Mar 31, 2014
Dear MEMBERS,
The Directors present the TWENTY SECOND ANNUAL REPORT together with the
Audited Statement of Account for the Financial Year 2013-14 ended on
31st March, 2014.
Financial RESULTS:
(Amount in Rs.)
2013-14 2012-13
Total income (Net) 2,97,87,895 3,58,25,212
Total Expenditure 2,90,88,161 3,49,07,486
Gross Profit / (Loss) 6,99,734 9,17,726
Less:
Depreciation 1,91,614 1,70,310
Provision for taxation 1,70,000 2,40,000
Profits / (Loss) after Tax 3,38,120 5,07,416
OPERATIONS:
Despite keen competition in the field of Foreign Exchange business, the
Company was able to maintain the sales of foreign currency of Rs 233.23
Lacs this year as against Rs. 294.63 Lacs for the previous year. The
profit after tax for the year has increased to Rs.3,38 Lacs as against
Rs.5.07 Lacs for the previous year.
DIVIDEND:
to conserve the resources for the future requirement of the company,
your directors have not recommended any dividend for the year.
FIXED DEPOSITS:
During the year under report, the Company has not accepted any deposit
to which the provisions of Section 58A of the Companies Act, 1956 are
applicable.
PARTICLUARS REGARDING EMPLOYEES:
During the year under report, none of the employees was in receipt of
remuneration exceeding the limit prescribed under Section 217 (2A) of
the Companies Act, 1956, read with the Companies (Particulars of
Employees) Rules, 1975, as amended.
PARTICULARS OF ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN
EXCHANGE EARNING AND OUTGO:
A. CONSUMPTION OF ENERGY & TECHNOLOGY ABSORPTION:
The details as required under Section 217 1 (e) of the Companies Act,
1956, read with the Companies (Disclosure of Particulars in the report
of Board of Directors) Rules, 1988 in respect of Conservation of
Energy, Technology Absorption are not applicable.
B. FOREIGN EXCHANGE EARNING & OUTGO :
Foreign Exchange Earning : NIL
Foreign Exchange Outgo : NIL
DIRECTORS RESPONSIBILITY STATEMENT:
Pursuant to the requirement of Section 217 (2AA) of the companies Act,
1956, with respect to Directors Responsibility Statement, it is hereby
confirmed:
i. that in the preparation of the annual accounts, the applicable
accounting standards have been followed along with proper explanation
relating to material departures.
ii. that the Directors have selected such accounting policies and
applied them consistently and made judgments and estimates that are
reasonable and prudent, so as to give a true and fair view of the state
of affairs of the Company at 31st March, 2014 being end of the
financial year 2013-14 and of the Profit of the Company for the year.
iii. that the Directors have taken proper and sufficient care for
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities.
iv. that the Directors have prepared the annual accounts on a going
concern basis.
CORPORATE GOVERNANCE:
The Report on Corporate Governance required under Clause 49 of the
Listing Agreements is annexed.
DIRECTOR:
Shri Nishit M. Rupapara, Directors of the Company, is liable to retire
by rotation and being eligible offers themselves for re-appointment.
The Board of your Company recommends their re-appointment as Director
under the category of liable to retire by rotation. Mr. Ketan N. Shah,
Dr. Nayan C. Shah, Mr. Sandip R. Shah and Mr. Ashokkumar R. Patel have
resigned on 30/05/2014, the board has taken on record the valuable
services and advices given by them during their tenure as Directors of
the Company.
DIRECTOR''S COMMENTS ON AUDITORS QUALIFICATION & ADVERSE REMARKS IN
AUDITORS REPORT:
The Auditors has made qualifications and marked adversely in their
Report under the head (OPINION)The Directors comment of the
on these qualifications and the specific remark Auditors under the
head (OPINION) of the Auditors'' Report for non-provision of doubtful
loans and advances amounting Rs.39,60,663/- which are cumulative
amounts given as loan in last 5/6 years (except Rs.6.00 lacs given
during the year), the Board of your Company like to inform you that
the management of the Company is taking all steps required including
legal action for their recovery. The Management of your Company is
hopeful for the recovery of the outstanding loans and advances given by
the Company, out of its surplus funds and therefore they have been
treated as good of recovery and has not provided for doubtful loans and
advances. The Management hereby assures that once all the efforts to
recover the outstanding amount fails, necessary provisions for doubtful
loans and advances will be done in the Books of the Company.
The notes and remarks of Auditors'' are self-explanatory.
AUDITORS:
The present Auditors of the Company M/s. Praful N. Shah, Chartered
Accountants, Ahmedabad were appointed as Auditors and will retire at
the ensuing Annual General Meeting. M/s. Praful N. Shah, Chartered
Accountants, have submitted certificate for their eligibility for
appointment under Section 139 of the Companies Act, 2013. Board of
Directors of your Company favour their re-appointment as Auditors of
the Company and such re-appointment if done, shall be upto the
conclusion of next Annual General Meeting of the Company.
COMPLIANCE CERTIFICATE:
The Company has obtained Compliance Certificate under the provisions of
section 383A of the Companies Act, 1956 from M/s Khandelwal Devesh &
Associates, Company Secretaries, Ahmedabad and the same is attached
with this Report as annexure.
LISTING:
The Shares of the Company are listed on the Stock Exchanges at
Ahmedabad and Mumbai. Listing fees for the year 2014-15 has been paid
to Bombay Stock Exchange and Ahmedabad Stock Exchange.
ACKNOWLEDGEMENT:
Your Directors express their sincere gratitude for the assistance and
co-operation extended by Promoters, Banks, Government Authorities,
Employees and Shareholders.
For and on behalf of the Board
Shivkuamr R Chauhan
Place : Ahmedabad Chairman & Managing Director
Date : 11/08/2014 (DIN : 00841729)
Mar 31, 2013
To, The Members,
The Directors present the TWENTY FIRST ANNUAL REPORT together with the
Audited Statement of Account for the Financial Year 2012-13 ended on
31st March, 2013.
FINANCIAL RESULTS:
(Amount in Rs.)
2012-13 2011-12
Total income (Net) 3,58,25,212 3,91,99,634
Total Expenditure 3,49,07,486 3,82,62,365
Gross Profit / (Loss) 917726 937269
Less:
Depreciation 170310 192180
Provision for taxation 240000 240000
Profits / (Loss) after Tax 507416 505089
OPERATIONS:
Despite keen competition in the field of Foreign Exchange business, the
Company was able to maintain the sales of foreign currency of Rs
29,463,097/- this year as against Rs. 28,724,289/- for the previous
year. The profit after tax for the year has increased to Rs. 5,07,416/-
as against Rs. 5,05,089/- for the previous year.
DIVIDEND:
To conserve the resources for the future requirement of the company,
your directors have not recommended any dividend for the year.
FIXED DEPOSITS:
During the year under report, the Company has not accepted any deposit
to which the provisions of Section 58A of the Companies Act, 1956 are
applicable.
PARTICLUARS REGARDING EMPLOYEES:
During the year under report, none of the employees was in receipt of
remuneration exceeding the limit prescribed under Section 217 (2A) of
the Companies Act, 1956, read with the Companies (Particulars of
Employees) Rules, 1975, as amended.
PARTICULARS OF ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN
EXCHANGE EARNING AND OUTGO:
A. CONSUMPTION OF ENERGY & TECHNOLOGY ABSORPTION:
The details as required under Section 217(1)(e) of the Companies Act,
1956, read with the Companies (Disclosure of Particulars in the report
of Board of Directors) Rules, 1988 in respect of Conservation of
Energy, Technology Absorption are not applicable.
B. FOREIGN EXCHANGE EARING & OUTGO :
Foreign Exchange Earning : NIL Foreign Exchange Outgo : NIL DIRECTORS
RESPONSIBILITY STATEMENT:
Pursuant to the requirement of Section 217 (2AA) of the companies Act,
1956, with respect to Directors Responsibility Statement, it is hereby
confirmed:
i. that in the preparation of the annual accounts, the applicable
accounting standards have been followed along with proper explanation
relating to material departures.
ii. that the Directors have selected such accounting policies and
applied them consistently and made judgments and estimates that are
reasonable and prudent, so as to give a true and fair view of the state
of affairs of the Company at 31st March, 2013 being end of the
financial year 2012-13 and of the Profit of the Company for the year.
iii. that the Directors have taken proper and sufficient care for
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities.
iv. that the Directors have prepared the annual accounts on a going
concern basis.
CORPORATE GOVERNANCE:
The Report on Corporate Governance required under Clause 49 of the
Listing Agreements is annexed.
DIRECTOR:
Mr Harsad Shantilal Gandhi and Mr Dahyabhai Bhavanjibhai Sachania,
Directors of the Company, are liable to retire by rotation and being
eligible offers themselves for re-appointment.
The Board of your Company recommends their re-appointment as Director
under the category of liable to retire by rotation.
AUDITORS:
The present Auditors of the Company M/s. Praful N. Shah, Chartered
Accountants, Ahmedabad were appointed as Auditors and will retire at
the ensuing Annual General Meeting. M/s. Praful N. Shah, Chartered
Accountants, have submitted certificate for their eligibility for
appointment under Section 224(1B) of the Companies Act, 1956. Board of
Directors of your Company favour their re-appointment as Auditors of
the Company and such re-appointment if done, shall be upto the
conclusion of next Annual General Meeting of the Company.
OBSERVATIONS OF AUDITORS'' / AUDITORS'' REPORT:
The notes and remarks of Auditors'' are self-explanatory. The specific
remarks of the Auditors under para 4(f) of the Auditors'' Report for
non-provision of non-recovery of loan and advance thereon have already
been explained in details in Para No. 6 of Notes 16 forming parts of
Accounts for the year 31.03.2013. The Management further likes to
clarify that the outstanding old loan amounting to Rs.20,16,674/- as on
31/03/2013 seems good for recovery and also trying to recover and very
positive for the same, therefore no provision has been done in the
Books of the Company. Further, the outstanding security deposit of
Rs.2,74,411/- with Stock Exchange, seems recoverable to Management of
the Company. The Management hereby assures that once all the efforts to
recover the outstanding amount fails, necessary provisions will be done
in the Books of the Company.
COMPLIANCE CERTIFICATE:
The Company has obtained Compliance Certificate under the provisions of
section 383A of the Companies Act, 1956 from M/s Khandelwal Devesh &
Associates, Company Secretaries, Ahmadabad and the same is attached
with this Report as annexure.
LISTING:
The Shares of the Company are listed on the Stock Exchanges at
Ahmadabad and Mumbai. Listing fees for the year 2013-14 has been paid
to Bombay Stock Exchange and Ahmadabad Stock Exchange.
ACKNOWLEDGEMENT:
Your Directors express their sincere gratitude for the assistance and
co-operation extended by Promoters, Banks, Government Authorities,
Employees and Shareholders.
For and on behalf of the Board
Place : Ahmadabad Shivkuamr R Chauhan
Date : 14/08/2013 Chairman & Managing Director
Mar 31, 2012
The Directors present the TWENTIETH ANNUAL REPORT together with the
Audited Statement of Account for the Financial Year 2011-12 ended on
31st March, 2012.
FINANCIAL RESULTS: (Rs. in Lacs)
As On As On
31.03.2012 31.03.2011
Profit of the year 9.37 12.92
Less: Depreciation 1.92 2.42
Profit Before Taxation(PBT) 7.45 10.50
Less: Provision for Taxation 2.40 3.50
Profit After Tax (PAT) 5.05 7.00
Less:- Extraordinary Item(Loss of
Investment and Bed Debts Written Off) - -
Net Profit/(Loss) 5.05 7.00
Add. Profit brought forward (246.88) (253.88)
Surplus available for appropriation (241.83) (246.88)
OPERATIONS:
Despite keen competition in the field of Foreign Exchange business, the
Company was able to maintain the sales of foreign currency of Rs
28,724,289/- this year as against Rs.30,547,369/- for the previous
year. The profit after tax for the year has decreased to Rs.505,089/-
as against Rs.700,398/- for the previous year.
DIVIDEND:
to conserve the resources for the future requirement of the company,
your directors have not recommended any dividend for the year.
FIXED DEPOSITS:
During the year under report, the Company has not accepted any deposit
to which the provisions of Section 58A of the Companies Act, 1956 are
applicable.
PARTICULARS REGARDING EMPLOYEES:
During the year under report, none of the employees was in receipt of
remuneration exceeding the limit prescribed under Section 217 (2A) of
the Companies Act, 1956, read with the Companies (Particulars of
Employees) Rules, 1975, as amended.
PARTICULARS OF ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN
EXCHANGE EARNING AND OUTGO:
A. CONSUMPTION OF ENERGY & TECHNOLOGY ABSORPTION:
The details as required under Section 217 1 (e) of the Companies Act,
1956, read with the Companies (Disclosure of Particulars in the report
of Board of Directors)Rules, 1988 in respect of Conservation of Energy,
Technology Absorption are not applicable.
B. FOREIGN EXCHANGE EARING & OUTGO :
Foreign Exchange Earning : NIL
Foreign Exchange Outgo : NIL
DIRECTORS RESPONSIBILITY STATEMENT:
Pursuant to the requirement of Section 217 (2AA) of the companies Act,
1956, with respect to Directors Responsibility Statement, it is hereby
confirmed:
i. that in the preparation of the annual accounts, the applicable
accounting standards have been followed along with proper explanation
relating to material departures.
ii. that the Directors have selected such accounting policies and
applied them consistently and made judgments and estimates that are
reasonable and prudent, so as to give a true and fair view of the state
of affairs of the Company at 31st March, 2012 being end of the
financial year 2011-12 and of the Profit of the Company for the year.
iii. that the Directors have taken proper and sufficient care for
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities.
iv. that the Directors have prepared the annual accounts on a going
concern basis.
CORPORATE GOVERNANCE:
The Report on Corporate Governance required under Clause 49 of the
Listing Agreements is annexed.
AUDITORS
The present Auditors of the Company M/s. Praful N. Shah, Chartered
Accountants', Ahmedabad were appointed as Auditors and will retire at
the ensuing Annual General Meeting. M/s. Praful N. Shah, Chartered
Accountants, have submitted certificate for their eligibility for
appointment under Section 224(1B) of the Companies Act, 1956. Board of
Directors of your Company favour his re-appointment as Auditors of the
Company and such re-appointment if done, shall be upto the next Annual
General Meeting of the Company.
OBSERVATIONS OF AUDITORS'/AUDITORS' REPORT:
The notes and remarks of Auditors' are self-explanatory. The specific
remarks of the Auditors for non-provision of non- recovery of loan and
advance thereon have been explained in details in Para No. 6 of Notes
16 forming parts of Accounts for the year 31.03.2012. The Management
has taken appropriate action to recover such outstanding amount and
assume the said amount as recoverable and therefore the provision for
the same has not been done during the year.
COMPLIANCE CERTIFICATE:
The Company has obtained Compliance Certificate under the provisions of
section 383A of the Companies Act, 1956 from M/s Khandelwal Devesh &
Associates, Company Secretaries, Ahmedabad and the same is attached
with this Report as annexure.
LISTING:
The Shares of the Company are listed on the Stock Exchanges at
Ahmedabad and Mumbai. Listing fees for the year 2012-13 has been paid
to Bombay Stock Exchange and for Ahmedabad Stock Exchange.
ACKNOWLEDGEMENT:
Your Directors express their sincere gratitude for the assistance and
co-operation extended by Promoters, Banks, Government Authorities,
Employees and Shareholders.
For and on behalf of the Board
Shivkuamr R Chauhan
Chairman & Managing Director
Place : Ahmedabad
Date : 08/08/2012
Mar 31, 2011
The Directors present the NINETEENTH ANNUAL REPORT together with the
Audited Statement of Account for the Financial Year 2010-11 ended on
31st March, 2011.
1. FINANCIAL RESULTS :
(Rs. in Lacs)
As on As on
31.03.2011 31.03.2010
Profit of the year 12.92 10.81
Less: Depreciation 2.42 2.22
Profit Before Taxation(PBT) 10.50 8.59
Less: Provision for Taxation 3.50 2.60
Profit After Tax (PAT) 7.00 5.99
Less:- Loss of Investment and Bad Debts
Written Off 272.67
Net Profit/(Loss) 7.00 (266.68)
Add. Profit brought forward (253.88) 12.79
Surplus available for appropriation (246.88) (253.89)
OPERATIONS :
Despite keen competition in the field of Foreign Exchange business, the
Company was able to maintain the sales of foreign currency of Rs
3,05,47,369/- this year as against Rs.3,02,44,803/- for the previous
year. The profit after tax for the year has increased to Rs.7,00,398/-
as against Rs.5,99,204/- for the previous year.
DIVIDEND:
To conserve the resources for the future requirement of the company,
your directors have not recommended any dividend for the year.
FIXED DEPOSITS:
During the year under report, the Company has not accepted any deposit
to which the provisions of Section 58A of the Companies Act, 1956 are
applicable.
PARTICLULRS REGARDING EMPLOYEES:
During the year under report, none of the employees was in receipt of
remuneration exceeding the limit prescribed under Section 217 (2A) of
the Companies Act, 1956, read with the Companies (Particulars of
Employees) Rules, 1975, as amended.
PARTICULARS OF ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN
EXCHANGE EARNING AND OUTGO:
A. CONSUMPTION OF ENERGY & TECHNOLOGY ABSORPTION:
The details as required under Section 217 (1) (e) of the Companies Act,
1956, read with the Companies (Disclosure of Particulars in the report
of Board of Directors)Rules, 1988 in respect of Conservation of Energy,
Technology Absorption are not applicable.
DIRECTORS RESPONSIBILITY STATEMENT:
Pursuant to the requirement of Section 217 (2AA) of the companies Act,
1956, with respect to Directors Responsibility Statement, it is hereby
confirmed:
i. that in the preparation of the annual accounts, the applicable
accounting standards have been followed along with proper explanation
relating to material departures.
ii. that the Directors have selected such accounting policies and
applied them consistently and made judgments and estimates that are
reasonable and prudent, so as to give a true and fair view of the state
of affairs of the Company at 31st March, 2011 being end of the
financial year 2010-11 and of the Profit of the Company for the year.
iii. that the Directors have taken proper and sufficient care for
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities.
iv. that the Directors have prepared the annual accounts on a going
concern basis.
CORPORATE GOVERNANCE:
The Report on Corporate Governance required under Clause 49 of the
Listing Agreements is annexed.
AUDITORS
The present Auditors of the Company M/s. Praful N. Shah, Chartered
Accountants', Ahmedabad were appointed as Auditors and will retire at
the ensuing Annual General Meeting. M/s. Praful N. Shah, Chartered
Accountants, have submitted certificate for their eligibility for
appointment under Section 224(1B) of the Companies Act, 1956.
OBSERVATIONS OF AUDITORS / AUDITORS' REPORT:
The notes and remarks of Auditors' are self-explanatory. The specific
remarks of the Auditors for non-provision of non- recovery of loan and
advance and Interest thereon have been explained in details in Para No.
B-6 of Notes forming parts of Accounts for the year 31.03.2011. The
Management of your Company consider the said due amount as recoverable
and are hopeful for the same and therefore the provision for the same
has not been done during the year.
LISTING:
The Shares of the Company are listed on the Stock Exchanges at
Ahmedabad and Mumbai. Listing fees for the year 2010- 11 has been paid
to Bombay Stock Exchange and for Ahmedabad Stock Exchange it is
outstanding.
ACKNOWLEDGEMENT:
Your Directors express their sincere gratitude for the assistance and
co-operation extended by Promoters, Banks, Government Authorities,
Employees and Shareholders.
For and on behalf of the Board
Place : Ahmedabad Shivkumar R. Chauhan
Date :12/08/2011 Chairman & Managing Director
Mar 31, 2010
The Directors present the EIGHTEENTH ANNUAL REPORT together with the
Audited Statement of Account for tho Financial Year 2009-10 ended on
31st March, 2010.
1. FINANCIAL RESULTS :
(Rs. in Lacs)
As on As on
31.03.2010 31.03.2009
Profit of the year 10.81 7.13
Less: Depreciation 2.22 2.80
Profit Before Taxation(PBT) 8.59 4.33
Loss: Provision for Taxation 2.60 1.50
Profit After Tax (PAT) 5.99 2.83
Less:- Loss of Investment and Bed
Debts Written Off 272.67 -
Net Profit/(Loss) (266.68) -
Add. Profit brought forward 12.79 9.96
Surplus available for appropriation (253.89) 12.79
OPERATIONS :
Despite keen competition in tho field of Foreign Exchange business, the
Company was able to maintain tho sales of foreign currency of Rs
3,02,44,803/- tnis year as against Rs.6,12,02,330/- for tho previous
year. The profit after tax for the year has increased to Rs.5,99,204/-
as against Rs.2,82,899/- for tho previous year.
DIVIDEND:
To conserve the resources for tho future requirement of the company,
your directors have not recommended any dividend for the year.
FIXED DEPOSITS:
During the year under report, the Company has not accepted any deposit
to which the provisions of Section 58A of the Companies Act, 1956 are
applicable.
PARTICLULRS REGARDING EMPLOYEES:
During the year under report, none of tho employees was in receipt of
remuneration exceeding tho limit proscribed under Section 217 (2A) of
the Companies Act, 1956, road with tho Companies (Particulars of
Employees) Rules, 1975, as amended.
PARTICULARS OF ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN
EXCHANGE EARNING AND OUTGO:
A. CONSUMPTION OF ENERGY & TECHNOLOGY ABSORPTION:
The details as required under Section 217 1 (e) of the Companies Act,
1956, road with the Companies (Disclosure of Particulars in the report
of Board of Directors)Rules, 1988 in respect of Conservation of Energy,
Technology Absorption are not applicable.
B. FOREIGN EXCHANGE EARING & OUTGO :
Foreign Exchange Earning : NIL
Foreign Exchange Outgo : NIL
DIRECTORS :
Mr. Ketan N. Shah was appointed, through Postal Ballot, as Managing
Director w.e.f. 8,h March, 2010 for a period of 5 years after complying
with Section 192A(2) of the Companies Act, 1956 and Regulation 12 of
Securities and Exchange Board of India (substantial Acquisitions of
Shares and Takeovers) Regulation, 1997.
Mr. Sandip R. Shah, Dr. Nayan C. Shah and Mr. Ashokkumar fl. Patel were
appointed, through Postal Ballot, as Directors w.e.f. 8lh March, 2010
tor a period of 5 years after complying with Section 192A(2) of the
Companies Act, 1956 and Regulation 12 of Securities and Exchange Board
of India (substantial Acquisitions of Shares and Takeovers) Regulation,
1997.
Two of your Directors Mr. Harshad Gandhi and Mr. Dahyabhai B. Sachaniya
retires by rotation in terms of the Articles of Association of the
Company, they however, being eligible, offers themselves for
reappointment.
CHANGE OF CONTROL:
During the year (w.e.f. 8,h March, 2010), through Postal Ballot, the
Company has approved change of Control of Management in favour of Mr.
Ketan Shah & Mr. Sandip Shah after complying with Section 192A(2) of
the Companies Act, 1956 and Regulation 12 of Securities and Exchange
Board of India (substantial Acquisitions of Shares and Takeovers)
Regulation, 1997.
DIRECTORS RESPONSIBILITY STATEMENT:
Pursuant to the requirement of Section 217 (2AA) of the companies Act,
1956, with respect to Directors Responsibility Statement, it is hereby
confirmed:
i. that in the preparation of the annual accounts, the applicable
accounting standards have been followed along with proper explanation
relating to material departures.
ii. that the Directors have selected such accounting policies and
applied them consistently and made judgments and estimates that are
reasonable and prudent, so as to give a true and fair view of the state
of affairs of the Company at 31s1 March, 2010 being end of the
financial year 2009-10 and of the Profit of the Company for the year.
iii. that the Directors have taken proper and sufficient care for
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities.
iv. that the Directors have prepared the annual accounts on a going
concern basis.
CORPORATE GOVERNANCE:
The Report on Corporate Governance required under Clause 49 of the
Listing Agreements is annexed.
AMENDMENTS OF MAIN OBJECTS OF THE COMPANY:
The Main Object Clause of the Company mentioned in Memorandum pf
Association of the Company has been amended, through Postal Ballot, by
deleting existed clause 1, 3, and 4 relating to ceramics and bio fuel
and inserting two new clauses 2 and 3 relating to Information
Technology (Software and Hardware).
AUDITORS
The present Auditors of the Company M/s. Praful N. Shah, Chartered
Accountants, Ahmedabad were appointed as Auditors and will retire at
the ensuing Annual General Meeting. M/s. Praful N. Shah, Chartered
Accountants, have submitted certificate for their eligibility for
appointment under Section 224(1 B) of the Companies Act, 1956.
OBSERVATIONS OF AUDITORS / AUDITORS REPORT:
The notes and remarks of Auditors are self-explanatory. The specific
remarks of the Auditors for non-provision of non- recovery of loan and
advance and Interest thereon have been explained in details in Para No.
6 (i) of Notes forming parts of Accounts for the year 31.03.2010. The
Management of your Company consider the said due amount as recoverable
and are hopeful for the same and therefore the provision for the same
has not been done during the year.
COMPLIANCE CERTIFICATE :
The Company has obtained Compliance Certificate under the provisions of
section 383A of the Companies Act, 1956 from M/s Khandelwal Devesh &
Associates, Company Secretaries and the same is attached with this
Report as annexure.
LISTING:
The Shares of the Company are listed on the Stock Exchanges at
Ahmedabad and Mumbai. Listing fees for the year 2010- 11 has been paid
to Bombay Stock Exchange and for Ahmedabad Stock Exchange it is
outstanding.
ACKNOWLEDGEMENT:
Your Directors express their sincere gratitude for the assistance and
co-operation extended by Promoters, Banks, Government Authorities,
Employees and Shareholders.
For and on behalf of the Board
Place : Ahmedabad Shivkumar R. Chauhan
Date : 13/08/2010 Chairman
Mar 31, 2009
The Directors present the SIXTEENTH ANNUAL REPORT together with the
Audited Statement of Account for the Financial Year 2008-09 ended on
31st March, 2009:
1, FINANCIAL RESULTS :
(Rs. In Lacs)
As on As an
31.03.2009 31.03.2008
Profit of the year 7.13 6.78
Less: Depreciation 2.80 2.98
Profit Before Taxation(PBT) 4.33 3.81
Less: Provision tor Taxation 1.50 1.25
Prodi After Tax (PAT) 2.83 2.56
Add. Profit brought forward 9.96 7.40
Surplus available for appropriation 12.79 9.96
OPERATIONS :
Despite keen competition in the field of Foreign Exchange business, the
Company was able to maintain the sales of foreign Currency of Rs612.02
Lacs this year as against Rs 639-45 Lacs for the previous year. The
profit after tax for the year increased marginally 10 Rs.2.83 lacs as
against Rs.2.56 lacs far the previous year. The management is trying to
improve the same and is hopeful for the same. The Board is also
negotiating with other thousands for the diversification of present
activity.
DIVIDEND:
To conserve the resources for the future requirement of the company,
your directors have not recommended any dividend for the year.
FIXED DEPOSITS:
During the year under report, me Company has not accepted any deposit
in which the provision of Section 58A of the Companies Ad. 1956 are
applicable.
PARTICLULRS REGARDING EMPLOYEES:
During the year under upon, none of the employees was in receipt of
remuneration exceeding the limit prescribed under Section 217 (2A) of
the Companies Act, 1956, read with the Companies (Particulars of
Employees) Rules, 1973, as attended.
PARTICULARS OF ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN
EXCHANGE EARNING AND OUTGO:
A. CONSUMPTION OF ENERGY & TECHNOLOGY ABSORPTION:
The details as required under Section 517 1 (e) of the Companies Act,
1956, read with the Companies (Disclosure of Particulars in the report
of Board of Directors) Rules, 1988 in respect of Conservation of
Energy. Technology Absotption are not applicable,
B. FOREIGN EXCHANGE EARING & OUTGO : Foreign Exchange Earning : NIL
Foreign Excnange Outgo : NIL
DIRECTORATE:
Since the last Annual Report Mr. Dinesh M. Patel and Mr Kanayalal
M.Thakor, ceased to be Directors of the Company due to their death on
28/03/2008 and 17/05/2009 respectively. The Board has placed on record
its grief for the demise of these two directors and appreciated for the
valuable services tendered ana me contribution made by them.
One of your Directors Mr. Shivkumar Chauhan retires by rotation in
terms of the Articles of Association of the Company. He however, being
eligible, offers himself for reappointment.
Mr. Nishit Ropapara appointed as an Additional Director of the Company
w e.f 31st August 2009" and to continue his appointment as Director of
the Company your Board has proposed necessary resolution. He is MBA
with Finance and having around 3 years of experience of management
finance and administration., his appointment as Director will benefit
the Company The Board recommends his appointment as Director of the
Company,
DIRECTORS RESPONSIBILITY STATEMENT:
Pursuant of the requirement of Section 217 (2AA) of the companies Act,
1956, with respect to Directors Responsibility Statement, it is hereby
confirmed:
I, that in the preparation of the annual accounts, the appllicable
accounting standards have been tallowed along with proper explanation
relating to material departures.
II. that the Directors have selected such accounting policies and
applied them consistently and made Judgments and estimates that are
reasonable and prudent, so as the give a true and fair view of the
state of affairs of the Company at 31st March, 2009 being end of the
financial year 2008-09 and of the Profit of the Company for the year.
III. that the Directors have taken proper and sufficient care for
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 delecting fraud and other
irregularities.
IV. That the Directors have prepared the annual accounts on a going
concern basis.
CORPORATE GOVERNANCE:.
The Report on Corporate Governance required under Clause 49 of the
Listing Agreement is annexed.
AUDITORS
The present Auditors of the Company M/s. Praful N. Shah, Chartered
Accountants, Ahmedabad were appointed as Auditors and will retire at
the ensuing Annual General Meeting. M/s. Praful N. Shah, Chartered
Accountants, have submitted certificate tor their eligibility for
appointment under Section 224(1B) of the Companies Act, 1956. The notes
and remarks of Auditors are self-explanatory.
OBSERVATIONS OF AUDITORS/ AUDITORS REPORT:
The notes and remarks of Auditors are self-explanatory. The specific
remarks of the Auditors for non-provision of value loss of Investment,
Non-recovery of loan and advance and interest thereon and non-recovery
of advances given for plant and machinery have been explained in
details in Pare No. 6 (i).(ii) and (iii) of Notes tormina parts of
Accounts for the year 31.03.2009.
LISTING:
The Shares of the Company are listed on the Stock Exchanges at
Ahmedabad and Mumbai. Listing fees for the year 2009 10 has been paid
to Bombay and Ahmedabad Exchange.
ACKNOWLEDGEMENT;
Your Directors express their sincere gratitude for the assistance and
co-operation extended by promoters, Banks, Government Authorities,
Employees, and Shareholders.
Registered Office: By Order of the Board
108-B/109, Sampada Building. For,Charms Industries Ltd.
B/h. A. K. Patel House,
Mithakali Six Roads,
Navrangpura, Ahmedabad-360009. Shivkumar R. Chauhan
DATE :31/08/2009. Chairman
Mar 31, 2003
The Directors have pleasure in presenting the 11th Annual Report along
with Audited Statements of Accounts for the financial year ended 31st
March 2003.
FINANCIAL RESULTS OF OPERATIONS :-
(Rs. IN LACS)
2001-2002 2002-2003
Sales of Foreign Currency 401.07 265.49
Sales of Govt. Stationary & Other 9.01 2.55
Interest Income / Misc. Income 23.26 23.45
Purchases 397.44 261.81
Administrative & Other Expenses 23.03 23.40
Profit Before Depreciation &
Taxation 6.35 5.10
Depreciation 3.08 2.88
Profit Before Taxation 3.27 2.22
Provision for Income Tax 1.20 0.75
Profit After Tax 2.07 1.47
Adjustment of Earlier Year 1.68 Ã
Add. Balance brought forward 0.20 0.59
Balance Brought to Balance
Sheet 0.59 2.05
PERFORMANCE REVIEW & FUTURE ACTICITY
Your Directors regret to Inform you that after the disturbance in
U.S.A. the forein exchange Business has been down to some extent. As a
result, against the sales of Rs. 401.07 lacs of foreign currency which
was in last year, the same is only Rs. 265.49 lacs this year, which has
effected the profit of the current year.
Like-wise the orders from postal autorities are also not received this
year.
The new business of airtel celluler phones are found satisfactory.
The Directors are hopeful to have the good business in the next year.
The Investment of surpuls money have earned interest of Rs. 23.19 lacs.
DIRECTORS
Director Shri Shivkumar R. Chauhan and Sanat V. Shah retire by
rotation. Being elibigle they offer themselves for re-efection.
FIXED DEPOSITES
The company has not invited any Fixed Deposits from the public during
the year under report.
NOTICE ON ACCOUNTS :-
The auditors observation and relevant notes on the accounts are
self-explanatory and there fore, do not call for further comments.
AUDITORS
The Companys auditors M/s Parful N. Shah & Co. Chartered Accountments
will retire at the ensuring Annual General Meeting, but being eligible,
offer themselves for re- appointment. The members are requested to
appoint the auditors for the current year and to fix their
remuneration.
EMPLOYEES
There were no employees in the company drawing of more then Rs.
24,00,000/- p.a. or Rs. 2,00,000/- p.m. during the year as required
to be reported u/s 217 (2A) of the Companies Act, 1956.
The relation with the employees of the Company remained cordial & the
Directors wish to record their appreciation of their dedicated services
with the company.
CONSERAVATION OF ENERGY, TECHNOLOGY ABSORTION AND FOREIGN EARNINGS AND
OUT GO:
The partuculars of the above matters, as required to be reported u/s
217 (2A) of the Companies Act, 1956 are no applicable to the company
DIRECTORS RESPONSIBILITY STATMENT
In accordance with the provision of Section 217 (2AA) of the Companies
Act, 1956, your directors state that :
1. In the preparation of accounts, the application accounting
standards have been followed.
2. Accounting policies selected were applices consistently. Reasonable
& prudent judgements and estimates were made so as to give a true and
fair view of the state of affairs of the company as of March, 31, 2003
and of the profit of the company for the year ended on that date.
3. Proper and sufficient care has been taken for the maintenance of
adequte accounting records in accordence with the provisions of the
Companies Act, 1956 for safeguarding the assets of the company and for
preventing and detecting fauds and other irregularities.
4. The annual accounts of the company have been prepared on a going
concern basis.
ACKNOWLEDGEMENT
The Board of Directors wishes to thank the Bankers and the employees of
the company for extending their co-operation and continues support of the
company.
BY ORDER OF THE BOARD
SHIV KUMAR R. CHAUHAN
CHAIRMAN & MANAGING DIRECTOR
Place : Ahmedabad
Date : 21-5-2003
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