Mar 31, 2015
Dear Members'
The Directors have pleasure in presenting their 21st Report on the
business and operations of the Company together with the Audited
Results for the Financial year ended 31st March,2015
Consolidated Financial results
(Amt in Rs.)
Particulars 2014-15 2013-14
Gross Income : Rs. 3,094,268.00 Rs. 16,990,584.00
Total Expenditure: Rs 25,980,498.00 Rs 15,918,092.00
Profit/(Loss) before Tax (Rs 22,886,230.00) Rs. 1,072,492.00
Profit /(Loss) after tax (Rs.22,999,880.00) Rs. 731,448.00
Operations: Future Outlook
Your Company continues to implement its strategy to concentrate on its
core business and geographies and to develop a right product mix well
suited for its markets. Your Company remains committed to invest in the
development of supporting infrastructure in its core markets to match
the global standards thereby providing a healthy and safe lifestyle.
The Securities and Exchange Board of India(SEBI) has notified the SEBI(
Real Estate Investment Trusts) Regulations ,2014 ( REITS),guidelines
and the Finance Ministry has rationalized the tax structure for these
instruments to a great extent
With the introduction of REITs and the demand for residential products
showing early signs of improvement, Your Company remains committed to
achieve a robust, conservative capital structure by matching long-term
capital with long term assets, reducing debt on the books, thereby
improving both the quality and pricing of the debt.
Your Directors are confident that the business of the Company will
increase manifold in years to come.
Dividend
Your Directors express their inability to declare any Dividend for the
Financial Year under review.
Fixed deposits
The Company has not accepted /renewed any Public Deposits during under
review.
Listing at Stock Exchange
The Equity Shares of your Company are listed on BSE
Corporate Governance
Your Company is committed to transparency. Report on Corporate
Governance is separately enclosed together with the Certificate issued
by Md. Adil Hassan, Chartered Accountants with regard to compliance of
Clause 49 of the listing agreement entered into with the stock
exchanges.
Directors' Responsibility Statement
In terms of provisions of Section 134(5) of the Act, your Directors
confirm that:
(i) In the preparation of the annual accounts , the applicable
standards had been followed along with proper explanations relating to
material departures';
(II) 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,2015 and the profit and 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 have prepared the annual accounts on a going concern
basis;
(V) The Directors have 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 have devised proper system to ensure compliance with
the provisions of all applicable laws and that such systems were
adequate and operating effectively.
Audit Committee
The composition of the Audit Committee is provided in the Corporate
Governance report forming part of this report. All the recommendations
made by the Audit Committee were accepted by the Board.
Auditors'
M/S. Ray & Ray, Chartered Accountants, Statutory Auditors holds office
until the conclusion of the forthcoming Annual general meeting and are
eligible for re-appointment. Certificate from the Auditors' has been
received to that effect that their appointment, would be within the
limits prescribed limits under Section 143(3) ( g) of the Act and they
are not disqualified for re-appointment.
Secretarial Auditor
The Board has appointed Debashis Mukho padhay, practicing Company
secretary to conduct Secretarial Audit for the year 2014-15. The
Secretarial Audit Report for the Financial year ended 31st March,2015
does not contain any qualification, reservation and adverse remarks.
Directors
The Independent Director have submitted declaration that they meet the
criteria of Independence as laid down under Section 149 (6) of the Act
and Clause 49 of the Listing Agreement.
Board Evaluation
The evaluation of the Board, Committees and individual Directors was
carried out based on structured questionnaire encompassing parameters
such as level of engagement and contribution, independence of judgment,
safeguarding the interests of the company and its minority shareholders
etc. Further, details on performance evaluation along with
familiarization programme are covered under the Corporate Goverance
Report.
Risk Management
Pursuant to the requirement of Clause 49 of the Listing Agreement, the
Board has constructed a Risk Management Committee, to frame, implement
and monitor risk management plan of the company. The Audit Committee
also oversight in the areas of financial risk and control.The Company's
internal control system is commensurate with the nature , size and
complexities of operations. The Company is
continuously reviewing the internal financial controls and risk
management process to further strengthen the same.
Personnel Relations:
Personnel relationship has been cordial during the year under review.
Particulars of Employees:
Particulars of Employees as requires to be reported under Section 134
of the Act is: NIL
Conservation of Energy technology absorption and Foreign Exchange:
Conservation of Energy - NIL
Technology absorption - NIL
Foreign Exchange Earnings - NIL
Auditors Qualifications:-
a) An amount of Rs 3,79,37,544 (included in Advance from customers
under Note 5) collected by Vibgyor Housing Limited (VHL) for sale of
flats/ shops of King's Residency Project from 39 customers was assigned
to the Company by VHL through a Deed of Assignment dated 30th March
2014. As informed to us, the project will now be looked after by the
Company till completion vide Project Partnership Agreement dated
19.02.2014 entered into between the Company (co-developer) and Ria
Enterprise (developer). The said amount is debited to VHL and credited
to Liabilities in the financial statements of the company. Of the 39
customers whose balances were transferred in the books as indicated
above, individual agreements were entered into by the Company with only
22 customers having balance aggregating Rs 2,14,67,935. We have neither
received any confirmation of balances from the remaining 17 customers
nor have any individual agreement with them by the Company made
available to us which disables us from verifying the nature and purpose
of these advances. In this context Notes 21A & 21B to the Financial
Statements may please be referred to.
b) Note No. 20 regarding non-provision of SEBI demand of Rs 1,75,000.
Management's Reply:-
1. The Company has undertaken Project Partnership Agreement on
19.02.2014 With Vibgyor Housing Limited. In compliance of the agreement,
all the assets and liabilities pertaining to the said project has been
transferred and the Company has continuously served its customers
without any complaints.
2. The Company has been making persuasive efforts to settle the issue
with the SEBI.
Acknowledgements
Your Directors wish to place on record their appreciation for the
bankers, institutions, shareholders, customers for their continued
support.
Place: Kolkata On behalf of the Board
Date : 01.09.2015 For RNB Industries Limited
Nargis Bhadra
Managing Director
Mar 31, 2014
The Members,
RNB Industries Limited,
Kolkata.
The Directors of your Company have pleasure in presenting their
Twentieth Annual Report together with the Audited statement of accounts
for the year ended 31st March 2014.
Financial results
(Amt in Rs.)
Particulars 2013-14 2012-13
Gross Income 16,990,584.00 23,764,634.00
Total Expenditure 15,918,092.00 7,579,159.00
Profit/(Loss) before Tax 1,072,492.00 16,185,475.00
Profit /(Loss) after tax 731,448.00 12,980,066.00
Operations:
Your directors wish to inform that the total income of the company
during the year under review stood at Rs 16,990,584/- as against Rs
23,764,634/- in the corresponding previous year. Due to bad situation
of the market in the field of Real Estate and Infrastructure, we are
not exception to it. During the year under review the Profit before tax
stood at Rs 1,072,492/- as against Rs 16,185,475/- in the corresponding
previous year.
Your Directors are confident that the business of the company will
increase manifold in the forthcoming financial year 2014-15.
Dividend
Your Directors express their inability to declare any dividend for the
financial year under review.
Public deposits
Your Company has not accepted any Deposits from Public during the year
under report.
Corporate Governance
Your Company is committed to transparency. Report on Corporate
Governance is separately enclosed together with the Certificate issued
by the M/s. Ray & Ray, Chartered Accountants with regard to compliance
of Clause 49 of the listing agreement entered into with the stock
exchanges.
Directors'' Responsibility Statement
Your Directors Confirm:
i) that in the preparation of the annual accounts, the applicable
accounting standards have been followed:
ii) 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 on March 31, 2014 and the Profit of the
Company for that period;
iii) that the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 2013, for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities;
iv) that the Directors have prepared the annual accounts on a going
concern basis.
Personnel Relations:
Personnel relationship has been cordial during the year under review.
Particulars of Employees:
Particulars of Employees as requires to be reported under Section 134
of the Act is: NIL
Conservation of Energy technology absorption and Foreign Exchange:
Conservation of Energy - NIL
Technology absorption - NIL
Foreign Exchange Earnings - NIL
Auditors:
M/s. Ray & Ray, Chartered Accountants, Kolkata, the Statutory Auditors
of the Company retire at this Annual General Meeting and have shown
their willingness to be re-appointed as Statutory Auditors of the
Company from the conclusion of this Annual General meeting till the
conclusion of the ensuing Annual general Meeting.
Auditors Qualifications:-
1. An amount of Rs. 4,00, 37,544 (included in advance from customers
under Note 5) was collected by Vibgyor Housing Limited (VHL) for sale
of flats/shops of Kings Residency Project from 48 customers. As
Informed to us, the project will now be handled by the Company till
completion vide Project Partnership Agreement dated 19.02.2014 between
the Company (co-developer) and Ria Enterprises (Developer). Hence, the
said amount is debited to VHL and credited to liabilities in the
financial statement of the Company. There has been no agreement between
the Company with the individual customers, in respect of project. Also
refer Note No.21 of Notes of Accounts.
2. Note No. 20 regarding non-provision of SEBI demanded of Rs.
1,75,000.
3. We are unable to comment on the extent of recovery of doubtful
Trade Receivables amounting to Rs. 79,29,926 on account of reasons
indicated in Note No. 19 of the Notes to accounts.
Management''s Reply:-
1. The Company has undertaken Project Partnership Agreement on
19.02.2014 With Vibgyor Housing Limited. In compliance of the
agreement, all the assets and liabilities pertaining to the said
project has been transferred and the Company has continuously served
its customers without any complaints.
2. The Company is confident that no negative order shall be given by
adjudicating officer appointed by SEBI pertaining to certain violations
for 2003-04. Hence, No provisions has been made in the accounts for the
same.
3. The Company has been making persuasive efforts and is confident
that the same shall be realised in full from the trade receivables in
the current financial year 2014-15. Hence, No provision in this regard
has been deemed necessary.
Acknowledgements
Your Directors wish to place on record their appreciation for the
bankers, institutions, shareholders, customers for their continued
support.
Place: Kolkata On behalf of the Board
Date: 04.09.2014 For RNB Industries Limited
Managing Director
Mar 31, 2012
The Directors of your Company have pleasure in presenting their
Eighteenth Annual Report together with the Audited statement of
accounts for the year ended 31st March 2012.
Financial results
(AmtinRs.)
Particulars 2011-12 2010-11
Gross Income 760,240.00 1,044,921.00
Total Expenditure 713,332.02 1,002,844.21
Profit/(Loss) before
Interest & Depreciation 46,907.98 42,076.79
Profit/(Loss) aftertax 38,036.98 34,275.79
Operations:
Your directors wish to inform that the total income of the company
during the year under review stood at Rs 760,240/- as against Rs
1,044,921/- in the corresponding previous year. The Company has
initiated various cost cutting measures which resulted into the
increase of Profit before Tax by 11% approx. During the year under
review the Profit before tax stood at Rs 46,908/- as against Rs
42,077/- in the corresponding previousyear.
Your Directors are confident that the business of the company will
increase manifold in the financial year 2012-13.
Dividend
Your Directors express their inability to declare any dividend for the
financial year Public deposits
Your Company has not accepted any Deposits from Public during the year
under report.
Corporate Governance
Your Company is committed to transparency. Report on Corporate
Governance is separately enclosed together with the Certificate issued
by the Mr. A. Chopra & Co., Chartered Accountants with regard to
compliance of Clause 49 of the listing agreement entered into with the
stock exchanges.
Directors' ResponsibiIity Statement
Your Directors Confirm:
i) that in the preparation of the annual accounts, the applicable
accounting standards have been followed:
ii) 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 on March 31,2012 and the Profit of the
Company for that period;
iii) that the Directors have 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;
iv) that the Directors have prepared the annual accounts on a going
concern basis.
Shifting of Registered Office:
To carry on business of the Company more economically and efficiently,
the Board of Directors have decided to shift the Registered Office of
the Company from Old No.3, New No.5, Kuppuswamy Street, T.
Nagar,Chennai-600017 to "Vibgyor House" P-25, CIT Road, Kolkata-700014
during the year under review. The approval of the Shareholders have
also been taken through Postal ballot. Your directors are pleased to
inform you that the Company Law Board, Southern Regional Bench, Chennai
vide order dated 13.04.2012 have approved the Shifting of Registered
Office.
Admission of securities of the Company with CDSL:
For the sake of convenience and transparency to the Shareholders,
investors and other stakeholders, we have admitted our securities with
Central Depository Services (India) Limited during the year under
review.
Personnel Relations:
Personnel relationship has been cordial during the year under review.
Particulars of Employees:
Particulars of Employees as requires to be reported under Section
217(2A) of the Act is: NIL
Conservation of Energy technology absorption and Foreign Exchange:
Conservation of Energy - NIL
Technology absorption - NIL
Foreign Exchange Earnings - NIL
Auditors:
M/s. A. Chopra & Co., Chartered Accountants, Kolkata, the Statutory
Auditors of the Company retire at this Annual General Meeting and have
shown their willingness to be re-appointed as Statutory Auditors of the
Company from this Annual General meeting till the conclusion of the
next Annual general Meeting.
Acknowledgements
Your Directors wish to place on record their appreciation for the
bankers, institutions, shareholders, customers for their continued
support.
Place: Kolkata
On behalf of the Board
Date: lstSeptember'2012 Chairman-cum-Managing Director
Mar 31, 2010
The Directors of your Company have pleasure in presenting their
SIXTEENTH Annual Report together with the audited statement of accounts
for the year ended 31st March 2010.
Financial results
Rs. in Lacs
Particulars 2009-10 2008-09
Gross Income 18.02 18.34
Total Expenditure 16.27 18.05
Proflt/fLoss) before Interest & Depreciation 1.75 0.29
Profit / (Loss) after tax 1.75 0.29
Business Outlook
Your directors are glad to report about the commencement of operations
and they are confident that the Company would report an improved
performance next year.
Dividend
Your Directors express their inability to declare any dividend for the
financial year. Public deposits Your Company has not accepted any
Deposits from Public during the year under report.
Corporate Governance Your company is committed to transparency. Report
on Corporate Governance is separately enclosed together with the
Certificate issued by Mr.L Narayanan, Chartered Accountant with regard
to compliance of Clause 49 of the listing agreement entered into with
the stock exchanges.
Directors Responsibility Statement
Your Directors Confirm:
i) that in the preparation of the annual accounts, the applicable
accounting standards have been followed:
ii) 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 on March 31, 2010 and the Profit of the Company for
that period;
iii) that the Directors have 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;
iv) that the Directors have prepared the annual accounts on a going
concern basis.
Directors
Mr. B.Sriram and Mr. Ravindran Ramoji Directors retire by rotation and
being eligible offer themselves for re-appointment. Necessary
resolutions in this regard have been placed before you for approval.
Personnel Relations
Personnel relationship is always cordial in your company. Particulars
of Employees
Particulars of Employees as requires to be reported under section
217(2A) of the Act is: NIL
Conservation of Energy technology absorption and Foreign Exchange
Conservation of Energy - NIL
Technology absorption - NIL
Foreign Exchange - NIL
Auditors
Mr.L.Narayanan, Chartered Accountant, Salem, retire at the Annual
General Meeting of the Company and being eligible offer himself for
re-appointment Consequent to this he is reappointed from the conclusion
this Annual General meeting till the conclusion of the next Annual
General Meeting.
Acknowledgements
Your Directors wish to place on record their appreciation for the
shareholders for their continued support,
Place: Chennai
Date: 24th May 2010
(P.B. Ramoji) (K.V. Gopalakrishnan)
Director Whole Time Director
Mar 31, 2003
The Directors have immense pleasure in presenting the Nineth Annual
Report and Audited Accounts of your Company for the year ended 31st
March 2003.
1 (a).FINANCIAL RESULTS
Rs. in Lacs
Particulars 2002-2003 2001-2002
Gross Income 4.94 0.99
Total Expenditure 1.45 1.18
Profit/(Loss) before Interest & 3.49 (0.19)
Depreciation
Interest 0.00 0.00
Depreciation 4.79 0.00
Profit/(Loss) after Interest (1.30) (0.19)
(b). Your Company has faced serious difficulties in running the poultry
unit since the cost of operations continue to be more than the net
realization. The Gross Income of Rs. 4.95 Lacs for the year generated
from sale of paddy and other yields from the trees planted in our land.
Your directors are considering changing the line of activity and
looking out for profitable business. Suitable amendments will be made
to the objects of the Company.
2. DIRECTORS RESPONSIBILITY STATEMENT
Your Directors Confirm:
i) that in the preparation of the annual accounts, the applicable
accounting standards have been followed:
ii) 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 on
March 31, 2003 and the profit of the Company for that period;
iii) that the Directors have 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;
iv) that the Directors have prepared the annual accounts on a going
concern basis.
3. DIVIDEND
Your Directors do not recommend the payment of any dividend for the
period under review as the company has no distributable surplus.
4.PUBLIC DEPOSITS
Your Company has not accepted any Deposits from Public within the
meaning of Section 58 A of the Companies Act, 1956, and the rules
framed there under.
5.CORPORATE GOVERNANCE
The Company has not complied with the conditions of Corporate
Governance as stipulated in clause 49 of the Listing Agreement Your
Directors assure that the conditions of Corporate Governance will be
complied before the Next Annual General Meeting.
6. COMPANY SECRETARY
Your Directors have taken steps for appointment of a Whole time Company
Secretary.
6.AUDITORS
M/s. Narayanan & Ramesh, Chartered Accountants, Salem, retire at this
Annual General Meeting and are eligible for Re-appointment.
7. INVESTMENTS
Your Directors wish to state that the investments are made in Equity
Shares of Agrimas Chemicals Limited, Which is yet to be registered in
Companys name.
8. LAND
Land reflected in the Balance Sheet were held in the name of the
Directors of the Company. The Company is in the process of registering
the lands in Companys name. Land measuring 19.25 Acres has already
been registered in Companys name.
9. DEPRECIATION
Fixed Assets reflected in the Balance Sheet is valued at Cost. No
Depreciation is provided as the company incurred losses over the years.
10. PARTICULARS OF EMPLOYEES
Particulars of Employees as required to be reported as per section
217(2A) of the Act is: NIL
11.Earnings in Foreign Exchange : NIL
12.Expenditure in Foreign Currency : NIL
13. ACKNOWLEDGEMENTS
Your Directors wish to place on record their appreciation for their
devoed and valuable services rendered by staff and workers of the
Company.
For and behalf of the Board
Sd/-
(M. BHARATHY)
Managing Director
Place : Salem
Date : 6th June 2003