Mar 31, 2014
Dear members,
The Directors present the 23nd Annual Report of the Company together
with the Audited Statements of Accounts for the year ended 31st March
2014.
FINANCIAL RESULTS (Rs. In lacs)
Particulars 31.03.2014 31.03.2013
Sales and Other Income 1.30 17.74
Total Expenditure 6.81 17.05
Operating Profit (PBIT) (5.51) 0.70
Less: Provision for Taxation
- Income Tax-Current 0.00 0.08
- Income Tax-Previous Year - -
Profit After Taxes (5.51) 0.62
Add: Deferred Tax assets/(Liabilities) (1.70) 0.13
Net Profit/(Loss) (Inch Deferred Taxes) (3.81) 0.49
Reserves & Surplus (328.34) (324.54)
Previous year''s figures have been regrouped/reclassified wherever
necessary.
CAPITAL
The Share Capital of the Company remains unchanged during the year
ended on 31st March''2014. REVIEW OF BUSINESS OPERATIONS, ACTIVITIES
& FUTURE PROSPECTUS
During the year Company has not done any trading activities in equity
shares. Besides, the Company had income from interest and dividend in
the tune of Rs.i.30lacs. After meeting the expenses, the Loss was of
Rs.3.8ilacs.
The consolidated revenue from operations of the Company for the year
ended 31st March 2014 was Rs.i.3oLacs & after taxes & minority share
interest a net loss was reported of Rs.4.42Lacs.
In pursuant to Clause-49 of the Listing Agreement with Stock Exchanges
in India, Management''s Discussion and Analysis Report for the year
under review, is annexed to this report.
DIVIDEND
In view of accumulated losses, your Directors regret their inability
to recommend payment of dividend for the year.
DIRECTORS
Mr. Vivek Gupta, director of the Company has resigned w. e. f. 31st
October'' 2013. The board has appointed Mr. Vinay Mimani, as an
Additional Director of the Company w.e.f. 12th November'' 2013 and in
terms of the provisions of Section 161(1) of the Act, he would hold
office be up to the date of the ensuing Annual General Meeting.
The Company has received a notice, in writing from a member along with
the deposit of requisite amount under section 160 of the Act proposing
the candidature of Mr. Vinay Mimani for the office of Director of the
Company.
Mr. Vinay Mimani is not disqualified from being appointed as a
Director in terms of Section 164 of the Act and has given his consent
to act as a Director.
The Company has received a declaration from Mr. Vinay Mimani that he
meets with the criteria of impendence as prescribed both under section
(6) of section 149 of the Act and under Clause 49 of the Listing
Agreement.Mr. Vinay Mimani possesses appropriate skills, experience
and knowledge; inter alia, in the field of finance and accounts.
In terms of the Articles of Association of the Company Mr. Sanjay
Jain, Director retires at the ensuing Annual General Meeting. The
Company has received requisite notice in writing from member proposing
Mr. Sanjay Jain for appointment as Independent Director. The Company
has received declarations from all the Independent Directors of the
Company confirming that they meet with the criteria of independence as
prescribed both under sub-section (6) of Section 149 of the Companies
Act,2013 and under Clause 49 of the Listing Agreement with Stock
Exchanges in India.
AUDITORS & AUDITORS'' REPORT
M/s. Damle Dhandhania & Co. Chartered Accountants, Statutory Auditors
of the Company, hold office till the conclusion of the ensuing General
Meeting and are eligible for re-appointment.
The Company has received the letters from them to the effect that
their re-appointment, if made, would be with in the prescribed limits
under Section i4i(3)g) of the Companies Act, 2013 and that they are
not disqualified for re-appointment.
The Notes on Financial Statements referred to in the Auditors Report
are self explanatory and do not call for any further comments.
SUBSIDIARY COMPANIES
Your Company has one domestic subsidiary namely, Ever new Infracon
Private Limited. In accordance with the General Circular issued by the
Ministry of Corporate Affairs, Government of India, the Balance Sheet,
Statement of Profit & Loss and other documents of the subsidiary
company is not being attached with the Balance of the Company.
However, the financial information of the subsidiary company is
disclosed in the Annual Report in compliance with the said circular.
The Company will provide a copy of separate audited annual accounts of
the subsidiary to any member of the Company who asks it in a written
request. The annual accounts of the subsidiary company is also
available for inspection by any member of the Company at the
company''s and/or the concerned Subsidiary''s registered office.
CONSOLIDATED FINANCIAL STATEMENT
In accordance With the Accounting Standards (AS)-2i on Consolidated
Financial Statements read with AS-23 on Accounting for Investments in
Associates, the audited consolidated financial statement is provided
in the Annual Report.
SECRETARY
The Company has unable to get a Company Secretary at a reasonable and
affordable remuneration. To discharging the secretarial functions of
the Company are done by its experienced executives in consultation
with a firm of Company Secretary in practice.
DEMATERIALISATION OF SHARES
Approximately, 76.79%of the equity shares of the Share Capital of the
Company already been dematerialized.
CORPORATE GOVERNANCE
The Report on Corporate Governance as stipulated under clause-49 of
the Listing Agreements forms part of the Annual Report. And the
requisite certificate from the Auditors of the Company confirming
compliance with the conditions of Corporate Governance is annexed to
the report on Corporate Governance.
FIXED DEPOSIT
During the year, your Company has neither invited nor accepted/renewed
any deposits from public within the meaning of Section 58A, 58AA and
other applicable provisions of the Companies Act, 1956.
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 that:
* In the preparation of the annual accounts, 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;
* The Directors have selected such accounting policies and applied
them consistently in consultation with the Statutory Auditors 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 March 31, 2014 and of the loss of the
Company for the year ended on that date;
* The Directors have taken proper and sufficient care, to the best
of their knowledge and ability, 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;
* The Directors have prepared the annual accounts of the Company on
a Âgoing concern'' basis. ACKNOWLEDGEMENTS
The Board of Directors would like to express their appreciation for
the co-operation and continued support received from investors, its
employees, regulatory authorities, bankers during the year under
report. We look forward to their continued patronage and encouragement
in our all future endeavour.
For and on behalf of the Board
Laxmipat Sethia
Kolkata, 31st May 2014 Managing Director
Mar 31, 2013
Your Directors present the 22nd Annual Report of the Company together
with the Audited Statements of Accounts for the year ended 31st March
2013.
FINANCIAL RESULTS (Rs.Inlacs)
Particulars 31.03.2013 31.03.2012
Sales and Other Income 17.74 18.59
Total Expenditure 17-05 17-63
Operating Profit (PBIT) 0.70 0.96
Less: Provision for Taxation
- Income Tax-Current 0.08 0.13
- Income Tax-Previous Year - -
Profit After Taxes 0.62 0.83
Add: DeferredTax assets/(Liabilities) 0.13 0.17
Net Profit/(Loss) (IncL Deferred Taxes) 0.49 0.66
Reserves & Surplus (324-54) (325.03)
Previous year*s figures have been regrouped/reclasfiified wherever
necessary.
CAPITAL
The Share Capital of the Company remains unchanged during the year
ended on3l*March''20i3.
REVIEW OF BUSINESS OPERATIONS, ACTIVITIES & FUTURE PROSPECTUS
During the year Company''s main income derived from trading activities
in equity shares. Besides, the Company had also income from interest
and dividend. After meeting fixed over heads, the profit before taxes
was Rs.o.70lacs and after taxes the profit was Rs,o.49lacs. Due to
brought forward losses and unabsorbed depreciation, MAT of Rs.0.081acs
has been provided. The net worth of the Company as at 31.03.2013 after
adjusting aforesaid profit was negative.
Your Directors has always keeping their endless efforts towards
performance of the Company and expected a better financial environment
and business growth in coming years.
DIVIDEND
In view of accumulated losses, your Directors regret their inability to
recommend payment of dividend for the year.
DIRECTORS
As per the provisions of the Companies Act, 1956 and Articles of
Association of the Company, Mr. Vivefc Gupta, retires by rotation and
is eligible for reappointment The brief particulars of the Director of
the Company, retiring by rotation and proposed to be reappointed at the
ensuing Annual Genera] Meeting is part of the notice
AUDITORS & THEIR REPORT
M/s. Damle Dhandhania & Co. Chartered Accountants, the Statutory
Auditors retire at the forthcoming Annual General Meeting and are
eligible for re-appointment. The Company has received the certificate
from the retiring auditors to the effect that the appointment, if made,
will be in accordance with the limits prescribed under Section 224(i-B)
of the Companies Act,i956.
Reports of the Auditors, when read together with the relevant Notes to
the Accounting Policies, are self explanatory.
SUBSIDIARY COMPANIES
Your Company has one domestic subsidiary namely, Evernew Infracon
Private Limited. In compliance to the circular and directions issued by
the Ministry of Corporate Affairs vide its General Circular No-2/20ii
file N0.51/12/2007-CL-III dated 8th February 2011, under Section 212(8)
of the Companies Act, 1956 to grant a general exemption from attaching
the financials along with the Directors'' Report and the Auditors''
Report of the subsidiary companies to the financials of the holding
company on fulfillment of certain conditions, the Company has attached
a summary of the financial statements of the subsidiary company.
As per Clause -32 of the listing Agreement the consolidated financial
statements of the Company with its subsidiary form part of the Annual
Report. The copies of the audited annual accounts of the Company''s
subsidiary and other related documents can also be sought by any member
of the Company on making a written request to the Company in this
regard. The annual accounts of the subsidiary company is also available
for inspection by any member of the Company at the company''s and /or
the concerned Subsidiary''s registered office.
REVIEW OF OPERATIONS OFTHE SUBSIDIARY COMPANY
M/s. Evernew Infracon Private Limited, incorporated on 27th February
2013 having Share Capital of Rs.1,00,000/-divided into 10,000 equity
shares of nice value of Rs.10/- each. The main object of the Company is
to investment in real estate businesses and other related businesses.
It has ''NIL'' income and expenses were Rs.0.12lacs during the year
under report. It has not done any business activity during the year
under consideration.
SECRETARY
The Company has unable to get a Company Secretary at a reasonable and
affordable remuneration. To discharging the secretarial functions of
the Company arc done by its experienced executives in consultation with
a firm of Company Secretary in practice.
MATERIALISATION OF SHARES
Approximately, 76.763!^ the equity shares of tie Share Capital of the
Company already been dematerialized.
CAPITAL REDUCTION
The proposal made for reduction of Share Capital U/s.100 to 101 of the
Companies Act, 1956 under Clause 24(f) of the listing agreement is
pending.
Pursuant to Clause 49 of the Listing Agreement with the Stock
Exchanges, Reports on Management Discussion and Analysis have been
annexed with this report and Corporate Governance as separate sections.
Auditors'' Certificate on the Corporate Governance is also annexed with
this report.
FIXED DEPOSIT
During the year, your Company has neither invited nor accepted/renewed
any deposits from public within the meaning of Section 58A, 58AA and
other applicable provisions of the Companies Act, 1956.
Pursuant to Section 2i7(2AA) of the Companies Act, 1956, the Directors,
based on the representation received from the Operating Management,
confirm that:
- In the preparation of the final accounts, the applicable Accounting
Standards have been followed and that there arc no material departures;
- They have, in selection of the accounting policies, consulted the
Statutory Auditors and haw applied them consistently and made judgments
and estimates that are reasonable and prudent so as to give a true and
fair view of the state of affairs of the Company at the end of the
financial year and of the profit of the Company for that period;
- They have taken proper and sufficient care, to the best of their
knowledge and ability, for maintenance of adequate accounting records
in accordance with the provisions of the Companies Act,i956, for
safeguarding the assets of the Company and for preventing and detecting
fraud and other irregularities;
- They have prepared the annual accounts on a going concern basis.
ACKNOWLEDGEMENTS
The Board of Directors take this opportunity to thank to investors,
shareholders under managemcnt^all its dedicated employees, regulatory
authorities, bankers for their co-operation and continued support. We
look forward to their continued patronage and encouragement in our all
future endeavour.
For and on behalf of the Board
Laxmipat Sethia
Kolkata, 30th May 2013 Managing Director
Mar 31, 2012
The Directors present the 21st Annual Report of the Company together
with the Audited Statements of Accounts for the year ended 31st March
2012.
FINANCIAL RESULTS (Rs. in lacs)
Particulars 31.03.2012 31.03.2011
Sales and Other Income 18.59 65.07
Total Expenditure 17.63 64.28
Operating Profit (PBIT) 0.96 0.79
Less: Provision for Taxation
- Income Tax-Current 0.13 0.00
- Income Tax-Previous Year - (0.02)
Profit After Taxes 0.83 0.81
Add: Deferred Tax assets/(liabilities) 0.17 (0.47)
Net Profit/Loss)
(Incl. Deferred Taxes) 0.66 1.28
Reserves & Surplus (325.03) (325.69)
Previous year's figures have been regrouped/ reclassified wherever
necessary.
CAPITAL
The Share Capital of the Company remains unchanged during the year
ended on 31st March' 2012.
REVIEW OF BUSINESS OPERATIONS
Your Company has posted net profit from its operations to Rs. 0.83 Lacs
after taxes.
BUSINESS ACTIVITIES & FUTURE PROSPECTUS
Since its inception, the Company had mainly involved in share trading
and broking business and had faced losses. Due to poor financial
conditions and uncertainty, the Company has surrendered its NSE
membership and stopped its share broking activities. The Company is
also member of OTCE1 exchange, bill broking or trading activity has
never be done by the Company in absence of fund.
The current business strategies and policies and streamlining of its
operations will bring about efficiency and reducing, costs at priority.
Your Directors expected that a better performance & financial condition
will be developed of the Company in near future The Directors are
always keeping their efforts and attention towards the growth of the
business of the Company.
DIVIDEND
In view of carry forward losses, the Board regrets to recommend any
dividend for the year,
DIRECTORS
As per the provisions, of the Companies Act, 1956 and Articles of
Association of the Company,
Mr. Siddharth Sethia retires by rotation and is eligible for
reappointment. The brief particulars of the Director of the Company,
retiring by rotation and proposed to be reappointed at the ensuing
Annual General Meeting is part of the notice.
AUDITORS & THEIR REPORT
M/s. Damle Dhandhania & Co. Chartered Accountants, the Statutory
Auditors retire at the forthcoming Annual General Meeting and are
eligible for re-appointment. The Company has received the certificate
from the retiring auditors to the effect that the appointment, if made,
will be in accordance with the limits prescribed under Section 224(1-B)
of the Companies Act, 1956.
Reports of the Auditors, when read together with the relevant Notes to
the Accounting Policies, are self explanatory.
SECRETARY
The Company has unable to get a Company Secretary at a reasonable and
affordable remuneration. To discharging the secretarial functions of
the Company are done by its experienced executives in consultation with
a firm of Company Secretary in practice.
DEMATERIALISATION OF SHARES
Approximately, 76.59% of the equity shares of the Share Capital of the
Company already been dematerialized.
CAPITAL REDUCTION
The proposal for reduction of Share Capital U/s.100 to 101 of the
Companies Act, 1956 under Clause 24(f) of the listing agreement to
rationalize its Capital with brought forward losses of the Company has
not yet confirmed.
CORPORATE GOVERNANCE
Pursuant to Clause 49 of the Listing Agreement with the Stock
Exchanges, Reports on Management Discussion and Analysis have been
annexed with this report and Corporate Governance as separate sections.
Auditors' Certificate on the Corporate Governance is also annexed with
this report.
FIXED DEPOSIT
During the year, your Company has neither invited nor accepted/renewed
any deposits from public within the meaning of Section 58A, 58AA and
other applicable provisions of the Companies Act, 1956.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to Section 2l7(2AA) of the Companies Act, 1956, the Directors,
based on the representations received from the Operating Management,
confirm that:
- In the preparation of the final accounts, the applicable Accounting
Standards have been followed and that there are no material departures;
- They have, in selection of the accounting policies, consulted the
Statutory Auditors and have applied them consistently and made
judgments and estimates that are reasonable and prudent so as to give a
true and fair view of the state of affairs of the Company at the end of
the financial year and of the profit of the Company for that period;
- They have taken proper and sufficient care, to the best of their
knowledge and ability, for 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;
- They have prepared the annual accounts on a going concern basis,
ACKNOWLEDGEMENTS
The Board would like to place on record its appreciation and thanks to
all its employees for their dedication and contribution towards the
Company's performance. The Board also thanks its investors, regulatory
authorities, bankers for their business and support it has received
from them.
For and on behalf of the Board
Sd/-
Laxmipat Sethia Managing Director
Kolkata,
30th May 2012
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