Home  »  Company  »  Towa Sokki L  »  Quotes  »  Directors Report
Enter the first few characters of Company and click 'Go'

Directors Report of Towa Sokki Ltd.

Mar 31, 2014

Dear Shareholders,

The Directors have pleasure in presenting the 22nd Annual Report together with audited statement of accounts for the year ended 31st March, 2014.

FINANCIAL HIGHLIGHTS : (Amount in Rs.)

Particulars 31-03-2014 31-03-2013

Total Income 4157938 3503929

Depreciation 254648 254515

Profit (Loss) Before Tax (466155) (621261)

Provision for Tax -- --

Profit (Loss) after Tax (466155) (621261)

OPERATIONS AND FUTURE PLANS :

The operations for the year under review shows a loss of Rs. 466155

During the year under review, the manufacturing sales have not been much improved. This is mainly attributed to overall economic slowdown in the Country.

Your directors are hopeful of achieving a steady growth in sales and job work activity and resultant net margin in the years to follow.

DIVIDEND :

In view of the accumulated losses, management does not propose any dividend for the year 2013- 2014

PREFERENTIAL ALLOTMENT OF EQUITY SHARES

The Company has allotted 800000 Equity Shares at a price of Rs 10/- per share by way of preferential allotment to Promoters and Others in accordance with the preferential issue guidelines contained in SEBI (ICDR) Regulations, 2009.

DIRECTORS :

Shri G.C. Agarwala retires at the ensuing Annual General Meeting and being eligible offers himself for re-appointment.

Shri Hashmukhbhai Patel and Shri Heeralal Barot has joined the Board with effect from 28th July, 2014 as Additional Directors of the Company. Pursuant to the provisions of Section 161 of the Companies Act, 2013, Shri Hashmukhbhai Patel and Shri Heeralal Barot will hold the office up to the date of ensuing AGM. The Company has received notice in writing under the provisions of Section 160 of the Companies Act, 2013, from members proposing the candidature of Shri Hashmukhbhai Patel and Shri Heeralal Barot for their appointment as Independent Directors.

The Board recommends re-appointments / appointments of all the above Directors.

The Company has received declaration from all the Independent Directors of the Company confirming that they meet with criteria of Independence as prescribed under sub-section (6) of section 149 of the Companies Act, 2013 and under clause 49 of the Listing Agreements with the Stock Exchange.

None of the Directors of your Company is disqualified under Section 162 (2) of the Companies Act, 2013. As required by law, this position is also reflected in the Auditors'' Report.

Shri Anil Gupta, the Independent Director of the Company has resigned from the Board with effect from 14th July, 2014 and Shri Madhududan Agarwal has resigned as Independent Director of the Company with effect from 16th July, 2014.

The Board accepted their resignations and place on record their appreciation for the valuable guidance and advice provided by Shri Anil Gupta and Shri Madhusudan Agarwal during their tenure as Directors of the Company.

DIRECTOR''S RESPONSIBILITY STATEMENT :

Pursuant to Section 217 (2AA) of the Companies Act, 1956 and, based upon representations from the management, the Board, to the best of its knowledge and belief, confirms that :

a) that in the preparation of the annual accounts, the applicable accounting standard had been followed along with proper explanations relating to material departures;

b) that the Directors had 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 loss of the Company for the period;

c) 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 ;

d) that the Directors had prepared the annual accounts on a going concern basis.

FIXED DEPOSITS :

Your company has neither invited nor accepted any Fixed Deposits from the public during the financial year under review.

CORPORATE GOVERNANCE AND COMPLIANCE CERTIFICATE :

Separate notes on Corporate Governance and Management Discussion and Analysis Report are set out as Anneture "A" and "B" respectively. A Certificate from the Auditor of the Company certifying compliance conditions of Corporate Governance as stipulated under Clause 49 of the Listing Agreement is attached to this report.

LISTING AGREEMENTS REQUIREMENTS :

The securities of your company are listed at Bombay Stock Exchange Ltd. The Annual Listing Fee for the year 2014-2015 has beeen paid to the Bombay Stock Exchange Ltd.

BUY-BACK OF SHARES :

There was no buy-back of shares during the year under review.

PARTICULARS OF THE EMPLOYEES :

None of the employees employed during the year was in receipt of remuneration in excess of the prescribed limit specified in section 217 (2A) of the Companies Act, 1956. Hence, furnishing of particulars under the Companies (Particulars of Employees) 1975 does not arise.

AUDITORS :

M/s BHAVAN PATEL & COMPANY, (Firm Registration No. 101362W) Chartered Accountants, Auditors of the Company retire at the ensuing Annual General Meeting. They have expressed their willingness for reappointment.

STATUTORY COMPLIANCE :

The Company has Complied with the various provisions of the Companies Act, 1956, the SEBI regulations and provisions of the Listing Agreement.

CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION :

During the year under review, there were no activities, which required heavy consumption of energy. However adequate measures have been taken to make sure that there is no wastage of energy. Since the requisite information with regard to the conservation of energy, technology absorption (Disclosure of Particulars in the report of Board of Directors) Rules are irrelevant/not applicable to the Company during the year under review, the same are not reported.

FOREIGN EXCHANGE EARNING AND OUTGO :

1. Earnings in Foreign Exchange NIL

2. Expenditure in Foreign Currency NIL

ACKNOWLEDGEMENTS

The Board of Directors wish to place on record their appreciation for the co-operation and support of the Company''s Bankers, its valued customers, employees and all other intermediaries concerned with the Company''s business.

Your directors sincerely thank all members for supporting us during the difficult days. We look forward to your continued support and reiterate that we are determined to unsure that the plans are successfully implemented.

place : Vadodara By order of the Board,

Date : 12-08-2014 For Towa Sokki Limited

Sd/-

O. J. Bansal

Chairman & Managing Director


Mar 31, 2013

Dear Shareholders,

The Directors have pleasure in presenting the 21st Annual Report together with audited statement of accounts for the year ended 31st March, 2013.

WORKING RESULTS : (Amount in Rs.)

"Particulars 31-03-2013 31-03-2012

Total Income 3503929 19028005

Depreciation 254515 256602

Profit (Loss) Before Tax (621261) 202116

Provision for Tax

Profit (Loss) after Tax (621261) 202116

OPERATIONS AND FUTURE PLANS :

The operations for the year under review shows a loss of Rs. 621261

The Directors feel that having addressed the issue of clearing the debts, it is an appropriate time to start planning for the future. It is the sincere intention of the Directors to bring value to the Shareholders but the current economic environment being what it is we will have to choose our path with care and caution.

Your Directors are also looking and examining other business options including acquisition of running businesses as well as other good and viable opportunities where some value and synergies can be perceived. It is our Objective that we commence more activities in 2013-2014 and consolidate in 2014-2015 onwards.

DIVIDEND:

In view of the accumulated losses, management does not propose any dividend for the year 2012- 2013

DIRECTORS :

Smt. S. O. Bansal and Shri Anil Gupta retire at the ensuing Annual General Meeting, and being eligible offers themselves for re-appointment.

DIRECTOR''S RESPONSIBILITY STATEMENT :

Your Directors State:

a) that in the preparation of the annual accounts, the applicable accounting standard had been followed along with proper explanations relating to material departures;

b) that the Directors had 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 loss of the Company for the period;

c) 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;

d) that the Directors had prepared the annual accounts on a going concern basis.

FIXED DEPOSITS :

Your company has neither invited nor accepted any Fixed Deposits from the public during the financial year under review.

DAMAGE OF RECORDS :

Because of heavy rain and due to water logging, some of the important records like old share transfer forms, old account books and other old administrative records have been damaged. However, no major material losses have been incurred because of the rain.

CORPORATE GOVERNANCE AND COMPLIANCE CERTIFICATE:

Separate notes on Corporate Governance and Management Discussion and Analysis Report are set out as Anneture "A" and "B" respectively. A Certificate from the Auditor of the Company certifying compliance conditions of Corporate Governance as stipulated under Clause 49 of the Listing Agreement is attached to this report.

LISTING AGREEMENTS REQUIREMENTS:

The securities of your company are listed at Bombay Stock Exchange Ltd. The Annual Listing Fee for the year 2013-14 has beeen paid to the Bombay Stock Exchange Ltd.

BUY-BACK OF SHARES :

There was no buy-back of shares during the year under review. PARTICULARS OF THE EMPLOYEES :

None of the employees employed during the year was in receipt of remuneration in excess of the prescribed limit specified in section 217 (2A) of the Companies Act, 1956. Hence, furnishing of particulars under the Companies (Particulars of Employees) 1975 does not arise.

AUDITORS :

M/s BHAVAN PATEL & COMPANY, Chartered Accountants, Mumbai, Auditors of the Company retire at the ensuing Annual General Meeting. They have expressed their willingness for reappointment.

CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION :

During the year under review, there were no activities, which required heavy consumption of energy. However adequate measures have been taken to make sure that there is no wastage of energy. Since the requisite information with regard to the conservation of energy, technology absorption (Disclosure of Particulars in the report of Board of Directors) Rules are irrelevant/not applicable to the Company during the year under review, the same are not reported.

FOREIGN EXCHANGE EARNING AND OUTGO :

1. Earnings in Foreign Exchange NIL

2. Expenditure in Foreign Currency NIL

ACKNOWLEDGEMENTS

The Board of Directors wish to place on record their appreciation for the co-operation and support of the Company''s Bankers, its valued customers, employees and all other intermediaries concerned with the Company''s business.

Your directors sincerely thank all members for supporting us during the difficult days. We look forward to your continued support and reiterate that we are determined to unsure that the plans are successfully implemented.

Place : Vadodara By order of the Board

Date : 26-08-2013 For Towa Sokki Limited

Sd/-

O. J. Bansal

Chairman & Managing Director


Mar 31, 2011

Dear Shareholders,

The Directors have pleasure in presenting the 19th Annual Report together with audited statement of accounts for the year ended 31st March, 2011.

WORKING RESULTS: (Amount in Rs.)

Particulars 31-03-2011 31-03-2010

Total Income 14865584 1735703

Depreciation 260482 239931

Profit (Loss) Before Tax 579378 37064

Provision for Tax -- --

Profit (Loss) after Tax 579378 37064

OPERATIONS AND FUTURE PLANS:

The operations for the year under review shows a profit of Rs. 579378

For the past few years the company was in the process of gradually liquidating all debts with Bank. Your Directors are glad to report that the Company has closed all Bank loan. The Directors feel that having addressed the issue of clearing the debts, it is an appropriate time to start planning for the future. It is the sincere intention of the Directors to bring value to the Shareholders but the current economic environment being what it is we will have to choose our path with care and caution.

Your Directors are also looking and examining other business options including acquisition of running businesses as well as other good and viable opportunities where some value and synergies can be perceived. It is our Objective that we commence more activities in 2011-2012 and consolidate in 2012-2013. We would like to see that the Company is en route to generate a healthy top line and bottom line from 2013-2014 onwards.

DIVIDEND:

The Company has generated profits but in view of the accumulated losses, management does not propose any dividend for the year 2010-2011

DIRECTORS:

Smt. S.O. Bansal and Shri Anil Gupta retire at the ensuing Annual General Meeting, and being eligible offers themselves for re-appointment.

DIRECTOR'S RESPONSIBILITY STATEMENT:

Your Directors State :

a) that in the preparation of the annual accounts, the applicable accounting standard had been followed along with proper explanations relating to material departures;

b) 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 at the end of the financial year and of the profit of the Company for the period;

c) 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 ;

d) that the Directors had prepared the annual accounts on a going concern basis.

FIXED DEPOSITS:

Your company has neither invited nor accepted any Fixed Deposits from the public during the financial year under review.

CORPORATE GOVERNANCE AND COMPLIANCE CERTIFICATE

Separate notes on Corporate Governance and Management Discussion and Analysis Report are set out as Annexure "A" and "B" respectively. A Certificate from the Auditor of the Company certifying compliance conditions of Corporate Governance as stipulated under Clause 49 of the Listing Agreement is attached to this report.

LISTING AGREEMENTS REQUIREMENTS:

The securities of your company are listed at Bombay, Vadodara, Ahmedabad, Jaipur and Madras Stock Exchanges. Annual Listing Fee for the year 2011-12 has beeen paid to the exchanges.

BUY-BACKOFSHARES:

There was no buy-back of shares during the year under review.

PARTICULARS OF THE EMPLOYEES:

None of the employees employed during the year was in receipt of remuneration in excess of the prescribed limit specified in section 217 (2A) of the Companies Act, 1956. Hence, furnishing of particulars under the Companies (Particulars of Employees) 1975 does not arise.

AUDITORS

M/s BHAVAN PATEL & COMPANY, Chartered Accountants, Mumbai, Auditors of the Company retire at the ensuing Annual General Meeting. They have expressed their willingness for reappointment.

CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION

During the year under review, there were no activities, which required heavy consumption of energy. However adequate measures have been taken to make sure that there is no wastage of energy. Since the requisite information with regard to the conservation of energy, technology absorption (Disclosure of Particulars in the report of Board of Directors) Rules are irrelevant/not applicable to the Company during the year under review, the same are not reported.

ACKNOWLEDGEMENTS

The Board of Directors wish to place on record their appreciation for the co-operation and support of the Company's Bankers, its valued customers, employees and all other intermediaries concerned with the Company's business.

Your directors sincerely thank all members for supporting us during the difficult days. We look forward to your continued support and reiterate that we are determined to unsure that the plans are successfully implemented.

Place : Vadodara

Date : 23-08-2011 For TOWASOKKI LIMITED

O. J. Bansal

Managing Director


Mar 31, 2010

Dear Shareholders,

The Directors have pleasure in presenting the 18th Annual Report together with audited statement of accounts for the year ended 31st March, 2010.

WORKING RESULTS : (Amount in Rs.)

Particulars 31-03-2010 31-03-2009

Total Income 1735703 1987392

Depreciation 239931 191293

Profit (Loss) Before Tax 37064 (1600246)

Provision for Tax (FBT) - 20060

Profit (Loss) after Tax 37064 (1620306)

OPERATIONS AND FUTURE PLANS :

The operations for the year under review shows a profit of Rs. 37064

For the past three years the company was in the process of gradually liquidating all debts with Bank. Your Directors are glad to report that the Company has closed all Bank loan. The Directors feel that having addressed the issue of clearing the debts, it is an appropriate time to start planning for the future. It is the sincere intention of the Directors to bring value to the Shareholders but the current economic environment being what it is we will have to choose our path with care and caution.

Your Directors are also looking and examining other business options including acquisition of running businesses as well as other good and viable opportunities where some value and synergies can he perceived. It is our Objective that we commence more activities in 2010-11 and consolidate in 2011-12. We would like to see that the Company is enroute to generate a healthy top line and bottom line from 2012-13 onwards.

DIVIDEND :

The Company has generated profits but in view of the accumulated losses, management does not propose any dividend for the year 2009-10.

DIRECTORS :

Shri G. C. Agarwala and Shri M.S. Agarwal retire at the ensuing Annual General Meeting, and being eligible offers themselves for re-appointment. Shri Anil Gupta was appointed as additional director of the Company on 20-8-2010 and hold office till the date of Annual General Meeting. Notice is received for his re-appointment at the Annual General Meeting. Shri RS. Patel resigned from the Board with effect from 20-8-2010.

DIRECTOR'S RESPONSIBILITY STATEMENT :

Your Directors State :

a) that in the preparation of the annual accounts, the applicable accounting standard had been followed along with proper explanations relating to material departures;

b) that the Directors had selected such accounting policies and applied the mconsistently 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;

c) 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 ;

d) that the Directors had prepared the annual accounts on a going concern basis.

FIXED DEPOSITS:

Your company has neither invited nor accepted any Fixed Deposits from the public during the financial year under review.

CORPORATE GOVERNANCE AND COMPLIANCE CERTIFICATE

Separate notes on Corporate Governance and Management Discussion and Analysis Report are set out as Anneture "A" and "B" respectively. A Certificate from the Auditor of the Company certifying compliance conditions of Corporate Governance as stipulated under Clause 49 of the Listing Agreement is attached to this report.

LISTING AGREEMENTS REQUIREMENTS :

The securities of your company are listed at Bombay, Vadodara, Ahmedabad, Jaipur and Madras Exchanges. Trading in company's securities remain suspended at Stock Exchanges for various reason* including non submission of documents and all possible steps are being taken by the management to get shares traded at the floor of the Exchange.

BUY-BACK OF SHARES :

There was no buy-back of shares during the year under review.

PARTICULARS OF THE EMPLOYEES :

None of the employees employed during the year was in receipt of remuneration in excess of the prescribed limit specified in section 217 (2A) of the Companies Act, 1956. Hence, furnishing of particuars under the Companies (Particulars of Employees) 1975 does not arise.

AUDITORS

M/s BHAVAN PATEL & COMPANY, Chartered Accountants, Mumbai, Auditors of the Company retire at the ensuing Annual General Meeting. They have expressed their willingness for reappointment.

CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION

During the year under review, there were no activities, which required heavy consumption of energy. ... However adequate measures have been taken to make sure that there is no wastage of energy. Since the requisite information with regard to the conservation of energy, technology absorption (Disclosure of Particulars in the report of Board of Directors) Rules are irrelevant/not applicable to the Company during 'the year under review, the same are not reported.

FOREIGN EXCHANGE EARNING AND OUTGO :

1. Earnings in Foreign Exchange NIL

2. Expenditure in Foreign Currency

Imports of Raw Materials, Spares and Components Rs. 174226

ACKNOWLEDGEMENTS

The Board of Directors wish to place on record their appreciation for the co-operation anc support of the Company's Bankers, its valued customers, employees and all other intermediaries concerned with the Company's business.

Your directors sincerely thank all members for supporting us during the difficult days. We look forward tc your continued support and reiterate that we are determined to unsure ihat the plans are successfully implemented.

For TOWA SOKKI LIMITED O. J. Bansal Managing Director

Place: Vadodara Date : 20-08-2010

 
Subscribe now to get personal finance updates in your inbox!