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Directors Report of Thakker's Developers Ltd.

Mar 31, 2013

TO THE MEMBERS,

The Directors hereby present their Twenty-Sixth Annual Report on the business operations of the Company along with the audited statement of account for the year ended 31 st March, 2013.

1. FINANCIAL RESULTS

(Rs. In Lacs) Year Ended Year Ended 31.03.2013 31.03.2012

Income 4475.46 4581.84

Profit before Tax (PBT) 1109 50 1825.62

Provision for taxation 366.00 640.00

Taxes for Earlier Years (Net) 9.51 0

Deferred Tax 3.81 2.66

Profit after Tax (PAT) 730.19 1182.96

Add/(Less) Prior Period Adjustment 0 0

730.19 1182.96

Add:Balance of Profit brought forward 2293.15 1246.18

Balanceavailableforappropriation 3023.34 2429.14

Appropriations

Proposed Dividend 126.00 117.00

Corporate Dividend Tax 20.44 18.98

Balance Carried to Balance Sheet 2876.90 2293.16

Dividend (%) 14.00 13.00

2. DIVIDEND

Your Board recommend Dividend of Re. 1.40/- per share (14% on face value of Rs.10/-). The total Dividend payout will be Rs. 146.44 Lacs including Dividend Tax (Previous Year 13%).

3. OPERATIONS AND PROSPECTS

The year under review your Company achieved total Income of Rs.4475.46 Lacs. (Previous Year Rs.4581.84 Lacs). During the year your Company has sold of constructed flat /shops admeasuring about 9561242 Sq.Ft. worth Rs.2107.88 Lacs (Previous Year 89,904.67 Sq.ft. worth Rs.2357.79 Lacs). In addition to above, the Company sold plots, lands etc. worth Rs. 1830.66 Lacs (Previous Year Rs. 1682.54 Lacs). Profit after tax was at Rs.730.19 lacs (Previous Year Rs.1182.96 Lacs). As per Guidance Note on Accounting for real estate transactions issued by ICAI (Revised 2012) the construction sales was affected therefore total income is Lower than previous years.

4. DIRECTORS

In accordance with the provisions of Section 256 of the Companies Act, 1956 and the Articles of Association of your Company, Mr. Jitendra M.Thakkerand Mr. Rajendra M.Thakker, Directors of your Company will retire by rotation at the ensuing Annual General Meeting and being eligible, offer themselves for reappointment.

Your directors subject to approval of the members in the General Meeting propose to re-appoint the above mentioned Directors. Resolution for the purpose is proposed to be passed at the ensuing Annual General Meeting. During theyear Independant Director Mr. Sudhakar Vinayak Joshi passed away on 10th November, 2012.

5. AUDITORS

Your Company''s Auditors, M/s. Govilkar & Associates, Chartered Accountants, Nashik will retire at the ensuing Annual General Meeting and are eligible for reappointment. The members will be required to appoint Auditors for the current year and fix their remuneration. As required under the Provision of Section 224 of the Companies Act, the company has received written certificate from the Auditors, to the effect that their re-appointment, if made would be in confirmity with the limits specified in the said section.

6. DIRECTOR''S RESPONSIBILITY STATEMENT

Pursuant to sub-section (2AA) of section 217 of the Companies Act, 1956, the Board of Directors of the Company hereby state and confirm that:

i) In the preparation of the Annual Accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures;

ii) The Directors have selected such accounting policies and applied them consistently and made judgements 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 the period;

iii) The Directors have 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) The Directors have prepared the annual accounts on a going concern basis.

7. PERSONNEL

The Directors wish to place on record their sincere appreciation of the contribution made by the employees of the company at all levels. None of the employee was in receipt of remuneration in excess of Rs.2,00,000/- pm. if employed for part of the year or at Rs.24,00,000/-p.a.

8. CORPORATE GOVERNANCE AND MANAGEMENT DISCUSSION AND ANALYSIS REPORT

Corporate Governance and Management Discussion and analysis report as required under clause 49 of the listing agreement is enclosed herewith.

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

In view of the nature of activities which are being carried out by the Company, Rules 2A and 2B of the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules 1988, concerning conservation of energy and technology absorption respectively, are not applicable to the Company.

There were no foreign exchange earnings and outgo during the year under review.

10. AUDITORS''REPORT

Notes to the accounts, as referred in the Auditors Report, are self-explanatory and therefore do not call for any further comments and explanations.

11. ACKNOWLEDGEMENT

The Directors acknowledge with pleasure the valued co-operation and continued support extended to the Company by its Bankers ICICI Bank Ltd., IDBI Bank Ltd., The Janalaxmi Co-op. Bank Ltd., Godavari Urban Co-op. Bank Ltd. and The Saraswat Co-op Bank Ltd. The Directors are also happy to place on record their thanks to various departments of Government of Maharashtra and Municipal Authorities like Nashik Municipal Corporation, Maharashtra State Electricity Board, Maharashtra State Road Transport Corporation for their valuable co-operation.



For and on behalf of the Board of Directors.

PLACE : NASHIK JITENDRA M. THAKKER

DATE : 30/05/2013 CHAIRMAN


Mar 31, 2012

The Directors hereby present their Twenty-Fifth Annual Report on the business operations of the Company along with the audited statement of account for the year ended 31st March, 2012.

1. FINANCIAL RESULTS

(Rs. In Lacs)

Year Ended Year Ended

31.03.2012 31.03.2011

Income 4581.84 4565.32

Profit before Tax (PBT) 1825.62 1669.35

Provision for taxation 640.00 594.00

Taxes for Earlier Years (Net) 0 14.08

Deferred Tax 2.66 (1.42)

Profit after-tax (PAT) 1182.96 1062.69

Add/(Less) Prior Period Adjustment 0 24.18

1182.96 1086.87

Add: Balance of Profit brought forward 1246.18 285.25

Balance available for appropriation 2429.14 1372.12 Appropriations

Proposed Dividend 117.00 108.00

Corporate Dividend Tax 18.98 17.94

Balance Carried to Balance Sheet 2293.16 1246.18

Dividend (%) 13.00 12.00

2. DIVIDEND

Your Board recommends Dividend of Re. 1.30/- per share (13% on face value of Rs. 10/-). The total Dividend payout will be Rs. 1 35.98 Lacs including Dividend Tax.

3. OPERATIONS AND PROSPECTS

In the year under review your Company achieved total Income of Rs.4581.84 Lacs. (Previous Year Rs.4565.32 Lacs). During the year your Company has sold of constructed flat/shops admeasuring about 89,904.67 Sq.Ft. worth Rs.2357.79 Lacs (Previous Year 59,665.17 Sq.ft. worth Rs. 1 524.81 Lacs). In addition to above, the Company sold plots, lands etc. worth Rs. 1 682 .54 Lacs (Previous Year Rs. 2449.04 Lacs). Profit after-tax was at Rs. 1182.96 lacs (Previous Year Rs. 1062.69 Lacs).

4. DIRECTORS

In accordance with the provisions of Section 256 ofthe Companies Act, 1956 and the Articles of Association of your Company, Mr. Narendra M.Thakker and Mr. Chandrakant H.Thakker, Directors of your Company will retire by rotation at the ensuing Annual General Meeting and being eligible, offer themselves for reappointment.

Your directors subject to approval of the members in the General Meeting propose to re-appoint the above mentioned Directors. Resolution forthe purpose is proposed to be passed at the ensuing Annual General Meeting.

Mr. Sudhakar V. Joshi and Mr. Nishant R. Thakker were appointed as additional Director by the Board effective 01/01/2012. In terms of section 260 and Article 120(a) of the Articles of Association of the company Mr. Sudhakar V. Joshi and Mr. Nishant R. Thakker holds office until the forthcoming Annual General Meeting. Notice in writing under section 257(1) ofthe companies Act, 1 956 have received from members signifying their intention to propose Mr. Sudhakar V. Joshi and Mr. Nishant R. Thakker for election to the office of Director.

The above re-appointments of Mr. Sudhakar V. Joshi and Mr. Nishant R. Thakker are subject to the approval of shareholders at theforthcoming Annual General Meeting.

5. AUDITORS

Your Company's Auditors, M/s. Govilkar& Associates, Chartered Accountants, Nashik will retire at the ensuing Annual General Meeting and are eligible for reappointment. The members will be required to appoint Auditors for the current year and fix their remuneration. As required under the Provision of Section 224 of the Companies Act, the company has received written certificate from the above Auditors, to the effect that their re-appointment, if made would be in conformity with the limits

specified in the said section.

6. DIRECTOR'S RESPONSIBILITY STATEMENT

Pursuant to sub-section (2AA) of section 217 of the Companies Act, 1956,the Board of Directors of the Company hereby state and confirm that:

i) In the preparation of the Annual Accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures;

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 yearend of the profit of the company for the period;

iii) The Directors have 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) The Directors have prepared the annual accounts on a going concern basis.

7. PERSONNEL

The Directors wish to place on record their sincere appreciation of the contribution made by the employees of the company at all levels. None ofthe employee was in receipt of remuneration in excess of Rs.2,00,000/-pm. if employed for part of the year or Rs.24,00,000/- p.a.

8. CORPORATE GOVERNANCE AND MANAGEMENT DISCUSSION AND ANALYSIS REPORT

Corporate Governance and Management Discussion and analysis report as required under clause 49 of the listing agreement is enclosed herewith.

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

In view of the nature of activities which are being carried out by the Company, Rules 2Aand 2B of the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules 1988, concerning conservation of energy and technology absorption respectively, are not applicable to the Company.

There were no foreign exchange earnings and outgo during the year under review.

10. AUDITORS'REPORT

Notes to the accounts, as referred in the Auditors' Report, are self-explanatory and therefore do not call for any further comments and explanations.

11. ACKNOWLEDGEMENT

The Directors acknowledge with pleasure the valued co-operation and continued support extended to the Company by its Bankers ICICI Bank Ltd., IDBI Bank Ltd., Janalaxmi Co-op. Bank Ltd., Godavari Urban Co-op. Bank Ltd, The Saraswat Co-op Bank Ltd. and The Nashik Merchant Co-Op. Bank Ltd. The Directors are also happy to place on record their thanks to various departments of Government of Maharashtra and Municipal Authorities like Nashik Municipal Corporation, Maharashtra State Electricity Board, Maharashtra State Road Transport Corporation For their valuable co-operation.

For and on behalf of the Board of Directors.

PLACE: NASHIK JITENDRA M. THAKKER

DATE: 30/05/2012 CHAIRMAN


Mar 31, 2011

TO THE MEMBERS,

The Directors hereby present their Twenty-Forth Annual Report on the business operations of the Company along with the audited statement of account for the year ended 31 st March, 2011.

01. FINANCIAL RESULTS

(Rs. In Lacs)

Year Ended Year Ended 31.03.2011 31.03.2010

Income 4565.32 2144.06

Profit before Tax (PBT) 1669.35 332.93

Provision for taxation 594.00 117.00

Taxes for Earlier Years (Net) 14.08 0.04

Deferred Tax (1.42) 1.86

Profit after Tax (PAT) 1062.69 214.03

Add/(Less) Prior Period Adjustment 24.18 0

1086.87 214.03

Add:Balance of Profit brought forward 285.25 71.22

Balance available for appropriation 1372.12 285.25 Appropriations

Proposed Dividend 108.00 0

Corporate Dividend Tax 17.94 0

Balance Carried to Balance Sheet 1246.18 285.25

Dividend (%) 12.00 0.00

2. DIVIDEND

Your Board recommend Dividend of Re.1.20/- per share (12% on face value of Rs.10/-). The total Dividend payout will be Rs. 125.94 Lacs including Dividend Tax.

3. OPERATIONS AND PROSPECTS

The year under review your Company achieved total Income of Rs.4565.32 Lacs. (Previous Year Rs.2144.06 Lacs). During the year your Company has sold of constructed flat /shops admeasuring about 59,665.17 Sq.Ft. worth Rs.1524.81 Lacs (Previous Year 65,941.53 Sq.ft. worth Rs.1489.90 Lacs). In addition to above, the Company sold plots, lands etc. worth Rs. 2449.04 Lacs (Previous Year Rs. 292.15 Lacs). Profit after tax was at Rs.1062.69 lacs (Previous Year Rs.214.03 Lacs).

04. DIRECTORS

In accordance with the provisions of Section 256 of the Companies Act, 1956 and the Articles of Association of your Company, Mr. Mukesh K.Thakker and Mr. Jaman H.Thakker, Directors of your Company will retire by rotation at the ensuing Annual General Meeting and being eligible, offer themselves for reappointment.

Your directors subject to approval of the members in the General Meeting propose to re-appoint the above mentioned Directors. Resolution for the purpose is proposed to be passed at the ensuing Annual General Meeting.

5 . DIRECTORS REMUNERATION

The Board of Directors, at their meeting held on 29th March, 2011, decided to increase in remuneration of Mr.Jitendra M.Thakker, Chairman & Mr. Rajendra M.Thakker, Managing Director & Mr.Narendra M. Thakker, Director of the Company, from Rs.50,000/- to Rs.1,00,000/- w.e.f.lst April, 2011, as approved by the Remuneration Committee.

Necessary resolutions for remuneration of the aforesaid Chairman, Managing Director and Director are being put to the shareholders for their approval.

6. AUDITORS

Your Company's Auditors, M/s. Govilkar & Associates, Chartered Accountants, Nashik will retire at the ensuing Annual General Meeting and are eligible for reappointment.The members will be required to appoint Auditors for the current year and fix their remuneration. As required under the Provision of Section 224 of the Companies Act, the company has received written certificate from the above Auditors, to the effect that their re-appointment, if made would in confirmity with the limits specified in the said section.

07. DIRECTOR'S RESPONSIBILITY STATEMENT

Pursuant to sub-section (2AA) of section 217 of the Companies Act, 1956, the Board of Directors of the Company hereby state and confirm that:

i) In the preparation of the Annual Accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures;

ii) The Directors have selected such accounting policies and applied them consistently and made judgements 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 the period;

iii) The Directors have 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) The Directors have prepared the annual accounts on a going concern basis.

08. PERSONNEL

The Directors wish to place on record their sincere appreciation of the contribution made by the employees of the company at all levels. None of the employee was in receipt of remuneration in excess of Rs.2,00,000/- pm. if employed for part of the year or at Rs.24,00,000/- p.a.

9. CORPORATE GOVERNANCE AND MANAGEMENT DISCUSSION AND ANAYSIS REPORT

Corporate Governance and Management Discussion and analysis report as required under clause 49 of the listing agreement is enclosed herewith.

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

In view of the nature of activities which are being carried out by the Company, Rules 2A and 2B of the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules 1988, concerning conservation of energy and technology absorption respectively, are not applicable to the Company. There were no foreign exchange earnings and outgo during the year under review.

11. AUDITORS'REPORT

Notes to the accounts, as referred in the Auditors Report, are self-explanatory and therefore do not call for any further comments and explanations.

12. ACKNOWLEDGEMENT

The Directors acknowledge with pleasure the valued co-operation and continued support extended to the Company by its Bankers ICICI Bank Ltd., Janalaxmi Co-op. Bank Ltd.,Godavari Urban Co-op. Bank Ltd, The Saraswat Co-op Bank Ltd. and The Nashik Merchant Co-Op. Bank Ltd.The Directors are also happy to place on record their thanks to various departments of Government of Maharashtra and Municipal Authorities like Nashik Municipal Corporation, Maharashtra State Electricity Board, Maharashtra State Road Transport Corporation for their valuable co-operation.

For and on behalf of the Board of Directors.

PLACE : NASHIK JITENDRA M. THAKKER

DATE : 30/05/2011 CHAIRMAN










Mar 31, 2010

The Directors hereby present their Twenty-Third Annual Report on the business operations of the Company along with the audited statement of account for the year ended 31 st March, 2010.

1. FINANCIAL RESULTS

(Rs. In Lacs) Year Ended Year Ended 31.03.2010 31.03.2009

Income 2144.06 1333.05

Profit before Tax (PBT) 332.93 35.42

Provision for taxation 117.00 17.50

Provision for Fringe Benefit Tax 0 2.43

Taxes for Earlier Years (Net) 0.04 0.59

Deferred Tax 1.86 (2.93)

Profit after Tax (PAT) 214.03 17.82

Add/Less-Prior Period Adjustment 0 (3.00)

214.03 14.82

Add.Balance of Profit brought forward 71.22 506.40

Balance available for appropriation 285.25 521.22

Appropriations

Utilisation for Issue of Bonus Shares 0 450.00

Balance Carried to Balance Sheet 285.25 71.22

2. DIVIDEND

Your Board do not recommend any Dividend for the year.

3. OPERATIONS AND PROSPECTS

The year under review your Company achieved total Income of Rs.2144.06 Lacs. (Previous Year 1333.05 Lacs). During the year your Company has sold of constructed flat /shops admeasuring about 65,941.53 Sq.Ft. worth Rs.1489.90 Lacs (Previous Year 28,704.21 Sq.ft. worth Rs.702.33 Lacs). In addition to above, the Company sold plots, lands etc. worth Rs. 292.15 Lacs (Previous Year Rs. 471.64 Lacs). Prof it after tax was at Rs.214.03 lacs (Previous Year Rs.17.82 Lacs).

4. DIRECTORS

In accordance with the provisions of Section 256 of the Companies Act, 1956 and the Articles of Association of your Company, Mr. Jitendra M.Thakkerand Mr. Rajendra M.Thakker, Directors of your Company will retire by rotation at the ensuing Annual General Meeting and being eligible, offer themselves for reappointment.

Your directors subject to approval of the members in the General Meeting propose to re-appoint the above mentioned Directors. Resolution for the purpose is proposed to be passed at the ensuing Annual General Meeting

5. AUDITORS

Your Companys Auditors, M/s. Govilkar& Associates, Chartered Accountants, Nashikwill retire at the ensuing Annual General Meeting and are eligible for reappointment.The members will be required to appoint Auditors for the current year and fix their remuneration. As required under the Provision of Section 224 of the Companies Act, the company has received written certificate from the above Auditors, to the effect that their re-appointment, if made would in confirmity with the limits specified in the said section.

6. DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to sub-section (2AA) of section 217 of the Companies Act, 1956, the Board of Directors of

the Company hereby state and confirm that:

i) In the preparation of the Annual Accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures;

ii) The Directors have selected such accounting policies and applied them consistently and made judgements 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 the period;

iii) The Directors have 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) The Directors have prepared the annual accounts on a going concern basis.

7. PERSONNEL

The Directors wish to place on record their sincere appreciation of the contribution made by the employees of the company at all levels. None of the employee was in receipt of remuneration in excess of Rs.2,00,000/- pm. if employed for part of the year or at Rs.24,00,000/- p.a.

8. CORPORATE GOVERNANCEAND MANAGEMENT DISCUSSION AND ANAYSIS REPORT

Corporate Governance and Management Discussion and analysis report as required under clause 49 of the listing agreement is enclosed herewith.

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

In view of the nature of activities which are being carried out by the Company, Rules 2Aand 2B of the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules 1988, concerning conservation of energy and technology absorption respectively, are not applicable to the Company. There were no foreign exchange earnings and outgo during the year under review.

10. AUDITORSREPORT

Notes to the accounts, as referred in the Auditors Report, are self-explanatory and therefore do not call for any further comments and explanations.

11. ACKNOWLEDGEMENT

The Directors acknowledge with pleasure the valued co-operation and continued support extended to the Company by its Bankers ICICI Bank Ltd., Janalaxmi Co-op. Bank Ltd.,Godavari Urban Co-op. Bank Ltd, The Saraswat Co-op Bank Ltd. and The Nashik Merchant Co-Op. Bank Ltd.The Directors are also happy to place on record their thanks to various departments of Government of Maharashtra and Municipal Authorities like Nashik Municipal Corporation, Maharashtra State Electricity Board, Maharashtra State Road Transport Corporation for their valuable co-operation.

For and on behalf of the Board of Directors.

PLACE : NASHIK JITENDRAM. THAKKER

DATE : 31/05/2010 CHAIRMAN

 
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