Mar 31, 2015
Dear Members,
The Directors present their Thirtieth Annual Report and Audited
Statement of Accounts for the year ended 31st March, 2015.
FINANCIAL RESULTS :
The accounts for the year under review reflect a profit of Rs.
60,57,416 /-.The Directors propose to appropriate the same as under:
Profit / (Loss) Before Tax Rs. 60,57,416
Less: - Appropriations
Provision for Taxation
Current Tax 17,96,355
Deferred Tax 60,588 Rs. 18,56,943
Profit / (Loss) After Tax Rs. 42,00,473
Add:- Balance Brought Forward 7,03,17,555 Rs. 7,03,17,555
Rs. 7,45,18,028
Less :Transfer to Reserve Fund (8,41,000)
Contingent Provision (19,000)
Depreciation adjustment
as per Companies Act 2013 (1,08,410) Rs. (9,68,410)
BALANCE CARRIED FORWARD Rs. 7,35,49,618
DIVIDEND:
The Directors regret their inability to recommend any dividend for the
year under review.
STATE OF COMPANY'S AFFAIR AND FUTURE OUTLOOK :
The performance of the Company was satisfactory during the year under
review. Your Company plans to take the performance to the next level by
adopting modern ways and hence your Directors are confident of
achieving better working results in the coming years.
EXTRACT OF ANNUAL RETURN :
The extract of Annual Return, in format MGT-9, for the Financial Year
2014-15 has been enclosed with this report.
NUMBER OF BOARD MEETINGS :
During the Financial Year 2014-15, Five (5) meetings of the Board of
Directors of the Company were held i.e. on 24.05.2014, 11.08.2014,
13.11.2014, 06.02.2015, 26.03.2015.
PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES :
There are no related party transactions as referred Under Section
188(1) of the Companies Act, 2013 for the Financial Year 2014 - 15.
SECRETARIAL AUDITOR :
The Board of Directors of the Company has appointed M/s. Siddharth
Sipani & Associates, Practicing Company Secretary, to conduct
Secretarial Audit for the Financial Year 2014 - 15. The Secretarial
Audit Report for the Financial Year ended March 31, 2015 is annexed
herewith to this Report. The Secretarial Audit Report does not contain
any qualification, reservation or adverse mark.
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS
Your Directors informed the provisions of Section 186 of the Companies
Act 2013 is not applicable to the Company as the Company is an NBFC
Company.
CORPORATE SOCIAL RESPONSIBILITY POLICY:
Your Directors informed that the Company is not required to abide the
provisions of Section 135 of the Companies Act, 2013 and Rules made
thereunder in relation to the Corporate Social Responsibility as the
Company has not covered under any of the conditions / criteria
mentioned under Section 135 of the Companies Act, 2013.
DECLARATION BY INDEPENDENT DIRECTORS :
The Company has received necessary declarations from all the
Independent Directors of the Company Under Section 149(7) of the
Companies Act, 2013, confirming that they meet the criteria of
Independence laid down in Section 149(6) of the Companies Act, 2013.
BOARD EVALUATION :
The Companies Act 2013 states that a formal annual evaluation needs to
be made by the Board and 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. The evaluation of all the Directors and the Board as a whole
was being conducted. None of the Independent Directors are due for
re-appointment.
COMMITTEES IN TERMS OF COMPANIES ACT 2013 :
During the year under review, the Company formed below mentioned
committees in terms of Companies Act, 2013.
Audit Committee :
In terms of Section 177 of the Companies Act, 2013 read with Rule 6 of
the Companies (Meetings of Board and its Powers) Rules, 2014, the
Company has constituted Audit Committee of the Board of Directors
consisting of below mentioned Independent Directors :
(i) Mr. Akshay Ranka - Chairman (Independent Director)
(ii) Mr. S.C.Agrawal - Member (Independent Director)
(iii) Mrs. Shweta Jejani - Member (Independent Director)
Nomination & Remuneration Committee :
In terms of Section 178 of the Companies Act, 2013 read with Rule 6 of
the Companies (Meetings of Board and its Powers) Rules, 2014, the
Company has constituted Nomination & Remuneration Committee of the
Board of Directors consisting of below mentioned Independent Directors
:
(i) Mr. Akshay Ranka - Chairman (Independent Director)
(ii) Mr. S.C.Agrawal - Member (Independent Director)
(iii) Mrs. Shweta Jejani - Member (Independent Director)
VIGIL MECHANISM
The Vigil Mechanism of the Company, which also incorporates a whistle
blower policy in terms of Section 177(9) of the Companies Act, 2013,
includes an Ethics comprising Senior Executives of the Company.
Protected disclosures can be made by a whistle blower through an e-mail
or letter.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, RESEARCH AND
DEVELOPMENT:
Your Directors are of the opinion that with respect to conservation of
energy and technology absorption as perscribed under Section 134(3)(m)
of the Companies Act 2013 read with the Companies (Accounts) Rules,
2014 are not relevant in view of the nature of business activities of
the Company and hence, are not required to be given.
FOREIGN EXCHANGE EARNINGS AND OUTGO:
During the year under review, there is no foreign exchange earning,
outgo and expenditure.
DIRECTORS RESPONSIBILITY STATEMENT :
The financial statements are prepared in accordance with the Generally
Accepted Accounting Principles (GAAP). GAAP comprises mandatory
Accounting Standards as prescribed Under Section 133 of the Companies
Act , 2013 ('the Act'), read with Rule 7 of the Companies (Accounts)
Rules, 2014, the provisions of the Act(to the extent notified) and
guidelines issued by the Securities and Exchange Board of India (SEBI).
There are no material departures from prescribed Accounting Standards
in the adoption of these standards.
The Directors confirm that :
i) In the preparation of Annual Accounts for the financial year ended
March 31, 2015, the applicable accounting standards have been followed
along with proper explanation relating to material departures and in
compliance with the laws.
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 at the end of the financial year and of the profit and
loss of the Company for that period.
iii) The Directors have taken proper and sufficient care toward 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 Annual Accounts have been prepared on a going concern basis.
v) The Directors have laid down internal financial controls, which are
adequate and are operating effectively.
vi) The Directors have devised proper systems to ensure compliance with
the provisions of all applicable laws and such systems are adequate and
operating effectively.
DIRECTORS:
In view of the provisions of the Companies Act 2013, Shri Rohit Bajaj
(DIN 00511745) retires from the Board by rotation this year and being
eligible, offers himself for reappointment.
Pursuant to Section 149(4) of the said Act, every listed company is
required to appoint at least one third of its Directors as Independent
Directors. The Board already has more than half of its Directors in the
category of Independent Directors. Further, pursuant to Section 149(10)
& (11) of the Companies Act, 2013, an Independent Director shall hold
office for a term upto Five (5) consecutive years on the Board and shall
not hold office in the Company for more than two consecutive terms of
five (5) years each.
In view of the same, it becomes necessary to appoint and fix the term
of existing Independent Directors of the Company in accordance with
Section 149 of the Act and therefore, the Board, in its meeting held on
06th February, 2015 appointed Shri Akshay Ranka (DIN 00235788) and Shri
S.C. Agrawal (DIN 00511873) Independent Directors of the Company for a
period of 5 (Five) years i.e. from 06th February, 2015 to 05th
February, 2020, pursuant to Section 149 of the Companies Act, 2013,
subject to the approval of the members/ shareholders of the Company. As
required under the Companies Act, 2013 and the rules made thereunder,
the same is now put up for the approval of the members at the ensuing
AGM of the Company. Necessary details have been annexed to the notice
of the Meeting in terms of Section 102 of the said act. The Independent
Directors have submitted the declaration of Independence as required
Under Section 149(6) of the Act, declaring that they meet the criteria
of independence.
Further, Smt Shweta Jejani (DIN. 07097052) who was appointed as an
Additional Director of the Company by the Board of Directors with
effect from February 06, 2015 and who holds office till the date of
Annual General Meeting, in terms of Section 161 of the Companies Act,
2013 and in respect of whom the Company has received a notice in
writing from a member along with the deposit of requisite amount under
Section 160 of the Companies Act, 2013 proposing her candidature for
the office of Independent Director, being so eligible and therefore,
the Directors recommends to the Shareholders for their approval, the
appointment of Smt Shweta Jejani (DIN. 07097052) as an Independent
Director of the Company, not liable to retire by rotation, to hold
office for a period of 5 (Five) years with effect from the date of
approval of her appointment by the Board of Directors, i.e. from 06th
February, 2015 to 05th February, 2020.
Apart from the above, there is no change as regard to the Directorship
of the Company.
LISTING OF SHARES:
The Shares of the Company continued to be listed on the Stock Exchange,
Mumbai and Madhya Pradesh. The Company has paid the annual listing fee
for the financial year 2015-2016.
The Equity Shares of the Company has the Electronic connectivity under
ISIN No. INE552H01017 To provide service to the Shareholders, the
Company has appointed M/s. Adroit Corporate Services Private Limited,
1st Floor, 19, Jaferbhoy Industrial Estate, Makwana Road, Marol Naka,
Mumbai-400 059 as Registrar and Transfer Agent of the Company for
existing physical based and allied Secretarial Services for its Members
/ Investors and for Electronic Connectivity with NSDL and CDSL.
AUDITORS AND AUDITORS' REPORT :
M/s B. Chhawchharia & Co., Chartered Accountants, Nagpur retires at the
conclusion of the ensuing Annual General Meeting and are eligible for
re-appointment. The Company has received letters from them to the
effect that their re-appointment, if made would be within the
prescribed limits under Section 141 of the Companies Act, 2013 and that
they are not disqualified for the re-appointment.
The observations made by the auditors read together with the relevant
notes thereon, are self-explanatory and do not call any comments.
DETAILS OF SIGNIFICANT & MATERIAL ORDERS PASSED BY THE REGULATORS OR
COURT OR TRIBUNAL:
During the year under review, there are no orders passed by any
authorities which impacts the going concern status and company's
operations in future.
INTERNAL FINANCIAL CONTROLS :
The Company has in place adequate internal financial controls with
reference to financial statements. During the year, such controls were
tested and no reportable material weakness in the design or operation
was observed.
MATERIAL CHANGES AFFECTING THE FINANCIAL POSITION OF THE COMPANY:
No material changes / events affecting the financial position of the
Company occurred between the end of the financial year 31st March, 2015
till date of this report.
ACKNOWLEDGEMENT:
Your Directors are grateful to Bankers for their continued support,
co-operation and assistance during the year. Your Directors express
their thanks for the sincere and dedicated efforts put in by the
workers, staff and officers during the year.
Registered Office: By order of the Board,
254, Pandit Ravi Shankar Shukla Marg, For TASHI INDIA LTD.
Civil Lines, Nagpur-440 001
Place: Nagpur
Dated: 11.07.2015
S.C. AGARWAL AKSHAY RANKA
DIRECTOR DIRECTOR
[DIN:00511873] [DIN: 00235788]
Mar 31, 2014
Dear Members
The Directors present their Twenty Ninth Annual Report and Audited
Statement of Accounts for the year ended 31st March, 2014.
FINANCIAL RESULTS:
The accounts for the year under review reflect a profit of Rs.
46,96,020/-. The Directors propose to appropriate the same as under:
Profit / (Loss) Before Tax Rs. 46,96,020
Less: - Appropriations
Provision for Taxation
Current Tax Rs. 14,10,000
Deferred Tax Rs. (6,522)
Rs. 14,03,478
Profit / (Loss) After Tax Rs. 32,92,542
ADD:- Balance Brought Forward Rs. 6,78,40,013
LESS : Appropriations
Contingent Provision Rs. (1,56,000)
Transfer to Reserve Fund Rs. (6,59,000)
BALANCE CARRIED FORWARD Rs. 7,03,17,555
DIVIDEND:
The Directors regret their inability to recommend any dividend for the
year under review.
WORKING & PERFORMANCE:
The performance of the Company was satisfactory during the year under
review. The Company has restored the main object clause relating to
the finance business activities i.e. NBFI activities in the Memorandum
of Association of the Company by passing the Shareholders resolution
through postal ballot declared on 21st January, 2014 by the
Scrutinizer.
The Board of Directors are trying their best to further improve the
performance of the Company and are hopeful of better working results in
the coming year
PARTICULARS OF EMPLOYEES:
There is no employee in respect of whom particulars pursuant to Section
217 (2A) of the Companies Act, 1956 read with the Companies
(Particulars of Employees) Rules, 1975; are required to be given.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, RESEARCH AND
DEVELOPMENT:
Your Directors are of the opinion that with respect to conservation of
energy and technology absorption as per Section 217 (1)(e) read with
Companies (Disclosure Particulars in the Report of Board of Directors)
Rules, 1988 are not relevant in view of the nature of business
activities of the Company and hence, are not required to be given.
DIRECTORS RESPONSIBILITY STATEMENT:
The Directors report that:
i) In the preparation of the annual accounts, the applicable accounting
standards have been followed.
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 at the end of the financial year and of the profit and
loss account 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 had laid down internal financial controls to be
followed by the company and that such internal financial controls are
adequate and were operating effectively.
vi) The Directors had devised proper systems to ensure compliance with
the provisions of all applicable laws and that such systems were
adequate and operating effectively.
SECRETARIAL COMPLIANCE CERTIFICATE:
T. S. PAHADE & ASSOCIATES, Company Secretary, Nagpur has issued a
Secretarial Compliance Certificate for the FY 2013-14 in terms of
Proviso of Sub-Section (1) of Section 383(A) of the Companies Act 1956.
The same has been received and attached to the Board Report.
DIRECTORS:
Shri Sunil Bajaj, retires by rotation and being eligible, offers
himself for re-appointment.
Apart from the above, there is no change as regard to the Directorship
of the Company.
LISTING OF SHARES:
The Equity Shares of the Company are continued to be listed on The
Stock Exchange, Mumbai and Madhya Pradesh. The Company has paid the
annual listing fee for the financial year 2014-2015.
The Equity Shares of the Company has the Electronic connectivity under
ISIN No. INE552H01017. To provide service to the Shareholders, the
Company has appointed M/s. Adroit Corporate Services Private Limited,
1st Floor, 19, Jaferbhoy Industrial Estate, Makwana Road, Marol Naka,
Mumbai-400 059 as Registrar and Transfer Agent of the Company for
existing physical based and allied Secretarial Services for its Members
/ Investors and for Electronic Connectivity with NSDL and CDSL.
PUBLIC DEPOSITS:
During the period under review, the Company has not accepted any public
deposit under Section 58A of the Companies Act, 1956.
AUDITORS:
M/s. B. Chhawchharia, Chartered Accountants, Nagpur auditors of the
company retires at the conclusion of the ensuing meeting and are
eligible for re-appointment. In accordance with the Companies Act,
2013, it is proposed to re-appoint them from the conclusion of this
Annual General Meeting till the conclusion of the next Annual General
Meeting, subject to the approval of the shareholders.
AUDITOR''S REPORT:
The observations made by the Auditors are self-explanatory and does not
require any clarification.
ACKNOWLEDGEMENT:
The Directors are grateful to Bankers for their continued support,
co-operation and assistance during the year. The Directors express
their thanks for the sincere and dedicated efforts put in by the
workers, staff and officers during the year.
For and on behalf of the Board
Registered Office: For Tashi India Ltd.
254, Pandit Ravi Shankar Shukla Marg,
Civil Lines, Nagpur-440 001
AKSHAY RANKA S.C. AGRAWAL
PLACE: NAGPUR. DIRECTOR DIRECTOR
DATED: 11th, August 2014 (DIN:00235788) (DIN:00511873)
Mar 31, 2013
The Directors present their Twenty Eighth Annual Report and Audited
Statement of Accounts for the year ended 31st March 2013.
FINANCIAL RESULTS:
The accounts for the year under review reflect a profit of 44,72,633.
The Directors propose to appropriate the same as under:
Profit / (Loss) Before Tax Rs.44,72,633
Less: - Appropriations
Provision for Taxation
Current Tax Rs.12,69,079
Deferred Tax Rs.38,897
Rs.13,07,976
Profit / (Loss) After Tax Rs.31,64,657
ADD:- Balance Brought Forward Rs. 6,46,75,356
BALANCE CARRIED FORWARD Rs.6,78,40,013
DIVIDEND:
The Directors regret their inability to recommend any dividend for the
year under review.
WORKING & PERFORMANCE:
The performance of the Company was satisfactory during the year under
review. The Company has ceased its NBFI activities in the year 2011
and the Company has also applied to the Reserve Bank of India (RBI) for
the surrender of its NBFC Registration Certificate. Flow ever, with view
to restart the NBFC business activities, the Board of Directors of the
Company decided to withdraw the application filed with the Reserve Bank
of India for surrendering the NBFC status.
During the year under review, the Company was engaged on its trading
activities i.e. sale various products like doors, plast fibred and
other products, etc.
The Board of Directors are trying their best to further improve the
performance of the Company and are hopeful of better working results in
the coming year.
PARTICULARS OF EMPLOYEES:
There is no employee in respect of whom particulars pursuant to Section
217 (2A) of the Companies Act, 1956 read with the Companies
(Particulars of Employees) Rules, 1975 are required to be given.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, RESEARCH AND
DEVELOPMENT:
Your Directors are of the opinion that with respect to conservation of
energy and technology absorption as per Section 217 (l)(e) read with
Companies (Disclosure Particulars in the Report of Board of Directors)
Rules, 1988 are not relevant in view of the nature of business
activities of the Company and hence, are not required to be given.
DIRECTORS RESPONSIBILITY STATEMENT:
As per Provision of Section 217 (2AA) of the Companies Act, 1956, the
Directors confirm that:
a. In the preparation of annual accounts, the applicable accounting
standards have been followed along with proper explanation relating to
material departures.
b. The accounting policies have been consistently applied and
reasonable and prudent judgment and estimates have been made so as to
give a true and fair view of the state of affairs of the Company as at
31st March, 2013 and the Profit & Loss account of the Company for the
period.
c. Proper and sufficient care for the maintenance of adequate
accounting records in accordance with the provisions of the Companies
Act, 1956 has been taken for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities.
d. The annual accounts have been prepared on a going concern basis.
DIRECTORS:
Shri S C Agrawal, retires by rotation and being eligible, offers
himself for re- appointment.
Apart from the above, there is no change as regard to the Directorship
of the Company.
LISTING OF SHARES:
The Equity Shares of the Company are continued to be listed on The
Stock Exchange, Mumbai and Madhya Pradesh. The Company has paid the
annual listing fee for the financial year 2013-2014.
The Equity Shares of the Company has the Electronic connectivity under
ISIN No. INE552H01017. To provide service to the Shareholders, the
Company has appointed M/s. Adroit Corporate Services Private Limited,
1st Floor, 19, Jaferbhoy Industrial Estate, Makwana Road, Marol Naka,
Mumbai-400 059 as Registrar and Transfer Agent of the Company for
existing physical based and allied Secretarial Services for its Members
/ Investors and for Electronic Connectivity with NSDL and CDSL.
PUBLIC DEPOSITS:
During the period under review, the Company has not accepted any public
deposit under Section 58A of the Companies Act, 1956.
AUDITORS:
M/s. B. Chhawchharia, Chartered Accountants, Nagpur auditors of the
company retires at the conclusion of the ensuing meeting and are
eligible for re-appointment.
AUDITOR''S REPORT:
The observations made by the Auditors are self-explanatory and does not
require any clarification.
ACKNOWLEDGEMENT:
The Directors are grateful to Bankers for their continued support,
co-operation and assistance during the year. The Directors express
their thanks for the sincere and dedicated efforts put in by the
workers, staff and officers during the year.
For and on behalf of the Board
Registered Office:
254, Pandit Ravi
Shankar Shukla Marg,
Civil Lines, Nagpur-440 001
AKSHAY RANKA S.C. AGRAWAL
PLACE: NAGPUR. DIRECTOR DIRECTOR
DATED: 27th, July 2013
Mar 31, 2012
The Directors present their Twenty Seventh Annual Report and Audited
Statement of Accounts for the year ended 31st March 2012.
FINANCIAL RESULTS:
The accounts for the year under review reflect a profit of Rs.
10,293,116. The Directors propose to appropriate the same as under:
Profit/(Loss) Before Tax Rs. 10,293,116
Less:- Appropriations
Provision for Taxation
Current Tax Rs. 2,450,000
Deferred Tax Rs. 110,871
Rs. 2,560,871
Profit/(Loss) After Tax Rs. 7,732,245
ADD:- Balance Brought Forward Rs. 56,943,111
BALANCE CARRIED FORWARD Rs. 64,675,356
DIVIDEND:
The Directors regret their inability to recommend any dividend for the
year under review.
WORKING & PERFORMANCE:
The performance of the Company was satisfactory during the year under
review.
The Company has ceased its NBFI activities in the last year itself and
have done all the necessary compliances with the ROC, RBI, etc
Presently, the Company is focusing mainly on its trading activities
i.e. sale various products like doors, plast fibres and other products,
etc.
The Board of Directors are trying their best to further improve the
performance of the Company and are hopeful of better working results in
the coming year.
PARTICULARS OF EMPLOYEES:
There is no employee in respect of whom particulars pursuant to Section
217 (2A) of the Companies Act, 1956 read with the Companies
(Particulars of Employees) Rules, 1975; are required to be given.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, RESEARCH AND
DEVELOPMENT:
Your Directors are of the opinion that with respect to conservation of
energy and technology absorption as per Section 217 (l)(e) read with
Companies (Disclosure Particulars in the Report of Board of Directors)
Rules, 1988 are not relevant in view of the nature of business
activities of the Company and hence, are not required to be given.
FOREIGN EXCHANGE EARNINGS AND OUTGO:
During the year under review, there is no foreign exchange earning,
outgo and expenditure.
DIRECTORS RESPONSIBILITY STATEMENT:
As per Provision of Section 217 (2AA) of the Companies Act, 1956, the
Directors confirm that:
a. In the preparation of annual accounts, the applicable accounting
standards have been followed along with proper explanation relating to
material departures.
b. The accounting policies have been consistently applied and
reasonable and prudent judgement and estimates have been made so as to
give a true and fair view of the state of affairs of the Company as at
31st March, 2012 and the Profit & Loss account of the Company for the
period.
c. Proper and sufficient care for the maintenance of adequate
accounting records in accordance with the provisions of the Companies
Act, 1956 has been taken for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities.
d. The annual accounts have been prepared on a going concern basis.
SECRETARIAL COMPLIANCE CERTIFICATE:
T. S. PAHADE & ASSOCIATES, Company Secretary, Nagpur has issued a
Secretarial Compliance Certificate in terms of Proviso of Sub-Section
(1) of Section 383(A) of the Companies Act 1956. The same has been
received and attached to the Board Report.
DIRECTORS:
Shri Akshay Ranka, retires by rotation and being eligible, offers
himself for re- appointment.
Apart from the above, there is no change as regard to the Directorship
of the Company.
LISTING OF SHARES:
The Equity Shares of the Company are continued to be listed on The
Stock Exchange, Mumbai and Madhya Pradesh. The Company has paid the
annual listing fee for the financial year 2012-2013.
The Equity Shares of the Company has the Electronic connectivity under
ISIN No. INE552H01017. To provide service to the Shareholders, the
Company has appointed M/s. Adroit Corporate Services Private Limited,
1st Floor, 19, Jaferbhoy Industrial Estate, Makwana Road, Marol Naka,
Mumbai-400 059 as Registrar and Transfer Agent of the Company for
existing physical based and allied Secretarial Services for its
Members/Investors and for Electronic Connectivity with NSDL and CDSL.
PUBLIC DEPOSITS:
During the period under review, the Company has not accepted any public
deposit under Section 58A of the Companies Act, 1956.
AUDITORS:
M/s. B. Chhawchharia, Chartered Accountants, Nagpur auditors of the
company retires at the conclusion of the ensuing meeting and are
eligible for re-appointment.
AUDITOR'S REPORT:
The observations made by the Auditors are self-explanatory and does not
require any clarification.
ACKNOWLEDGEMENT:
The Directors are grateful to Bankers for their continued support,
co-operation and assistance during the year. The Directors express
their thanks for the sincere and dedicated efforts put in by the
workers, staff and officers during the year.
For and on behalf of the Board
Akshay Ranka S. C. Agrawal
DIRECTOR DIRECTOR
Registered Office:-
254, Pandit Ravi Shankar Shukla Marg,
Civil Lines, Nagpur-440 001
PLACE: NAGPUR.
DATED: 23rd August, 2011
Mar 31, 2010
The Directors present their Twenty Fifth Annual Report and Audited
Statement of Accounts for the year ended 31 st March 2010.
FINANCIAL RESULTS:
The accounts for the year under review reflect a profit of Rs.
337,446.The Directors propose to appropriate the same as under:
Profit / (Loss) Before Tax Rs. 337,446
Less: - Appropriations
Provision for Taxation
Current Tax Rs. NIL
Deferred Tax Rs. 36,662
Excess/(Short) Provision for
Tax Rs . 8,440
Fringe Benefits Tax Rs. NIL
Rs. 45,102
Profit / (Loss) After Tax Rs. 2,92,344
ADD:- Balance Brought Forward Rs. 56,269,168
Excess Provision for Tax Rs. NIL
BALANCE CARRIED FORWARD Rs 56,561,512
DIVIDEND:
The Directors regret their inability to recommend any dividend for the
year under review.
WORKING & PERFORMANCE:
The performance of the Company was satisfactory during the year under
review. The Board of Directors are trying their best to further improve
the performance of the Company and are hopeful of better working
results in the coming year.
PARTICULARS OF EMPLOYEES:
There is no employee in respect of whom particulars pursuant to Section
217 (2 A) of the Companies Act, 1956 read with the Companies
(Particulars of Employees) Rules, 1975; are required to be given.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, RESEARCH AND
DEVELOPMENT:
Your Directors are of the opinion that with respect to conservation of
energy and technology absorption as per Section 217 (l)(e) read with
Companies (Disclosure Particulars in the Report of Board of Directors)
Rules, 1988 are not relevant in view of the nature of business
activities of the Company and hence, are not required to be given.
FOREIGN EXCHANGE EARNINGS AND OUTGO:
During the year under review, there is no foreign exchange earning,
outgo and expenditure.
DIRECTORS RESPONSIBILITY STATEMENT:
As per Provision of Section 217 (2AA) of the Companies Act, 1956, the
Directors confirm that:
1. In the preparation of annual accounts, the applicable accounting
standards have been followed along with proper explanation relating to
material departures.
2. The accounting policies have been consistently applied and
reasonable and prudent judgement and estimates have been made so as to
give a true and fair view of the state of affairs of the Company as at
31s1 March, 2010 and the Profit & Loss account of the Company for the
period.
3. Proper and sufficient care for the maintenance of adequate
accounting records in accordance with the provisions of the Companies
Act, 1956 has been taken for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities.
4. The annual accounts have been prepared on a going concern basis.
SECRETARIAL COMPLIANCE CERTIFICATE :
M/S. T. S. PAHADE & ASSOCIATES, Company Secretary, Nagpur has issued a
Secretarial Compliance Certificate in terms of Proviso of Sub-Section
(1) of Section 383(A) of the Companies Act 1956. The same has been
received and attached to the Board Report.
DIRECTORS:
Shri Jagdish Shirke, retires by rotation and being eligible, offers
himself for re-appointment.
LISTING OF SHARES:
The Equity Shares of the Company are listed on The Stock Exchange,
Mumbai ans Madhya Pradesh. The Company has paid the annual listing fee
for the financial year 2010-2011.
The Equity Shares of the Company has the Electronic connectivity under
(SIN No. INE552H01017. To provide service to the Shareholders, the
Company has appointed M/s. Adroit Corporate Services Private Limited,
1st Floor, 19, Jaferbhoy Industrial Estate, Makwana Road, Marol Naka,
Mumbai-400 059 as Registrar and Transfer Agent of the Company for
existing physical based and allied Secretarial Services for its Members
/ Investors and for Electronic Connectivity with NSDL and CDSL.
PUBLIC DEPOSITS :
During the period under review, the Company has not accepted any public
deposit under Section 58A of the Companies Act, 1956.
AUDITORS:
M/s. Bankim V. Shah, Chartered Accountants, Mumbai auditors of the
company retire at the conclusion of the ensuing meeting and are
eligible for re-appointment.
AUDITORS REPORT:
The observations made by the Auditors are self-explanatory and does not
require any clarification.
ACKNOWLEDGEMENT:
The Directors are grateful to Bankers for their continued support,
co-operation and assistance during the year. The Directors express
their thanks for the sincere and dedicated efforts put in by the
workers, staff and officers during the year.
For and on behalf of the Board
Registered Office:
254, Ravi Shankar Shukla Marg,
Civil Lines, Nagpur-440 001
S. C. AGRAWAL JAGDISH SHIRKE
PLACE: NAGPUR. DIRECTOR DIRECTOR
DATED: 4th September, 2010
Mar 31, 2009
The Directors present their Twenty-Fourth Annual Report and Audited
Statement of Accounts for the year ended 31 st March, 2009.
FINANCIAL RESULTS:
The accounts for the year under review reflect a Profit before Tax of
Rs. (2,595,022). The Directors propose to appropriate the same as
under:
Profit before Tax Rs. (2,595,022)
Add: Balance brought forward Rs. 59,025,971
Less: Provision for Taxation
- Current Tax Nil
- Fringe benefit tax Rs.65,000
- Deferred Tax Rs.32,969
- Earlier Years Income Tax Written Off Rs. 63,813
Rs. 161,782
Balance Carried to Balance Sheet Rs.56,269,167
WORKING:
During the year under review the performance of the Company was not
satisfactory. The Board of Directors are trying their best to improve
the performance of the Company and are hopeful of better working
results in the coming year.
DIVIDEND:
Directors regret their inability to recommend any dividend for the year
under review.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
AND OUTGO:
Your Directors are of the opinion that particulars with respect to
conservation of energy and technology, absorption as per Section 217(1)
(e) read with Companies (Disclosure of particu- lars in the Report of
Board of Directors) Rules, 1988 are not relevant in view of the nature
of business activities of the Company and hence, are not required to be
given. There was no earnings in Foreign Exchange however there are
Imports amounting to Rs. 4,136,231/- during the year under review.
DIRECTORS RESPONSIBILITY STATEMENT:
The Directors confirm that:
a. In the preparation of annual accounts, the applicable accounting
standards have been followed along with proper explanation relating to
material departures.
b. The accounting policies have been consistently applied and
reasonable and prudent judgment and estimates have been made so as to
give a true and fair view of the state of affairs of the Company as at
31st March, 2009 and the Profit and Loss Account of the Company for the
period.
c. Proper and sufficient care for the maintenance of adequate
accounting records in accordance with the provisions of the Companies
Act, 1956 has been taken for safe- guarding the assets of the Company
and for preventing and detecting fraud and other irregularities.
d. The annual accounts have been prepared on a going concern basis.
SECRETARIAL COMPLIANCE CERTIFICATE: M/s. V. Ramachandran, Company
Secretary, Nagpur has issued a Secretarial Compliance Certificate in
terms of Proviso of Sub-Section (1) of Section 383(A) of the Companies
Act, 1956. The same has been received and attached to the Board
Report.
PARTICULARS OF EMPLOYEES: There is no employee in respect of whom
particulars pursuant to section 217(2A) of the Companies Act, 1956, are
required to be given.
DIRECTORS: Shri Jagdish Shirke has been appointed on Board w.e.f.
30.06.2009 as an Additional Director. Also Shri Murli Lahoti, is not
associated with Company due to resignation. Shri N.K.Jejani, retires
by rotation and being eligible offers himself for reappointment.
PUBLIC DEPOSITS: During the period under review, the Company has not
accepted any public deposits under Section 58A of the Companies Act,
1956.
AUDITORS REPORT The observations made by the Auditors in their report
are self-explanatory and have also been further amplified in the Notes
to the Accounts.
AUDITORS: M/s. Bankim V. Shah, Chartered Accountants, Mumbai the
auditors retire at the conclusion of the ensuing meeting and are
eligible for re-appointment.
LISTING OF SHARES: The Equity Shares of the Company are listed on Stock
Exchange, Mumbai and Madhya Pradesh. The Company has paid the annual
listing fees for the financial year 2008-2009. The Equity Shares of
the Company has the Electronic connectivity under ISIN No.lNE552H01017.
The company has, M/s. Adroit Corporate Services Private Limited, 1st
floor 19,20 Jaferbhoy Industrial estate, Makwana Road, Marol
naka,Mumbai-400 059, as Reg- istrar and transfer Agent of the company
for existing physical based and allied Secretarial Services for its
members /Investors and for Electronic Connectivity with NSDL and CDSL.
ACKNOWLEDGEMENTS: The Directors are grateful to Banks for their
continued co-operation and assistance during the year.
The Directors express their thanks for the sincere and dedicated
efforts put in by all the employees during the year.
For and on behalf of the Board
Place: NAGPUR S.C.AGRAWAL JAGDISH SHIRKE
Dated: 04.09.2009 DIRECTOR DIRECTOR
Mar 31, 2004
The Directors present their Nineteenth Annual Report and Audited
Statement of Accounts for the year ended 31st March, 2004.
FINANCIAL RESULTS:
The accounts for the year under review reflect a profit before tax of
Rs. 1,10,88,342. The Directors propose to appropriate the same as
under:
Profit before Tax Rs. 1,10,88,342
Add: Balance brought forward Rs. 1,75,91,725
Excess Provision for taxation Rs. 3,28,859 Rs. 1,79,20,584
Rs. 2,90,08,926
Less : Provision for Taxation
-Current Tax Rs. 41,93,000
-DefferedTax Rs. 15,895
Earlier years Income Tax
written off Rs. 1,152 Rs. 42,10,047
Balance carried to Balance Sheet Rs. 2,47,98,879
WORKING :
During the year under review the working of the Company was
satisfactory. The Board of Directors are trying their best to further
improve the performance of the Company and are hopeful of better
working results in the coming year.
DIVIDEND:
Directors regret their inability to recommend any dividend for the year
under review.
CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION :
Your Directors are of the opinion that particulars with respect to
conservation of energy and technology absorption as per Section
217(1)(e) read with Companies (Disclosures of Particulars in the Report
of Board of Directors) Rules, 1988 are not relevant in view of the
nature of business activities of the Company and hence are not required
to be given.
FOREIGN EXCHANGE EARNINGS AND OUTGO:
Details of Foreign exchange earnings through exports are shown in Notes
No 4 of Notes of Accounts. To avoid repetition members are requested to
refer thes notes. There has been no foreign exchange earnings or outgo
during the year under review.
DIRECTORS RESPONSIBILITY STATEMENT :
The Directors confirm that :
a. In the preparation of annual accounts, the applicable accounting
standards have been followed along with proper explanation relating to
material departures.
b. The accounting policies have been consistently applied and
reasonable and prudent judgement and estimates have been made so as to
give a true and fair view of the state of affairs of the Company as at
31st March, 2004 and the Profit and Loss Account of the Company for the
period.
c. Proper and sufficient care for the maintenance of adequate
accounting records in accordance with the provisions of the Companies
Act, 1956 has been taken for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities.
d. The annual accounts have been prepared on a going concern basis.
SECRETARIAL COMPLIANCE CERTIFICATE :
M/s. V. Ramachandran, Company Secretaries, Nagpur has issued a
Secretarial Compliance Certificate in terms of Proviso of Sub-Section
(1) of Section 383(A) of the Companies Act, 1956. The same has been
received and attached to the board Report.
PARTICULARS OF EMPLOYEES :
There is no employee in respect of whom particulars pursuant to Section
217(2A) of the Companies Act, 1956 are required to be given.
DIRECTORS :
Shri R. K. Bhutoria and Shri Anand Daga, retires by rotation and being
eligible, offers themselves for re-appointment.
PUBLIC DEPOSITS :
During the period under review, the Company has not accepted any public
deposits under Section 58A of the Companies Act, 1956.
AUDITORS :
M/s. Bankim V. Shah, Chartered Accountants, Mumbai the auditors retire
at the conclusion of the ensuing meeting and are elgible for
re-appointment.
LISTING OF SHARES :
The Equity Shares of the Company are listed on Stock Exchanges at
Mumbai and Indore (Madhya Pradesh). Moreover, the annual listing fees
of these exchanges for the financial year 2004-2005 has been paid by
the Company.
ACKNOWLEDGEMENT:
The Directors are grateful to the Bankers for their continued
co-operation and assistance during the year.
The Directors express their thanks for the sincere & dedicated efforts
put in all the employees during the year.
For and on behalf of the Board
S.C. AGRAWAL ANAND C. DAGA
DIRECTOR DIRECTOR
Place : NAGPUR
Dated : 24.08.2004
Mar 31, 2002
The Directors present their Seventeenth Annual Report and Audited
Statement Accounts for the year ended 31st March 2002.
FINANCIAL RESULTS:
The accounts for the year under review reflect a profit before tax of
Rs. 6, 349, 015. The Directors
propose to appropriate the same as under:
Profit before Tax Rs. 6, 349, 015
Add: Balance brought forward Rs. 7, 288, 592
Transitional adjustment on
account of Deffered Tax
as on 01. 04. 2001 Rs. 223, 750 Rs. 7, 512, 342
Rs. 13, 868, 357
Less: Provision for Taxation
(Net of Deffered Tax
Rs. 78, 969) Rs. 2, 230, 931
Taxation for earlier years Rs. 3, 541 Rs. 2, 234, 472
Balance carried to Balance Sheet Rs. 11, 626, 885
WORKING AND FUTURE PROSPECTS:
The performance of the company for the year under review was found
encouraging. The Directors are exploring new areas of business with
good potentials.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO:
Your Directors are of the opinion that particulars with respect to
conservation of energy and technology absorption as per Section 217(1
)(e) read with Companies (Disclosures of Particulars in the Report of
Board of Directors) Rules, 1988 are not relevant in view of the nature
of business activities of the Company and hence are not required to be
given. There has been no foreign exchange earnings or outgo during the
year under review.
DIRECTORS RESPONSIBILITY STATEMENT:
The Directors confirm that:
a. In the preparation of annual accounts, the applicable accounting
standards have been followed along with proper explanation relating to
material departures.
b. The accounting policies have been consistently applied and
reasonable and prudent judgement and estimates have been made so as to
give a true and fair view of the state of affairs of the Company as at
31 st March, 2002 and the Profit and Loss Account of the Company for
the period.
c. Proper and sufficient care for the maintenance of adequate
accounting records in accordance with the provisions of the Companies
Act, 1956 has been taken for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities.
d. The annual accounts have been prepared on a going concern basis.
SECRETARIAL COMPLIANCE CERTIFICATE:
Mr. V. Ramachandran, Company Secretary, Nagpur has issued a Secretarial
Compliance Certificate in terms of Proviso of Sub-Section (1) of
Section 383(A) of the Companies Act, 1956. The same has been received
and attached to the board Report.
AUDITORS REPORT:
As regards observation in Para 2(f) of Auditors Report, the Directors
state that Note No. 1 and 3 of Schedule 9 is self-explanatory.
PARTICULARS OF EMPLOYEES:
There is no employee in respect of whom particulars pursuant to section
217(2A) of the Companies Act, 1956 are required to be given.
DIRECTORS:
Shri N. K. Jejani, retires by rotation and being eligible, offers
himself for re-appointment.
PUBLIC DEPOSITS:
During the period under review, the Company has not accepted any public
deposits under Section 58A of the Companies Act, 1956.
AUDITORS:
M/s Bankim V. Shah, Chartered Accountants, Mumbai the auditors retire
at the conclusion of the ensuing meeting and are elgible for
re-appointment.
LISTING OF SHARES:
The Equity Shares of the Company are listed on Stock Exchanges at
Mumbai and Indore (Madhya Pradesh). Moreover, the annual listing fees
of these exchanges for the financial year 2002-2003 has been paid by
the Company.
ACKNOWLEDGEMENT:
The Directors are grateful to the Bankers for their continued
co-operation and assistance during the year.
The Directors express their thanks for the sincere & dedicated efforts
put in all the employ- ees during the year.
For and on behalf of the Board
S. C. AGRAWAL ANAND C. DAGA
DIRECTOR DIRECTOR
Place: NAGPUR
Dated: 17. 08. 2002