Mar 31, 2015
Dear Shareholders,
The Directors are pleased to present the 27thAnnual Report with the
Audited Accounts of the Company for the year ended March 31, 2015.
Financial Highlights (Rs. In Lakh)
Particulars 2014-15 2013-14
Revenue from Operation 6,78,256.96 7,23,149.63
Profit on forward Transaction 537.25 (53.62)
Other Income 834.80 440.56
Total Revenue 6,79,629.01 7,23,536.57
Less: Total Expenses 6,79,077.59 7,23,252.35
Operating Profits before Exception item, 551.42 284.22
Depreciation, Interest and Tax
Less: Depreciation 280.54 60.69
Interest 201.07 174.71
Add :Exception Item 146.62 0.00
Profit Before Tax 216.42 48.82
Less: Current Tax 45.00 15.08
Short provision relating to prior years (3.17) 0.00
Deferred tax liability 127.90 0.00
Profit after Tax 46.69 33.74
REVIEW OF BUSINESS OPERATION
During the year under review, your company has earned income of Rs.
6,78,256.96 Lakh from sale of Gold & Silver and various other business
activities in financial year 2014-15 compared to the income of Rs.
7,23,149.63 Lakh of previous year which shows downtrend about 6.04%
over the previous year. Although, downward trend in the income, due to
constant control over the various expenses, the Company has earned Net
Profit after Tax of Rs. 46.69 Lakh as against Net Profit after tax of
Rs. 33.74 Lakh of Previous year.
DIVIDEND
To conserve resources for future prospect and growth of the Company,
your Directors regret to declare Dividend for the Financial Year
2014-15 (Previous year - Nil).
NET PROFIT TRANSFER TO RESERVE
The Company has not transferred any amount to any reserve for the
financial year 2014-15 (Previous year - NIL).
INFORMATION ON BOARD OF DIRECTOR, COMMITTEE AND ITS MEETINGS:
Composition
The Board consist of five (5) members as on March 31, 2015, two (2) of
whom are Promoters Executive Directors (one is Managing Director and
one is Executive Director) and remaining three (3) are Non-Executive
Independent Directors. Ms. RashmiAahuja, who has been appointed as an
Additional (Independent) Director, is designated as Woman Director of
the Company.
The Composition of Board fulfills the requirements of Companies Act,
2013 and Clause 49 of Listing Agreement entered by the Company with BSE
Limited.
Board Meetings
Regular meetings of the Board are held at least once in a quarter.
Additional Board meetings are convened to discuss and decide on various
business policies, strategies and other businesses.
During the year under review, Board of Directors of the Companymet 6
times, viz May 30, 2014, August 14, 2014, September 01, 2014, November
14, 2014, February 14, 2014, and March 31, 2015. The Board of Directors
has also passed several resolutions through circular.
The gap between two consecutive meetings was not more than one hundred
and twenty days as provided in section 173 of the Act.
The Independent Directors of the Company has met one time on March 31,
2015, inter alia, to evaluate the performance of Non-Independent
Directors, Board as a whole and performance of Chairman of the Company.
Further, your Company has formed following Committees of the Board in
accordance with Companies Act, 2013 and the Listing Agreement:
- Audit Committee
- Stakeholders' Grievances and Relationship Committee
- Nomination and Remuneration Committee
- Corporate Social Responsibility Committee
The details of number of meetings of Committees, its composition,
powers, terms of reference is provided under the corporate governance
report section in this Annual Report.
Appointment, Re-appointment and Resignation of Directors
During the year, in terms of Section 149 & 152 and Clause 49 of the
Listing Agreement, the Members of the Company, in their last Annual
General Meeting, have appointed Mr. Mayur Parikh and Mr. Maheshkumar D.
Thakkar as Independent Directors of the Company for a period up to
September, 2019.
Further, Ms. RashmiAahuja was appointed as an Additional (Independent)
Director of the Company w.e.f. March 31, 2015. She has been designated
as Woman Director of the Company. In terms of provision of Section 161
of the Companies Act, 2013, Ms. RashmiAahuja shall hold the office up
to the date of ensuing Annual General Meeting. The Company has received
a notice in writing, under Section 160 of the Companies Act, 2013, from
a member proposing her candidature for the office of Director. The
Board of Director of the Company has, based on the recommendation of
Nomination and Remuneration Committee, recommends her appointment for a
period up to March 30, 2020 and resolution to that effect has been
proposed for the approval of member in the ensuing Annual General
Meeting.
Board of Directors, in their Meeting held on August 28, 2015, has
re-appointed Mr. Yashwant Thakkar as Managing Director and Mr.
Rashmikant Thakkar as Executive Director for a period of 5 years,
w.e.f. July 15, 2015 on revised remuneration terms, subject to approval
of Members. Resolutions to that effect have been proposed in the
notice of Annual General Meeting. The Board of Directors
recommendstheirre-appointments on the Board of the Company.
None of the Directors of the Company is disqualified for being
appointed as Director as specified in Section 164 (2) of the Companies
Act, 2013.
Declaration by Independent Directors
The Company has received necessary declaration from each Independent
Director under Section 149(7) of the Companies Act, 2013, to the effect
that they meet the criteria of independence laid down in Section 149(6)
of the Companies Act, 2013 and Clause 49 of the Listing Agreement. The
terms and conditions of the Independent Directors are incorporated on
the website of the Company at www.amrapalispot.com.
Training of Independent Directors
To familiarize the new inductees with the strategy, operations and
functions of our Company, the executive directors / senior managerial
personnel make presentations to the inductees about the Company's
strategy, operations, product and service offerings, organization
structure, finance, human resources, quality and facilities. Further,
the Company has devised a Familiarization Programme for Independent
Directors and the same is placed on the website of the Company at
www.amrapalispot.com.
Details of Key Managerial Personnel
Mr. Yashwant Thakkar, Managing Director is the Key Managerial Personnel
("KMP") as per the provisions of the Companies Act, 2013 and was
already in the office before the commencement of the Companies Act,
2013.
Further, Mr. Satish A. Patel is appointed as Chief Financial Officer of
the Company w.e.f. August 14, 2015. None of the KMP was resigned up to
date of report of Directors.
Nomination and Remuneration Policy
In terms of the provisions of the Companies Act, 2013 and the listing
agreement as amended from time to time, the Companyhas devised a policy
on Nomination and Remuneration of Directors, Key Managerial Personnel
and Senior Management. Key points of the policy are:
A. Policy on Appointment of Directors, Key Managerial Personnel and
Senior Management Personnel
- The policy is formulated to identify and ascertain the integrity,
qualification, expertise and experience of the person for appointment
as Director, KMP and Senior Management personnel and recommend to the
Board for his / her appointment.
- A person should possess adequate qualification, expertise and
experience for the position he/ she is considered for appointment.
B. Policy on remuneration of Director, KMP and Senior Management
Personnel
The Company's philosophy is to align Director, KMP and Senior
Management Personnel with adequate compensation so that the
compensation is used as a strategic tool that helps Company to attract,
retain and motivate highly talented individuals who are committed to
the core value of the Company. The Company follows mixed of fixed pay,
benefits and performance based variable pay. The Company pays
remuneration by way of salary. The remuneration paid by the Company is
within the salary scale approved by the Board and Shareholders.
Board Evaluation
List of criteria on which performance may be evaluated was prepared
after taking into consideration of the various aspects of the Board's
functioning, composition of the Board and Committees, culture,
execution and performance of specific duties, obligation and
governance.
The evaluation of all non-independent directors and the Board as a
whole was conducted by the Independent Directors at their meeting held
on March 31, 2015, based on the criteria and framework adopted by the
Board.
On the other hand, Nomination and Remuneration Committee has carried
out performance evaluation of all the Directors. The Board has approved
the evaluation results as suggested by the Nomination and Remuneration
Committee.
The Board of Directors expressed their satisfaction with the evaluation
process.
PUBLIC DEPOSIT
The company has not accepted any deposits from the public. Hence, the
directives issued by the Reserve Bank of India & the Provision of
Section 73 to 76 of the Company Act, 2013 or any other relevant
provisions of the Act and the Rules there under are not applicable.
PARTICULARS OF LOANS, GUARANTEES, INVESTMENTS & SECURITY
Details of Loans, Guarantees, Investments and Security covered under
the provisions of Section 186 of the Companies Act, 2013 are given in
the notes to the Financial Statement.
CORPORATE SOCIAL RESPONSIBILITY [CSR]
The Corporate Social Responsibility Committee has formulated and
recommended to the Board, a Corporate Social Responsibility Policy
("CSR Policy") indicating the activities to be undertaken by the
Company, which has been approved by the Board.
The CSR policy encompasses the Company's philosophy for delineating its
responsibility as a Corporate Citizen and lays down the guidelines and
mechanism for undertaking socially useful programmes for welfare &
sustainable development of the community at large. The CSR Policy may
be accessed on the Company's website at www.amarapalispot.com.
The CSR Committee is responsible for indicating the activities to be
undertaken by the Company, monitoring the implementation of the
framework of the CSR Policy and recommending the amount to be spent on
CSR activities.
The Company has formed CSR Committee which comprises of three (3)
Directors namely Mr. Yashwant Thakkar as Chairman of the Committee and
Mr. Mayur Parikh and Mr. Maheshkumar Thakkar as the members of the
Committee. During the year, Committee met one time on February 14, 2015
for approval of CSR Policy.
Further, as per Section 135 of the Companies Act, 2013, the Company is
required to spent at least 2% of the average Net profit of last three
years as calculated in terms of Section 349 and 350 of the Companies
Act, 1956. However, the average net profit in terms of Section 349 &
350 of the Companies Act, 1956 of the Company is negative. Hence,
Company has not made any CSR expenditure during the Financial Year
2014-15. So, Annual Report on CSR expenditure is not given.
Although, the Company has started to make CSR expediter from the F.Y.
2015-16 onwards, disclosure of the same will be given in the next
annual report.
CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES
All transactions to be entered by the Company with related parties will
be in the ordinary course of business and on an arm's length basis.
However, the Company has not entered into any related party
transaction, as provided in Section 188 of the Companies Act, 2013,
with the related party. Hence, Disclosure as required under Section 188
of the Companies Act, 2013 is not applicable to the Company.
EXTRACT OF ANNUAL RETURN
Pursuant to sub-section 3(a) of Section 134 and sub-section (3) of
Section 92 of the Companies Act, 2013 read with Rule 12 of Companies
(Management and Administration) Rules, 2014 the extract of the Annual
Return as at March 31, 2015 in Form MGT-9, forms part of this Annual
Report as Annexure- "A".
PARTICULAR OF EMPLOYEES
The ratio of remuneration of each Director to the median employee's
remuneration and other details in terms of sub-section 12 of Section
197 of the Companies Act, 2013 read with Rule 5(1) of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014 are
forming part of this Annual Report as Annexure - "B".
The details as required under section 197(12) of the Companies Act,
2013, read with Rule 5(2) of the Companies (Appointment and
Remuneration of Managerial Personnel), 2014 is not applicable as there
is no employee in the Company employed throughout the financial year
with salary above Rs. 60 Lakh p.a. or employed part of the financial
year with average salary above Rs. 5 Lakh per month.
Further, there is no employee employed throughout Financial year or
part thereof, was in receipt of remuneration of in aggregate is in
excess of that drawn by the Managing Director or Whole time Director or
Manager and holds by himself or along with his spouse and dependent
children, not less than Two percent (2%) of the Equity Shares of the
Company.
ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
The details of conservation of energy, technology absorption etc. as
required to be given under section 134[3][m] of the Companies Act 2013
read with the Companies [Accounts] Rules, 2014, are not applicable to
our Company, as our Company is not carrying on any manufacturing
activities.
Further, there was no foreign exchange earnings and outgo during the
financial year 2014-15 (Previous Year  Nil).
MATERIAL CHANGES AND COMMITMENT AFFECTING FINANCIAL POSITION OF THE
COMPANY
There are no material changes and commitments, affecting the financial
position of the Company which has occurred between the end of financial
year of the Company i.e. March 31, 2015 and the date of Director's
Report i.e. August 28, 2015.
SEXUAL HARASSMENT OF WOMEN AT WORKPLACE
There were no incidences of sexual harassment reported during the year
under review, in terms of the provisions of the Sexual Harassment of
Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.
HUMAN RESOURCES
During the year under review the employee attrition was minimal. The
management continues its efforts in imparting professional training to
Executives and Staff members at various levels with the view to upgrade
their competence and managerial abilities. The Industrial relations in
the company continued to be cordial in the year 2014-15.
BUSINESS RISK MANAGEMENT
The Company is aware of the risks associated with the business. It
regularly analyses and takes corrective actions for managing and
mitigating the same.
CORPORATE GOVERNANCE
Your Company strives to incorporate the appropriate standards for
corporate governance. Pursuant to Clause 49 of listing agreement to
the Stock Exchange Corporate Governance Report and Practicing Company
Secretary' on its compliance is annexed and forms part of this report.
MANAGEMENT DISCUSSION AND ANALYSIS [MDA]
MDA, for the year under review, as stipulated under clause 49 of the
Listing Agreement, is presented in a separate section forming part of
this Annual Report.
AUDITORS
Statutory Auditor & their report
M/s. MehulThakker& Co., Chartered Accountant, Ahmedabad (FRN 118993W),
was appointed as the Statutory Auditors of the Company, to hold the
office from the conclusion of the 26th Annual General Meeting till the
conclusion of the 29th Annual General Meeting and M/s. V J Amin & Co.,
Chartered Accountant, Baroda (FRN 100335W) was appointed as peer review
auditor of the Company to hold office from the conclusion of 26th
Annual General Meeting till the conclusion of the 31st Annual General
Meeting.
M/s. MehulThakker& Co., Chartered Accountant, Ahmedabad has shown
unwillingness to act as Statutory Auditor of the Company after
completion of Audit for the F.Y. 2014-15. He has resigned as an Auditor
due to his preoccupation with other assignment, through letter dated
August 20, 2015. Further, M/s. V J Amin & Co., Chartered Accountant,
Baroda has also tender resignation as peer review auditor through their
resignation letter dated August 21, 2015.
In terms of the provisions of the companies Act, 2013 and the rules
made thereunder, these vacancies are called as Casual vacancies due to
resignation of Auditor. The Board of Directors, based on recommendation
made by the Audit Committee, has recommended the appointment of M/s.
Dhiren Shah & Co., Chartered Accountants, Ahmedabad as the Statutory
Auditors of the Company to hold the office from the ensuing AGM till
the conclusion of the 29th AGM, subject to approval by the members in
the ensuing Annual General Meeting.
The Company has received the consent from M/s Dhiren Shah & Co.,
Chartered Accountants confirming that they are not disqualified to be
appointed as the Auditors of the Company.
The Auditors' Report on the accounts of the Company for the accounting
year ended March 31, 2015 is self-explanatory and do not call for
further explanations or comments that may be treated as adequate
compliance of Section 134 of the Companies Act, 2013 except a
qualification opinion by statutory auditor w.r.t.the net additional
income offered before the Hon'ble Settlement Commission has been shown
under the head "Reserves & Surplus" for an amount of Rs.
11,58,98,063/-. The taxes with interest paid Rs. 6,81,25,000/- on net
additional income offered before the Hon'ble Settlement Commission, has
been shown under the head "Long Term Loan & Advances".
The final hearing and order of the company of Hon'ble Settlement
Commission u/s. 245D(4) of the Income-tax Act, 1961 is pending. On
getting the final order from the Income-tax authority the net
additional income of shown in the "Reserves & Surplus" and taxes with
interest paid on net additional income will be adjusted in the profit
and loss account of the company.
Secretarial Auditor & their report
Pursuant to the provisions of section 204 of the Act and The Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014, the
Company has appointed Mr. Anand S. Lavingia, Practicing Company
Secretary to carry out the Secretarial Audit for the financial year
ended on March 31, 2015. Secretarial Audit Report is attached to this
report as AnnexureÂ"C".
The Secretarial Auditors' Report for the financial year ended on March
31, 2015 is self- explanatory and do not call for further explanations
or comments that may be treated as adequate compliances of various act,
rules, regulations, guidelines etc. as applicable to the Company except
that the report contain some observation by the Auditor that Company
has not filled certain resolutions with the registrar.Your Directors
state that in terms of MCA Notification No. G.S.R. 206(E) dated March
18, 2015, the Company is not required to file that resolutions with the
registrar.
DIRECTORS' RESPONSIBILITY STATEMENT
In terms of section 134(3) (c) of the Act, your Directors state that:
I. in the preparation of the annual financial statements for the year
ended on March 31, 2015, applicable accounting standards read with
requirements set out under schedule III of the Act, have been followed
along with proper explanation relating to material departures, if any,
II. such accounting policies have been selected and applied
consistently and judgments and estimates made that are reasonable and
prudent so as to give a true and fair view of the state of affairs of
the company as at March 31, 2015 and of the profit of the company for
the year ended on that date,
III. proper and sufficient care has been taken for maintenance of
adequate accounting records in accordance with the provisions of this
Act for safeguarding the assets of the company and for prevention and
detection of fraud and other irregularities,
IV. the annual financial statements are prepared on a going concern
basis,
V. proper internal financial controls are in place and that the
financial controls are adequate and are operating effectively and
VI. the systems to ensure compliance with the provisions of all
applicable laws are in place and are adequate and operating
effectively.
GENERAL DISCLOSURE
Your Directors state that the Company has made disclosures in this
report for the items prescribed in section 134(3) of the Act and Rule 8
of The Companies (Accounts) Rules, 2014 to the extent the transactions
took place on those items during the year.
Your Directors further state that no disclosure or reporting is
required in respect of the following items as there were no
transactions on these items during the year under review:
1. Details relating to deposits covered under Chapter V of the Act.
2. Issue of Equity Shares with differential rights as to dividend,
voting or otherwise.
3. Issue of shares (including sweat equity shares) to employees of the
Company under any scheme save and ESOS.
4. Details of Subsidiary, Associates and Joint Venture Company.
5. Details of Contracts and arrangement with the related parties.
6. No significant or material orders were passed by the Regulators or
Courts or Tribunals which impact the going concern status and Company's
operations in future.
ACKNOWLEDGEMENT
Your Directors wish to place on record their sincere appreciation for
significant contributions made by the employees at all levels through
their dedication, hard work and commitment, enabling the Company to
achieve good performance during the year under review.
Your Directors also take this opportunity to place on record the
valuable co-operation and support extended by the banks, government,
business associates and the shareholders for their continued confidence
reposed in the Company and look forward to having the same support in
all future endeavors.
Registered Office By Order of the Board
19/20/21 For, Amrapali Industries Limited
Third Floor, Narayan Chambers,
B/h Patang Hotel,
Ashram Road,
Ahmedabad Â380 009 Yashwant Thakkar Rashmikant Thakkar
Managing Director Director
Place:Ahmedabad DIN: 00071126 DIN: 00071144
Date: August 28, 2015
Mar 31, 2014
Dear Members,
The Directors have the pleasure of presenting the Twenty Sixth Annual
Report of your Company together with the audited accounts for the year
ended 31stMarch, 2014.
1. FINANCIAL RESULTS
The summary of financial results for the year is given below:
(Rs. In Lacs)
Particulars 2013-14 2012-13
Sales &Operating Income 7,23,255.66 7,03,578.89
Other Income 280.91 446.84
Total Revenue 7,23,536.57 7,04,025.73
Operating Profits (PBDIT) 284.22 750.10
Less: Depreciation 60.69 64.52
Interest 174.71 644.58
Profit Before Tax & Exceptional Items 48.82 41.00
Less: Exceptional Items 0.00 0.00
Current Tax 15.08 12.88
Profit after Tax 33.73 28.12
Add: Balance of Profit brought 139.75 111.63
forward from previous year
Profit available for appropriation 33.73 28.12
Appropriation to: 173.48 139.75
Transfer to General Reserve
2. DIVIDEND
Your Directors have not declared any dividend during the year under
review. The entire profit ploughed back to business.
3. REVIEW OF BUSINESS OPERATION
During the year under review, your company has registered the turnover
of Rs. 7,23,255.66 Lacs against the turnover of Rs. 7,03,578.89 Lacs of
previous year. The overall increase in cost is due to increase in the
number of employees, increase in assets and increase in purchase of
traded goods. Further the interest expense had decreased to Rs. 174.71
against Rs. 644.58 Lacs which had considerably impacted over the profit
of the Company. The Profit before Tax for the current year is Rs.48.82
Lacs as against Rs. 41.00 Lacs of previous year.
4. CORPORATE GOVERNANCE REPORT
Pursuant to Clause 49 of the Listing Agreement with the Stock Exchange,
Report on Corporate Governance and a certificate from the Statutory
Auditors of the Company confirming compliance of the same has been
included in the Annual Report as a separate section.
5. DIRECTORS
During the year under review, Mr. Rashmikant A. Thakkar is liable to
retire by rotation at the ensuing Annual General Meeting and being
eligible, have proposed for re-appointment.
Brief resumes of the director being reappointed together with other
relevant details form part of the Notice of the ensuing Annual General
Meeting. The Board recommends their re-appointment.
6. AUDITORS AND AUDITORS'' REPORT:
M/s. MehulThakker& Co., Chartered Accountants, Ahmedabad and M/s. V J
Amin & Co, Chartered Accountants, Baroda, Statutory Auditors of the
Company, holds office until the conclusion of the Twenty Ninth (29th)
Annual General Meeting and Thirty First (31st) Annual General Meeting
respectively subject to ratification of the appointment by the members
at every AGM held after this AGM.
The observations made by the Auditors'' in their Auditors'' Report and
the Notes on Accounts referred to in the Auditors'' Report are
self-explanatory and do not call for any further comments.
7. DIRECTORS'' RESPONSIBILITY STATEMENT
Pursuant to Section 217(2AA) of the companies act, 1956, the Board of
Directors of the company hereby state and confirm that:-
a. In the preparation of the annual accounts, the applicable accounting
Standards had been followed along with proper explanation relating to
material Departures.
b. The directors had selected such accounting policies and applied them
consistently and made judgments and estimates that are reasonable and
prudent so as to give a true and fair view of the state of affairs of
the company at the end of the financial year and of the profit of the
company for the year under review.
c. 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.
d. The directors had prepared the account on going on concern basis.
PARTICULARS OF THE EMPLOYEES
The Company had not paid any remuneration attracting the provisions of
section 217(2A) of the Companies Act, 1956 read along with the
Companies (Particulars of Employees) Rules, 1975. Hence, no information
is required to be appended to this report in this regard.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO:
The details of conservation of energy, technology absorption etc. as
required to be given under Section 217(1)(e) of the Companies Act 1956,
are not applicable to our Company, as our Company has not carried out
in the manufacturing activities.
The foreign exchange earnings on account of the operation of the
Company during the year were Rs. Nil. ACKNOWLEDGEMENT:
Your Directors would like to express their sincere appreciation for the
assistance and co-operation received from the Banks, Government
Authorities, Customers and Shareholders during the year. Your directors
also wish to take on record their deep sense of appreciation for the
committed services of the employees at all levels, which has made our
Company successful in the business.
For and on Behalf of the Board
For, AMRAPALI INDUSTRIES LIMITED
Place : Ahmedabad (YASHVANT THAKKAR)
Date : September 1, 2014 CHAIRMAN & MANAGING DIRECTOR
Mar 31, 2013
The Directors have the pleasure of presenting the Twenty Fifth Annual
Report of your Company together with the audited accounts for the year
ended 31st March, 2013.
1. FINANCIAL RESULTS
The summary of financial results for the year is given below:
(Rs. in Lacs)
Particulars 2012-13 2011-12
Sales & Operating Income 7,03,578.89 4,71,058.97
Other Income 446.84 97.78
Total Revenue 7,04,025.73 4,71,156.75
Operating Profits (PBDIT) 750.10 248.15
Less: Depreciation 64.52 57.82
Interest 644.58 165.69
Profit Before Tax & Exceptional Items 41.00 24.64
Less: Exceptional Items
Current Tax 12.88 0.00
Profit after Tax
Add: Balance of Profit brought
forward from previous 111.63 86.99
year
Profit available for appropriation 28.12 24.64
Appropriation to: 139.75 111.63
- Transfer to General Reserve
2. DIVIDEND:
Your Directors have not declared any dividend during the year under
review. The entire profit ploughed back to business.
3. REVIEW OF BUSINESS OPERATION
During the year under review, your company has registered the turnover
of Rs. 7,04,025.73 Lacs against the turnover of Rs. 4,71,156.75 Lacs of
previous year. The overall increase in cost is due to increase in the
number of employees, increase in assets and increase in purchase of
traded goods. Further the interest expense had also increased to Rs.
644.58 against Rs. 165.69 Lacs which had considerably impacted over the
profit of the Company. The Profit before Tax for the current year is
Rs.41.00 Lacs as against Rs.24.64 Lacs of previous year.
4. CORPORATE GOVERNANCE REPORT
Pursuant to Clause 49 of the Listing Agreement with the Stock Exchange,
Report on Corporate Governance and a certificate from the Statutory
Auditors of the Company confirming compliance of the same has been
included in the Annual Report as a separate section F0R, aWI
5. DIRECTORS
During the year under review, Mayur Rajendrabhai Parikh are liable to
retire by rotation at the ensuing Annual General Meeting and being
eligible, have been proposed for re- appointment.
Brief resumes of the directors being reappointed together with other
relevant details form part of the Notice of the ensuing Annual General
Meeting. The Board recommends their reappointments.
6. AUDITORS AND AUDITORS'' REPORT:
M/s. Mehul Thakker & Co., Chartered Accountants, Ahmedabad, Statutory
Auditors of the Company, hold office until the conclusion of the
ensuing Annual General Meeting and are eligible for reappointment.
The observations made by the Auditors'' in their Auditors'' Report and
the Notes on Accounts referred to in the Auditors'' Report are
self-explanatory and do not call for any further comments.
7. DIRECTORS'' RESPONSIBILITY STATEMENT
Pursuant to Section 217(2AA) of the companies act, 1956, the Board of
Directors of the company hereby state and confirm that:-
(a) In the preparation of the annual accounts, the applicable
accounting Standards had been followed along with proper explanation
relating to material Departures.
(b)The directors had selected such accounting policies and applied them
consistently and made judgments and estimates that are reasonable and
prudent so as to give a true and fair view of the state of affairs of
the company at the end of the financial year and of the profit of the
company for the year under review.
(c) 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.
(d) The directors had prepared the account on going on concern basis.
PARTICULARS OF THE EMPLOYEES
The Company had not paid any remuneration attracting the provisions of
section 217(2A) of the Companies Act, 1956 read along with the
Companies (Particulars of Employees) Rules, 1975. Hence, no information
is required to be appended to this report in this regard.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO:
The details of conservation of energy, technology absorption etc. as
required to be given under Section 217(l)(e) of the Companies Act 1956,
are not applicable to our Company, as our Company has not carried out
in the manufacturing activities.
The foreign exchange earnings on account of the operation of the
Company during the year was Rs. Nil.
ACKNOWLEDGEMENT:
Your Directors would like to express their sincere appreciation for the
assistance and co- operation received from the Banks, Government
Authorities, Customers, and Shareholders during the year. Your
directors also wish to take on record their deep sense of appreciation
for the committed services of the employees at all levels, which has
made our Company successful in the business.
For and on Behalf of the Board
For, AMRAPALI INDUSTRIES LIMITED
PLACE: AHMEDABAD (YASHWANT THAKKAR)
Date: 05.09.2013 CHAIRMAN & M.D.
Mar 31, 2012
Dear Shareholders,
The Directors here by present the Twenty Seventh Annual Report on
business and operations of the Company together with the Audited
statements of Accounts for the financial year ended on 31st March 2012.
OPERATIONS REVIEW:
During the year under review your Company has earned profit of Rs.
24.64 Lacs. The management has taken measures as part of its continuous
improvements to strengthen operations and viability.
DIVIDEND:
Your Directors have not declared any dividend during the year under
review. The entire profit ploughed back to business.
FIXED DEPOSIT:
The Company has not accepted any deposit from the public pursuant to
the provisions of Section 58A of the Companies Act, 1956.
DIRECTORS:
Mr. Maheshkumar Dayaljibhai Thakkar of the Company is retires by
rotation at the ensuing Annual General Meeting and being eligible,
offer himself for reappointment.
AUDITORS AND AUDITORS'' REPORT:
M/s. Mehul Thakker & Co., Chartered Accountants, Ahmedabad, Statutory
Auditors of the Company, hold office until the conclusion of the
ensuing Annual General Meeting and are eligible for reappointment.
The observations made by the Auditors'' in their Auditors'' Report and
the Notes on Accounts referred to in the Auditors'' Report are
self-explanatory and do not call for any further comments.
MANAGEMENT DISCUSSION AND ANALYSIS:
Management Discussion and Analysis forms part of the Annual Report to
the shareholders and it includes discussion on matters as required
under the provisions of Clause 49 of the listing agreement forming part
of this report is annexed herewith. The Audit Committee of the Company
has regularly reviewed internal Control System of the company.
PARTICULARS OF EMPLOYEES:
The statement showing particulars of employees under section 217(2A) of
the Companies Act, 1956, read with the companies (Particulars of
Employees) Rules, 1975, as amended, is not required to be given as
there were no employees coming within the purview of this section.
CORPORATE GOVERNANCE REPORT:
Your Company perceives Corporate Governance as an endeavor for
transparency and a wholehearted approach towards continuous enhancement
of shareholders'' value. Your Company has been complying with the
conditions of Corporate Governance as stipulated in Clause 49 of the
Listing Agreement. Further, the Board of Directors of your Company
constituted a Committee known as Corporate Governance Committee, which
recommends the best practices in the Corporate Governance.
A separate report on Corporate Governance along with Auditors''
Certificate on compliance with the Corporate Governance norms and
stipulated in Clause 49 of the Listing Agreement, forming part of this
report is annexed herewith.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO:
The details of conservation of energy, technology absorption etc. as
required to be given under Section 217(1)(e) of the Companies Act 1956,
are not applicable to our Company, as our Company has not carried out
in the manufacturing activities.
The foreign exchange earning on account of the operation of the Company
during the year was Rs. Nil.
DIRECTORS'' RESPONSIBILITY STATEMENT:
Pursuant to the provisions of Section 217(2AA) of the Companies Act,
1956, the Directors of your Company confirm that:
i) in the preparation of the annual accounts, the applicable accounting
standards have been followed along with proper explanation relating to
material departures;
ii) the Directors have selected such accounting policies and applied
them consistently and made judgments and estimates that were reasonable
and prudent so as to give a true and fair view of the state of affairs
of the Company at the end of the financial year and of the profit or
loss of the Company for that period;
iii) the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the company and for preventing and detecting fraud and other
irregularities;
iv) Directors have prepared the accounts on a "going concern basis".
ACKNOWLEDGEMENT:
Your Directors would like to express their sincere appreciation for the
assistance and co-operation received from the Banks, Government
Authorities, Customers, and Shareholders during the year. Your
directors also wish to take on record their deep sense of appreciation
for the committed services of the employees at all levels, which has
made our Company successful in the business.
For and on Behalf of the Board
For, AMRAPALI INDUSTRIES LIMITED
PLACE: AHMEDABAD
DATE: 15.07.2012
(YASHWANT THAKKAR)
CHAIRMAN
Mar 31, 2010
The Directors hereby present the Annual report of your Company together
with audited accounts for the accounting year ended on 31st March,
2010.
1. FINANCIAL RESULTS :
(Rs. In Lacs)
PARTICULARS YEAR ENDED YEAR ENDED
31.03.2010 31.03.2009
Sales and Other Income 201275.42 191487.17
Profit Before Interest & Depreciation 73.29 50.02
Finance Charges 0.00 0.00
Profit Before Depreciation 73.29 50.02
Depreciation 31.74 24.36
Profit Before Tax 41.55 25.66
Provision for Tax 5.2 8.45
Profit for the year After Tax 36.35 17.21
Net Profit 36.35 17.21
Paid up Equity Shares Capital 2570.53 500.00
Reserves Excluding Revaluation Reserve 36.35 59.61
2. DIVIDEND :
Your directors regret their inability to recommend any dividend for the
year under review due to inadequate profit.
3. FINANCIAL HIGHLIGHTS
During the year under review your company has earned Net Profit of
Rs.36.35lacs compared to Net profit of Rs. 17.21 Lacs in previous year.
Your company has registered total turnover of Rs.201275.42 lacs
compared to Rs. 191487.17 Lacs in previous year. The increase
profitability is due to enhanced income in sales of Gold Bullion during
current year.
4. AMALGAMATION
The Amrapali Developers (India) Limited and Korrwett Capital Investment
Pvt. Limited are merged with our company vide order dated September
,2009 of Honorable Gujarat High Court. The company had issued
2,18,29,,660 Equity shares to the shareholders of Amraplai Developers
(India) Limited and Korrwett Capital and Investment Private limited On
account of that the total paid up share capital of the company is
increased from rs 500 lacs to rs 2570.53 lacs.
5. PUBLIC DEPOSIT
Your Company has not accepted any deposit from the public during the
year under review.
6. DIRECTORS :
Shri rashmikant Thakkar retires by rotation at the ensuing Annual
General Meeting and being eligible offers himself for reappointment.
Your Directors recommend his reappointment.
7. DIRECTORS RESPONSIBILITY STATEMENT UNDER SECTION 217(2AA) OF THE
COMPANIES ACT, 1956.
The Directors confirm that
* In the preparation of the annual accounts, the applicable accounting
standards have been followed by the Company;
* Such accounting policies have been selected and consistently applied
and judgments and estimates made that are reasonable and prudent so as
to give a true and fair view of the state of affairs of the Company as
at 31st March, 2010 and of the profit of the Company for the year ended
on that date;
* 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;
Annual accounts has been prepared on a going concern basis.
8. CORPORATE GOVERNANCE
Your directors are happy to report that your company is fully compliant
as on 31st March 2010 with the SEBI guidelines on Corporate Governance
as incorporated in Clause 49 of the Listing Agreement with the Stock
exchanges.
A detailed report on this subject forms part of this report
9. AUDITORS & AUDITORS REPORT :
M/s. Mehul Thakker & Co. Auditors of the Company, retire and are
eligible for reappointment. The members at the ensuing Annual General
Meeting are requested to consider their reappointment to hold the
office until the conclusion of the next Annual general Meeting. The
Board recommends their appointment.
Notes forming part of the accounts, which are specifically referred to
by the Auditors in their Report are self explanatory and therefore do
not call for any further comments.
10. INFORMATION AS PER SECTION 217 (1) (e) OF THE COMPANIES ACT, 1956
:
As your company is engaged in Trading activity and not engaged in
manufacturing activity a statement containing information as per
Section 217(1)(e) of the Companies (Disclosure of Particulars in the
Report of Board of Directors Rules). 1988 is not appended. There are
no foreign exchange earnings and outgo during the year.
11. PARTICULARS REGARDING EMPLOYEES :
There are no employees covered under Section 217(2A) of the Companies
Act, 1956 read with the Companies (Particulars of Employees) Rules,
1975 as amended and hence no information is required to be furnished.
12. ACKNOWLEDGEMENTS :
The Directors sincerely express their deep appreciation to the Employee
at all levels, Shareholders, Banks, Customers for their sustained
support and co operation during the year. Your Directors also
acknowledge the support and guidance received from the RBI, SEBI, ROC,
Stock Exchanges and other Regulatory Bodies. Banks and other Financial
Groups also deserve special appreciation for significant contribution
to your Companys operations.
By order of the Board
Amrapali Industries Limited
Place: Ahmedabad
Date: 06.07.2010
Yashwant Thakkar
Chairman
Mar 31, 2009
The Directors hereby present the Annual report of your Company
together with audited accounts for the accounting year ended on 31st
March, 2009
FINANCIAL RESULTS :
(Rs. In Lacs)
PARTICULARS YEAR ENDED YEAR ENDED
31.03.2009 31.03.2008
Sales and Other Income 191487.17 32310.05
Profit / (Loss) Before Interest &
Depreciation 50.02 243.11
Finance Charges 0.00 0.00
Profit / (Loss) Before Depreciation 50.02 243.11
Depreciation 24.36 27.79
Profit/(Loss) Before Tax 25.66 215.32
Provision for Tax 8.45 5.08
Profit/ (Loss) for the year After Tax 17.21 210.24
Adjustments of earlier years (Net) 0.00 0.73
Balance Transferred to B/S 42.40 -168.56
Paid up Equity Shares Capital 500.00 500.00
Reserves Excluding Revaluation Reserve 59.61 42.40
DIVIDEND :
Your directors regret their inability to recommend any dividend for the
year under review due to inadequate profit.
FINANCIAL HIGHLIGHTS
During the year under review your company has earned Net Profit of
Rs.17.21 lacs compared to Rs. 210.24 Lacs in previous year. Your
company has registered total turnover of Rs. 191,487.17 lacs compared
to Rs. 32310.05 Lacs in previous year.
AMALGAMATION
Your company has filed Scheme of Amalgamation with Amrapali Developers
(India) Limited and Korrwett Capital Investment Pvt. Limited..The terms
thereof are fair and reasonable for both Amrapali Developers (India)
Limited and Amrapali Industries Limited being listed entity and the
amalgamation of both the companies along with the Group Company
Korrwett Capital Investment Pvt. Limited having good net worth which
will also increase the net worth of amalgamated company. The enhanced
net worth after the amalgamation will be helpful to the group for
better business in bullion trading, commodity trading and in
infrastructure business. The amalgamation will also helpful in
administration of the company. The amalgamation is of Three Companies
Viz. (1) Amrapali Industries Limited (2) Amrapali Developers ( India )
Limited and (3) Korwett Capital and investment Private Limited will be
in the best interest of the company.Final order of merger is awaited.
INDUSTRY OVERVIEW AND DEVELOPMENTS:
World Economy:
After a healthy pace of growth of world economy for the past 3 years at
the rate 4.5%-5%, the pace of economic growth stunted significantly in
2008 struck by the subprime crisis and the instablility in
international
financial markets, which even necessitated the IMF to make a marked
downward revision of its estimate for global growth to 0.5 per cent in
January, 2009 & thereby officially making for a global recession next
year. This crisis has not left even the emerging economies untouched;
the impact is on a lesser scale than in developed economies. The
emerging economies are also expected to show a slower growth of 6.9% in
2008 & 6.1% in 2009, which is nearly 2% down from the previous two
years. The world economic outlook estimates china growth rate to slow
down to 9.7% and 9.3% in 2008 and 2009 respectively, while IndiaÃs
growth is estimated to be 8% and 7% in these two years. Unlike the
earlier recessionary periods, the governments and central banks have
been proactive this time and have announced financial stimulus
packages, ushering in an expectation of early recovery from the second
half of this year. Amidst all the gloomy scenario, the silver lining is
that world trade is still expected to achieve a positive growth of 5%
and 4% in these two years which augurs well for your companyÃs
prospects.
OUTLOOK, OPPORTUNITIES AND THREATS:
IndiaÃs Economy has grown by more than 9% for three years running, and
has seen a decade of 7%+ growth until now. Like most of the world,
however, India has faced testing economic times in 2008 inspite of not
having direct exposure to the sub-prime mortgage assets or to the
failed institutions. The RBI projects growth of just 6% for the Indian
economy in 2009-10 which would be lower than the 6.5%-7% growth
estimate for 2008-09. This is mainly because of IndiaÃs integration
with world economy by two way trade and financial integration with the
world. However, it is expected that the impact of the global crisis
would be less severe in India as compared to developed countries.
After taking the cognizance of the depth and extraordinary impact of
the crisis, the central government has announced fiscal stimulus
packages aimed at additional public spending, providing fiscal benefits
to infrastructure and increasing thrust to external trade. These
measures, aided by resilient financial markets in India, and thrust to
domestic consumption demand inter alia covering impetus to
infrastructure sector- ports, airports, roads, railways etc. is
expected to provide an early recovery from global crisis somewhere
second half of FY10.The economyÃs performance of the first few months
of this fiscal corroborates to early recovery.
RISK PERCEPTION & MANAGEMENT:
Looking at the world economic scenario, there could be lot of
discrepancies in companyÃs business activities. Considering all, the
business trajectory will remain challenging for the coming year.
However, the company is determined and focused to gain momentum of
growth and to come back on profit track.
INTERNAL CONTROLS & THEIR ADEQUACY:
INTERNAL AUDIT & INSPECTION:
A comprehensive system of internal inspection and audit is in place in
your company to monitor internal control system. The scope and coverage
of the Audit is reviewed by time to time to make it more focused and
effective.
HUMAN RESOURCES:
During the year under review the employee attrition is minimal. The
management continues its efforts on imparting training to Staff members
with the view to upgrade their competence and managerial quality. The
Industrial relations in your company continued to be cordial in the
year 2008-2009.
CAUTIONARY STATEMENT:
The statements and observations made in this analysis are reflective of
the collective opinion of your company. Wherever possible conservative
estimate have been taken.
Certain statements in this section relating to estimates, projections
and expectations may be forward looking within the meaning of
applicable laws and regulations. The actual results could differ
materially from what the directors envisage in terms of the future
performance and outlook.
PUBLIC DEPOSITS :
Your Company has not accepted any deposit from the public during the
year under review.
DIRECTORS :
Shri Mayur Parikh retires by rotation at the ensuing Annual General
Meeting and being eligible offers himself for reappointment. Your
Directors recommend his reappointment.
DIRECTORÃS RESPONSIBILITY STATEMENT UNDER SECTION 217(2AA) OF THE
COMPANIES ACT, 1956.
The Directors confirm that
- In the preparation of the annual accounts, the applicable accounting
standards have been followed by the Company;
- Such accounting policies have been selected and consistently applied
and judgments and estimates made that are reasonable and prudent so as
to give a true and fair view of the state of affairs of the Company as
at 31st March, 2009 and of the profit of the Company for the year ended
on that date;
- 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;
- Annual accounts has been prepared on a going concern basis.
CORPORATE GOVERNANCE
Your directors are happy to report that your company is fully compliant
as on 31st March 2009 with the SEBI guidelines on Corporate Governance
as incorporated in Clause 49 of the Listing Agreement with the Stock
exchanges. A detailed report on this subject forms part of this report
AUDITORS & AUDITORS REPORT :
M/s. Mehul Thakker & Co., Auditors of the Company, retires and is
eligible for reappointment. The members at the ensuing Annual General
Meeting are requested to consider their reappointment to hold the
office until the conclusion of the next Annual general Meeting . The
Board recommends their appointment.
Notes forming part of the accounts, which are specifically referred to
by the Auditors in their Report are self explanatory and therefore do
not call for any further comments.
INFORMATION AS PER SECTION 217 (1) (e) OF THE COMPANIES ACT, 1956 :
As your company is engaged in Trading activity and not engaged in
manufacturing activity a statement containing information as per
Section 217(1)(e) of the Companies (Disclosure of Particulars in the
Report of Board of Directors Rules). 1988 is not appended. There are no
foreign exchange earnings and outgo during the year.
SUBSIDIARY COMPANY
The statement Pursuant to Section 212 of the Companies Act,1956
relating to Subsidiary company Amrapali DMCC is as shown in point no. 6
of notes to the accounts.
PARTICULARS REGARDING EMPLOYEES :
There are no employees covered under Section 217(2A) of the Companies
Act, 1956 read with the Companies (Particulars of Employees) Rules,
1975 as amended and hence no information is required to be furnished.
ACKNOWLEDGEMENTS :
The Directors sincerely express their deep appreciation to the Employee
at all levels, Shareholders, Banks, Customers for their sustained
support and co à operation during the year. Your Directors also
acknowledge the support and guidance received from the RBI, SEBI, ROC,
Stock Exchanges and other Regulatory Bodies. Banks and other Financial
Groups also deserve special appreciation for significant contribution
to your CompanyÃs operations.
For and on behalf of the Board of Director
Place : Ahmedabad Yashwant Thakkar
Date :07.07.2009 Chairman
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