Home  »  Company  »  York Exports Lim  »  Quotes  »  Directors Report
Enter the first few characters of Company and click 'Go'

Directors Report of York Exports Ltd.

Mar 31, 2014

Dear Members

The Directors have pleasure in presenting their 32nd Annual Report of the company together with the Audited Financial Statements for the year ended 31.03.2014

FINANCIAL RESULTS (Rs. In Lacs.)

Current Year Previous Year Turnover (including export incentives) 1159.16 674.03

Other Income 66.78 20.84

Profit before Dep. & Tax 63.98 24.78

Less: Provision for depreciation 62.11 66.45

Profit/(Loss) 1.87 (41.67)

Provision for Taxation 0.17 0.11

Profit(Loss) after Tax 1.70 (41.78)

Add: Balance B/F from previous year 278.76 319.54

Less : Transferred to Capital Redemption Reserve 50.00 0.00

Add: Provision of Taxation for earlier Year 0.07 1.00

Balance carried to Balance Sheet 230.53 278.76

PERFORMANCE REVIEW

During the year under review, the company has achieved a sales turnover of Rs. 1159.16 Lacs as compared to Rs.674.03 Lacs for the previous year. The company has earned cash profit of Rs.63.81 Lacs as compared to profit of Rs.24.67 Lacs for the previous year. Your directors expect better results in suture.

DIVIDEND

Your directors have decided to conserve the resources for future requirements and hence do not recommend any dividend for the year under review.

ENERGY, TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE

Information in accordance with the provision of sec 217 (I) (e) of the Companies Act, 1956 read together .with the Companies (Disclosures of Particulars in the Report of Board of Directors) Rules, 1988 regarding conservation of energy, technology and foreign exchange is given in the statement annexed hereto and forms part of this report.

PUBLIC DEPOSITS

During the period under review, your company has not accepted any deposits from public pursuant to the Provisions of section 58-A of the companies Act, 1956.

DIRECTORS RESPONSIBILITY STATEMENT

In accordance with the provisions of section 217 (2AA) of the Companies Act, 1956 the Directors confirm that:

(i) In the preparation of the annual Financial Statements, the applicable accounting standards have mainly been followed along with proper explanation relating to the material departures.

ii) Such accounting policies, judgments and estimates are applied consistently 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 company for that period.

iii) Proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

iv) The annual accounts have been prepared on a going concern basis.

CORPORATE GOVERNANCE

Your company has taken adequate steps to ensure compliance with the provisions of corporate governance as prescribed under the listing agreement with the stock exchanges.

A separate report on corporate governance along with report on management discussion and analysis is enclosed as part of the annual report.

SECRETARIAL COMPLIANCE CERTIFICATE

In accordance with the provisions of section 383A (1), of the Companies Act. 1956 a compliance certificate from a practicing Company Secretary is given in the annexure and form part of this report.

AUDITORS

The statutory auditors of the company, M/s Nanda & Bhatia, Chartered Accountants. Ludhiana (Firm registration No. 004342N), retire at the ensuing Annual General Meeting and has confirmed their eligibility and willingness to accept office, if re-appointment. The Audit committee and the Board of Directors recommend the re-appointment of M/s Nanda & Bhatia, Chartered Accountants as the auditors of the company till the conclusion of the 35th AGM.

AUDITORS REPORT

The comments and observations of the auditors and the relevant notes on the accounts are self-explanatory and therefore do not call for any further comments.

COST AUDITORS

M/s Rajan Sabharwal & Associates, Ludhiana, Cost Auditors (Firm Registration No. 101961) were appointed as cost auditors of the company for the financial year 2013-14. Further the board of directors has reappointed them as cost auditors for the financial year 2014-15.

SECRETARIAL AUDITORS

The Board of directors of your company has appointed M/s Reecha Goel & Associates, Practicing company secretaries, as Secretarial Auditor pursuant to the provisions of section 204 of the Companies Act, 2013 for the financial year 2014-15.

INDUSTRIAL RELATIONS

Industrial relations continued to remain cordial throughout the year and the Directors express their appreciation towards the workmen for their co-operation and hope for continued cordial relations in the years to come.

LISTING OF SHARES

The equity shares of the company are listed on 1. Ludhiana Stock Exchange Limited. Ludhiana 2. Delhi Stock Exchange Limited, New Delhi. 3. Bombay Stock Exchange Ltd; Mumbai 4. Jaipur Stock Exchange Limited, Jaipur.

DIRECTORATE

As per the provisions of the Companies Act, 1956 and Articles of Association, Mr.Ashwani Dhawan is unable to retire by rotation at the thirty second Annual General Meeting. Mr.Ashwani Dhawan has confirmed his eligibility and willingness to accept the office of Directorship of your Company, if appointed. In the opinion of your Directors, Mr.Ashwani Dhawan has the requisite qualifications and experience which would be useful for your Company and would enable him to contribute effectively to your Company in his capacity as Director of your Company. It is, therefore, considered prudent that your Company should continue to avail of the services of Mr. Ashwani Dhawan as Director and the Board recommends that the proposed resolution relating to re-appointment of Mr. Ashwani Dhawan as Director of your Company be approved.

As per the provisions of the Section 149 (4) every listed public company shall have at least one third of the total number of Directors as Independent Directors. In terms of Section 149 (10) of the Companies Act. 2013, an Independent Director shall hold office for a term up to five consecutive years on the Board of a Company but shall be eligible for reappointment on passing of a special resolution by the company for a further period of upto five years. Further, in terms of Clause 49, it is provided that a person who has already served as an independent director for five years or more in a company as on October 1, 2014 shall be eligible for appointment, on completion of his present term, for one more term of up to five years only. In accordance with this requirement of the Act read with relevant rules and Clause 49, current Independent Directors Mr. Bharat Bhushan Jain, Mr. Sanjay Arora and Mr. Anil Kumar Bansal are proposed to be appointed as Independent Directors for a term of 5 years not being liable to retire by rotation. The Board recommends that the proposed resolution relating to appointment of Independent Directors be approved.

PARTICULARS OF EMPLOYEES

None of the employee is in receipt of emoluments in excess of the limits prescribed under the Companies (Particulars of Employees) Rules, 1975.

ACKNOWLEDGEMENTS

The board expresses its appreciation for the valuable assistance, co-operation and support received from Company''s Bankers, Central and State Government Authorities and Shareholders.

By Order of the Board For York Exports Ltd

Ashwani Dhawan Gian Chand Dhawan Director Managing Director

Place: New Delhi

Dated: 30.06.2014


Mar 31, 2013

The Directors have pleasure in presenting their 31st. Annual Report of the company together with the Audited Financial Statements for the year ended 31.03.2013

FINANCIAL RESULTS (Rs. In Lacs.)

Current Year Previous Year

Turnover (including export incentives) 674.03 1121.95

Other Income 20.84 46.32

Profit before Dep. & Tax 24.78 71.24

Less: Provision for depreciation 66.45 66.09

Profit/(Loss) (41.67) 5.15

Provision for Taxation 0.11 1.01

Profit(Loss) after Tax (41.78) 4.14

Add: Balance B/F from previous year 319.54 314.55

Add: Provision of Taxation for earlier Year 1.00 0.85

Balance carried to Balance Sheet 278.76 319.54

PERFORMANCE REVIEW

During the year under review, the company has achieved a sales turnover of Rs. 674.03 Lacs as compared to Rs. 1121.95 Lacs for the previous year. The company has earned a cash profit of Rs.24.67 Lacs as compared to profit of Rs.70.23 Lacs for the previous year. Your directors expect better results in future.

DIVIDEND

Your directors have decided to conserve the resources for future requirements and hence do not recommend any dividend for the year under review.

ENERGY, TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE

Information in accordance with the provision of sec 217 (I) (e) of the Companies Act, 1956 read together with the Companies (Disclosures of Particulars in the Report of Board of Directors) Rules, 1988 regarding conservation of energy, technology and foreign exchange is given in the statement annexed hereto and forms part of this report.

PUBLIC DEPOSITS

During the period under review your, company has not accepted any deposits from public pursuant to the provisions of section 58-A of the companies Act, 1956.

DIRECTORS RESPONSIBILITY STATEMENT

In accordance with the provisions of section 217 (2AA) of the Companies Act, 1956 the Directors confirm that:

i) In the preparation of the annual Financial Statements, the applicable accounting standards have mainly been followed along with proper explanation relating to the material departures.

ii) Such accounting policies, judgments and estimates are applied consistently 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 company for that period.

iii) Proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

iv) The annual accounts have been prepared on a going concern basis.

CORPORATE GOVERNANCE

Matters giving strength to corporate governance are being reviewed / finalized by the company in consultation with Auditors & Corporate Experts.

SECRETARIAL COMPLIANCE CERTIFICATE

In accordance with the provisions of section 383A (1), of the Companies Act, 1956 a compliance certificate from a practicing Company Secretary is given in the annexure and form part of this report.

AUDITORS

M/s Nanda & Bhatia, Chartered Accountants, the statutory auditors of the company retire at the conclusion of forthcoming Annual General Meeting and are eligible for re-appointment. The company has received a certificate u/s 224 (1-B) of the Companies Act, 1956 from the retiring Auditors of the company that their re-appointment if made, shall be within prescribed limits.

AUDITORS REPORT

The comments of the auditors have been explained in the notes on accounts. The company has ascertained the accrued liability on account of gratuity payable and shall be provided in the financial year in which the profits will be reasonable.

INDUSTRIAL RELATIONS

Industrial relations continued to remain cordial throughout the year and the Directors express their appreciation towards the workmen for their co-operation and hope for continued cordial relations in the years to come.

LISTING OF SHARES

The equity shares of the company are listed on 1. Ludhiana Stock Exchange Limited, Ludhiana 2. Delhi Stock Exchange Limited, New Delhi. 3. Bombay Stock Exchange Ltd; Mumbai 4. Jaipur Stock Exchange Limited, Jaipur.

DIRECTORATE

In accordance with the provisions of the Companies Act, 1956 and the Articles of Association of the Company, Sh.Aayush Dhawan and Sh.Bharat Bhushan Jain retire by rotation and being eligible offer themselves for re-appointment.

PARTICULARS OF EMPLOYEES

None of the employee is in receipt of emoluments in excess of the limits prescribed under the Companies (Particulars of Employees) Rules, 1975.

ACKNOWLEDGEMENTS

The board expresses its appreciation for the valuable assistance, co-operation and support received from Company''s Bankers, Central and State Government Authorities and Shareholders.

By Order of the Board

For York Exports Ltd

Place: New Delhi Ashwani Dhawan Gian Chand Dhawan

Dated: 31.08.2013 Director Managing Director


Mar 31, 2012

To The Members of York Exports Ltd;

The Directors have pleasure in presenting their 30th Annual Report of the company together with the Audited Financial Statements for the year ended 31.03.2012.

FINANCIAL RESULTS (Rs. In Lacs.)

Current Year Previous Year

Turnover (including export incentives) 1121.95 1135.06

Other Income 46.32 20.31

Profit before Dep. & Tax 71.24 104.91

Less: Provision for depreciation 66.09 74.58

Profit 5.15 30.33

Provision for Taxation 1.01 6.00

Profit after Tax 4.14 24.33

Add: Balance B/F from previous year 314.55 290.49

Add: Provision of Taxation for earlier Year 0.85 -0.27

Balance carried to Balance Sheet 319.54 314.55

PERFORMANCE REVIEW

During the year under review, the company has achieved a sales turnover of Rs. 1121.95 Lacs as compared to Rs.1135.06 Lacs for the previous year. The company has earned a profit of Rs.4.14 Lacs as compared to profit of Rs.24.33 Lacs for the previous year. Your directors expect better results in future.

DIVIDEND

Your directors have decided to conserve the resources for future requirements and hence do not recommend any dividend for the year under review.

ENERGY, TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE

Information in accordance with the provision of sec 217 (I) (e) of the Companies Act, 1956 read together with the Companies (Disclosures of Particulars in the Report of Board of Directors) Rules, 1988 regarding conservation of energy, technology and foreign exchange is given in the statement annexed hereto and forms part of this report.

PUBLIC DEPOSITS

During the period under review your company has not accepted any deposits from public pursuant to the provisions of section 58-A of the companies Act, 1956.

DIRECTORS RESPONSIBILITY STATEMENT

In accordance with the provisions of section 217 (2AA) of the Companies Act, 1956 the Directors confirm that:

i) In the preparation of the annual Financial Statements, the applicable accounting standards have been followed along with proper explanation relating to the material departures.

ii) Such accounting policies, judgments and estimates are applied consistently 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 company for that period.

ui) Proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions crt Yne Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

iv) The annual accounts have been prepared on a going concern basis.

CORPORATE GOVERNANCE

Matters giving strength to corporate governance are being reviewed / finalized by the company in consultation with Auditors & Corporate Experts.

SECRETARIAL COMPLIANCE CERTIFICATE

In accordance with the provisions of section 383A (1), of the Companies Act, 1956 a compliance certificate from a practicing Company Secretary is given in the annexure and form part of this report.

AUDITORS

M/s Nanda & Bhatia, Chartered Accountants, the statutory auditors of the company retire at the conclusion of forthcoming Annual General Meeting and are eligible for re-appointment. The company has received a certificate u/s 224 (1-B) of the Companies Act, 1956 from the retiring Auditors of the company that their re-appointment if made, shall be within prescribed limits.

AUDITORS REPORT

The comments of the auditors have been explained in the notes on accounts. The company has ascertained the accrued liability on account of gratuity payable and shall be provided in the current financial year ending 31.03.13.

INDUSTRIAL RELATIONS

Industrial relations continued to remain cordial throughout the year and the Directors express their appreciation towards the workmen for their co-operation and hope for continued cordial relations in the years to come.

LISTING OF SHARES

The equity shares of the company are listed on 1. Ludhiana Stock Exchange Limited, Ludhiana 2. Delhi Stock Exchange Limited, New Delhi. 3. Bombay Stock Exchange Ltd; Mumbai 4. Jaipur Stock Exchange Limited, Jaipur.

The company has made compliance of the listing agreement including payment of annual listing fee.

DIRECTORATE

In accordance with the provisions of the Companies Act, 1956 and the Articles of Association of the Company, Sh.Ashwani Dhawan and Sh.Anil Kumar Bansal, retire by rotation and being eligible offer themselves for re-appointment.

PARTICULARS OF EMPLOYEES

None of the employees of the company was in receipt of a remuneration of Rs.24,00,000/- or above during the year under consideration nor was any employee of the company paid a salary of Rs. 2,00,000/- or more per month during any part of the year. None of the employees of the company was drawing remuneration in excess of that drawn by any director and holds by himself or along with his spouse and dependent children more that two percent of the equity shares of the company.

ACKNOWLEDGEMENTS

The board expresses its appreciation for the valuable assistance, co-operation and support received from Company''s Bankers, Central and State Government Authorities and Shareholders.



By Order of the Board For York Exports Ltd

Place: New Delhi Ashwani Dhawan Gian Chand Dhawan Dated: 25.07.2012 Director Managing Director


Mar 31, 2009

The Directors have pleasure in presenting their 27th Annual Report of the company together with the Audited Statements of Accounts for the year ended 31.03.2009.

FINANCIAL RESULTS

(RS. IN LACS)

Current Year Previous Year

Turnover (including export incentives) 1152.03 980.03

Other Income 21.59 31.94

Profit before Dep. & Tax 127.67 116.48

Less: Provision for depreciation 43.28 36.59

Profit 84.39 79.89

Provision for Taxation 33.10 12.00

Profit after Tax 51.29 67.89

Add: Balance B/F from previous year 186.13 118.06

Add: Provision of Taxation for earlier Year 4.23 0.18

Balance carried to Balance Sheet 241.65 186.13

PERFORMANCE REVIEW

During the year under review, the company has achieved a sales turnover of Rs. 1152.03 Lacs as compared to Rs. 980.03 Lacs for the previous year. The company has earned a Profit of Rs. 51.29 Lacs as compared to profit of Rs. 67.89 Lacs for the previous year.

DIVIDEND

Your directors have decided to conserve the resources for future requirements and hence do not recommend any dividend for the year under review.

ENERGY. TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE

Information in accordance with the provision of sec 217 (I) (e) of the Companies Act, 1956 read together with the Companies (Disclosures of Particulars in the Report of Board of Directors) Rules, 1988 regarding conservation of energy, technology and foreign exchange is given in the statement annexed hereto and forms part of this report.

PUBLIC DEPOSITS

During the period under review your company has not accepted any deposits from public pursuant to the provisions of section 58-A of the companies Act, 1956.

DIRECTORS RESPONSIBILITY STATEMENT

In accordance with the provisions of section 217 (2AA) of the Companies Act, 1956 the Directors confirm that:

i) In the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to the material departures.

ii) Such accounting policies, judgments and estimates are applied consistently 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 company for that period.

iii) Proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

iv) The annual accounts have been prepared on a going concern basis.

CORPORATE GOVERNANCE

Matters giving strength to corporate governance are being reviewed / finalized by the company in consultation with Auditors & Corporate Experts.

AUDITORS

M/s Nanda & Bhatia, Chartered Accountants, the statutory auditors of the company retire at the conclusion of forthcoming Annual General Meeting and are eligible for re-appointment. The company has received a certificate u/s 224 (1-B) of the Companies Act, 1956 from the retiring Auditors of the company that their re-appointment if made, shall be within prescribed limits.

AUDITORS REPORT

The comments of the auditors have been explained in the notes on accounts. The company has ascertained the accrued liability on account of gratuity payable and shall be provided in the current financial year ending 31.03.10.

INDUSTRIAL RELATIONS

Industrial relations continued to remain cordial throughout the year and the Directors express their appreciation towards the workmen for their co-operation and hope for continued cordial relations in the years to come.

LISTING OF SHARES

The equity shares of the company are listed on 1. The Ludhiana Stock Exchange Association Limited, Ludhiana 2. The Delhi Stock Exchange Association Limited, New Delhi. 3. The Stock Exchange, Mumbai 4. The Jaipur Stock Exchange Limited, Jaipur.

The company has made compliance of the listing agreement including payment of annual listing fee.

DIRECTORATE

In accordance with the provisions of the Companies Act, 1956 and the Articles of Association of the Company, Sh.Sanjay Arora and Sh.Ashwani Dhawan, retire by rotation and being eligible offer themselves for re-appointment.

PARTICULARS OF EMPLOYEES

None of the employees of the company was in receipt of a remuneration of Rs.24,00,000/- or above during the year under consideration nor was any employee of the company paid a salary of Rs. 2,00,0007- or more per month during any part of the year. None of the employees of the company was drawing remuneration in excess of that drawn by any director and holds by himself or along with his spouse and dependent children more that two percent of the equity shares of the company.

ACKNOWLEDGEMENTS

The board expresses its appreciation for the valuable assistance, co-operation and support received from Companys Bankers, Central and State Government Authorities and Shareholders.

By Order of the Board

For York Exports Ltd

Place: New Delhi (B. B. Jain) (Gian Chand Dhawan)

Dated: 25.08.2009 Director Managing Director

 
Subscribe now to get personal finance updates in your inbox!