Mar 31, 2015
Dear Members,
The Directors have pleasure in presenting the Twenty fifth Annual
Report and Audited Accounts for the year ended 31st March 2015.
1. FINANCIAL RESULTS : (Rs. In lacs)
Particulars 31.03.2015 31.03.2014
Sales & Other Income 3428.20 4036.06
Profit before Interest,
Depreciation & Tax 330.53 496.70
Less : Interest 130.67 195.52
Depreciation 105.66 152.92
Income Tax 17.95 28.25
Wealth Tax 0.21 -
Net Profit for the year 76.04 120.00
Balance brought forward
from last year 278.90 158.90
Adjustment relating to
Fixed Assets 94.29 -
Balance carried forward 260.66 278.90
2. DIVIDEND :
In view of non-availability of sufficient profit, your Directors
express their inability to recommend payment of dividend in respect of
the year under review.
3. PERFORMANCE
This was a tough year for stone industry and this is effected in sales
growth number at Glittek Granites Limited.
During the year under review, your Company has achieved turnover of Rs.
3428.20 Lacs in comparison to previous year Rs. 4036.06 Lacs which is a
decline of 15.06% and earned a Profit of Rs. 76.04 Lacs in comparison
to Rs. 120.00 Lacs in the previous year which is again a decrease of
36.63%.
The reason for that is continuing global recession leading to downturn
global trade and the unexpected natural calamity during the first half
year of financial year hit the housing sector in USA
4. DIRECTORS' RESPONSIBILITY STATEMENT :
Your Directors state that :
a) In the preparation of the annual accounts for the year ended March
31, 2015, the applicable accounting standards read with requirements
set out under Schedule III to the Act, have been followed and there are
no material departures from the same;
b) The Directors have selected such accounting policies and applied
them consistently and made judgements and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs
of the Company as at March 31, 2015 and of the profit 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 Act for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities;
d) The Directors have prepared the annual accounts on a 'going concern'
basis;
e) The Directors have laid down internal financial controls to be
followed by the Company and that such internal financial controls are
adequate and are operating effectively; and
f) The Directors have devised proper systems to ensure compliance with
the provisions of all applicable laws and that such systems are
adequate and operating effectively.
5. CORPORATE GOVERNANCE
The Company is committed to maintain the highest standards of corporate
governance and adhere to the corporate governance requirements set out
by SEBI. The Company has also implemented several best corporate
governance practices as prevalent globally. The report on Corporate
Governance as stipulated under the Listing Agreement forms an integral
part of this Report. The requisite certificate from the Auditors of the
Company confirming compliance with the conditions of corporate
governance is attached to the report on Corporate Governance.
6. LISTING INFORMATION
The Shares of the Company are listed with and traded in dematerialized
form on Bombay Stock Exchange Ltd. (BSE).
The Listing Fee has been paid to the Stock Exchange for the year
2015-16. The ISIN No. of the company is INE 741B01027
7. 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 Agreement with the Stock
Exchanges in India, is presented in a separate section forming part of
the Annual Report.
8. CONTRACTS AND ARRANGEMENTS WITH RELATED PARTIES
All contracts / arrangements / transactions entered by the Company
during the financial year with related parties were in the ordinary
course of business and on an arm's length basis. During the year, the
Company had not entered into any contract / arrangement / transaction
with related parties which could be considered material in accordance
with the policy of the Company on materiality of related party
transactions.
Information on transactions with related parties pursuant to Section
134(3)(h) of the Act read with rule 8(2) of the Companies (Accounts)
Rules, 2014 are given in Annexure I in Form AOC-2 and the same forms
part of this report.
The Policy on related party transactions and dealing with related party
transactions as approved by the Board may be accessed on the Company's
website at the link:
Your Directors draw attention of the members to Note 32 to the
financial statement which sets out related party disclosures.
9. RISK MANAGEMENT
During the year, your Directors have constituted a Risk Management
Committee which has been entrusted with the responsibility to assist
the Board in (a) Overseeing and approving the Company's enterprise wide
risk management framework; and (b) Overseeing that all the risks that
the organization faces such as strategic, financial, credit, market,
liquidity, security, property, IT, legal, regulatory, reputational and
other risks have been identified and assessed and there is an adequate
risk management infrastructure in place capable of addressing those
risks.
The Company manages, monitors and reports on the principal risks and
uncertainties that can impact its ability to achieve its strategic
objectives. The Company's management systems, organisational
structures, processes, standards, code of conduct and behaviors
together form the Risk Management System (RMS) that governs how the
Company conducts the business and manages associated risks.
10. INTERNAL FINANCIAL CONTROLS
The Company has in place adequate internal financial controls with
reference to financial statements. During the year, such controls were
tested and no reportable material weakness in the design or operation
were observed.
11. DIRECTORS AND KEY MANAGERIAL PERSONNEL
Retirement by Rotation:
Shri Bimal Kumar Agarwal is retiring by rotation and being eligible,
offer himself for re-appointment, pursuant to Section 152(6) of the
Companies Act, 2013.
Appointment and Resignation.
During the period under review, Director Shri Amit Dhanuka had resigned
from the Board with effect from 31st March, 2015.The Board places on
record its appreciation and gratitude for his guidance and contribution
during his association with the Company.
On the recommendation of Nomination and Remuneration Committee, at the
Board Meeting held on 31st March, 2015, Smt Mira Agarwal was appointed
as an Additional Director.
Accordingly the Board recommends her as Independent Director of the
company to hold the office for 5 (five) consecutive years for a term
upto 2020 whose period of office shall not be liable to determination
by retirement of directors by rotation. The candidature is proposed by
the member of the company for the position of independent director.
As Additional Director, Smt. Mira Agarwal holds office up to the date
of forthcoming Annual General Meeting and is eligible for appointment
as a Director & Independent Director.
12. Key Managerial Person (KMP) :
Pursuant to provisions of section 203 of Companies Act, 2013 and the
Rules made thereunder. Accordingly, Your Company is in compliance with
the said requirement by having the following as the KMP :
Name Designation
Shri Kamal Kumar Agarwal Managing Director
Shri Ashoke Agarwal Jt. Managing Director
Shri Ashok Kumar Modi Chief Financial Officer
Lata Bagri Company Secretary
The Company has received declarations from all the Independent
Directors of the Company confirming that they meet the criteria of
independence as prescribed both under the Act and Clause 49 of the
Listing Agreement with the Stock Exchanges.
Criteria for Determining Qualifications, Positive Attributes and
Independence of a Director:
The Nomination and Remuneration Committee has formulated the criteria
for determining qualifications, positive attributes and independence of
Directors in terms of provisions of Section 178 (3) of the Act and
Clause 49 of the Listing Agreement.
Independence: In accordance with the above criteria, a Director will be
considered as an 'Independent Director' if he/ she meets with the
criteria for 'Independent Director' as laid down in the Act and Clause
49 of the Listing Agreement.
Qualifications: A transparent Board nomination process is in place that
encourages diversity of thought, experience, knowledge, perspective,
age and gender. It is also ensured that the Board has an appropriate
blend of functional and industry expertise. While recommending the
appointment of a Director, the Nomination and Remuneration Committee
considers the manner in which the function and domain expertise of the
individual will contribute to the overall skill-domain mix of the
Board.
Positive Attributes: In addition to the duties as prescribed under the
Act, the Directors on the Board of the Company are also expected to
demonstrate high standards of ethical behavior, strong interpersonal
and communication skills and soundness of judgment. Independent
Directors are also expected to abide by the 'Code for Independent
Directors' as outlined in Schedule IV to the Act.
The Company has devised a Policy for performance evaluation of
Independent Directors, Board, Committees and other individual Directors
which includes criteria for performance evaluation of the nonÂexecutive
directors and executive directors.
Annual Evaluation of Board Performance and Performance of its
Committees and of Directors :
Pursuant to the provisions of the Act and Clause 49 of the Listing
Agreement, the Board has carried out an annual evaluation of its own
performance, performance of the Directors as well as the evaluation of
the working of its Committees.
The Nomination and Remuneration Committee has defined the evaluation
criteria, procedure and time schedule for the Performance Evaluation
process for the Board, its Committees and Directors.
The Board's functioning was evaluated on various aspects, including
inter alia degree of fulfillment of key responsibilities, Board
structure and composition, establishment and delineation of
responsibilities to various Committees, effectiveness of Board
processes, information and functioning.
Directors were evaluated on aspects such as attendance and contribution
at Board/ Committee Meetings and guidance/ support to the management
outside Board/ Committee Meetings. In addition, the Chairman was also
evaluated on key aspects of his role, including setting the strategic
agenda of the Board, encouraging active engagement by all Board members
and motivating and providing guidance to the Managing Director & CEO.
Areas on which the Committees of the Board were assessed included
degree of fulfillment of key responsibilities, adequacy of Committee
composition and effectiveness of meetings.
The performance evaluation of the Independent Directors was carried out
by the entire Board, excluding the Director being evaluated.
The performance evaluation of the Chairman and the Non Independent
Directors was carried out by the Independent Directors who also
reviewed the performance of the Board as a whole. The Nomination and
Remuneration Committee also reviewed the performance of the Board, its
Committees and of the Directors.
The Chairman of the Board provided feedback to the Directors on an
individual basis, as appropriate. Significant highlights, learning and
action points with respect to the evaluation were presented to the
Board.
The details of programmers for familiarization of Independent Directors
with the Company, their roles, rights, responsibilities in the Company,
nature of the industry in which the Company operates, business model of
the Company and related matters are put up on the website of the
Company at the link: www.glittek.com/images/pdf/Familiarisation-
Programme-for-Independent-Director.aspx
13. POLICY ON PREVENTION, PROHIBITION AND REDRESSAL OF SEXUAL
HARASSMENT AT WORKPLACE
The Company has zero tolerance for sexual harassment at workplace and
has adopted a Policy on Prevention, Prohibition and Redressal of Sexual
Harassment at the Workplace, in line with the provisions of the Sexual
Harassment of Women at Workplace (Prevention, Prohibition and
Redressal) Act, 2013 and the Rules there under. The Policy aims to
provide protection to employees at the workplace and prevent and
redress complaints of sexual harassment and for matters connected or
incidental thereto, with the objective of providing a safe working
environment, where employees feel secure. The Company has also
constituted an Internal Complaints Committee, known as the Prevention
of Sexual Harassment (POSH) Committee, to inquire into complaints of
sexual harassment and recommend appropriate action.
The Company has not received any complaint of sexual harassment during
the financial year 2014-15.
14. REMUNERATION POLICY
The Company has adopted a Remuneration Policy for the Directors, Key
Managerial Personnel and other employees, pursuant to the provisions of
the Act and Clause 49 of the Listing Agreement.
The philosophy for remuneration of Directors, Key Managerial Personnel
and all other employees of the Company is based on the commitment of
fostering a culture of leadership with trust. The Remuneration Policy
of the Company is aligned to this philosophy.
The Nomination and Remuneration Committee has considered the following
factors while formulating the Policy :
(i) The level and composition of remuneration is reasonable and
sufficient to attract, retain and motivate Directors of the quality
required to run the Company successfully;
(ii) Relationship of remuneration to performance is clear and meets
appropriate performance benchmarks; and
(iii) Remuneration to Directors, Key Managerial Personnel and Senior
Management involves a balance between fixed and incentive pay
reflecting short and long-term performance objectives appropriate to
the working of the Company and its goals. Details of the Remuneration
Policy are given in Annexure-II
15. AUDITORS AND AUDITORS' REPORT Statutory Auditors
M/s. Rungta & Rungta, Chartered Accountants, Statutory Auditors of the
Company, had been appointed as Statutory Auditors of your Company, for
a period of three years from the Annual General meeting held on 29th
Seprember, 2014. However, as per the first proviso of section 139(1) of
the Companies Act, 2013, the appointment of auditors has to be ratified
by the members at very Annual General Meeting. The Company has received
a letter from auditors confirming their eligibility for re appointment
and meet the criteria for appointment specified in Section141 of the
Companies Act, 2013. Based on the recommendation of the Audit
Committee and as per the provision of section 139(1) of the Companies
Act, the Board of your Company proposes to ratify the appointment of
M/s Rungta & Rungta, Chartered Accountant, as the Statutory Auditors of
the Company for financial year 2015-16.
The Notes on financial statement referred to in the Auditors' Report
are selfÂexplanatory and do not call for any further comments. The
Auditors' Report does not contain any qualification, reservation or
adverse remark.
Secretarial Auditor
The Board has appointed M/s S.M. Gupta & Co., Practicing Company
Secretary, to conduct Secretarial Audit for the financial year 2014-15.
The Secretarial Audit Report for the financial year ended March 31,
2015 is annexed herewith marked as Annexure-III to this Report. The
Secretarial Audit Report does not contain any qualification,
reservation or adverse remark.
DISCLOSURES :
Audit Committee
The Audit Committee comprises three Directors, two being independent
namely Shri A.Venkatesh (Chairman), Shri A.T.Gowda and Non-Executive
Director Shri Bimal Kumar Agarwal as other members. All the
recommendations made by the Audit Committee were accepted by the Board.
VIGIL MECHANISM/ WHISTLE BLOWER POLICY
The Company has adopted a Whistle Blower Policy, to provide a formal
mechanism to the Directors and employees to report their concerns about
unethical behaviour, actual or suspected fraud or violation of the
Company's Code of Conduct or ethics policy. The Policy provides for
adequate safeguards against victimization of employees who avail of the
mechanism and also provides for direct access to the Chairman of the
Audit Committee. It is affirmed that no personnel of the Company has
been denied access to the Audit committee. The Policy on vigil
mechanism and whistle blower policy may be accessed on the Company's
website at the link:
Meetings of the Board
Seven meetings of the Board of Directors were held during the year. For
further details, please refer report on Corporate Governance on page
no. 43 of this Annual Report.
Conservation of Energy, Technology Absorption and Foreign Exchange
Earnings and Outgo The information on conservation of energy,
technology absorption and foreign exchange earnings and outgo
stipulated under Section 134 (3) (m) of the Act read with Rule 8 of The
Companies (Accounts) Rules, 2014, is annexed as Annexure IV
Extract of Annual Return
Extract of Annual Return of the Company is annexed herewith as Annexure
V to this Report.
Disclosures required under Section 197(12) of the Act read with Rule
5(1) of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014
i) Ratio of the remuneration of each director to the median
remuneration of the employees of the Company for the financial year :
Shri Kamal Kumar Agarwal Managing Director 11.02:1
Shri Ashoke Agarwal Joint Managing Director 11.29.1
Shri Bimal Kumar Agarwal Non-Executive Director Nil
ii) The percentage increase in remuneration of each director, chief
executive officer, chief financial officer, company secretary in the
financial year :
Directors, Chief Executive
Officer, Chief Financial % increase in remuneration in the
Officer and Company Secretary financial year
Shri Kamal Kumar Agarwal,
Managing Director Nil
and Chief Executive Officer
Shri Ashoke Agarwal, Joint
Managing Director Nil
Shri Ashok Kumar Modi,
Chief Financial Officer 17.83%
Lata Bagri, Company Secretary 27.94%
iii. The percentage increase in the median remuneration of employees
in the Financial Year is around 16.86%
iv. The no. of permanent employees on the rolls of the Company is 92.
v. The Company follows prudential remuneration policy under the
guidance of the Board and Nomination and Remuneration Committee.
Remuneration is linked to corporate performance, Business performance
and individual performance. Company Performance has a higher weightage
for senior positions and lower weightage for junior positions.
vi. Comparison of the remuneration of the Key Managerial Personnel
against the Performance of the Company The Key Managerial personnel was
paid around 54.29% of the profit after tax.
vii. Variations in the market capitalization of the Company, price
earnings ratio as at the closing date of the current financial year and
previous financial year and percentage increase over decrease in the
market quotations of the shares of the Company in comparison to the
rate at which the Company came out with the last public offer in case
of listed companies:
March 31, 2015 March 31, 2014
Market capitalization
(Rs. In lacs) 745.03 1375.84
Price Earnings Ratio 9.89 11.52
Decrease in the market
quotations of equity 71.3% 47%
shares in comparison to the
rate at which the last public
offer made in
viii. Average percentile increase already made in the salaries of
employees other than the managerial personnel in the last financial
year and its comparison with the percentile increase in the managerial
remuneration and justification thereof and point out if there are any
exceptional circumstances for increase in the managerial remuneration:
The average percentage increase made in the salaries of total employees
other than managerial personnel in the last financial year is 21.21% as
against nil increase in the remuneration of managerial personnel (as
defined in the Companies Act, 2013)
ix. Comparison of each remuneration of the Key Managerial Personnel
against the performance of the Company
The ratio of the remuneration of each of the KMP to the PAT of the
Company
MD & CEO 21.17%
JMD 21.70%
Chief Financial officer 5.57%
Company Secretary 5.85%
x. The key parameters for any variable component of remuneration
availed by the directors
Not applicable
xi. The ratio of the remuneration of the highest paid director to that
of the employees who are not directors but received remuneration in
excess of the highest paid director during the year
Not applicable
xii. Affirmation that the remuneration is as per the remuneration
policy of the Company
Yes
GENERAL
Your Directors state that no disclosure or reporting is required in
respect of the following items as therewere no transactions on these
items during the year under review:
1. Details relating to deposits covered under Chapter V of the Act.
2. Issue of equity shares with differential rights as to dividend,
voting or otherwise.
3. Issue of shares (including sweat equity shares) to employees of the
Company under ESOS
4. Neither the Managing Director nor the Joint Managing Director of
the Company receive any remuneration or commission from any of its
subsidiaries as the Company does not have any Subsidiary.
5. Particulars of Loans, Guarantees or Investments
6. Particulars of Employees and related disclosures as per section
197(12) and Rule 5(2) and Rule 5(3).
7. No significant or material orders were passed by the Regulators or
Courts or Tribunals which impact the going concern status and Company's
operations in future.
ACKNOWLEDGEMENT
Your Directors would like to express their sincere appreciation for the
assistance and coÂoperation received from the financial institutions,
banks, Government authorities, customers, vendors and members during
the year under review. Your Directors also wish to place on record
their deep sense of appreciation for the committed services by the
Company's executives, staff and workers.
By order of the Board
Place : Hoskote
Date : 13th August, 2015
(Kamal Kumar Agarwal)
Managing director
(Ashoke Agarwal)
Jt. Managing Director
Mar 31, 2014
Dear members,
The Directors have pleasure in presenting the Twenty Fourth Annual
Report and Audited Accounts for the year ended 31" March 2014,
1. FINANCIAL RESULTS
Rs. in Lakhs
Particulars 31.03.2014 31.03.2013
Sales & Other Income 4036.06 3196.16
Profit before Interest.
Depreciation & Tax 496.70 421.94
Less
Interest 195.52 185.43
Depreciation 152.92 146.21
lax 28.25 17.21
Net Profit for the year 120.00 73.09
Balance brought forward
from last year 158.00 85.81
Balance carried forward 278.SO 158.90
2 DIVIDEND :
In view of non availability of sufficient profit, your Directors
express their inability to recommend payment of dividend in respect of
the year under review
3. PERFORMANCE
During the year under review, your Company has achieved turnover of
Rs.4036 06 Lacs in comparison to previous year Rs.3196 16 Lacs
registering a growth of 26.28% and earned a Profit of Rs. 120.00 Lacs
in comparison to Rs.73 09 Lacs in the previous year which is again an
increase of 64.19% The increase in production capacity resulted from
capital expenditure has stabilized and the export market seems to be
picking up. Your company has requested its bankers to provide need
based working capital which when sanctioned will give major boost to
the company and with that support, your company is presently confident
of achieving good performance in the current year.
4 DIRECTORS- RESPONSIBILITY STATEMENT:
In compliance with Section 217(2AA) of the Companies Act, 1956, as
amended by the Companies (Amendment) Act. 2000 your Directors state
A That in the preparation of the annual accounts, the applicable
accounting standards have been followed along with proper explanation
relating to material departures
B. That the such accounting policies have been selected and applied
them consistently and the judgments and estimates made are 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 as on 31st March, 2014
and the Profit & Loss Account for that period
C. Proper and sufficient care has been taken for maintenance of
adequate accounting records in accordance with the provisions of me
Companies Act. 1956 for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities.
D. The Annual Accounts have been prepared on a going concern basis
5. CORPORATE GOVERNANCE
Pursuant to Clause 49 of the Listing Agreement with the Bombay Stock
Exchange, a report on Corporate Governance with Auditors''
Certificate on Compliance with conditions of Corporate Governance and
a Management Discussion & Analysis Report have been attached as part
of the Annual Report
6. LISTING INFORMATION
The Shares of the Company are listed with end traded in dematerialized
form on Bombay Stock Exchange Ltd (BSE)
The Listing Fee has been paid to the Stock Exchange for the year
2013-2014. The ISIN No. of the company is INE 741B01027.
7. RISK MANAGEMENT
As per listing requirement, the Company has adapted a risk management
policy as approved in the Meeting of Board of Directors of the
Company.
8. DIRECTORS
In accordance with the provisions of section 149 of the Companies Act,
2013 read with Companies (Appointment and Qualification of Directors)
Rules. 2014, recently amended Clause 49 of the listing Agreement with
Stock Exchange, the Board of Director of your Company is seeking the
appointment of Shri A. Venkatesh, independent Director, who retires by
rotation at the ensuing
Annual General Meeting under the erstwhile provision of the Companies
Act, 1956 and Shri A.T.Gowda and Shri Amit Dhanuka, Independent
Directors, whose period of office is liable to be determination by
retirement of director by rotation under the erstwhile applicable
provision of the companies Act, 1956, meets all the criteria of
Independence as laid down under section 149(6) and the code for
independent Directors in schedule IV of the Companies Act, 2013.
Accordingly the Board recommends all the aforesaid directors as
independent directors of the company to hold the office for 5 (five)
consecutive years for a term upto 28th September, 2019 whose period of
office shall not be liable to determination by retirement of directors
by rotation. The candidatures are proposed by the members of the
company for the position of independent directors.
B) Appointment of Key Managerial Person (KMP) :
Your Company is required to appoint Key Managerial Person (KMP),
Pursuant to provisions of section 203 of Companies Act, 2013 and the
Rules made thereunder. Accordingly, Your Company is in compliance with
the said requirement by having the following as the KMP :
Names Designation
Shri Kamal Kumar Agarwal Managing Director
Shri Ashoke Agarwal Joint Managing Director
Shri Ashok Kumar Modi Chief Financial Officer
Lata Bagri Company Secretary
C) Retirement by Rotation :
Shri Ashoke Agarwal is retiring by rotation and being eligible, offer
himself for reappointment, pursuant to Section 152(6) of the Companies
Act, 2013.
9. Re-Constitution of Committees :
a) Audit Committee
In compliance of provisions of Section 177 of the Companies Act, 2013
read with Revised Clause 49 of the Listing Agreement (effective from
October 1,2014), the existing Audit Committee has been re-constituted
on 29th day of May, 2014. During the Year 2013-2014. The Committee met
Four times.
The terms of reference of the Audit Commitee includes the powers as
laid down in Clause 49(II()(C) and the role as stipulated in Clause
49(lll) (D) of the Listing Agreement and review of information as laid
down in Clause 49(III)(E).
b) Nomination and Remuneration Committee In compliance of provision of
Section 178(1) of the Companies Act, 2013 read with Revised Clause 49
ofthe Listing Agreement (effective from October 1,2014), the existing
Remuneration Committee has been renamed as Nomination and Remuneration
Committee. The Committee consists of Shri A. Venkatesh, Shri A.T.
Gowda, Shri Amit Dhanuka and Shri B.K. Agarwal, to inter alia identify
persons for the appointment/ evaluation of performance, to formulate
¦ policy for Determining Qualifications of Independence of Director,
recommend relating to the remuneration for the director, Key
Managerial Personnel and other employee and report the same to the
Board.
c) Stakeholders Relationship Committee In compliance of provision of
Section 178(5) of the Companies Act, 2013 read with Revised Clause 49
ofthe Listing Agreement (effective from October 1,2014), the existing
Investor Grievance cum Share Transfer Committee has been renamed as
Stakeholders Relationship Committee.
The Stakeholders Relationship Committee was constituted to
specifically look into the redressal of investors'' complaints like
transfer of shares, non-receipt of balance sheet and non-receipt of
declared dividends, etc.
The Stakeholders Relationship Committee consists of three Directors,
Shri A.T. Gowda, Shri Bima! Kumar Agarwal and Shri Kamal Kumar
Agarwal.
10. AUDITORS & AUDITORS'' REPORT
M/s. Rungta & Rungta, Chartered Accountants, statutory auditors of the
company hold office until the conclusion of the ensuing Annual General
Meeting and being eligible offer themselves for reappointment. The
members are requested to consider their appointment as the statutory
auditors of the company from the conclusion of this annual general
meeting of the company untill the conclusion of Twenty Seventh (27th)
on such remunerations as may be decided by the Board of Directors in
consultation with the auditors of the Company.
There are no qualifications or adverse remarks in the Auditor''s report
which require any clarification/explanation. The notes on accounts
referred to in the Auditors'' Report are self explanatory and
therefore do not call for any further comments.
11. FIXED DEPOSITS
The Company has not accepted any fixed deposits from public during the
year under review.
12. PARTICULARS RELATING TO CONSERVATION OF ENERGY, TECHNOLOGY
ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO
The particulars as prescribed under subsection 1(e) of Section 217 of
the Act, read with Rule 2 of the Companies (Disclosure of Particulars
in the Report of Board of Directors) Rules, 1988, are provided in the
Annexure to this Report.
13. INDUSTRIAL RELATIONS
The Company continued to maintain cordial relation with the employees.
The Directors express their appreciation for the good cooperation
received from all sections of all Associates/Officers of the Company.
14. PARTICULARS OF EMPLOYEES
No of the Employee of your Company were in receipt of the remuneration
in excess of the limit specified under section 217{2A) Companies Act,
1956 read with Companies (Particulars of Employees) amendment Rules,
2011.
15. New Companies Act, 2013-Board''s Report The provisions of
Companies Act, 2013 along with relevant Rules therein have been
brought into force with effect from 1st April, 2014. However, the
Financial Statement, Auditors Report and Board''s report have been
prepared under the provisions of Companies Act, 1956, in view of
General Circular No. 08/2014 dated 04.04.2014 issued by MCA.
The Provision of section 134 of the Companies Act, 2013 and the Rules
made thereunder regarding certain additional disclosures in the
Board''s Report would be applicable to your Company from the
Financial Year ending on 31st March, 2015.
16. ACKNOWLEDGEMENT
Your Directors wish to place on record their appreciation of the
continued support rendered by the shareholders, customers, suppliers,
Bankers, Financial Institutions, the Central Government and the State
Government agencies for their cooperation extended to the Company.
By order of the Board
(Kamal Kumar Agarwal)
Managing director
Place: Hoskote
Date:13th August 2014.
(Ashoke Agarwal)
Jt. Managing Director
Mar 31, 2013
To the Shareholders
The Directors have pleasure in presenting the Twenty Third Annual
Report and Audited Accounts for the year ended 31st March 2013.
1. FINANCIAL RESULTS
Rs. in Lakhs
Particulars 31.03.2013 31.03.2012
Sales & Other Income 3196.16 2382.19
Profit before Interest,
Depreciation & Tax 421.94 350.52
Less: Interest 185.43 156.84
Depreciation 146.21 142.41
Tax 17.21 9.77
Net Profit for the year 73.09 41.50
Balance brought forward
from last year 85.81 44.31
Balance carried forward 158.90 85.81
2. DIVIDEND :
In view of non-availability of sufficient profit, your Directors
express their inability to recommend payment of dividend in respect of
the year under review.
3. PERFORMANCE
During the year under review, your Company has achieved turnover of Rs.
3196.16 Lacs in comparison to previous year Rs. 2382.19 Lacs and earned
a Profit of Rs. 73.09 Lacs in comparison to Rs. 41.50 Lacs in the
previous year.
The increase in production capacity resulted from capital expenditure
has stabilized and the export market seems to be picking up. Your
company has requested its bankers to provide need based working capital
which when sanctioned will give major boost to the company and with
that support, your company is presently confident of achieving good
performance in the current year.
4. DIRECTORS'' RESPONSIBILITY STATEMENT:
In compliance with Section 217(2AA) of the Companies Act,1956, as
amended by the Companies (Amendment) Act,2000 your Directors state :
A. That in the preparation of the annual accounts, the applicable
accounting standards has been followed along with proper explanation
relating to material departures.
B. That the such accounting policies have been selected and applied
them consistently and the judgments and estimates made are 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 as on 31st March, 2013
and the Profit & Loss Account for that period.
C. Proper and sufficient care has been taken for maintenance of
adequate accounting records in accordance with the provisions of the
Companies Act, 1956 for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities.
D. The Annual Accounts have been prepared on a going concern basis.
5. CORPORATE GOVERNANCE
Pursuant to Clause 49 of the Listing Agreement with the Bombay Stock
Exchange, a report on Corporate Governance with Auditors'' Certificate
on Compliance with conditions of Corporate Governance and a Management
Discussion & Analysis Report have been attached as part of the Annual
Report.
6. LISTING INFORMATION
The Shares of the Company are listed with and traded in dematerialized
form on Bombay Stock Exchange Ltd. (BSE).
The Listing Fee has been paid to the Stock Exchange for the year
2013-2014. The ISIN No. of the company is INE 741B01027.
7. RISK MANAGEMENT
As per listing requirement, the Company has adopted a risk management
policy as approved in the Meeting of Board of Directors of the Company.
8. DIRECTORS
In accordance with Article 149 of the Articles of Association of the
Company and the applicable provisions of the Companies Act, 1956, Shri
Kamal Kumar Agarwal and Shri Amit Dhanuka will retire from the Board by
rotation at the forthcoming Annual General Meeting and being eligible,
offer themselves for re-appointment.
9. AUDITORS & AUDITORS'' REPORT
M/s. Rungta & Rungta, Chartered Accountants, statutory auditors of the
company hold office until the conclusion of the ensuing Annual General
meeting and being eligible offer themselves for re- appointment. The
Company has received a certificate from them that their re-
appointment, if made, would be within the limits laid down under
Section 224(1 )(B) of the Companies Act, 1956.
The notes on accounts referred to in the Auditors'' Report are self
explanatory and therefore do not call for any further comments.
10. FIXED DEPOSITS
The Company has not accepted any fixed deposits during the year under
review.
11. PARTICULARS RELATING TO CONSERVATION OF ENERGY, TECHNOLOGY
ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO
The particulars as prescribed under sub- section 1(e) of Section 217 of
the Act, read with Rule 2 of the Companies (Disclosure of Particulars
in the Report of Board of Directors) Rules,1988, are provided in the
Annexure to this Report.
12. INDUSTRIAL RELATIONS
The Company continued to maintain cordial relation with the employees.
The Directors express their appreciation for the good co- operation
received from all sections of all Associates/Officers of the Company.
13. PARTICULARS OF EMPLOYEES
No employee of the Company is covered under section 217(2A) of the
Companies Act,1956 read with Companies (Particulars of Employees)
Rules, 1975, as amended.
14. ACKNOWLEDGEMENT
Your Directors wish to place on record their appreciation of the
continued support rendered by the shareholders, customers, suppliers,
Bankers, Financial Institutions, the Central Government and the State
Government agencies for their cooperation extended to the Company.
By order of the Board
(Kamal Kumar Agarwal)
Managing director
Place : Hoskote (Ashoke Agarwal)
Date : 30th day of May, 2013 Jt. Managing Director
Mar 31, 2011
The Directors have pleasure in presenting the Twenty First Annual
Report and Audited Accounts for the year ended 31st March 2011.
1. FINANCIAL RESULTS
Rs. Lakhs
Particulars 31.03.2011 31.03.2010
Sales & Other Income 1936.70 173539
Profit before Interest,
Depreciation & Tax 319.93 330.03
Less: Interest 144.56 15011
Depreciation 141.27 140.68
Tax 6.32 4.63
Net Profit for the year 27.78 26.41
Balance brought forward
from last year 16.53 (9.88}
Balance carried forward 44.31 1653
2. DIVIDEND
In view of non-availability or sufficient profit, your Directors
express their inability to recommend payment of dividend in respect of
the year under review.
3. PERFORMANCE
During the year under review, your Company has achieved turnover of Rs.
1936.70 Lacs in comparison to previous year Rs,1735.39 Lacs and earned
a Profit of Rs27.78 Lacs in comparison to Rs.26.41 Lacs in the
previous year.
4. DIRECTORS' RESPONSIBILITY STATEMENT
In compliance with Section 217(2 A A) of the Companies Act, 1956, as
amended by the Companies (Amendment) Act, 2000 your Directors state
that :
A. That in the preparation of the annual accounts, the applicable
accounting standards has been followed along with proper explanation
relating to material departures.
B. That the accounting policies have been selected and applied
consistently and the judgments and estimates made are 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 as on 31st March, 2011 and
the Profit & Loss Account for that period
C. Proper and sufficient care has been taker. for maintenance of
adequate accounting records in accordance with the provisions of the
Companies Act, 1956 for safeguarding the assets of the Company and (or
preventing and detecting fraud and other irregularities.
D. The Annual Accounts have been prepared on a going concern basis,
5. CORPORATE GOVERNANCE
Pursuant to Clause 49 of the Listing Agreement with the Bombay Stock
Exchange, a report on Corporate Governance with Auditors' Certificate
on Compliance with conditions of Corporate Governance and a Management
Discussion & Analysis Report have open attached as part of the Annual
Report.
6. LISTING INFORMATION
The shares of the Company are listed with and traded in dematerialized
form on Bombay Stock Exchange Ltd. (BSE).
The Listing Fee has been paid to the Stock Exchange for the year
2011-2012. The ISIN No. of the company is INE 741B01027.
7 RISK MANAGEMENT
As per listing requirement, the Company has adopted a risk management
policy as approved in the Meeting of Board of Directors of the Company.
8. DIRECTORS
In accordance with Article 149 of the Articles of Association ot the
Company and the applicable provisions of the Companies Act, 1956, Mr.
Ashoke Agarwal and Mr, A. Venkatesh will retire from the Board by
rotation at the forthcoming Annual General Meeting and being eligible,
offer themselves for re-appointment.
9 AUDITORS & AUDITORS' REPORT
M/s. flungta & Rungta, Chartered Accountant, statutory auditors of the
company hold office until the conclusion of the ensuing Annual General
meeting and being eligible offer themselves for re-appointment. The
Company has received a certificate from them that their re-appointment,
if made, would be within the limits laid down under Section 224(1 )(B)
of the Companies Act, 1956.
The notes on accounts referred to in the Auditors' Report are self
explanatory and therefore do not call tar any further comments.
10 FIXED DEPOSITS
The Company was not accepted any fixed deposits during the year under
review.
11. PARTICULARS RELATING TO CONSERVATION OF ENERGY, TECHNOLOGY
ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO
The particulars as prescribed under sub-section 1(e) of Section 217 of
the Act, read with flue 2 of the Companies (Disclosure of Particulars
in the Report of Board of Directors! Rules, 1988, are Provided in the
Annexure to Was He port,
12 INDUSTRIAL RELATIONS
The Company continued to maintain coral relation with the employees.
The Directors express their appreciation for the very good co-
operation received from all sections of all Associates/Officers of the
Company,
13. PARTICULARS OF EMPLOYEES
No employees of the Company is covered under section 2l7(2A) of the
Companies Act, 1956 read with Companies (Particulars of Employees}
Rules, I975, as amended.
14. ACKNOWLEDGEMENT
Your Directors wish to place on record their appreciation of the
continued support rendered by the shareholders, customers, suppliers,
rendered by the shareholders, customers, suppliers Bankers, Financial
Institutions, the Central Government and the State Government agencies
for their cooperation expended to the Company.*
By order of the Board
(Kamal Kumar Agarwal)
Managing director:
Place : Hoskote (Ashoke A
Date : 30th day of May, 2011. Jt. Mar&ging Director]
Mar 31, 2010
The Directors have pleasure in presenting the twentieth Annual Report
and Audited Accounts for the year ended 31st March 2010.
1. FINANCIAL RESULTS
Rs. Lakhs
Particulars 31.03.2010 31.03.2009
Sales & Other Income 1735.39 1024.78
Profit before Interest,
Depreciation & Tax 330.03 233.19
Less: Interest 158.11 96.12
Depreciation 140.68 122.35
Tax 4.83 3.27
Net Profit for the year 26.41 11.45
Balance brought forward
from last year (9.88) (21.33)
Balance carried forward 16.53 (9.88)
2. DIVIDEND
In view of non-availability of sufficient profit, your Directors
express their inability to recommend payment of dividend in respect of
the year under review.
3. PERFORMANCE
During the year under review, your Company has achieved turnover of
Rs.1735.39 Lacs in comparison to previous year Rs. 1024.78 Lacs and
earned a Profit of Rs 26.41 Lacs in comparison to Rs. 11.45 Lacs in the
previous year.
The increase in production capacity resulted from capital expenditure
has stabilized and the export market seems to be picking up. Your
company has requested its bankers to provide need based working capital
which when sanctioned will give major boost to the company and with
that support, your company is presently confident of achieving good
performance in the current year.
4. DIRECTORS RESPONSIBILITY STATEMENT
In compliance with Section 217(2AA) of the Companies Act,1956, as
amended by the Companies (Amendment) Act, 2000 your Directors state
that :
A. The Applicable Accounting Standards have been followed in the
preparation of Annual Accounts.
B. The accounting policies have been selected and applied consistently
and the judgments
and estimates made are reasonable and prudent so as to give a true and
fair view of the state of affairs of the Company as on 31st March, 2010
and the Profit & Loss Account for the year ended on that date.
C. Proper and sufficient care has been taken for maintenance of
adequate accounting records in accordance with the provisions of the
Companies Act, 1956 for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities.
D. The Annual Accounts have been prepared on a going concern basis.
5. CORPORATE GOVERNANCE
Pursuant to Clause 49 of the Listing Agreement with the Stock Exchange,
a report on Corporate Governance with Auditors Certificate on
Compliance with conditions of Corporate Governance and a Management
Discussion & Analysis Report have been attached as part of the Annual
Report.
6. LISTING INFORMATION
The shares of the Company are listed with and traded in dematerialized
form on Bombay Stock Exchange Ltd. (BSE).
The Listing Fee has been paid to the Stock Exchange for the year
2010-2011. The ISIN No. of the company is INE 741 B01027.
7. RISK MANAGEMENT
As per listing requirement, the Company has adopted a risk management
policy as approved in the Meeting of Board of Directors of the Company.
8. DIRECTORS
In accordance with Article 149 of the Articles of Association of the
Company and the applicable provisions of the Companies Act, 1956, Mr.
Kamal Kumar Kumar Agarwal and Mr. Amit Dhanuka will retire from the
Board by rotation at the forthcoming Annual General Meeting and being
eligible, offer themselves for re-appointment.
9. AUDITORS & AUDITORS REPORT
M/s. Rungta & Rungta, Chartered Accountants, statutory auditors of the
company hold office until the conclusion of the ensuing Annual General
meeting and being eligible offer themselves for re-appointment. The
Company has received a certificate from them that their re-appointment,
if made, would be within the limits laid down under Section 224(1 )(B)
of the
Companies Act, 1956.
The notes on accounts referred to in the Auditors Report are self
explanatory and therefore do not call for any further comments.
10. FIXED DEPOSITS
The Company has not accepted any fixed deposits during the year under
review.
11. PARTICULARS RELATING TO CONSERVATION OF ENERGY, TECHNOLOGY
ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO
The particulars as prescribed under sub-section 1(e) of Section 217 of
the Act, read with Rule 2 of the Companies (Disclosure of Particulars
in the Report of Board of Directors) Rules,1988, are provided in the
Annexure to this Report.
12. INDUSTRIAL RELATIONS
The Company continued to maintain cordial relation with the employees.
The Directors express their appreciation for the very good co-operation
received from all sections of all Associates/Officers of the Company.
13. PARTICULARS OF EMPLOYEES
No employee of the Company is covered under section 217(2A) of the
Companies Act, 1956 read with Companies (Particulars of Employees)
Rules,1975, as amended.
14. ACKNOWLEDGEMENT
Your Directors wish to place on record their appreciation of the
continued support rendered by the shareholders, customers, suppliers,
Bankers, Financial Institutions, the Central Government and the State
Government agencies for their cooperation extended to the Company.
By order of the Board
Kamal Kumar Agarwal)
Managing director
(Ashoke Agarwal)
Jt. Managing Director
Place : Hoskote
Date : 14th May 2010
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