Mar 31, 2015
Dear members,
The Directors have pleasure in submitting their 30th Annual Report
together with the audited financial statements of the Company for the
financial year ended 31st March 2015.
SUMMARISED FINANCIAL RESULTS
(Amount in Rs.)
2014-15 2013-14
Net Sales/Income from operations 2,11,351 2,06,811
Other Income 45,479 64,022
Total Income 2,56,830 2,70,833
Profit / (Loss) before depreciation (3,04,067) (1,08,907)
Less: Depreciation 0 0
Profit / (Loss) before Tax (3,04,067) (1,08,907)
(Add)/Less: Provision for Tax / adjustment 181 0
Net Profit / (Loss) after Tax (3,04,248) (1,08,907)
DIVIDEND
Considering the loss incurred by the Company, your Directors do not
recommend any dividend on equity shares for the year.
TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCTION AND PROTECTION
FUND
In terms of Section 125 of the Companies Act, 2013, any unclaimed or
unpaid Dividend relating to the financial year 2006-2007 is due for
remittance on 27/11/2014 to the Investor Education and Protection Fund
established by the Central Government. Company has transferred
Rs.405/- unclaimed dividend to Investor Protection Fund on 04/12/2014.
REVIEW OF BUSINESS OPERATIONS
During the year under review, the net sales / income from business
operation of your Company marginally increased at Rs.2,11,351 as
against Rs.2,06,811 in the previous year. The year under review
witnessed lower demand growth and the downturn continued in the
textile industry due to oversupply situation. The profitability of the
Company was adversely affected and the loss for the year 2014-15
increased from Rs.1,08,907 to Rs.3,04,067.
MATERIAL CHANGES AND COMMITMENT IF ANY AFFECTING THE FINANCIAL
POSITION OF THE COMPANY OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR
TO WHICH THIS FINANCIAL STATEMENTS RELATE AND THE DATE OF THE REPORT
No material changes and commitments affecting the financial position
of the Company occurred between the end of the financial year to which
these financial statements relate on the date of this report
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO
The provisions of Section 134(m) of the Companies Act, 2013 is not
applicable to our Company. There was no foreign exchange inflow or
Outflow during the year under review.
STATEMENT CONCERNING DEVELOPMENT AND IMPLEMENTATION OF RISK MANAGEMENT
POLICY OF THE COMPANY
The Company does not have any Risk Management Policy as the element of
risk threatening the Company's existence is very minimal.
DETAILS OF POLICY DEVELOPED AND IMPLEMENTED BY THE COMPANY ON ITS
CORPORATE SOCIAL RESPONSIBILITY INITIATIVES
The Company has not developed and implemented any Corporate Social
Responsibility initiatives as the said provisions are not applicable.
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS MADE UNDER SECTION 186
OF THE COMPANIES ACT, 2013
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.
PARTICULARS OF CONTRACTS OR ARRANGEMENTS MADE 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.
EXPLANATION OR COMMENTS ON QUALIFICATIONS, RESERVATIONS OR ADVERSE
REMARKS OR DISCLAIMERS MADE BY THE AUDITORS AND THE PRACTICING COMPANY
SECRETARY IN THEIR REPORTS
There were no qualifications, reservations or adverse remarks made by
either by the Statutory Auditors or by the Secretarial Auditors in
their respective reports.
COMPANY'S POLICY RELATING TO DIRECTORS APPOINTMENT, PAYMENT OF
REMUNERATION AND DISCHARGE OF THEIR DUTIES
The Company's Policy relating to appointment of Directors, payment of
Managerial remuneration, and other related matters as provided under
Section 178(3) of the Companies Act, 2013 are as under :
1. Policy on Directors appointment is to follow the criteria as laid
down under the Companies Act, 2013 an the Listing Agreement with Stock
Exchanges and good corporate practices. Emphasis is given to persons
from diverse fields or professionals.
2. The Company has formulated the remuneration policy for its KMP and
other employees keeping in view the level and composition of
remuneration as reasonable. Ensuring that remuneration meets the
performance benchmark and it reflects long term performance
objectives.
3. For Directors, it is based on the shareholders resolutions,
provisions of the Companies Act, 2013 and rules framed therein,
circulars and guidelines issued by the Central Government and other
authorities from time to time.
ANNUAL RETURN
The extracts of Annual Return pursuant to the provisions of Section 92
read with Rule 12 of the Companies (Management and administration)
Rules, 2014 is furnished in Annexure - A and is attached to this
Report.
NUMBER OF BOARD MEETINGS CONDUCTED DURING THE YEAR UNDER REVIEW
The Board of Directors have met 11 (eleven) times during the financial
year ended 31st March, 2015.
DIRECTORS RESPONSIBILITY STATEMENT
In accordance with the provisions of Section 134(5) of the Companies
Act, 2013 your Directors state that :
(a) in the preparation of the annual accounts for the year ended March
31, 2015, the applicable accounting standards read with requirements
set out under Schedule III to the Act, have been followed and there
are no material departures from the same;
(b) 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 March 31, 2015 and of the loss of the Company for
the year ended on that date;
(c) 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;
(d) the Directors have prepared the annual accounts on a going concern
basis.
(e) the Directors 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
(f) the Directors have devised proper systems to ensure compliance
with the provisions of all applicable laws and that such systems were
adequate and operating effectively.
SUBSIDIARIES, JOINT VENTURES AND ASSOCIATE COMPANIES
The Company does not have any Subsidiary, Joint venture or Associate
Company.
DEPOSITS
The Company has neither accepted nor renewed any deposits during the
year under review.
DIRECTORS
In accordance with the provisions of the Companies Act, 2013 and the
Articles of Association of the Company, Shri Praful A. Shah Director
of the Company retire at the ensuring Annual General Meeting and being
eligible have offered himself for re-appointment. The Company devised
a policy for performance evaluation of Independent Directors, Board,
Committees and other individual Directors which includes criteria for
performance evaluation of the non-executive directors and executive
directors.
DECLARATION OF INDEPENDENT DIRECTORS
The Company has received declarations from all the Independent
Directors of the Company confirming they meet the criteria of
independence as prescribed both under the Act and Clause 49 of the
Listing Agreement with the Stock Exchanges.
STATUTORY AUDITOR
Messrs Bipinchandra J. Modi & Co. Chartered Accountants, Statutory
Auditors of the Company were due for retirement at the ensuing Annual
General Meeting (AGM). However, they have expressed their
unwillingness for re-appointment due to preoccupations. The Company
therefore proposes to appoint Messrs A. M. Modi & Associates as the
Statutory Auditors at the ensuing AGM for a period 3 (three)
consecutive years from the conclusion of the 30th AGM to the
conclusion of the 33rd AGM. They have confirmed that their
appointment, if made, will be in compliance with Section 139 and 141
of the Companies Act, 2013.
SECRETARIAL AUDITOR
The Board has appointed Mr. Jigar K. Vyas, Practicing Company
Secretary to conduct Secretarial Audit for the financial year 2014-15.
The Secretarial Audit Report for the financial year ended March 31,
2015 is annexed herewith to this Report. The Secretarial Audit Report
does not contain any qualification, reservation or adverse remark.
PARTICULARS OF EMPLOYEE AND RELATED DISCLOSURE
In terms of the provisions of Section 197(12) of the Companies Act,
2013 read with Rules 5(2) and 5(3) of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014 there was no
employee drawing the remuneration in excess of the limits set out in
the said rules.
RISK MANAGEMENT POLICY
As the elements of risk threatening the Company's existence is very
minimal. The Company does not have any Risk Management Policy
DISCLOSURE OF COMPOSITION OF AUDIT COMMITTEE AND PROVIDING VIGIL
MECHANISM
The Audit Committee comprises Independent Directors namely Shri
Harjibhai Poonabhai Dhaduk and Shri Harish Balvantrai Bharucha. All
the recommendations made by the Audit Committee were accepted by the
Board.
The Company has established a vigil mechanism and overseas through the
committee, the genuine concerns expressed by the employees and other
Directors. The Company has also provided adequate safeguards against
victimization of employees and Directors who express their concerns.
The Company has also provided direct access to the chairman of the
Audit Committee on reporting issues concerning the interests of co
employees and the Company.
SHARES
BUY BACK OF SECURITIES
The Company has not offered any buyback of securities during the year
under review.
SWEAT EQUITY
The Company has not issued any Sweat Equity Shares during the year
under review.
BONUS SHARES
No Bonus Shares were issued during the year under review.
EMPLOYEES STOCK OPTION PLAN
The Company has not provided any Stock Option Scheme to the employees.
ACKNOWLEDGEMENTS
The Directors wish to place on record their appreciation for the
continued support and co-operation extended to your Company its
bankers, customers, suppliers, government authorities, regulatory
authorities and other stake holders. You Directors also acknowledge
the support extended by the employees and the guidance by the members
on the Board.
FOR AND ON BEHALF OF THE BOARD OF DIRECTORS
Praful A. Shah
Chairman
Place: Surat
Date: May 26th 2015.
Mar 31, 2014
To The Members of Bijlee Textiles Limited
The Directors of your Company have pleasure in presenting the TWENTY
NINETH Annual Report of the Company together with the audited accounts
for the financial year ended on March 31st, 2014.
1. FINANCIAL RESULTS
2013-14 2012-13
(Rs.) (Rs.)
Profit before Interest & Tax (1,08,907) (3,068)
Less: Provision for taxation 0 0
Net Profit (1,08,907) (3,068)
Add : Excess/(Short) provision
for tax 0 0
Balance brought forward 1,28,93,816 1,29,55,379
Profit available for appropriation 1,27,84,909 1,29,52,311
Appropriations
Proposed Dividend 0 50,000
Dividend on preference shares 0 0
Tax on dividend 0 8,495
Transfer to Capital redemption
Reserve 0 0
Balance carried to Balance Sheet 1,27,84,909 1,28,93,816
Total 1,27,84,909 1,29,52,311
2. DIVIDEND
In view of inadequacy of profits the Directors regret their inability
to declare a dividend.
3. DEPOSITS
The Company has not accepted or renewed any deposits from the public
during the year under review.
4. COMPLIANCE CERTIFICATE
In terms of Section 383A(1) of the Companies Act, 1956, and Companies
(Compliance Certificate) Rules, 2001 the certificate issued by a
Company Secretary in Whole-time Practice certifying that the Company
has complied with all the provisions of the Companies Act, 1956 is
annexed to the Report.
5. PARTICULARS OF EMPLOYEE UNDER SECTION 217(2A) AND 217 (1) (e) OF
THE COMPANIES ACT, 1956
There are no employees drawing a salary of more than Rs. 5,00,000 per
month, if employed for part of the year or more than Rs. 60,00,000 per
annum if employed for the entire year, hence the details as required by
Section 217(2A) of the Companies Act, 1956 are not furnished.
The Company has not carried on any manufacturing activity during the
year, neither has it dealt with foreign exchange for the year under
review and hence the particulars under Section 217(1) (e) read with
Companies (Disclosure of Particulars in the Report of the Board of
Directors) Rules, 1988 are not furnished.
6. DIRECTORS'' RESPONSIBILITY STATEMENT
Pursuant to the provisions of Section 217 (2AA) of the Companies Act,
1956, the Directors hereby confirm that:
- In preparation of the annual accounts, the applicable accounting
standards had been followed along with proper explanations relating to
material departures;
- We 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 March 31, 2014 and of the profit of the Company for
the year ended March 31, 2014.
- We had taken proper and sufficient care for the maintenance of
adequate accounting records in accordance with the provisions of the
Companies Act, 1956 for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities
- We had prepared the annual accounts on a going concern basis.
7. DIRECTORS
As per section 152 of the Companies Act, 2013 read with Article 134 of
Articles of Association of the Company, Mr. Praful A. Shah director of
the Company retires by rotation and, being eligible, offers himself for
re-appointment subject to retirement rotation. As per sub section (5)
of Section 152 of the Companies Act, 2013 Smt. Shilpa Praful Shah is
appointed as a Whole Time Director w.e.f 26th May, 2014 for the period
of 5 years of remuneration Rs.5,000/- p.m and Rs.60,000/- p.a.
8. AUDITORS
The term of the existing Statutory Auditors of the Company expires at
the forthcoming Annual General Meeting. .The retiring auditors M/s
Bipinchandra J. Modi & Co., Chartered Accountants,(Firm Registration
No.FRN:101521W) have confirmed their availability within the limits of
section 139(1) of the Companies Act, 2013. Members are requested to
appoint Auditors to hold office from the conclusion of this Annual
General Meeting till the conclusion of next Annual General Meeting and
also to fix their remuneration.
9. COMMENTS ON THE AUDITOR''S REPORT
The observations made in the Auditor''s Report are self explanatory and
do not call for any further comments.
10. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE.
Prescribed information requiring compliance with the rules relating to
conservation of energy and technology absorption and Foreign Exchange
pertaining to Section 217(1)(e) of the Companies Act, 1956 read with
Companies (Disclosure of particulars in the Report of Board of
Directors) Rules, 1988 is not applicable.
Date : May 26th, 2014 For and on Behalf of the Board
Place : Surat
Suhail P. Shah
Director
Mar 31, 2013
To The Members of Bijlee Textiles Limited
The Directors of your Company have pleasure in presenting the TWENTY
EIGHTH Annual Report of the Company together with the audited accounts
for the financial year ended on March 31st, 2013.
1. FINANCIAL RESULTS
2012-13 2011-12
(Rs.) (Rs.)
Profit before Interest & Tax (3,068) (17,583)
Less: Provision for taxation 0 0
Net Profit (3,068) (17,583)
Add : Excess/(Short) provision for tax 0 0
Balance brought forward 1,29,55,379 1,30,31,073
Profit available for appropriation 1,29,52,311 1,30,13,490
Appropriations
Proposed Dividend 50,000 50,000
Dividend on preference shares 0 0
Tax on dividend 8,495 8,110
Transfer to Capital redemption Reserve 0 0
Balance carried to Balance Sheet 1,28,93,816 1,29,55,380
Total 1,29,52,311 1,30,13,490
2. DIVIDEND
The Directors have recommending a dividend at the rate of 1%, on the
Equity Shares of the Company which will result in a net outflow of Rs.
58,495/- (including dividend distribution tax of Rs. 8,495/-). The
dividend, if approved by the members at the meeting will be paid to
such share holders whose names appear on the Register of Members on the
date of the Annual General Meeting
3. DEPOSITS
The Company has not accepted or renewed any deposits from the public
during the year under review.
4. COMPLIANCE CERTIFICATE
In terms of Section 383A(1) of the Companies Act, 1956, and Companies
(Compliance Certificate) Rules, 2001 the certificate issued by a
Company Secretary in Whole-time Practice certifying that the Company
has complied with all the provisions of the Companies Act, 1956 is
annexed to the Report.
5. PARTICULARS OF EMPLOYEE UNDER SECTION 217(2A) AND 217 (1) (e) OF
THE COMPANIES ACT, 1956
There are no employees drawing a salary of more than Rs. 5,00,000 per
month, if employed for part of the year or more than Rs. 60,00,000 per
annum if employed for the entire year, hence the details as required by
Section 217(2A) of the Companies Act, 1956 are not furnished.
The Company has not carried on any manufacturing activity during the
year, neither has it dealt with foreign exchange for the year under
review and hence the particulars under Section 217(1) (e) read with
Companies (Disclosure of Particulars in the Report of the Board of
Directors) Rules, 1988 are not furnished.
6. DIRECTORS'' RESPONSIBILITY STATEMENT
Pursuant to the provisions of Section 217 (2AA) of the Companies Act,
1956, the Directors hereby confirm that:
- In preparation of the annual accounts, the applicable accounting
standards had been followed along with proper explanations relating to
material departures;
- We 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 March 31, 2013 and of the profit of the Company for
the year ended March 31, 2013.
- We had taken proper and sufficient care for the maintenance of
adequate accounting records in accordance with the provisions of the
Companies Act, 1956 for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities
- We had prepared the annual accounts on a going concern basis.
7. DIRECTORS
In accordance with the provisions of the Companies Act, 1956 and
Company''s Articles of Association, Mr. Praful A. Shah is liable to
retire by rotation at the ensuing Annual General Meeting and being
eligible, offers himself for re-appointment.
8. AUDITORS
The term of the existing Statutory Auditors of the Company expires at
the forthcoming Annual General Meeting. A certificate stating that the
appointment as Statutory Auditors, if made, will be within the limits
prescribed under Section 224(1B) has been received from Bipinchandra J.
Modi & Co., Chartered Accountants, the existing auditors. Members are
requested to appoint Auditors to hold office from the conclusion of
this Annual General Meeting till the conclusion of next Annual General
Meeting and also to fix their remuneration.
9. COMMENTS ON THE AUDITOR''S REPORT
The observations made in the Auditor''s Report are self explanatory and
do not call for any further comments.
10. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE.
Prescribed information requiring compliance with the rules relating to
conservation of energy and technology absorption and Foreign Exchange
pertaining to Section 217(1)(e) of the Companies Act, 1956 read with
Companies (Disclosure of particulars in the Report of Board of
Directors) Rules, 1988 is not applicable.
Date : May 24th, 2013 For and on Behalf of the Board
Place : Surat Suhail P. Shah
Director
Mar 31, 2012
To The Members of Bijlee Textiles Limited
The Directors of your Company have pleasure in presenting the TWENTY
SEVENTH Annual Report of the Company together with the audited accounts
for the financial year ended on March 31st, 2012.
1. FINANCIAL RESULTS
2011-12 2010-11
(Rs. ) (Rs. )
Profit before Interest & Tax (17,583) 7,41,121
Less: Provision for taxation 0 0
Net Profit (17,583) 7,41,121
Add : Excess/(Short) provision for tax 0 4,109
Balance brought forward 1,30,31,073 1,89,13,314
Profit available for appropriation 1,30,13,490 1,96,58,544
Appropriations
Proposed Dividend 50,000 50,000
Dividend on preference shares 0 59,480
Tax on dividend 8,110 17,991
Transfer to Capital redemption Reserve 0 65,00,000
Balance carried to Balance Sheet 1,29,55,380 1,30,31,073
Total 1,30,13,490 1,96,58,544
2. DIVIDEND
The Directors have recommending a dividend at the rate of 1%, on the
Equity Shares of the Company which will result in a net outflow of Rs.
58,110/- (including dividend distribution tax of Rs. 8,110/-). The
dividend, if approved by the members at the meeting will be paid to
such share holders whose names appear on the Register of Members on the
date of the Annual General Meeting
3. DEPOSITS
The Company has not accepted or renewed any deposits from the public
during the year under review.
4. COMPLIANCE CERTIFICATE
In terms of Section 383A(1) of the Companies Act, 1956, and Companies
(Compliance Certificate) Rules, 2001 the certificate issued by a
Company Secretary in Whole-time Practice certifying that the Company
has complied with all the provisions of the Companies Act, 1956 is
annexed to the Report.
5. PARTICULARS OF EMPLOYEE UNDER SECTION 217(2A) AND 217 (1) (e) OF
THE COMPANIES ACT, 1956
There are no employees drawing a salary of more than Rs. 5,00,000 per
month, if employed for part of the year or more than Rs. 60,00,000 per
annum if employed for the entire year, hence the details as required by
Section 217(2A) of the Companies Act, 1956 are not furnished.
The Company has not carried on any manufacturing activity during the
year, neither has it dealt with foreign exchange for the year under
review and hence the particulars under Section 217(1) (e) read with
Companies (Disclosure of Particulars in the Report of the Board of
Directors) Rules, 1988 are not furnished.
6. DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to the provisions of Section 217 (2AA) of the Companies Act,
1956, the Directors hereby confirm that:
- In preparation of the annual accounts, the applicable accounting
standards had been followed along with proper explanations relating to
material departures;
- We 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 March 31, 2012 and of the profit of the Company for
the year ended March 31, 2012.
- We had taken proper and sufficient care for the maintenance of
adequate accounting records in accordance with the provisions of the
Companies Act, 1956 for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities
- We had prepared the annual accounts on a going concern basis.
7. DIRECTORS
In accordance with the provisions of the Companies Act, 1956 and
Company's Articles of Association, Mr. Alok P. Shah is liable to retire
by rotation at the ensuing Annual General Meeting and being eligible,
offers himself for re-appointment.
8. AUDITORS
The term of the existing Statutory Auditors of the Company expires at
the forthcoming Annual General Meeting. A certificate stating that the
appointment as Statutory Auditors, if made, will be within the limits
prescribed under Section 224(1B) has been received from Bipinchandra J.
Modi & Co., Chartered Accountants, the existing auditors. Members are
requested to appoint Auditors to hold office from the conclusion of
this Annual General Meeting till the conclusion of next Annual General
Meeting and also to fix their remuneration.
9. COMMENTS ON THE AUDITOR'S REPORT
The observations made in the Auditor's Report are self explanatory and
do not call for any further comments.
10. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE.
Prescribed information requiring compliance with the rules relating to
conservation of energy and technology absorption and Foreign Exchange
pertaining to Section 217(1)(e) of the Companies Act, 1956 read with
Companies (Disclosure of particulars in the Report of Board of
Directors) Rules, 1988 is not applicable.
For and on Behalf of the Board
Suhail P. Shah
Director
Date : July 19th, 2012
Place : Surat
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