Mar 31, 2015
Dear Members,
The Directors are pleased to present the 34th Annual Report together
with the Audited Statement of Accounts and the Auditors Report of your
company for the year ended 31st March, 2015.
The Financial highlights for the year under review are given below:
FINANCIAL RESULTS
(Rs. in lacs)
Particulars 31st March, 31st March,
2015 2014
Income 142.32 116.06
Less: Expenses 97.70 72.83
Profit before Depreciation
& Taxation 44.62 43.23
Less: Depreciation 28.18 28.97
Profit before Taxation 16.44 14.26
Less: Taxation (0.06) 0.28
Profit after Taxation 16.50 13.98
Balance as per last Balance Sheet 363.08 349.10
Less: Depreciation in respect of
assets whose useful life is over 18.85 0
Add: Transfer from General Reserve 18.85 0
Balance carried to Balance Sheet 379.58 363.08
OPERATIONS
The Total Income for the financial year under review is Rs. 142.32 lacs
against Rs. 116.06 lacs in previous year. The Net Profit generated by
the company during the year under review is Rs. 16.50 lacs as compared
to Rs. 13.98 lacs during the previous year.
DIVIDEND AND TRANSFER TO RESERVE
Due to requirement of funds for the existing business activities, your
directors do not propose to declare any dividend for the financial year
2014-2015. Hence, there has been no transfer to Reserves during the
financial year 2014-2015.
PUBLIC DEPOSITS
During the year under review, the company has neither invited nor
accepted any deposits from public.
CHANGE IN THE NATURE OF BUSINESS
There is no change in the nature of business of the Company during the
year under review.
COMPLIANCE WITH THE ACCOUNTING STANDARDS
The Company prepares its accounts and other financial statements in
accordance with the relevant accounting principles and also complies
with the accounting standards issued by The Institute of Chartered
Accountants of India.
DIRECTORS AND KEY MANAGERIALS PERSONNEL
At the Annual General Meeting of the Company held on 25/08/2014, the
Meeting had approved the terms of appointment of Mr. Jyotiraaditya
Singha, upto (24/08/2019), Mr. Manoj Kumar Bothra (24/08/2019), Dr.Alam
Ali Sisodia (24/08/2019) as Non Executive Independent Directors of the
company. Mrs. Chanderkala Devi Lakhotia was appointed as additional
Director w.e.f. 25/07/2014 and being act as Non Executive Director.
As on date, the Board of Directors of the Company comprises 5 (five)
Directors of which 3 (three) are Non- Executive Independent Directors
in terms of Clause 49 of the Listing Agreement and Section 149(6) of
the Companies Act, 2013.
Mrs. Sharmila Ranabhat was appointed Non- Executive Director of the
Company, Pursuant to Section 149, 152 Schedule IV of the Companies Act,
2013 read with Companies (Appointment and Qualification of Director)
Rules, 2014, The Resolution seeking for approval of the members for the
appointment of Mrs. Sharmila Ranabhat has been incorporated in the
notice of the forthcoming Annual General Meeting of the company along
with brief of details. The company has received a notice under Section
160 of the Act along with the requisite deposit proposing for the
appointment.
Dr. Alam Ali Sisodia resigned from the Board and Audit Committee as
well as Stakeholders Relationship Committee/ Nomination and
Remuneration Committee w.e.f. 25/09/2014 due to his pre occupation in
other work. The Board places its gratitude for the services rendered by
him during the tenure as director of the company.
All the Non Executive and Independent Directors have confirmed to the
Board that they qualify to be considered as independent as per the
definition of independent Director stipulated in Section 149(6) of the
Act and Clause 49(II) (B) (1) of the Listing agreement. These
confirmations have been placed before, and noted by the Board.
During the year, the Non-executive Director of the company had no
pecuniary relationship or transaction with company.
There was no other appointment or cessation of appointment of key
managerial personnel during the financial year
The Notice convening the Annual General Meeting includes the proposals
for appointment / re-appointment of the Directors. Brief resumes of the
Directors proposed to be appointed / re-appointed have been provided as
an Annexure to the Notice convening the Annual General Meeting.
POLICY ON DIRECTORS' APPOINTMENT AND REMUNERATION
The Company's policy on Director's appointment and remuneration
including criteria for determining qualifications, positive attributes,
independence of a Director and other matters provided under sub-section
(3) of Section 178 has been disclosed in the Corporate Governance
Report., which forms the part of the Directors Report.
REMUNERATION OF THE KEY MANAGERIAL PERSONNEL
Mr. Abhishek Kumar Jain (Whole Time Director) has received the
remuneration of Rs. 420000/- during financial year 2014-2015.
DISCLOSURE UNDER SECTION 197(12) OF THE COMPANIES ACT, 2013
The Company has not employed any employees whose remuneration falls
within the purview of the limits prescribed under the provisions of
Section 197 of the Companies Act, 2013, read with Rule 5(1) of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules,
2014.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 134 (5) of the Companies Act,
2013 with respect to the Directors responsibility statement, it is
hereby confirmed that:
(i) in the preparation of the annual accounts for the year ended 31st
March, 2015, the applicable Accounting Standards have been followed
along with proper explanation relating to material departures, if any;
(ii) the Directors have selected such accounting policies and applied
them consistently and made judgments and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs
of the Company at the end of the financial year 31st March, 2015 and of
the profits of the company for the year ended on that date;
(iii) the directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding the assets of the company and
for preventing and detecting fraud and other irregularities;
(iv) that the annual accounts have been prepared on a going concern
basis;
(v) that Directors have laid down internal financial controls to be
followed by the Company and such Internal Financial Controls are
adequate and operating effectively;
(vi) that Directors have devised proper systems to ensure compliance
with the provisions of all applicable laws were and that such systems
and were adequate and operating effectively.
AUDIT COMMITTEE
The Board has well-qualified Audit Committee with majority of
Independent Directors including Chairman. They possess sound knowledge
on Accounts, Audit, Finance, Taxation, Internal Controls etc. The
details of the Composition of the Audit Committee are given in the
Corporate Governance Report. The details pertaining composition of
Audit Committee are included in the Corporate Governance Report.
The Company Secretary of the Company acts as Secretary of the
Committee.
During the year, there are no instances where the Board had not
accepted the recommendations of the Audit Committee.
NOMINATION AND REMUNERATION COMMITTEE & POLICY
The Company has duly constituted Nomination and Remuneration Committee
to align with the requirements prescribed under Section 178 of the
Companies Act, 2013 and the revised Clause 49 of the Listing Agreement.
The Company's policy appointment and remuneration and other matter
provided in Section 178(3) of the Companies Act, 2013 has been
disclosed in the Corporate Governance Report, which part of the
director's report.
RISK MANAGEMENT
The Board of the Company has formed a Risk Management Committee to
frame, implement and monitor risk management plan for the company. The
Committee is responsible for reviewing the risk management and ensuing
its effectiveness. The Audit Committee has additional oversight in the
area of financial risks control. Major risk identified by the business
and function are systematically addressed through mitigating actions on
a continuing basis.
NO OF MEETING OF THE BOARD
During the year, 7 (seven) Board Meetings were convened and held the
details of which are given in the Corporate Governance Report.
EXTRACT OF ANNUAL RETURN
Pursuant to the provisions of Section 134 (3) (a) of the Companies Act,
2013, Extract of the Annual Return for the financial year ended 31st
March, 2015 made under the provisions of Section 92 (3) of the Act in
Form MGT-9 is annexed herewith as "Annexure A".
DECLARATION OF INDEPENDENT DIRECTORS
The Independent Directors have submitted their disclosures to the Board
that they fulfill all the requirements as stipulated in Section 149(6)
of the Companies Act, 2013 so as to qualify themselves to be appointed
as Independent Directors under the provisions of the Companies Act,
2013 and the relevant Rules.
DETAILS OF POLICY DEVELOPED AND IMPLEMENTED BY THE COMPANY ON ITS
CORPORATE SOCIAL RESPONSIBILITY INITIATIVES
The Company has not developed and implemented any Corporate Social
Responsibility initiatives as the said provisions are not applicable.
BOARD EVALUATION
Pursuant to the provisions of the Companies Act, 2013 and Clause 49 of
the Listing Agreement, the Board has carried out an Annual Performance
evaluation of its own performance, the Directors individually as well
as the evaluation of the working of its various Committees.
A separate exercise was carried out to evaluate the performance of
individual Directors including the Chairman of the Board, who were
evaluated on parameters such as level of engagement and contribution,
independence of judgment, safeguarding the interest of the Company and
its minority shareholders etc.
The performance evaluation of the Independent Directors was carried out
by the entire Board.
The performance evaluation of the Chairman and Non-Independent
Directors was carried out by the Independent Directors at their
separate Meeting.
VIGIL MECHANISM / WHISTLE BLOWER POLICY
In line with the best Corporate Governance practices, Company has put
in place a system through which the Directors and Employees may report
concerns about unethical behavior, actual or suspected fraud or
violation of the Company's Code of Conduct & Ethics without fear of
reprisal. The Employees and Directors may report to the Compliance
Officer and have direct access to the Chairman of the Audit Committee.
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS
There were no loans, guarantees or investments made by the Company
under Section 186 of the Companies Act, 2013 during the year under
review and hence the said provision is not applicable. However, the
company has made investments in earlier years, details of which are
given in the Financial Statements.
RELATED PARTY TRANSACTIONS
There were no contracts or arrangements made with related parties as
defined under Section188 of the Companies Act, 2013 during the year
under review and hence, enclosing of Form AOC-2 is not required.
The Company has developed a Related Party Transactions Policy for the
purpose of identification and monitoring of such type of transactions.
SUBSIDIARIES, JOINT VENTURES AND ASSOCIATE COMPANIES
The Company does not have any Subsidiary, Joint Venture or Associate
Company.
AUDITORS AND REPORTS
The matters related to Auditors and their Reports are as under:
1. Statutory Auditor and their Report:
At the Annual General Meeting held on 25/08/2014, M/s Mohindra Arora &
Co., Chartered Accountant, were appointed as Statutory Auditors of the
Company to hold office till the conclusion of Annual General Meeting to
be held in the calendar year 2018. In terms of the first proviso to
Section 139 of the Companies Act, 2013, the appointment of the Auditors
is to be placed for ratification at every Annual General Meeting.
Accordingly, the appointment of M/s Mohindra Arora & Co., Chartered
Accountant, as Statutory Auditors of the Company is placed for
ratification by the Shareholders. In this regard, the Company has
received a Certificate from the Auditors to the effect that if they are
appointed it would be in accordance with the provision of Section 141
of the Companies Act, 2013.
The Report given by the Statutory Auditors for the Financial Statements
for the year ended 31st March, 2015 read with explanatory notes thereon
do not call for any explanation or comments from the Board under
Section 134(3) of the Companies Act, 2013.
2. Secretarial Auditor & his Report:
M/s. Vineet Paul & Associates, Practicing Company Secretary was
appointed to conduct Secretarial Audit of the Company for the financial
year 2014-15 as required under Section 204 of the Companies Act, 2013
and the Rules thereunder. The Secretarial Audit report for the
financial year 2014-15 forms part of the annual report as "Annexure B"
to the Boards Report.
Reply to the observations in the Secretarial Audit Report:
The Company will be shortly appointing the Chief Financial Officer.
3. Internal Auditor
The Board has appointed M/s S. R. Ghedia & Associates, Chartered
Accountants as Internal Auditors of the Company for Financial Year
2014-2015 under provisions of Section 138 of the Companies Act, 2013
read with Rule 13 of the Companies (Accounts) Rules, 2014 as
recommended by Audit Committee.
INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY
The Company has an Internal Control System, commensurate with the size,
scale and complexity of its operations.
Based on the report of Internal Audit function, corrective action are
undertaken in the respective areas and thereby strengthen the controls.
Significant audit observations and corrective actions thereon are
presented to the Audit Committee of the Board.
During the year under review, no material or serious observation has
been received from the Internal Auditors of the Company for
inefficiency or inadequacy of such controls.
CORPORATE GOVERNANCE
The Company has complied with all the mandatory requirements of
Corporate Governance, as stipulated in Clause 49 of the Listing
Agreement with the Stock Exchanges. A separate report on Corporate
Governance and a Certificate from M/s. Mohindra Arora & Co., Statutory
Auditors, regarding compliance with the conditions of Corporate
Governance is given in a separate section and forms part of the Annual
Report.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO
The statement of particulars under Section 134(3)(m) of the Companies
Act, 2013 read with Rule 8(3) of the Companies (Accounts), 2014
regarding conservation of energy, technology absorption and Foreign
Exchange Earnings and outgo are given below:
a) Your Company has not consumed energy of any significant level.
Accordingly, no measures were taken for energy conservation and no
investment is required to be for reduction of energy consumption.
b) No comment is made on technology absorption, considering the nature
of activities undertaken by your Company during the year under review.
c) No Expenditure has been made for research and development during the
year under review.
d) There were no Foreign Exchange earnings or out go during the year
under review.
MATERIAL CHANGES AND COMMITMENT IF ANY AFFECTING THE FINANCIAL POSITION
OF THE COMPANY OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR TO WHICH
THIS FINANCIAL STATEMENTS RELATE AND THE DATE OF THE REPORT
No material changes and commitments affecting the financial position of
the Company occurred between the ends of the financial year to which
this financial statement relate on the date of this report
SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS:
There are no significant and material orders passed by the Regulators
or Courts or Tribunals impacting the going concern status and
Ccompany's operations in future.
LISTING OF SHARES
The equity shares of your Company are listed with The Calcutta Stock
Exchange Ltd. and are also traded under permitted category at BSE
Limited. Listing fees has already been paid for FY 2015-16 in pursuance
to Clause 38 of the Listing Agreement.
SHARES
The Company has neither issued shares & Securities or any other
instruments nor any corporate benefits during the year under review.
HRD INITIATIVES
The Company strongly believes that the growth of the organization can
be sustained through the continuous development of its people who
contribute to the business success. Today the Company is proud of its
performance driven team. It is the strategy of the leadership team and
the execution skills of our people that will take the organization to
greater heights.
Today HR has become a critical catalyst for continuous transformation
during a phase of rapid growth and transition from a midsized Company
to a large corporation, in line with the Company's vision. The Company
continues to maintain excellent industrial relation while ensuring
development of its human resources through appropriated training and
further educational programs.
DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMAN AT WORKPLACE
(PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013.
There were no cases filed pursuant to the Sexual Harassment of Woman at
Workplace (Prevention, Prohibition and Redressal) Act, 2013.
ADDITIONAL INFORMATION TO SHAREHOLDERS
All important and pertinent investor information such as financial
results, investor presentations, press releases, new launches and
project updates are made available on the Company's website
www.adinathbio.com on a regular basis.
CODE OF CONDUCT
As prescribed under Clause 49 of the Listing Agreement, a declaration
signed by Whole time Director affirming compliance with the Code of
Conduct by the Directors and senior management personnel of the Company
for the financial year 2014-15 forms part of the Corporate Governance
Report
ACKNOWLEDGEMENT
Your Directors wish to place on record their appreciation and thankful
acknowledgement for valuable assistance the Company received from all
Lending Bankers.
By Order of the Board
For Adinath Bio-Labs Limited
Date : 20/08/2015
Place : Kolkata
Abhishek Kumar Jain
(Whole Time Director)
Mar 31, 2014
Dear Shareholders,
The Directors have pleasure in presenting 33rd Annual Report together
with the Audited Statement of Accounts for the year ended 31st March,
2014. The Financial highlights for the year under review are given
below:
FINANCIAL RESULTS
Rs.in Lacs
31st March, 2014 31st March, 2013
Total Income 3674.60 4298.30
Profit before Depreciation & Tax 43.23 109.36
Depreciation 28.97 39.60
Profit before Tax 14.26 69.76
Less - Tax 0.28 0.04
Profit after Tax 13.98 69.72
Add: Balance of Profits for earlier 349.11 279.39
years
Balance available for Appropriation 363.09 349.11
DIVIDEND
Due of lower profit and requirement of funds for the existing business
activities, your Directors do not propose any dividend for the
financial year 2013 - 2014 (Previous year - Nil Dividend).
PERFORMANCE
The Total Income for the financial year under review decreased to Rs.
3674.60 Lacs against Rs. 4298.30 Lacs during previous year whereas the
Profit after Tax generated by the company during the year under review
is Rs. 14.26 Lacs as compared to Rs. 69.76 Lacs during the previous
year. However, the Company is working hard to increase the
profitability in the forthcoming years.
DIRECTORS
Pursuant to Section 149 of the Companies Act, 2013, the Board at its
meeting held on 25 July, 2014 recommended appointment of Mr.
Jyotiraaditya Singha, Mr. Manoj Kumar Bothra and Mr. Alam Ali Sisodia
as Independent Directors of the Company, not liable to retire by
rotation for a period of five years from the date of its 33rd Annual
General Meeting subject to approval of the Members of the Company.
These Directors have given the declarations to the Board that they meet
the criteria of independence as provided under Section 149(6) of the
said Act and also confirmed that they will abide by the provisions as
mentioned in Schedule IV of the Companies Act, 2013.
Pursuant to section 149, 152 Schedule IV of the Companies Act 2013 read
with Companies (Appointment and Qualification of Director) Rules 2014,
Mrs. Chanderkala Devi Lakhotia (Woman Director) is appointed as
Non-executive Director of the company, liable to retire by rotation.
Mr. Abhishek Kumar Jain was re-appointed as a Whole-time Director of
the Company for the period of three years w.e.f. 01/05/2014, subject to
approval of members at the ensuing Annual General Meeting.
The Board recommends the resolutions for your approval for the above
appointments / re- appointment.
COMPANY SECRETARY
Mr. Rohit Banthia, Member of Institute of Company Secretaries of India
has been appointed as Company Secretary cum Compliance Officer of the
Company pursuant to Section 203 and other applicable provisions of the
Companies Act, 2013, in place of Mrs. Sujata Dange, Company Secretary
cum Compliance Officer of the Company who has resigned due to her
pre-occupation.
LISTING OF SHARES
Equity shares of the Company are listed at The Calcutta Stock Exchange
Limited. Equity shares of the company are also traded under permitted
category at BSE Limited. Listing fees had already been paid in
pursuance to Clause 38 of the Listing Agreement.
AUDITORS & AUDITORS OBSERVATION
M/s. Mohindra Arora & Co., Chartered Accountants, the Auditors of the
Company retire at the ensuing Annual General Meeting and offer
themselves for re-appointment. In accordance with Section 139 of the
Companies Act, 2013 (''the Act'') read with the Rules made there under,
M/s. Mohindra Arora & Co., Mumbai, can be appointed as the Statutory
Auditors of the Company from the conclusion of the forthcoming AGM till
the conclusion of the 38th AGM to be held in the year 2019, subject to
ratification of their appointment at the subsequent AGMs. They have
confirmed that their appointment, if made, shall be in accordance with
the provisions of Section 139(1) of the Act read with Companies (Audit
and Auditors) Rules, 2014 and that they satisfy the criteria given
under Section 141 of the Act. Members are requested to consider their
appointment for a period of Five years.
M/s. Mohindra Arora & Co., Mumbai, the Statutory Auditors of your
Company.
The Audit committee and Board of Directors have recommended the
appointment of M/s. Mohindra Arora & Co., Chartered Accountants as the
Statutory Auditors of your Company.
There are no qualifications or adverse remarks in the Auditors'' Report
which require any explanation from the Board of Directors.
FIXED DEPOSITS
The Company has not accepted any public deposit and, as such, no amount
of principal or interest was outstanding on the date of Balance Sheet.
COMPLIANCE WITH THE ACCOUNTING STANDARDS
The Company prepares its accounts and other financial statements in
accordance with the relevant accounting principles and also complies
with the accounting standards issued by the Institute of Chartered
Accountants of India.
INTERNAL CONTROL SYSTEMS & THEIR ADEOAUCY
Your Company has in place adequate Internal Control system, which is
duly supported by Internal Audit and management reviews with documented
policies and procedures.
CORPORATE GOVERNANCE
A separate Section on Corporate Governance is included in the Annual
Reports and the Certificate from Company''s auditors confirming the
compliance with the Code of Corporate Governance as enumerated in
Clause 49 of the Listing Agreements with the Stock Exchange is annexed
hereto.
CORPORATE SOCIAL RESPONSIBILITY
The Company has adopted Corporate Social Responsibility Initiatives and
focuses on key areas as education, healthcare etc in accordance with
the provision of the relative Acts and rules made there on.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Management Discussion and Analysis Report for the year under review as
stipulated under Clause 49 of the Listing agreement with Stock Exchange
is presented separately forming part of the Annual Report.
HRD INITIATIVES
The Company strongly believes that the growth of the organization can
be sustained through the continuous development of its people who
contribute to the business success. Today the Company is proud of its
performance driven team. It is the strategy of the leadership team and
the execution skills of our people that will take the organization to
greater heights.
Today HR has become a critical catalyst for continuous transformation
during a phase of rapid growth and transition from a midsized company
to a large corporation, in line with the company''s vision.
CODE OF CONDUCT
As prescribed under clause 49 of the Listing Agreement, a declaration
signed by the Whole time Director affirming compliance with the Code of
Conduct by the Directors and Senior Management Personnel of the Company
for the financial year 2013-14 forms part of the Corporate Governance
Report.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the requirement under section 217(2AA) of the Companies
Act, 1956 with respect to the Directors responsibility statement, it is
hereby confirmed that:
(i) in the preparation of the annual accounts for the year ended 31st
March, 2014, the applicable accounting standards have been followed and
there are no material departures from the same;
(ii) the directors have selected such accounting policies and applied
them consistently and made judgments and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs
of the company at the end of the financial year 31st March, 2014 and of
the profits of the company for the year ended on that date;
(iii) the directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Act 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.
CONSERVATION OF ENERGY. TECHNOLOGY ABSORPTION. FOREIGN EXCHANGE
EARNINGS AND OUTGO.
The statement of particulars under section 217(l)(e) of the Companies
Act, 1956 regarding conservation of energy , technology absorption and
Foreign exchange earnings and outgo are given below::
a) Your Company, being involved in Trading and IT activities, has not
consumed energy of any significant level. Accordingly, no measures were
taken for energy conservation and no investment is required to be for
reduction of energy consumption.
b) No comment is made on technology absorption, considering the nature
of activities undertaken by your company during the year under review.
c) No Expenditure has been made for research and development.
d) There were no Foreign Exchange earnings or out go during the year
under review.
PARTICULARS OF EMPLOYEES
There are no employees drawing remuneration in excess of the limits
prescribed under section 217(2A) of the Companies Act, 1956 read with
companies (Particulars of Employees) Rules 1975 (as amended).
ACKNOWLEDGEMENT
The Directors wish to place on record their appreciation of the
contributions made by the employees at all levels, whose continued
commitment and dedication helped the company achieve better results.
The Directors also wish to thank customers, bankers, Central and State
Governments for their continued support. Finally your directors would
like to express their sincere & whole-hearted gratitude to all of you
for your faith in us and your Co-operation & never failing support.
For and on behalf of the Board of Directors
Place : Kolkata
Date : 25/07/2014
A. K. Jain
(Whole Time Director)
Mar 31, 2013
Dear Shareholders,
The Directors have pleasure in presenting 32nd Annual Report together
with the Audited Statement of Accounts for the year ended 31st March,
2013. The Financial highlights for the year under review are given
below:
FINANCIAL RESULTS
(Rs. in Lacs)
31st March,
2013 31st March,
2012
Total Income 4307.01 4228.29
Profit before Depreciation & Tax 109.36 126.06
Depreciation 39.60 55.59
Profit before Tax 69.76 70.47
Less  Tax 0.04 2.55
Profit after Tax 69.72 67.92
Add: Balance of Profits
for earlier years 279.39 211.47
Balance available for Appropriation 349.11 279.39
DIVIDEND
Due of lower profit and requirement of funds for the existing business
activities, your Directors do not propose any dividend for the
financial year 2012  2013 (Previous year  Nil Dividend).
PERFORMANCE
The Total Income for the financial year under review increased to
Rs.4307.01 Lacs against Rs. 4228.29 Lacs during previous year whereas
the Profit after Tax generated by the company during the year under
review is Rs.69.72 Lacs as compared to Rs. 67.92 Lacs during the
previous year. However, the company is working hard to increase the
profitability in the forthcoming years.
DIRECTORS
Dr. A. A. Sisodia, Director of the Company, retires by rotation at the
ensuing Annual General Meeting and is eligible for re-appointment.
LISTING OF SHARES
Equity shares of the Company are listed at Calcutta Stock Exchange.
Equity shares of the company are also traded under permitted category
at Bombay Stock Exchange. Listing fees had already been paid in
pursuance to clause 38 of the listing agreement.
AUDITORS & AUDITORS OBSERVATION
M/s. Mohindra Arora & Co., Chartered Accountants, the auditors of the
company who hold office until the conclusion of the forthcoming Annual
General Meeting, being eligible, offer themselves for re- appointment,
if made, would be within the prescribed limits under Section 224(1B) of
the Companies Act, 1956.
The observations of the Auditors as referred to in the Auditor''s Report
are properly explained in the financial statements.
FIXED DEPOSITS
The company has not accepted any public deposit and, as such, no amount
of principal or interest was outstanding on the date of Balance Sheet.
COMPLIANCE WITH THE ACCOUNTING STANDARDS
The Company prepares its accounts and other financial statements in
accordance with the relevant accounting principles and also complies
with the accounting standards issued by the Institute of Chartered
Accountants of India.
INTERNAL CONTROL SYSTEMS & THEIR ADEQAUCY
Your Company has in place adequate Internal Control system, which is
duly supported by Internal Audit and management reviews with documented
policies and procedures.
CORPORATE GOVERNANCE
A separate section on Corporate Governance is included in the Annual
Reports and the Certificate from Company''s auditors confirming the
compliance with the code of Corporate Governance as enumerated in
clause 49 of the listing of agreements with the Stock Exchange is
annexed hereto.
CORPORATE SOCIAL RESPONSIBILITY
The Company has adopted Corporate Social Responsibility Initiative and
focuses on key areas as education, healthcare etc in accordance with
the provisions of the relevant Acts and rules made there on.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Management Discussion and Analysis Report for the year under review as
stipulated under clause 49 of the Listing agreement with Stock Exchange
is presented separately forming part of the Annual Report.
HRD INITIATIVES
The Company strongly believes that the growth of the organization can
be sustained through the continuous development of its people who
contribute to the business success. Today the Company is proud of its
performance driven team. It is the strategy of the leadership team and
the execution skills of our people that will take the organization to
greater heights.
Today HR has become a critical catalyst for continuous transformation
during a phase of rapid growth and transition from a midsized company
to a large corporation, in line with the company''s vision.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the requirement under section 217(2AA) of the Companies
Act, 1956 with respect to the Directors responsibility statement, it is
hereby confirmed that::
(i) in the preparation of the annual accounts for the year ended 31st
March, 2013, the applicable accounting standards have been followed and
there are no material departures from the same;
(ii) the directors have selected such accounting policies and applied
them consistently and made judgments and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs
of the company at the end of the financial year 31st March, 2013 and of
the profits of the company for the year ended on that date;
(iii) the directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Act 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.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO,
The statement of particulars under section 217(1)(e) of the Companies
Act,1956 regarding conservation of energy, technology absorption and
Foreign exchange earnings and outgo are given below::
a) Your Company, being involved in Trading and IT activities, has not
consumed energy of any significant level. Accordingly, no measures were
taken for energy conservation and no investment is required to be for
reduction of energy consumption.
b) No comment is made on technology absorption, considering the nature
of activities undertaken by your company during the year under review.
c) No Expenditure has been made for research and development.
d) There were no Foreign Exchange earnings or out go during the year
under review.
PARTICULARS OF EMPLOYEES
There are no employees drawing remuneration in excess of the limits
prescribed under section 217(2A) of the Companies Act, 1956 read with
companies (Particulars of employees) Rules 1975(as amended).
ACKNOWLEDGEMENT
The Directors wish to place on record their appreciation of the
contributions made by the employees at all levels, whose continued
commitment and dedication helped the company achieve better results.
The Directors also wish to thank customers, bankers, Central and State
Governments for their continued support. Finally your directors would
like to express their sincere & whole-hearted gratitude to all of you
for your faith in us and your Co-operation & never failing support.
For and on behalf of the
Board of Directors
Place : Kolkata
Date : 30/07/2013 A. K. Jain
(Whole Time Director)
Mar 31, 2012
The Directors are pleased to present the 31st Annual Report together
with the Audited Statement of Accounts and the Auditors Report of your
company for the year ended 31st March, 2012. The Financial highlights
for the year under review are given below:
FINANCIAL RESULTS
(Rs. in Lacs)
31st March, 2012 31st March, 2011
Total Income 4228.29 5362.99
Profit before Depreciation &
Tax 126.06 126.38
Depreciation 55.59 38.94
Profit before
Tax 70.47 87.44
Less - Tax 2.55 -0.04
Profit after Tax 67.92 87.48
Add: Balance of Profits for
earlier years 211.47 123.99
Balance available for Appropriation 279.39 211.47
DIVIDEND
Due of lower profit and requirement of funds for the existing business
activities, your Directors do not propose any dividend for the
financial year 2011 - 2012 (Previous year - Nil Dividend).
PERFORMANCE
The Total Income for the financial year under review decreased to Rs.
4228.29 Lacs against Rs.5362.99 Lacs during previous year whereas the
Profit after Tax generated by the company during the year under review
is Rs.67.92 Lacs as compared to Rs. 87.48 Lacs during the previous
year. The PAT for the financial year under review is lower due to lower
margins in the business and reduction in total income during this
financial year. However, the company is working hard to increase the
profitability in the forthcoming years.
DIRECTORS
Mr. M. K. Bothra, Director of the Company, retires by rotation at the
ensuing Annual General Meeting and is eligible for re-appointment.
LISTING OF SHARES
Equity shares of the Company are listed at Calcutta Stock Exchange.
Equity shares of the company are also traded under permitted category
at Bombay Stock Exchange. Listing fees had already been paid in
pursuance to clause 38 of the listing agreement.
AUDITORS & AUDITORS OBSERVATION
M/s. Mohindra Arora & Co., Chartered Accountants, the auditors of the
company who hold office until the conclusion of the forthcoming Annual
General Meeting, being eligible, offer themselves for re- appointment,
if made, would be within the prescribed limits under Section 224(1B) of
the Companies Act, 1956.
The observations of the Auditors as referred to in the Auditor's Report
are properly explained in the financial statements.
FIXED DEPOSITS
The company has not accepted any public deposit and, as such, no amount
of principal or interest was outstanding on the date of Balance Sheet.
COMPLIANCE WITH THE ACCOUNTING STANDARDS
The Company prepares its accounts and other financial statements in
accordance with the relevant accounting principles and also complies
with the accounting standards issued by the Institute of Chartered
Accountants of India.
INTERNAL CONTROL SYSTEMS & THEIR ADEQUACY
Your Company has in place adequate Internal Control system, which is
duly supported by Internal Audit and management reviews with documented
policies and procedures.
CORPORATE GOVERNANCE
A separate section on Corporate Governance is included in the Annual
Reports and the Certificate from Company's auditors confirming the
compliance with the code of Corporate Governance as enumerated in
clause 49 of the listing of agreements with the Stock Exchange is
annexed hereto.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Management Discussion and Analysis Report for the year under review as
stipulated under clause 49 of the Listing agreement with Stock Exchange
is presented separately forming part of the Annual Report.
HRD INITIATIVES
The Company strongly believes that the growth of the organization can
be sustained through the continuous development of its people who
contribute to the business success. Today the Company is proud of its
performance driven team. It is the strategy of the leadership team and
the execution skills of our people that will take the organization to
greater heights.
Today HR has become a critical catalyst for continuous transformation
during a phase of rapid growth and transition from a mid-sized company
to a large corporation, in line with the company's vision.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the requirement under section 217(2AA) of the Companies
Act, 1956 with respect to the Directors responsibility statement, it is
hereby confirmed that:
(i) in the preparation of the annual accounts for the year ended 31st
March, 2012, the applicable accounting standards have been followed and
there are no material departures from the same;
(ii) the directors have selected such accounting policies and applied
them consistently and made judgments and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs
of the company at the end of the financial year 31st March, 2012 and of
the profits of the company for the year ended on that date;
(iii) the directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Act 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.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO,
The statement of particulars under section 217(1)(e) of the Companies
Act, 1956 regarding conservation of energy , technology absorption and
Foreign exchange earnings and outgo are given below:
a) Your Company, being involved in Trading and IT activities, has not
consumed energy of any significant level. Accordingly, no measures were
taken for energy conservation and no investment is required to be for
reduction of energy consumption.
b) No comment is made on technology absorption, considering the nature
of activities undertaken by your company during the year under review.
c) No Expenditure has been made for research and development.
d) There were no Foreign Exchange earnings or out go during the year
under review.
PARTICULARS OF EMPLOYEES
There are no employees drawing remuneration in excess of the limits
prescribed under section 217(2A) of the Companies Act, 1956 read with
companies (Particulars of employees) Rules 1975.
ACKNOWLEDGEMENT
The Directors wish to place on record their appreciation of the
contributions made by the employees at all levels, whose continued
commitment and dedication helped the company achieve better results.
The Directors also wish to thank customers, bankers, Central and State
Governments for their continued support. Finally your directors would
like to express their sincere & whole-hearted gratitude to all of you
for your faith in us and your Co-operation & never failing support.
For and on behalf of the Board of Directors
A. K. Jain
(Whole Time Director)
Place : Kolkata
Date : 02/08/2012
Mar 31, 2010
The Directors are pleased to present the 29th Annual Report together
with the Audited Statement of Accounts and the Auditors Report of your
company for the year ended 31st March, 2010. The Financial highlights
for the year under review are given below:
FINANCIAL RESULTS
(Rs.in Lacs)
31/03/2010 31/03/2009
Total Income 3276.49 2219.57
Profit Before Depreciation & Tax 229.17 180.74
Depreciation 33.00 31.39
Profit Before Tax 196.17 149.34
Less à Tax 6.44 51.82
Profit After Tax 189.73 97.52
Add: Balance of Profits for earlier years 108.19 97.90
Balance available for Appropriation 297.92 195.42
APPROPRIATIONS
Dividend 132.44 66.22
Tax on Dividend 22.51 11.25
General Reserve 18.97 9.75
Balance carried to Balance Sheet 123.99 108.19
DIVIDEND
The Board of Directors has recommended a dividend of Rs.0.06 per equity
share of Face Value Re.1/- for the financial year 2009 Ã 2010 (Previous
year @ Rs.0.03), subject to the approval of the shareholders.The
outflow of funds on account of payment of dividend would be
Rs.154.95Lacs including tax on dividend.
PERFORMANCE
The financial year under review was the period of assessment and
implementation of plans & strategy for putting the Company on
sustainable growth path. The Total Income for the financial year under
review is Rs.3276.49 Lacs against Rs.2219.57 Lacs in previous year. The
Profit after Tax generated by the company during the year under review
is Rs.189.73Lacs as compared to Rs.97.52 Lacs during the previous year.
DIRECTORS
Mr. A.K.Jain and Mr M.K.Bothra, Directors of the Company, will retire
by rotation at the ensuing Annual General Meeting, and being eligible
offers himself for re-appointment.
LISTING OF SHARES
Equity shares of the Company are listed with Calcutta Stock Exchange.
Listing fees has already been paid in pursuance to clause 38 of the
listing agreement. Now, equity shares of the company are also traded
under permitted category at Bombay Stock Exchange.
MANAGEMENT & DISCUSSION AND ANALYSIS
In compliance with the provision of clause 49 of the listing agreement
with the Stock Exchanges, detailed review of the operations,
performance and future outlook of the Company is annexed hereto.
AUDITORS & AUDITORS OBSERVATION
M/s Mohindra Arora & Co., Chartered Accountants, the auditors of the
company who hold office until the conclusion of the forthcoming Annual
General Meeting, being eligible, offer themselves for re-appointment,
if made, would be within the prescribed limits under Section 224(1B) of
the Companies Act, 1956.
The observations of the Auditors as referred to in the Auditors Report
are suitably explained in the notes to the account.
FIXED DEPOSITS
The company has not accepted any public deposit and, as such, no amount
of principal or interest was outstanding on the date of Balance Sheet.
REPORT ON CORPORATE GOVERNANCE AND MANAGEMENT DISCUSSION AND ANALYSIS
Pursuant to clause 49 of the listing agreement with Stock Exchange,
Management Discussion and Analysis Report, Corporate Governance Report
together with the Auditors certificate on compliance of the conditions
of Corporate Governance form part of this Annual Report.
HRD INITIATIVES
Your Directors want to place on record their appreciation of the
contribution made by employees at all levels, who through their
steadfastness, solidarity and with their co- operation and support have
made it possible for the company to achieve the current status it
enjoys in the industry.
It is the endeavour of the company to create in its employees a sense
of belonging, and an environment that promotes openness, creativity and
innovation. All our manpower initiatives are implemented with the aim
of maximizing productivity and aligning organizational needs with
employees aspirations.
PARTICULARS OF EMPLOYEES
There is no employee drawing remuneration in excess of the limits
prescribed in Companies (Particulars of Employees) Rules, 1975 as
amended.
DIRECTORS RESPONSIBILITY STATEMENT
Your Directors confirm that:
i. in the preparation of the annual accounts, the applicable accounting
standards had been followed;
ii. the directors have selected such accounting policies and applied
them consistently and made judgments and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs
of the company at the end of the financial year 31st March 2010 and of
the profit of your company for that period;
iii. 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;
iv. the directors have prepared the annual accounts on a going concern
basis.
TECHNOLOGY, R&D AND FOREIGN EXCHANGE
The provisions of Section 217(1) (e) of the Companies Act, 1956, with
regard to conservation of energy and technology absorption are not
applicable to the company. The company has not incurred any
expenditure or earned any income in foreign exchange during the period
under review.
ACKNOWLEDGEMENT
The Directors wish to place on record their appreciation of the
contributions made by the employees at all levels, whose continued
commitment and dedication helped the company achieve better results.
The Directors also wish to thank customers, bankers, Central and State
Governments for their continued support. Finally your directors would
like to express their sincere & whole-hearted gratitude to all of you
for your faith in us and your Co-operation & never failing support.
For and on behalf of the Board of Directors
Place : Kolkata B. K. Thaker
Date :21st August, 2010 (Whole Time Director)
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