Mar 31, 2014
Dear Members
The Directors present their Twenty Ninth Annual Report and Audited
Statement of Accounts for the year ended 31st March, 2014. Since this
report pertains to financial year that commenced prior to 1st April,
2014 the contents therein are governed by the relevant
provisions/schedules/rules of the Companies Act, 1956, in compliance
with General Circular No. 08/2014 dated 4 April, 2014 issued by the
Ministry of Corporate Affairs.
FINANCIAL HIGHLIGHTS:
Rs. in Lacs
Particulars 2013-14 2012-13
Total Revenue 21.32 35.85
Total Expenditure 41.08 50.56
Profit/(Loss) before Tax and Extraordinary Items (19.76) (14.71)
Extraordinary Items 0.00 31.72
Profit/(Loss)before Tax (19.76) 17.01
Taxes (0.61) (0.47)
Profit/(Loss) carried to Balance Sheet (20.37) 16.54
Earnings per share (0.77) 0.63
OPERATIONS:
Due to adverse market condition, your company has declined the rental
income from properties however generated income from interest on
investments etc to the tune of Rs. 21.32 Lacs in compare to previous
year Rs. 35.85 Lacs. The Company has decided to penetrate on its main
business of paper and packaging business and till the first quarter
your company has achieved revenue of Rs. 839 Laces. Company is trying
hard to reduce it''s losses and increase the revenue.
DIVIDEND:
In view of losses in the year under review your directors do not
recommend any dividend for the year ended 31st March 2014.
PUBLIC DEPOSITS:
During the year under review, the Company has not accepted any Public
Deposit in terms of provisions of Section 58A of the Companies Act,
1956.
During the year under review Mr. Niranjan Singh Puwar, Mr. Pradeep Garg
and Mr. Anil Kumar Sankhlecha have resigned and Mr. Sunil Upadhyaya and
Mr. Kulbir Singh Pasricha has been appointed as an additional director
on the Board of Directors of the Company.
Mr. Revant Purbia and Mr. Prakash Chandra Purohit retire by rotation
and being eligible, offer their candidature for re-appointment at the
forthcoming Annual General Meeting.
Brief resume of the Director proposed to be appointed/re-appointed,
nature of his expertise in specific functional areas and names of
companies in which he hold directorship and membership/chairmanship of
Board Committees, as stipulated under clause 49 of Listing Agreement
with the Stock Exchanges in India, are provided in the annexure of
Notice of Annual General Meeting.
DIRECTORS'' RESPONSIBILITY STATEMENT:
According to provision of section 217 (2AA) of the Companies Act, 1956;
The Directors confirm that:
a) In preparation of Annual Accounts, the applicable accounting
standards have been followed.
b) They 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 as at 31st March, 2014 and of the Loss of the Company for
that period.
a) They have taken proper and sufficient care for the maintenance of
adequate accounting records in accordance with provisions of the
Companies Act, 1956, for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities.
c) They have prepared the annual accounts on a going concern basis.
PARTICULARS OF EMPLOYEES:
During the year under review none of the employees of the Company
whether employed for the whole year or part thereof, was in receipt of
a remuneration aggregating to in excess of limits specified under
Section 217 (2A) of the Companies Act, 1956 read with companies
(particulars of employee) rules 1975 as amended and hence no
particulars are required to be furnished.
AUDITORS:
M/s. Jain Nilesh and Company, Chartered Accountants (Firm Registration
No. 018943C) is proposed to be appointed as the Statutory Auditors of
the Company by the Board, to fill the casual vacancy caused due to the
resignation of M/s. Manish Dani & Co., Chartered Accountants, from the
conclusion of this Annual General Meeting until the conclusion of 34th
Annual General Meeting of the company.
AUDITORS COMMENTS:
The observations made in the Auditors'' Report, read with the relevant
notes thereon are self-explanatory and therefore do not call for any
further comments under Section 217 of the Companies Act, 1956.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS & OUTGO:
Since your company does not carry out any manufacturing activity, the
particulars regarding conservation of energy, technology absorption and
Other particulars as required by the companies (disclosure of
particulars in the report of the board of directors) rules, 1998 are
not applicable and hence not given.
During the year under review foreign exchange earnings and outgo are
NIL.
CORPORATE GOVERNANCE:
Pursuant to clause 49 of the Listing Agreement with Stock Exchanges, a
report on Corporate Governance together with the Auditors'' Certificate
regarding compliance of the conditions of Corporate Governance,
Management Discussion and Analysis statement forms part of the Annual
Report.
CASH FLOW STATEMENT:
A Cash Flow Statement for the year 2013-14 is included in the annexed
Statement of Accounts.
REMUNERATION COMMITTEE:
Keeping in view of the requirement of Companies Act, 2013, Board
constituted the "Remuneration Committee" during the year under review.
ACKNOWLEDGEMENT:
The Board gratefully acknowledges the understanding and support
received by the Company from its stakeholders. It also places on record
its deep gratitude for the unstinted support received from the Banks,
Institutions, the Central Government, the various State Governments and
the local authorities during the year to the Company.
For and on Behalf of Board
Date: 28 August, 2014 Prakash Chandra Purohit Revant Purbia
Place: Nathdwara Director Director
DIN 01383197 DIN 02423236
Mar 31, 2013
To, The Members,
The Directors have pleasure in presenting the Twenty Eighth Annual
Report on the operations of the Company together with the Audited
Accounts for the year ended 31st March 2013.
Financial Results:
(Rs. in lacs)
FINANCIAL RESULT 2012-13 2011-12
Sales and other Income 16.03 12.64
Profit/Loss before Tax (2.80) (47.11)
Provision for Taxation 0.047 (10.64)
Profit/(Loss) After Tax (3.27) (36.47)
Profit/(Loss) from partnership Firm 19.81 (6.60)
Profit/(Loss) carried to
Balance Sheet 16.54 (43.07)
Operations:
Your Directors have pleasure to inform that during the year under
review the income have been increased by 27% Rs.16.03 Lacs in compare
to previous year Rs. 12.64 Lacs and after adjustment of prior period
expenditures written off the losses have been reduced to the tune of
Rs. 2.80. Lacs in compare to previous year loss of Rs. 47.11 Lacs and
after Tax Profit and adding the income from partnership firm the profit
have been increased to Rs.16.54 Lacs in compare to previous year loss
of Rs. 43.07 Lacs.
In view of accumulated losses your Directors have decided to sell the
investment in Homework Crafts (India) Private Limited as a result of
which the entity is no more subsidiary of the Company.
Dividend:
In view of accumulated losses, your directors do not recommend any
dividend on equity shares for the year under review.
Directors'' Responsibility Statement:
Pursuant to Section 217(2AA) of the Companies Act, 1956, your Directors
confirm the following:
·That the preparation of the Annual Accounts, and applicable standards
have been followed.
·That 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 as at 31st March, 2013 and of the profit of the Company
for that period.
·That 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.
·That the Annual Accounts for the year ended 31st March, 2013 has been
prepared on a going concern basis.
Corporate Governance:
Your Directors are adhered with the Corporate Governance guidelines
stipulated by the Stock Exchange and other governing bodies in terms of
Clause 49 in the Listing Agreement, a detailed report is being attached
herewith as a part of this report.
Public Deposits:
During the year under review your company has not accepted any public
deposit in terms of Section 58A of the Companies Act, 1956 & Companies
(Acceptance of Deposits) Rules, 1975 as amended
Directors:
During the year under review Mr. Naveen Diwan, Director has resigned
and Mr. Prakash chandra Purohit and Mr.Revant Purbia are being
reappointed at the ensuing Annual general Meeting.
Auditors:
During the year under review M/s Manish Dani & Co. Chartered
Accountants, Statutory Auditors of the Company are being eligible to
retire at ensuing Annual General meeting. On recommendation of the
Audit Committee and adoption of such recommendation by the Board,
auditors are being eligible to offer themselves for reappointment and
fix their remuneration in consultation with Audit Committee and the
Board of Directors. Auditors have also confirmed that if their
appointment is made it will be within the limit laid down under section
224 (1B) of the Companies Act 1956
Auditors'' Comments:
The observations made by the Auditors in their Report read with the
relevant notes as given in the Notes on Accounts, are self explanatory
and therefore do not call for any further clarification under Section
217(3) of the Companies Act, 1956.
Remuneration Committee:
In view of accumulated losses your Directors are not being paid any
remuneration by the company therefore it is recommended by the Board to
dissolve the "Remuneration Committee".
Conservation of Energy, Technology Absorption and Foreign Exchange
Earnings and outgo:
In pursuant to section 217(1)(e) of the Companies Act 1956 read with
Companies (Disclosures of particulars in the report of Board of
Directors) Rules 1998.During the year under review conservation of
energy, technology absorption and foreign exchange earning and outgo
are - Nil
Particulars of Employees:
During the year under review none of the employees of the Company
whether employed for the whole year or part thereof, was in receipt of
a remuneration aggregating to in excess of limits specified under
section 217(2A) of the Companies Act, 1956 read with the Companies
(Particulars of Employees) Rules, 1975 as amended, and hence no
particulars are required to be furnished.
Acknowledgements:
Your Directors take this opportunity to express their gratitude & deep
appreciation for the support and cordination from the investors,
financial institutions, Registrar and Share Transfer Agent (RTA),
banks, statutory authorities.employees at all levels for their
continous efforts and valuable contribution during the year under
review.
FOR & ON BEHALF OF BOARD
FOR ASIA PACK LIMITED
Place: Udaipur
Date: 26th June, 2013 Prakash Chandra Purohit Revant Purbia
Director Director
Mar 31, 2011
The Directors have pleasure in presenting the Twenty Sixth Annual
Report on the operations of the Company together with the audited
accounts for the year ended 31st March 2011.
Financial Results: (Rs. in lacs)
FINANCIAL RESULTS 2010-11 2009-10
Sales and other Income 12.84 281.67
Profit/Loss before Interest,
Depreciation and Taxation (62.89) 212.02
Interest 0.00 0.17
Depreciation 13.00 12.65
Prior Period adjustment/
Extra Ordinary Item 0.01 1.62
Profit/(Loss) before Tax (75.88) 200.82
Provision for Taxation
- Current Tax 0.00 (65.12)
- MAT Tax credit reversed 0.00 (30.99)
- Deferred Tax Assets (0.40) (4.03)
- Fringe Benefit Tax - -
- Wealth Tax (0.57) (0.66)
- Tax Provision (earlier Years) 0.00 (5.88)
Profit/(Loss) After Tax (76.85) 94.14
Loss/Profit brought forward from
earlier year 173.78 79.64
Balance carried to Balance Sheet 96.93 173.78
Performance:
Management has been continuously putting efforts to explore new
business areas and further trying to get business in the existing
segments. This year company has not receive new assignment, but
management is hopeful for a revival in the coming period.
The total income of the Company has considerably decreased from Rs.
281.67 Lacs in the previous year to Rs. 12.84 Lacs for the year under
review and Profit before Depreciation, Interest and Tax decreased from
Rs. 212.02 Lacs in the previous year to loss of Rs. 62.89 Lacs for the
year under review. The Profit before Tax has also decreased from Rs.
200.82
Lacs to Loss before tax of Rs 75.88 Lacs in the current year. The Net
Loss after Tax for the year under review after providing for taxation
is Rs. 76.85 Lacs as against Profit after Tax of Rs. 94.14 Lacs in the
previous year.
Barring unforeseen circumstances, your Directors are confident of
achieving better results in the ensuing year.
Dividend:
In view of the losses incurred and based on the future planning your
Directors regret their inability to recommend any Dividend.
Directors' Responsibility Statement:
Pursuant to Section 217(2AA) of the Companies Act, 1956, your Directors
confirm the following:
In the preparation of the Annual Accounts, the applicable standards
have been followed.
That 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 as at 31st March, 2011 and of the profit of the Company
for that period.
That 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.
That the Annual Accounts for the year ended 31st March, 2011 has been
prepared on a going concern basis.
Corporate Governance:
Your Company is in adherence of good corporate governance as stipulated
by the stock exchange and fully complied with the requirement of the
listing agreement. A separate section on Corporate Governance forming
part of the Directors' Report and the certificate from the Company's
Auditors confirming compliances of Corporate Governance norms, in terms
of Clause-49 of the Listing Agreement is annexed to the Annual Report.
Statement Pursuant To Listing Agreement (S):
The Company's Equity shares are listed at Bombay Stock Exchange Limited
(BSE), Mumbai.
& Jaipur Stock Exchange, Jaipur. The listing fees for the year under
review have been paid to BSE &
JSE.
Public Deposits:
The Company has not accepted or renewed any deposit from public in
terms of Section 58A of the Companies Act, 1956 during the year under
review.
Directors:
Appointment of New Director
The Board of Directors, at their meeting held on the 25th August, 2011,
have recommended and approved the appointment of Dr. Pradeep Garg & Mr.
Anil Kumar Sankhlecha, an independent non- executive director, as
Additional Directors of the Company, with effect from the said date,
whose term of office is upto the date of this Annual General Meeting in
accordance with the applicable provisions of the Articles of
Association and the Companies Act, 1956. The matter of appointing them,
as regular director, liable to retire by rotation, appears as an Agenda
item in the Notice of the 27th Annual General Meeting.
Retiring by rotation and re-appointment
In accordance with the provisions of the Articles of Association and
the Companies Act, 1956, Mr. Revant Purbia and Mr. Prakash Chandra
Purohit, Directors of the Company are due to retire by rotation at the
ensuing AGM. They are eligible for re-appointment and offer themselves
for re- appointment. The matter of re-appointing them is included in
the Notice of the 27th Annual General Meeting.
None of the Directors are disqualified from being
appointed/re-appointed as Director in terms of Section 274(1) (g) of
the Companies Act, 1956.
Auditors:
M/s Sarda Soni Associates Chartered Accountants, the Statutory Auditors
of the Company has resigned w.e.f. 18th April 2011, so to fill up the
casual vacancy M/s Manish Dani & co. were appointed as the statutory
auditor (at the EGM held on 10th May 2011) until the conclusion of next
Annual General Meeting. Members are requested to appoint Auditors for
the current year and to authorize the Board to fix their remuneration.
Auditors' Comments:
The observations made by the Auditors in their Report read with the
relevant notes as given in the Notes on Accounts, are self explanatory
and therefore do not call for any further comments under Section 217(3)
of the Companies Act, 1956.
Secretarial Compliance Certificate:
Pursuant to the amendment in Section 383A of the Companies Act, 1956,
all such Companies having paid up share capital of Rs. 10 Lacs and
above but less than Rs. 5 Crore and has appointed any Whole time
Company Secretary are not required to obtain a Compliance Certificate
from a PCS. The company has appointed a Whole Time Company Secretary
w.e.f. 24th May 2010 as CS cum Compliance Officer.
Conservation of Energy, Technology Absorption and Foreign Exchange
Earnings and outgo:
Information pursuant tot section 217(1)(e) of the Companies Act, 1956
read with the Companies (Disclosures of the Particulars in the Report
of the Board of Directors) Rules, 1988 is not applicable as your
Company is not a Manufacturing Company. During the period under review,
Foreign Exchange Earning was NIL and Foreign Exchange Outgo was Rs.
NIL.
Particulars of Employees:
During the year under review, none of the employees of the Company,
whether employed for the whole year or part thereof, was in receipt of
remuneration aggregating to or in excess of the limits specified under
Section 217(2A) of the Companies Act, 1956, read with the Companies
(Particulars of Employees) Rules, 1975 as amended, and hence, no
particulars are required to be furnished in connection with the same.
Acknowledgements:
Your Directors take this opportunity to express their gratitude for the
support and co-operation from the Investors, Financial Institutions,
Banks, Statutory Authorities, Customers and Suppliers. Your Directors
express their deep appreciation to the Company's employees at all
levels for their unstilted efforts and valuable contributions during
the year.
For and on behalf of the Board
Sd/-
Deepak Kumar Parihar
Director
Place: Udaipur
Date : 27.05.2011
Mar 31, 2010
The Directors have pleasure in presenting the Twenty Fifth Annual
Report on the operations of the Company together with the audited
accounts for the year ended 31st March 2010.
Financial Results: (Rs. in lacs)
FINANCIAL RESULTS 2009-10 2008-2009
Sales and other Income 281.67 114.76
Profit/Loss before Interest,
Depreciation and Taxation 212.02 52.30
Interest 0.l7 2.23
Depreciation 12.65 11.80
Prior Period
adjustment/Extra Ordinary Item 1.62 0.05
Profit/(Loss) before Tax 200.82 38.22
Provision for Taxation
- Current Tax (65.12) (3.68)
- MAT Tax credit reversed (30.99) (19.78)
- Deferred Tax Assets (4.03) (2.18)
- Fringe Benefit Tax - (1.20)
- Wealth Tax (0.66) (0.89)
- Tax Provision (earlier Years) (5.88) (0.41)
Profit/(Loss) After Tax 94.14 10.08
Loss/Profit brought forward
from earlier year 79.64 69.56
Balance carried to Balance Sheet 173.78 79.64
Performance:
Members will be pleased to note that company continued the trend of
revival of the operations of the company. In pursuance to the main
objectives, Company during the year under review has provided business
consultancy and other support services mainly comprising of financial
analysis and projections for financing and loaning. Management is
hopeful to maintain the trend in the coming period.
The total income of the Company has considerably increased from Rs.
114.76 in the previous year to Rs. 281.67 Lacs for the year under
review and Profit before Depreciation, Interest and Tax increased from
Rs. 52.30 Lacs in the previous year to Rs. 212.02 Lacs for the year
under review. The profit before tax has increased from 38.22 Lacs to
Rs. 200.82 Lacs in the current year. The net profit after Tax for the
year under review after providing for taxation is Rs.94.14 Lacs as
against Rs. 10.08 Lacs in the previous year.
Barring unforeseen circumstances, your Directors are confident of
achieving better results in the ensuing year.
Dividend:
In view of the companys planning to expand the business in other
activities for the year under review, yours Directors regret their
inability to recommend any Dividend.
Directors Responsibility Statement:
Pursuant to Section 217(2 AA) of the Companies Act, 1956, your
Directors confirm the following:
- In the preparation of the Annual Accounts, the applicable standards
have been followed.
- That 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 as at 31sl March, 2010 and of the profit of the Company
forthat period.
- That 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.
- That the Annual Accounts for the year ended 31st March, 2010 has been
prepared on a going concern basis.
Corporate Governance:
The Corporate Governance Guidelines issued by SEBI are not applicable
to the Company since the Company has a paid up capital below Rs. 3
Crores as on 31st March 2010
Public Deposits:
The Company has not accepted or renewed any deposit from public in
terms of Section 58A of the Companies Act, 1956 during the year under
review.
Directors:
In accordance with the provisions of the Companies Act, 1956 and the
Articles of Association of the Company, Mr. Deepak Kumar Parihar,
Director of the Company, retire by rotation and being eligible, offer
himself for re-appointment at the ensuing Annual General Meeting. In
the last financial year Mr Lalit Prakash Seth has resigned as Director
from the Company on 25th Feb 2010 due to his other occupancies. Mr.
Prakash Chandra Purohit was appointed as additional director of the
company on 24th Feb 2010 and offered himself for appointment as
director in the ensuing annual general meeting of the company
Auditors:
M/s Shah Patni & Co., Chartered Accountants, the Statutory Auditors of
the Company has resigned w.e.f. 3rd May 2010, so to fill up the casual
vacancy M/s Sarda Soni Associates were appointed as the statutory
auditor (at the EGM held on 24th May 2010) uptil the conclusion of next
Annual General Meeting. Members are requested to appoint Auditors for
the current year and to authorize the Board to fix their remuneration.
Auditors Comments:
The observations made by the Auditors in their Report read with the
relevant notes as given in the Notes on Accounts, are self explanatory
and therefore do not call for any further comments under Section 217(3)
of the Compan ies Act, 1956.
Secretarial Compliance Certificate:
Pursuant to the amendment in Section 3 83 A of the Companies Act, 1956,
all such Companies having paid up share capital of Rs. 10 Lacs and
above but less than Rs. 5 Crore and has not appointed any Whole time
Company Secretary are required to obtain a Compliance Certificate from
a PCS for the year ended 31 st March, 2010, so in lieu of this Company
has obtained Compliance Certificate for the year 2009-10 from B. L.
Harawat & Associates, Udaipur and the same is attached.
Conservation of Energy, Technology Absorption and Foreign Exchange
Earnings and out go: Information pursuant tot section 217(l)(e) of the
Companies Act, 1956 read with the Companies (Disclosures of the
Particulars in the Report of the Board of Directors) Rules, 1988 is not
applicable as your Company is not a Manufacturing Company. During the
period under review, Foreign Exchange Earning was NIL and Foreign
Exchange Outgo was also NIL.
Particulars of Employees:
During the year under review, none of the employees of the Company,
whether employed for the whole year or part thereof, was in receipt of
remuneration aggregating to or in excess of the limits specified under
Section 217(2A) of the Companies Act, 1956, read with the Companies
(Particulars of Employees) Rules, 1975 as amended, and hence, no
particulars are required to be furnished in connection with the same.
Acknowledgements:
Your Directors take this opportunity to express their gratitude for the
support and co-operation from the Investors, Financial Institutions,
Banks, Statutory Authorities, Customers and Suppliers. Your Directors
express their deep appreciation to the Companys employees at all
levels for their unstilted efforts and valuable contributions during
the year.
For and on behalf of the Board
sd/-
Place: Udaipur RevantPurbia
Date: 29.05.2010 Chairman