Mar 31, 2015
The Directors have pleasure in presenting the 28th Annual Report of
your Company together with the Audited Statements of Accounts for the
year ended 31st March 2015.
year ended Year Ended
Financial Results 31.03.2015 31.03.2014
Income 1.34 8.79
Proft / (Loss) before Tax &
Extraordinary Items (10.51) 1.72
Less : Provision for Taxation 0.00 0.54
Add / (Less) : Extra-Ordinary
Items (11.90) 0.66
Profit / (Loss) after Tax (22.41) 1.84
Add: Profit/(Loss) brought
forward from Previous Year (880.09) (881.93)
Balance carried forward (902.51) (880.09)
overview oF economy
Indian economy has weathered many challenges successfully in recent
times and is currently placed on a cyclical upturn, on the back of
strong policies and a whiff of new optimism. In the recent past, the
economy faced testing times with issues like lower growth, high levels
of inflation and widening current account deficit; escalated by an
unsupportive external environment. Growth is back, with its desirable
concomitants of mild inflation and manageable current account balance
with stable rupee and rising foreign exchange reserves, signaling
improvements in macro-economic stability. India is one of the very few
countries for which IMF and World Bank have raised their growth
assessment. The ongoing revival is remarkable against the fact that it
happened despite a highly tentative global economic conditions and a
below-par domestic agricultural season.
The year 2014-15 has witnessed key policy reforms, aimed at aiding
growth revival and surmounting the structural constraints in the
economy. The policy action has combined the needs of short term
economic management with focus on taming inflation and external sector
imbalances with a medium to long-term vision for transformation and
development, manifested in significant reforms aimed at rationalizing
administered pricing policies in petroleum and natural gas, stirring
infrastructure development and de-bottlenecking the economy with
initiatives to unshackle land acquisition for development (along with
rehabilitation requirements therein) and to ensure adequate
availability of key inputs like coal and power. The growth agenda of
the Government has been tethered to the revival of manufacturing,
unleashed in the "Make in India", initiative, accompanied by
liberalization of foreign direct investment, a large array of
investment facilitation measures and steps to improve saving.
overall performance & outlook
During financial year 2014-2015, there were nil business activities
apart from revenue generated from Brokerages and Commission.
The Gross Revenue of the Company stood at Rs. 1.34 Lac in comparison to
last years' figure of Rs. 8.79 Lac whereas Profit / (Loss) after Tax
stood at Rs. (22.84) Lac in comparison to last years' profit of Rs. 1.84.
The Company is looking borrow money from Bank or Financial Institutions
or HNIs who can provide financial support to the Company and from this
funding, Company can revive and can do something in coming years. The
Company is trying hard to bring working capital in order restart
business activities or can think of entering into new businesses.
dividend
As there were no business activities during the year and due to carried
forward losses, the Company do not recommends any dividend during the
year under review.
share Capital
The paid up Equity Share Capital as on March 31, 2015 was Rs. 8.9502
Crore. During the year under review, the Company has not issued shares
with differential voting rights nor granted stock options nor sweat
equity. As on March 31, 2015, none of the Directors and/or Key
Managerial Person of the Company hold instruments convertible in to
Equity Shares of the Company.
Finance and accounts
Your Company prepares its financial statements in compliance with the
requirements the Companies Act, 2013 and the Generally Accepted
Accounting Principles (GAAP) in India. The financial statements have
been prepared on historical cost basis. The estimates and judgments
relating to the financial statements are made on a prudent basis, so as
to reflect in a true and fair manner, the form and substance of
transactions and reasonably present the Company's state of affairs,
profits/(loss) and cash flows for the year ended 31st March 2015.
The Company continues to focus on judicious management of its working
capital. receivables, inventories and other working capital parameters
were kept under strict check through continuous monitoring.
There is no audit Qualification in the standalone financial statements
by the statutory auditors for the year under review.
particulars oF Loans, Guarantees oR investments
Details of Loans, Guarantees and Investments, if any, covered under the
provisions of Section 186 of the Companies Act, 2013 are given in the
notes to the Financial Statements.
subsidiary Company
The Company does not have any material subsidiary whose net worth
exceeds 20% of the consolidated net worth of the holding company in the
immediately preceding accounting year or has generated 20% of the
consolidated income of the Company during the previous financial year.
Accordingly, a policy on material subsidiaries has not been formulated.
Related party transactions
All transactions entered into with Related Parties as defend under the
Companies Act, 2013 and Clause 49 of the Listing Agreement during the
financial year were in the ordinary course of business and on an arm's
length pricing basis and do not attract the provisions of Section 188
of the Companies Act, 2013 thus disclosure in form AOC-2 is not
required. There were no materially significant transactions with
related parties during the financial year which were in confect with
the interest of the Company. Suitable disclosure as required by the
Accounting Standards (AS18) has been made in the notes to the Financial
Statements. The policy on Related Party Transactions as approved by the
Board; is uploaded on the Company's website.
management discussion & analysis
As required by Clause 49 of Listing Agreement, the Management
Discussion and Analysis is annexed and forms part of the Directors'
Report.
management
There is no Change in Management of the Company during the year under
review.
directors
During the financial year, Mr. Rama Shankar Thakur has resigned from
the Board due to their personal reasons.
Further, the Board has appointed Mr. Gerhard Sitaram Bansal as
Independent Director of the Company w.e.f. 10th October 2014, who has
resigned from the Board w.e.f. 22nd April 2015.
Further, the Board has appointed Mr. Vijay Jaideo Poddar as Independent
Director of the Company w.e.f. 10th October 2014, who has also resigned
from the Board w.e.f. 22nd April 2015.
On 22nd April 2015, the Board has appointed Mr. Nabin Kr. Jain, Mr.
Vineet Agarwal and Ms. Kakali Ghosh as Independent Directors of the
Company as per requirement of Clause 49 of Listing Agreement and
Section 149 of Companies Act, 2013.
Further, none of the Directors of the Company are disqualified under
sub-section (2) of Section 164 of the Companies Act, 2013.
independent directors
As per provisions of Section 149 of the 2013 Act, independent directors
shall hold office for a term up to fve consecutive years on the board
of a company, but shall be eligible for re-appointment for another term
up to fve years on passing of a special resolution by the company and
disclosure of such appointment in Board's Report. Further Section 152
of the Act provides that the Independent Directors shall not be liable
to retire by rotation in the Annual General Meeting ('AGM') of the
Company.
As per Revised Clause 49 of the Listing Agreement (applicable from
October 1, 2014), any person who has already served as Independent
Director for fve years or more in a company as on October 1, 2014 shall
be eligible for appointment, on completion of the present term, for one
more term of up to 5 (fve) years only.
details oF directors / kmp appointed and Resigned during the year
sl.
no. name designation
1. Mr. Rama Shankar Thakur Independent Director
2. Mr. Girdhar S. Bansal Independent Director
3. Mr. Vijay Jaideo Poddar Independent Director
4. Mr. Nabin Kr. Jain Independent Director
5. Mr. Vineet Agarwal Independent Director
6. Ms. Kakali Ghosh Independent Director
7. Ms. Suman Murarka Company Secretary
Name date of date of
appointment Resignation
Mr. Rama Shankar Thakur - 10th Oct. 2014
Mr. Girdhar S. Bansal 10th Oct. 2014 22nd April 2015
Mr. Vijay Jaideo Poddar 10th Oct. 2014 22nd April 2015
Mr. Nabin Kr. Jain 22nd April 2015 -
Mr. Vineet Agarwal 22nd April 2015 -
Ms. Kakali Ghosh 22nd April 2015 -
Ms. Suman Murarka 30th Dec 2014 -
significant and material orders passed By the Regulators, tribunals or
Courts There are no significant and material orders passed by the
Regulators/Courts that would impact the going concern status of the
Company and its future operations.
material Changes and Commitments affecting Financial position Between
the end oF the Financial year and date of Report There have been no
material changes and commitments affecting the financial position of
the Company between the end of Financial Year and date of the report.
directors Responsibility statement
Pursuant to the provisions of Section 134(5) of the Companies Act, 2013
the Board of Directors confirms that:
1. In the preparation of the annuals accounts, for the year ended 31st
March 2015, all the applicable accounting standards prescribed by the
Institute of Chartered Accountants of India have been followed;
2. The Directors have adopted 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.
3. The Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities.
4. The Directors have prepared the annual accounts on a going concern
basis.
5. Proper internal financial controls were in place and that the
financial controls were adequate and were operating effectively; and
6. Systems to ensure compliance with the provisions of all applicable
laws were in place and were adequate and operating effectively.
statutory information
The Company being basically in the business of Brokerages & Commission,
requirements regarding disclosures of Particulars of conservation of
energy and technology absorption prescribed by the rule are not
applicable to us.
information technology
Your Company believes that in addition to progressive thought, it is
imperative to invest in Information and Technology to ascertain future
exposure and prepare for challenges. In its endeavor to obtain and
deliver the best, your Company has invested its money for acquiring
latest Computer hardware and software.
Business Risk management
Pursuant to the requirement of Clause 49 of the Listing Agreement, the
Company has constituted a Business Risk Management Committee. The
details of Committee and its terms of reference are set out in the
Corporate Governance Report forming part of the Board's Report.
The Company has a robust Business Risk Management (BRM) framework to
identify, evaluate business risks and opportunities. This framework
seeks to create transparency, minimize adverse impact on the business
objectives and enhance the Company's competitive advantage. The
business risk framework defines the risk management approach across the
enterprise at various levels including documentation and reporting. The
framework has different risk models which help in identifying risks
trend, exposure and potential impact analysis at a Company level as
also separately for business segments viz. Finance and Capital Market
activities.
internal Control systems and their adequacy
The Company has an Internal Control System, commensurate with the size,
scale and complexity of its operations. The scope and authority of the
Internal Audit (IA) function is defend in the Internal Audit Charter.
To maintain its objectivity and independence, the Internal Audit
function reports to the Chairman of the Audit Committee of the Board.
The Internal Audit Department monitors and evaluates the efficiency and
adequacy of internal control system in the Company, its compliance with
operating systems, accounting procedures and policies. Based on the
report of internal audit function, process owners undertake corrective
action in their respective areas and thereby strengthen the controls.
Significant audit observations and corrective actions thereon are
presented to the Audit Committee of the Board.
Vigil mechanism / Whistle Blower policy
As required under Rule 7 of The Companies (Meetings of Board and its
Powers) Rules 2014, the Company has a vigil mechanism named Fraud Risk
Management Policy (FRM) to deal with instance of fraud and
mismanagement, if any. The detail of the FRM Policy is explained in the
Corporate Governance Report.
Research & development
The Company believes that technological obsolescence is a reality. Only
progressive research and development will help us to measure up to
future challenges and opportunities. We invest in and encourage
continuous innovation. During the year under review, expenditure on
research and development is not significant in relation to the nature
size of operations of your Company.
auditors
statutory auditors
Existing Auditors M/s Rishikesh Mishra & Associates, Chartered
Accountants, Mumbai who are retiring in ensuring Annual General Meeting
have expressed their un-willingness to re-appoint themselves as
Auditors of the Company In place of existing Auditors, the Audit
Committee recommended M/s Atish Agarwal & Associates (FRN 329103E),
Chartered Accountants, Mumbai for appointment to audit the accounts of
the Company from the conclusion of the 28th Annual General Meeting up
to the conclusion of the 32nd consecutive Annual General Meeting
(subject to ratification by the members at every subsequent AGM). As
required under the provisions of Section 139 & 142 of the Companies
Act, 2013 the Company has obtained written confirmation under Rule 4 of
the Companies (Audit and Auditors) Rules, 2014 from M/s. Atish Agarwal
& Associates; that they are eligible for appointment as auditors, and
are not disqualified for appointment under the Companies Act, 2013, the
Chartered Accountants Act, 1949, or the rules and regulations made
there-under.
The proposed appointment is as per the term and within the limits laid
down by or under the authority of the Companies Act, 2013 and that
there are no proceedings pending against them or any of their partners
with respect to professional conduct.
secretarial auditors
Pursuant to the provisions of Section 204 of the Companies Act, 2013
and The Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014, the Company has appointed M/s Khusboo Goenka,
Company Secretaries in Practice (C.P. No. 8172) to undertake the
Secretarial Audit of the Company. The Report of the Secretarial Audit
Report is annexed elsewhere in this Annual Report.
extract of annual Return
The details forming part of the extract of the Annual Return in form
MGT 9, as required under section 92 of the Companies Act, 2013 is
annexed elsewhere in this Annual Report.
particulars of employees
People are the backbone of our operations. It is a matter of great
satisfaction for our Company that our employees have been very
supportive of the Company's plan. By far the employee's relations have
been cordial throughout the year.
The information as required by provisions of section 217(2A) of the
Companies Act, 1956 read with the companies (Particular of employees)
amendments rules, 1988 is reported to be NIL. particulars Under
section 217 (1) (e) oF the Companies aCt, 1956
The information required pursuant to Section 197 read with Rule, 5 of
the Companies (Appointment and Remuneration of Managerial Personnel)
Rules, 2014 in respect of employees of the Company, will be provided
upon request. In terms of Section 136 of the Act, the Report and
Accounts are being sent to the Members and others entitled thereto,
excluding the information on employees' particulars which is available
for inspection by the Members at the Registered Office of the Company
during business hours on working days of the Company up to the date of
the ensuing Annual General Meeting. If any Member is interested in
obtaining a copy thereof, such Member may write to the Company
Secretary in this regard.
particulars Under section 134(3)(m) oF the Companies aCt, 2013
Since the Company is into the Business of Financing and Investing
activities in Shares and Securities; the information regarding
conservation of energy, Technology Absorption, Adoption and innovation,
under section 134(3)(m) of the Companies Act, 2013 read with Rule, 8 of
the Companies (Accounts) Rules, 2014, is reported to be NIL.
Foreign exchange earnings and outgo
The Company has not earned or used foreign exchange earnings/outgoings
during the year under review.
public deposits
During the year under review, your Company has not accepted any deposit
from the public falling within the ambit of Section 73 of the Companies
Act, 2013 and the Companies (Acceptance of Deposits) Rules, 2014.
Report on Corporate Governance
The Company confirms to the norms of Corporate Governance as envisaged
in the Companies Act, 2013 and in the Listing Agreement with the Stock
Exchanges. Pursuant to Clause 49 of the Listing Agreement, a Report on
the Corporate Governance and the Auditors Certificate on Corporate
Governance are annexed to this report.
appreciation
Your Directors wish to place on record their appreciation towards the
contribution of all the employees of the Company and their gratitude to
the Company's valued customers, bankers, vendors and members for their
continued support and confidence in the Company.
Kolkata, May 29, 2015 By order of the Board
For Vaishno Cement Company Limited
Registered Office :
Vaishno Chambers RaJ Kumar Jaiswal
6, Brabourne Road (DIN : 00559127)
Kolkata-700 001 Chairman
Mar 31, 2014
Dear Members,
The Directors have pleasure in presenting the 27th Annual Report of
your Company together with the Audited Statements of Accounts for the
year ended 31st March 2014.
(Rs. in Lac)
Year Ended Year Ended
Financial Results 31.03.2014 31.03.2013
Income 8.79 19.58
Profit before Tax & Extraordinary Items 1.72 1.06
Less : Provision for Taxation 0.54 0.35
Add : Extra-Ordinary Items 0.66 0.00
Profit after Tax 1.84 0.71
Add: Profit/(Loss) brought forward from
Previous Year -881.93 -882.64
Balance carried forward -880.09 -881.93
OVERVIEW OF ECONOMY
India''s economic growth remained below 5.00 percent mark second year in
a row at 4.7 percent in 2013-14, but the industry is hopeful of a
rebound with a new stable government who is expected to be considered
pro- business.
India''s fourth quarter growth stood at 4.6 percent. Decline in
manufacturing and mining output eclipsed the overall growth during the
entire fiscal. The country''s economy, or gross domestic product (GDP),
had expanded at 4.5 percent in 2012-13, the slowest pace in the
previous decade.
Subdued prices of vegetables, cereals and dairy products pushed down
retail inflation to a three-month low of 8.28 percent in May. Retail
inflation, measured on consumer price index (CPI), was 8.59 percent in
April.
In February 2014, retail inflation was at 8.03 percent, followed by
consecutive rise in March (8.31 percent) and in April, it was 9.66
percent as per the data released by government.
OVERALL PERFORMANCE & OUTLOOK
During financial year 2013-2014, there were almost no business
activities apart from revenue generated from Brokerages and Commission.
The Gross Revenue of the Company stood at Rs. 8.79 Lac in comparison to
last years'' figure of Rs. 19.58 Lac whereas PAT stood at Rs. 1.84 Lac
in comparison to last years'' figure of Rs. 0.71.
The Company is looking for financing from Bank, Financial Institutions
or HNIs who can provide financial assistance to the Company and from
this funding, Company can revive and can do better in coming years. The
Company is trying hard to bring working capital in order restart
business activities or can think of entering into new businesses.
DIVIDEND
As there were no business activities during the year and due to carried
forward losses, the Company do not recommends any dividend during the
year under review.
SUBSIDIARY COMPANY
The Company does not Subsidiary Company.
MANAGEMENT DISCUSSION & ANALYSIS
As required by Clause 49 of Listing Agreement, the Management
Discussion and Analysis is annexed and forms part of the Directors''
Report.
MANAGEMENT
There is no Change in Management of the Company during the year under
review.
DIRECTORS
There is no change in composition of Board during the year under review
Further, none of the Directors of the Company are disqualified under
sub-section (2) of Section 164 of the Companies Act, 2013.
INDEPENDENT DIRECTORS
As per provisions of Section 149 of the 2013 Act, independent directors
shall hold office for a term up to five consecutive years on the board
of a company, but shall be eligible for re-appointment for another term
up to five years on passing of a special resolution by the company and
disclosure of such appointment in Board''s Report. Further Section 152
of the Act provides that the independent directors shall not be liable
to retire by rotation in the Annual General Meeting (''AGM'') of the
Company.
As per Revised Clause 49 of the Listing Agreement (applicable from
October 1, 2014), any person who has already served as independent
director for five years or more in a company as on October 1, 2014
shall be eligible for appointment, on completion of the present term,
for one more term of up to 5 (five) years only.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to Section 217 (2AA) of the Companies (Amendment) Act, 2000
the Directors confirm that:
1. In the preparation of the annuals accounts, for the year ended 31st
March 2014, all the applicable accounting standards prescribed by the
Institute of Chartered Accountants of India have been followed;
2. The Directors had adopted 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.
3. The Directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities.
4. The Directors had prepared the annual accounts on a going concern
basis.
STATUTORY INFORMATION
The Company being basically in the business of Brokerages & Commission,
requirements regarding disclosures of Particulars of conservation of
energy and technology absorption prescribed by the rule are not
applicable to us.
INFORMATION TECHNOLOGY
Your Company believes that in addition to progressive thought, it is
imperative to invest in Information and Technology to ascertain future
exposure and prepare for challenges. In its endeavor to obtain and
deliver the best, your Company has invested its money for acquiring
latest Computer hardware and software.
RESEARCH & DEVELOPMENT
The Company believes that technological obsolescence is a reality. Only
progressive research and development will help us to measure up to
future challenges and opportunities. We invest in and encourage
continuous innovation. During the year under review, expenditure on
research and development is not significant in relation to the nature
size of operations of your Company.
AUDITORS
The Auditors M/s Rishikesh Mishra & Associates, Chartered Accountants,
Mumbai who are Statutory Auditors of the Company and holds the office
until the conclusion of ensuing Annual General Meeting and are
recommended for re-appointment to audit the accounts of the Company
from the conclusion of the 27th Annual General Meeting up to the
conclusion of the 32nd consecutive Annual General Meeting (subject to
ratification by the members at every subsequent AGM). As required under
the provisions of Section 139 & 142 of the Companies Act, 2013 the
Company has obtained written confirmation from M/s. Rishikesh Mishra &
Associates, that their appointment, if made, would be in conformity
with the limits specified in the said Section.
The shareholders are requested to appoint Auditors and fix their
remuneration.
COMMENTS ON AUDITOR''S REPORT :
The notes referred to in the Auditor''s Report are self explanatory and
as such they do not call for any further explanation as required under
section 217(3) of the Companies Act, 1956.
PARTICULARS OF EMPLOYEES
People are the backbone of our operations. It is a matter of great
satisfaction for our Company that our employees have been very
supportive of the Company''s plan. By far the employee''s relations have
been cordial throughout the year.
The information as required by provisions of section 217(2A) of the
Companies Act, 1956 read with the companies (Particular of employees)
amendments rules, 1988 is reported to be NIL.
PARTICULARS UNDER SECTION 217 (1) (e) OF THE COMPANIES ACT, 1956
Since the Company is to the business of broking and commission agent
during the year under review and hence the information regarding
conservation of energy, Technology Absorption, Adoption and innovation,
the information required under section 217(1)(e) of the Companies Act,
1956 read with the Companies (Disclosure of particulars in the Report
of Board of Directors) Rules 1988, is reported to be NIL.
FOREIGN EXCHANGE EARNINGS AND OUTGO
The Company has not earned or used foreign exchange earnings/outgoings
during the year under review.
PUBLIC DEPOSITS
During the year under review, your Company has not accepted any
deposits from the public within the meaning of section 58A of the
Companies Act 1956 and the rules there under.
REPORT ON CORPORATE GOVERNANCE
The Company conforms to the norms of Corporate Governance as envisaged
in the Companies Act, 1956 and the Listing Agreement with the Stock
Exchanges. Pursuant to Clause 49 of the Listing Agreement, a Report on
the Corporate Governance and the Auditors Certificate on Corporate
Governance are annexed to this report.
APPRECIATION
Your Directors wish to place on record their appreciation towards the
contribution of all the employees of the Company and their gratitude to
the Company''s valued customers, bankers, vendors and members for their
continued support and confidence in the Company.
Kolkata, May 29, 2014 By order of the Board
For VAISHNO CEMENT COMPANY LIMITED
Registered Office : RAJ KUMAR JAISWAL
Vaishno Chambers (DIN : 00559127)
6, Brabourne Road Chairman
Kolkata-700 001
Mar 31, 2012
To The Members,
The Directors have pleasure in presenting the 25th Annual Report of
your Company together with the Audited Statements of Accounts for the
year ended 31st March 2012.
(Rs. in Lacs)
Financial Results Year Ended Year Ended
31.03.2012 31.03.2011
Income 7.33 0.00
Profit before Tax & extraordinary item 3.12 -0.21
Less : Provision for Taxation 0.94 0.00
Profit after Tax 2.18 -0.21
Add: Profit/(Loss) brought forward from
Previous Year -884.82 -884.61
Balance carried forward -882.64 -884.82
BUSINESS OPERATIONS
During financial year 2011-12, there were almost nil business
activities apart from doing investment activities in shares and
securities.
Your Company was in the business of cement manufacturing which was
apparently shut down due to lack of working capital as well as looking
to the requirements of new machineries, for which the Company is not
having enough financial strength.
The PBT of the Company stood at Rs. 3.12 Lac and PAT stood at Rs. 2.18 Lac
which is not as per expectation of Company management. The Company is
trying hard to bring some more fund or capital in order to enter into
the new business activities which have been identified by the
management.
FUTURE PLANS
The Company is looking for various aspects to arrange for its working
capital; by way of loan from Bank or Corporate Houses, to raise money
by way of issue of further shares or to bring into some strategic
partners who can invest into the Company to bring back its old glory.
DIVIDEND
As the Company was in not in any business during the year and due to
carried forward losses, the Company do not recommends any dividend
during the year under review.
SUBSIDIARY COMPANY
The Company does not Subsidiary Company.
MANAGEMENT DISCUSSION & ANALYSIS
As required by Clause 49 of Listing Agreement, the Management
Discussion and Analysis is annexed and forms part of the Directors'
Report.
MANAGEMENT
There is no Change in Management of the Company during the year under
review.
DIRECTORS
There is no change in composition of Board during the year under
review.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to Section 217 (2AA) of the Companies (Amendment) Act, 2000
the Directors confirm that:
1. In the preparation of the annuals accounts, for the year ended 31st
March 2012, all the applicable accounting standards prescribed by the
Institute of Chartered Accountants of India have been followed;
2. The Directors had adopted 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.
3. The Directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities.
4. The Directors had prepared the annual accounts on a going concern
basis.
STATUTORY INFORMATION
The Company being basically in the business of Capital & Money Market,
requirement, regarding and disclosures of Particulars of conservation
of energy and technology absorption prescribed by the rule is not
applicable to us.
INFORMATION TECHNOLOGY
Your Company believes that in addition to progressive thought, it is
imperative to invest in research and development to ascertain future
exposure and prepare for challenges. In its endeavor to obtain and
deliver the best, your Company has invested its money for acquiring
latest Computer hardware and software.
RESEARCH & DEVELOPMENT
The Company believes that technological obsolescence is a reality. Only
progressive research and development will help us to measure up to
future challenges and opportunities. We invest in and encourage
continuous innovation. During the year under review, expenditure on
research and development is not significant in relation to the nature
size of operations of your Company.
AUDITORS
The Auditors M/s Anil Sanklecha & Co., Chartered Accountants, Mumbai
holds the office until the conclusion of ensuing Annual General
Meeting. Your Company has received certificate from the Auditors U/S
224(1B) of the Companies Act, 1956 to the effect that their
reappointment if made, will be within the limit prescribed.
The shareholders are requested to appoint Auditors and fix their
remuneration.
COMMENTS ON AUDITOR'S REPORT :
The notes referred to in the Auditor's Report are self explanatory and
as such they do not call for any further explanation as required under
section 217(3) of the Companies Act, 1956.
PARTICULARS OF EMPLOYEES
There were no employees in Company during the year under review.
The information as required by provisions of section 217(2A) of the
Companies Act, 1956 read with the companies (Particular of employees)
amendments rules, 1988 is reported to be NIL.
PARTICULARS UNDER SECTION 217 (1) (E) OF THE COMPANIES ACT, 1956
The Company is having no business other than the business of investing
activities during the year under review and hence the information
regarding conservation of energy, Technology Absorption, Adoption and
innovation, the information required under section 217(1)(e) of the
Companies Act, 1956 read with the Companies (Disclosure of particulars
in the Report of Board of Directors) Rules 1988, is reported to be NIL.
FOREIGN EXCHANGE EARNINGS AND OUTGO
The Company has not earned or used foreign exchange earnings/outgoings
during the year under review.
PUBLIC DEPOSITS
During the year under review, your Company has not accepted any
deposits from the public within the meaning of section 58A of the
Companies Act 1956 and the rules there under.
REPORT ON CORPORATE GOVERNANCE
The Company conforms to the norms of Corporate Governance as envisaged
in the Companies Act, 1956 and the Listing Agreement with the Bombay
Stock Exchange Limited. Pursuant to Clause 49 of the Listing Agreement,
a Report on the Corporate Governance and the Auditors Certificate on
Corporate Governance are annexed to this report.
APPRECIATION
Your Directors wish to place on record their appreciation towards the
contribution of all the employees of the Company and their gratitude to
the Company's valued customers, bankers, vendors and members for their
continued support and confidence in the Company.
Kolkata, August 22, 2012 By order of the Board
For VAISHNO CEMENT COMPANY LIMITED
Registered Office :
Vaishno Chambers
6, Brabourne Road R. K. JAISWAL
Kolkata-700 001 Chairman
Mar 31, 2011
The Directors have pleasure in presenting the 24t Annual Report of
your Company together with the Audited Statements of Accounts
for the year ended 31st March 2011.
( Rs. in Lacs)
Financial Results Year Ended Year Ended
31.03.2011 31.03.2010
Income 0.00 0.00
Profit before Tax & extraordinary
item - 0.21 -804.42
Less : Provision for Taxation 0.00 0.00
Profit after Tax -0.21 -804.42
Add: Profit/(Loss) brought
forward from Previous Year -884.61 -80.18
Balance carried forward -884.82 -884.61
DIVIDEND
As the Company was in not in any business during the year and due to
carried forward losses, the Company do not recommends any dividend
during the year under review.
PERFORMANCE & CURRENT YEAR PROSPECTS
As there were no business activities during the year under review, it
is difficult to comment on the topic of current years' business
performance of the Company. However the Company is trying hard to bring
some capital by way of various modes which are allowed by SEBI and then
to enter into the business of land development and building
construction.
BUSINESS SEGMENT
The Company was in no business during the year under review apart from
some investing activities in shares and securities and thus unable to
comment exactly on the topic.
RISK & CONCERNS
In current scenario the Company is not in any business and hence there
is no question of Risk and concerns in its line of business. However
the Company is looking various aspects to invest its money, if the same
is being recovered and your Company is hopeful to be succeeded. Though,
if the Company fails to recover its money, the Company is having fear
that they will not be able to deliver anything to its shareholders.
OVERVIEW OF FINANCIAL AND BUSINESS PERFORMANCE
During financial year 2010-11, there were almost nil business
activities apart from doing investment activities in shares and
securities.
Currently, your Company is in the business of cement manufacturing. The
PBT of the Company stood at Rs. 21 Lac which is not as per expectation
of Company management. The Company is trying hard to bring some more
fund or capital in order to enter into the new business activities
which has been identified by the management.
RISK MANAGEMENT & CONCERNS
The objective of risk management is to balance the trade-off between
risk and returns and ensure optimum risk adjusted return on capital. It
entails the identification, measurement and management of risks across
the various businesses of the Company. Risk is managed through a
framework of policies and principles approved by the Board of Directors
and supported by an Independent risk function that ensures that the
Company operates within its risk appetite. The risk management function
attempts to anticipate vulnerabilities at the transaction level or at
the portfolio level, as appropriate, through quantitative or
qualitative examination of the embedded risks. The Company continues to
focus on refining and improving its risk management systems. In
addition to ensuring compliance with regulatory requirements, the
Company had developed internal systems for assessing capital
requirements keeping in view the business objectives.
The Company has identified main risks viz. Credit Risk, Market Risk,
Liquidity Risk and Operational Risk for its business, which needs to be
addressed at this point of time.
The Company has framed the appropriate business policies to tackle the
challenges of above risks and is continually reviewing and modifying
these policies in order to face the challenges and come out with the
help of Company's business policies.
INTERNAL CONTROL SYSTEMS AND ADEQUACY
VCCL has developed adequate Internal Control Systems in place to ensure
a smooth functioning of its business. The Control System provides a
reasonable assurance of recording the transactions of its operations in
all material aspects and of providing protection against misuse or loss
of Company's assets.
The ICS and their adequacy are frequently reviewed and improved and are
documented.
MATERIAL DEVELOPMENT IN HUMAN RESOURCES
The Company was having staff strength of 3 people during the year under
review however the Company is recruiting more experienced employees
during financial year 2010-11. Once the process of new recruitment will
be over, the Company will be able to comment on this.
PUBLIC DEPOSITS
During the year under review, your Company has not accepted any
deposits from the public within the meaning of section 58A of the
Companies Act 1956 and the rules there under.
CAUTIONARY STATEMENT
Statements in the Management Discussions and Analysis describing the
Company's objectives, projections, estimates, expectations may be
forward looking statements. Actual results may differ materially from
those expressed or implied. Important factors that could make a
difference to the Company's performance include economic conditions
affecting demand / supply and price conditions in the domestic and
overseas markets in which the Company operates, changes in the
Government Regulations, tax laws, statues and other incidental factors.
MANAGEMENT
There is no Change in Management of the Company during the year under
review.
DIRECTORS
There is no change in management during the year under review.
During the year, Mr. Manoj Jaiswal, Mr. Hitesh Jaiswal and Mr. Jairaj
Jaiswal have resigned in the month of
January 2011.
INFORMATION TECHNOLOGY
The Company aims to maintain a scalable computing infrastructure that
delivers efficient and seamless services across multiple channels for
customer convenience. In order to retain competitive edge, technology
infrastructure has been implemented wherever necessary, in alignment
with business requirements.
COMPLIANCE
The Compliance function of the Company is responsible for independently
ensuring that operating and business units comply with regulatory and
internal guidelines. The Compliance Department of the Company is
continued to play a pivotal role in ensuring implementation of
compliance functions in accordance with the directives issued by
regulators, the Company's Board of Directors and the Company's
Compliance Policy. The Audit Committee of the Board reviews the
performance of the Compliance Department and the status of compliance
with regulatory/internal guidelines on a periodic basis.
New Instructions/guidelines issued by the regulatory authorities were
disseminated across the Company to ensure that the business and
functional units operate within the boundaries set by regulators and
that compliance risks are suitably monitored and mitigated in course of
their activities and processes. New products and process launched
during the year were subjected to scrutiny from the Compliance
Standpoint and proposals of financial services were screened from risk
control prospective.
HUMAN RESOURCES
The Company recognizes that its success is deeply embedded in the
success of its human capital. During 2010-11, the Company continued to
strengthen its HR processes in line with its objective of creating an
inspired workforce. The employee engagement initiatives included
placing greater emphasis on learning and development, launching
leadership development programme, introducing internal communication,
providing opportunities to staff to seek inspirational roles through
internal job postings, streamlining the Performance Management System,
making the compensation structure more competitive and streamlining the
performance-link rewards and incentives.
The Company believes that learning is an ongoing process. Towards this
end, the Company has built a training infrastructure which seeks to
upgrade skill levels across grades and functions through a combination
of in-house and external programme.
STATUTORY INFORMATION
The Company being basically in the media sector, requirement, regarding
and disclosures of Particulars of conservation of energy and technology
absorption prescribed by the rule is not applicable to us.
AUDITORS
The Auditors M/s J. Gupta & Co., Chartered Accountants, Kolkata, West
Bengal holds the office until the conclusion of ensuing Annual General
Meeting. Your Company has received certificate from the Auditors U/S
224(1B) of the Companies Act, 1956 to the effect that their
reappointment if made, will be within the limit prescribed.
The shareholders are requested to appoint Auditors and fix their
remuneration.
COMMENTS ON AUDITOR'S REPORT :
The notes referred to in the Auditor's Report are self explanatory and
as such they do not call for any further explanation as required under
section 217(3) of the Companies Act, 1956.
PARTICULARS OF EMPLOYEES
There were no employees in Company during the year under review.
The information as required by provisions of section 217(2A) of the
Companies Act, 1956 read with the companies (Particular of employees)
amendments rules, 1988 is reported to be NIL.
PARTICULARS UNDER SECTION 217 (1) (E) OF THE COMPANIES ACT, 1956
The Company is having no business other than the business of investing
activities during the year under review and hence the information
regarding conservation of energy, Technology Absorption, Adoption and
innovation, the information required under section 217(1)(e) of the
Companies Act, 1956 read with the Companies (Disclosure of particulars
in the Report of Board of Directors) Rules 1988, is reported to be
NIL.
The Company has not earned or used foreign exchange earnings/outgoings
during the year under review.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to Section 217 (2AA) of the Companies (Amendment) Act, 2000
the Directors confirm that:
1. In the preparation of the annuals accounts, for the year ended 31st
March 2011, all the applicable accounting standards prescribed by the
Institute of Chartered Accountants of India have been followed;
2. The Directors had adopted 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.
3. The Directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities.
4. The Directors had prepared the annual accounts on a going concern
basis.
REPORT ON CORPORATE GOVERNANCE
The Company is committed to good Corporate Governance. The Company
respects the rights of its Shareholders to inform on the performance of
the Company and its endeavor to maximize the long-term value to the
Shareholders of the Company. As per Clause 49 of the listing Agreement
of the Stock Exchange, a report on Corporate Governance is set out
separately, which forms part of this report.
CORPORATE SOCIAL RESPONSIBILITY (CSR)
Corporate Social Responsibility (CSR) is commitment of the Company to
improve the quality and living standard of the employees and their
families and also to the community and society at large. The Company
believes in undertaking business in such a way that it leads to overall
development of all stake holders and Society.
APPRECIATION
The Board of Directors wishes to convey their appreciation to all the
Company's managing body for their performance and continued support.
The Directors would also like to thank all the Shareholders,
Consultants, Customers, Vendors, Bankers, Service Providers, and
Governmental and Statutory Authorities for their continued support.
Kolkata, September 3, 2011 By order of the Board
For VAISHNO CEMENT COMPANY LIMITED
Registered Office :
Vaishno Chambers
6, Brabourne Road R. K. JAISWAL
Kolkata-700 001 Chairman
Mar 31, 2010
The Directors have pleasure in presenting the 23rd Annual Report of
your Company together with the Audited Statements of Accounts for the
year ended 31st March 2010.
(Rs. in Lacs)
Financial Results Year Ended Year Ended
31.03.2010 31.03.2009
Income 0.00 1.26
Profit before Tax & extraordinary item -804.42 -6.02
Less : Provision for Taxation 0.00 0.00
Profit after Tax -804.42 -6.02
Add: Profit/(Loss) brought forward
from Previous Year -80.18 -74.16
Balance carried forward -884.61 -80.18
DIVIDEND
Due to severe Loss due to sale of its Investments, Plant & Machinery as
well as factory premises during the year, your Directors do not propose
any dividend for the year under review.
PERFORMANCE & CURRENT YEAR PROSPECTS
The Company was operating in the segment of Cement manufacturing and
during the year entire Factory, Plant & Machinery as well as
Investments was sold out and thus there was no business activity during
the year under review. During the year, the Company has earned loss of
Rs. 884.61 Lac due to the same which was totally unexpected and wow the
Company is looking to diversify its business into some other segment.
BUSINESS SEGMENT
The Company was in no business during the year under review apart from
some investing activities in shares and securities and thus unable to
comment exactly on the topic.
RISK & CONCERNS
In current scenario the Company is not in any business and hence there
is no question of Risk and concerns in its line of business. However
the Company is looking various aspects to invest its money, if the same
is being recovered and your Company is hopeful to be succeeded. Though,
if the Company fails to recover its money, the Company is having fear
that they will not be able to deliver anything to its shareholders.
OVERVIEW OF FINANCIAL AND BUSINESS PERFORMANCE
During financial year 2009-10, there were almost nil business
activities apart from doing investment activities in shares and
securities.
Currently, your Company is in the business of cement manufacturing. The
PBT of the Company stood at Rs. (884.61) Lac which is hopeless. The
Company is trying hard to sale off existing business and then to enter
into new business arena.
RISK MANAGEMENT & CONCERNS
The objective of risk management is to balance the trade-off between
risk and returns and ensure optimum risk adjusted return on capital. It
entails the identification, measurement and management of risks across
the various businesses of the Company. Risk is managed through a
framework of policies and principles approved by the Board of Directors
and supported by an Independent risk function that ensures that the
Company operates within its risk appetite. The risk management function
attempts to anticipate vulnerabilities at the transaction level or at
the portfolio level, as appropriate, through quantitative or
qualitative examination of the embedded risks. The Company continues to
focus on refining and improving its risk management systems. In
addition to ensuring compliance with regulatory requirements, the
Company had developed internal systems for assessing capital
requirements keeping in view the business objectives.
The Company has identified main risks viz. Credit Risk, Market Risk,
Liquidity Risk and Operational Risk for its business, which needs to be
addressed at this point of time.
The Company has framed the appropriate business policies to tackle the
challenges of above risks and is continually reviewing and modifying
these policies in order to face the challenges and come out with the
help of Company's business policies.
INTERNAL CONTROL SYSTEMS AND ADEQUACY
VCCL has developed adequate Internal Control Systems in place to ensure
a smooth functioning of its business. The Control System provides a
reasonable assurance of recording the transactions of its operations in
all material aspects and of providing protection against misuse or loss
of Company's assets.
The ICS and their adequacy are frequently reviewed and improved and are
documented.
MATERIAL DEVELOPMENT IN HUMAN RESOURCES
The Company was having staff strength of 3 people during the year under
review however the Company is recruiting more experienced employees
during financial year 2009-10. Once the process of new recruitment will
be over, the Company will be able to comment on this.
PUBLIC DEPOSITS
During the year under review, your Company has not accepted any
deposits from the public within the meaning of section 58A of the
Companies Act 1956 and the rules there under.
CAUTIONARY STATEMENT
Statements in the Management Discussions and Analysis describing the
Company's objectives, projections, estimates, expectations may be
forward looking statements. Actual results may differ materially from
those expressed or implied. Important factors that could make a
difference to the Company's performance include economic conditions
affecting demand / supply and price conditions in the domestic and
overseas markets in which the Company operates, changes in the
Government Regulations, tax laws, statues and other incidental factors.
MANAGEMENT
There is no Change in Management of the Company during the year under
review.
DIRECTORS
There is no change in management during the year under review.
During the year Mr. Nirmal Kr. Bothra has resigned from the Board 22nd
Jan 2010.
INFORMATION TECHNOLOGY
The Company aims to maintain a scalable computing infrastructure that
delivers efficient and seamless services across multiple channels for
customer convenience. In order to retain competitive edge, technology
infrastructure has been implemented wherever necessary, in alignment
with business requirements.
COMPLIANCE
The Compliance function of the Company is responsible for independently
ensuring that operating and business units comply with regulatory and
internal guidelines. The Compliance Department of the Company is
continued to play a pivotal role in ensuring implementation of
compliance functions in accordance with the directives issued by
regulators, the Company's Board of Directors and the Company's
Compliance Policy. The Audit Committee of the Board reviews the
performance of the Compliance Department and the status of compliance
with regulatory/internal guidelines on a periodic basis.
New Instructions/guidelines issued by the regulatory authorities were
disseminated across the Company to ensure that the business and
functional units operate within the boundaries set by regulators and
that compliance risks are suitably monitored and mitigated in course of
their activities and processes. New products and process launched
during the year were subjected to scrutiny from the Compliance
Standpoint and proposals of financial services were screened from risk
control prospective.
HUMAN RESOURCES
The Company recognizes that its success is deeply embedded in the
success of its human capital. During 2009-10, the Company continued to
strengthen its HR processes in line with its objective of creating an
inspired workforce. The employee engagement initiatives included
placing greater emphasis on learning and development, launching
leadership development programmer, introducing internal communication,
providing opportunities to staff to seek inspirational roles through
internal job postings, streamlining the Performance Management System,
making the compensation structure more competitive and streamlining the
performance-link rewards and incentives.
The Company believes that learning is an ongoing process. Towards this
end, the Company has built a training infrastructure which seeks to
upgrade skill levels across grades and functions through a combination
of in-house and external programme.
STATUTORY INFORMATION
The Company being basically in the media sector, requirement, regarding
and disclosures of Particulars of conservation of energy and technology
absorption prescribed by the rule is not applicable to us.
AUDITORS
The Auditors M/s J. Gupta & Co., Chartered Accountants, Kolkata, West
Bengal holds the office until the conclusion of ensuing Annual General
Meeting. Your Company has received certificate from the Auditors U/S
224(1B) of the Companies Act, 1956 to the effect that their
reappointment if made, will be within the limit prescribed.
The shareholders are requested to appoint Auditors and fix their
remuneration.
COMMENTS ON AUDITORS REPORT :
The notes referred to in the Auditor's Report are self explanatory
and as such they do not call for any further explanation as required
under section 217(3) of the Companies Act, 1956.
PARTICULARS OF EMPLOYEES
There were no employees in Company during the year under review.
The information as required by provisions of section 217(2A) of the
Companies Act, 1956 read with the companies (Particular of employees)
amendments rules, 1988 is reported to be NIL.
PARTICULARS UNDER SECTION 217 (1) (E) OF THE COMPANIES ACT, 1956
The Company is having no business other than the business of investing
activities during the year under review and hence the information
regarding conservation of energy, Technology Absorption, Adoption and
innovation, the information required under section 217(1)(e) of the
Companies Act, 1956 read with the Companies (Disclosure of particulars
in the Report of Board of Directors) Rules 1988, is reported to be NIL.
The Company has not earned or used foreign exchange earnings/outgoings
during the year under review.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to Section 217 (2AA) of the Companies (Amendment) Act, 2000
the Directors confirm that:
1. In the preparation of the annuals accounts, for the year ended 31st
March 2010, all the applicable accounting standards prescribed by the
Institute of Chartered Accountants of India have been followed;
2. The Directors had adopted 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.
3. The Directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities.
4. The Directors had prepared the annual accounts on a going concern
basis.
REPORT ON CORPORATE GOVERNANCE
The Company is committed to good Corporate Governance. The Company
respects the rights of its Shareholders to inform on the performance of
the Company and its endeavor to maximize the long-term value to the
Shareholders of the Company. As per Clause 49 of the listing Agreement
of the Stock Exchange, a report on Corporate Governance is set out
separately, which forms part of this report.
CORPORATE SOCIAL RESPONSIBILITY (CSR)
Corporate Social Responsibility (CSR) is commitment of the Company to
improve the quality and living standard of the employees and their
families and also to the community and society at large. The Company
believes in undertaking business in such a way that it leads to overall
development of all stake holders and Society.
APPRECIATION
The Board of Directors wishes to convey their appreciation to all the
Company's managing body for their performance and continued support.
The Directors would also like to thank all the Shareholders,
Consultants, Customers, Vendors, Bankers, Service Providers, and
Governmental and Statutory Authorities for their continued support.
Kolkata, September 2,2010 By order of the Board
For VAISHNO CEMENT COMPANY LIMITED
Registered Office :
Vaishno Chambers
6, Brabourne Road R. K. JAISWAL
Kolkata-700 001 Chairman
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