Mar 31, 2015
Dear Members,
The Directors are pleased to present the Annual Report of the Company
together with the Audited Financial Statements for the year ended 31st
March, 2015-.
STANDALONE SUMMARISED FINANCIAL RESULTS:
(Rs. Amount in Rupees)
Particulars 2014-15 2013-14
Total Income 4,39,13,898 1,41,19,985
Total Expenditure 8,57,43,418 997,11,448
Profit before exceptional and (4,18,29,520) (8,58,91,463)
extraordinary items and tax
Less: Exceptional item 1,00,000 -
Profit before extraordinary items and tax (4,08,29,520) (8,58,91,463)
Tax 8,561
Net Profit/(Loss) After Tax (4,08,29,520) (8,56,00,024)
COMPANY'S PERFORMANCE:
In the Current year under review, The Company booked a Loss of Rs. (4,
08, 29,520) in the Current year operation.
STANDALONE FINANCIAL STATEMENTS:
The Audited Financial Statements of the Company for the financial year
ended 31st March, 2015, prepared in accordance with the Companies Act,
2013 ("the Act")
MANAGEMENT'S DISCUSSION AND ANALYSIS REPORT:
Management's Discussion and Analysis Report for the year under review,
as stipulated under Clause 49 of the Listing with Stock Exchange in
India, is presented in a separate section forming part of the Annual
Report.
STATE OF AFFAIRS OF THE COMPANY: FUTURE OUTLOOK:
The Company's major focus is to engage in the development, production,
and distribution of commercial entertainment materials in all formats.
CHANGE IN THE NATURE OF BUSINESS, IF ANY:
There was no change in the nature of business of the Company during the
year.
DIVIDEND:
Your Directors do not recommend any Dividend FIXED DEPOSIT:
As on 31st March, 2015, the Company held no deposit in any form from
anyone. There was no deposit held by the company as on 31st March,
2015, which was overdue or unclaimed by the depositors. For the
present, the Board of Directors has resolved that not to accept any
deposit from public.
MATERIAL CHANGES AND COMMITMENT, IF ANY, AFFECTING THE FINANCIAL
POSITION OF THE COMPANY:
During the year under review there were no material change and
commitment affecting the financial position of the Company.
NUMBER OF MEETINGS OF THE BOARD:
The Board met 4 times during the financial year, the details of which
are given in the Corporate Governance Report that forms part of this
Annual Report. The intervening gap between any two meetings was within
the period prescribed by the Companies Act, 2013.
DIRECTORS AND KEY MANAGERIAL PERSONNEL:
Pursuant to the provisions of Section 152 of the Companies Act, 2013
and Rules made there under and the Articles of Association of the
Company, Mr. Prakash Biharilal Dhebar, Director of the Company, retire
by rotation at the ensuing Annual General Meeting and being eligible
offered himself for re-appointment.
Mrs. Smita Pandya Director of the company resigned from the Board w.e.f
11th February, 2015 and Mr. Lokanath Mishra Resigned from the Board
w.e.f 22nd June, 2015 due to pre occupation
INDEPENDENT DIRECTORS DECLARATION:
The Company has received necessary declaration from each independent
director under Section 149(7) of the Companies Act, 2013, that he/she
meets the criteria of independence laid down in Section 149(6) of the
Companies Act, 2013 and Clause 49 of the Listing Agreement.
The Independent Directors under section 149(6) of the Companies Act,
2013 declared that:
1. They are not a promoter of the Company or its holding, subsidiary or
associate company;
2. They are not related to promoters or directors in the company, its
holding, subsidiary or associate company.
3. The independent Directors have /had no pecuniary relationship with
company, its holding, subsidiary or associate company , or their
promoters, or directors, during the two immediately preceding financial
years or during the current financial year;
4. None of the relatives of the Independent Director has or had
pecuniary relationship or transaction with the company, its holding,
subsidiary or associate company, or their promoters, or directors,
amounting to two per cent. or more of its gross turnover or total
income or fifty lakh rupees or such higher amount as may be prescribed,
whichever is lower, during the two immediately preceding financial
years or during the current financial year;
5. Independent Director, neither himself nor any of his relatives--
(i) holds or has held the position of a key managerial personnel or is
or has been employee of the company or its holding, subsidiary or
associate company in any of the three financial years immediately
preceding the financial year in which he is proposed to be appointed;
(ii) is or has been an employee or proprietor or a partner, in any of
the three financial years immediately preceding the financial year in
which he is proposed to be appointed, of--
(A) a firm of auditors or company secretaries in practice or cost
auditors of the company or its holding, subsidiary or associate
company; or
(B) any legal or a consulting firm that has or had any transaction with
the company, its holding, subsidiary or associate company amounting to
ten percent. or more of the gross turnover of such firm;
(iii) Holds together with his relatives two percent. or more of the
total voting power of the company; or
(iv) is a Chief Executive or Director, by whatever name called, of any
nonprofit organization that receives twenty-five percent. or more of
its receipts from the company, any of its promoters, directors or its
holding, subsidiary or associate company or that holds two percent. or
more of the total voting power of the company;
6. Independent Director possesses such qualifications as may be
directed by the Board.
The Company & the Independent Directors shall abide by the provisions
specified in Schedule IV of the Companies Act, 2013.
BOARD EVALUATION:
Clause 49 of the Listing Agreement mandates that the Board shall
monitor and review the Board evaluation framework. The Companies Act,
2013 states that a formal annual evaluation needs to be made by the
Board of its own performance and that of its committees and individual
directors. Schedule IV of the Companies Act, 2013 states that the
performance evaluation of independent directors should be done by the
entire Board of Directors, excluded the director being evaluated.
The evaluation of all the directors and the Board as a whole was
conducted based on the criteria and framework adopted by the Board. The
Board approved the evaluation results as collated by the Nomination and
Remuneration Committee.
PERFORMANCE OF THE BOARD AND COMMITTEES:
During the year under review, the performance of the Board & Committees
and Individual Director(s) based on the below parameters was
satisfactory:
(i) Most of the Directors attended the Board meeting;
(ii) The remunerations if any paid to executive Directors are strictly
as per the company and industry policy.
(iii) The Independent Directors only received sitting fees if any.
(iv) The Independent Directors contributed a lot in the Board and
committee deliberation and business and operation of the company and
subsidiaries based on their experience and knowledge and Independent
views.
(v) The Credit Policy, Loan Policy and compliances were reviewed
periodically;
(vi) Risk Management Policy was implemented at all critical levels and
monitored by the Internal Audit team who places report with the Board
and Audit committee.
MEETING OF INDEPENDENT DIRECTORS:
Pursuant of the provision of Section 149 (8) of the Companies Act, 2013
read with Schedule IV and Clause 49 of the Listing Agreement, the
Independent Directors of the Company held their meeting on 11th
February, 2015, reviewed the performance of non- independent directors
and the Board as a whole including the Chairperson of the Company,
views expressed by the executive directors and non-executive directors
at various level, and quantified the quality, quantity and timeliness
of flow of information between the Company, management and the Board
and expressed satisfaction.
POLICY ON DIRECTORS' APPOINTMENT AND REMUNERATION:
The current policy is to have an appropriate mix of executive and
independent directors to maintain the independence of the Board and
separate its functions of governance and management. As on 31st March,
2015, the Board consists of 4 members. Out of which two is the
Independent Directors, two Promoter directors and the four is the
Executive Directors.
The policy of the Company on directors' appointment and remuneration,
including criteria for determining qualifications, positive attributes,
independence of a director and other matters provided under Sub section
(3) of Section 178 of the Companies Act, 2013, adopted by the Board and
are stated in this Board report. We affirm that the remuneration paid
to the directors is as per the terms laid out in the nomination and
remuneration policy of the Company.
COMMITTEES OF THE BOARD:
Currently, the Board has Three Committees: 1) Audit Committee, 2)
Nomination and Remuneration Committee, 3) Shares Transfer /Investor
Grievances Committee.
A detailed note on the Board and its Committees is provided under the
Corporate Governance Report that forms part of this Annual Report.
NOMINATION AND REMUNERATION COMMITTEE AND STAKEHOLDERS RELATIONSHIP
COMMITTEE
Pursuant to the Section 178 of the Companies Act, 2013, the Company has
set up a Nomination and Remuneration and Stakeholders Relationship
Committee under the Chairmanship of the Independent Director Mr.
Chandrakant Ramchandra Joshi, Mr. Devendrasinh Dalpatsinh Umat and Mr.
Prakash Biharilal Dhebar.
The Gist of the Policy of the said committee:
For Appointment of Independent Director (ID):
a. Any person who is between the age of 25 years and below 75 years
eligible to become Independent Director(ID);
b. He has to fulfill the requirements as per section 149 of the
Companies Act, 2013 read with Clause 49 of the Listing Agreement;
c. Adhere to the code of conduct as per Schedule IV to the Companies
Act, 2013;
d. Strictly adhere to the Insider Trading Regulation of the SEBI and
Insider Trading policy of the Company;
e. Independent Director should have adequate knowledge and reasonably
able to contribute to the growth of the Company and stakeholders;
f. Independent Director should be able to devote time for the Board
and other meetings of the company;
g. Entitled for sitting fees and Reasonable conveyance to attend the
meetings; and
h. Able to review the policy, participate in the meeting with all the
stakeholders of the company at the Annual General Meeting.
INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY:
The Board has adopted the policies and procedures for ensuring the
orderly and efficient conduct of its business, including adherence to
the Company's policies, the safeguarding of its assets, the prevention
and detection of frauds and errors, the accuracy and completeness of
the accounting records, and the timely preparation of reliable
financial disclosures.
The Company has an Internal Control System, commensurate with the size,
scale and complexity of its operations. The scope and authority of the
Internal Audit function is defined in the Internal Audit Manual. To
maintain its objectivity and independence, the Internal Audit function
reports to the Chairman of the Audit Committee.
The Internal Audit Department monitors and evaluates the efficacy and
adequacy of internal control system in the Company, its compliance with
operating systems, accounting procedures and policies at all locations
of the Company.
Based on the report of internal audit function, process owners
undertake corrective action in their respective areas and thereby
strengthen the controls. Significant audit observations and
recommendations along with corrective actions thereon are presented to
Board.
DIRECTORS' RESPONSIBILITY STATEMENT:
Pursuant to the Section 134(3)(c) and Section 134 (5) of the Companies
Act, 2013, the Board of Directors of the Company hereby confirm:
(I) That in the preparation of the accounts for the financial year
ended 31stMarch, 2015, 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 were
reasonable and prudent so as to give a true and fair view of the state
of affairs of the Company at the end of the financial year and of the
profit and loss of the Company for the year under review;
(iii) That the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 2013 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities;
(iv) That the Directors have prepared the accounts for the financial
year ended 31stMarch 2015 on a 'going concern' basis.
(v) The internal financial controls laid and have been followed by the
company and that such controls are adequate and are operating
effectively. Such controls means controls and policies and procedures
adopted and adherence by the company for orderly and efficient conduct
of the business for safeguarding assets, prevention and detection of
frauds and errors and maintenance of accounting records and timely
preparation of financial statements and review its efficiency.
(vi) The Directors had devised proper systems to ensure compliance with
the provisions of all applicable laws and that such systems were
adequate and operating effectively.
AUDITORS:
STATUTORY AUDITORS
At the Annual General Meeting held on 27th September, 2014, M/s.
Motilal & Associates, Chartered Accountants, were appointed as
statutory auditors of the Company to hold office till the conclusion of
the 26th Annual General Meeting to be held in the calendar year 2017.
In terms of the first provision to Section 139 of the Companies Act,
2013, the appointment of the auditors shall be placed for ratification
at every Annual General Meeting. Accordingly, the appointment of M/s.
Motilal & Associates, Chartered Accountants, as statutory auditors of
the Company, is placed for ratification by the shareholders.
In this regard, the Company has received a certificate from the
auditors to the effect that if they are re- appointed, it would be in
accordance with the provisions of Section 141 of the Companies Act,
2013.
SECRETARIAL AUDITOR
M/s. S. Bhattbhatt & Co. Company Secretraies in Practice was appointed
to conduct the secretarial audit of the Company for the financial year
2014-15, as required under Section 204 of the Companies Act, 2013 and
Rules there under.
The Board has appointed M/s. S. Bhattbhatt & Co. Company Secretaries in
Practice, as secretarial auditor of the Company for the financial year
2015-16.
AUDITORS REPORT
The Auditors have not made any qualification to the financial
statement. Their reports on relevant notes on accounts are
self-explanatory and do not call for any comments under section 134 of
the companies Act, 2013.
SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE COURTS/REGULATORS:
There are no significant and material orders passed by the regulators
or courts or tribunals impacting the going concern status and Company's
operations in future.
CONSERVATION OF ENERGY, TECHNOLOGY AND FOREIGN EXCHANGE:
As required by the Companies (Disclosure of Particulars in the Report
of Board of Directors) Rules, 1988 the relevant information pertaining
to conservation of energy, technology absorption, foreign exchange
earnings and outgo are as follows:
A) CONSERVATION OF ENERGY:
The Company continues its policy of encouraging energy conservation
measures. The regular review of energy consumption and the systems
installed to control utilization of energy is undertaken.
B) RESEARCH &DEVELOPMENT ACTIVITIES:
There is a dedicated team being formed which conduct market research
will prepare the inputs which will be used to create the R&D Pipeline.
C) TECHNOLOGY ABSORPTION:
The Company is equipped with technologies from world's leaders.
VIGIL MECHANISM / WHISTLE BLOWER POLICY:
The Company has a vigil mechanism named Fraud and Risk Management
Policy (FRM) to deal with instance of fraud and mismanagement, if any,
in staying true to our values of Strength, Performance and Passion and
in line with our vision of being one of the most respected companies in
India, the Company is committed to the high standards of Corporate
Governance and stakeholder responsibility.
A high level Committee has been constituted which looks into the
complaints raised. The Committee reports to the Audit Committee and the
Board.
The FRM Policy ensures that strict confidentiality is maintained whilst
dealing with concerns and also that no discrimination will be meted out
to any person for a genuinely raised concern.
RELATED PARTY TRANSACTIONS/CONTRACTS:
Pursuant to the Section 134(3)(h) of the Companies Act, 2013 and Rule
8(2) of the Companies (Accounts) Rules, 2014, the particulars of
contract or arrangement entered into by the Company with related
parties referred to in Section 188(1) are available in the Note no 23
of the, Standalone financial statements section of the Annual Report.
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS:
Loans, Guarantees and Investments covered under section 186 of the
Companies Act, 2013 form part of the notes to the financial statements
provided in this Annual Report.
EXTRACT OF ANNUAL RETURNS
Pursuant to the Section 134(3)(a) of the Companies Act, 2013, the
details forming part of the extract of the Annual Return is Form MGT-9
is Annexure-V.
HUMAN RESOURCES MANAGEMENT:
We take this opportunity to thank employees at all levels for their
dedicated service and contribution made towards the growth of the
company. The relationship with the workers has continued to be cordial.
To ensure good human resources management at the company, we focus on
all aspects of the employee lifecycle. This provides a holistic
experience for the employee as well. During their tenure at the
Company, employees are motivated through various skill-development,
engagement and volunteering programs.
As per provisions of Section 197(12) of the Companies Act, 2013, read
with Rule 5(1) of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014, is Annexure-VI to this Board's
report.
In terms of Section 197(12) of the Companies Act, 2013, read with Rule
5(2) and 5(3) of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014, no employee(s) drawing remuneration
in excess of limits set out in said rules forms part of the annual
report.
Considering the first proviso to Section 136(1) of the Companies Act,
2013, the Annual Report is being sent to the members of the Company and
others entitled thereto. The said information is available for
inspection at the registered office of the Company during business
hours from 11 a.m to 2 p.m on working days of the Company up to the
date of the ensuing Annual General Meeting. Any shareholder interested
in obtaining a copy thereof, may write to the Company Secretary in this
regard.
CORPORATE GOVERNANCE:
A Report on Corporate Governance along with a Certificate from M/s.
Motilal Jain & Associates Chartered Accountant, regarding compliance
with the conditions of Corporate Governance as stipulated under Clause
49 of the Listing Agreement with Stock Exchange forms part of this
Report and Annexure-VII to this Board's Report.
INSURANCE OF ASSETS
All the fixed assets and material of the company have been insured
against fire and allied risks.
BANK AND FINANCIAL INSTITUTIONS
Directors are thankful to their bankers for their continued support to
the company.
ACKNOWLEDGMENTS
Your Directors convey their sincere thanks to the Government, Banks,
Shareholders and customers for their continued support extended to the
company at all times.
The Directors further express their deep appreciation to all employees
for commendable teamwork, high degree of professionalism and
enthusiastic effort displayed by them during the year.
On behalf of the Board of Directors.
Place: Vadodara
Dated: 29th May, 2015
Sd/- Sd/-
Prakash Biharilal Dhebar Chandrakant Ramchandra Joshi
Managing Director Director
DIN:02488046 DIN:06694293
Mar 31, 2014
The Members
Divine Multimedia (India) Limited
The directors are pleased to present the 23rd Annual Report together
with Audited Accounts of the Company for the year ended 31st March,
2014.
FINANCIAL RESULTS:
The highlights of the Financial Results are as under:
Rs in Lakh)
Year Ended Year Ended
Particulars 31/03/2014 31/03/2013
Revenue from operations 55.90 -
Other Income -780.90 131.42
Total -725.00 131.42
(-) Total Expenditures 130.92 101.94
Profit Before Tax -855.92 29.48
(-) Tax Expense 0.09 9.70
Profit After Tax -856.00 19.78
FINANCIAL HIGHLIGHTS
During the financial year under review the total revenue of the company
has decreased as compared to figures of previous years due to
unfavorable business conditions and inflation.
DIVIDEND
The Board of Directors expresses its inability to recommend any
dividend for the financial year under review due to losses.
DIRECTORS
Smt. Smita Pandya, retires by rotation at the ensuing Annual General
Meeting and being eligible, offers herself for reappointment.
DIRECTORS'' RESPONSIBILITY STATEMENT
As required under section 217(2AA) of the Companies Act, 1956 relating
to the Directors Responsibility Statement, it is hereby confirmed that:
(a) In the preparation of the Annual Account for the financial year
ended 31st March, 2014 the applicable accounting standard have been
followed along with proper explanations relating to material
departures.
(b) The directors have selected such accounting policies and applied
them consistently and made judgments and
estimates that are responsible and prudent so as to give a true and
fair view of the state of affairs of the Company as at the end of the
financial year and of the losses 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 the Companies Act, 1956 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.
PUBLIC DEPOSITS:
The Company has not invited nor accepted any fixed deposits from the
public during the year under review.
AUDITORS
M/s. Motilal & Associates, Chartered Accountant, Mumbai will retire at
the conclusion of the ensuing Annual General Meeting and are eligible
for reappointment.
CORPORATE GOVERNANCE
A separate section titled "Corporate Governance" including a
certificate from the Auditors of the company confirming compliance of
the conditions of Corporate Governance as stipulated under Clause 49 of
the Listing Agreement is annexed hereto and forms a part of the Report.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Management Discussion and Analysis Report for the year under review as
required under Clause 49 of the Listing Agreement with the Bombay Stock
Exchange Limited, is given as a separate statement in the Annual
Report.
PARTICULARS OF EMPLOYEES
As required under section 217(2A) of the Companies Act, 1956 read with
the Companies (Particulars of the Employees) Rules 1975, are not
applicable since, none of the employee of the company is drawing more
than '' 60,00,000/- p.a. or '' 5,00,000/- p.m. for the part of the year,
during the year under review.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, AND FOREIGN EXCHANGE
EARNINGS AND OUTGO:
The Company do not have any manufacturing operations and therefore
provisions of Section 217(1) (e) of the Companies Act, 1956 relating to
conversation of Energy and Technology Absorption are not applicable.
ACKNOWLEDGEMENTS
Your Directors appreciates the high degree of professionalism,
commitment and dedication displayed by all the employees, constituents
and its suppliers, technology partners, associates and partners at all
levels. The Directors also place on record their gratitude to the
members for their continued support and confidence.
By Order of the Board of Directors
DIVINE MULTIMEDIA (INDIA) LIMITED
Place :27/08/2014 Prakash Dhebar
Date : Vadodara (Managing Director)
Mar 31, 2012
To The Members of Divine Multimedia (India) Limited
The directors are pleased to present the 21st Annual Report together
with Audited Accounts of the Company for the year ended 31st March,
2012.
FINANCIAL RESULTS:
The highlights of the Financial Results are as under:
(Rs. in Lakhs)
Year Year
Particulars Ended Ended
31/03/2012 31/03/2011
Income from Sales 1458.40 2432.16
Other Income 133.23 56.52
Total 1591.63 2488.68
(-) Total Expenditures 1556.55 2466.50
(-) Depreciation 1.83 0.80
Profit Before Tax 33.25 21.38
(-) Exceptional Items / Prior Period Items 0.02 -
(-) Tax Expense 15.01 0.07
Profit After Tax 18.22 21.31
FINANCIAL HIGHLIGHTS
During the financial year under review the Income from Sales has
decreased from Rs.2432.16 to Rs.1458.40 registering a decrease of around
40% however the Profit before tax expenses has increased from Rs. 21.38
to Rs. 33.25 showing around 56% increase.
DIVIDEND
The Board of Directors expresses its inability to recommend any
dividend for the financial year 2011-2012 with a view to conserve
resources for future business needs.
CHANGE IN NAME OF THE COMPANY
The name of the company was changed from Kaleidoscope Films Limited to
Divine Multimedia (India) Limited pursuant to special resolution passed
through Postal Ballot dated 14th March, 2012 and Certificate of
incorporation issued by Registrar of Companies, Gujrat, and Dadra and
Nagar Havelli dated August 06,2012.
DIRECTORS
Pursuant to the provisions of Section 256 of the Companies Act, 1956,
Shri Prakash Debhar, retires by rotation at the ensuing Annual General
Meeting and being eligible, offers himself for reappointment.
Resolution for his reappointment shall be moved at the AGM for approval
of members.
Mr. Harsh Jain has been appointed as Whole Time Director, subject to
approval of members, at the Board meeting of the Company held on
September 1st, 2012.
Mr. Sandip Shah resigned from the Director ship w.e.f. 1st September
2012
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 217(2AA) of the Companies
Act, 1956, with respect to Directors' Responsibility Statement, the
Directors confirmed that:
i) The financial statements are in conformity with the requirements of
the Companies Act, 1956 and applicable accounting standards have been
followed along-with proper explanation relating to material departure.
ii) That they have selected such accounting policies, applied them
consistently, 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 for the period under review;
iii) That they have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956, for preventing and detecting
fraud and other irregularities;
iv) That they have prepared the annual accounts on a going concern
basis.
CORPORATE GOVERNANCE
A separate section titled "Corporate Governance" including a
certificate from the Auditors of the company confirming compliance of
the conditions of Corporate Governance as stipulated under clause 49 of
the Listing Agreement is annexed hereto and forms a part of the Report
AUDITORS
M/s Subhash Shah & Co., Chartered Accountants, Vadodara the Statutory
Auditors, will retire at the conclusion of ensuing Annual General
Meeting and are unwilling for re-appointment M/s Motilal & Associates,
Chartered Accountants, Mumbai has given their consent to act as
Auditor, if appointed in the forthcoming Annual General Meeting.
Company has also received a notice from a member proposing M/s Motilal
& Associates as Auditor of the Company.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Management Discussion and Analysis Report for the year under review as
required under Clause 49 of the Listing Agreement with the Bombay Stock
Exchange Limited, is given as a separate statement in the Annual
Report.
PARTICULARS OF EMPLOYEES
As required under section 217(2A) of the Companies Act, 1956 read with
the Companies (Particulars of the Employees) Rules 1975, are not
applicable since, none of the employee of the company is drawing more
than Rs. 60,00,000/- p.a. or Rs. 5,00,000/- p.m. for the part of the year,
during the year under review.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION. AND FOREIGN EXCHANGE
EARNINGS AND OUTGO:
The Company do not have any manufacturing operations and therefore
provisions of Section 217(1) (e) of the Companies Act, 1956 relating to
conversation of Energy and Technology Absorption are not applicable.
PUBLIC DEPOSITS:
The Company has not invited nor accepted any fixed deposits from the
public during the year under.
ACKNOWLEDGEMENTS
Your Directors appreciates the high degree of professionalism,
commitment and dedication displayed by all the employees, constituents
and its suppliers, technology partners, associates and partners at all
levels. The Directors also place on record their gratitude to the
members for their continued support and confidence.
By Order of the Board of Directors
DIVINE MULTIMEDIA (INDIA) LIMITED
Place : 01/09/2012 Prakash Dhebar Smita Pandya
Date : Vadodara (Managing Director) (Director)
Mar 31, 2011
The Members
Kaleidoscope Films Limited
1 st Floor, Panorama Complex,
R. C. DuttRoad. Alkapuri,
Vadodara - 390 007.
The directors are pleased to present the 20lh Annual Report together
with Audited Accounts of the Company for the year ended 31s1 March,
2011.
FINANCIAL RESULTS
The highlights of the Financial Results are as under:
(Rupees in Lakhs)
PARTICULARS Year ended Year ended
31/03/2011 31/03/2010
Income from Sales 2432.16 -
Other Income 56.52 0.97
Total 2488.68 0.97
Less : Total Expenditures 2466.50 6.59
Less: Depreciation 0.79 1.10
Profit Before Tax 21.39 (6.72)
Less : Tax Provision 0.07 -
Profit After Tax 21.32 (6.72)
Balance brought forward from Previous Year (112.35) (105.63)
Balance Carried to the Balance Sheet (91.03) (112.35)
FINANCIAL HIGHLIGHTS
During the financial year ended 31 st March, 2011 the total revenue of
the Company increased to Rs. 2488.68 Lakhs as compared to Rs.0.97 Lakhs
in the previous year. The Net Profit after tax increased substantially
from Rs. (6.71) Lakhs in the previous year to Rs. 21.32 Lakhs.
DIVIDEND
The Board of Directors expresses its inability to recommend any
dividend and have decided to skip the dividend for this year.
DIRECTORS
Pursuant to the provisions of Section 256 of the Companies Act, 1956,
Smt. Smita Pandya, retires by rotation at the ensuing Annual General
Meeting and being eligible, offers herself for reappointment.
Resolution for her reappointment shall be moved at the AGM for approval
of members.
Mr. Lokanath Mishra was appointed as additional director in the board
meeting held on May 30, 2011. The Company has received notice from a
Member of the Company proposing the name of Shri Lokanath Mishra for
appointment as Director of the Company.
Mr. Sarju Parekh resigned as director of the company w.e.f. 02nd
November, 2010.
Mr. Sandeep Bhartia, who were appointed as Additional Director resigned
from directorship with effect from May 23,2011.
Mr. Abinandan Jain, who were appointed as Additional Director resigned
from directorship with effect from May 31,2011.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 217(2AA) of the Companies
Act, 1956, with respect to Directors' Responsibility Statement, the
Directors confirmed that:
a) The financial statements are in conformity with the requirements of
the Companies Act, 1956 and applicable accounting standards have been
followed along-with proper explanation relating to material departure.
b) That they have selected such accounting policies, applied them
consistently, 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 for the period under review;
c) That they have taken proper and sufficient care for the maintenance
of adequate accounting records in accordance with the provisions of the
Companies Act, 1956, for preventing and detecting fraud and other
irregularities;
d) That they have prepared the annual accounts on a going concern
basis.
ISSUE OF SHARES ON PREFERENTIAL BASIS
The Company has raised an amount of Rs. 19.628 Crores by issue and
allotment of 1,40,20,000 equity shares of Re. 1/- each at a premium on
preferential basis to non-promoters and Corporate Bodies to meet the
long term requirements and for expansion purpose.
CORPORATE GOVERNANCE
A separate section titled "Corporate Governance" including a
certificate from the Auditors of the company confirming compliance of
the conditions of Corporate Governance as stipulated under clause 49 of
the Listing Agreement is annexed hereto and forms a part of the Report
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Management Discussion and Analysis Report for the year under review as
required under Clause 49 of the Listing Agreement with the Bombay Stock
Exchange Limited, is given as a separate statement in the Annual
Report.
PARTICULARS OF EMPLOYEES
As required under section 217(2A) of the Companies Act, 1956 read with
the Companies (Particulars of the Employees) Rules 1975, are not
applicable since, none of the employee of the company is drawing more
than Rs.60,00,000/- p.a. or Rs.5,00,000/- p.m. for the part of the
year, during the year under review.
CONSERVATION OF ENERGY, TECHNOLOGYABSORPTION, AND FOREIGN EXCHANGE
EARNINGS AND OUTGO:
The Company do not have any manufacturing operations and therefore
provisions of Section 217(1)(e) of the Companies Act, 1956 relating to
conversation of Energy and" technology Absorption are not applicable.
PUBLIC DEPOSITS:
The Company has not invited nor accepted any fixed deposits from the
public during the year under review.
AUDITORS
Members are requested to appoint Auditors M/s. Rakesh J. Gandhi & Co.
to hold office until the conclusion of the next Annual General Meeting
and fix their remuneration. The Company has received a letter from them
to the effect that their appointment, if made, will be within the
limits prescribed under Section 224 (1B) of the Companies Act, 1956.
ACKNOWLEDGEMENTS
Your Directors appreciates the high degree of professionalism,
commitment and dedication displayed by all the employees, constituents
and its suppliers, technology partners, associates and partners at all
levels. The Directors also place on record their gratitude to the
members for their continued support and confidence.
By Order of the Board of Directors
KALEIDOSCOPE FILMS LIMITED
Place:05/09/2011
Prakash Dhebar SmitaPandya
Date:Vadodara
(Managing Director) (Director)
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