Mar 31, 2017
DIRECTORS'' REPORT
To ihe Members,
The Directors have pleasure in presenting the 1 SET Annual Report of the Company together with the Audited Financial Statements for the year ended 31st March. 2017.
FINANCIAL RESULTS
|
2016-17 (in Rs.) |
2015-16 (in Rs.) 1 |
The gross profit before interest and Depreciation |
61,81,986 |
44,26,673 |
Less: |
|
|
i) Finance cost |
64,42,605 |
49,58,952 |
ii) Depreciation and Amortization Expenses |
16,23,540 |
23,23,462 |
The net profit/(loss) |
(18,84,159) |
(28,55,741) |
Less: |
|
|
Current Tax Expense |
- |
- |
Deferred Tax Charges / (Credit) |
(1,43,707) |
(3,15,306) |
Income Tax of earlier years |
- |
- |
Profit/ (Loss)for the year |
(17,40,452) |
(25,40,435) |
Balance carried forward from last year''s accounts |
3,91,04,172 |
4,16,44,607 |
Balance proposed to be carried forward to next year''s accounts |
3,73,63,720 |
3,91,04,172 |
CONSOLIDATED FINANCIAL STATEMENTS
Pursuant to Section 129. 134 of the Companies Act 2013 (the Act), the Consolidated Financial Statement of the Company and its subsidiary prepared, in accordance with Schedule III of the Act and Accounting Standards AS. 21 and AS 23 forms part of this Annual Report.
OPERATIONS
The total revenue of the Company for the FY2016-17 is 7 2,01,17,015 as against 74,82,05,188/- in the previous year The Management continues to concentrate its efforts to increase the revenue of the Company by identifying new opportunities. The ''Cakesmith'', a division of the Company, is actively pursuing growth prospects. The wholly owned subsidiary of the Company, Fujisan Technologies Limited has been carrying on its activities successfully
DIVIDEND
With a view to conserve financial resources, the Directors do not recommend any dividend on equity. Shares for the year ended on 31" March 2017.
SUBSIDIARIES
As at 31st March 2017, the Company has one Subsidiary namely Fujisan Technologies Limited.
PERFORMANCE AND FINANCIAL POSITION OF EACH OF THE SUBSIDIARIES. ASSOCIATES AND JOINT VENTURE COMPANIES:
Pursuant to Rule 8 ol the Companies (Accounts) Rules, 2014, the information on the performance and financial position of each of the subsidiaries, associates, joint venture Companies, etc. as included in consolidated financial statement is provided in Annexure No. 1 to this report. The Form AOC -1 pursuant to first proviso to sub-section (3) of section 129 read with rule 5 of Companies (Accounts) Rules, 2014 is annexed to the Financial Statements.
INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY
The Board and the Audit Committee periodically review the internal control systems of the Company and the internal control systems are deemed adequate.
AUDIT COMMITTEE
The Audit Committee comprises of Mr. V.K.Beswal (Chairman), Ms. Vrinda Jatia and Mr. Vidhan Mittal, the Direclors of the Company. Mr. V.K.Beswal and Mr. Vidhan Mittal are Independent Directors. The terms of reference of ihe Audit Committee has been revised pursuant to the provisions of Companies Act, 2013 and the recommendations made by the Audit Committee on various matters have been accepted by the Board.
FIXED DEPOSITS
During the year under review, your Company did not accept any deposits within the meaning of provisions of Chapter V of the Companies Act, 2013 read with the Companies (Acceptance of Deposits) Rules, 2014.
TRANSFER OF AMOUNTS TO INVESTOR EDUCATION AND PROTECTION FUND
During the year under review, pursuant to the provisions of Section 125 of the Companies Act, 2013, no amount was due to be transferred to the Investor Education and Protection Fund. .
AUDITORS .
The current auditors i.e M/s Mittal & Associates, Chartered Accountants were last re-appointed by the Members in the Annual General Meeting (''AGM'') held on 29th September, 2014 to hold the office of statutory auditors from the conclusion of the 136th AGM till the conclusion of the 136th AGM, subject to ratification of the Members at each subsequent AGM.
As per the provisions of the Companies Act, 2013, (the Act) no listed company shall appoint an audit firm as auditors for more than two terms of five consecutive years. The Act also provided for a transition period of three years from the commencement of the Act. The current auditors had completed a period of ten years at the commencement of the said Act. Hence on their completing the transition period of three years provided under the Act, the term of the current auditors expire at the conclusion of the ensuing annual general meeting.
The Board of Directors, at their meeting held on 23⢠May, 2017, based on the recommendation of the Audit Committee, has recommended the appointment of M/s. ADV & Associates, Chartered Accountants (Firm Registration No.128045W) as the statutory auditors of the Company for approval by the Members.
M/s. ADV & Associates, Chartered Accountants have consented to the said appointment and confirmed that their appointment, if made, would be within the limits specified under Section 141, of the Act and that they are not disqualified to be appointed as statutory auditors of the Company. M/s. ADV & Associates, Chartered Accountants will be appointed as the statutory auditors of the Company from the conclusion of this annual general meeting till the conclusion of the 144" AGM, subject to ratification of their appointment by the Members at every annual general meeting on such remuneration as may be decided by the Board in consultation with the auditors from year to year.
There is no adverse remark or qualification in the Statutory Auditor''s Report as annexed elsewhere in this Annual Report. The Auditors have reported that there is no fraud on or by the Company noticed or reported during the year.
DIRECTORS AND KEY MANAGERIAL PERSONNEL (KMP)
The Company has Board of Directors with total 6 Directors out of which 3 are Non-Executive Independent Directors and the remaining are Non-Executive Directors. By virtue of Section 149 of the Companies Act, 2013 and the rules made there under, the Independent Directors are not liable to retire by rotation.
During the year under review, there was no change in Directors and Key Managerial Personnel.
Mr. Arun Kumar Jatia, Director, retires by rotation and being eligible, offers himself for re-appointment. The information as required to be disclosed under Regulation 36(3) of the SEBI (Listing Obligation and Disclosure Requirements) Regulation, 2015, in case of re-appointment of Director is provided in the Notice of the ensuring general meeting.
The approval of the Members for the re-appointment of the Director is being sought at the ensuing Annual General Meeting.
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 the applicable provisions of the Companies Act, 2013.
BOARD MEETINGS & COMMITTEE MEETINGS HELD DURING THE YEAR AND ATTENDANCE OF
DIRECTORS
As per Secretarial Standard on Board Meetings, the number and the dates of Board and Committee Meetings held during the year and the attendance of Directors are as follows.
(A) During the FY2016-17, 4 Board Meetings were held on the following dates:
28.05.2016 |
10.08.2016 |
05.11.2016 |
04.02.2017 |
(B) During the FY2016-17, the Committee Meetings were held on the following dates
Audit Committee |
Stakeholders Relationship Committee |
Nomination & Remuneration Committee |
Borrowing & Investment Committee |
Committee of Independent Directors |
Share Transfer Approval Committee |
20.0S.2016 |
28.05.2016 |
04.02.2017 |
07.04.2016 |
04.02.2017 |
23.01.2017 |
29.07.2016 |
29.07.2016 |
|
28.05.2016 |
|
|
10.08.2016 |
OS.11.2016 |
|
10.08.2016 |
|
|
05.11.2016 |
04.02.2017 |
|
05.09.2016 |
|
|
04.02.2017 |
|
|
OS.11.2016 |
|
|
|
|
|
04.02.2017 |
|
|
(C)The number of Meetings attended by each Director is as follows:
Sr. No |
Name of Director |
No. of Board Meetings attended |
No. Of Audit Committee Meetings attended |
No. of Stakeholders Relationship Committee Meetings attended |
No. of Nomination & Remuneration Committee Meetings attended |
No. of Borrowing & Investment Committee Meetings attended |
No. Of Independent Directors'' Committee Meetings attended |
No. of Share Transfer Approval Meetings attended |
1 |
Mr Vidhan Mittal |
3 |
4 |
3 |
1 |
Not applicable |
l |
Not applicable |
2 |
Mr Arun Kumar Jatia |
4 |
Not applicable |
4 |
Not applicable |
6 |
Not applicable |
1 |
3 |
Mr S K Bansal |
4 |
Not applicable |
Not applicable |
Not applicable |
6 |
Not applicable |
1 |
4 |
Ms Vrincfa Jatia |
4 |
4 |
4 |
Not applicable |
Not applicable |
Not applicable |
Not applicable |
5 |
Mr V K Bcswal |
3 |
5 |
Not applicable |
l |
Not applicable |
1 |
Not applicable |
6 |
Mr B K Khaitan |
1 |
Not applicable |
Not applicable |
Leave of Absence |
Not applicable |
Leave of Absence |
Not applicable |
SECRETARIAL AUDITOR
The Board in its meeting held on 28m May, 2016 had appointed M/s Parikh & Associates, Practicing Company Secretary (Certificate of Practice No. 1228) as the Secretarial Auditor for the financial year ending 31* March 2017.
In the Report, the Secretarial Auditor has mentioned that the Company has complied with the provisions of the Act, Rules, Regulations, Guidelines, standards etc., subject to a Show Cause Notice dated 31" May, 2016 issued by Securities and Exchange Board of India for alleged violation of rules 19(2){b) and 19A of the Securities Contracts (Regulation) Rules, 1957.
The Board noted the same. The Company is taking appropriate legal advice in this regard.
The Secretarial Auditors'' Report for the financial year 2016-17 is annexed hereto and marked as Annexure No. 2. CORPORATE SOCIAL RESPONSIBILITY (CSR)
The provisions of Section 135 of the Companies Act, 2013 read with the Rules prescribed therein, relating to Corporate Social Responsibility do not apply to the Company.
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS
The loans, guarantees or investments made by the Company are within the limits of Section 186 of the Companies Act, 2013 and rules made there under as approved by shareholders vide special resolution passed at 136* Annual General Meeting of the Company.
The brief summary of such transactions are provided in Annexure No. 3 to this Report,
PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES
The Audit Committee reviews all related party transactions quarterly. Pursuant to Section 134(3), 188(1) of the Companies Act 2013 rend with Rule 8(2) of the Companies (Accounts) Rules, 2014 the particulars of contracts/nrrnncjements enlered into by the company with related parties referred to in sub-section (1) of Section 188 o( the Companies Act, 2013 in Form AOC -2 are provided as Annexure No. 4.
ANNUAL EVALUATION OF BOARD''S PERFORMANCE
. As required under Companies Act 2013, a meeting of the Independent Directors was held on 4" February, 2017 to evaluate the performance of the Non-Independent Directors, wherein the evaluation of performance of the non-independent directors, including the Chairman and also of the Board as a whole was made, against pre-defined and identified criteria.
The criteria for evaluation of the performance of the Independent Directors, Chairman and the Board, was finalized by the Nomination and Remuneration Committee. The said committee has carried out evaluation of the performance of every director.
The said criteria are available at the Company''s website i.e. www.thacker.co.in and is provided as Annexure No. 5.
FAMILIARISATION PROGRAMME
The details of programmes for familiarization of Independent Directors with the Company are available on the Company''s website www.thacker.co in.
REMUNERATION POLICY
Pursuant to the provisions of Section 178 and other applicable provisions of the Companies Act, 2013, the Nomination and Remuneration Committee has determined, recommended and approved remuneration policy and recommended to the Board of Directors.
The said policy may be referred to, at the Company''s website and is provided as Annexure No.6.
RISK MANAGEMENT POLICY
The Company does not have any Risk Management policy as the elements of risk threatening the Company''s existence are very minimal.
WHISTLE BLOWER MECHANISM
The Company has a Whistle Blower Policy I Vigil Mechanism. The said policy has been made keeping in view of the amendments in the Companies Act, 2013 and may be referred to, at the Company''s official website at the web link, www.thacker.co.in.
PARTICULARS OF EMPLOYEES
Pursuant to Section 197 (12) of the Companies Act, 2013 read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014, the statement giving required details is given in the Annexure No. 7 to this Report.
Details of employee remuneration as required under provisions of Section 197 of the Companies Act, 2013 and Rule 5(2) & 5(3) of Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are available at the Registered Office of the Company during working hours before 21 days of the Annual General Meeting and shall be made available to any shareholder on request. Such details are also available on the Company''s website www.thacker.co.in.
DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION PROHIBITION AND REDRESSAL) ACT, 2013
There were no complaints reported under the Prevention of Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE EARNINGS AND OUTGO:
in view of the nature of business activities, the information required under Section 134(3)(m) of the Companies Act, 2013, read with the Companies (Accounts) Rules, 2014 is not applicable. The Company however uses information technology in its operations. During the year under review, there was NIL foreign exchange gain/(foss) and foreign exchange outgo/expenditure was NIL.
REPORT ON CORPORATE GOVERNANCE
Pursuant to Regulation 15(2) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the compliance with the provisions of Corporate Governance is not mandatory for the Company and accordingly, the Corporate Governance Report has not been annexed to the Directors'' Report for FY2016-17.
SECRETARIAL STANDARD OF ICSI
The Secretarial standards on Meetings of the Board of Directors (SS-1) and general meetings (SS-2) came in effect on 1" July 2015. The Company has generally complied with the same.
EXTRACT OF ANNUAL RETURN
The Extract of Annual Return of the Company in Form MGT-9 is annexed herewith as Annexure No. 8 to this Report.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Pursuant to Regulation 34(3) and Regulation 53(f) of SEBI (Listing Obligations and Disclosure, Requirements) Regulations, 2015, the Management Discussion And Analysis Report is annexed herewith as Annexure No. 9 to this report.
MATERIAL CHANGES AND COMMITMENTS, IF ANY AFFECTING THE FINANCIAL POSITION OF THE COMPANY
There are no material changes and commitments, affecting the financial position of the Company which have occurred between the year ending on 31st March, 2017 and the date of this report to which the financial statements relate.
SIGNIFICANT AND MATERIAL ORDERS
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.
DIRECTORS'' RESPONSIBILITY STATEMENT
a) In the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures;
b) 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 loss of the company for that period;
c) The Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;
d) The Directors have prepared the annual accounts on a going concern basis; and
e) The Directors have laid down internal financial controls to be followed by the company and that such interna] financial controls are adequate and were operating effectively.
f) the Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.
ACKNOWLEDGEMENTS
Your Directors wish to express their appreciation of the continued support and co-operation received from all the stakeholders and employees of the Company.
On behalf of the Board of Directors
Place: Mumbai
A.K. Jatia V.K. Beswal
Date: 23rd May, 2017 Director Director
Mar 31, 2015
The Directors have pleasure in presenting the 137th Annual Report of
the Company together with the Audited Financial Statements for the year
ended 31st March, 2015.
FINANCIAL RESULTS
2014-15 (in Rs,) 2013-2014 (in Rs,)
The gross profit before
Interest and Depreciation 54,00,713 86,60,838
Lees:
i) Finance cost 43,20,337 35,53,334
ii) Depreciation 1,56,610 1,00,638
The net profit/loss) 9,23,766 50,06,866
Add:
The balance of Profit
brought forward from
last year 4,07,38,287 3,65,75,926
Total : 4,16,62,053 4,15,82,792
Less:
Provision for Current
Taxation - 8,50,000
Provision/(Saving) for
Deferred
Taxation/(Saving) 17,447 (5,495)
Income Tax of earlier years
Transfer to General Reserve - -
Total:
Balance proposed to be
carried forward to
next year's accounts 4,16,44,606 4,07,38,287
CONSOLIDATED FINANCIAL STATEMENTS
Pursuant to Section 129, 134 of the Companies Act 2013 (the Act), the
Consolidated Financial Statement of the Company and its subsidiary
prepared, in accordance with Schedule III of the Act and Accounting
Standards AS 21 and AS 23 forms part of this Annual Report.
OPERATIONS:
The total revenue of the Company for the FY2014-15 is Rs. 3,41,27,190 as
against X 4,07,38,287/- in the previous year. The Management continues
to concentrate its efforts to increase the revenue of the Company by
identifying new opportunities.
The 'Cake smith', which is a division of the Company, was conceived with
the idea of providing bakers with high quality equipment through an
e-commerce platform and is actively pursuing growth prospects.
The wholly owned subsidiary of the Company, Fujisan Technologies
Limited has been carrying on its activities successfully.
DIVIDEND
With a view to conserve financial resources, the Directors do not
recommend any dividend on equity shares for the year ended on 31" March
2015.
As at 31st March 2015, the Company has one Subsidiary namely Fujisan
Technologies Limited.
PERFORMANCE AND FINANCIAL POSITION OF EACH OFTHE SUBSIDIARIES,
ASSOCIATES AND JOINT VENTURE COMPANIES:
Pursuant to Rule 8 of the Companies (Accounts) Rules, 2014, the
information on the performance and financial position of each of the
subsidiaries, associates, joint venture Companies, etc. as included in
consolidated financial statement is provided in Annexure 1 to this
report.
INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY
The Board and the Audit Committee periodically' review the internal
control systems of the Company and the internal control systems are
deemed adequate.
AUDIT COMMITTEE
The Audit Committee comprises of Mr. V.K.Beswal (Chairman), Ms. Vrinda
Jatia and Mr. Vidhan Mitral, the Directors of the Company. Mr.
V.K.Beswal and Mr. Vidhan Mittal are Independent Directors. The terms
of reference of the Audit Committee has been revised pursuant to the
provisions of Companies Act, 2013 and the recommendations made by the
Audit Committee on various matters have been accepted by the Board.
FIXED DEPOSITS
During the year under review, your Company did not accept any deposits
within the meaning of provisions of Chapter V of the Companies Act,
2013 read with the Companies (Acceptance of Deposits) Rules, 2014.
TRANSFER OF AMOUNTS TO INVESTOR EDUCATION AND PROTECTION FUND:
During the year under review, pursuant to the provisions of Section 125
of the Companies Act, 2013, no amount was due to be transferred to the
Investor Education and Protection Fund.
AUDITORS:
M/s Mittal & Associates, Chartered Accountants, have been appointed as
Statutory Auditors of the Company at the 136th Annual General Meeting
for a period of three years upto the conclusion of 139th Annual General
Meeting and their appointment is subject to ratification of
shareholders at every Annual general meeting. M/s Mittal & Associates
have given their consent to act as the Auditors of the Company. The
Shareholders will be required to ratify their appointment and fix their
remuneration.
The Company has received a certificate from M/s. Mittal & Associates,
to the effect that their appointment would be within the prescribed
limits under Section 141 and other applicable provisions of the
Companies Act, 2013 read with the Companies (Audit and Auditors) Rules
2014 and that they are not disqualified for re-appointment.
There is no qualification in the Statutory Auditor's Report as annexed
elsewhere in this Annual Report. The Auditors have reported that there:
is no fraud on or by the Company noticed or reported during the year.
DIRECTORS AND KEY MANAGERIAL PERSONNEL (KMP):
The Company has Board of Directors withtotal 6 Directors out of 3 are
Non-Executive Independent Directors and the remaining are Non-Executive
Directors. By virtue of Section 149 of the Companies Act, 2013 and the
rules made there under, the Independent Directors are not liable to
retire by rotation. Ms. Vrinda Jatia, Director, retires by rotation and
being eligible, offers herself for re-appointment.
During the year under review, Mr. Padam Kumar Poddar ceased to be a
Director with effect from IS"1 August, 2014 and Ms. Vasudha Jatia
tendered her resignation from the Board, with effect from 9!h March,
2015. The Board places on record its appreciation for the valuable
services rendered by them during their respective tenure(s).
The approval of the Members for the re-appointment of the Director is
being sought at the ensuing Annual General Meeting.
The Company has received declarations from all the Independent
Directors of the Company confirming that they meet with the criteria of
independence as prescribed under the applicable provisions of the
Companies Act, 2013.
Mr. Nikhil Date was appointed as Company Secretary of the Company with
effect from 1st October, 2014. He however, resigned with effect from
16"1 April, 2015.
BOARD MEETINGS HELD DURING THE YEAR:
During the year, five Board Meetings were held on the following dates:
30-04-2014, 29-05-2014, 05-08-2014, 14-11-2014, 06-02-2015
SECRETARIAL AUDITOR
The provisions of Section 204 read with Section 134(3) of the Companies
Act, 2013 mandates Secretarial Audit of the Company to be done from the
financial year commencing on or after 1st April 2014, by a Company
Secretary in Practice. The Board in its meeting held on 6th February,
2015 has appointed M/s Parikh & Associates, Practicing Company
Secretary (Certificate of Practice No. 1228) as the Secretarial Auditor
for the financial year ending 31s1 March 2015.
The Secretariat Auditors' Report for the financial year 2014-15 is
annexed hereto and marked as Annexure No. 2.
The observations made by the Secretarial Auditor pertain to non-filing
of forms within the prescribed time. The Company is taking steps to
submit the forms as per the Rules.
Taking into account, the comparatively small. scale :of business, the
Company was unable to recruit a suitable Internal Auditor and other Key
Managerial Personnel like Managing Director/Chief Executive
Officer/Manager/ Whole-time director and Chief Financial Officer; in
FY2014-15. However, the Board has complied with the said matters in
FY2015-16.
CORPORATE SOCIAL RESPONSIBILITY (CSR):
The provisions of Section 135 of the Companies Act, 2013 read with the
Rules prescribed therein, relating to Corporate Social Responsibility
do not apply to the Company.
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS
The loans, guarantees or investments made by the Company are within the
limits of Section 186 of the Companies Act, 2013 and rules made there
under as approved by shareholders vide special resolution passed at
1361h Annual General Meeting of the Company.
The brief summary of such transactions are provided in Annexure No. 3
to this Report.
PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES
The Audit Committee reviews all related party transactions quarterly.
Pursuant to Section 134(3), 188(1) of the Companies Act 2013 read with
Rule 8(2): of the Companies (Accounts) Rules, 2014 the particulars of
contracts/ arrangements entered into by the company with related
parties referred to in sub-section (1) of Section 188 of the Companies
Act, 2013 in Form AOC -2 are provided as Annexure No. 4.
ANNUAL EVALUATION OF BOARD'S PERFORMANCE
As required under Companies Act 2013- a meeting of the Independent
Directors was held to evaluate the performance of the Non-independent
Directors, wherein the evaluation of performance of the non-independent
directors, including the Chairman and also of the Board as a whole was
made, against pre-defined and identified criteria.
The criteria for evaluation of the performance of the Independent
Directors, Chairman and the Board, was finalized by the Nomination and
Remuneration Committee. The said committee has carried out evaluation
of the performance of every director.
The said criteria is available at the Company's website i.e.
www.thacker.co.in and is provided as Annexure No. 5.
REMUNERATION POLICY
Pursuant to the provisions of Section 178 and other applicable
provisions of the Companies Act, 2013, the Nomination and Remuneration
Committee has determined, recommended and approved remuneration policy
and recommended to the Board of Directors.
The said policy may be referred to, at the Company's website at
www.thacker.co.in and is provided as Annexure No. 6.
RISK MANAGEMENT POLICY
The Company does not have any Risk Management policy as the elements of
risk threatening the Company's existence are very minimal.
WHISTLE BLOWER MECHANISM
The Company has a Whistle Blower Policy/ Vigil Mechanism. The said
policy has been made keeping in view of the amendments in the Companies
Act, 2013 and may be referred to, at the Company's official website
www.thacker.co .in.
PARTICULARS OF EMPLOYEES:
Pursuant to Section 197 of the Companies Act, 2013 read with Companies
(Appointment and Remuneration of Managerial Personnel) Rules 2014,.the
statement giving required details is given in the Annexure No. 7 to
this Report.
PARTICULARS OF EMPLOYEES:
Pursuant to Section 197 (12) of the Companies Act,-2013 read with Rule
5 of the Companies (Appointment and : Remuneration of Managerial
Personnel) Rules 2014, the statement giving required details is given
in the Annexure No. 7 to this Report.
Details of employee remuneration as required under: provisions of
Section 197 of the Companies Act, 2013 and Rule 5(2) & 5(3) of
Companies (Appointment and Remuneration of Managerial Personnel) Rules,
2014 are available at the Registered Office of the Company during
working hours before 21 days of the Annual General Meeting and shall be
made available to any shareholder on request. Such, details are also
available on the Company's website www.thacker.co. in.
DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE
{PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013
There were no complaints reported under the Prevention of Sexual
Harassment of Women at Workplace (Prevention, Prohibition and
Redressal) Act, 2013.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE
EARNINGS AND OUTGO:
In view of the nature of business activities, the information required
under Section 134(3)(m) of the Companies Act, 2013, read with the
Companies (Accounts) Rules, 2014 is not applicable. The Company however
uses information technology in its operations.
During the year under review, there was foreign currency earnings of
Rs.14,494'- and expenditure of Rs. 7,33,880/-
REPORT ON CORPORATE GOVERNANCE
Pursuant to SEBI Circular no. CIR/CFD/POLICY CELL/7/2014 dated 15th
September, 2014, the compliance with the provisions of Clause 49 is not
mandatory for the Company and accordingly, the Corporate Governance
Report has not been annexed to the Directors' Report for FY2014-15.
EXTRACT OF ANNUAL RETURN:
The Extract of Annual Return of the Company in Form MGT-9 is annexed
herewith as Annexure No. 8 to this Report.
MATERIAL CHANGES AND COMMITMENTS, IF ANY AFFECTING THE FINANCIAL
POSITION OF THE COMPANY:
There are no material changes and commitments, affecting the financial
position of the Company which have occurred between the year ending on
31st March, 2015 and the date of this report to which the financial
statements relate.
SIGNIFICANT AND MATERIAL ORDERS:
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.
DIRECTORS'RESPONSIBILITY STATEMENT:
The Directors confirm that;
a) in the preparation of the annual accounts, the applicable accounting
standards have been followed along with proper explanation relating to
material departures;
b) 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 of
the company for that period;
c) the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding the assets of the company and
for preventing and detecting fraud and other irregularities;
d) the Directors have prepared the annual accounts on a going concern
basis; and
e) the Directors have laid down internal! financial controls to be
followed by the company and that such internal financial controls are
adequate and were operating effectively.
f) the Directors have devised proper systems to ensure compliance with
the provisions of ail applicable laws and that such systems were
adequate and operating effectively.
ACKNOWLEDGEMENTS:
Your Directors wish to express their appreciation of the continued
support and co-operation received from the all the stakeholders and
employees of the Company.
On behalf of the Board of Directors,
Place : Mumbai Arun K. Jatta Vinod K. Beswal
Date : 3rd August, 2015 Director Director
Mar 31, 2013
To The Members,
The Directors have pleasure in submitting their one hundred thirty
fifth Annual Report together with the audited statement of accounts for
the year ended 31st March, 2013.
FINANCIAL RESULTS
2012-2013 Previous Year
(r In Â000) (r In Â000)
Gross Profit/(Loss) before
interest and depreciation 3,890.98 (912.16)
Adjusting there from interest of 4,627.12 5,752.64
And Depreciation of 119.22 133.96
The net profit/(loss) comes to (855.36) (6,798.76)
The balance of profit brought
forward from last year of 37,395.98 44,197.50
Total: 36,540.62 37,398.74
Adjusting against this amount the
following namely:
Provision for Taxation of (1,183.84) 0.00
Provision for deferred tax
expense/(saving) of 3.49 2.76
Income tax of earlier years of 1,215.66 0.00
Total: 35.31 2.76
There remains a balance of 36,575.93 37,395.98
Which the Directors propose to carry forward to next year''s accounts.
Director''s Responsibility Statement The Directors confirm that;
i) In preparation of the annual accounts, the applicable accounting
standards have been followed and there have not been any material
departure;
ii) We 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 31st March 2013 and of the
loss of the company for that period.
iii) We have taken proper and sufficient care for the maintenance of
adequate accounting records in accordance with the provision of
Companies Act, 1956 for safeguarding the assets of the company and for
preventing and detecting fraud and other irregularities; and
iv) We have prepared the annual accounts on a going concern basis.
Operations
As the company could not affect sale/export of products during the year
the total revenue has decreased to r 14,168.18 Thousands as against r
99,157.11 Thousands in the previous year. The management continues to
concentrate its efforts to increase the revenue of the company by
identifying the sales opportunities. The wholly owned subsidiary of the
company, namely Fujisan Technologies Ltd. has been carrying out its
activities successfully.
Dividend In view of loss in the current year, the boards of directors
do not recommend any dividend on equity shares for the year ended 31st
March 2013.
Directors Mr. A. K. Jatia and Mr. B. K. Khaitan, Directors of the
company retire by rotation, and being eligible, offer themselves for
re-appointment.
Auditors Members are requested to appoint Auditors to hold office from
the conclusion of this Annual General Meeting until the conclusion of
the next Annual General Meeting, and to fix their remuneration.
M/s. Mittal & Associates, Chartered Accountants, Mumbai have confirmed
that the appointment, if made, will be with in accordance with the
limits prescribed under section 224 (1B) of the companies Act, 1956.
Auditor''s Report The Notes to the Accounts as referred to by the
Auditors in their Report are self-explanatory.
Fixed Deposits
During the year the Company has neither invited nor accepted any
"Deposit from the public.
Statement of Particulars of Employees
During the year under review no employees has drawn remuneration in
excess of limits prescribed under Section 217(2A) of the Companies Act,
1956, read with Companies (Particulars of Employees) Rules, 1975, as
amended to date.
Conservation of Energy, Technology Absorption and Foreign Exchange
Earnings and Outgo:
The Company being an investment and trading company the provisions of
Section 217(1) (e) read with the provisions of Companies (Disclosure of
particulars in the Report of the Board of Directors) Rules, 1988 do not
apply to the Company.
There is no foreign technology involved.
There has been no Foreign exchange inflow and outflow during the year
under review.
Report on Corporate Governance:
The Report on Corporate Governance, in accordance with the guidelines
of Securities & Exchange Board of India and Clause 49 of the Listing
Agreement with the Stock Exchange is attached and marked Annexure "AÂ.
For and on behalf of the Board of Directors
A. K. Jatia
Director
Vandana Jatia Director
Place: Mumbai
Dated: 29th May, 2013
Registered Office:
Bhogilal Hargovindas Bldg.,
Mezzanine Floor, 18/20,
K. Dubash Marg, Mumbai-400001.
Mar 31, 2011
The Members,
The Directors have pleasure in submitting their one hundred and thirty
third Annual Report together with the audited accounts for the year
ended 31st March, 2011.
FINANCIAL RESULTS
2010-2011 Previous Year
Rs. In Lacs Rs. In Lacs
Gross profit before
interest and depreciation 90.86 184.41
Adjusting therefrom interest of 38.21 51.37
And Depreciation of 0.91 0.72
The net profit comes to 51.74 132.32
The balance of profit 396.33 297.94
brought forward from
last year of
Total : 448.07 430.26
Adjusting against
this amount the
following namely:
Provision for Taxation of 6.28 26.96
Provision for deferred
tax expense/(saving) of (0.19) 0.23
Income tax of earlier years of 0 6.74
Total : 6.09 33.93
There remains a balance of 441.98 396.33
which the Directors propose
to carry forward to
next year's accounts.
Consolidated Financial Statements
As required by Listing Agreement with the stock exchange, the
Consolidated Financial Statements prepared in accordance with the
applicable Accounting Standards issued by the Institute of Chartered
Accountants of India are attached.
Director's Responsibility Statement
The Directors confirm ;
i) that in preparation of the annual accounts, the applicable
accounting standards have been followed and there have not been any
material departure;
ii) that 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 31st March
2011 and of the profit of the company for that period.
iii) that the directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provision of Companies Act, 1956 for safeguarding the assets of the
company and for preventing and detecting fraud and other
irregularities; and
iv) that the directors have prepared the annual accounts on a going
concern basis.
Operations
During the year under review the company showed a profit of Rs. 51.74
lacs as against Rs. 132.32 lacs in the previous year. The directors are
hopeful for further improvement in the profits in the next year. The
wholly owned subsidiary of the company, namely Fujisan Technologies
Ltd. has been carrying out its activities successfully.
Dividend
In order to strengthen the financial resources of the company, your
Directors do not recommend any dividend on equity shares for the year
ended 31st March 2011.
Directors
Mr. A.K. Jatia and Mr. B.K. Khaitan, Directors of the company retire by
rotation, and being eligible, offer themselves for re-appointment.
Auditors
Members are requested to appoint Auditors to hold office from the
conclusion of this Annual General meeting until the conclusion of the
next Annual General meeting, and to fix their remuneration.
M/s. Mittal & Associates, Chartered Accountants, Mumbai have confirmed
that the appointment, if made, will be with in accordance with the
limits prescribed under section 224 (1B) of the companies Act, 1956.
Auditor's Report
The Notes to the Accounts as referred to by the Auditors in their
Report are self-explanatory.
Audit Committee of Directors
The Audit Committee comprises of Mr. A. K. Jatia (Chairman), Mr. S. K.
Bansal and Mrs. Vandana Jatia. The Committee has powers similar to
those stated in the listing agreements and shall exercise most of the
functions stated there under.
Public Deposits
The Company has not accepted any ÃDeposità from the public during the
year under review.
Statement of Particulars of Employees
During the year under review no employees has drawn remuneration in
excess of limits prescribed under Section 217(2A) of the Companies Act,
1956, read with Companies (Particulars of Employees) Rules, 1975, as
amended to date.
Conservation of Energy, Technology Absorption and Foreign Exchange
Earnings and Outgo: The Company being basically an investment and
trading company the provisions of Section 217(1) (e) read with the
provisions of Companies (Disclosure of particulars in the Report of the
Board of Directors) Rules, 1988 do not apply to the Company.
There is no foreign technology involved.
Foreign exchange outflow during the year under review is Rs. 480.00
Lacs and there has been no inflow.
Listing
The Equity Shares of the Company are listed on the Bombay Stock
Exchange Ltd., Mumbai, and the
necessary listing fees for the year 2011-12 has already been paid to
the Stock Exchange.
For and on behalf of the Board of Directors
Arun Kumar Jatia
Director
Vandana Jatia
Director
Place: Mumbai
Dated: 26th May, 2011
Registered Office:
Bhogilal Hargovindas Bldg.,
Mezzanine Floor,
18/20,K. Dubash Marg,
Mumbai-400001.
Mar 31, 2010
The Directors have pleasure in submitting their one hundred and thirty
second Annual Report together with the audited accounts for the year
ended 31st March, 2010.
FINANCIAL RESULTS
2009-2010 Previous Year
Rs. In Lacs Rs. In Lacs
Gross profit before interest
and depreciation 184.41 151.66
Adjusting therefrom interest of 51.37 43.98
And Depreciation of 0.72 0.73
The net profit comes to 132.32 106.95
The balance of profit brought
forward from last year of 297.94 216.81
The total comes to 430.26 323.76
Adjusting against this amount the
following namely:
Provision for Taxation of 26.96 26.50
Provision for deferred tax
expense/(saving) of 0.23 (0.68)
Income tax of earlier years of 6.74 --
Totalling to 33.93 25.82
There remains a balance of 396.33 297.94
Which the Directors propose to
carry forward to next years accounts.
Consolidated Financial Statements
As required by Listing Agreement with the stock exchange, the
Consolidated Financial Statements pre- pared in accordance with the
applicable Accounting Standards issued by the Institute of Chartered
Ac- countants of India are attached.
Directors Responsibility Statement
The Directors confirm that;
i) In preparation of the annual accounts, the applicable accounting
standards have been followed and there have not been any material
departure;
ii) We 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 31" march 2010 and of the
profit of the company for that period.
iii) We have taken proper and sufficient care for the maintenance of
adequate accounting records in accordance with the provision of
Companies Act, 1956 for safeguarding the assets of the company and for
preventing and detecting fraud and other irregularities; and
iv) We have prepared the annual accounts on a going concern basis.
Operations
During the year under review the company showed a profit of Rs. 132.32
lacs as against Rs. 106.95 lacs in the previous year. The directors are
hopeful for further improvement in the profits in the next year. The
wholly owned subsidiary of the company, namely Fujisan Technologies
ltd. has been carrying out its activities successfully.
Dividend
In order to strengthen the financial resources of the company, your
Directors do not recommend any dividend on equity shares for the year
ended 31st March 2010.
Directors
Mr. S.K. Bansal and Mrs. Vandana Jatia, Director of the company retire
by rotation, and being eligible, offer themselves for re-appointment.
Auditors
Members are requested to appoint Auditors to hold office from the
conclusion of this Annual General meeting until the conclusion of the
next Annual General meeting, and to fix their remuneration. M/s. Mittal
& Associates, Chartered Accountants, Mumbai have confirmed that the
appointment, if made, will be with in accordance with the limits
prescribed under section 224 (1B) of the companies Act, 1956.
Auditors Report
The Notes to the Accounts as referred to by the Auditors in their
Report are self-explanatory.
Audit Committee of Directors
The Audit Committee comprises of Mr. A. K. Jatia (Chairman), Mr. S. K.
Bansal and Mrs. Vandana Jatia. The Committee has powers similar to
those stated in the listing agreements and shall exercise most of the
functions stated there under.
Fixed Deposits
The Company has not accepted any "Deposit" from the public during the
year under review.
Statement of Particulars of Employees
During the year under review no employees has drawn remuneration in
excess of limits prescribed under Section 217(2A) of the Companies Act,
1956, read with Companies (Particulars of Employees) Rules , 1975, as
amended to date.
Since no manufacturing activity was carried out the information
pursuant to the provisions of Section 217(1)(e) of the Companies Act,
1956 is not applicable.
Listing
The Equity Shares of the Company are listed on the Bombay Stock
Exchange Ltd., Mumbai, and the necessary listing fees for the year
2010-11 has already been paid to the Stock Exchange.
Conservation of Energy, Technology Absorption and Foreign Exchange
Earnings and Outgo:
The Company being basically an investment and trading company the
provisions of Section 217(1)(e) read with the provisions of Companies
(Disclosure of particulars in the Report of the Board of Directors)
Rules, 1988 do not apply to the Company.
There is no foreign technology involved.
There are earnings of Rs. 12.82 lacs of foreign exchange during the
year under review.
For and on behalf of the Board of Directors
Arun Kumar Jatia
Director
Vandana Jatia
Director
Place : Mumbai
Dated : May 25, 2010
Registered Office:
Bhogilal Hargovindas Bldg.,
Mezzanine Floor,
18/20, K. Dubash Marg,
Mumbai -400 001.