Mar 31, 2018
DIRECTORSâ REPORT
TO
THE MEMBERS,
Your Directors have pleasure in presenting the 28th Annual Report of the Company together with the Standalone Audited Financial Statements of Accounts for the year ended March 31, 2018.
1. FINANCIAL RESULTS
(Rs. In Lacs) |
||
Particulars |
2017-18 |
2016-17 |
Gross Income |
728.54 |
868.34 |
Profit/ (Loss) before tax and Exceptional items |
(319.06) |
(814.25) |
Less: Exceptional items |
27.73 |
181.14 |
Profit/ (Loss) before tax |
(346.80) |
(995.39) |
Less: Tax Expenses |
(20.65) |
(80.17) |
Profit/ Loss after tax |
(399.45) |
(931.22) |
2. REVIEW OF BUSINESS OPERATION
The Company is engaged in the business domestic retail trade of gold jewellery and other precious metal ornaments. During the year, the revenue from operations was Rs. 728.54 Lacs as compared to the revenue of Rs. 868.34 Lacs in the year 2016-17. The current year Loss after tax Rs. 399.45 Lacs as compared to the Loss after tax of last year of Rs.931.22 Lacs.
3. DIVIDEND
In view of the loss, your Directors regret their inability to recommend dividend for the Financial Year 2017-18.
4. MATERIAL CHANGES AFFECTING FINANCIAL POSITIONS OF THE COMPANY
No material changes have occurred and commitments made, affecting the financial position of the company, between the end of the financial year of the company and the date of this report.
5. RESERVES AND SURPLUS
During the Financial Year 2017-18, the company has not transferred any amount to its Reserves and Surplus.
6. SHARE CAPITAL
The Authorized Share Capital of the Company is Rs. 200,00,00,000/- (Rupees Two Hundred Crore) comprising 2,00,000,000 (Twenty Crore) Equity Shares of Rs. 10 (Rupees Ten) each. The Issued, Subscribed and Paid-up Equity Share Capital of the Company is Rs. 100,65,45,330/- (Rupees One Hundred Crore Sixty Five Lacs Forty Five Thousand Three Hundred and Thirty) consisting of 1,00,65,45,33 (Ten Crore Six Lacs Fifty Four Thousand Five Hundred Thirty Three) Equity Shares of Rs. 10 (Rupees Ten) each.
The Company has not allotted any shares during the year under review.
7. DIRECTORS AND KEY MANAGERIAL PERSONNEL
Re-appointment
The Board re-appointed Ms. Mandira Mutum as Whole Time Director of the Company effective 01st April, 2018 to 31st March, 2019 based on the recommendation of the Nomination & Remuneration Committee. The Board recommends her re-appointment.
The information on the particulars of Director eligible for appointment in terms of Regulation 33 (3) of sEBi (Listing Obligations and Disclosure Requirements) Regulations, 2015 has been provided in the Explanatory Statement of the notice convening the Annual General Meeting.
Retirement
As per the provisions of the Companies Act, 2013, Mr. Nanda Kumaran Puthezhath will retire by rotation at the ensuing AGM and being eligible offered himself for reappointment. The Board recommends his re-appointment.
8. INDEPENDENTDIRECTORSDECLARATION
The Independent Directors have confirmed and declared that they are not disqualified to act as an Independent Director in compliance with the provisions of Section 149 of the Companies Act, 2013 and the Board is also of the opinion that the Independent Directors fulfill all the conditions specified in the Companies Act, 2013 making them eligible to act as Independent Directors.
9. BOARD MEETINGS
The details of number and dates of meetings held by the Board and its Committees, attendance of Directors and sitting fee/ commission/ remuneration paid to them is given separately in the Corporate Governance Report.
10. BOARD EVALUATION
In compliance with the Companies Act, 2013 and Regulation 17(10) of SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015, the performance evaluation of the Board was carried out during the year under review. More details on the same are given in the Corporate Governance Report.
11. REMUNERATION POLICY
The company follows a policy on remuneration of Directors and Senior Management Employees. The policy is approved by the Nomination and Remuneration Committee and the Board. More details on the same are given in the Corporate Governance Report.
The policy is available on the companyâs website and web link for the same is https:// www.atlasjewelleryindia.com/wp-ntent/ uploads/2018/01/NRCC V02 1718.pdf. The policy is designed to attract, motivate and retain manpower by creating congenial work environment and inculcating a sense of belonging, besides offering appropriate remuneration package and superannuation benefits. The appointment and remuneration of Executive Directors is based on merit and seniority of person. Non- Executive Directors are paid sitting fee in accordance with the Companies Act, 2013.
12. STAKEHOLDER RELATIONSHIP COMMITTEE
Stakeholder Relationship Committee comprises of Mr. K. Mohandas as Chairman, Dr. (Mr.) Sunil Kumar Gupta, Mr. Bashyakar Mattapalli, Ms. Reema Jain and Mr. Nanda Kumaran Puthezhath as members. The details of term of reference of the Committee member, dates of meeting held and attendance of the Directors are given separately in the Corporate Governance Report.
13. AUDIT COMMITTEE
The Audit Committee comprises of Mr. Bashyakar Mattapalli as Chairman, Dr. (Mr.) Sunil Kumar Gupta, Ms. Reema Jain Mr. Mohandas K and Ms. Mandira Mutum as members. The details of term of reference of the Audit Committee member, dates of meeting held and attendance of the Directors are given separately in the Corporate Governance Report.
14. NOMINATION & REMUNERATION COMMITTEE
The Nomination & Remuneration Committee comprises of Ms. Reema Jain as Chairperson, Dr. (Mr.) Sunil Kumar Gupta, Mr. Mohandas K, and Mr. Bashyakar Mattapalli as members. The details of term of reference of the Nomination & Remuneration Committee member, dates of meeting held and attendance of the Directors are given separately in the Corporate Governance Report.
15. CODE OF CONDUCT
Directors, Key Managerial Personnel and senior management of the Company have confirmed compliance with the Code of Conduct applicable to the Directors and employees of the Company and the declaration in this regard made by the Whole time Director is attached as ANNEXURE-I which forms a part of this Report of the Directors. The Code of Conduct is available on the Companyâs website.
16. DISCLOSURE AS PER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013
The company has a policy which has been made part to the ATLAS Code of Business Conduct and Ethics applicable to all the employees of the Company on prohibition, prevention and redressal of Sexual Harassment of women at workplace and matters connected therewith or incidental thereto covering all the aspects as contained under âThe Sexual Harassment of women at workplace (Prohibition, Prevention and Redressal) Act, 2013â.
During the year under review the Company has also organized an awareness programme on The Sexual Harassment of Women at Workplace (Prevention, Prohibition And Redressal) Act, 2013 on 24.08.2017 for all the employees of the Company.
During the financial year 2017-18, no complaint was received under the policy.
17. PARTICULARS OF EMPLOYEES
Information in accordance with the provisions of Section 134(3)(q) and Section 197(12) ofthe Companies Act, 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, regarding employees is given in ANNEXURE-II.
18. AUDITORS AND AUDITORâS REPORT
The auditors M/s. A. Kay. Mehra & Co., Chartered Accountants (FRN: 050004C), retire at the ensuing Annual General Meeting and being eligible, offer themselves for reappointment for a period of 1 year from the conclusion of this Annual General Meeting [AGM] till the conclusion of the next AGM to be held in year 2019. They have confirmed their eligibility under Section 141 of the Companies Act 2013 and the Rules framed there under for re-appointment as auditors of the Company. The Members are requested to confirm the re-appointment of Statutory Auditors.
There are disclaimer remarks made by the Auditors in their Report.
Clarification of the Management in respect of disclaimer remarks of Auditorâs Report are as follows:
S. NO. |
DISCLAIMER |
MANAGEMENT REPLY |
1. |
Trade Receivables amounting to Rs. 1,35,12,86,431/-includes an overseas debtor âM/S Satwa Precious Metals & Bullion Trading (FZE)â amounting to Rs. 1,35,12,71,281/ (including foreign currency exchange gain or loss) which are outstanding for more than two years and are subject to confirmation/ reconciliation and adjustments. Since, there have been defaults in payment obligations by the overseas debtor on due dates and recoveries from this debtor are not significant, the Company has filed a recovery suit against the said party bearing No. IOP No. 7 of 2016 before the Honorable Sub Court, North Paravoor, Kerala for recovery of its entire export dues. As the matter is under judicial review the company has not created any provision for the bad and doubtful debts in the current financial year. In view of the factors stated above and in the absence of clear forward looking information regarding outcome of pending legal action initiated and time frame of reliability of this Trade Receivable, we are unable to determine the amount of expected credit loss/ impairment based on provision matrix as per the requirements of Ind-AS 109 âFinancial Instrumentsâ and its consequential impact, on the financial statements. |
The export trade receivables as mentioned above has been accepted by the Export Debtor and there is no dispute regarding the amount due and payable by the said party as per communications received from the said export debtors. The Company had subsequently filed a recovery suit against the said party bearing No. IOP No. 7 of 2016 before the Honourable Sub Court, North Paravoor, Kerala for recovery of its entire export dues. The export debtor had raised before the Honourable Sub Court the issue of jurisdiction of the said Court to try the matter. The Honourable Sub Court vide its interim Order dated 4.10.2017 had found no merit in the said contention regarding jurisdiction and answered the same in favour of the Company. The Company is confident that the Court would give a favorable judgment in its favour. |
2. |
Reserve Bank of India (RBI) approval is still pending on the application as forwarded by the âADâbank on behalf of the company regarding seeking prior approval from the RBI for the extension of the period of realization of the overdue export receivables. In view of the factors stated above and in the absence of any clear outcome from the RBI, we are unable to form an opinion due to the uncertainties and their possible cumulative effects on the financial statements. |
The Company has also filed an extension application for the over-due export invoices with Axis Bank (AD Banker) on 16.12.2017 as per RBI Master Circular. The same is awaiting RBI approval as per letter received from the said banker. Further as per RBI Master Circular C.18(f) â Extension of Timeâ the same shall be granted irrespective of the amount involved in case where the exporter has filed suits abroad. The Company has filed the suit in India bearing No. IOP No. 7 of 2016 and the same has been accepted by the Honourable Sub Court vide its interim order dated 4.10.2017 further as per Indian and UAE bilateral legal and judicial cooperation treaty dealing with the reciprocal recognition and enforcement of foreign judgments with India (Federal Decree No.83 of 2000). Hence the decree from Indian Court can be executed in U.A.E. if circumstances demand. |
3. |
During the year there was a summon received by the company from the âDirectorate of Enforcementâ to provide details in respect of export proceeds pending for realization and for tendering statement in this regards. In response of the above mentioned summon, the company has submitted relevant information and documents to the concerned department in the prescribed manner, however, the outcome regarding such summon issued by the concerned department is still pending from the part of competent authority. |
The Company had provided all the necessary information and record sought from it. |
4. |
A statement from the company in Notes to the financial statements describes that âThere was a complaint filed in "Economic Offence Wing (EOW)â against the company and its promoters by Commercial Bank of Dubai (Complainant) in the preceding year. The complainant has mixed up issues and tried to bring a private arrangement between the Complainant and the promoter which had purportedly taken place sometime in April, 2013 in United Arab Emirates (U.A.E) to India and make our Company, as parties to the complaint. The Company is no way connected to the alleged transaction nor concerned with the same or has been aware of the same till the complaint was lodged. However, the Company as a law abiding citizen had provided all the necessary information as being sought from it by the investigating officer and fully co-operating and supporting the investigation in order to bring the matter for an early closureâ. This enquiry by the âEconomic Offence Wingâ, in respect of the complaint filed by the "Commercial Bank of Dubaiâ (Complainant) against the company and its promoters is still pending before the competent investigating authority. |
As stated by the auditors themselves, the complainant has mixed up issues and tried to bring a private arrangement between the Complainant and the promoter which had purportedly taken place sometime in April, 2013 in United Arab Emirates (U.A.E) to India and make our Company, as parties to the complaint. The Company is no way connected to the alleged transaction nor concerned with the same or has been aware of the same till the complaint was lodged. However, the Company as a law abiding citizen had provided all the necessary information to the Investigating Officer and impressed upon him that the Company nor its directors are any way concerned or a party to the transaction which purportedly took place in Dubai between the promoters and the complainant. |
5. |
The Company''s operating results have been |
The Board of the Company has been taking all necessary |
materially affected due to various factors including |
steps to turn around the operations of the Company |
|
non-realization of Trade receivables, non-recovery |
including cost rationalization, aggressively follow upon |
|
of loans and advances, continuously termination of |
recovery, streamlining operations etc. and the Board is |
|
lease agreements, reliance on cash sales for meeting out expenses, overall substantial decrease in volume of business and sales, overdue expenses payable, pending income tax demands, continuous increase of litigation matters, etc. These events cause significant doubts on the ability of the company to continue as a going concern. The appropriateness of going concern assumption is dependent on the company''s ability to raise adequate finance from alternative means and / or recoveries from Trade Receivables to meet its short term and long term obligations as well as to establish consistent business operations. In the absence of any convincing audit evidences regarding certainty and time frame for recovery from Trade Receivables, outcome of pending legal action initiated against debtor, pending RBI approval for export realization extension, legal matters initiated against company and in view of multiple uncertainties as stated above we are unable to determine the possible effect on the financial result. We are also unable to conclude on ability of the company to carry on as a going concern. |
confident that the company will show improvement. |
19. COST AUDIT
Cost Audit is not applicable on your Company.
20. SECRETARIAL AUDITORS AND SECRETARIAL AUDIT REPORT
Pursuant to the provisions of Section 204 of the Companies Act 2013 and the Companies (Appointment & Remuneration ofManagerial Personnel) Rules 2014 the Company has appointed, M/s. Parveen Rastogi & Co., Practicing Company Secretaries (COP No. 2883) to undertake the Secretarial Audit of the Company for the financial year 2017
18. The report of the Secretarial Auditors is annexed as ANNEXURE-III to this report.
There are no qualifications or observations, or remarks made by the Secretarial Auditor in their Report.
21. LOANS, GUARANTEES OR INVESTMENT
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.
22. FIXED DEPOSIT
Your company has not accepted any fixed deposit and, accordingly no amount was outstanding as at the Balance Sheet date.
23. SIGNIFICANT AND MATERIAL ORDERS
There were no significant or material orders passed by the Regulators, Courts or Tribunals which impact the going concern status of the Company and its future operations.
24. ADEQUACY OF INTERNAL CONTROLS AND COMPLIANCE WITH LAW
The Company during the year has reviewed its Internal Financial Control (IFC) systems and has continually contributed to establishment of more robust and IFC framework, prescribed under the ambit of Section 134(5)(e) of the Companies Act, 2013. The preparation and presentation of the financial statements is pursuant to
the control criteria defined considering the essential components of Internal Control- as provided in the âGuidance Note on Audit of Internal Financial Controls over Financial Reportingâs issued by the Institute of Chartered Accountants of India.â
The control criteria ensure that orderly and efficient conduct of the Companyâs business including adherence to its polices, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records and the timely preparation of reliable financial information.
There are no instances of fraud which necessitates reporting of material misstatement to the Companyâs operations.
There has been no communication from regulatory agencies concerning noncompliance with or deficiencies in financial reporting practices.
25. RELATED PARTY TRANSACTIONS
There were no contract or arrangements entered into with related parties as defined under Section 188 of the Companies Act, 2013 and Regulation 23 of the SEBI (Listing Obligations Disclosure Requirements) Regulations 2015 during the year under review.
26. SUBSIDIARIES
The Company does not have any subsidiary within the meaning of the Companies Act, 2013.
27. EXTRACT OF ANNUAL RETURN
The particulars required to be furnished under Section 134(3)(a) of the Companies Act, 2013 read with Companies (Management and Administration) Rules, 2014 as prescribed in Form No. MGT-9 is given in ANNEXURE-IV.
28. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNING AND OUTGO
The particulars required to be furnished under Section 134(3)(m) of the Companies Act, 2013 are set out in ANNEXURE-V, which forms part of the report.
29. LISTING
The equity shares of your Company are listed with the Bombay Stock Exchange, Ahmedabad Stock Exchange, Jaipur Stock Exchange and Delhi Stock Exchange (Jaipur Stock Exchange and Delhi Stock Exchange were de-recognized by SEBI w.e.f. March 23, 2015 and January 23, 2017 respectively).
30. DEMATERIALISATION OF SHARES
The shares of your Company are being traded in electronic form and the Company has established connectivity with both the depositories i.e. National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL). In view of the numerous advantages offered by the Depository system, members are requested to avail the facility of dematerialization of shares with either of the Depositories as aforesaid. As on March 31, 2018, 98.79% of the share capital stands dematerialized.
31. CORPORATE GOVERNANCE
As per the applicable provisions of Schedule
V of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, a detailed Corporate Governance Report has been given in this Report. A certificate from Practicing Chartered Accountant confirming compliance with the conditions of Corporate Governance as stipulated under Schedule
V of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 is annexed as ANNEXURE-VI.
32. VIGIL MECHANISM
The Company has a whistle blower mechanism wherein the employees can approach the management of the company (Audit Committee Chairman in case where the concern involves the Senior Management) and make protective disclosures to the management about the unethical behavior, actual or suspected fraud or violation of the Company''s Code of Conduct. The Policy requires every employee to promptly report to the management actual or possible violation of the code or an even he becomes aware of that could affect the business or reputation of the company.
No person has been denied access to the Chairman to report any concern. Further, the said policy as been disseminated within the Organization.
33. COMPLIANCE WITH SECRETARIAL STANDARD
Secretarial Standard 1: Meetings of the Board of Directors and Secretarial Standard 2: General Meetings, as applicable have been complied by the company
34. MANAGEMENT DISCUSSION & ANALYSIS REPORT
The Management Discussion and Analysis Report, as required by Schedule V of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, is annexed herewith as ANNEXURE-VII to this Report
35. ANNEXURES FORMING A PART OF BOARDâS REPORT
The Annexure referred to in this Report and other information which are required to be disclosed are annexed herewith and form a part of this Report:
36. DIRECTORâS RESPONSIBILITY STATEMENT
Based on the framework of Internal Financial Controls and compliance system established and maintained by the company, the work performed by the internal, statutory and secretarial auditors, including audit of internal financial controls over financial reporting by the statutory auditors and the reviews performed by management and the Audit Committee, the Board is of the opinion that the Company''s Internal Financial Controls are adequate and operating effectively during the FY 2017-18.
Accordingly, pursuant to the requirements of Section 134(3)(c ) of the Companies Act, 2013, your Directors hereby confirm that :
i. In preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material
ANNEXURE |
PARTICULARS |
I |
Whole Time Director''s Certificate under Schedule V Part D of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 on compliance of Code of Conduct |
II |
Particulars of Employees under Section 134(3](q] and Section 197(12) of the Companies Act, 2013 |
III |
Secretarial Audit Report |
IV |
Extract of Annual Return-MGT-9 |
V |
Particulars of Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo |
VI |
Compliance Certificate on Corporate Governance |
VII |
Management Discussion and Analysis Report |
departures;
ii. 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 at the end of financial period and of profit or loss of the Company for that period;
iii. They 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. They have prepared the annual accounts on a âgoing concern basisâ.
v. They have laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and were operating effectively; and
vi. They have devised proper system to ensure compliance with the provision of all applicable laws and that such systems were adequate and operating effectively.
37. GREEN INITIATIVE
Electronic copies of the Annual Report 2017- 18 and the Notice of the 28th Annual General Meeting are sent to all the members whose email address(s) are registered with the Company or depository participant(s). For members who have not registered their email address, physical copies are sent in the permitted mode.
38. CAUTIONARY STATEMENT
Statements in the Boardâs Report and the Management Discussion and Analysis
Report describing the Companyâs objectives, expectations or forecasts may be forward looking within the meaning of applicable securities laws and regulations.
Actual results may differ materially from those expressed in the statement. Important factors that could influence the Companyâs operations include the status of the promoters, change in government regulations, tax laws, economic developments within the country and other factors such as litigation, arrangement of funds.
The Company assumes no responsibility in respect of the forward-looking statements, which may undergo changes in future on the basis of subsequent developments, information or events.
39. APPRECIATIONS
Your Directors wish to place on record their appreciation for the continuous support received from the Members, customers, suppliers, bankers, various statutory bodies of the Government of India and the Companyâs employees at all levels.
Date: 09.08.2018
Place: Bangalore
For and on behalf of the Board of Directors
For ATLAS Jewellery India Limited
Sd/- Sd/-
Mandira Mutum Reema Jain
Whole Time Director Independent
DIN: 07747235 Director DIN: 07234917
Mar 31, 2015
Dear Members,
The Directors are pleased to present the Twenty Fifth Annual Report
and the audited statement of accounts for the Financial Year ended
March 31, 2015.
1. Financial Results
A brief summary of the audited financials of the company for the year
ended March 31, 2015 is given below:
Rs. In lacs
Particulars 2014-15 2013-14
Gross Income 20546.63 7296.71
Profit/ (Loss) before tax 477.42 175.55
and Exceptional items
Less: Exceptional items 0 0
Profit/ (Loss) before tax 477.42 175.55
Less: Provision for tax 160.23 13.49
Profit/ Loss after tax 317.19 162.06
2. Review Of Business Operations
The Company is engaged in the business of export of gold jewellery and
domestic retail trade of gold jewellery and other precious metal
ornaments. During the year, the revenue from operations was Rs.20058.29
lacs which is 174.89% higher as compared to the revenue of Rs.7296.71
lacs in the year 2013-14. Your Company has opened two retail showrooms
in Mumbai (Vashi) and Bangalore (Phoenix Mall) and is doing well in the
retail market. The Earnings before interest, tax, depreciation and
amortization (EBITDA) for the year 2014-15 was Rs. 554.35 lacs which is
215.39% higher over the EBITDA of Rs. 175.76 lacs in the year 2013-14.
The profit after tax Rs. 317.19 lacs also registered a growth of 95.72%
over the last year profit after tax of Rs. 162.06 lacs.
3. Material Changes And Commitments During The Year
There were no material changes and commitments which may affect the
financial position of the Company from the end of financial year up to
the date of report.
4. Dividend
The Directors do not recommend the declaration of dividend for the
financial year 2014-15 as they deem it prudent to conserve resources
for business expansion.
5. Reserves and Surplus
During the financial year 2014-15, the company has transferred Rs
5000.00 lacs to its "Reserves & Surplus".
6. Share Capital
During the year under review, the Board of Directors of the Company,
with the approval of shareholders, allotted 50,000,000 (Five Crores)
Equity Shares of face value of Rs. 10/- each fully paid up at a price
of Rs 20 (twenty) per Equity share [inclusive of a Share premium of Rs.
10 (ten) per Equity Share] with below mentioned details on preferential
allotment basis pursuant to Section 62 read with section 42 of the
Companies Act, 2013 read together with relevant Rules there under and
other applicable provisions, if any, of the said Act, SEBI (Issue of
Capital and Disclosure Requirements) Regulations, 2009 ["SEBI (ICDR)
Regulations"], SEBI (Substantial Acquisition and Takeover) Regulations
2011 ["SEBI Takeover Regulations"]
Name of the Status No of Equity Amount
Allottee Shares
allotted
Mr. M . M . Promoter Group. 50,000,000 100,00,00,000
Ramachandran (Five Crore) (R s . One
Mr. M . M . Equity Shares hundred crore
Ramachandran is only)
also the Director
and Chairman of
the Company
Mr. M. M. Ramachandran belongs to the promoter group. Subsequent to the
said allotment the paid up capital of the Company increased to Rs.
100654533 and the shareholding of promoter group increased to 51.30%.
7. Auditors
The Members are requested to ratify the appointment of its Statutory
Auditors, M/s A. Kay Mehra & Co., Chartered Accountants (FRN: 050004C),
from the conclusion of this Twenty Fifth Annual General Meeting [AGM]
till the conclusion of the Twenty Sixth Annual General Meeting. They
have confirmed their eligibility under Section 141 of the Companies Act
2013 and the Rules framed there under for re-appointment as auditors of
the Company as required under Clause 49 of the Listing Agreement the
Auditors have also confirmed that they hold a valid certificate issued
by the Peer Review Board of the Institute of Chartered Accountants of
India.
8. Auditors' Report
There are no disqualification, reservations, adverse remarks or
disclaimers in the Auditors report and Secretarial Auditors report.
9. Cost Audit
The Cost Audit is not applicable on your Company.
10. Secretarial Audit
Pursuant to the provisions of Section 204 of the Companies Act 2013 and
the Companies (Appointment & Remuneration of Managerial Personnel)
Rules 2014 the Company has appointed, M/s Parveen Rastogi & Company, a
firm of Company Secretaries in Practice to undertake the Secretarial
Audit of the Company for Financial year 2014-15. The report of the
Secretarial Auditors is annexed as Annexure IV to this report.
11. Directors and Key Managerial Personnel
As per Section 152 (6) of Companies Act, 2013, the director liable to
retire by rotation is Mr. Ajith Kovooril Muruleedharan. Since, the
Company has received a special notice from a shareholder for the
removal of the said director, there remains no director to be liable to
retire by rotation.
During the year, the Board proposed the re-appointment of its existing
Independent Directors Mr. Gaurav Goswami and Mr. Lukoo Sugunan
Madathiparambil in accordance with Companies Act, 2013. The said
appointment was approved by shareholders in the Annual General Meeting
held on July 08, 2014.
The Company had a new Independent Director, Mr. Ashish Srivastava on
Board, in respect of whom, the Company had received a notice in writing
under Section 160 of the Companies Act, 2013 from a member proposing
his candidature for the office of Director and was appointed by the
Shareholders in the Annual General Meeting held on July 08, 2014.
During the year, Mr. Gaurav Goswami and Mr. Ashish Srivastava,
Independent directors of the Company have resigned w.e.f. February 28,
2015 and March 03, 2015 respectively. The Board conveys its
appreciation for the services rendered by them during their tenure as
Independent Directors.
Further details regarding Board of Directors are given in the Corporate
Governance Report forming part of this Directors' Report.
Pursuant to the provisions of Section 203 of Companies Act, 2013 and
rules made there under, Mr. Chandan Mahapatra, has been designated as
Chief Financial Officer and Company Secretary of the Company w.e.f June
09, 2014 and Mr. David R. Stanley has been designated as CEO w.e.f June
09, 2014.
The Board, with the approval of shareholders in the Annual General
Meeting held on July 08, 2014 appointed Mr. Ajith Muruleedharan
Kovooril as the Managing Director of the Company for a term of one year
which ended on June 09, 2015.
During the year, Mr. Arun Chandran K (Company Secretary) has resigned
from the services of the Company effective from June 09, 2014. The
Board conveys its deep sense of appreciation for the services rendered
by him during his tenure as Company Secretary.
During the year ten Board Meeting were held for details of the meetings
of the Board please refer to the Corporate Governance Report, which
forms part of the Annual Report.
12. Particulars of Employees
The information required pursuant to Section 197(12) of the Companies
Act, 2013 read with Rule 5 (1) of The Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014 in respect of
employees of the Company and Directors is annexed as Annexure II.
13. Policy on Appointment and Remuneration of Directors and Key
Managerial Personnel's (KMPs)
The Board has, on the recommendation of the Nomination & Remuneration
Committee framed a policy for selection and appointment of Directors,
Senior Management and their remuneration, positive attributes,
independence of Directors and other related matters as provided under
Section 178(3) of the Companies Act, 2013. The Remuneration Policy is
stated in the Corporate Governance Report.
14. Directors' Responsibility Statement
In accordance with the provisions of Section 134 (3) (c) of the
Companies Act, 2013 read with Clause 49(IM)(D) (4)(A) of Listing
Agreement, your Directors confirm that-
(a) in the preparation of the annual accounts, the applicable
accounting standards have been followed and there are no material
departures;
(b) your 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 and of the profit of
the company for that period;
(c) proper and sufficient care has been taken 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 annual accounts have been prepared on a going concern basis;
(e) proper internal financial controls are in place and that such
internal financial controls are adequate and operating effectively.
(f) proper systems have been devised to ensure compliance with the
provisions of all applicable laws and that such systems are adequate
and operating effectively.
15. 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 Audit, Nomination &
Remuneration and Stakeholder Relationship Committee.
16. Independent Directors
A separate meeting of the Independent Directors (Annual ID Meeting) was
convened, which reviewed the performance of the Board (as a whole), the
non-independent directors and the Chairman. Post the Annual ID Meeting,
the collective feedback of each of the Independent Directors was
discussed by the Chairperson of the Annual ID Meeting with the Chairman
of the Board covering the performance of the Board as a whole,
performance of the non-independent directors and the performance of the
Board Chairman.
17. Details of Subsidiary/ Joint Ventures / Associate Companies
The Company does not have any Subsidiary, Joint Venture or Associate
Companies.
18. Internal Audit & Controls
The Company appointed M/s Modi Agarwal & Associates, Chartered
Accountants (FRN no. 121746W) as its Internal Auditors for the year
under review. During the year, the Company continued to implement their
suggestions and recommendations to improve the control environment.
Internal Auditors findings are discussed with the process owners and
suitable corrective actions taken as per the directions of Audit
Committee on an ongoing basis to improve efficiency in operations.
19. Vigil Mechanism/ Whistle blower policy
Pursuant to the provisions of section 177(9) & (10) of the Companies
Act, 2013, a Vigil Mechanism for directors and employees to report
genuine concerns and to keep high standards of ethical behavior and
provide safeguards to the whistle blower has been established.
Employees shall report any practices or actions believed to be
inappropriate under or even illegal to their Line Manager of the
appropriate member of the HR or the Legal & Compliance Department
20. Risk management policy
The Company has developed and implemented the Risk Management Policy
and the Audit Committee of the Board reviews the same periodically.
21. Extract of Annual Return
As required pursuant to section 92(3) of the Companies Act, 2013 and
rule 12(1) of the Companies (Management and Administration) Rules,
2014, an extract of annual return in MGT 9 is annexed to this Annual
Report as ANNEXURE III.
22. Details of significant and material orders passed by the
regulators or courts or tribunals impacting the going concern status
and company's operations in future
During the year under review, there was no significant or material order
passed by any regulators or court or tribunal impacting the going
concern status and company's operations in future.
23. Details in respect of adequacy of internal financial controls with
reference to the Financial Statements
The CEO and CFO Certification provided in the CEO and CFO certification
section of the Annual Report discusses the adequacy of Internal Control
system and procedures.
24. Deposits
The Company has neither accepted nor renewed any deposit during the
year under review.
25. Particulars of loans, guarantees or investments under section 186
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.
26. Particulars of contracts or arrangements with related parties
There was no contract or arrangements made with related parties as
defined under Section 188 of the Companies Act, 2013 during the year
under review.
27. Corporate Governance
As per the applicable provisions of Clause 49 of the Listing Agreement,
a detailed Corporate Governance Report has been given in this Report,
along with the Management Discussion and Analysis Report, which forms
an integral part of this Annual Report. A certificate the Auditors
confirming compliance with the conditions of Corporate Governance as
stipulated under clause 49 of Listing Agreement is attached and forms
part of this Annual Report.
28. Conservation of energy, technology absorption and foreign exchange
earnings and outgo
The detail of conservation of energy, technology absorption, foreign
exchange earnings and outgo is annexed as Annexure I to this report.
29. Disclosures as per the Sexual Harassment of Women at Workplace
(Prevention, Prohibition & Redressal) Act, 2013
The Company has zero tolerance for sexual harassment at work place and
has adopted a policy on prevention, prohibition and redressal of sexual
harassment at work place -"Atlas Code of Business Conduct and Ethics
-ATLAS-COC-EMP."
During the Financial Year 2014-15 the Company has not received any
complaints on sexual harassment.
30. Acknowledgements
Your Directors wish to place on record their appreciation of the
support from its Promoters, to Shareholders, Vendors, Customers, Media,
and the Employees of the Company
For and on behalf of the Board of Directors
Sd/- Sd/-
Nandakumaran Puthezhath Sunil Pant
(Managing Director) (Director)
DIN-02547619 DIN-07068748
Place: New Delhi
Date: 12/08/2015
Mar 31, 2014
Dear Members,
The Directors are pleased to present the Twenty Fourth Annual Report
together with the Audited Statement of Accounts for the year ended
March 31, 2014. The Management Discussion and Analysis has also been
incorporated into this Report.
Financial Highlights and Business Results
The Company has done export of Gems and Jewellery in the present year.
Your company''s performance during the financial year 2013-14 as
compared with the previous year is summarized as below:
(Amount in thousands)
Particulars 2013-2014 2012-2013
Total Income 729671.38 -
Profit/(Loss) before 17815.33 (285.12)
Depreciation, Interest &
Exceptional Items
Less:-Depreciation 20.44 27.58
Less:-Finance Cost 239.03 -
Profit /(Loss) before tax &
Exceptional Items 17555.87 (312.71)
Less:-Exceptional Items - -
Profit /(Loss) before tax 17555.87 (312.71)
Less : Provision for tax 1349.37 2.57
Profit/(Loss) after Tax 16206.50 (315.28)
The Company has effectively started its export business operations from
the month of January, 2014 onwards. The Company has only exported Gems
and Jewellery to the foreign customers on wholesale basis. During the
year the company has achieved the turnover of Rs 72,96,71,379 (seventy
two crore ninety six lakh seventy one thousand three hundred and
seventy nine Rupees) as against the nil turnover in the previous year.
This is because of starting of export activities of the Company in the
international market. Your Company is expanding its international
business day by day. As a result of this good business there has been
an increase in the profits of the company to Rs 1,75,55,867 (one crore
seventy five lakh fifty five thousand eight hundred and sixty seven
Rupees) in the present financial year.
Dividend
Due to inadequate profits and in order to conserve resources for
expanding the business, your Directors have opined to not recommend any
dividend for the year 2013-14.
Management Discussion and Analysis
As required under Clause 49 of the Listing Agreement entered into with
the Stock Exchanges, the Management Discussion and Analysis of the
financial condition and result of consolidated operations of the
Company for the year under review, is annexed and forms an integral
part of this Directors'' Report.
Corporate Governance Report
A Report on Corporate Governance as required under Clause 49 of the
Listing Agreement entered into with the Stock Exchanges, forms part of
the Annual Report. A Certificate from M/s. A. Kay Mehra & Co.,
Chartered Accountants, and Statutory Auditors of the Company confirming
compliance with the conditions of Corporate Governance as stipulated
under the aforesaid Clause 49, also forms part of the Annual Report.
Share Capital
During the year under review, the Board of Directors of the Company,
with the approval of the shareholders, allotted 46449333 Equity Shares
to the following shareholders who were financial investors in the
Company on January 15, 2014 for an aggregate consideration of Rupees
650290662 at a price of Rupees 14 per share (face value of Rs. 10/-
each and premium of Rs. 4 per share) in accordance with the Securities
and Exchange Board of India (Issue of Capital and Disclosure
Requirements) Regulations, 2009 ("ICDR Regulations"):
Name of Allottee Number of equity
shares allotted
Al Mareija Precious Metal 12494680
And Bullions (FZE)
Al Juraina Precious Metals & 9655168
Bullions (FZE)
Mankool General Trading (FZE) 12110748
Al Layyah General Trading (FZE) 12188737
Subsequent to the aforesaid allotment share capital of the Company
enhanced. Because of the aforesaid allotment shareholding of Promoter
(Atlas Jewellery Private Limited) falls to 3.23%. Promoter is in full
control on the management and affairs of the Company.
Material Change
There was no material change affecting the financial position of the
Company between the date of balance Sheet and the date of this Report.
Particular of Employees
There is no information required to be given as per section 217(2A) of
the Companies Act, 1956 read with the Companies (Particulars of
Employees) rules, 1975 for the year under review as none of the
employee falls in this category.
Postal Ballot
During the financial year, the Company had passed the following
resolutions by way of postal ballot pursuant to Section 192A of the
Companies Act, 1956 relating to:
1. Change in the name of the Company from GEE EL Woollens Limited to
Atlas Jewellery India Limited;
2. Change in the main objectives of the Company;
3. Increase in the authorized share capital of the Company and
subsequent change in capital clause of Memorandum of Association of the
Company; and
4. Issuance and allotment of equity shares of the Company on
preferential basis to four foreign investors.
For the first two items the Company completed dispatch of postal
ballots on June 27, 2013 and outcome of the postal ballot was announced
on July 31, 2013 and the resolution was carried with requisite
majority. The name and objectives of the Company stands amended with
effect from the said date.
For the third and fourth item the Company completed dispatch of postal
ballots on 18th November, 2013 and outcome of the postal ballot was
announced on 23rd December 2013 and the resolution was carried with
requisite majority.
Composition of the Board
Post change in the management of the Company by way of open offer which
was closed on May 13, 2013 four directors have been appointed in the
Company during financial year namely Mr. M. M. Ramachandran (Non
Executive Director and Chairman), Mrs., Indira Ramachandran (Non
Executive Director), Mr. Gaurav Goswami (Independent Director) and Mr.
Lukoo Sugunan Madathiparambil. Mr. M. M. Ramachandran and Mrs.
Ramachandran and Mr. and Lukoo have been appointed with effect from
with effect from May 23, 2013, and Mr. Gaurav were appointed with
effect from May 27, 2014. The aforesaid directors were appointed as
additional directors but were regularized as directors in the 23rd
Annual General Meeting of the Company held on 28th September, 2014.
However, Mr. Deepak Agrawal, Mr. Himansoo Sood and Mr. Jatin Mittal
have resigned with effect from May 22, 2013. Mr. Deepak Agarwal
resigned with effect from May 28, 2013. The Board thanked all of them
for their valuable contribution to the Company. Mr. Arun Chandaran K
has been appointed on May 27, 2014 as the Company Secretary and
compliance officer of the Company. At present there are four Directors
in the Company namely Mr. M.M. Ramachandra (non executive Director and
Chairman), Mrs. Indira Ramachandran (non executive Director), Mr.
Gaurav Goswami (non executive Independent Director) and Mr. Lukoo
Sugunan Madathiparambil (non executive Independent Director). The brief
profiles of the aforesaid Director''s are as follows:
Mr. M.M. Ramachandran
Mr. Ramachandran is a well known businessman and is a well known face
in the Gem and Jewellery Industry. He is a post graduate in Economics
from Delhi School of Economies. He has worked with Canara Bank, the
Commercial Bank of Kuwait. He has established several jewellery stores
in Dubai and middle east. He has a vast experience of more than 35
years in the Gem and Jewellery sector. He has also been Secretary of
the Dubai Gold & Jewellery Group for its first six years, key founding
member of the Abu Dhabi Gold & Jewellery Group. Apart from the business
Mr. Ramachandran is also a well known film director and producer of
Malayalam movies. He has won various awards for his business
performances and movies. He is the present non executive Director and
Chairman of the Company and also a member of the Audit Committee,
Chairman of the Shareholder''s/Investor Grievance and Share Transfer
Committee. He is holding directorship in the following Companies:
(i) Atlas Jewellery Private Limited
(ii) Indiavision Satellite Communications Limited
(iii) R I Kanth Property Developers Private Limited
(iv) Atlas Golden Land And Developers Private Limited
(v) Atlasgold Townships (India) Private Limited
(vi) Atlas Animation Infotainment And Media School Private Limited
(vii) Atlas Holiday Private Limited
Mr. Ramachandran is not holding any shares in the Company.
Mrs. Indira Ramachandran
Mrs. Indira Ramachandran is a science graduate in physics. She has
worked as a teacher in schools as a hobby. She has been working in the
Gem and Jewellery industry since last 25 years and has a lot of
experience in the field of managing the business and handling jewellery
sales. She is the present non executive director of the Company and
also a member of the Nomination and Remuneration Committee. She is
holding directorship in the following Companies except the Company:
(i) Atlas Jewellery Private Limited
(ii) R I Kanth Property Developers Private Limited
(iii) Atlas Holiday Private Limited
She is liable to retire by rotation and is liable to retire by rotation
in this Annual General Meeting eligible for re- appointment offered
herself for re-appointment. Mrs. Ramachandran is not holding any
shares in the Company. She is not a member or chairman in any
committee of any other company.
Mr. Gaurav Goswami
Mr. Gaurav Goswami aged 36 years is a qualified Commerce and Management
graduate. He is an expert in the field of financial management and
accounts, debt syndication, project finance, investments etc. He is
professional advisor to many companies. He has vast experience of 15
years in capital advisory services, real estate advisory and investment
management. Mr. Gaurav Goswami is a non executive independent Director
of the Company and also the Chairman of Audit Committee and Nomination
and Remuneration Committee and a member of Shareholder/ Investor
Grievance and shall transfer Committee. He is proposed to be appointed
as a non executive Director of the Company as per the provisions of the
Companies Act, 2013. Other details of Mr. Goswami as required under
clause 49 of the listing Agreement is given in the notice of AGM.
Mr. Lukoo Sugunan Madathiparambil
Mr. Lukoo is a commerce graduate and having more than 10 years of
experience in, sales, marketing & distribution. He is the present non
executive independent Director of the Company and also the member of
Audit Committee, Nomination and Remuneration Committee and
Shareholders/ Investors Grievance and Share Transfer Committee. He is
proposed to be appointed as a non executive Director of the Company as
per the provisions of the Companies Act, 2013. Other details of Mr.
Likoo as required under clause 49 of the listing Agreement is given in
the notice of AGM.
Other Directors
Mr. Ashish Srivastava is proposed to be appointed as an Independent
Director of the Company. The Company has received a notice in writing
from a member along with the deposit of requisite amount under Section
160 of the Act proposing his candidatures as Independent Director of
the Company. He is an IIT graduate and having more than 10 years of
experience as an entrepreneur in business management, operations. Other
details of Mr. Ashish as required under clause 49 of the listing
Agreement is given in the notice of AGM.
Mr. Ajith Muruleedharan Kovooril has been appointed as an additional
director as well as Managing Director of the Company in the Board
meeting dated 9th June, 2014 subject to approval of shareholders. He is
an IT graduate having more than 6 years of versatile experience in IT,
sales and marketing. His last work was with Atlas Jewellery Private
Limited (in the Gem & Jewellery Sector) as a Sales and Marketing
manager where he worked for two years. He has also been managing
administration of whole affairs of the Atlas Jewellery Private Limited
and all the sales and marketing affairs. He is not holding any shares
in the Company. He is not a director in any other company and neither
is a member of any committee in the Company or any other company. Terms
and conditions of his appointment is given in the notice of AGM. You
director recommends his appointment as a managing director of the
Company. Other details of Mr. Ajith as required under clause 49 of the
listing Agreement is given in the notice of AGM. Directors of your
Company recommend his appointment as a Managing Director of the
Company.
Change in Control
In terms of the provisions of SEBI (Substantial Acquisition of Shares
and Takeovers) Regulations, 2011, Atlas Jewellery Private Limited,
issued a Public Announcement for Open Offer to acquire equity shares of
the Company. The Open Offer opened on May 13, 2014.
Directors Responsibility Statement
As required under section 217(1AA) of the Companies Act, 1956 it is
hereby stated that:
1. In the preparation of the accounts, the applicable accounting
standards have been followed;
2. The Directors have selected such accounting policies and applied
them consistently except as otherwise stated in the Notes on Accounts
and made judgment and estimate that are reasonable and prudent so as to
give a true and fair view of the state of affairs of the Company as at
end of the financial year and of the Profit of the Company for the
period under review;
3. The Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provision of the Companies Act, 1956 for safeguarding the assets of the
Company and for preventing and detecting fraud and other
irregularities;
4. The Directors had prepared the accounts on a "going concern" basis.
Listing of Securities
In accordance with approval granted by the shareholders, the Company
has made an application for delisting of its shares with the stock
exchanges namely The Stock Exchange, Ahmadabad, and The Jaipur Stock
Exchange Ltd and The Delhi Stock Exchange Association Ltd. The matter
is pending with the respective stock exchanges. Company Equity Shares
are listed on Bombay Stock Exchange (BSE), which has nationwide trading
terminals.
Apart from the aforesaid, the Company has got listed 46449333
Equity Shares on the Bombay Stock Exchange which were issued on
preferential basis to the investors mentioned above.
Auditor
M/s. A. Kay Mehra & Co. Chartered Accountants (Firm Reg. No. 050004C),
retire as Auditors of the Company at the forthcoming Annual General
Meeting and have given their consent for re-appointment. As required
under the provisions of section 224 of the Companies Act, 1956, the
Company has obtained a written certificate from M/s A. Kay Mehra & Co.
Chartered Accountants, to the effect that their appointment, if made,
would be in conformity with the limits specified in the said section.
Auditors'' Report & Notes on Accounts
The observations made by the Auditors are self-explanatory and have
also been further simplified in the Notes to Accounts.
Public Deposits
The Company has not accepted any public deposits during the financial
year under section 58A of the Companies Act, 1956 read with Companies
(Acceptance of Deposits) Rules, 1975.
Audit Committee
The present Audit Committee comprised of three non- executive Directors
viz., Mr. M.M. Ramachandran, Mr. Lukoo Sugunan Madathiparambil and Mr.
Gaurav Goswami. The Members of the Audit Committee have the required
financial background. Mr. Gaurav Goswami is the Chairman of the Audit
Committee.
Change in the name and main objectives of the Company
During the year the name and main objectives of the Company were
changed with the approval of the shareholders of the Company in
accordance with the provisions of the Companies Act, 1956. The name of
the Company has been changed from Gee El Woollens Limited to "Atlas
Jewellery India Limited". The new main objectives of the Company are
as follows:
(i) To carry on in India or elsewhere the business of goldsmiths,
silver smiths, jewellers, gem and diamond merchants and of producing,
acquiring and trading, importing, exporting, buying, selling in all
kind of metals, bullion, gold, silver, platinum, diamonds, precious
stones and pearls, watches, sunglasses etc.
(ii) To carry on in India or elsewhere the business to manufacture,
produce, process, prepare, commercialize, cut, polish, set, design,
display, exchange, examine, finish, grind, grade, assort, import,
export, buy, sell, resale, demonstrate, market and to act as agent,
broker, indenter, liasioner, adatias, representative, C & F agents,
export house, valuer, sales promoter, supplier, provider, merchants,
stockists, distributor, wholesaler, retailer or otherwise to deal in
all shapes, sizes, varieties, description, specifications, applications
& designs of rough, raw cut, uncut, polished or processed, natural &
man made precious semiprecious & natural stones such as diamonds, ruby,
pearls, gemstones, blue sapphires, cat''s eye stone, coral, topaz, opal,
zircon, tourmaline, jade, spinel ruby, aquamarine, turquoise, peidot,
agate, garnet, corundum, amethyst, malachite, citrine, alexendrite,
smoky quartz, lapis lazuli, rock crystal, onyx, moon stone, jasper,
blood stone, gold stone, bismuth, jet, diopside, tiger eye, sunstone,
spinal, Jews stone, load stoner, sardonex, touch stone, amber and their
ornaments, jewelleries, articles, goods, or things, made in the
combination of gold, silver, platinum, or other metals, and alloys
thereof and for the purpose to act as goldsmith, silversmith, jewellers,
gem merchants,
Conservation of Energy and Technology Absorption
Information under section 217(e) of the Companies Act, 1956 read with
the Companies (Disclosure of Particulars in the Report of Board of
Directors) Rules, 1988, is given below:
a) Energy Conservation Measures taken: Not Applicable as Company is in
the business of export which are more dependent on Human skill than
power consumption.
b) Additional investments and proposals, if any, being implemented for
reduction of consumption of energy : Nil
c) Impact of the measures at (a) and (b) above for reduction of energy
consumption and consequent impact on the cost of production of goods :
Not Applicable
Foreign Exchange Earnings & Outgo
The details of the earnings and outgo in Foreign Exchange during the
year under review are provided in Notes to the Financial Statements as
at March 31, 2014. The Members are requested to refer to the said Note
for details in this regard.
Acknowledgement
Your Directors wish to place on record their gratitude to, the
Company''s Customers, Bankers, Shareholders, Dealers and Suppliers for
their assistance and co-operation and who have helped the Company in
its endeavour. The Board also places on record its deep appreciation for
the excellent support received from the employees at all levels during
the year.
On behalf of the Board of Directors
M. M. Ramachandran
(Chairman)
June 09, 2014
Mar 31, 2013
Dear Members,
The Directors are pleased to present the Twenty Third Annual Report
together with the Audited Statement of Accounts for the year ended
March 31, 2013. The Management Discussion and Analysis has also been
incorporated into this Report.
Financial Results
The Company had no business during the year. Your company''s performance
during the financial year as compared with the previous year is
summarized as below:
(Amount in thousands)
2012-2013 2011-2012
Total Income - 10001.40
Profit/(Loss) before (285.12) 7578.90
Depreciation, Interest &
Exceptional Items
Less:-Depreciation 27.58 37.20
Less:-Interest - -
Profit /(Loss) before tax &
Exceptional Items (312.71) 7541.70
Less:-Exceptional Items - 6531.10
Profit /(Loss) before tax (312.71) 1010.6
Less : Provision for tax 2.57 167.00
Profit/(Loss) after Tax (315.28) 843.70
Dividend
There being no profit for the year 2012-13, your Directors regret to
recommend any dividend on the equity share capital of the company for
the year 2012-2013.
Material Change
There was no material change affecting the financial position of the
Company between the date of balance Sheet and the date of this Report
effect from February 25, 2013 .
Directors Responsibility Statement
As required under section 217(1AA) of the Companies Act, 1956 it is
hereby stated that:
1. In the preparation of the accounts, the applicable accounting
standard have been followed;
2. The Directors have selected such accounting policies and applied
them consistently except as otherwise stated in the Notes on Accounts
and made judgment and estimate that are reasonable and prudent so as to
give a true and fair view of the state of affairs of the Company as at
end of the financial year and of the Profit of the Company for the
period under review;
3. The Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provision of the Companies Act, 1956 for safeguarding the assets of the
Company and for preventing and detecting fraud and other
irregularities;
4. The Directors had prepared the accounts on a "going concern" basis.
Listing of Securities
In accordance with approval granted by the shareholders, the Company
has made an application for delisting of its shares with the stock
exchanges namely The Stock Exchange, Ahmadabad, and The Jaipur Stock
Exchange Ltd and The Delhi Stock Exchange Association Ltd. The matter
is pending with the respective stock exchanges. Company Equity Shares
are listed on Bombay Stock Exchange (BSE), which has nationwide trading
terminals.
Management Discussion and Analysis
As required by Clause 49 of the Listing Agreement with the stock
Exchanges, Management Discussion and Analysis is appended to the Annual
Report.
Change in the name and main objectives of the Company
After the date of the balance sheet the name and main objectives of the
Company were changed with the approval of the shareholders of the
Company in accordance with the provisions of the Companies Act, 1956.
The name of the Company has been changed from Gee El Woollens Limited
to "Atlas Jewellery India Limited". The new main objectives of the
Company are as follows:
(i) To carry on in India or elsewhere the business of goldsmiths,
silver smiths, jewellers, gem and diamond merchants and of producing,
acquiring and trading, importing, exporting, buying, selling in all
kind of metals, bullion, gold, silver, platinum, diamonds, precious
stones and pearls, watches, sunglasses etc.
(ii) (2) To carry on in India or elsewhere the business to manufacture,
produce, process, prepare, commercialize, cut, polish, set, design,
display, exchange, examine, finish, grind, grade, assort, import,
export, buy, sell, resale, demonstrate, market and to act as agent,
broker, indentor, liasioner, adatias, representative, C & F agents,
export house, valuer, sales promoter, supplier, provider, merchants,
stockists, distributor, wholesaler, retailer or otherwise to deal in
all shapes, sizes, varieties, description, specifications, applications
& designs of rough, raw cut, uncut, polished or processed, natural &
man made precious semiprecious & natural stones such as diamonds, ruby,
pearls, gemstones, blue sapphires, cat''s eye stone, coral, topaz, opal,
zircon, tourmaline, jade, spinel ruby, aquamarine, turquoise, peidot,
agate, garnet, corundum, amethyst, malachite, citrine, alexendrite,
smoky quartz, lapis lazuli, rock crystal, onyx, moon stone, jasper,
blood stone, gold stone, bismuth, jet, diopside, tiger eye, sunstone,
spinal, jews stone, load stoner, sardonex, touch stone, amber and their
ornaments, jewelleries, articles, goods, or things, made in the
combination of gold, silver, platinum, or other metals, and alloys
thereof and for the purpose to act as goldsmith, silversmith, jewelers,
gem merchants, electroplaters, polishers, purifiers, and to do all
incidental acts and things necessary for the attainment of above
objects."
Particular of Employees
There is no information required to be given as per section 217(2A) of
the Companies Act, 1956 read with the Companies (Particulars of
Employees) rules, 1975 for the year under review as none of the
employee falls in this category.
Postal Ballot
After the end of the financial year, the Company had passed the
following resolutions by way of postal ballot pursuant to Section 192A
of the Companies Act, 1956 relating to:
1. Change in the name of the Company from GEE EL Woollens Limited to
Atlas Jewellery India Limited; and
2. Change in the main objectives of the Company
The Company completed dispatch of postal ballots on June 27, 2013 and
outcome of the postal ballot was announced on July 31, 2013 and the
resolution was carried with requisite majority. The name and objectives
of the Company stands amended with effect from the said date.
Change in Composition of the Board
During the financial year no director has been appointed. However, Mr.
Deepak Agrawal, Mr. Himansoo Sood and Mr. Jatin Mittal have resigned
with effect from May 22, 2013. Mr. Deepak Agarwal resigned with effect
from May 28, 2013. The Board thanked all of them for their valuable
contribution to the Company.
Thereafter Mr. M. M. Ramachandaran and Mrs. Indira Ramachandran have
been appointed by the board as non- executive additional directors with
effect from May 23, 2013. Mr. Lukoo M S has been appointed by the
board as an independent additional director with effect from May 23,
2013. The board has also appointed Mr. Gaurav Goswami as an independent
additional director with effect from May 27, 2013 and Mr. Arun
Chandaran K has been appointed on the same date as Company Secretary
and compliance officer of the Company. The brief profile of new
directors is enclosed with the Director''s Report. Your directors
recommend their regularization as directors of the Company.
Change in Control
Atlas Jewellery Private Limited has acquired shares from the promoters
of the Company Mr. Vinod Agarwal and Ms. Pushpa Rani Agarwal vide a
share transfer agreement which entitled Atlas Jewellery to 37.79 % of
the paid-up share capital of the Company resulting in change in control
over the Company by Atlas Jewellery with effect from February 25, 2013.
Accordingly Atlas Jewellery became Promoter of the Company in place of
Mr. Vinod Agarwal and Ms. Pushpa Rani as per SEBI (Issue of Capital &
Disclosure Requirements) Regulations, 2009, from the said date.
In terms of the provisions of SEBI (Substantial Acquisition of Shares
and Takeovers) Regulations, 2011, Atlas Jewellery, issued a Public
Announcement for Open Offer to acquire equity shares of the Company.
The Open Offer opened on April 26 and closed on May 16. Atlas Jewellery
acquired 46790 equity shares from public shareholders of the Company at
a price of ''Rs. 9.50 /- per equity share under the Open Offer. As a
result of above transactions, Atlas Jewellery held 38.91% of total paid
up capital of your Company post Open Offer.
Auditor
M/s. A. Kay Mehra & Co. Chartered Accountants, retire as Auditors of
the Company at the forthcoming Annual General Meeting and have given
their consent for re-appointment. As required under the provisions of
section 224 of the Companies Act, 1956, the Company has obtained a
written certificate from M/s A. Kay Mehra & Co. Chartered Accountants,
to the effect that their appointment, if made, would be in conformity
with the limits specified in the said section.
Compliance Certificate
Pursuant to requirement of section 383A(1) of the Companies Act, 1956
with respect to Compliance Certificate, the Company has obtained
Compliance Certificate from practicing, Company Secretary, for the
Financial Year ended on 31.03.2013. The same has been attached in
Director''s Report.
Auditors'' Report & Notes On Accounts
The observations made by the Auditors are self-explanatory and have
also been further simplified in the Notes to Accounts.
Public Deposits
The Company has not accepted any public deposits during the financial
year under section 58A of the Companies Act, 1956 read with Companies
(Acceptance of Deposits) Rules, 1975.
Audit Committee
The present Audit Committee comprised of three non- executive Directors
viz., Mr. M.M. Ramachandran, Mr. Lukoo Sugunan Madathiparambil And Mr.
Gaurav Goswami. The Members of the Audit Committee have the required
financial background.
Corporate Governance Report
Your Company has complied with the provisions of Corporate Governance
as under the amended Listing Agreements of the Stock Exchanges, with
which the Company''s shares are listed. Pursuant to Clause 49 of the
Listing Agreements with the Stock Exchanges, the followings form part
of this Annual Report :
(i) Chairman & Managing Director''s declaration regarding compliance of
Code of Conduct by Board Members and Senior Management personnel;
(ii) Management Discussion & Analysis
(iii) Report on the Corporate Governance;
(iv) Auditor''s Certificate regarding compliance of conditions of
Corporate Governance.
Employee Relations
The company enjoyed good relation with all employees with all employees
throughout the year. Your Directors'' wish to place on record their
appreciation of the contribution made by employees at all levels during
the year.
Directors also thank the Bombay Stock Exchange, NSDL & CDSL, Share
transfer Agent for their co-operation.
Conservation of Energy and Technology Absorption
Information under section 217(e) of the Companies Act, 1956 read with
the Companies (Disclosure of Particulars in the Report of Board of
Directors) Rules, 1988, is given below:
Our Company is committed to the conversation of the resources. There is
no wastage of energy and the working groups formed by the company for
this purpose, continuously monitor the consumption of various forms of
energy and evaluate the option available for energy conservation.
Investments will be made, when required, for any activity identified as
a source for helping us to achieve further energy savings. The Company
is not using any foreign technology.
Foreign Exchange Earnings & Outgo
Foreign Exchange Earnings & Outgo Rs. NIL
Acknowledgement
Your Directors wish to place on record their gratitude to, the
Company''s Customers, Bankers, Shareholders, Dealers and Suppliers for
their assistance and co-operation and who have helped the Company in
its endeavor. The Board also places on record its deep appreciation for
the excellent support received from the employees at all levels during
the year.
BY ORDER OFTHE BOARD
For GEE EL WOOLLENS LIMITED
Sd/-
Vinod Agarwal
(Chairman)
Date: 31.08.2013
Place: New Delhi
Mar 31, 2010
The Directors have pleasure in presenting the 20th Annual Report of
your company together with the Audited Accounts for the year ended 31st
march 2010.
FINANCIAL RESULTS
Your companys performance during the year as compared with the
previous year is summarized as below:
(Amount in thousand)
2009-2010 2008-2009
Operational Receipts - -
Other Income 1574.00 1648.00
Profit on sale of fixed assets 0.00 86.00
Creditors W/o 0.00 3573.00
Total 1574.00 5307.00
Profit/(Loss) before Depreciation
& Interest 1525.00 5236.00
Less: Depreciation 67.00 91.00
Interest - -
Profit /(Loss) before tax 1458.00 5145.00
Less : Provision for tax - -
Less : FBT - -
Profit/(Loss) after Tax 1422.00 5145.00
DIVIDEND
Keeping in View of working capital requirement of the company, your
Directors regret to recommend any dividend on the equity share capital
of the company for the year 2009-2010.
MATERIAL CHANGE
There was no material change affecting the financial position of the
company between the date of Balance Sheet and the date of this Report.
PARTICULAR OF EMPLOYESS
There is no information required to be given as per Section 217(2A) of
the Companies Act,1956 read with the Companies (Particulars of
Employees) Rules,1975 for the year under review as none of the employee
falls in this category.
DIRECTORS
M r. Deepak Agarwal, director of the company retire by rotation and
being eligible offers himself for re- appointment.
Mr. Jatin Mittal has been appointed as an additional director of the
company during the period under review to hold office up to the date of
the ensuing annual general meeting. The company has received notice
from a member along with the requisite fee proposing his candidature as
director of the company as required under Section 257 of the Companies
Act, 1956. Your Directors consider it desirable that the company should
continue to avail the guidance and advice of Mr. Jatin Mittal and
recommend his appointment as
regular director.
Mr. Himanshu Sood has been appointed as an additional director of the
company during the period under review to hold office up to the date of
the ensuing annual general meeting. The company has received notice
from a member along with the requisite fee proposing his candidature as
director of the company as required under Section 257 of the Companies
Act, 1956. Your Directors consider it desirable that the company should
continue to avail the guidance and advice of Mr. Himanshu Sood and
recommend his appointment as regular director.
During the year under review, Mr. Sunil Kumar and Ms. Pallavi Agarwal
has resigned from the Board of Directors of the company. The Board of
Directors places on record its appreciation for the valuable services
rendered by them during the tenure.
DIRECTORS RESPONSIBILITY STATEMENT
As required under Section 217(2AA) of the Companies Act, 1956 it is
hereby stated that:
1. In the preparation of the accounts, the applicable accounting
standard have been followed;
2. The Directors have selected such accounting policies and applied
them consistently except as otherwise stated in the Notes on Accounts
and made judgments and estimate that are reasonable and prudent so as
to give a true and fair view of the state of affairs of the Company as
at end of the financial year and of the Profit of the Company for the
Period under review;
3. The Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provision of the Companies Act, 1956 for safeguarding the assets of the
Company and for preventing and detecting fraud and other
irregularities:
4. The Directors had prepared the accounts on a "going concern" basis.
LISTING WITH THE STOCK EXCHANGES
In accordance with approval granted by the shareholder, the Company has
made an application for delisting with the stock exchanges namely The
Stock Exchange of Ahmedabad, The Jaipur Stock Exchange Ltd, and The
Delhi Stock Exchange Association Ltd.
AUDITORS
The Statutory Auditors of the Company M/s Prakash K. Prakash. Chartered
Accountants, New Delhi shall hold office until the conclusion of
ensuing Annual General Meeting but they have expressed their inability
to continue as auditors of the company. A Special Notice U/s 225(1) has
been received from a member for appointment of M/s A. Kay Mehra & Co.
Chartered Accountants, New Delhi as Statutory Auditors in place of M/s
Prakash K. Prakash, Chartered Accountants of the company and to hold
office until the conclusion of ensuing Annual General Meeting.
Certificate from the M/s A. Kay Mehra & Co. Chartered Accountants has
been received to the effect that their appointment, if made, will be
within the limits prescribed under Section Companies Act,1956. Members
are requested to appoint them as Statutory Auditors for the financial
year 2010-2011.
AUDITORS REPORT & NOTES ON ACCOUNTS
The observation made by the Auditors are self-explanatory and have also
been further amplified in the Notes to Accounts.
PUBLIC DEPOSITS
The Company has not accepted any public deposits during the financial
year under section 58A of the Companies Act, 1956 read with Companies
(Acceptance of Deposits) Rules, 1975.
AUDIT COMMITTEE
The Audit Committee of the Company was Constituted during the year in
terms of Section 292A of the Companies Act, 1956 and clause 49 of the
Listing Agreement. The committee comprises of Mr. Sushil Kumar Agarwal,
Mr. Sunil Kumar and Ms. Pallavi Agarwal. The Members of the Audit
Committee have the required financial background.
CORPORATE GOVERNANCE REPORT
Pursuant to clause 49 of the Listing Agreement, a separate report on
Corporate Governance along with a certificate from statutory Auditors
regarding compliance with condition of corporate Governance forms a
part of Annual Report
MANAGEMENT DISCUSSION AND ANALYSIS
As required by Clause 49 of the Listing Agreement with the stock
Exchanges, a Management Discussion and Analysis is appended to the
Annual Report.
EMPLOYEE RELATIONS
The company enjoyed good relation with all employees throughout the
year. Your Directors wish to place on record their appreciation of the
contribution made by employees at all levels during the year.
CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION:
Information under section 217(e) of the Companies Act, 1956 read with
the Companies (Disclosure of Particulars in the Report of Board of
Directors) Rules, 1988, is given below:
Our Company is Committed to the conversation of the resources. There is
no wastage of energy and the working group formed by the company for
this purpose continuously monitor the consumption of various forms of
energy and evaluate the option available for energy conservation.
Investments will be made, when required, for any activity identified as
a source for helping us to achieve further energy savings. The Company
is not using any foreign technology.
FOREIGN EXCHANGE EARNINGS & OUTGO:
Foreign Exchange Earnings & Outgo Rs. NIL
ACKNOWLEDGEMENT
Your Directors wish to place on record their appreciation for the
continual co-operation the company received from Bankers and
Shareholders and also acknowledges the invaluable contribution made by
the employees.
BY ORDER OF THE BOARD
GEE EL WOOLLENS LIMITED
Date:02.09.2010 Sd/-
Plate : New Delhi Vinod Kumar Agarwal
(Chairman)
Disclaimer: This is 3rd Party content/feed, viewers are requested to use their discretion and conduct proper diligence before investing, GoodReturns does not take any liability on the genuineness and correctness of the information in this article