014, who shall hold office up to ensuing Annual General Meeting. The Company has received written recommendation from the member of the Company to appoint him as the Director to the Board of Directors of the Company.

Ms. Dimple Nayak (DIN: 07140233) was appointed as an Additional Independent Director in the Board Meeting held on 30th March, 2015, who shall hold office up to ensuing Annual General Meeting of the Company. The Company has received written recommendation from the member of the Company to appoint her as the Director to the Board of Directors of the Company.

Mr. Archit Kulkarni (DIN: 06548055) was appointed as an Additional Director in the Board Meeting held on 13th August, 2015 who shall hold office up to ensuing Annual General Meeting. The Company has received written recommendation from the member of the Company to appoint him as the Director to the Board of Directors of the Company.

Appointment of Key Managerial Personnel:

Mrs. Madhu Bansal was appointed as Key Managerial Person designated as Chief Executive Company Secretary of the Company.

Resignation of Directors:

Mr. Manish Shah resigned as Director of the Company with effect from 11th August, 2014 due to pre-occupation of work.

Mr. Rajesh Kumar Maheshwari resigned as Director of the Company with effect from 19th November, 2014 due to other personal commitments.

Mr. Premchand Tiwari resigned as Director of the Company with effect from 29th December, 2014 due to other personal commitments.

In accordance with the provisions of the Act, none of the Independent Directors is liable to retire by rotation.

As per the provisions of Section 152 of the Companies Act, 2013, Mr. Prakash Biyani retire by rotation at the ensuing Annual General Meeting and being eligible, offer themselves for re- appointment. Your Directors recommend their appointment.

b. DECLARATIONS BY INDEPENDENT DIRECTORS:

The Company has received declarations form all the Independent Directors under Section 149(6) of the Companies Act, 2013 confirming their independence vis-a-vis the Company.

3. DISCLOSURES RELATED TO BOARD, COMMITTEES AND POLICIES

a. BOARD MEETINGS:

The Board of Directors met 4 (four) times during the financial year ended 31st March 2015 in accordance with the provisions of the Companies Act, 2013 and rules made there under.

b. DIRECTOR'S RESPONSIBILITY STATEMENT:

In terms of Section 134(5) of the Companies Act, 2013, in relation to the audited financial statements of the Company for the year ended 31st March, 2015, the Board of Directors hereby confirms that:

a. i" ae preparation of the annual accounts, the applicable accounting standards had been t. wed along with proper explanation relating to material departures;

b. s. 1 accounting policies have been selected and applied consistently and the Directors i! le judgments and estimates that are reasonable and prudent so as to give a true and I, view of the state of affairs of the Company as at 31st March, 2015 and of the profit/loss u le Company for that year;

c. pi per and sufficient care was taken for the maintenance of adequate accounting records i accordance with the provisions of this Act for safeguarding the assets of the Company t for preventing and detecting fraud and other irregularities;

d. ' annual accounts of the Company have been prepared on a going concern basis;

e. in renal financial controls have been laid down to be followed by the Company and that l internal financial controls are adequate and were operating effectively;

f. per systems have been devised to ensure compliance with the provisions of all likable laws and that such systems were adequate and operating effectively;

C. ADOPATION AND REMUNERATION COMMITTEE:

The mention and Remuneration Committee of Directors as constituted by the Board of Dirt is of the Company in accordance with the requirements of Section 178 of the Act.

The position of the committee is as under:

1. Ajay Dhuria, Chairman,

2. Dimple Nayak, Director,

3. Madhu Bansal, Secretary.

The oared has in accordance with the provisions of sub-section (3) of Section 178 of the Carr miens Act, 2013, formulated the policy setting out the criteria for determining quay 'captions, positive attributes, independence of a Director and policy relating to remix' aeration for Directors, Key Managerial Personnel and other employees.

Major criteria defined in the policy framed for appointment of and payment of remuneration to the Directors of the Company, are as under:

Minimum Qualification: Graduate

Positive Attributes: Analyzing, Visionary, Determined

Experience: 5 years (2years in case of professional)

d. AUDIT COMMITTEE:

The Audit Committee of Directors was constituted pursuant to the provisions of Section 177 of the Companies Act, 2013. The composition of the Audit Committee is in conformity with the provisions of the said section. The Audit Committee comprises of:

1. Mr. Ajay Dhuria, Independent Director, Chairman, 2.- Mr. Prakash Biyani, Whole Time Director, Member, 3. Ms. Madhu Bansal, Secretary The scope and terms of reference of the Audit Committee have been amended in accordance with the Act and the Listing Agreement entered into with the Stock Exchanges.

During the year under review, the Board of Directors of the Company had accepted all the recommendations of the Committee.

e. STAKEHOLDERS RELATIONSHIP COMMITTEE:

During the year under review, pursuant to Section 178 of the Companies Act, 2013, the Board of Directors of the Company has constituted the Stakeholder's Relationship Committee, comprising of Mr. Prakash Biyani, Mr. Ajay Dhuria and Mr. Vaibhav Laddha.

Mr. Prakash Biyani has been appointed the Chairman of the Stakeholders' Relationship Committee. Ms. Madhu Bansal, Company Secretary acts as the Secretary of the Stakeholders' Relationship Committee.

f. VIGIL MECHANISM POLICY FOR THE DIRECTORS AND EMPLOYEES:

The Board of Directors of the Company has, pursuant to the provisions of Section 178(9) of the Companies Act, 2013 read with Rule 7 of the Companies (Meetings of Board and its Powers) Rules, 2014, framed "Vigil Mechanism Policy" for Directors and employees of the Company to provide a mechanism which ensures adequate safeguards to employees and Directors from any victimization on raising of concerns of any violations of legal or regulatory requirements, incorrect or misrepresentation of any, financial statements and reports, etc.

The employees of the Company have the right/option to report their concern/grievance to the Chairman of the Audit Committee.

The Company is committed to adhere to the highest standards of ethical, moral and legal conduct of business operations.

g. RISK MANAGEMENT POLICY:

The Board of Directors of the Company has designed Risk Management Policy and Guidelines to avoid events, situations or circumstances which may lead to negative consequences on the Company's businesses, and define a structured approach to manage uncertainty and to make use of these in their decision making pertaining to all business divisions and corporate functions. Key business risks and their mitigation are considered in the annual/strategic business plans and in periodic management reviews.

h. CORPORATE SOCIAL RESPONSIBILITY POLICY:

The provisions of Section 135 of the Act and Companies (Corporate Social Responsibility Policy) Rules, 2014 are not applicable to the Company.

i. ANNUAL EVALUATION OF DIRECTORS, COMMITTEE AND BOARD:

A statement indicating the manner for evaluation of performance of the Board and its committee, individual Directors is attached with the Board Report as Annexure IX and forms part of this Report.

j. INTERNAL CONTROL SYSTEMS:

Adequate internal control systems commensurate with the nature of the Company's business and size and complexity of its operations are in place has been operating satisfactorily. Internal control systems comprising of policies and procedures are designed to ensure reliability of financial reporting, timely feedback on achievement of operational and strategic goals, compliance with policies, procedure, applicable laws and regulations and that all assets and resources are acquired economically, used efficiently and adequately protected.

k. DISCLOSURE UNDER SECTION 197(12) OF THE COMPANIES ACT, 2013 AND OTHER DISCLOSURES AS PER RULE 5 OF COMPANIES (APPOINTMENT & REMUNERATION) RULES, 2014:

The ratio of the remuneration of Director to the median remuneration of the employees of the Company for the financial year under review has been marked as Annexure X.

I. PAYMENT OF REMUNERATION / COMMISSION TO DIRECTORS FROM HOLDING OR SUBSIDIARY COMPANIES:

None of the managerial personnel i.e. Managing Director and Whole time Directors of the Company are in receipt of remuneration/commission from the Holding or Subsidiary Company of the Company.

4. AUDITORS AND REPORTS

The matters related to Auditors and their Reports are as under:

a. OBSERVATIONS OF STATUTORY AUDITORS ON ACCOUNTS FOR THE YEAR ENDED 31.MARCH 2015:

The observations made by the Statutory Auditors in their report for the financial year ended 31st March 2015 read with the explanatory notes therein are self-explanatory and therefore, do not call for any further explanation or comments from the Board under Section 134(3) of the Companies Act, 2013.

b. SECRETARIAL AUDIT REPORT FOR THE YEAR ENDED 31st MARCH 2015:

Provisions of Section 204 read with Section 134(3) of the Companies Act, 2013, mandates to obtain Secretarial Audit Report from Practicing Company Secretary. M/s. H V Gor & Co, Practicing Company Secretaries had been appointed to issue Secretarial Audit Report for the financial year 2014-15.

Secretarial Audit Report issued by M/s H V Gor & Co, Practicing Company Secretaries in Form MR-3 for the financial year 2014-15 forms part to this report. The said report does not contain any observation or qualification requiring explanation or comments from the Board under Section 134(3) of the Companies Act, 2013.

c. RATIFICATION OF APPOINTMENT OF AUDITORS:

Pursuant to the provisions of Section 139 of the Companies Act, 2013 and the Companies (Audit and Auditors) Rules, 2014, M/s. MNRD & Associates, Chartered Accountants, the Statutory Auditors of the Company have been to hold office up to ensuing Annual General Meeting. However, their appointment as Statutory Auditors of the Company shall be required to be ratified by the Members at the ensuing Annual General Meeting. The Company has received a confirmation from the said Auditors that they are not disqualified to act as the Auditors and are eligible to hold the office as Auditors of the Company.

Necessary resolution for ratification of appointment of the said Auditors is included in the Notice of AGM for seeking approval of members.

Necessary resolution for reappointment of the said Auditors is included in the Notice of AGM for seeking approval of members.

d. COST AUDITORS:

The Company is not required to appoint Cost Accountants.

5. OTHER DISCLOSURES

Other disclosures as per provisions of Section 134 of the Act read with Companies (Accounts) Rules, 2014 are furnished as under:

a EXTRACT OF ANNUAL RETURN:

Pursuant to the provisions of Section 134(3)(a) of the Companies Act, 2013, Extract of the Annual Return for the financial year ended 31st March 2015 made under the provisions of Section 92(3) of the Act is attached as Annexure XI which forms part of this Report.

b. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO:

The particulars as required under the provisions of Section 134(3) (m) of the Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014 in respect of conservation of energy and technology absorption have not been furnished considering the nature of activities undertaken by the Company during the year under review.

During the year under review, the Company has neither earned nor used any foreign exchange.

6. ACKNOWLEDGEMENTS AND APPRECIATION:

Your Directors take this opportunity to thank the customers, shareholders, suppliers, bankers, business partners/associates, financial institutions and Central and State Governments for their consistent support and encouragement to the Company.

Registered Office: By the order of the Board of Directors

Office No. 202,2nd fir,

Sterling Chamber, For Radford Global Limited Mogra Village Road, Opp

Old Nagardas Road, SD/- SD/-

Andheri East Mr. PRAKASH BIYANI Mr. VAIBHAV LADDHA

Mumbai-400 069 (DIN: 03636522) (DIN: 05168734)

Date:2nd September 2015 DIRECTOR DIRECTOR


Mar 31, 2013

Dear Shareholders,

The Directors have pleasure in presenting the 18th Annual Report of the Company along with the Audited Statement of Accounts for the year ended as on 31st March, 2013.

FINANCIAL RESULTS:

Particulars 31st March, 2013 31st March, 2012

Revenue from Operations 222,852,279/- 30,433,063/-

Net Profit Before Depreciation and Tax 66,40,300/- 912,911/-

Depreciation 449/- Nil

Profit (Loss) before Tax 6,639,851/- 912,911/-

Provision for Tax 20,52,759/- 295,647/-

Profit (loss) after Tax 4,587,092/- 617,264/-

Balance brought forward 4,88,614/- (1,24,220/-)

Short Provision for Previous Year (4,430/-)

Balance carried forward to Balance Sheet 50,75,706/- 488,614/-

BUSINESS OVERVIEW:

During the year under review, the company manifolds its bottom line with the efficient management and control systems in the Company and made a net profit of Rs. 4,587,092/- during the year under review as compared to Rs. 617,264/-during the previous year.

Your Company is engaged in multi activity businesses doing business in Staffing, placements, and workforce management Services, Textile and Real Estate and so on. Your Company, during the year under review, did business in textile trading and could made smart profits out of the business. Along with this, your Company is also engaged in Workforce Management Services by providing IT & Non –IT executives to the various national and multinational companies which help them on their projects at National and International Level. Company''s contingent workforce management services are modeled around providing its clients with quality resources that seamlessly integrates their organization and the internal control required to meet their technology objectives. It is a collaborative onsite model with the value addition of a dedicated account management team to give the client companies the benefit of the right resources with the control they would exercise over an in-house team. The company is also in the process of providing various services including Pay-Rolling Services, Co-employment relationship, Manage HR Administration & Regulatory compliance, Temporary staffing options -Short & Long-term, Temp-to-permanent staffing options and so on.

Your Company also is in the process of developing of commercial, office use, retail and mixed use projects which is at very nascent stage and Management is hopeful of fruitful results out of these projects in the near future.

During the period under review, the Company also changed its name from P S Global Limited to Radford Global Limited. The main reason for change of name was that the main promoter of the Company is Radford Investment Services Private Limited & hence decided to keep its name in the line with its promoter Company so as to give the group belongingness to the Company.

Further the Company also during the period under review restructured its capital by sub-dividing the nominal value of the equity portion of the authorised share capital of the Company.

DIVIDEND:

Your Directors feel that it is prudent to plough back the profits for future growth of the Company and with a view to conserve the resources, they do not recommend any dividend for the year ended 31st March, 2013.

DIRECTORS'' RESPONSIBILITY STATEMENT:

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

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

2. That the Directors have 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 as at 31st March, 2013 and of the profit or loss of the Company for that period.

3. 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 the Company and for preventing and detecting fraud and other irregularities.

4. The Directors have prepared the annual accounts on a going concern basis.

BOARD OF DIRECTORS:

During the year, Mr. Rajesh Kumar Maheshwari and Mr. Nitin Shivratan Murarka were inducted as an Additional directors on the Board of the Company under Section 260 of the Companies Act, 1956 who hold office only upto the date of forthcoming Annual General Meeting.

The company has received notice from some of the shareholders of the company proposing their candidature for the post of Directors. Your Directors propose their appointment as the Directors of the company liable to retire by rotation.

Further pursuant to provisions of section 198, 269, 309 and 310 read with schedule XIII, and other applicable provisions if any of the companies act, 1956, your directors propose appointment of Mr. Rajesh Kumar Maheshwari as Chairman and Managing Director and appointment of Mr. Prakash Biyani as the Executive Director of the company for a period of three years form 05th July, 2013 to 05th July, 2016. Your Directors propose their appointment as the Managing Director and Executive Director respectively.

Further, during the year, Mr. Suresh Kumar Saini, Mr. Pradeep Kumar Sheshnath Yadav, resigned from the post of Managing Directorship and Directorship respectively w.e.f. 05th July 2013. Your directors extend their sincere gratitude for valuable services provided by them during their tenure to the Board.

ENERGY CONSERVATION AND TECHNOLOGY ABSORPTION:

The particulars as required under the provisions of Section 217(1)(e) of the Companies Act, 1956 in respect of conservation of energy and technology absorption are not required to be furnished considering the nature of activities undertaken by the Company during the year under review. Further during the year under review, the Company has neither earned nor used any foreign exchange.

PARTICULARS OF EMPLOYERS:

As there is no employee covered under the provisions of Section 217 (2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975, information relating thereto are not given forming part of this report.

CORPORATE GOVERNANCE:

Reports on Corporate Governance and Management Discussions & Analysis are annexed and form part of this report.

STATUTORY AUDITORS:

M/s MNRD & Associates, Chartered Accountants, retire as statutory Auditors of Company at the conclusion of the ensuring Annual General Meeting (AGM). The Statutory auditors have Confirmed their eligibility and willingness to accept the office on re-appointment in accordance with provision of section Section-224 (1B) of the Companies Act, 1956

FIXED DEPOSITS:

Your Company has not accepted Public Deposits within the meaning of Section 58A of the Companies Act, 1956.

AUDITOR''S QUALIFICATIONS:

The Auditors of the Company have not qualified their report and there are no observations and suggestions made by the Auditors in their report and therefore do not call for any further comments under section 217(3) of the Companies Act, 1956.

APPRECIATION:

The Board of Directors wish to place on record their appreciation for the co-operation and support of the Company''s Bankers, its valued customers, employees and all other intermediaries concerned with the Company''s business.

Your directors sincerely thank all members for supporting us during the difficult days. We look forward to your continued support and reiterate that we are determined to ensure that the plans are successfully implemented.

By Order of the Board of Directors

Place: Mumbai Rajesh Kumar Maheshwari

Date: 31/08/2013 Chairman & Managing Director

Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X