Mar 31, 2012
To the Members of Crew B.O.S. Products Limited
The Directors have pleasure in presenting this Twenty-Third Annual
Report and Audited Accounts for the financial year ended 31st March,
2012.
FINANCIAL RESULTS
(Rs. In Lacs)
Year ended Year ended
March 31, March 31,
2012 (Rs.) 2011 (Rs.)
Income from Operation 43204.05 62100.54
Profit before interest and 5740.27 6958.29
depreciation
Less: interest 4060.18 2939.02
Depreciation 3873.50 957.31
Profit before taxation 687.60 3061.96
(Less) : Current Tax (205.00) (750.00)
Add / (Less) : Deferred tax 77.00 (47.75)
Add / (Less) : Extra ordinary 103.77 -
item
Add / (Less) : Adjustment for (143.03) (21.38)
prior years
Profit after taxation 520.34 2242.83
Add: Balance in Profit and 11067.94 8825.09
Loss account
Balance available for 11588.28 11067.92
appropriation
Appropriation - -
transfer to General Reserve - -
Balance carried to Balance 11588.28 11067.92
Sheet
PERFORMANCE REVIEW
Your company is engaged in fashion accessories products, footwear and
finished leather business. The income from operation is Rs.
43204.04 Lacs and the net profit is Rs 520.32 Lacs in the financial
year 2011-2012 The Company expects healthy trend in the financial year
2012-13 on the basis of diversified product range and growing
strategies adopted.
DIRECTORS
Mr. Tarun Joshi, Independent Director & Mr. Naveen Ganzu, independent
director of the Company have resigned from the post of directorship and
approve the same by Board of directors of the Company during the year.
Mr. Deepak Manchanda, Independent Director, retires by rotation and
being eligible offers himself for re-appointment.
Brief profile of the Director who are reappointed/resigned is given in
the Corporate Governance Report as Annexure 1 to this Report.
DIVIDEND
The Board has not recommended any Dividend during the financial year
under review keeping in view its expansion plans and future growth.
CAPITAL STRUCTURE
Authorised Capital
during the year there is no change in the authorised capital of the
Company, hence it remains the same i.e. INR 30 crores.
Paid up Capital
Pursuant to the issue of 75000 equity shares & 1025267 equity shares
upon the conversion of preferential warrants to an alottee, the paid up
capital of the Company during the year increased from INR 128932000/-
comprising of 12893200 equity shares of Rs10/- each to INR 139934670/-
comprising of 13993467 equity shares of Rs10/- each
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to Section 217(2AA) of the Companies Act, 1956, the Directors
to the best of their knowledge and belief confirm that:
(a) In the preparation of the annual accounts for the year ended 31st
March, 2012, the applicable accounting standards have been followed
along with proper explanation;
(b) Prudent accounting policies have been selected and have made
judgements and estimates that are reasonable and prudent so as to give
true and fair view of the state of affairs of the Company as at 31st
March, 2012 and of the Profit of the Company for the financial year
ended 31st March, 2012;
(c) Proper and sufficient care has been taken for the maintenance of
adequate accounting records in accordance with the provisions of the
Companies Act, 1956, for safeguarding the assets of the company and for
preventing and detecting fraud and other irregularities;
(d) Annual accounts have been prepared on a going concern basis.
AUDITORS & AUDITOR'S OBSERVATION
The Statutory Auditors of the Company, M/s Anil K. Goyal & Associates,
Chartered Accountants holds office until the conclusion of this Annual
General Meeting, and being eligible offer themselves for
re-appointment. They have furnished a certificate that their
appointment, if made, shall be within the statutory limits as specified
in Section 224(1B) of the Companies Act, 1956.
The observation of the Auditors in the Auditors' Report is explained,
wherever necessary, in the appropriate notes to the accounts.
CORPORATE GOVERNANCE
As required by Clause - 49 of the Listing Agreement, a Report on
Corporate Governance along with Certificate on Corporate Governance
confirming compliances with the conditions of Corporate Governance
obtained from the Statutory Auditors of the Company is annexed to this
Report. (Annexure-1)
MANAGEMENT DISCUSSION & ANALYSIS
The Report as required by Clause-49 of the Listing Agreement is annexed
herewith. (Annexure-2)
LISTING AT STOCK EXCHANGE
The Equity Shares of the Company continues to be listed on Bombay Stock
Exchange Limited and The National Stock Exchange. Global Depository
Receipts are listed on the Stock Exchange at Luxembourg. The Annual
Listing Fees for the financial year 2012- 13 have been paid to the
Stock Exchanges.
ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO 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
Information in accordance with the provisions of section 217 (1)
(e) of the Companies Act, 1956 read with Companies (Disclosure of
Particulars in the Report of Board of Directors) Rules, 1988 regarding
conservation of Energy, technology absorption, foreign exchange
earnings and outgo is given in the 'Annexure A' forming part of this
report.
SUBSIDIARY COMPANIES
VOGUE HOME PRODUCTS LIMITED
Vogue Home Products Limited, wholly owned subsidiary of Crew
B.O.S. Products Limited is engaged in manufacture and export of home
furnishing and small leather goods.
CREW B.O.S. ENTERPRiSES LiMiTED
This is a wholly owned subsidiary of Crew B.O.S. Products Limited,
carrying on the business of creative and stylish designing of lifestyle
products, wearing apparels made of leather or non leather, consumer
products, cosmetics, artificial furniture, beauty products and designer
goods and furnishing.
EMPORiO B.O.S. DESiGN LiMiTED
A wholly owned subsidiary of Crew B.O.S. Products Limited, with the
main objects of carrying on the business of creative and stylish
designing of lifestyle products, wearing apparels made of leather or
non leather, consumer products, cosmetics, artificial furniture, beauty
products and designer goods and furnishing.
CREW ROR PRODUCTS LiMiTED
incorporated as a wholly owned subsidiary of Crew B.O.S. Products
Limited with the main objects of carrying on the business of
manufacturing and trading including import and export of all kinds of
fashion accessories made from leather, wood, metal, poly- urythene and
fabrics including leather bags, portfolios, travel bags, shoes,
wallets, leather garments and belts of all kinds, wearing apparel of
leather and fabric, garments, textile, furniture.
CREW REPUBLiCA RETAiL LiMiTED
incorporated as a subsidiary of Crew B.O.S. Products Limited with the
main objects to establish/manage/carry retail business or trade in
India through retail outlets, showrooms for retailing in house
manufactured leather goods and apparels as well as manufactured by
other popular brands.
CREW P.P.O LEATHERS LiMiTED
incorporated as a wholly owned subsidiary of Crew B.O.S. Products
Limited with the main objects to carry on the manufacturing of leather
products and accessories
I.BIZ TRADE POST
The wholly owned subsidiary incorporated in Mauritius is engaged in
International trading.
ALCHEMY TRADE POST
The wholly owned subsidiary incorporated in Mauritius is engaged in
International trading.
JOINT VENTURE COMPANIES
CENTRE OF EXCELLENCE iN DESiGN LiMiTED
Centre of Excellence in Design Limited is a joint venture between the
Crew B.O.S. Products Limited and Matrix Clothing Pvt Ltd. The object
of the Company is to carry on the business of creative and stylish
designing of lifestyle products, retailing, processing, assembling and
crafting all type of apparel and wearing apparels made from all type of
leather and non leather materials.
CREW MAG EXPORTS LiMiTED
Crew MAG Exports Ltd. is a joint venture between Crew B.O.S. Products
Limited and Leather Crafts (India) Pvt. Ltd. and it is engaged in the
manufacturing of leather footwear. The annual accounts of the Company
are appended herewith.
PUBLIC DEPOSIT
The Company has neither invited/nor accepted any deposits during the
year within the meaning of Section 58A of the Companies Act, 1956, read
with Companies (Acceptance of Deposit) Rules, 1975.
CONSOLIDATED FINANCIALS
As required by Accounting Standard-21 on Consolidation of Financial
Statements, Consolidated Financial Statements and Cash Flow Statement
are appended.
PARTICULARS OF EMPLOYEES
During the year under review no employee, whether employed whole or
part of the year, was drawing remuneration exceeding the limits as laid
down under Section 217(2A) of the Companies act,1956 read with
Companies (Particulars of Employees) Amendment Rules,2011
ACKNOWLEDGEMENTS
Your Directors acknowledge with gratitude the co-operation and
assistance received from our valued customers, bankers and financial
institutions, business associates, shareholders, suppliers and other
statutory authorities who have extended their precious continued
support and encouragement to your company. Your Directors look forward
for the same to whom the Company regards as the partners in its success
and growth.
The Board wishes to place on record its appreciation for the dedication
and commitment of your Company's employees at all levels, which has
continued to be our major strength.
For and on behalf of the Board
sd/- sd/-
Tarun Oberoi Robin Bartholomew
(Managing Director) (Director)
Place: Gurgaon
Date: 09.08.2012
Mar 31, 2011
To the Members,
Crew B.O.S. Products Limited
The Directors have pleasure in presenting this Twenty-Second Annual
Report and Audited Accounts for the financial year ended 31st March,
2011.
FINANCIAL RESULTS (Rs. in Lacs)
Year ended Year ended
March 31, 2011 March 31, 2010
Income from Operation 63076.02 45928.62
Profit before interest and 7892.79 6336.73
depreciation
Less: interest 3873.50 2541.67
Depreciation 957.31 1098.63
Profit before taxation 3061.98 2696.43
(Less) : Provision for taxation (750.00) (900.00)
Add / (Less) : deferred tax (47.75) 80.00
liability
Add / (Less) : tax adjustment à Ã
for prior years
Add / (Less) : Adjustment for (21.38) (19.49)
prior years
Profit after taxation 2242.85 1856.94
Add: Balance in Profit and 8825.09 6968.15
Loss account
Balance available for 11067.94 8825.09
appropriation
Appropriation à Ã
transfer to General Reserve à Ã
Balance carried to Balance 11067.94 8825.09
Sheet
PERFORMANCE REVIEW
Your company is engaged in fashion accessories products, footwear and
finished leather business. The Company is growing on consistent basis
and has healthy plans for its expansion. The income from operations
increased to Rs. 63076.02 Lacs from Rs. 45928.62 Lacs in the previous
year yielding a growth of 37.34%. The operating Profit for the year
increased to Rs 7892.79 Lacs from 6336.73 Lacs registering a growth of
24.56%.The net Profit increased to Rs. 2242.85 from 1856.94 Lacs
registering a growth of 20.78 %. The Company expects to keep up the
healthy trend in the financial year 2011-12 on the basis of diversified
product range and growing strategies adopted.
DIRECTORS
Mr. Naveen Ganzu and Mr. J.B. Singh, retire by rotation and being
eligible offers themselves for re-appointment.
Brief profile of the Directors who are reappointed is given in the
Corporate Governance Report as Annexure 1 to this Report.
DIVIDEND
The Board has not recommended any Dividend during the financial year
under review keeping in view its expansion plans and future growth.
CAPITAL STRUCTURE
Authorised Capital
During the year the authorized capital of the Company was increased
from INR 20 crores to INR 30 crores.
Paid up Capital
Pursuant to the issue of 75000 equity shares upon the conversion of
preferential warrants to an allotted, the paid up capital of the
Company during the year increased from INR 128182000/- comprising of
12818200 equity shares of Rs10/-each to INR 128932000/- comprising of
12893200 equity shares of Rs10/- each.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to Section 217(2AA) of the Companies Act, 1956, the Directors
to the best of their knowledge and belief confirm that:
(a) In the preparation of the annual accounts for the year ended 31st
March, 2011, the applicable accounting standards have been followed
along with proper explanation;
(b) Prudent accounting policies have been selected and have made
judgments and estimates that are reasonable and prudent so as to give
true and fair view of the state of affairs of the Company as at 31st
March, 2011 and of the Profit of the Company for the financial year
ended 31st March, 2011;
(c) Proper and sufficient care has been taken for the maintenance of
adequate accounting records in accordance with the provisions of the
Companies Act, 1956, for safeguarding the assets of the company and for
preventing and detecting fraud and other irregularities;
(d) Annual accounts have been prepared on a going concern basis.
AUDITORS & AUDITOR'S OBSERVATION
the Statutory Auditors of the Company, m/s Anil K. Goyal & Associates,
Chartered Accountants holds office until the conclusion of this Annual
General Meeting, and being eligible offer themselves for
re-appointment. They have furnished a certificate that their
appointment, if made, shall be within the statutory limits as specified
in Section 224(1B) of the Companies Act, 1956.
The observation of the Auditors in the Auditors' Report is explained,
wherever necessary, in the appropriate notes to the accounts.
CORPORATE GOVERNANCE
As required by Clause à 49 of the Listing Agreement, a Report on
Corporate Governance along with Certificate on Corporate Governance
confirming compliances with the conditions of Corporate Governance
obtained from the Statutory Auditors of the Company is annexed to this
Report as Annexure-1.
MANAGEMENT DISCUSSION & ANALYSIS
The Report as required by Clause-49 of the Listing Agreement is annexed
herewith as Annexure-2.
LISTING AT STOCK EXCHANGE
The Equity Shares of the Company continues to be listed on Bombay Stock
Exchange Limited and The National Stock Exchange. Global Depository
Receipts are listed on the Stock Exchange at Luxembourg. The Annual
Listing Fees for the financial year 2011- 12 have been paid to the
Stock Exchanges.
ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO 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
Information in accordance with the provisions of section 217 (1) (e) of
the Companies Act, 1956 read with Companies (disclosure of Particulars
in the Report of Board of Directors) Rules, 1988 regarding conservation
of Energy, technology absorption, foreign exchange earnings and outgo
is given in the Annexure-A forming part of this report.
SUBSIDIARY COMPANIES
CENTRE OF EXCELLENCE IN DESIGN LIMITED
Centre of Excellence in Design Limited is a joint venture between the
Crew B.O.S. Products Limited and matrix Clothing Pvt. Ltd. The object
of the Company is to carry on the business of creative and stylish
designing of lifestyle products, retailing, processing, assembling and
crafting all type of apparel and wearing apparels made from all type of
leather and non leather materials.
VOGUE HOME PRODUCTS LIMITED
Vogue Home Products Limited, wholly owned subsidiary of Crew B.O.S.
Products Limited is engaged in manufacture and export of home
furnishing and small leather goods.
CREW MAG EXPORTS LIMITED
Crew MAG Exports Ltd. is a subsidiary of Crew B.O.S. Products Limited
and it is engaged in the manufacturing of leather footwear.
CREW B.O.S. ENTERPRISES LIMITED
This is a wholly owned subsidiary of Crew B.O.S. Products Limited,
carrying on the business of creative and stylish designing of lifestyle
products, wearing apparels made of leather or non leather, consumer
products, cosmetics, artificial furniture, beauty products and designer
goods and furnishing.
EMPORIO B.O.S. DESIGN LIMITED
A wholly owned subsidiary of Crew B.O.S. Products Limited, with the
main objects of carrying on the business of creative and stylish
designing of lifestyle products, wearing apparels made of leather or
non leather, consumer products, cosmetics, artificial furniture, beauty
products and designer goods and furnishing.
CREW ROR PRODUCTS LIMITED
A wholly owned subsidiary of Crew B.O.S. Products Limited with the main
objects of carrying on the business of manufacturing and trading
including import and export of all kinds of fashion accessories made
from leather, wood, metal, poly-urythene and fabrics including leather
bags, portfolios, travel bags, shoes, wallets, leather garments and
belts of all kinds, wearing apparel of leather and fabric, garments,
textile, furniture.
CREW REPUBLICA RETAIL LIMITED
Incorporated on 19th February, 2010 with the main objects to
establish/manage/carry retail business or trade in India through retail
outlets showrooms for retailing in house manufactured leather goods and
apparels as well as manufactured by other popular brands.
CREW P.P.O LEATHERS LIMITED
Incorporated on 10th February, 2011, as a wholly owned subsidiary with
the main objects to carry on the manufacturing of leather products and
accessories
Disinvestment/Sale of shares in WOS
The Board of Directors at its meeting held on 28th May, 2011 has
approved the disinvestment /sale of its entre shareholding in its two
WOS i.e. Villa B.O.S Leathers Limited and Crew B.O.S Far East Ltd, Hong
Kong. Consequently these companies have ceased to be the wOS of the
Company.
Consent for not attaching Balance Sheet of subsidiaries:
Pursuant to General Circular no: 2 /2011 no: 51/12/2007-CL- III dated
8th February, 2011 issued by the Government of India, Ministry of
Corporate Afairs, the Board of Directors of the Company have by
resolution in its meeting held on 28th May,2011 given consent for not
attaching the balance sheet of the subsidiaries.
Further the Company undertakes that annual accounts of the subsidiary
companies and the related detailed information shall be made available
to shareholders of the holding and subsidiary companies seeking such
information at any point of time. The annual accounts of the subsidiary
companies shall also be kept for inspection by any shareholders in the
head office of the holding company and of the subsidiary companies
concerned. The company shall furnish a hard copy of details of accounts
of subsidiaries to any shareholder on demand.
However, a statement containing the brief financial details of the
Subsidiary Companies for the financial year ended 31st March, 2011 are
included in the financial statements of the Company as required under
the provisions of Section 212 of the Companies Act,1956.Further, the
Consolidated Financial Statements pursuant to the Accounting
Standard(s) 21 and 27 as issued by Institute of Chartered Accountants
of India and Clause 32 of Listing Agreement, presented by the Company
elsewhere in the Annual Report include the financial results of its
subsidiaries.
PUBLIC DEPOSIT
the Company has neither invited/nor accepted any deposits during the
year within the meaning of Section 58A of the Companies Act, 1956, read
with Companies (Acceptance of deposit) Rules, 1975.
CONSOLIDATED FINANCIALS
As required by Accounting Standard-21 on Consolidation of Financial
Statements, Consolidated Financial Statements and Cash Flow Statement
are appended.
PARTICULARS OF EMPLOYEES
during the year under review no employee ,whether employed whole or
part of the year, was drawing remuneration exceeding the limits as laid
down under Section 217(2A) of the Companies Act, 1956 read with
Companies (Particulars of Employees)Amendment Rules, 2011.
ACKNOWLEDGEMENTS
Your Directors acknowledge with gratitude the co-operation and
assistance received from our valued customers, bankers and financial
institutions, business associates, shareholders, suppliers and other
statutory authorities who have extended their precious continued
support and encouragement to your company. Your Directors look forward
for the same to whom the Company regards as the partners in its success
and growth.
The Board wishes to place on record its appreciation for the dedication
and commitment of your Company's employee at all levels, which has
continued to be our major strength.
For and on behalf of the Board
sd/ sd/-
Tarun Oberoi Robin Bartholomew
(managing director) (director)
Place: Gurgaon
date: 10th August 2011
Mar 31, 2010
The Directors have pleasure in presenting this Twenty-first Annual
Report and Audited Accounts for the financial year ended 31st march,
2010.
FINANCIAL RESULTS
(Rs. In Lacs)
Year ended Year ended
March 31, 2010 March 31, 2009
Income from Operation 45928.62 35094.82
Profit before interest and 6336.73 4389.48
depreciation
Less: Interest 2541.67 1871.57
Depreciaton 1098.63 806.76
Profit before taxation 2696.43 1711.15
(Less): Provision for taxation (900.00) (375.00)
Add / (Less): Deferred tax 80.00 (200.00)
liability
Add / (Less): Tax adjustment - -
for prior years
Add / (Less): Adjustment for (19.49) (0.72)
prior years
Profit after taxation 1856.94 1135.43
Add: Balance in Profit and Loss 6968.15 5832.72
account
Balance available for 8825.09 6968.15
appropriation
Appropriation - -
transfer to General Reserve - -
Balance carried to Balance 8825.09 6968.15
Sheet
PERFORMANCE REVIEW
Your company is engaged in fashion accessories products, footwear and
finished leather business. The Company is growing on consistent basis
and has healthy plans for its expansion. The income from operations
increased to Rs 45928.62 Lacs from Rs 35094.82 Lacs in the previous
year yielding a growth of 30.87%.The operating profit for the year
increased to Rs 6336.73 Lacs from Rs 4389.48 Lacs registering a growth
of 44.36%.The net profit increased to Rs 1856.94 Lacs from Rs 1135.43
Lacs registering a growth of 63.54 %. The Company expects to keep up
the healthy trend in the financial year 2010-11 on the basis of
diversified product range and growing strategies adopted.
DIRECTORS
Mr. Deepak Manchanda, Independent Director, retires by rotation and
being eligible offers himself for re-appointment.
Brief profile of the Director who is reappointed is given in the
Corporate Governance Report as Annexure 3 to this Report.
Mr. Tarun Joshi was appointed as an Additional Director and holds
office upto the ensuing Annual General Meeting. Notice under
Section 257 of the Companies Act, 1956 has been received from a
member, proposing Mr. Tarun Joshis candidature as Director.
DIVIDEND
The Board has not recommended any Dividend during the financial
year under review keeping in view its expansion plans and future
growth thereby maintaining a proper balance between equity and
debts.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to Section 217(2AA) of the Companies Act, 1956, the
Directors to the best of their knowledge and belief confirm that:
(a) In the preparation of the annual accounts for the year ended
31st March, 2010, the applicable accounting standards have
been followed along with proper explanation;
(b) Prudent accounting policies have been selected and have
made judgements and estimates that are reasonable and
prudent so as to give true and fair view of the state of affairs
of the Company as at 31st March, 2010 and of the Profit of the
Company for the financial year ended 31st March, 2010;
(c) Proper and suffcient care has been taken for the maintenance
of adequate accounting records in accordance with the
provisions of the Companies Act, 1956, for safeguarding the
assets of the company and for preventing and detecting fraud
and other irregularities;
(d) Annual accounts have been prepared on a going concern
basis.
AUDITORS & AUDITORS OBSERVATION
The Statutory Auditors of the Company, M/s Anil K. Goyal &
Associates, Chartered Accountants holds office until the conclusion
of this Annual General Meeting, and being eligible offier themselves
for re-appointment. They have furnished a certficate that their
appointment, if made, shall be within the statutory limits as
specified in Section 224(1B) of the Companies Act, 1956.
The observation of the Auditors in the Auditors Report is explained,
wherever necessary, in the appropriate notes to the accounts.
CORPORATE GOVERNANCE
As required by Clause - 49 of the Listing Agreement, a Report
on Corporate Governance along with Certficate on Corporate
Governance confirming compliances with the conditions of
Corporate Governance obtained from the Statutory Auditors of the
Company is annexed to this Report. (Annexure-3)
MANAGEMENT DISCUSSION & ANALYSIS
The Report as required by Clause-49 of the Listing Agreement is
annexed herewith. (Annexure-4)
LISTING AT STOCK EXCHANGE
The Equity Shares of the Company continues to be listed on Bombay
Stock Exchange Limited and The National Stock Exchange. Global
Depository Receipts are listed on the Luxembourg Stock Exchange.
The Annual Listing Fees for the financial year 2010-11 have been
paid to the Stock Exchanges.
ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND
FOREIGN EXCHANGE EARNINGS AND OUTGO 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
i) Conservation of Energy
The manufacturing operations of the Company are not energy intensive
and do not consume high level of power, however the Company has
undertaken appropriate steps to conserve the energy thereby enhancing
energy conservation.
ii) Technology absorption
Your Company uses latest technology to keep the manufacturing process
more automated resulting in shorter lead time and better quality of
products. Your Company regularly reviews and tries to upgrade itself to
the pertinent development as they occur. Maximum efforts have been
exerted to utilize the existing processes for increasing productivity
and addition to value added products for better products quality and
process efficiency to the stakeholders satisfaction.
iii) Foreign Exchange Earnings and Outgo
The Companys products continue to be well recognized and accepted in
the overseas market due its exclusive superiority and diversified
array. The Company is further pursuing its proposals dynamically to
further augment its existence in the overseas market through tapping
new customers and new markets.
The information on Foreign Exchange earnings and outgo are contained in
the notes to the accounts.
SUBSIDIARY COMPANIES
CENTRE OF EXCELLENCE IN DESIGN LIMITED
Centre of Excellence in Design Limited is a 50:50 Joint Venture between
the Crew B.O.S. Products Limited and Matrix Clothing Pvt Ltd. The
object of the Company is to carry on the business of creative and
stylish designing of lifestyle products, retailing, processing,
assembling and crafting all type of apparel and wearing apparels made
from all type of leather and non leather materials.
VOGUE HOME PRODUCTS LIMITED
Vogue Home Products Limited, wholly owned subsidiary of Crew B.O.S.
Products Limited is engaged in manufacture and export of home
furnishing and small leather goods.
CREW MAG EXPORTS LIMITED
Crew MAG Exports Ltd. is a subsidiary of Crew B.O.S. Products Limited
and it is engaged in the manufacturing of leather footwear. the annual
accounts of the Company are appended herewith.
CREW B.O.S. FAR EAST LIMITED
The wholly owned subsidiary incorporated in Hong-Kong is engaged in
trading of watch strap business.
CREW B.O.S. ENTERPRISES LIMITED
This is a wholly owned subsidiary of Crew B.O.S. Products Limited,
with the main objects of carrying on the business of creative and
stylish designing of lifestyle products, wearing apparels made of
leather or non leather, consumer products, cosmetics, artifcial
furniture, beauty products and designer goods and furnishing.
VILLA B.O.S. LEATHERS LIMITED
Incorporated as a wholly owned subsidiary of Crew B.O.S. Products
Limited, with the main objects of carrying on the business of creative
and stylish designing of lifestyle products, wearing apparels made
of leather or non leather, consumer products, cosmetics, artficial
furniture, beauty products and designer goods and furnishing.
EMPORIO B.O.S. DESIGN LIMITED
A wholly owned subsidiary of Crew B.O.S. Products Limited, with
the main objects of carrying on the business of creative and stylish
designing of lifestyle products, wearing apparels made of leather
or non leather, consumer products, cosmetics, artificial furniture,
beauty products and designer goods and furnishing.
CREW ROR PRODUCTS LIMITED
Incorporated as a wholly owned subsidiary of Crew B.O.S. Products
Limited, on 29th June, 2009, with the main objects of carrying on
the business of manufacturing and trading including import and
export of all kinds of fashion accessories made from leather, wood,
metal, poly-urythene and fabrics including leather bags, portfolios,
travel bags, shoes, wallets, leather garments and belts of all kinds,
wearing apparel of leather and fabric, garments, textile, furniture.
CREW REPUBLICA RETAIL LIMITED
Incorporated on 19th February, 2010, with the main object of
carrying retail business or trade in India through retail outlets.
As required under the provisions of Section 212 of the Companies
Act, 1956, the Audited accounts together with Directors Report
and Auditors Report of all the subsidiaries are appended and
forms part of the Annual Report. the statement pursuant to
section 212 of the Companies Act, 1956 is attached as Annexure-1
to this Report.
PUBLIC DEPOSIT
the Company has neither invited/nor accepted any deposits during
the year within the meaning of Section 58A of the Companies Act,
1956, read with Companies (Acceptance of Deposit) Rules, 1975.
CONSOLIDATED FINANCIALS
As required by Accounting Standard-21 on Consolidation of
Financial Statements, Consolidated Financial Statements and Cash
Flow Statement are appended.
PARTICULARS OF EMPLOYEES
As required by the provisions of Section 217(2A) of the Companies
Act, 1956, read with Companies (Particulars of Employees) Rules,
1975 as amended, the name and other particular of the employee
is set out in the Annexure 2 appended to the Directors Report.
ACKNOWLEDGEMENTS
Your Directors place on record their sincere gratitude to the
continuing patronage and trust of our valued customers, bankers
and financial insttutions, business associates, shareholders,
suppliers and other statutory authorities who have extended their
precious continued support and encouragement to your company.
Your Directors look forward for the same to whom the Company
regards as the partners in its success and growth.
Your Directors also place on record, their sincere appreciation to
the enthusiasm and commitment of its employees for the growth
of the Company and look forward to their regular involvement in
scaling elevations.
for and on behalf of the Board
Crew B.O.S. Products Ltd.
sd/- sd/-
place: Gurgaon
Date: 3rd August, 2010 Managing Director Director