Mar 31, 2015
Dear Members,
The Directors' have pleasure in presenting their 21st Annual Report
together with the Audited Statement of Accounts for the year ended
March 31st, 2015.
Financial Results
The financial results of the Company for the year ended March 31st,
2015 compared to the previous year are summarized below:
Particulars Financial Year Financial Year
2014-15 2013-14
Gross Profit ( ) Loss (-) After
Interest But Before
Depreciation & Taxation 1,95,15,152 95,54,167
Depreciation 1,58,09,577 43,34,771
Profit Before Income Tax After
Depreciation 37,05,575 52,19,396
Short Provision of Earlier Years  Â
Prior Period Expenses  Â
Current Tax 7,75,000 10,00,000
Deferred Tax 28,50,987 (17,06,047)
Net Profit after Tax 57,81,562 25,13,349
Performance and Future Prospects
Twinstar Industries Limited, the company has been involved into IT
businesses since its inception, At Twinstar our constant endeavor is to
grow. In some recent developments the company has been appointed by
UIDAI as an Enrollment Agency (EA). The company has started its
operations and is progressing. The company expects good growth from the
project. With a wider objective and trying to cater to a wider audience
the company is also looking into various fields of work with the
Government of India and a few other companies as well. With the recent
changing and constant increasing competition, the company plans to take
the challenge to them and perform better than its peers. With the new
Mantra of "Inspire" the company would look into projects which are new
and different.
Dividend & Reserves
The Directors did not recommend any dividend for the Financial Year
ended 31st March, 2015.
During the year under review, no transfers were made to any Reserves.
Change in the Nature of Business
There are no changes in the nature of business during the Financial
Year 2014 - 2015 and from the end of Financial Year 31st March 2015
till the date of this report.
Internal Financial Control
The Company has effective internal financial control and risk
mitigation system which are constantly assessed and strengthened. The
Audit committee actively reviews the adequacy and effectiveness of the
Internal Financial control and suggests the improvements for the same.
Subsidiary/Joint Ventures
The Company has no subsidiaries or joint ventures with any other
entities.
Related Party Transaction
The transactions enter into by the Company are at Arm's Length Price
and in ordinary course of business. Deposits
The Company has not accepted any deposits under the provisions of
section 73 of the Companies Act 2013 during the Financial Year 2014 -
2015
Auditors' Report
The Statements made by the Auditors in their report are
self-explanatory and doesn't require any comments by the Board of
Directors.
Statutory Auditor
The Statutory Auditors M/s. N.K. Jalan & Co, Chartered Accountants hold
office until the conclusion of the ensuing Annual General Meeting and
are recommended for re-appointment. Certificate from the Auditors has
been received to the effect that their re-appointment if made, would be
within limits prescribed under Section 139 of the Companies Act, 2013.
Share Capital
A) Issue of Equity Shares with Differential Rights: The Company has not
issued any equity shares with differential rights during the Financial
Year 2014 - 2015.
B) Issue of Sweat Equity Shares: The Company has not issued any Sweat
Equity Shares during the Financial Year 2014 - 2015.
C) Issue of Employee Stock Options: The Company has not issued any
Employee Stock Options during the Financial Year 2014 - 2015.
Extract of Annual Return
The details forming the part of the extract of the Annual Return in
Form MGT 9, as required under Section 92 of the Companies Act 2013, is
included in this Report as Annexure - A and forms an integral part of
this Report.
Conservation of Energy and Technology Absorption
The information relating to conservation of energy and technology
absorption by the Companies annexed to the report as "Annexure B".
Foreign Exchange Earning and Outgo
During the year under review there were no earnings in foreign exchange
and there was no foreign exchange out go.
Corporate Social Responsibility Initiative
The provision of the Companies Act, 2013 relating to CSR Initiatives
are not applicable to the Company. Directors
A) Changes in directors and appointment of Key Managerial Personnel :
During the year under review, the Company appointed Mr. Harsh Daulatmal
Mehta(DIN: 01719123) as an Additional Director to hold office until the
conclusion of the forthcoming Annual General Meeting. The company seeks
shareholder's approval for appointing Mr. Harsh Daulatmal Mehta as an
Executive Director of the Company liable to retire by rotation.
During the year under review, Mr. Yogesh Wadhvana (DIN:00266533) and
Mr. Rishabh Jain (DIN: 03439137) have resigned from the Board due to
their pre-occupation. The company appreciates for their valuable
contribution during their tenure.
B) Declaration by Independent Directors and Re-appointment of Directors
:
All the Independent Directors have given the declarations that they
meet the criteria for Independence as laid down under Section 149(6) of
the Companies Act 2013 and Clause 49 of the Listing Agreement.
In accordance with the provisions of Section 152 of the Companies Act
2013 and the Company's Articles of Association, Shri. Daulat Samirmal
Mehta,(DIN: 01575366) Director retires by rotation at the forthcoming
Annual General Meeting and being eligible offers himself for
re-appointment.
C) Board Evaluation :
Pursuant to the provisions of the Companies Act 2013, and clause 49 of
the Listing Agreement , a structured questionnaire was prepared after
taking into consideration of the various aspects of the Board's
functioning , composition of the Board and its committee , culture ,
execution and performance of specific duties , obligations and
governance.
The performance evaluation of the Independent Directors was completed.
The performance evaluation of the Non - Independent Directors was
carried out by the Independent Directors. The Board of Directors
expressed their satisfaction with the evaluation process.
Number of Meetings of Board of Directors
During the year Board duly met 6 (Six) times. The details of the number
of meetings of the Board held during the Financial Year 2014 -2015
forms a part of the Corporate Governance Report
Audit Committee
The composition of the Audit Committee and the number of Audit
Committee meetings held during the Financial Year 2014 - 2015 forms a
part of the Corporate Governance Report.
Vigil Mechanism for Directors and Employees
The Company has a Vigil Mechanism policy to report genuine concerns or
grievances. The detail forms a part of the Corporate Governance Report.
Nomination and Remuneration Committee
The company has policies framed for remuneration and appointment of
directors, Key managerial personnel and senior management of the
company. The composition and policies forms a part of the Corporate
Governance Report.
Particulars of Loans, Guarantees or Investments u/s 186 of the
Companies Act 2013
The Company has not given any loan, guarantee or security in connection
with any loan to any other body corporate or person exceeding the
specified limits mentioned under section 186(2) of the Companies Act
2013.
Sr Investment/Guarantee/Loans and Advances Amount in INR
No.
1 Investment 56,049,500
2 Loans and Advances 11,41,88,145
Secretarial Audit
Pursuant to the provisions of Section 204 of the Companies Act 2013 and
the rules made there under the Company has appointed M/s Priti J Sheth
& Associates, a firm of Company Secretaries in Practice (C.P No 5518)
to undertake the Secretarial Audit of the Company.
The Secretarial Audit Report is included as "Annexure C" and forms an
integral part of this report. Directors Comment on the Secretarial
Audit Report:
The Company is in process of Appointing Key Managerial Personal. The
Company is in process of reactivating its website. The Company is in
process of restructuring the Composition of Board to align the same as
per the provisions of Companies Act 2013 and Listing Agreement.
Corporate Governance
As per Clause 49 of the Listing Agreement with the Stock Exchanges, a
separate section on Corporate governance practices followed by the
Company, together with a certificate from the Company's Statutory
Auditor's confirming compliances, forms an integral part of this
Report.
Risk Management Policy
The Company has a Risk Management framework to identify, evaluate
business risks and opportunities. The framework helps in identifying
risks, exposure and potential impact analysis for the Company level.
The details forms a part of the Corporate Governance Report
Directors' Responsibility Statement
To the best of 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:
1. That in preparation of the Annual Accounts for the year ended 31st
March 2015, the applicable accounting standards have been followed
along with the proper explanation relating to material departures , if
any;
2. 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 as at March 31,2015 and of the
profit of the company for the year ended on that date;
3. That the Directors have taken proper and sufficient care 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.
4. That the Directors have prepared the annual accounts on a going
concern basis.
5. That the directors had laid down Internal Financial controls to be
followed by the Company and that such internal financial controls are
adequate and were operating effectively;
6. That the directors had devised proper systems to ensure compliance
with the provisions of all applicable laws and that such systems were
adequate and operating effectively.
Particulars of Employees
Details of Remuneration as per Companies (Appointment and remuneration
of Managerial Remuneration)
Rules 2014 are as follows:
1. the ratio of the remuneration of each director to the median
remuneration of the employees of the company for the financial year
:6.43%
2. the percentage increase in remuneration of each director, Chief
Financial Officer, Chief Executive Officer, Company Secretary or
Manager, if any, in the financial year: NA
3. the percentage increase in the median remuneration of employees in
the financial year: NA
4. the number of permanent employees on the rolls of company: 3
(Three)
5. the explanation on the relationship between average increase in
remuneration and company performance: NA
6. comparison of the remuneration of the Key Managerial Personnel
against the performance of the company: NA
7. variations in the market capitalisation of the company, price
earnings ratio as at the closing date of the current financial year and
previous financial year and percentage increase over decrease in the
market quotations of the shares of the company in comparison to the
rate at which the company came out with the last public offer in case
of listed companies, and in case of unlisted companies, the variations
in the net worth of the company as at the close of the current
financial year and previous financial year: NA
8. average percentile increase already made in the salaries of
employees other than the managerial personnel in the last financial
year and its comparison with the percentile increase in the managerial
remuneration and justification thereof and point out if there are any
exceptional circumstances for increase in the managerial remuneration:
NA
9. the key parameters for any variable component of remuneration
availed by the directors:NA
10. the ratio of the remuneration of the highest paid director to that
of the employees who are not directors but receive remuneration in
excess of the highest paid director during the year: NA
11. affirmation that the remuneration is as per the remuneration policy
of the company: NA
Acknowledgements
The Board of Directors of acknowledge the continued the support and
co-operation extended by the Statutory
Authorities, Government Authorities, Bankers, Stock Exchange, Stake
holders and employees of the Company.
for, Twinstar Industries Limited
Sd/- Sd/-
D. S. Mehta Kailash Mehta
Managing Director Director
DIN: 01575366 DIN: 01741399
Place: Mumbai
Date: 14/08/15
Mar 31, 2014
The Members
Twinstar Industries Limited
The Directors present herewith their Twentieth Annual Report and
Audited Accounts for the year ended 31st March, 2014.
FINANCIAL RESULTS:
The table given herein below set out salient features pertaining to the
working of the Company during the year under review.
Particulars 2013-14 2012-13
(Rs. in Lacs) (Rs. in Lacs)
Sales and Services 7142.40 5181.63
Other Income 5.62 19.40
Profit/(Loss) before interest
and depreciation 134.35 107.096
Less: Financial Expenses 38.81 9.76
Less: Depreciation 43.35 28.91
Net Profit/ (Loss) before Tax 52.19 68.41
Net Profit/ (Loss) after Income Tax 42.19 57.17
OPERATIONS AND OVERALL PERFORMANCES:
During the year the total profits before tax of the Company is Rs.
52.19 Lacs against Rs. 68.41 Lacs in the previous year.
DIVIDEND:
Due to inadequate profit during the year under review and with purpose
to retain profit for strengthening capital base of the company, the
Board of Directors do not recommend declaration of any dividend for the
year ended 31.03.2014.
DEPOSITS:
The Company has not accepted any deposit from the public during the
year under review and, as such, there are no outstanding deposits in
terms of the Companies (Acceptance of Deposits) Rules, 1975.
TWINSTAR SOFTWARE INC.:
Twinstar Software Inc. is a 100% subsidiary of the Company incorporated
under the Laws of California State, USA. The main object of the
subsidiary is to work as a marketing window for the Company. It is
engaged in marketing the Company''s products and services, which in turn
will accelerate the Company''s growth. Business activities of the
subsidiary during the year under review have been sluggish due Slowdown
in USA.
CORPORATE GOVERNANCE
Your Company and its Board have taken adequate steps towards
implementation of the provisions of Clause 49 of the Listing Agreement
and it is committed to achieve the highest standards of the Corporate
Governance.
For the matters concerning Corporate Governance, you are requested to
refer to the separate segment on the same, forming part of the Annual
Report.
DIRECTORS
During the year under review, there were no changes in the Composition
of Board of Directors:
In the forthcoming Annual General Meeting of the Company it is proposed
to reappoint Mr. Kailash Mehta (DIN: 01741399) as a Director who
retires by rotation and being eligible offers himself for
reappointment.
In the forthcoming Annual General Meeting of the Company it is proposed
to appoint Mr. Rishabh Jain (DIN: 03439137), Mr. Nirmal Jain (DIN
01506352), Mr. Virendra Kumar Bhandari (DIN 01741546) as a Non
Executive Independent Director for the term of 5 Years under the
provisions of Section 149 of Companies Act 2013 and pursuant to clause
49 of the Listing Agreement.
In the forthcoming Annual General Meeting of the Company it is proposed
to appoint Mrs. Kala Mehta (DIN: 00308065) as Woman Director of the
Company liable to retire by rotation under the provisions of Section
149 of Companies Act 2013
AUDITORS
M/s. N.K.Jalan & Co., Chartered Accountants [Firm Registration No.
104019W], Statutory Auditors of the Company be appointed at the ensuing
Annual General Meeting to hold office from the conclusion of this
Annual General Meeting until the conclusion of the next Annual General
Meeting
PARTICULARS ON ENERGY CONSERVATION, TECHNOLOGY ABSORPTION & FOREIGN
EXCHANGE EARNING AND OUTGO
The Company is not engaged in any manufacturing activity and therefore
there are no particulars to be disclosed under the Companies
(Disclosure of Particulars in the Report of the Board of Directors)
Rules, 1988.
Foreign Exchange Earnings and Outgo:
Foreign Exchange Earnings : Rs. 67,21,151 Foreign Exchange Outgo : Nil
PARTICULARS OF EMPLOYEES
There is no employee covered under the provisions of Section 217(2A) of
the companies Act, 1956, read with the Companies (Particulars of
Employees) Rules, 1975 as amended.
DIRECTOR''S RESPONSIBILTY STATEMENT
The Directors Confirms:
1. That in the preparation of annual accounts, the applicable
accounting standards have been followed.
2. 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 or loss of the Company for that period.
3. That the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act for safeguarding the assets of the
company and for preventing and detecting fraud and other
irregularities.
4. That the Directors have prepared the annual accounts on a going
concern basis.
Yours Director''s place on record their deep appreciation to the
Bankers, Shareholders and Customers for their Co-operation and support
and to the staff members for their contribution towards the performance
of the Company.
for, Twinstar Industries Limited
Sd/-
D. S. Mehta
Place: Mumbai Managing Director
Date: 14th August 2014 DIN: 01575366
Mar 31, 2013
To, The Members of Twinstar Industries Limited
The Directors present herewith their Nineteenth Annual Report and
Audited Accounts for the year ended 31st March, 2013.
FINANCIAL RESULTS:
The table given herein below set out salient features pertaining to the
working of the Company during the year under review.
(Rs. in Lacs)
Particulars 2012-13 2011-12
Sales and Services 5181.63 3220.22
Other Income 19.40 0
Profit/(Loss) before interest
and depreciation 97.33 58.51
Less: Financial Expenses 9.45 0
Less: Depreciation 28.91 15.10
Net Profit/ (Loss) before Tax 68.41 43.40
Net Profit/ (Loss) after Income Tax 11.22 100.08
OPERATIONS AND OVERALL PERFORMANCES:
During the year the total profits before tax of the Company is Rs.
68,41 Lacs against Rs 43.40 Lacs in the previous year.
DIVIDEND:
Due to inadequate profit during the year under review and with purpose
to retain profit for strengthening capital base of the company, the
Board of Directors do not recommend declaration of any dividend for the
year ended 31.03.2013.
DEPOSITS:
The Company has not accepted any deposit from the public during the
year under review and, as such, there are no outstanding deposits in
terms of the Companies (Acceptance of Deposits) Rules, 1975.
TWINSTAR SOFTWARE INC.:
Twinstar Software Inc. is a 100% subsidiary of the Company incorporated
under the Laws of California State, USA. The main object of the
subsidiary is to work as a marketing window for the Company. It is
engaged in marketing the Company''s products and services, which in turn
will accelerate the Company''s growth. Business activities of the
subsidiary during the year under review have been sluggish due Slowdown
in USA.
Pursuant to the provisions of Section 212 of the Companies Act, 1956,
financial statements of the subsidiary are annexed hereto.
CORPORATE GOVERNANCE
Your Company and its Board have taken adequate steps towards
implementation of the provisions of Clause 49 of the Listing Agreement
and it is committed to achieve the highest standards of the Corporate c
Governance.
For the matters concerning Corporate Governance, you are requested to
refer to the separate segment on the same, forming part of the Annual
Report.
DIRECTORS
During the year under review, following were the changes in the
Composition of Board of Directors:
Mr. Nirmal Jain who retires by rotation at the ensuing Annual General
Meeting is proposed to be reappointed.
Mr. Daulat Mehta was re-appointed as Managing Director by the Board of
Directors.
Mr. Harsh Mehta and Mr. Rishabh Jain were appointed as Additional
Directors as on 18.12.2012 and 29.03.2013 respectively and have
resigned as Additional Directors as on 30.03.2013
It has been proposed to regularize the appointment of Mr Yogesh
Wadhwana as a Director of the Company pursuant to Section 257 of the
Companies Act, 1956.
AUDITORS
M/s. N.KJalan & Co., Chartered Accountants [Firm Registration No.
104019WJ, Statutory Auditors of the Company be appointed at the ensuing
Annual General Meeting to hold office from the conclusion of this
Annual General Meeting until the conclusion of the next Annual General
Meeting
PART1CULARSON ENERGY CONSERVATION, TECHNOLOGY ABSORPTION & FOREIGN
EXCHANGE EARNING ANDOUTGO.
The Company is not engaged in any manufacturing activity and therefore
there are no particulars to be disclosed under the Companies
(Disclosure of Particulars in the Report of the Board of Directors)
Rules, 1988.
Foreign Exchange Earnings and Outgo:
Foreign Exchange Earnings :Nil
Foreign Exchange Outgo :Nil
PARTICULARS OF EMPLOYEES
There is no employee covered under the provisions of Section 217(2A) of
the companies Act, 1956, read with the Companies (Particulars of
Employees) Rules, 1975 as amended.
DIRECTOR''S RESPONSIBILTY STATEMENT
The Directors Confirms:
1. That in the preparation of annual accounts, the applicable
accounting standards have been followed.
2. 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 trie state
of affairs of the Company at the end of the financial year and of the
profit or loss of {he Company for that period.
3. That the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act for safeguarding the assets of the
company and for preventing and detecting fraud and other
irregularities.
4. That the Directors have prepared the annual accounts on a going
concern basis.
ACKNOWLEDGMENTS
Yours Director''s place on record their deep appreciation to the
Bankers, Shareholders and Customers for their Co-operation Yours
Directors'' place on record their deep appreciation to the Bankers,
Shareholders and Customers for their co-operation and support and to
the staff members for their contribution towards the performance of the
Company.
for, Twinstar Industries Limited
D. S. Mehta
Managing Director
Place: Mumbai
Date: 07.08.2013
Mar 31, 2010
The Directors present herewith their Sixteenth Annual Report and
Audited Accounts for the year ended 31st March, 2010.
FINANCIAL RESULTS:
The table given herein below set out salient features pertaining to the
working of the Company during the year under review.
(Rs.in Lacs)
Particulars 2009-10 2008-09
Sates and Services 2054.34 906.82
Other Income 0 0.26
Profit/(Loss) before
interest and depreciation 29.55 27.36
Less: Financial Expenses 0 0
Less: Depreciation 16.59 18.00
Net Profit/ (Loss) before Tax 12.96 9.36
Net Profit/(Loss) after Tax 12.96 9.36
Add/Less: Profit / (Loss) of
Previous Year -321.81 -333.21
Less: Sundry Balances w/off. -2.02 2.03
Balance of Profit
carried to Balance
Sheet -310.87 -321.82
OPERATIONS AND OVERALL PERFORMANCES:
During the year the profits of the Company was 12.96 Lacs against
profits of Rs. 9.36 Lacs in the previous year. However your Directors
are hopeful that the strategies and Business Plans made by the
Management will reap more positive yields in the time to come.
DIVIDEND:
Due to inadequate profits during the year under review and with purpose
to retain profit for strengthening capital base of the Company, the
Board of Directors do not recommend declaration of any dividend for the
financial year ended 31.03.2010.
DEPOSITS:
The Company has not accepted any deposit from the public during the
year under review and, as such, there are no outstanding deposits in
terms of the Companies (Acceptance of Deposits) Rules, 1975.
TWINSTAR SOFTWARE INC.:
Twinslar Software Inc. is a 100% subsidiary of the Company incorporated
under the Laws of California State, USA. The main object of the
subsidiary is to work as a marketing window for the Company. It is
engaged in marketing the Companys products and services, which in turn
will accelerate the Companys growth. Business activities of the
subsidiary during the year under review have been sluggish due Slowdown
in USA.
Pursuant to the provisions of Section 212 of the Companies Act, 1956,
financial statements of the subsidiary are annexed hereto.
CORPORATE GOVERNANCE
Your Company and its Board, have taken adequate steps towards
implementation of the provisions of Clause 49 of the Listing Agreement
and it is committed to achieve the highest standards of the Corporate
Governance.
For the matters concerning Corporate Governance, you are requested to
refer to the separate segment on the same, forming part of the Annual
Report.
DIRECTORS
During the year under review, following were the changes in the
Composition of Board of Directors:
Mr. Yogesh Wadhwana who retires by rotation at the ensuing Annual
General Meeting is proposed to be re- appointed.
AUDITORS
Mis. N. K. Jalan, Chartered Accountants retire and being eligible,
offer themselves for re-appolntment.
PARTICULARS ON ENERGY CONSERVATION, TECHNOLOGY ABSORPTION & FOREIGN
EXCHANGE EARNING AND OUTGO.
The Company is not engaged in any manufacturing activity and therefore
there are no particulars to be disclosed under the Companies
(Disclosure of Particulars in the Report of the Board of Directors)
Rules, 1988.
Foreign Exchange Earnings and Outgo:
Foreign Exchange earnings Nil
Foreign Exchange outgo Nil
PARTICULARS OF EMPLOYEES
There is no employee covered under the provisions of Section 217(2A) of
the Companies Act, 1956, read with the Companies (Particulars of
Employees) Rules, 1975 as amended.
DIRECTORS RESPONSIBILITY STATEMENT
The Directors confirms:
1. That in the preparation of annual accounts, the applicable
accounting standards have been followed.
2. 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 or toss of the Company for that period.
3. That the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act for safeguarding the assets of the
company and for preventing and detecting fraud and other
irregularities.
4. That the Directors have prepared the annual accounts on a going
concern basis.
ACKNOWLEDGMENTS
Your Directors place on record their deep appreciation to the Bankers,
Shareholders and Customers for their co-operation and support and to
the staff members for their contribution towards the performance of the
Company.
For, Twinstar Industries Limited
D. S. Mahta
Managing Director
Place: Mumbai
Date : 11.08.2010
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