Mar 31, 2015
1. INTRODUCTION
The Directors are elated in presenting the 30th Annual Report of the
Company along with the Audited Statement of Accounts for the year ended
as on 31st March, 2015.
The Annual report presented to you pertains to financial year before
April 2015 so the contents within are governed by the relevant
provisions/schedules/rules of the Companies Act, 2013, in compliance
with General Circular No. 08/2014 dated 4 April 2014 issued by the
Ministry of Corporate Affairs.
2. FINANCIAL RESULTS
(Amount in Rs)
Particulars Current Previous
Financial Year Financial Year
(2014-2015) (2013-2014)
Profit/(Loss)Before Depreciation and 53,56,828 6440010
Tax
Depreciation 3,566 -
Profit /(Loss) before Tax 53,53,263 6440010
Provision for Tax 16,97,112 20,00,000
Profit/ (loss) after Tax 36,56,150 44,40,010
Balance Brought forward (9,72,028) (5,552,371)
Add : Excess / (short) Provision of (54698) 140133
Income Tax
Balance carried to Balance Sheet 26,29,224 (972228)
3. BUSINESS OVERVIEW
Due to adverse market situations, the profit of the Company has
declined from Rs. 44,40,010 to Rs. 36,56,150 .The Company's policy of
management has provided cushion effect to the adversities of the market
on the performance of Company. The Board of Directors looks towards the
future performance with a positive approach.
4. DIVIDEND
Your Directors feel that it is prudent to plough back the profits for
future growth of the Company and with a view to conserve the resources,
they do not recommend any dividend for the year ended 31st March, 2015.
5. CORPORATE SOCIAL RESPONSIBILITY
The Company has not developed and implemented any Corporate Social
Responsibility initiatives as the provisions of Section 135 of the
Companies Act, 2013 are not applicable.
6. STATUTORY AUDITORS
M/s S.B.JAJOO & CO, Chartered Accountants, (Firm Registration Number:
125915W) were appointed as the Statutory Auditors of the company last
year in AGM held on 29th September 2015, for five consecutive years,
subject to ratification at every Annual General Meeting. Accordingly,
their appointment is proposed to be ratified in the ensuing AGM. They
have given their eligibility & consent for the proposed ratification.
7. SECRETARIAL AUDITORS
M/s. H V Gor & Co, Practicing Company Secretaries have been appointed
in the Board Meeting held on 30th March, 2015 as the Secretarial
Auditor of the Company u/s 204 of the Companies Act, 2013 to conduct
Secretarial Audit of the matters of the Company and report thereof. The
Secretarial Auditor's Report has been annexed to the Board Report under
Annexure I.
8. EXPLANATION OR COMMENTS ON QUALIFICATIONS, RESERVATIONS OR ADVERSE
REMARKS OR DISCLAIMERS MADE BY THE AUDITORS AND THE PRACTICING COMPANY
SECRETARY IN THEIR REPORTS
There was no qualification, reservation or adverse remark made by the
Auditors in their report. The explanations made by the Board relating
to the qualifications, reservations, adverse remarks made by the
Practicing Company Secretary in his Secretarial Audit Report are
furnished as under:
1. The Company has been inviting the applications for the post of
Company Secretary in whole time employment of the Company by issuing
classifieds in the newspapers. However, the Company has failed to
receive application from a suitable candidate for the aforementioned
responsibilities.
9. DIRECTORS
Mr. Manish Jain, Mr. Rajendra Prasad Gogawat & Mr. Anil Tondon resigned
from the Board of Directors of the Company due to pre-occupancies. The
Board of Directors of the Company accepted their resignation and
relieved them from their responsibilities towards the Company with
effect from 31st December, 2014
Mr. Rakesh Kumar & Mr. Yogesh Kumar were appointed as the Additional
Independent Directors of the Company u/s 149 read with 161 of the
Companies Act, 2013.
After the aforesaid changes in the structure of the Board during the
year, the Board of Directors of the Company stands as follows as on
date:
Name Designation Date of Appointment DIN
Executive Directors
Ms. Priya Rawal Managing
Director and 31st December 2012 05108446
CEO
Mr. Gaurav Bahety Whole Time
Director & 31st August, 2013 05167731
CFO
Non  Executive & Independent Directors
Mr. Rakesh Kumar Independent
Director 31st December, 2014 01973690
Mr. Yogesh Kumar Independent
Director 31st December, 2014 02774016
10. DECLARATION BY THE INDEPENDENT DIRECTORS
The Independent Directors have submitted their disclosures to the Board
that they fulfill all the requirements as stipulated in Section 149(6)
of the Companies Act, 2013 so as to qualify themselves to be appointed
as Independent Directors under the provisions of the Companies Act,
2013 and the relevant rules.
11. BOARD MEETINGS
During the financial year under review, the Board of Directors met Six
times.
12. COMPANY'S POLICY RELATING TO DIRECTORS APPOINTMENT, PAYMENT OF
REMUNERATION AND DISCHARGE OF THEIR DUTIES
The provisions of Section 178(1) relating to constitution of Nomination
and Remuneration Committee are not applicable to the Company and hence
the Company has not devised any policy relating to appointment of
Directors, payment of Managerial remuneration, Directors
qualifications, positive attributes, independence of Directors and
other related matters as provided under Section 178(3) of the Companies
Act, 2013.
13. INFORMATION PURSUANT TO RULE 5 (2) OF COMPANIES (APPOINTMENT &
REMUNERATION OF MANAGERIAL PERSONNEL) RULES, 2014
The Company has not appointed any employee(s) in receipt of
remuneration exceeding the limits specified under Rule 5 (2) of
Companies (Appointment & Remuneration of Managerial Personnel) Rules,
2014.
14. DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE
(PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013
The Company has duly set up an Internal Complaints Committee (ICC) in
line with the requirements of The Sexual Harassment of Women at the
Workplace (Prevention, Prohibition & Redressal) Act, 2013, to redress
complaints received regarding sexual harassment.
The following is a summary of sexual harassment complaints received and
disposed off during the year 2014-15.
No of complaints received: Nil
No of complaints disposed off: Nil
15. DIRECTORS' RESPONSIBILITY STATEMENT:
Pursuant to Section 134 (3) (c) read with Section 134 (5) of the
Companies Act, 2013, your Directors state that:
a. In the preparation of the annual accounts, the applicable
accounting standards have been followed with proper explanation
relating to material departures, if any;
b. They have, in the selection of the accounting policies, consulted
the Statutory Auditors and have applied them consistently and made
judgments and estimates that are reasonable and prudent so as to give a
true and fair view of the state of affairs of the Company as at 31st
March, 2015 and of its profit for the year ended on that date;
c. They have taken proper and sufficient care to the best of their
knowledge and ability 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; and
d. They have prepared the annual accounts for the year ended 31st
March, 2015 on a 'going concern' basis; and
e. They have devised proper systems to ensure compliance with the
provisions of all applicable laws and that such systems were adequate
and operating effectively.
16. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS MADE UNDER SECTION
186 OF THE COMPANIES ACT, 2013
There was no loan given or guarantee given or investment made or
security provided pursuant to Section 186 of the Companies Act, 2013
during the year under review and hence the said provisions are not
applicable.
17. DISCLOSURES OF AMOUNTS, IF ANY, TRANSFER TO ANY RESERVES.
It is not proposed to carry any amount to any reserves from the profits
of the Company. Hence, disclosure under Section 134 (3) (j) of the
companies act, 2013 is not required.
18. MATERIAL CHANGES AND COMMITMENT IF ANY AFFECTING THE FINANCIAL
POSITION OF THE COMPANY OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR
TO WHICH THIS FINANCIAL STATEMENTS RELATE AND THE DATE OF THE REPORT
No material changes and commitments affecting the financial position of
the Company occurred between the end of the financial year to which
this financial statement relate on the date of this report.
19. ENERGY CONSERVATION AND TECHNOLOGY ABSORPTION:
The particulars as required under the provisions of Section 134(3) (m)
of the Companies Act, 2013 read with Rule 8(3) of the Companies
(Accounts) Rules, 2014 in respect of conservation of energy and
technology absorption are not required to be furnished considering the
nature of activities undertaken by the Company during the year under
review. Further during the year under review, the Company has neither
earned nor used any foreign exchange.
20. STATEMENT INDICATING DEVELOPMENT AND IMPLEMENTATION OF RISK
MANAGEMENT
The Company has developed & implemented Risk Management Policy.
However, Company has not come across any element of risk which may
threaten the existence of the Company.
21. DETAILS OF SIGNIFICANT MATERIAL ORDERS PASSED BY THE REGULATORS /
COURTS / TRIBUNAL IMPACTING THE GOING CONCERN STATUS AND COMPANY'S
OPERATION IN FUTURE
There are no significant material orders passed by the Regulators /
Courts / Tribunal which would impact the going concern status of the
Company and its future operations. Hence, disclosure pursuant to Rule 8
(5) (vii) of Companies (Accounts) Rules, 2014 is not required.
22. DETAILS IN RESPECT OF ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH
REFERENCE TO THE FINANCIAL STATEMENTS PURSUANT TO RULE 8 (5) (viii) OF
COMPANIES (ACCOUNTS) RULES, 2014:
The Company has an adequate Internal financial control system,
commensurate with the size of its business operations.
23. PARTICULARS OF CONTRACTS OR ARRANGEMENTS MADE WITH RELATED PARTIES
MADE PURSUANT TO SECTION 188 OF THE COMPANIES ACT, 2013
There was no contract or arrangements made with related parties as
defined under Section 188 of the Companies Act, 2013 during the year
under review.
24. EXTRACT OF ANNUAL RETURN
The extracts of Annual Return pursuant to the provisions of Section 92
read with Rule 12 of the Companies (Management and administration)
Rules, 2014 is furnished in "Annexure - MGT-9".
25. DISCLOSURE OF COMPOSITION OF AUDIT COMMITTEE AND PROVIDING VIGIL
MECHANISM
The Audit Committee consists of the following members;
a. Mr. Rakesh Kumar - Independent Director - Chairman
b. Mr. Yogesh Kumar - Independent Director - Member
c. Mr. Gaurav Bahety - Executive Director & CFO - Member
The above composition of the Audit Committee consists of Independent
Directors viz., Mr. Yogesh Kumar and Mr. Rakesh Kumar who form the
majority.
The Company has established a vigil mechanism and overseas through the
committee, the genuine concerns expressed by the employees and other
Directors. The Company has also provided adequate safeguards against
victimization of employees and Directors who express their concerns.
The Company has also provided direct access to the chairman of the
Audit Committee on reporting issues concerning the interests of co
employees and the Company.
26. CORPORATE GOVERNANCE:
Your Company is committed to adopting the best Corporate Governance
practices. It believes that proper corporate governance is not just a
regulatory compliance nut also a facilitator for enhancement of
stakeholder's value. Reports on Corporate Governance and Management
Discussions & Analysis are annexed and form part of this report.
27. APPRECIATION AND ACKNOWLEDGEMENT
The Board of Directors wish to place on record their appreciation for
the co-operation and support of the Company's Bankers, its valued
customers, employees and all other intermediaries concerned with the
Company's business.
Your directors are grateful towards all members for supporting and
sustaining us during the intricate days. We look forward to your
continued support and reiterate that we are determined to ensure that
the plans are successfully implemented.
By Order of the Board of Directors
For Effingo Textile & Trading Limited
Sd/-
Place: Mumbai Priya Rawal
Date: 02nd September 2015 (Managing Director)
Mar 31, 2014
Dear Members,
We have pleasure in presenting the 29th Annual Report of the Company
and the audited statement of accounts for the year ended 31st March,
2014. A summary of the financial results is given below. The
performance of the Company during the year improved robustly compared
to that of the last year.
This report has been prepared on the basis of the legal requirements
under the Companies Act, 1956. As per General Circular No.08/2014
issued by the Ministry of Corporate Affairs (MCA) dated 04/04/2014, the
provisions of the Companies Act, 2013 will become applicable for all
disclosures required under the Act for the year 2014-15 and subsequent
years.
FINANCIAL POSITION:
(Amount in Lack)
2013 Â 2014 2012 Â 2013
PARTICULARS Rupees Rupees
Gross Receipt/Other Income 2109.39 471.46
The Profit/(Loss) for the year
before Tax 64.40 4.83
Provision for Tax 20.00 1.50
Net Profit/ (Loss ) for the year 44.40 3.33
Balance brought forward from
previous year (55.52) (58.85)
Add:-Addition During period 44.40 3.33
Add:- Excess Provision of Income Tax 1.40 ----
Balance carried forward (9.72) (55.52)
OPERATIONS DURING THE YEAR:
The operations of the Company for the year under review have resulted
in the gross profit of Rs. 64.40/- as against Rs. 4.83/- in the
previous year. After providing for interest, depreciation and taxes,
the Company has recorded a net profit of Rs. 44.40/- as against Rs.
3.33/- in the previous year.
During the year under review, the company underwent subdivision of
share from nominal value of the Equity shares is Rs.10/- each to
nominal value of equity shares of Rs.1/- each pursuant to shareholders
Approval vide special resolution passed in the Annual General Meeting
held on 27th September, 2013.
FUTURE OUTLOOK:
Following the NDA (National Democratic Alliance) victory in the
recently concluded general elections, expectations are now
exceptionally high from the new Government with regards to reforms and
governance. The clear electoral mandate given to a single party reduces
political uncertainty and raises the potential for economic policy
reform. The budget document has given the right signals especially with
respect to subsidy policy and overall fiscal stance. The Company looks
forward to the future with confidence and optimism.
SHARE CAPITAL
In order to improve the liquidity of the Company''s shares in the stock
market and to make it affordable to the small investors, the company
sub-divided the nominal value of the equity portion of the authorized
share capital of the Company and the Company restructured its capital
by Increasing the Authorized Share Capital and also with the
preferential allotments the Company obtained fresh infusion of funds
for the further expansion plans of the Company.
DEPOSITORY SYSTEM:
The equity shares of the Company are available for dematerialization
through Depository participants, on both the Depositories viz. National
Securities Depository Ltd. (NSDL) and Central Depository Services
(India) Ltd. (CDSL).
DIVIDEND:
Your Directors feel that it is prudent to plough back the profits for
future growth of the Company and with a view to conserve the resources
they do not propose any dividend for the year ended 31st March, 2014.
DIRECTOR''S RESPONSIBILITY STATEMENT:
To the best of their knowledge and belief and according to the
information and explanation obtained by them, your Directors make the
following statement pursuant to Section 217(2AA) of the Companies Act,
1956:
1. That in the preparation of Annual accounts for the year ended March
31, 2014; the applicable accounting standards have been followed along
with proper explanation relating to material departures, if any.
2. That the appropriate accounting policies had been selected and
applied consistently, and judgments and estimates have been made that
were reasonable and prudent so as to give a true and fair view of the
state of affairs of the company as at March 31, 2014 and of the profits
of the company for the said year.
3. That the Directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956, for safeguarding the assets of
the company and for preventing and detecting fraud and other
irregularities.
4. That the accounts have been prepared on a "going concern basis".
PARTICULARS OF EMPLOYEES:
Statement giving particulars of employees as required under Section
217(2A) of the Companies Act, 1956 read with the Companies (Particulars
of Employees) Rules 1975, as amended, is not annexed to this report as
no employee was in receipt of the remuneration in excess of the
prescribed sum during the year.
STATEMENT UNDER SECTION 217(I) (e):
Statement pursuant to Section 217(I)(e) of the Companies Act, 1956,
read with the Companies (Disclosure of Particulars in the Report of
Board of Directors) Rules 1988, is given below:
a) The Company has no activities relating to conservation of energy.
b) i) The Company is not required to make provision for research and
development expenditure. ii) The Company has no activity relating to
technology absorption, adoption and innovation.
c) The Company has no activity relating to foreign exchange earnings
and outgo.
BOARD OF DIRECTORS:
In view of the provisions of the Companies Act, 2013, read with the
provisions of the Listing Agreement, one-half of the directors on the
Board of the Company are required to be independent directors. The
independent directors are not to be considered for the purpose of
determining the directors liable to retire by rotation. Three of the
existing directors, viz. Mr. Manish Jain, Mr. Anil Tondon and Mr.
Rajendra Prasad Gogawat are Independent Directors. One-third of the
remaining directors, are liable to retire by rotation. Accordingly, Mr.
Gaurav Bahety will be retiring at the ensuing Annual General Meeting
and being eligible, offers himself for being re-elected. So far as the
above-referred tree independent directors are concerned, at the ensuing
Annual General Meeting of the Company they would be appointed as the
independent directors of the Company for a term of five consecutive
years commencing from the date of the said meeting. Also the Company
proposes to appoint Ms. Priya Rawal as the Managing Director and Chief
Executive officer of the Company who will be treated as the Key
Managerial Personnel. This will also fulfill the requirement of having
a woman Director on the Board of Directors under the Companies Act,
2013. The Nomination and Remuneration Committee has identified Ms.
Priya Rawal as the qualified candidate for the post of Managing
Director and Chief Executive Officer of the Company and has recommended
her appointment to the Board of Directors. Your Directors propose her
appointment to be approved by the shareholders.
RESTRUCTURING OF THE BOARD OF DIRECTORS POST IMPLEMENTATION OF
COMPANIES ACT 2013:
The Board of Directors in its meeting held on 12th August, 2014
reconstituted the Board of Directors of the Company in pursuant to
various provisions of the Companies Act 2013 as follows:
CORPORATE GOVERNANCE:
The Company is committed to maintain highest standards of Corporate
Governance. To comply with conditions of Corporate Governance, pursuant
to Clause 49 of the Listing Agreement with the Stock Exchange,
Management Discussion and Analysis Report, Corporate Governance Report
and Auditor Certificate and shareholders information form a part of
this Annual Report. Pursuant to the Circular No. 08/2014 of Ministry
of Corporate Affairs dated 04th April 2014, the Company has prepared
its financial Statements including Directors Report, Auditors Report as
per the provisions of the Companies Act 1956. But as a good corporate
governance practice, your Directors present hereby its Corporate
Governance Report in terms of new Companies Act and New Clause 49 of
the Listing Agreement which will be effective w.e.f. 1st October 2014.
FIXED DEPOSITS:
Your company has neither invited nor accepted any Fixed Deposits from
the public during the financial year under review.
LISTING AGREEMENTS REQUIREMENTS:
The securities of your company are listed at BSE Limited. The Company
has paid listing fees for the year 2014-15.
AUDITORS:
M/s. S B Jajoo & Co., who are the Statutory Auditors of the Company
hold office until the conclusion of the Annual General Meeting.
Statutory Auditors have completed their term of one year as auditor
prior to the commencement of the Companies Act 2013 and hence your
Directors propose to appoint them for the term of 4 (four) more years
in terms of provisions of Rule 6 of Companies (Audit and Auditors)
Rules, 2014.
Your Directors propose to appointment of M/s S B Jajoo & Co, Chartered
Accountants whose appointment as been duly approved by the Audit
Committee who shall hold office from the conclusion of this meeting
till the conclusion of the fifth Annual General Meeting, with this
meeting being counted as the first meeting and will be subject to
ratification in every annual general meeting till the fifth such
meeting by way of passing of an ordinary resolution and to fix their
remuneration.
Also a certificate under Rule 4 of the Companies (Audit and Auditors)
Rules, 2014 has been received from the Auditors to the effect that the
Auditor is eligible for appointment and is not disqualified for
appointment under the Act, the Chartered Accountants Act, 1949 and the
rules or regulations made there under and proposed appointment is
within the limits laid down by or under the authority of the Act.
SECRETARIAL & INTERNAL AUDITORS
Based on recommendation received from the Audit Committee, the Board of
Directors at their meeting held on 12th August, 2014 appointed M/s D.S.
Momaya & Co., Company Secretaries, Mumbai as a Secretarial Auditor of
the Company under section 138 (Rule 10) of the Companies Act, 2013 for
the financial year 2014-15.The Company is also in the process of
appointing Internal Auditors pursuant to the provisions of Companies
Act 2013.
APPRECIATION:
The Board of Directors wish to place on record their appreciation for
the co-operation and support of the Company''s Bankers, its valued
customers, employees and all other intermediaries concerned with the
company''s business.
Your directors sincerely thank all members for supporting us during the
difficult days. We look forward to your continued support and reiterate
that we are determined to ensure that the plans are successfully
implemented.
Registered Office: For and on behalf of Board of Directors of
502, 195, Arcadia Building,
Effingo Textiles & Trading Limited.
NCPA Marg, Nariman Point ,
Sd/- Sd/-
Mumbai - 400021
Maharashtra.
Place: Mumbai Priya Rawal Gaurav Bahety
Director Director
Dated 12th August, 2014 (05108446) (05167731)
Mar 31, 2013
Dear Shareholders,
The Directors have pleasure in presenting the 28th Annual Report of
the Company along with the Audited Statement of Accounts for the year
ended as on 31st March, 2013.
FINANCIAL RESULTS:
Particulars 31-03-2013 31-03-2012
Revenue form Operation 47,146,366 46,380
Depreciation Nil Nil
Profit/(Loss) before Tax 483,490 (25,979)
Provision for Tax (150,000) (3,427)
Profit/(Loss) after Tax 333,490 (29,406)
Balance Brought forward (5,885,861) (5,856,455)
Balance carried to Balance Sheet (5,552,371) (5,885,861)
BUSINESS OVERVIEW:
During the year under review, the company has progressed with its
efficient management and made a Net Profit of Rs. 333,490/-.
During the period under review, the Company also changed its name from
Malti Textiles to Effingo Textile & Trading Ltd. The main reason for
change of name was to give a fresh branding to the company so that the
Company could enter a new era of growth and in turn increase the
shareholders value. Further the Company also during the period under
review restructured its capital by increasing the Authorised Share
Capital and also with the preferential allotments the Company obtained
fresh infusion of funds for the further expansion plans of the Company.
DIVIDEND:
Your Directors feel that it is prudent to plough back the profits for
future growth of the Company and with a view to conserve the resources
they do not propose any dividend for the year ended 31st March2013
AUDITOR''S QUALIFICATIONS:
The Auditors of the Company have not qualified their report and there
are no observations and suggestions made by the Auditors in their
report and therefore do not call for any further comments under section
217(3) of the Companies Act, 1956.
FIXED DEPOSITS:
The company has not accepted any Fixed Deposits from the public during
the period.
BOARD OF DIRECTORS:
Ms. Priya Rawal was appointed as the Additional Director of the Company
in the meeting of Board of Directors held 31st December 2012 and Mr.
Gaurav Bahety was appointed as the Additional Director of the Company
in the meeting of Board of Directors held 31st August 2013. Pursuant to
provisions of section 260 they hold office only upto the date of
forthcoming Annual General Meeting. Your Directors propose their
re-appointment. Pursuant to provisions of section 198, 269, 309 and 310
read with schedule XIII, and other applicable provisions if any of the
companies act, 1956, your directors propose appointment of Ms. Priya
Rawal as Chairperson and Managing Director and Mr. Gaurav Bahety as the
Executive Director of the company for a period of one year from 31st
August 2013 to 30th August 2014. Your Directors propose their
appointment as the Managing Director and Executive Director
respectively. Pursuant to provision of Section 256 of the Companies
Act, 1956, Mr. Rajendra Prasad Gogawat, and Mr. Anil Tondon retires by
rotation and being eligible offers themselves for re-appointment.
PARTICULARS OF EMPLOYEES :
Disclosure of information as per Section 217(2A) of the Companies Act,
1956 is not being given as no employee of the Company is getting
remuneration more than the prescribed limits.
CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE AND
EARNING AND OUT GO:
The particulars as required under the provisions of Section 217(1)(e)
of the Companies Act, 1956 in respect of conservation of energy and
technology absorption are not required to be furnished considering the
nature of activities undertaken by the Company during the year under
review. Further during the year under review, the Company has neither
earned nor used any foreign exchange.
DIRECTOR''S RESPONSIBILITY STATEMENT PURSUANT TO SECTION 217 (2AA) OF
THE COMPANIES ACT, 1956 :
Pursuant to Section 217 (2AA) of the Companies (Amendment Act) 2000,
the Directors of your Company state as under:- a) that in the
preparation of the Annual Accounts, applicable accounting standards
have been followed.
b) that the accounting policies are consistently applied and
reasonable, prudent judgment and estimates are made so as to give a
true and fair view of the state of affairs of the company at the end of
the Financial Year.
c) that the Directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956, for safeguarding the assets of
the company and for preventing and detecting fraud and other
irregularities.
d) that the Directors had prepared the annual Accounts on a going
concern basis.
AUDITORS :
M/s. S B Jajoo & Co. Chartered Accountants hold office until the
conclusion of the forthcoming Annual General Meeting of the company and
being eligible offer themselves for re-appointment.
CORPORATE GOVERNANCE:
Reports on Corporate Governance and Management Discussions & Analysis
are annexed and form part of this report.
APPRECIATION:
The Board of Directors wish to place on record their appreciation for
the co-operation and support of the Company''s Bankers, its valued
customers, employees and all other intermediaries concerned with the
company''s business.
We directors sincerely thank all members for supporting us during the
difficult days. We look forward to your continued support and reiterate
that we are determined to ensure that the plans are successfully
implemented.
By Order of the Board of Directors
Place: Mumbai Priya Rawal
Date: 31st August 2013 Chairman & Managing Director
Mar 31, 2011
The Directors are presenting the 26th Annual Report together with the
Audited Accounts of the Company for the year ended 31st March, 2011 for
your perusal consideration and adoption.
FINANCIAL RESULTS
2011 2010
Profit/(Loss) for the year (34,243-30) (48,960-65)
Balance being Loss brought forward
from Previous year (58,22,211-76) (57,73,251-11)
Net Loss carried over
to Balance sheet (58,56,455-06) (58,22,211-76)
DIVIDEND
In light of above your Directors do not propose any dividend for the
year.
AUDITORS' REPORT
The notes referred to by the Auditors in their report are
self-explanatory.
FIXED DEPOSITS
The company has not accepted any Fixed Deposits from the public during
the period.
DIRECTORS
Pursuant to provision of Section 256 of the Companies Act, 1956, Sh.
Rajendra Prasad Gogawat, retires by rotation and being eligible offers
himself for re-appointment.
PARTICULARS OF EMPLOYEES
Disclosure of information as per Section 217(2A) of the Companies Act,
1956 is not being given as no employee of the Company is getting
remuneration more than the prescribed limits.
CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE AND
EARNING AND OUT GO
As to information required under Section 219(1)(e) of the Companies
Act, with the Companies (Disclosure of particulars in the Report of
Board of Directors) Rules, 1988 the company has not made any
transaction for earning and outgo of foreign exchange and has not
utilized energy in any way during the period under review.
DIRECTOR'S RESPONSIBILITY STATEMENT PURSUANT TO SECTION 217 (2AA) OF
THE COMPANIES ACT. 1956.
Pursuant to Section 217 (2AA) of the Companies (Amendment Act) 2000,
the Directors of your Company state as under: -
a) that in the preparation of the Annual Accounts, applicable
accounting standards have been followed.
b) that the accounting policies are consistently applied and
reasonable, prudent judgment and estimates are made so as to give a
true and fair view of the state of affairs of the company at the end of
the Financial Year.
c) that the Directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956, for safeguarding the assets of
the company and for preventing and detecting fraud and other
irregularities.
d) that the Directors had prepared the annual Accounts on a going
concern basis.
AUDITORS
M/s. Suresh Kumar Mittal & Co. Chartered Accountants hold office until
the conclusion of the forthcoming Annual General Meeting of the company
and being eligible offer themselves for re-appointment.
COMPLIANCE UNDER SECTION 383 A OF THE COMPANIES ACT. 1956
In compliance with the Companies (Compliance Certificate) Rule 2001, a
compliance certificate issued by M/s. S.K. Hota & Associates, Company
Secretaries in Whole time practice, is attached to this report.
For and on behalf of the Board
For Malti Textile Mills Limited
Place:New Delhi
Dated: 03.09.2011 Director
Mar 31, 2010
The Directors are presenting the 25th Annual Report together with the
Audited Accounts of the Company for the year ended 31st March, 2010 for
your perusal consideration and adoption.
FINANCIAL RESULTS
2010 2009
Profit/(Loss) for the year (48,960.65) (34,760.42)
Less: Provision for Income tax for
earlier years written back - 2,953.00
(48,960.65) (31,807.42)
Balance being Loss brought forward
from Previous year (57,73,251.11) (57,41,443.69)
Net Loss carried over to
Balance sheet (58,22,211.76) (57,73,251.11)
DIVIDEND
In light of above your Directors do not propose any dividend for the
year.
AUDITORS REPORT
The notes referred to by the Auditors in their report are
self-explanatory.
FIXED DEPOSITS
The company has not accepted any Fixed Deposits from the public during
the period.
DIRECTORS
Pursuant to provision of Section 256 of the Companies Act, 1956, Sh.
Manish Jain, retires by rotation and being eligible offers himself for
re-appointment.
Shri Rajendra Prasad Gogawat was appointed as an Additional Director
effective August 14, 2009. Interms of Section 260 of the Companies Act,
1956 he shall hold office only upto the date of the ensuing Annual
General Meeting. The company has received requisite notice in writing
from a member proposing his candidature for the office of Director
liable to retire by rotation.
Shri Anil Tandon was appointed as an Additional Director effective
January 27, 2010. Interms of Section 260 of the Companies Act, 1956 he
shall hold office only upto the date of the ensuing Annual General
Meeting. The company has received requisite notice in writing from a
member proposing his candidature for the office of Director liable to
retire by rotation.
Due to the sudden demise of Sh. S.P. Rai, Director of the company,
ceased the office of the Directorship w.e.f. 14.08.2009 and the Board
placed great appreciation about his services during the tenure of his
Directorship in the company.
Sh. CM. Kaushik, Director of the company has resigned from the Board
effective January 27, 2010. The Board placed on record its deep sense
of appreciation for the invaluable contribution made by Sh. CM. Kaushik
during his tenure as Director of the company.
PARTICULARS OF EMPLOYEES
Disclosure of information as per Section 217(2A) of the Companies Act,
1956 is not being given as no employee of the Company is getting
remuneration more than the prescribed limits.
CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE AND
EARNING AND OUT GO
As to information required under Section 219(1)(e) of the Companies
Act, with the Companies (Disclosure of particulars in the Report of
Board of Directors) Rules, 1988 the company has not made any
transaction for earning and outgo of foreign exchange and has not
utilized energy in any way during the period under review.
DIRECTORS RESPONSIBILITY STATEMENT PURSUANT TO SECTION 217 (2AA) OF
THE COMPANIES ACT. 1956.
Pursuant to Section 217 (2AA) of the Companies (Amendment Act) 2000,
the Directors of your Company state as under:-
a) that in the preparation of the Annual Accounts, applicable
accounting standards have been followed.
b) that the accounting policies are consistently applied and
reasonable, prudent judgment and estimates are made so as to give a
true and fair view of the state of affairs of the company at the end of
the Financial Year.
c) that the Directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956, for safeguarding the assets of
the company and for preventing and detecting fraud and other
irregularities.
d) that the Directors had prepared the annual Accounts on a going
concern basis.
AUDITORS
M/s. Suresh Kumar Mittal & Co. Chartered Accountants hold office until
the conclusion of the forthcoming Annual General Meeting of the company
and being eligible offer themselves for re-appointment.
COMPLIANCE UNDER SECTION 383 A OF THE COMPANIES ACT. 1956
In compliance with the Companies (Compliance Certificate) Rule 2001, a
compliance certificate issued by M/s. S.K. Hota & Associates, Company
Secretaries in Whole time practice, is attached to this report.
For and on behalf of the Board
For Malti Textile Mills Limited
Place: New Delhi
Dated: 18.08.2010 DIRECTOR