Mar 31, 2015
Dear Members,
Your Directors have pleasure in presenting their 31st Annual Report
together with the Audited Accounts for the year ended March 31, 2015.
1. RESULTS OF OUR OPERATIONS:
Particulars 2014-15 2013-14
Revenue from Operations (Net of 1,62,32,44,441 1,31,60,04,166
Excise) and Other Income
Exceptional Items - -
Profit before Interest, 48,65,874 20,40,875
Depreciation & Tax (EBITA)
Finance Charges 68,360 73,658
Depreciation 12,52,407 4,03,777
Provision for Tax (Including 12,42,057 39,716
for earlier years)
Net Profit After Tax 23,03,049 15,23,724
Profit Brought Forward from 2,38,84,719 2,23,60,995
previous year
Depreciation on transition to 12,52,407 4,03,777
Schedule II of the Companies Act,
2013
Surplus Available for Appropriations 2,61,87,768 2,38,84,719
Appropriations to:
Proposed Dividend - -
Dividend Distribution Tax - -
Transferred to General Reserve - -
Profit carried to Balance Sheet 2,61,87,768 2,38,84,719
2. Turnover & Profits:
The Directors wish to inform you that, during the Financial Year ended
31st March, 2015 the sales and other income increased from Rs.
13,160.04 lacs to Rs. 16232.44 lacs. The Net Profit After Tax stood at
Rs.23.03 as against Rs. 15.23 in the previous year.
3. Dividend:
The Directors of your Company do not recommend any dividend for the
financial year ended 31st March, 2015 in order to plough back the
resources for the future growth.
4. Transfer to Reserves:
During the current financial year, there were no transfers made to
reserves.
5. Change(s) in the Nature of Business, if any:
There is no change in the nature of business carried on by the Company.
The Company has not changed the class of business in which the Company
has an interest.
6. Material changes and commitments, if any, affecting the financial
position of the Company which have occurred between the end of the
Financial Year of the Company to which the financial statement relate
and the date of the report.
There were no material changes and commitments affecting the financial
position of the Company between the end of financial year of the
Company and the date of the report.
7. Fixed Deposits:
Your Company has not accepted any fresh fixed deposits at present and,
as such, no amount on account of principle or interest on public
deposits was outstanding as on the date of the balance sheet.
8. Management's Discussion and Analysis:
Management's Discussion and Analysis Report for the year under review,
as stipulated under Clause 49 of the Listing Agreement with the
Stock Exchanges in India, is presented in a separate section forming
part of the Annual Report as Annexure I.
9. Corporate Governance Report:
Your Company has taken adequate steps to ensure that all mandatory
provisions of Corporate Governance in terms of Clause 49 of the Listing
Agreement with Bombay Stock Exchange Limited have been complied with.
A separate report on Corporate Governance along with certificate from
the Statutory Auditors of the Company regarding the compliance of
conditions of corporate governance as stipulated under Clause 49 of the
Listing Agreement forms a part of this Annual General Meeting as
Annexure II.
10. Corporate Social Responsibility (CSR):
As per the Section 135 of Companies Act, 2013 all companies having Net
Worth of Rs. 500 cr or more, or Turnover of Rs. 1,000 core or more, or
Net Profit of Rs. 5 core or more during any financial year required to
constitute a Corporate Social Responsibility Committee of the Board of
Directors comprising of three or more directors, at least one of whom
should be an independent director and such Company shall spend at least
2% of the average net profits of the Company's three immediately
preceding financial year.
Accordingly, the Company formed a CSR Committee, having two non
executive directors and one Executive Director as a member of the
Committee. For the current financial year, the provisions of Section
135 of Companies Act, 2013 is not applicable to the Company, therefore;
it is not required to pay 2% of the average net profits of the Company
for the current Financial Year.
11. Share Capital
The Paid up Equity Share Capital as on March 31, 2015 was Rs. 23, 08,
00,000/- During the year under review, your Company did not issue
shares. Details of Directors shareholding as on March 31, 2015, are
mentioned in the Corporate Governance Report, which forms a part of
this Annual Report.
12. Extract of Annual Return:
An extract of Annual Return in Form MGT-9 as on March 31, 2015 is
attached as Annexure III to this Report.
13. Board Meeting held during the year:
The Board met 7 times during the financial year 2014-15. The details of
the meeting are furnished in the Corporate Governance Report that forms
part of this Annual Report.
The intervening gap between any two meetings was within the period
prescribed by the Companies Act, 2013.
14. Director Responsibility Statement:
As per Section 134 (5) of the Companies Act, 2013; the Board of
Directors, to the best of their knowledge and ability, confirm that:
i. In the preparation of the annual accounts, the applicable
accounting standards have been followed and that there are no material
departures.
ii. They 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 at the end of the March 31, 2015 and of the Profit and Loss
of the Company for the year ended March 31, 2015.
iii. They 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. They have prepared the Annual Accounts on a 'going concern' basis.
v. They have laid down internal financial controls to be followed by
the Company and that such internal financial controls are adequate and
were operating effectively.
They have devised proper systems to ensure compliance with the
provisions of all applicable laws and that such systems were adequate
and operating effectively.
15. Auditors
A. Statutory Auditors:
M/s. DMKH & Co., Chartered Accountants, (Firm Registration No. 116886W)
Statutory Auditors of the Company, hold office till the conclusion of
the ensuing Annual General Meeting (AGM) and are eligible for re
appointment from the conclusion of the ensuing AGM till the conclusion
of the 5th consecutive Annual General Meeting of the Company. The Board
has recommended their re-appointment.
M/s. DMKH & Co., Chartered Accountants have confirmed that their
re-appointments, if made would be in accordance with the provisions of
the Section 141 Companies Act, 2013 and that they are not disqualified
for re-appointment.
Auditors Qualification:
There is no qualification, reservation or adverse remarks made in the
Statutory Auditors Report.
B. Secretarial Audit Report:
Pursuant to provisions of Section 204 of the Companies Act, 2013 read
with Rule 9 of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules 2014, your Company engaged the services of
M/s. GMS & Co., Company Secretary in Practice, Thane to conduct the
Secretarial Audit of the Company for the financial year ended March 31,
2015.
The report of the Secretarial Auditor is appended as Annexure IV.
Explanation or Comments on every qualification, reservation or adverse
remark made by the Company Secretary in practice in the Secretarial
Audit Report.
The inspection under Section 209A of the Companies Act, 1956 has been
carried out by the office of the Ministry of Corporate Affairs, the
details of which are entered in the Secretarial Audit Report.
C. Internal Auditor Report:
M/s. Neha Sharda & Associates have carried out the internal audit for
the Financial Year 2014-15. The Report is based on the books of
accounts and other records of the Company. The Board has recommended
their re- appointment for the Financial Year 2015-16.
16. Listing of Shares:
The Equity Shares of the Company are listed on Bombay Stock Exchange
Limited (BSE), further the Company has paid necessary listing fee to
BSE as per the Listing Agreement.
17. Related Party Transactions :
The Company has formulated a policy on dealing with Related Party
Transactions. The policy is disclosed on the website of the Company
i.e. www.ricl.in . Your Company places all the aforesaid details before
the Audit Committee periodically. A comprehensive list of related party
transactions as required by the Accounting Standard (AS) 18 issued by
the Institute of Chartered Accountants of India, forms part of the Note
No. 33 of the Accounts in the Annual Report. However, these
transactions are not likely to have any conflict with the interest of
the Company at large.
During the year, the Company had not entered into any contracts/
arrangements/ transactions with related parties which could be
considered as material except the remuneration paid to Key Managerial
Personnel.
18. Audit Committee:
The Audit Committee of the Company comprises of Two Independent & Non
Executive Directors and One Executive Director. The details are
provided in the Corporate Governance Report.
Pursuant to the requirements of the Companies Act, 2013, the Company
has established vigil mechanism through Audit Committee for Directors
and Employees to report genuine concerns about unethical behaviors,
actual or suspended fraud or violation of the Company's Code of Conduct
or ethics policy.
The vigil mechanism provides for adequate safeguards against
victimization of persons who use such mechanism and make provision for
direct access to the Chairman of the Audit Committee in appropriate or
exceptional cases.
19. Risk Management Policy:
The Company has developed and implemented a mechanism for risk
management and has developed a Risk Management Policy. The Audit
Committee and the Board periodically reviewed the risk assessment and
minimization procedures as required under clause 49 of the Listing
Agreement so as to ensure that risk is controlled by the Executive
Management.
20. Directors and Key Managerial Personnel (KMP):
a. Company's policy on appointment and remuneration:
The Composition of the Company's Board of Directors is in conformity
with the Listing Agreement, having an appropriate mix of executive and
Independent Directors to maintain the independence of the Board. As on
March 31, 2015 the Board of Directors of the Company comprises of Five
Directors including One Managing Director, One Whole Time Director and
Three Non-Executive & Independent Directors.
At the last Annual General Meeting of the Company (held on September
30, 2014) during the year under review, the members approved the
appointments of Ms. Manisha Anand, Mr. Ravi Kant Chaturvedi and Mr.
Damodar Hari Pai, as Independent Directors, not liable to retire by
rotation, for a period of 5 years.
We affirm that the remuneration paid to the Director is as per the
terms laid out in the nomination and remuneration policy of the
Company.
In accordance with the provisions of Section 152 of the Companies Act,
2013 and in terms of Article of Association of the Company, Mr. Hitesh
Jain, Whole Time Director of the Company retire by rotation and being
eligible, offers himself for re-appointment.
During the year under review, there have been changes in the management
of the Company as mentioned below:
Name Designation Date of Appointment
Mr. Aman Punamiya Addl. Director (Exe.) May 08, 2014
Mr. A.P. Dhurandhar Independent Director February 13, 2013
Name Date of Resignation
Mr. Aman Punamiya May 24, 2014
Mr. A.P. Dhurandhar October 16, 2014
The Board wishes to place on record their deep sincere appreciation of
the immense contribution made by Mr. Ashokaditya Prakash Dhurandhar
during his tenure.
b. Declaration by Independent Directors:
All the Directors of the Company have confirmed that they are not
disqualified from being appointed as Director in terms of Section 164
(2) of the Companies Act, 2013.
All Independent Directors have given declarations that they meet the
criteria of independence as laid down under section 149 (6) of the
Companies Act, 2013 and Clause 49 of the Listing Agreement. Further,
during the year under review, the independent directors met on Feb 12,
2015.
At the time of appointment of an Independent Director, the Company
issues a formal letter of appointment outlining his/ her role,
function, duties and responsibilities as a director. The formal letter
of appointment is available at the website of the Company i.e.
www.ricl.in
c. Familiarization program for Independent Director:
The Company proactively keeps its Directors informed of the activities
of the Company, its management and operations and provides an overall
industry perspective as well as issues being faced by the industry.
d. Key Managerial Personnel:
Appointment:
Mr. Hitesh Jain, (DIN: 05263120) was appointed as Chief Financial
Officer of the Company w.e.f. August 14, 2014.
Re-appointments:
Mr. Hitesh Jain, Whole Time Director of the Company whose tenure was
expired on June 19, 2015 and being eligible for re-appointment as Whole
Time Director of the Company for a period of Three Years commencing
from June 19, 2015 to June 18, 2018 by the Board of Directors of the
Company subject to member's approval.
Mr. Manish Shah, Managing Director of the Company whose tenure was
expired on February 23, 2015, and being re-appointed for a further
period of Three years from February 24, 2015 to February 23, 2018 by
the Board of Directors of the Company subject to members approval.
21. Nomination and Remuneration Policy
The Board has adopted, on recommendation of the Nomination &
Remuneration Committee, a policy for selection and appointment of
Directors, Senior Management and their remuneration. A brief detail of
the policy is given in the Corporate Governance Report and also posted
on the website of the Company:
22. Compliance under Companies Act, 2013:
Pursuant to Section 134 of the Companies, Act 2013 read with rules
Companies (Accounts) Rules, 2014, your Company complied with the
compliance requirements and the detail of compliances under Companies
Act, 2013 are enumerated below:
a. Board Evaluation:
As per Clause 49 of the Listing Agreement mandates the Board shall
monitor and review the Board evaluation framework. As per
Section 134 (p) of the Companies Act, 2013 states that a formal annual
evaluation needs to be made by the Board of its own performance and
that of its committees and Independent Directors. Schedule IV of the
Companies Act, 2013 states that the performance evaluation of
independent directors shall be done by the entire Board of Directors,
excluding the director being evaluated. None of the independent
directors are due for re- appointments.
b. Particulars of Employees:
The ratio of the remuneration of each director to the median employees'
remuneration and other details in terms of Section 197 (12) of the Act
with rule 5(1) of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014 ("the rules"), forms a part of this
Annual Report as Annexure V.
c. Particulars of Loans, Guarantees or Investments:
As on March 31, 2015, there were no outstanding loans or guarantees
covered under the provisions of Section 186 of the Companies Act, 2013.
Loans, guarantees and investments covered Under Section 186 of the
Companies Act, 2013 form part of the notes to the financial statements
provided in this Annual Report.
d. Conservation of Energy, Technology Absorption, Foreign Exchange
Earnings and Outgo:
Particulars with respect to conservation of Energy, Technology
Absorption and Foreign Exchange Earning & Outgo pursuant to Section 134
read with rule 8 (3) of the Companies (Accounts) Rules, 2014, is set
out hereunder:
Sr. Particulars Disclosures
No.
1 Conservation of Energy and Your Company has continued to accord
Power Consumption priority to Conservation of energy
and is continuing its efforts to
utilize energy more efficiently
2 Technology Absorption and Your Company has not absorbed or
Research & Development imported any technology and no
research and development work is
carried out.
US $: Nil
Earnings Exports of
3. Foreign Exchange Goods Rs.: Nil
Outgo Nil Nil
e. Significant and Material Orders passed by the Regulators or Courts:
Inspection under Section 209A of the Companies Act, 1956 has been
carried out by the office of the Ministry of Corporate Affairs. No
irregularities other than of a compound able nature have been observed
by the inspecting authority. Your Company filed the applications with
the Authorities against the observation/remarks of the Inspecting
Authorities.
f. Committees of the Board:
There are currently four committees of the Board which are as follows:
a. Audit Committee;
b. Nomination & Remuneration Committee;
c. Corporate Social Responsibility Committee and;
d. Stakeholders Relationship Committee.
The members of the Committees consist of Two Non-Executive Directors
and One Executive Director. A detailed note on the Board and Committees
is provided under the Corporate Governance Report in the Annual Report.
g. Prevention of Sexual Harassment Policy:
The Company has in place a Prevention of Sexual harassment Policy in
line with the requirements of the Sexual Harassment of Women at the
Workplace (Prevention, Prohibition and Redressal) Act,2013. An Internal
Complaints Committee has been set up to redress complaints received
regarding sexual harassment. All employees (permanent, contractual,
temporary, trainees) are covered under this policy.
Further, during the year 2014-15, no complaints were received by the
Company related to sexual harassment.
h. Green Initiatives:
As part of the Green Initiative in Corporate Governance, the Ministry
of Corporate Affairs ("MCA"), Government of India, through its Circular
Nos. 17/2011 and 18/2011, dated April 21, 2011 and April 29, 2011
respectively has allowed companies to send official documents through
electronic mode.
Like the previous year, electronic copies of the Annual Report and
Notice of the 31st Annual General Meeting are sent to all the members
whose email addresses are registered with the Company/ Depository
Participant(s) for communication purposes. For members who have not
registered their email addresses, physical copies of the Notice and
Annual Report are sent in the permitted mode. Members requiring
physical copies can send a request to the Company.
i. Acknowledgements:
The Directors wish to express their appreciation for the continued
co-operation of the Central and State Governments, Registers, bankers,
financial institutions, Share Transfer Agents. The Directors also wish
to thank all the employees for their contribution, support and
continued co-operation throughout the year.
On behalf of the Board of Directors
Sd/- Sd/-
(Manish Shah) (Hitesh Jain)
Managing Director Whole time Director
DIN :01953772 DIN :05263120
Place : Mumbai
Date : August 13, 2015
Mar 31, 2014
Dear Members,
The Directors have pleasure in presenting the 30th Annual Report
together with the Audited Accounts for the year ended March 31, 2014.
1. Financial Results:
The Company''s financial performance, for the year ended March 31, 2014
is summarised below:
Rs. (In Lacs)
Particulars
31.03.2014 31.0.3.2013
Total Income 13,160.04 11,051.66
Profit before Tax 15.63 5.20
Provision of Tax
* Current Tax -5.39 1.72
* Deferred Tax (0.55) (0.55)
* Previous year adjustment 4.43 -
Profit after Tax 15.23 4.03
2. Turnovers & Profits:
The Directors wish to inform you that during the financial year ended
31st March, 2014 the sales and other income increased from Rs.
11,051.66 lacs to Rs. 13,160.04 lacs. The Net profit after tax stood at
Rs. 15.23 lacs as againstRs. 4.03 lacs in the previous year.
3. Dividend:
The Directors of your Company do not recommend any dividend for the
financial year ended 31st March, 2014 in order to plough back the
resources for future growth.
4. Board of Directors:
During the year under review, there have been changes in the Management
of the Company as mentioned below:
Mr. Vishal Gohil Stepped down as a Whole Time Director of the Company
w.e.f. 15th November, 2013. The Board wishes to place on record their
deep sincere appreciation of the immense contribution made by Mr.
Vishal Gohil during his Tenure.
In accordance with the provisions of the Act and the Company''s Clause
119 of the Article of Association, Mr. Hitesh Jain retires by rotation
and is eligible for re-appointment.
In line with the provisions of Section 149 and other applicable
provisions of the Companies Act, 2013, Mr. Damodar Hari Pai (Din No.
00172372), Mr. Ravi Kant Chaturvedi (Din No. 05198811), Mr.
Ashokaditya Dhurandhar (Din No. 06509031) and Ms. Manisha Anand (DIN
No. 03497950) Directors of the Company, are being appointed as
Independent Directors for five consecutive years from 30th September,
2014 up to 29th September, 2019.
Necessary resolutions for the appointment/reappointment of the
aforesaid Directors have been included in the notice convening the
ensuing AGM and requisite details have been provided in the explanatory
statement of the notice. Your directors commend their
appointments/reappointment.
All the Directors of the Company have confirmed that they are not
disqualified from being appointed as Directors in terms of Section
274(1)(g) of the Companies Act, 1956 and Section 164(2) of the
Companies Act, 2013.
5. Directors'' Responsibility Statement:
In terms of Section 217(2AA) of the Companies Act, 1956, your Directors
state that:
1) In the preparation of the annual accounts for the financial year
March 31, 2014, the applicable accounting standards read with
requirements set out under Schedule VI to the Companies Act, 1956, have
been followed and there are no material departures from the same;
2) The Company has 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 31st March 2014 and of the Profit & Loss Account of
the company for the year ended on that date.
3) The Company has 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) These Accounts have been prepared on a going concern basis.
6. Particulars of Employees:
None of the employees of the Company was in receipt of remuneration up
to or in excess of the amount prescribed under Section 217 (2A) of the
Companies Act, 1956 read with Companies (Particulars of Employees)
Rules, 2011 for the year ended 31st March, 2014.
7. Fixed Deposits:
Your Company has not accepted any public deposits and as such no amount
on account of principal or interest on public deposits under Section
58A and Section 58AA of the Companies Act, 1956, read with Companies
(Acceptance of Deposits) Rules, 1975, was outstanding as on the date of
the Balance Sheet.
8. Listing of Shares:
The Equity Shares of the Company continues to be listed on Bombay Stock
Exchange Limited.
9. Management Discussion and Analysis Report:
Management Discussion and Analysis for the year under review as
required under Clause 49 of the Listing Agreement entered with Stock
Exchanges is given as a separate statement in the Annual Report.
10. Corporate Governance:
The Company is committed to maintain the highest standards of corporate
governance and adhere to the corporate governance requirements set out
by SEBI. The report on Corporate Governance as stipulated under Clause
49 of the Listing Agreement forms part of the Annual Report.
The requisite certificate from the Auditors of the Company confirming
compliances with the conditions of corporate governance as stipulated
under the aforesaid Clause 49 is attached to the Report on Corporate
Governance.
11. Auditors:
M/s. DMKH & Co., Chartered Accountants, retire as the Auditors at the
conclusion of the ensuing Annual General Meeting and being eligible,
offer themselves for re-appointment.
M/s. DMKH & Co., Chartered Accountants have confirmed that their re-
appointment, if made would be in accordance with the provisions of the
Companies Act, 2013 and that they are not disqualified for re-
appointment.
The Board has recommended their re- appointment and they will hold the
office from the conclusion of this Annual General Meeting until the
conclusion of next Annual General Meeting.
Auditors Report: Auditors Report as issued by M/s. DMKH & Co.,
Chartered Accountants is self explanatory and need not calls for any
explanation by your Board.
12. Conservation of Energy, Technology Absorption & Foreign Exchange
Earnings & Outgo:
Particulars with respect to conservation of Energy, Technology
Absorption and Foreign Exchange & Outgo pursuant Section 271 (i) (e)
read with Companies (Disclosure of Particulars in the report of the
Board of Directors) Rules, 1986, and particulars of employees pursuant
to Section 271 (2A) read with Companies (Particulars of Employees)
Rules, 1975 of the Companies Act, 1956 is set out hereunder:
Sr Particulars Disclosure
No.
Conversation Your Company has continued to
1. of Energy accord priority to Conservation of
and Power Energy and is continuing its efforts
Consumption to utilize Energy more efficiently.
Technology Your Company has not absorbed
Absorption or Imported any Technology and
2. and Research no research & development work
& is carried out.
Development
us$
Exports 150760.42
3 Foreign Earnings of Rs.
Exchange goods 731,006,101
Outgo Nil Nil
13. Green Initiatives:
As part of the Green Initiative in Corporate Governance, the Ministry
of Corporate Affairs ("MCA"), Government of India, through its Circular
Nos. 17/2011 and 18/2011, dated April 21, 2011 and April 29, 2011
respectively, has allowed companies to send official documents through
electronic mode.
Electronic copies of the Annual Report and Notice of the 30th Annual
General Meeting are sent to all members whose email addresses are
registered with the Company/Depository Participant(s) for communication
purposes. For members who have not registered their email addresses,
physical copies of the Notice and Annual Report are sent in the
permitted mode. Members requiring physical copies can send a request
to the Company.
14. E-voting:
In compliance with the Section 108 of the Companies Act, 2013 and Rule
20 of the Companies (Management and Administration) Rule, 2014, your
company is pleased to provide members facility to exercise their right
to vote at the 30th Annual General Meeting (AGM) by electronic means
and the business may be transacted through e-voting services provided
by Central Depository Services (India) Limited. (The instructions for
members for e-voting is provided in the notes to Notice of the AGM).
15. Board Committees:
In compliance with both the mandatory and non mandatory requirements
under the Listing Agreements and the applicable laws, the Board has
maintained the following Committees:
i) Audit Committee
ii) Nomination & Remuneration Committee
iii) Stakeholders Relationship Committee
iv) Corporate Social Responsibility Committee
16. Acknowledgements:
Your Directors thanks the members for their co-operation, support and
also wish to record the appreciation for the services and sincere
efforts of the Employees, Bankers, Registrar and Share Transfer Agents
of the Company.
For and on behalf of the Board of Directors
Sd/- Sd/-
Hitesh M. Jain Manish Shah
Whole Time Director Managing Director
(DIN No. 05263120) (DIN No. 01953772)
Place: Mumbai
Date : 14th August, 2014.
Mar 31, 2013
The Directors present the 29th Annual Report on the business
operations of the Company along with the Statement of Audited Accounts
for the year ended March 31, 2013.
1. FINANCIAL RESULTS
Rs. In Lacs
Particulars
31.03.2013 31.03.2012
Total Income 11051.66 11745.65
Profit Before Tax 5.20 147.19
Provision for Tax
-Current Tax 1.72 42.00
-Deferred Tax (0.55) (0.20)
-Previous year adjustment - (0.74)
Profit after Tax 4.03 106.14
2. DIVIDEND
Your Directors are unable to recommend payment of dividend on equity
share capital for the year ended 31st March, 2013.
3. TURNOVER & PROFITS
The Directors wish to inform you that, during the financial year ended
March 31, 2013 the sales and other income stood at rs. 11,051.66 Lacs
to rs. 11,745.65 Lacs. The Net profit after tax stood at rs. 4.03 lacs
as against rs. 106.14 lacs in the previous year.
4. BOARD OF DIRECTORS
During the year under review, there have been changes in the Management
of the Company as mentioned below:
Mr. Kumarpal Punamiya tendered his resignation as a Whole Time Director
of the Company w.e.f. October 30, 2012. The Board places on records
its sincere appreciation for the valuable services rendered by Mr.
Kumarpal Punamiya during his Tenure.
Mr. Vishal Gohil was appointed as Additional Director designated as
Whole Time Director on October 30, 2012 subject to approval of Members
in the ensuing Annual General Meeting.
Mr. Ashokaditya Dhurandhar was appointed as Additional Director and
holds office up to the ensuing Annual General Meeting. The resolution
for his appointment as a Director is being moved at the ensuing Annual
General Meeting.
Ms. Damodar Hari Pai retires by rotation as a Director at the
forthcoming Annual General Meeting and being eligible offers himself
for re- appointment.
Ms. Ravikant Chaturvedi retires by rotation as a Director at the
forthcoming Annual General Meeting and being eligible offers himself
for re- appointment.
Pursuant to Clause 49 of the Listing Agreement, the detailed profiles
of the Directors seeking appointment and re-appointment are provided in
the Notice convening the Annual General Meeting.
5. Appointment of Company Secretary and Compliance Officer:
Mrs. Shweta Agrawal, resigned as Company Secretary & Compliance officer
on February 13th 2013. As required under Section 383A of the Companies
Act, 1956, read with the provisions of Stock Exchanges, Ms. Siddhi
Patil, an Associate Member of the Institute of Company Secretaries of
India, New Delhi was appointed as the Company Secretary and Compliance
Officer of the Company on February 13th 2013.
6. EMPLOYEES
The Company has no employees in the category specified under Section
217(2A) of the Companies Act, 1956.
7. DEPOSITS FOR PUBLIC
The Company has not raised any deposits from public during the year
under review.
8. LISTING
The shares of the Company are listed on the Bombay Stock Exchange
Limited. The Company has paid the annual listing fees to the BSE for
the year 2012-2013.
9. MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Management Discussion and Analysis for the year under review as
required under Clause 49 of the Listing Agreement entered with Stock
Exchange is given as a separate statement in the Annual Report.
10. Corporate Governance:
The Company has taken steps to comply with the mandatory provisions of
Clause 49 of the Listing Agreement and a separate report on Corporate
Governance is enclosed.
Further, due to change in the Management of the Company the following
Committees were reconstituted viz. Audit Committee and Shareholders''
Cum Investors'' Grievance Committees.
Re-constitution of Audit Committee:
Ms. Manisha Anand Chairperson, Independent
& Non Executive
Mr. Damodar Hari Pai Member, Independent &
Non Executive
*Mr. Hitesh Jain Member, Whole time
Director
**Mr. Kumarpal Member, Whole Time
Punamiya Director
Re-constitution of Shareholders'' Cum Investors'' Grievance Committee:
Ms. Manisha Anand Chairperson, Independent
& Non Executive
Mr. Damodar Hari Pai Member, Independent &
Non Executive
*Mr.Hitesh Jain Member, Whole Time
Director
**Mr. Kumarpal Member, Whole Time
Punamiya Director
*Appointed as a Member of Audit Committee and Shareholders cum
Investors Grievance Committee w.e.f. 30/10/2012.
**Ceased to be a Member of Audit Committee and Shareholders cum
Investors Grievance Committee w.e.f. 30/10/2012.
11. Auditors:
M/s. DMKH & Co., Chartered Accountants, retire as the Auditors at the
conclusion of the ensuing Annual General Meeting and being eligible,
offer themselves for re-appointment. The Company has received a
certificate from the retiring auditors to the effect that their
reappointment, if made, will be in accordance with the limits specified
under Section 224(1B) of the Companies Act, 1956.
The Board has recommended their re-appointment. Auditors Report:
Auditors Report as issued by M/s. DMKH & Co., Chartered Accountants is
self explanatory and need not call for any explanation by your Board.
12. Conservation of Energy, Technology Absorption & Foreign Exchange
Earnings & Outgo:
Considering the nature of activities of the company, the information
required to be disclosed pursuant to Section - 217(1)(e) of the
Companies (Disclosure of Particulars in the Report of the Board of
Directors) Rules, 1988 relating to the conservation of energy and
technology absorption do not apply to the Company. Hence, no comment
is being made on energy conservation. There is no foreign technology
involved/absorbed. During the year under review, the company has not
earned or spent any foreign exchange.
13. Directors'' Responsibility Statement:
In terms of Section 217(2AA) of the Companies Act, 1956, your Directors
state that:
(i) In the preparation of the annual accounts, all the applicable
accounting standards have been followed along with proper explanation
relating to material departures.
(ii) The Company has 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 31st March 2013 and of the Profit & Loss Account of
the company for the year ended on that date.
(iii) The Company has 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) These Accounts have been prepared on a going concern basis.
14. Acknowledgements:
Your Directors greatly appreciate the co-operation and support of
Shareholders and Employees for reposing their faith in us and
motivating us to excel in all facets of our Business.
Sd/- Sd/-
Hitesh M. Jain Manish Shah
Whole-Time- Director Managing Director
Place : Mumbai
Date : 14th August, 2013.
Mar 31, 2012
The have pleasure in presenting the 28th Annual Report on the business
operations of the Company along with the Statement of Audited Accounts
for the year ended March 31, 2012.
1. FINANCIAL RESULTS
Rs.In Lacs
Particulars
31.03.2012 31.03.2011
Total Income 11745.65 6504.18
Profit Before Tax 147.19 70.48
Provision for Tax
-Current Tax 42.00 10.25
-Deferred Tax (0.20) (0.10)
-Previous year adjustment (0.74) -
Profit after Tax 106.14 60.34
2. DIVIDEND
Your Directors are unable to recommend payment of dividend on equity
share capital for the year ended 31st March, 2012.
3. TURNOVER & PROFITS
The Directors wish to inform you that during the financial year ended
31st March, 2012 the sales and other income increased from ? 6504.18
lacs to ? 11745.65 lacs. The Net profit after tax stood at ? 106.14
lacs as against ^ 60.34 lacs in the previous year.
4. BOARD OF DIRECTORS
During the year under review, there have been changes in the Management
of the Company as mentioned below:
Mr. Manoj Babulal Punamiya tendered his resignation as a Managing
Director of the Company w.e.f. 16th February, 2012. Board places on
records its sincere appreciation for the valuable services rendered by
Mr. Manoj Babulal Punamiya during his Tenure.
Mr. Manish Navnitbhai Shah was appointed as an Additional Director
designated as Managing Director on 24th February, 2012 subject to
approval of Members in the forthcoming Annual General Meeting.
Ms. Manisha Anand retires by rotation as a Director at the forthcoming
Annual General Meeting and being eligible offers herself for
re-appointment.
Mr. Ravi Kant Chaturvedi and Mr. Hitesh Jain were appointed as
Additional Directors and hold office up to the ensuing Annual General
Meeting. The resolution for his appointment as a Director is being
moved at the ensuing Annual General Meeting. Pursuant to clause 49 of
the Listing Agreement, the detailed profiles of the Directors seeking
appointment and re-appointment are provided in the Notice convening the
Annual General Meeting.
5. INSPECTION UNDER SECTION 209A OF THE COMPANIES ACT
Inspection under Section 209 A of the Companies Act, 1956 has been
carried out by the office of Ministry of Corporate Affairs. No
irregularities other than of a compoundable nature have been observed
by the Inspecting authority. Your Company is in the process of filing
compounding applications with the Authorities against the
observations/remarks of the Inspecting authority.
6. EMPLOYEES
The Company has no employees in the category specified under Section
217(2A) of the Companies Act, 1956.
7. DEPOSITS FOR PUBLIC
The Company has not raised any deposits from public during the year
under review.
8. MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Management Discussion and Analysis for the year under review as
required under Clause 49 of the Listing Agreement entered with Stock
Exchanges is given as a separate statement in the Annual Report.
9. CORPORATE GOVERNANCE
The Company has taken steps to comply with the mandatory provisions of
clause 49 of the Listing Agreement and a separate report on Corporate
Governance is enclosed. Further due to change in the Management of the
Company various committees of the Board of Directors are reconstituted
as under:
Re-constitution of Audit Committee:
Ms. Manisha Anand
Chairperson, Independent & Non Executive
Mr. Kumarpal Punamiya
Member, Whole time Director
Mr. Damodar Hari Pai
Member, Independent & Non Executive
Re-constitution of Shareholders' Cum Investors' Grievance Committee:
Mr. Kumarpal Punamiya
Member, Whole time Director ,
Ms. Manisha Anand
Chairperson, Independent & Non Executive
Mr. Damodar Hari Pai
Member, Independent & Non Executive
Re-constitution of Remuneration Committee:
Ms. Manisha Anand
Chairperson, Independent & Non Executive
Mr. Damodar Hari Pai
Member, Independent & Non Executive
Mr. Ravikant Chaturvedi
Member, Independent & Non Executive
*Mr. Ravikant Chaturvedi was appointed as a member of the Remuneration
Committee w.e.f 9th February, 2012.
10. AUDITORS
M/s. DMKH & Co., Chartered Accountants, retire as the Auditors at the
conclusion of the ensuing Annual General Meeting and being eligible,
offer themselves for re-appointment. The Company has received a
certificate from the retiring auditors to the effect that their
reappointment, if made, will be in accordance with the limits specified
under Section 224(1B) of the Companies Act, 1956.
The Board has recommended their re-appointment.
Auditors Report: Auditors Report as issued by M/s. DMKH & Co.,
Chartered Accountants is self explanatory and need not calls for any
explanation by your Board.
11. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE
EARNINGS & OUTGO
Considering the nature of activities of the company, the information
required to be disclosed pursuant to
Section - 217(l)[e) of the Companies (Disclosure of Particulars in the
Report of the Board of Directors) Rules, 1988 relating to the
conservation of energy and technology absorption do not apply to the
Company. Hence no comment is being made on energy conservation. There
is no foreign technology involved/absorbed. During the year under
review, the Company has not earned or spent any foreign exchange.
12. DIRECTORS' RESPONSIBILITY STATEMENT
In terms of Section 217(2AA) of the Companies Act, 1956, your Directors
state that:
(i> In terms of Section 217(2AA] of the Companies Act, 1956, your
Directors state that: In the preparation of the annual accounts, all
the applicable accounting standards have been followed along with
proper explanation relating to material departures.
(ii) The Company has 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 31st March 2012 and of the Profit & Loss Account of
the company for the year ended on that date.
(iii) The Company has 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) These Accounts have been prepared on a going concern basis.
12. ACKNOWLEDGEMENTS
Yours Directors greatly appreciate the co-operation and support of
Shareholders and Employees for reposing their faith in us and
motivating us to excel in all facets of our Business.
For and on behalf of the Board of Directors
Sd/- Sd/-
Hitesh M. Jain Kumarpal Punamiya
Whole-time-Director Whole-time-Director
Place: Mumbai
Date :8th August, 2012.
Mar 31, 2010
The Directors hereby present their report on the operations of the
Company and its financial results for the year ended March 31,2010.
1. Financial Results
(Rupees in lacs)
Particluars Standlone Consolidated
31.03.2010 31.03.2009 31.03.2010
Total Income 1356.72 35.94 1430.49
Profit before Tax 45.52 11.12 45.43
Provision for Tax
-Current Tax 15.24 1.61 15.24
-Deferred Tax (0.73) 1.72 (0.64)
Profit after Tax 31.01 7.40 30.83
Less: Minority interest - - (0.01)
Profit attributable to group - - 30.84
2. Dividend:
The Directors of the Company do not recommend dividend for the year
under review due to future expansion plans.
3. Operations:
During the year under review, the Company has earned Net Profit after
Tax to the tune of Rs.31.01 lacs as against Net Profit incurred to the
tune of Rs.7.40 lacs for the corresponding previous financial year.
4. Directors:
During the year under review, there has been change in the Management
of the Company as mentioned below:
Mr. Manoj Kumar Punamiya, was appointed as Managing Director on
02/09/2009.
Mr. Kumarpal Javerchand Punamiya was appointed as Director on
10/02/2010 to fill in the casual vacancy occurred due to resignation of
Mr. Kailash Shriram Agarwal.
Mr. Damodar Hari Pai was appointed as an Additional Director on
19/03/2010 and company has received notice u/s 257 of the Companies
Act, 1956 proposing his candidature for reappointment subject to
members approval at the forthcoming annual general meeting.
5. Amalgamation
Pursuant to order dated July 16, 2010 of Honble Mumbai High Court,
Luxury Exports Private >, Limited has been amalgamated with the Company
with April 1, 2009 as appointed date. DetaikiQ of the scheme have been
disclosed in Note no 1 of Schedule 16 to the Accounts in the annual
report.
Consequently, Balaji Corporation Private Limited which was a subsidiary
of erstwhile Luxury Exports Private Limited has become a subsidiary of
our company and accordingly Statement u/s 212 of the Companies Act,
1956 is enclosed to the accounts.
6. Preferential Issue
During the year under review the company has allotted 73,00,000 new
Equity Shares through the Postal Ballot under section 81(1A) and other
applicable provision of The Company Act, 1956. These shares were
successfully listed on October 23, 2009.
7. Employees:
The Company has no employees in the category specified under Section
217(2A) of the Companies Act, 1956.
8. Deposits from Public:
The Company has not raised any deposits from public during the year
under review.
9. Corporate Governance:
A report on Corporate Governance is enclosed herewith. Further due to
change in the Management of the Company various committees of the Board
of Directors are reconstituted as under:
Re-constitution of Audit Committee:
Mr. Nitin Rathod - Chairman, Independent & Non Executive
Mr. Kumarpal Punamiya - Member, Independent & Non Executive
Mr. Damodar Hari Pai -Member, Independent & Non Executive
Re-constitution of Shareholders Cum Investors Grievance Committee:
Mr. Kumarpal Punamiya - Chairman, Independent & Non Executive
Mr. Nitin Rathod - Member, Independent & Non Executive
Mr. Damodar Hari Pai -Member, Independent & Non Executive
Re-constitution of Remuneration Committee:
Mr. Nitin Rathod - Chairman, Independent & Non Executive
Mr. Kumarpal Punamiya - Member, Independent & Non Executive
Mr. Damodar Hari Pai -Member, Non Executive
10. Auditors:
M/s. Durgesh Kabra & Co., Chartered Accountants, Auditors of the
Company do not seek their re-appointment as Statutory Auditor of the
company. Further, company has approached and received consent from DMKH
& CO to act as Statutory Auditor of the company, subject to approval of
members at the forthcoming AGM.
Auditors Report: Auditors Report as issued by M/s. Durgesh Kabra & Co.,
Chartered Accountants is self explanatory and need not calls for any
explanation by your Board.
11. Conservation of Energy, Technology Absorption & Foreign Exchange
Earnings & Outgo:
Considering the nature of activities of the company, the information
required to be disclosed pursuant to Section - 217(1) (e) of the
Companies (Disclosure of Particulars in the Report of the Board of
Directors) Rules, 1988 relating to the conservation of energy and
technology absorption do not apply to the Company. Hence no comment is
being made on energy conservation. There is no foreign technology
involved/absorbed. During die year under review, the company has not
earned or spent any foreign exchange.
12. Directors Responsibility Statement:
In terms of Section 217(2 AA) of the Companies Act, 1956, your
Directors state that:
(i) In the preparation of me annual accounts, all the applicable
accounting standards have been followed along with proper explanation
relating to material departures.
(ii) The Company has selected such accounting policies and applied them
consistently and made judgments and estimates mat are reasonable and
prudent so as to give a true and fair view of the state of affairs of
the company as on 31st March 2010 and of the Profit & Loss Account of
me company for the year ended on that date.
(iii)The Company has 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) These Accounts have been prepared on a going concern basis.
13. Acknowledgements:
Your Directors greatly appreciate the co-operation and support of
Shareholders and Employees of the Company.
For and On behalf of the Board of Directors
Place: Mumbai Nitin Rathod Kumar Pal Punamiya
Date: October 6,2010 Director Director
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