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Directors Report of Sawaca Business Machines Ltd.

Mar 31, 2014

THE MEMBERS

The Directors have pleasure in presenting the Annual Report together with audited statement of accounts for the year ended 31 March, 2014

WORKING RESULTS

Particulars 31/03/2014 31/03/2013

Sales and other income (Net of duties) 3,64,16,459 4,59,25,900

Profit / (Loss) before Depreciation & Taxation 21,15,177 1,01,500

Provision for Depreciation 38,185

Provision for Taxation for current / prior years 6,65,125 31,364

Net Profit after Tax 14,11,867 70,136

Balance of Pro fit brought forward 49,12,207 48,42,071

Transfer to General Reserves 0 0

Proposed Dividend 0 0

Tax on Dividend 0 0

Balance of Profit carried forward to next year 63,24,074 49,12,207



OPERATIONS

The Company continues to focus on the business machines and instruments business. The top line have increased in a robust manner.

DIVIDEND

In order to conserve the resources, your directors do not propose any dividends for the year.

DIRECTORS

In accordance with the Articles of Association of the Company, Kalpesh Trivedi retire by rotation at the forthcoming Annual General Meeting and are eligible for re- appointment.

Brief resumes of Directors seeking re-appointment, the nature of their expertise in specific functional areas, names of companies in which they hold directorships and the memberships of committees of the Board, their shareholding etc. are attached with the Notice of the Annual General Meeting of the Company.

DIRECTORS'' RESPONSIBILITY STATEMENT

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

i) That in the preparation of the accounts for the financial year ended March 31st, 2014, the applicable accounting standards had been followed along with proper explanations relating to material departures;

ii) That such accounting policies have been selected and consistently applied, judgements and estimates made, that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and the profit of the Company for the year under review.

iii) That proper and sufficient care had been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

iv) That the accounts for the financial year have been prepared on a ''going concern'' basis.

FIXED DEPOSITS

Your company has neither invited nor accepted any fixed deposits from the public during the financial year under review.

CORPORATE GOVERNANCE AND COMPLIANCE CERTIFICATE

Separate notes on Corporate Governance and Management Discussion and Analysis report are set out as Annexure "A" and "B" respectively. A certificate from the Auditor of the company certifying compliance conditions of Corporate Governance as Stipulated under Clause 49 of the Listing Agreement is attached to this report.

LISTING AGREEMENT REQUIREMENTS

The securities of your company are listed at Bombay and Ahmedabad Exchanges.

BUY BACK OF SHARES

There was no buy back of shares during the year under review.

AUDITORS

The Auditors M/s. B . R . Shah & Associates , Chartered Accountants will retire at the conclusion of the forth coming Annual General Meeting and are eligible for re- appointment. The Company has received letter from them to the effect that their appointment, if made, would be within the prescribed limits under Section 224 (1-B) of the Companies Act, 1956.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION

Information in accordance with Section 217(1) (e) of the Companies Act, 1956 read with Rule 2 of Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 are set out in Annexure ''B'' forming part of this report

ACKNOWLEDGMENT

Your Directors would like to express their sincere appreciation for the continued support and co-operation received form Bankers, Foreign Collaborators, Government Authorities and Shareholders. Your Directors wish to place on record their deep sense of appreciation for the devoted services of the Executives, Staff and Workers during the year under review.

For and On behalf of the Board of Directors For SAWACA BUSINESS MACHINES LIMITED

Place : AHMEDABAD Date : 27.09.2014 Sd/- CHAIRMAN


Mar 31, 2012

TO THE MEMBERS

The Directors have pleasure in presenting the Annual Report together with audited statement of accounts for the year ended 31st March, 2012

WORKING RESULTS

Particulars 31/03/2012 31/03/2011

Sales and other income (Net of duties) 5701292 4960000

Profit / (Loss) before Depreciation & Taxation 2049802 2410236

Provision for Depreciation 0 0

Provision for Taxation for current / prior years 615000 780000

Net Profit after Tax 1434802 1630236

Balance of Profit brought forward 3407269 1777033

Transfer to General Reserves 0 0

Proposed Dividend 0 0

Tax on Dividend 0 0

Balance of Profit carried forward to next year 4842071 3407269

OPERATIONS

The Company continues to focus on the business machines and instruments business. The top line has increased by 14.95% and the bottom line - PAT have decreased by a nominal 11.99% for the year.

DIVIDEND

In order to conserve the resources, your directors do not propose any dividends for the year.

DIRECTORS

In accordance with the Articles of Association of the Company, Kalpesh Trivedi & Kishor Agaja retire by rotation at the forthcoming Annual General Meeting and are eligible for re- appointment.

Brief resumes of Directors seeking re-appointment, the nature of their expertise in specific functional areas, names of companies in which they hold directorships and the memberships of committees of the Board, their shareholding etc. are attached with the Notice of the Annual General Meeting of the Company.

DIRECTORS' RESPONSIBILITY STATEMENT

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

i) That in the preparation of the accounts for the financial year ended March 3 1st, 2012, the applicable accounting standards had been followed along with proper explanations relating to material departures; - ii) That such accounting policies have been selected and consistently applied, judgements and estimates made, that are reasonable and prudent so as to give a ¦ true and fair view of the state of affairs of the Company at the end of the financial year and the profit of the Company for the year under review. iii) That proper and sufficient care had been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities. iv) That the accounts for the financial year have been prepared on a 'going concern' basis.

FIXED DEPOSITS

Your company has neither invited nor accepted any fixed deposits from the public during the financial year under review.

CORPORATE GOVERNANCE AND COMPLIANCE CERTIFICATE

Separate notes on Corporate Governance and Management Discussion and Analysis report are set out as Annexure "A" and "B" respectivejy. A certificate from the Auditor of the company certifying compliance conditions of Corporate Governance as Stipulated under Clause 49,of the Listing Agreement is attached to this report.

LISTING AGREEMENT REQUIREMENTS

The securities of your company are listed at Bombay and Ahmedabad Exchanges.

BUY BACK OF SHARES

There was no buy back of shares during the year under review.

AUDITORS

The Auditors M/s. Vikram S. Mathur & Co., Chartered Accountants will retire at the conclusion of the forth coming Annual General Meeting and are eligible for re- appointment. The Company has received letter form them to the effect that their appointment, if made, would be within the prescribed limits under Section 224 (1-B) of the Companies Act, 1956.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION

Information in accordance with Section 217(1) (e) of the Companies Act, 1956 read with Ruje 2 of Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 are set out in Annexure 'B' forming part of this report.

FOREIGN EXCHANGE EARNINGS AND OUTGO : NIL.

ACKNOWLEDGMENT

Your Directors would like to express their sincece appreciation for the continued support and co-operation received form Bankers, Foreign Collaborators, Government Authorities and Shareholders. Your Directors wish to place on record their deep sense of appreciation for the devoted services of the Executives, Staff and Workers during the year under review.

For and On behalf of the Board of Directors

For SAWACA BUSINESS MACHINES LIMITED

Place : AHMEDABAD

Date : 25/07/2012 Sd/-

CHAIRMAN


Mar 31, 2011

The Directors have pleasure in presenting the Annual Report together with audited statement of accounts for the year ended 3lst March, 2011

WORKING RESULTS

Particulars 31/03/2011 31/03/2010

Sales and other income (Net of duties) 4960000 1689600

Profit (Loss) before Depreciation & Taxation 2410236 890428

Provision for Depreciation 0 144887

Provision for Taxation for current / prior years 780000 238000

Net Profit after Tax 1630236 507541

Balance of Profit brought forward 1777033 1269492

transfer to' General Reserves 0 0

Proposed Dividend 0 0

Tax on Dividend 0 0

Balance of Profit carried forward to next year 3407269 1777033

OPERATIONS

The Company continues to focus on the business machines and instruments business. The top line have increased by a robust 193.56% and the bottom line - PAT have increased by a very healthy 221.20% for the year.

DIVIDEND

In order to conserve the resources, your directors do not propose any dividends for the year. DIRECTORS

In accordance with the Articles of Association of the Company. Anupam N. Gupta retire by rotation at the forthcoming Annual General Meeting and are eligible for re- appointment. -

Brief resumes of Directors seeking re-appointment, the nature of their expertise in specific functional areas, names of companies in which the hold directorships and the memberships of committees of the Board, their shareholding etc. are attached with the Notice of the Annual General Meeting of the Company.

DIRECTORS' RESPONSIBILITY STATEMENT

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

i) That in the preparation of the accounts for the financial year ended March 31s 2011, the applicable accounting standards had been followed along with proper explanations relating to material departures:

ii) That such accounting policies have been selected and consistently applied. ' judgments and estimates made, that are reasonable and prudent so as to give a true arid fair view of the state of affairs of the Company at the end of the financial year and the profit of the Company for the year under review.

iii) That proper and sufficient care had been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act.

1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

iv) That the accounts for the financial year have been prepared on a 'going concern' basis.

FIXED DEPOSITS

Your company has neither invited nor accepted any fixed deposits from the public during the financial year under review.

CORPORATE GOVERNANCE AND COMPLIANCE CERTIFICATE .

Separate notes on Corporate Governance and Management Discussion and Analysis report

are set out as Annexure "A" and By respectively. A certificate from the Auditor of the company certifying compliance conditions of Corporate Governance as Stipulated under Clause 49 of the Listing Agreement is attached to this report.

LISTING AGREEMENT REQUIREMENTS

The securities of your company are listed at Bombay and Ahmedabad Exchanges. Trading on company's securities which were suspended up to 17/02/2011 at the Bombay Stock Exchange for the reason of non submission of documents as per Listing agreement and has been resumed for trading from 18/02/2011 at the floor of the Exchange.

BUY BACK OF SHARES

There was no buy back of shares during the year under review.

AUDITORS

The Auditors M/s. Vikram S. Mathur & Co.. Chartered Accountants will retire at the conclusion of the forth coming Annual General Meeting and are eligible for re- appointment. The Company has received letter form them to the effect that their appointment, if made, would be within the prescribed limits under Section 224 (1-B) of the Companies Act, 1956.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION

Information in accordance with Section 217(1) (e) of the Companies Act, 1956 read with Rule 2 of Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 are set out in Annexure B' forming part of this report

AND FOREIGN EXCHANGE EARININGS AND OUTGO : NIL.

ACKNOWLEDGMENT

Your Directors would like to express their sincere appreciation for the continued support and co-operation received form Bankers. Foreign Collaborators, Government Authorities and Shareholders. Your Directors wish to place on record their deep sense of appreciation for the devoted services of the Executives. Staff and Workers during the year under review.

For and On behalf of the Board of Directors For SAWACA BUSINESS MACHINES LIMITED

Place : AHMEDABAD

Date : 31.07.2011 Sd/-

CHAIRMAN


Mar 31, 2010

The Directors have pleasure in presenting the 16th Annual Report together with the Audited Accounts of your Company for the year ended 31st March, 2010.

FINANCIAL RESULTS

(Amt. in Rs.)

PARTICULARS 2009-2010 2008-2009

Sales and Other Income 1689600 1500200

(Net of duties)

Profit/(Loss) before Depreciation & Taxation 799172 825278

Provision for Depreciation1 44887 144887

Provision for Taxation for current/prior years 238000 250000

Net Profit after Tax 507541 430391

Balance of Profit brought forward 1269492 839101

Transfer to General Reserves 0 0

Proposed Dividend 0 0

Tax on Dividend 0 0

Balance of Profit carried forward to next year 1777033 1269492

DIVIDEND

In order to conserve the resources, your directors do not propose any dividends for the year.

OPERATIONS

The Company continues to focus on the business machines and instruments business. The top line have increased by 12.62% and the bottom line- PAT have increased by robust 17.93% for the year.

DIRECTORS

In accordance with the Articles of Association of the Company, Mr. Anupam Gupta retire by rotation at the forthcoming Annual General Meeting and are eligible for re- appointment.

Brief resumes of Directors seeking re-appointment, the nature of their expertise in specific functional areas, names of companies in which they hold directorships and the memberships of committees of the Board, their shareholding etc. are attached with the Notice of the Annual General Meeting of the Company.

DIRECTORS RESPONSIBILITY STATEMENT

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

1. That in the preparation of the accounts for the financial year ended March 31, 2010 the applicable accounting standards have been followed along with proper explanations relating to material departures;

2. That such accounting policies have been selected and consistently applied and judgments and estimates made, that are reasonable and prudent so as to give a fair and true view of the state of affairs of the Company at the end of the financial year and of the profit of the Company for the year under review;

3. That proper and sufficient care has been taken for the maintenance of adequate 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. That the accounts for the financial year have been prepared on a going concern basis.

FIXED DEPOSITS

Your company has neither invited nor accepted any fixed deposits from the public during the financial year under review.

CORPORATE GOVERNANCE

Separate notes on Corporate Governance and Management Discussion and Analysis report are set out as Annexure "A" and "B" respectively. A certificate from the Auditor of the company certifying compliance conditions of Corporate Governance as Stipulated under Clause 49 of the Listing Agreement is attached to this report.

LISTING AGREEMENT REQUIREMENTS

The securities of your company are listed at Bombay and Ahmedabad Exchanges. Trading on companys securities remain suspended at Stock Exchange for the reason of non submission of documents as per Listing agreement and all possible steps are being taken by the management to get share traded at the floor of the Exchanges

BUYBACK OF SHARES

There was no buy back of share during the year under review.

AUDITORS

The Auditors M/s.Vikram S. Mathur & Co., Chartered Accountants will retire at the conclusion of the forth coming Annual General Meeting and are eligible for re- appointment. The Company has received letter form them to the effect that their appointment, if made, would be within the prescribed limits under Section 224 (1-B) of the Companies Act, 1956.

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

Information in accordance with Section 217(1) (e) of the Companies Act, 1956 read with Rule 2 of Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 are set out in Annexure B forming part of this report.

AND FOREIGN EXCHANGE EARNINGS AND OUTGO : NIL

ACKNOWLEDGMENT

Your Directors would like to express their sincere appreciation for the continued support and co-operation received form Bankers, Foreign Collaborators, Government Authorities and Shareholders. Your Directors wish to place on record their deep sense of appreciation for the devoted services of the Executives, Staff and Workers during the year under review.

For and On behalf of the Board of Directors

Place: AHMEDABAD

Date: 21/08/2010

Sd/- Directors

 
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