Mar 31, 2015
Dear Members,
Your Directors have pleasure in presenting the 21st ANNUAL REPORT of
your company together with the Auditors Report for the year ended 31st
March 2015.
1. FINANCIAL HIGHLIGHTS
The Financial Results for the year ended 31st March 2015.
Rs. In Lakhs
Particulars Year ended Year ended
31st March 2015 31st March 2014
Standalone Standalone
Income from Operations 170.36 424.52
Profit/(Loss)
before depreciation
Interest and Tax 96.10 69.13
Interest 17.33 13.96
Depreciation 4.63 5.68
Profit/(Loss) before Tax 74.14 49.49
Provision for Tax  Â
Deferred Tax  Â
Profit/ (Loss) after tax 74.14 49.49
Particulars Year ended Year ended
31st March 2015 31st March 2014
Consolidated Consolidated
Income from Operations 170.36 424.52
Profit/(Loss)
before depreciation
Interest and Tax 94.96 67.49
Interest 17.33 13.96
Depreciation 4.63 5.68
Profit/(Loss) before Tax 73.00 47.85
Provision for Tax  Â
Deferred Tax  Â
Profit/ (Loss) after tax 73.00 47.85
2. BUSINESS & PERFORMANCE
During the year under review, the Company has made a standalone profit
of Rs.74.14 lacs for the financial year 2014-2015 as compared to
standalone profit of Rs.49.49 lacs for the financial year 2013- 2014.
Your Company has made a consolidated profit of Rs.73.00 lacs for the
financial year 2014- 2015 as compared to consolidated Profit of Rs.47.85
lacsfor the financial year2013-2014.
3. DIVIDEND
In order to conserve resources the Board of Directors have decided not
to declare any dividend for the current financial year 2014-15.
4. TRANSFER TO GENERAL RESERVES
Your Company proposes to transfer Rs.74,13,919.00 to the General
Reserves.
5. MATERIAL CHANGE AND COMMITMENTS OF THE COMPANY
There are no material changes and commitments affecting the financial
position of the company which have occurred between the end of the
financial year of the company to which the financial statements relate
and the date of the report; and there are no significant and material
orders passed by the regulators or courts or tribunals impacting the
going concern status and company's operations in future.
6. PARTICULARS OF LOANS, GUARANTEES AND INVESTMENT
The Company has given loan of Rs.18,18,26,724/- under Section 186 of
the Act during the financial year 2014-15.The Company has not given any
guarantee nor made any investments during the Financial year 2014-2015.
7. SUBSIDIARY COMPANIES
Your Company has six subsidiaries. There are no associate companies
within the meaning of Section 2(6) of the Companies Act, 2013 ("Act").
Further there has been no material change in the nature of business of
the subsidiaries.
Shareholders interested in obtaining a copy of the audited annual
accounts of the subsidiary company may write to the Company.
In terms of proviso to sub section (3) of Section 129 of the Act, the
salient features of the financial statement of the subsidiaries is set
out in the prescribed form AOC-1, which forms part of the annual
report.
Performance and financial position of the subsidiary companies is given
in Annexure-I.
8. TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO:
Company's business does not require any technology absorption and hence
no reporting is required to be furnished under this heading.
Foreign Exchange inflow and outflow during the year is Nil.
9. DEPOSITS:
Your Company has not accepted any deposits from the public during the
year under review. There are no outstanding deposits as on 31st March
2015.
10. DIRECTORS AND KEY MANAGERIAL PERSONNEL RETIREMENT BY ROTATION
In terms of Section 152 of the Companies Act 2013, Mr. S. P.Bharat Jain
Tatia , who retire by rotation at the forthcoming AGM and is eligible
for re-appointment. Mr. S. P.Bharat Jain Tatia offered himself for
re-appointment. Brief profile is mentioned in the Notice of forthcoming
Annual General Meeting of the company.
REAPPOINTMENT OF MANAGING DIRECTOR
In terms of Section 196,197,203 and any other applicable provisions of
the Companies Act 2013, Mr. S. P.Bharat Jain Tatia, is eligible for
re-appointment as the Managing Director (DIN: 00800056) w.e.f 17th
April 2015 for a further period 5 years as recommended by the
nomination and remuneration committee, approved by the Board of
Directors at their meeting held on 17.04.2015, such terms as contained
in the Explanatory Statement.
INDEPENDENT DIRECTOR
Pursuant to the provisions of clause 49 of the Listing Agreement
entered into with the Stock Exchange Mr. Arun Kumar Bafna and Ms. D.
Hemamalini are the Independent Directors of the Company and appointment
was made for 5 years at the 20th AGM.
KEY MANAGERIAL PERSONNAL
Mr.Subbarayan Ekambaram was appointed as the Chief Financial Officer of
the Company with effect from 22.08.2014 during the financial year.
The Company is yet to appoint company secretary and has given
advertisement and circulars at the Institute of Company Secretaries of
India (ICSI).
The performance evaluation of the Independent Directors was carried out
by the entire Board. The performance evaluation of the Chairman and the
Executive Directors was carried out by the Independent Directors.
11. STATUTORY AUDITORS
M/s. K.Subramanyam & Co., Chartered Accountants, (Firm Registration
Number 004146S) have been appointed as statutory auditors of the
company at the last Annual General Meeting held on 29/39/2014, to hold
office till the conclusion of the twenty first Annual General Meeting
of the company. The Board of Directors of the company has recommended
the appointment of Messrs. K.Subramanyam & Co., Chartered Accountants,
(Registration Number 004146S) as statutory auditors of the company from
the conclusion of twenty first Annual General Meeting till the
conclusion of twenty fifth Annual General Meeting of the company,
subject to the ratification of appointment of Statutory Auditors at
every annual general meeting by the shareholders.
12. COMMENT ON STATUTORY AUDITOR'S REPORT
There were no adverse remarks made by the statutory auditor, Mr. K.
Subramanyam, Chartered Accountants bearing (Membership No. 023663,
Regn. No. 004146S), in the Statutory Audit Report, during the current
financial year.
13. SECRETARIAL AUDITORS
Pursuant to the provisions of Section 204 of the Companies Act, 2013
and The Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014, the Company has appointed M/s Lakshmmi
Subramanian & Associates, Practising Company Secretaries,(CP No.1087:,
FCS:3534),Company Secretaries to undertake the secretarial audit of the
company. The Secretarial Audit Report is annexed herewith as 'Annexure
VI'.
14. COMMENT ON SECRETARIAL AUDITOR REPORT
With Reference to the remarks made by the secretarial auditor, Mr. P.S.
Srinivasan, Associate partner M/s. Lakshmmi Subramanian & Associates
Practicing Company Secretaries bearing (CP No. 3122), in the
Secretarial Audit Report, the company has taken the corrective measures
during the current financial year.
15. PERSONNEL
According to Section 197(12) of the Companies Act, 2013 read with rule
5(2) of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014,none of the employees fall under the category
specified under the said Section and the Rules made there-under.
16. RELATED PARTIES TRANSACTIONS
The Company has entered into contract / arrangements with the related
parties in the ordinary course of business and on arm's length basis.
The provisions of Section 188(1) of the Act are not applicable.
Details given in Annexure - II Form No. AOC 2.
17. EXTRACT OF ANNUAL RETURN
The extract of Annual Return as provided under Sub-Section (3) of
Section 92 of the Companies Act, 2013 ( the "Act") is enclosed at
Annexure-III in the prescribed form MGT-9 and forms part of this
Report.
18. RISK MANAGEMENT
The Risk Management is overseen by the Audit Committee of the Company
on a continuous basis. The Committee oversees Company's process and
policies for determining risk tolerance and review management's
measurement and comparison of overall risk tolerance to established
levels. Major risks identified by the businesses and functions are
systematically addressed through mitigating actions on a continuous
basis.
19. DISCLOSURE AS PER SEXUAL HARRASSMENT OF WOMEN AT WORKPLACE
(PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013
The Company has zero tolerance for sexual harassment at workplace and
has in place a policy on prevention, prohibition and redressal of
sexual harassment at workplace in line with the provisions of Sexual
Harassment of Women at Workplace (Prevention, Prohibition and
Redressal) Act, 2013 and the rules framed there under. During the
financial year 2014-15, the Company has not received any complaints on
sexual harassment.
20. MANAGEMENT DISCUSSION & ANALYSIS REPORT
As per Clause 49 of the listing agreement entered into with the stock
exchanges, Management Discussion and Analysis report (ANNEXURE - IV)
and Corporate Governance Report with Auditors' certificate thereon
(ANNEXURE-V) are attached and form part of this report.
21. CORPORATE GOVERNANCE REPORT
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 the
Listing Agreement forms an integral part of this Report. The requisite
certificate from the Auditors of the Company confirming compliance with
the conditions of corporate governance is attached to the report on
Corporate Governance.
22. NUMBER OF MEETINGS OF THE BOARD
Seven meetings of the Board of Directors of the Company were held
during the year. For detail of the meetings, please refer to the
Corporate Governance Report, which forms part of this Report.
23. CODE OF CONDUCT FOR DIRECTORS AND SENIOR MANAGEMENT
The Directors and members of Senior Management have affirmed compliance
with the Code of Conduct for Directors and Senior Management of the
Company. A declaration to this effect has been signed by Mr. S.P.
Bharat Jain Tatia, the Managing Director of the Company and forms part
of the Annual Report and the website of the Company at www.tatia.co.in
24. VIGIL MECHANISM
The Company has established a vigil mechanism for Directors and
employees to report their genuine concerns. For details, please refer
to the Corporate Governance Report attached to this Report and the
website of the Company at www.tatia.co.in.
25. CORPORATE SOCIAL RESPONSIBILITY
The provisions of Companies Act, 2013 regarding Corporate Social
Responsibility are not attracted to the company as per the act and no
committee is required to be form.
26. DIRECTORS' RESPONSIBILITY STATEMENT
To the best of their knowledge and belief and according to the
information and explanations obtained by them, your Directors make the
following statements in terms of Section 134(3)(c) of the Companies
Act, 2013:
a. that in the preparation of the annual financial statements for the
year ended March 31, 2015, the applicable accounting standards have
been followed along with proper explanation relating to material
departures, if any;
b. that such accounting policies as mentioned in Notes to the Financial
Statements have been selected and applied consistently and judgment and
estimates have been made 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, 2015 and of the profit of the Company for the year ended on that
date;
c. that proper and sufficient care has been taken 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;
d. that the annual financial statements have been prepared on a going
concern basis;
e. That proper internal financial controls were in place and that the
financial controls were adequate and were operating effectively.
f. That systems to ensure compliance with the provisions of all
applicable laws were in place and were adequate and operating
effectively.
27. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR
COURTS-BEFORE ACKNOWLEDGEMNT IN DIRECTORS REPORT
There are no significant material orders passed by the Regulators /
Courts which would impact the going concern status of the Company and
its future operations.
28. ACKNOWLEDGEMENTS
The Board of Directors would like to thank all employees of the Company
and also Company's shareholders, auditors, customers and bankers for
their continued support.
On behalf of the Board of Directors
For Tatia Global Vennture Limited
Sd/-
S.P.Bharat Jain Tatia
Place: Chennai Managing Director
Date: 28th August 2015 DIN.NO.00800056
Mar 31, 2014
Dear Members,
The Directors have pleasure in presenting their report on the
financial results of the company for the Twentieth year, along with the
Audited Balance Sheet as on 31st March, 2014 and the Profit and Loss
Account for the year ended 31st March, 2014.
1. Financial Results
Your Directors are pleased to furnish below the financial results for
the year ended 31st March, 2014
Rs. In Lakhs
Particulars Year ended Year ended Year ended Year ended
31st March 31st March 31st March 31st March
2014 2013 2014 2013
Standalone Standalone Consolidated Consolidated
Income from Operations 295.41 775.12 295.41 2554.42
Non-Operating Income 129.12 62.40 129.12 62.49
Total Income 424.52 837.52 424.52 2616.91
Total Expenditure 375.03 787.21 376.67 2466.65
Profit/(Loss) before
depreciation
Interest and Taxation 29.85 50.31 28.21 150.26
Interest & Finance Charges 13.96 17.73 13.96 17.76
Depreciation 5.68 6.94 5.68 6.97
Profit/(Loss) before Tax 49.49 25.64 47.85 125.53
Provision for Current
Taxes --- 4.32 --- 4.32
Provision for Deferred
Taxes --- (0.91) --- (0.91)
Profit/(Loss) after Tax 49.49 22.23 47.85 122.12
Balance in Profit & Loss
Account (138.29) (160.52) (150.70) 21.87
Balance carried to
Balance Sheet (88.81) (138.29) (102.85) 143.99
Your Company has made a Standalone profit of Rs. 49.49 lacs for the
financial year 2013-14 as compared to Standalone profit of Rs.22.23
lacs in the previous year 2012-13. Your Company has made a Consolidated
profit of Rs. 47.85 lacs for the financial year 2013-14.
2. DIVIDEND
In order to stream line Company''s business model, the board of
directors have decided not to declare any dividend for the current
fiscal. The profits, retained by the company during the financial year
2013-14, has been carried over to the Reserves and Surplus Account.
3. FUTURE PROSPECTS
Your Company has prepared itself for entering into diversified projects
through its special purpose vehicles, and your Board of Directors
believes this will help the company to make profitable.
4. FIXED DEPOSITS
Your Company has neither accepted nor invited any Fixed deposit from
the public in terms of Section 58A of the Companies Act, 1956 during
the financial year ended 31st March 2014.
5. DIRECTORS
The Company has, pursuant to the provisions of clause 49 of the Listing
Agreement entered into with the Stock Exchange has appointed Mr.Arun
Kumar Bafna and Mr. Kamlesh Parasmal as Independent Directors of the
Company. Mr. Kamlesh Parasmal, Director of the Company is resigning
from the position of Directorship with effect from 19/06/2014.
Ms.D.Hemamalini is appointed as independent director of the Company
with effect from 31/07/2014, subject to the approval of the
shareholders in the ensuing Annual General Meeting. The Company has
received declarations from the retiring independent director as well as
the appointee independent directors, that they meet the criteria of
independence, as prescribed both under sub-section (6) of Section 149
of the Companies Act 2013 and under the said clause 49. In accordance
with the provisions of section 149(4) and section 152 (5) of the
Companies Act,2013, Mr.Arun kumar Bafna and Ms.D.Hemamalini are being
appointed as Independent Directors to hold office as per their tenure
of appointment mentioned in the Notice of the forthcoming AGM of the
Company. Mr. Pannalal Tatia Jain Sampathlal, Director of the Company
retires by rotation and being eligible, offers himself for
reappointment, in accordance with the requirements of Companies Act,
2013.
6. DIRECTORS'' RESPONSIBILITY STATEMENT
In terms of provisions of Section 217(2AA) of the Companies Act, 1956,
your directors confirm as under:
i. that in the preparation of the annual accounts, the applicable
accounting standards had been followed along with proper explanation
relating to material departures;
ii. that the directors had selected such accounting policies and
applied them consistently and made judgments and estimates that are
reasonable and prudent so as to give a true and fair view of the state
of affairs of the Company as at 31st March, 2014 and of the profit of
the Company for the year ended on that date;
iii. that the directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act,1956 for safeguarding the assets of the
Company and for preventing and detecting fraud and other
irregularities;
iv. that the directors had prepared the annual accounts on a ''going
concern'' basis.
7. MANAGEMENT DISCUSSION & ANALYSIS REPORT
The Management Discussion & Analysis Report for the year under review,
as stipulated in Clause 49 of the Listing Agreement is presented in a
separate section forming part of the Directors'' Report as Annexure A.
8. CORPORATE GOVERNANCE
The Company has complied with the mandatory provisions of the Corporate
Governance as prescribed in the Listing agreement entered into with
Bombay Stock Exchange Limited and Madras Stock Exchange Limited. The
report on Corporate Governance as stipulated in Clause 49 of the
Listing Agreement is presented in a separate section forming part of
the Directors'' Report as Annexure B.
9. SUBSIDIARY COMPANIES
The details of Subsidiary Companies are:-
Sl.No. Name of Subsidiary Companies Registered Office Address
1. Deverbetta Lands Private Limited No. 19, 3rd Floor, Aroshree Tower,
Rutland Gate, 4th Street, Nungambakkam, Chennai-600 006
2. Sagarvar Gambhira Developers Private Limited No. 19, 3rd Floor,
Aroshree Tower, Rutland Gate, 4th Street, Nungambakkam, Chennai-600 006
3. Sundervans Infrastructure and No. 19, 3rd Floor, Aroshree Tower,
Developers Private Limited Rutland Gate, 4th Street, Nungambakkam,
Chennai-600 006
4. Thali Estates Private Limited No. 19, 3rd Floor, Aroshree Tower,
Rutland Gate, 4th Street, Nungambakkam, Chennai-600 006
5. Kalyanang Developers Private Limited No. 19, 3rd Floor, Aroshree
Tower, Rutland Gate, 4th Street, Nungambakkam, Chennai-600 006
6. Pajjuvasami Developers Private Limited No. 19, 3rd Floor, Aroshree
Tower, Rutland Gate, 4th Street, Nungambakkam, Chennai-600 006
10. Consolidated Financial Statement
The holding companies are exempt from publishing the accounts of
subsidiaries subject to fulfillment of certain conditions vide Circular
No.2/2011 dated 2nd February, 2011 issued by the Ministry of Corporate
Affairs. However, the financial statements of the subsidiary companies
has been prepared and form part of the Consolidated Financial
Statements.
11. Conservation of Energy / Technology Absorption and Foreign Exchange
Earnings / Outgo Conservation of Energy:
The Company had taken steps to conserve energy in its office use,
consequent to which energy consumption has been minimized. Since the
Company has not carried on industrial activities, disclosures regarding
impact of measures on cost of production of goods, total energy
consumption, etc., are not applicable. However the company has
invested in power generation projects through its wholly owned
subsidiary.
Technology Absorption:
The Company has not adopted /intends to adopt any technology for its
business and hence no reporting is required to be furnished under this
heading.
12. Particulars of Employees
None of the employees fall under the category specified under Section
217 (2A) of the Companies Act, 1956 and the Companies (Particulars of
Employees) Rules 1975 for the year.
13. Auditors
The Auditors, M/s. K. Subramanyam & Co., Chartered Accountants, Chennai
hold office up to the date of the ensuing Annual General Meeting and
are eligible for re-appointment. As required under the provisions of
Section 139 of the Companies Act, 2013, the Company has obtained
written confirmation from M/s. K. Subramanyam & Co., that their
appointment, if made, would be in conformity with the limits specified
in the said section.
14. Company Secretary
The company is in a continuous process of appointing a whole time
company secretary. The company is scouting for a suitable candidate
directly and even through Institute of comapny secretaries of India.
However the company in due course have utilised the services of
practising company secretaries with regard to all compliance related
matters.
Further the company has up to date compliance recods with stock
exchange as per the listing aggreement requirements.
15. Registrar Cum Transfer Agent:
During the year both the National Securities Depository Limited and the
Central Depository Services (India) Limited connectivity was shifted to
M/s. Purva Sharegistry (India) Private Limited and also act as an in
house agent for physical transfer of shares.
16. Corporate Social Responsibility
The activities carried by your Companies are always socio- economic
concerned and your company will always have it in concern about the
community in which it is operating and the people belonging to that
community.
17. Acknowledgement
The Board of Directors expresses its sincere appreciation to all the
shareholders and well wishers of the Company for their co-operation and
support extended to the Company and looks forward to their continued
patronage in the years to come.
GLOBAL VENNTUKE13D
The Board of Directors also expresses its gratitude and places on
record its sincere appreciation to Financial Institutions, Bank, the
concerned departments of State and Central Governments, Employees, the
Union for their valuable assistance, support and excellent co-operation
extended to the Company and looks forward to their continued patronage
in the years to come.
By Order of the Board of Directors
For Tatia Global Vennture Limited
Place: Chennai
Date: 22nd August 2014 Sd/-
S.P.Bharat Jain Tatia
Managing Director
DIN.NO.00800056
Mar 31, 2010
The Directors have great pleasure in presenting the Sixteenth Annual
Report together with the Audited Accounts of your Company for the
financial year ended 31st March 2010.
1. OPERATIONS
The financial results of the Company for the year ended 31st March 2010
is summarized below:
(Rs in Lacs)
Year ended Year ended
Particulars 31st March 2010 31st March 2009
Income from Operations - 95.00
Non-operating Income 62.63 17.82
Total Income 62.63 112.82
Total Expenditure 42.79 87.27
Profit before Depreciation
Interest and Taxation 19.84 25.55
Interest & Finance Charges - 0.07
Depreciation 3.74 4.37
Profit before Tax 16.10 21.11
Provision for Current Taxes 0.02 0.16
Provision for Deferred Taxes - -
Profit after Tax 16.08 20.94
Balance in Profit & Loss Account (66.87) 88.58
Balance carried to Balance Sheet (50.79) _ 67.64
Your Company has made a net profit of Rs.16.08 Lakhs for the financial
year 2009-2010 as compared to a loss of Rs. 20.94 lacs in the previous
year 2008-2009.
Note: The Equity share of Rs.10/- each were subdivided into equity
shares of Rs. 1/- each with effect from 24th April 2010.
2. DIVIDEND
In order to strengthen the Financial position of the company, the
Directors want to plough back the profits for development of the
company and therefore the dividend during the year has not been
recommended.
3. FUTURE PROSPECTS
The company has prepared itself for entering into diversified projects
through its special purpose vehicles. And your Board of Directors
believes this will help the company to make more profit.
4. CHALLENGES
Your company is pursuing growth opportunities, which are strategic to
its intents and operations.
5. FIXED DEPOSITS
The company has not accepted or invited any Fixed Deposit from the
Public in terms of section 58A of the Companies Act, 1956 during the
financial year ended 31st March 2010.
6. DIRECTORS
Mr. Jetender Surchander Rao and Mr. E. Subbarayan, Directors retire by
rotation and being eligible offer themselves for re-appointment During
the year under review, Mr. E. Subbarayan, has resigned from the post of
Managing Director and continued to be a Non Executive Director.
7. DIRECTORS RESPONSIBILITY STATEMENT
The Directors confirm:
i) that in the preparation of final accounts, the applicable accounting
standards had been followed along with proper explanation relating to
material departures;
ii) that they had 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 period and of the profit or
loss of the company for that period;
iii) that they had taken proper and sufficient care for the maintenance
of adequate accounting records in accordance with the provisions of
Companies Act, 1956 for safeguarding the assets of the company and for
preventing and detecting fraud and other irregularities;
iv) that they had prepared the annual accounts on a going concern
basis.
8. AUDITORS
The auditors of the company M/s. K. Subramanyam & Co., Chartered
Accountants, Chennai, retire at the conclusion of the ensuing Annual
General Meeting and are eligible for re-appointment. The Auditor
furnished a certificate under section 224 (1B) regarding their
eligibility for re-appointment.
9. CORPORATE SOCIAL RESPONSIBILITY
The activities carried by your companies are always socio - economic
concerned and your company will always have it in concern about the
community in which it is operating and the people belonging to that
community. While your company continues to grow, it also contributes to
the development of the society, economy and the nation at large.
10. PARTICULARS OF EMPLOYEES
None of the employees fall under the category specified under Sec.217
(2A) of the Companies Act, 1956 and the Rules there under.
The relations with the employees during the year had been smooth and
cordial.
11. PARTICULARS AS REQUIRED UNDER SECTION 217 (1) (E) OF THE COMPANIES
ACT, 1956 READ WITH THE COMPANIES (DISCLOSURE OF PARTICULARS IN THE
REPORT OF BOARD OF DIRECTORS) RULES, 1988
Conservation of Energy:-
The Company had taken steps to conserve energy in its office use,
consequent to which energy consumption has been minimized. Since the
company has not carried on industrial activities, disclosures regarding
impact of measures on cost of production of goods, total energy
consumption, etc., are not applicable. However the company has invested
in power generation projects through its wholly owned subsidiary.
Technology Absorption:-
The company has not adopted / intends to adopt any technology for its
business and hence no reporting is required to be furnished under this
heading.
Foreign Exchange Inflow & Outgo:-
Foreign Exchange inflow during the year: - 5.70 crores.
Foreign Exchange outgo during the year: - Nil
Note:
Company has received the above money in Indian Rupees from Foreign
Institutional Investors and directly remitted in the Bank Account.
12. SUBSIDIARIES
Ministry of Corporate Affairs, Government of India has granted approval
that the requirement to attach various documents in respect of
subsidiary companies, as set out in sub-section (1) of Section 212 of
the Companies Act, 1956, shall not apply to the company. Accordingly,
the Balance Sheet, Profit and Loss Account and other documents of the
subsidiary companies are not being attached with the Balance Sheet of
the Company. Financial information of the subsidiary companies, as
required by the said approval is disclosed in the Annual Report. The
company will make available the Annual Accounts of the Subsidiary
companies and the related detailed information to any member of the
Company who may be interested in obtaining the same. The annual
accounts of the subsidiary companies will also be kept open for
inspection at the Registered Office of the Company and that of the
respective subsidiary Companies. The Consolidated Financial Statements
presented by the Company include financial results of its subsidiary
companies.
13. INCREASE IN SHARE CAPITAL
During the year under review and as per the approval of the share
holders at the Extra Ordinary General Meeting held on 18th December,
2009, the authorised share capital of your Company is increased from
Rs.15,00,00,000 (Rupees Fifteen Crores Only) to Rs.20,00,000 (Rupees
Twenty Crores only) Equity Share Rs.10/- each and on 12th April 2010,
the Authorized Share Capital of your company is increased from Rs.
20,00,00,000 (Rupees Twenty Crores Only) to Rs. 50,00,00,000 (Rupees
Fifty Crores Only) Equity Shares of Rs. 1/- each.
15. CORPORATE GOVERNANCE
Your company is committed to maintain the highest standards of
Corporate Governance. Your Directors adhere to the requirements set out
by the Securities Exchange Board of IndiaÃs, Corporate Governance
Practices and have implemented all the stipulations prescribed. Report
on Corporate Governance as stipulated in Clause 49 of the Listing
Agreement is presented in a separate section forming part of the
Directors Report.
16. COMPANY SECRETARY
The company is making consistant efforts for appointment of Whole time
Company Secretary. The Company has been availing services of practicing
company secretary from time to time to ensure compliance of the
provisions of the applicable acts and statutes. Also the Annual Return
of the Company is being certified by practicing compnay secretary from
year to year and the company is also taking certifications from them
for Stock Exchange Compliances.
17. EXPLANATION TO AUDITORS OBSERVATION
The Company had fulfilled the export obligation and hence had disputed
the claim by DGFT.
18. ACKNOWLEDGEMENT
Your Directors would like to express their grateful appreciation for
assistance and co-operation received from the Financial Institutions,
Banks, Government Authorities, Customers and Members during the year
under review.
Your Directors also wish to place on record their deep sense of
appreciation for committed and dedicated services of the workers, staff
and officers of the company.
By Order of the Board of Directors
For Tatia Global Vennture Ltd.
Sd/-
S. Pannalal Tatia
Chairman