Mar 31, 2014
Dear Members,
The Directors present herewith the 20th Annual Report on the business
and operations of the Company and the audited accounts for the year
ended 31st March 2014.
Financial Results and Operations
The summarized financial results for the year ended 31st March, 2014 as
compared with the previous year are as under:
Rs. In Lakhs.
S. Particulars Year ended Year ended
No 31.03.2014 31.03.2013
1. Sales 51.46 79.20
2. Other Income 19.16 5.50
3. Total Income (1 2) 70.62 84.70
4. Total Expenses other than interest (146.11) (178.28)
5. Financial Cost 0.06 0.42
6. Total Expenses other than Depreciation 66.54 101.86
7. Depreciation 79.51 76.00
8. Miscellaneous Expenditure Written off 0.00 0.00
9. Profit/ (Loss) for the before tax (75.49) (93.57)
10. Provision for tax:MAT 0.00 0.00
11. Deferred Tax(Liability)/Asset 33.90 18.29
12. Profit/(Loss) for the year after tax (41.59) (75.29)
The operational performance of the Company is discussed in detail under
the Management Analysis and Discussion Report.
Deposits
The Company has not accepted any fixed deposits from the public
Conservation of Energy, Technology Absorption, Foreign Exchange Earning
and Outgo
Particulars pursuant to the provisions of section 217(1)(e) of the
Companies Act, 1956 read with the Companies (Disclosures of Particulars
in the report of Board of Directors) Rules, 1988 are given in the
"Annexure - A"
Particulars of Employees
No employee of the Company was in receipt of remuneration, which
requires disclosure under section 217(2A) of the Companies Act, 1956.
Directors
In accordance with the requirements of the Companies Act 1956, read
with the Articles of Association of the company Sri.Krishna Naik, shall
retire by rotation at this Annual General Meeting, and being eligible
offer himself for reappointment. A brief resume of the retiring
director as required under clause 40 of the Listing Agreement is
provided in this Annual Report.
The Company has received declarations from all the Independent
Directors of the company conforming that they meet the criteria of
Independence as prescribed both under section 149(6) of the Companies
Act, 2013 and under clause 49 of the listing agreement with the stock
exchange.
Auditors and Audit Report
The Statutory Auditors of the company M/s.Ramasamy Koteshwararao & Co,
Chartered Accountants, Hyderabad (Firm Reg No. 010396S), retire at the
ensuing Annual General Meeting and are eligible for re -appointment.
Your company has received intimation to the effect that, proposed
re-appointment, if made would be with in the prescribed limit under
Section 139 of the Companies Act 2013 and also in compliance with the
requirements of the Listing Agreement. They have also confirmed their
willingness to accept office, if re-appointed. The Board and Audit
Committee recommend the re-appointment of M/ s.Ramasamy Koteshwararao &
Co, Chartered Accountants, Hyderabad, as Statutory Auditors to hold
office till conclusion of Next Annual General Meeting.
The Auditors Report and notes to the accounts are self explanatory and
do not call for any further comments.
Director''s responsibility statement
In accordance with sub-section (2AA) of section 217 of the Companies
Act, 1956, the Directors of the Company state:
a. That in the preparation of the accounts for the financial year
ended 31st March, 2014; the applicable accounting standards have been
followed along with proper explanation relating to material departures.
b. 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 of the Company for the year under review.
c. 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, 1956 for safe guarding the assets of
the Company and for preventing and detecting fraud and other
irregularities.
d. That the Directors have prepared the accounts for the financial
year ended 31st March, 2014 on a ''going concern basis''.
Management Discussion & Analysis Report
A separate report on Management Discussion & Analysis Report is
attached to this report.
Corporate Governance Report
A separate report on corporate governance along with Auditor''s
certificate on its compliance is attached to this report.
Cash Flow Statement
In conformity with the provisions of Clause 32 of the Listing Agreement
with the Stock Exchanges, the cash flow statement for the year ended
March 31, 2014 is annexed hereto.
Audit Committee
In accordance with Clause 49 of the Listing Agreement, the company has
constituted the Audit Committee, which consists of Majority of
Independent Directors and Non Executive Directors of the company Viz.
Sri.K.Suresh, Sri. Maqsood Ahmed and Smt. Meena Kerur. The Audit
committee functions in terms of the role and powers delegated by the
Board of Directors keeping in view of the Provisions of Clause 49 of
Listing Agreement and Section 292A of the Companies Act 1956.
Human Resource
The Board of Directors would like to place on record its deep
appreciation to all the employees for their dedicated services to the
company. Our organizational culture and work environment is central to
our ability to work effectively.
Acknowledgement
Your Directors take this opportunity to express their appreciation for
the cooperation and continued support received from various departments
of Central and State Governments, financial institutions, Banks, the
Suppliers, Customers and Shareholders of the Company
By Order of the Board
Place: Hyderabad Sd/-
Date: 04/08/2014 Sri Krishna Naik
Managing Director
Mar 31, 2010
The Directors present herewith the 16th Annual Report on the business
and operations of the Company and the audited accounts for the year
ended 31st March 2010.
1 . FINANCIAL RESULTS AND OPERATIONS
The summarized financial results for the year ended 31stMarch 2010 as
compared with the previous year are as under:
Rs.In Lakhs.
S.No Particulars Year ended Year ended
31.03.2010 31.03.2009
1. Sales 63.46 145.09
2. Other Income 9.98 6.25
3. TOTAL INCOME (1+2) 73.44 151.34
4. Total Expenses other than interest 72.31 141.27
5. Interest 0.00 0.00
6. Total Expenses other than
Depreciation 72.31 141.27
7. Depreciation 75.35 74.69
8. Miscellaneous Expenditure
Written off 0.00 16.18
9. Profit/(Loss) for the before tax (74.22) (80.81)
10. Provision for tax 0.00 0.00
Fringe benefit Tax 0.00 0.72
MAT 0.00 1.14
Deferred Tax(Liability)/Asset 17.29 16.14
Profit/(Loss) for the
year after tax (56.93) (66.53)
The operational performance of the Company is discussed in detail under
the Management Analysis and Discussion Report.
2. RESERVES:
The company has not transferred any amount to reserves during the
financial year under review
3. DIVIDEND
Your directors consider it prudent to conserve the resources of the
Company and hence have not declared any divided to sustain the future
growth of the Company.
4. DEPOSITS
The Company has not accepted any fixed deposits from the public within
the meaning of section 58A of the Companies Act, 1956.
5. INFORMATION PURSUANT TO THE COMPANIES DISCLOSURE OF (PARTICULARS IN
THE REPORT OF THE BOARD OF DIRECTORS) RULES 1988
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNING
AND OUTGO (pursuant to sec 217(1)(e))
A. Conservation of energy:
I. Adequate measures have been taken for conservation of energy.
II. There is no additional investment and proposal for reduction of
energy conservation.
III. As there is no additional investment, there is no impact on the
business of the company
B. Technology Absorption
i) Research & Development (R&D)
a) Specific areas in which R&D carried out by the company
For having the modern design, patterns and styles and improving the
quality of the products and to have unique, royal and classic designs,
the company is constantly carrying out research. The Company has
developed new Yam Structure which increases the quality in terms of
life of Carpet.
b) Benefits derived as a result of R&D
The most impressive designs with highest standard in quality meeting
the present market demand, have emerged out of research carried out by
the Company. The new Yarn has been greatly accepted in the market.
c) Future plan of action
The quality designs of carpets has to io be improved with a view to
have unique features, pattern and design.
Expenditure on R & D: The Company has not made any expenditure on R& D.
ii) Technology absorption, adoption and innovation.
During the year the company has neither absorbed any new Technology nor
adopted or innovated any as the existing technology is sufficient to
meet the present market requirements.
6. FOREIGN EXCHANGE EARRINGS AND OUT GO:
Foreign Exchange Earnings : NIL
Foreign Exchange out go : 16.69 Lakhs
7. PARTICULARS OF EMPLOYEES
No employee of the Company was in receipt of remuneration, which
requires disclosure under section 21 7(2A) of the Companies Act, 1956.
8. DIRECTORS
In accordance with the requirements of the Companies Act 1956, read
with the Articles of Association of the company Sri Maqsood Ahmed and
Mrs Meena Kerur retire by rotation at this Annual General Meeting, and
being eligible offer themselves for reappointment.
9. AUDITORS
M/s N.V Ganagadhara & Associates, Chartered Accountants, Statutory
Auditors of the Company and WHEREAS a special notice has been received
pursuant to Section 225(1) of the Companies Act, 1956 from shareholders
for the appointment of M/s Ramasamy Koteswararao &Co., Chartered
Accountants, Hyderabad in place of retiring Auditors, namely M/s N.V
Ganagadhara & Associates, Chartered Accountants. It is proposed to
appointment him as Auditors for the financial year 2010-201 1 and fix
their remuneration. A letter for unwillingness to continue as a
Statutory Auditor is obtained from the Retiring Auditor.A consent
letter and certificate is received from the New Auditors that if
appointment is made, he will be within the limits laid down under
section 224 (1 B) of Companies Act, 1956.
10. DIRECTORS RESPONSIBILITY STATEMENT
In accordance with sub-section (2AA) of section 21 7 of the Companies
Act, 1956, the Directors of the Company state:
a. That in the preparation of the accounts for the financial year
ended 31st March 2010, the applicable accounting standards have been
followed along with proper explanation relating to material departures.
b. 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 of the Company for the year under review.
c. 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, 1 956 for safe guarding the assets of
the Company and for preventing and detecting fraud and other
irregularities.
d. That the Directors have prepared the accounts for the financial
year ended 31st March 2010 on a going concern basis.
11. CORPORATE GOVERNANCE REPORT
A separate report on corporate governance along with Auditors
certificate on its compliance is attached to this report.
12. MANAGEMENT DISCUSSION & ANALYSIS REPORT
A Separate Report of Management Discussion and Analysis Report as
required under the Provisions of listing agreement attached to this
report.
13. CASH FLOW STATEMENT
In conformity with the provisions of Clause 32 of the Listing Agreement
with the Stock Exchanges, the cash flow statement for the year ended
March 31, 2010 is annexes hereto.
14. LISTING
The Equity shares of the company Listed on the Bombay Stock Exchange
Limited. The company has paid the applicable listing fee to the BSE
up-to-date.
15. AUDIT COMMITTEE
In accordance with Clause 49 of the Listing Agreement, the company has
constituted the Audit Committee, which consist of Three Independent
Directors and Non Executive Directors of the company Viz. Mr.K.Suresh,
Mrs.Meena Kerur and Mr.Maqsood Ahmed. The Audit committee functions in
terms of the role and powers delegated by the Board of Directors
keeping in view of the Provisions of Clause 49 of Listing Agreement and
Section 292A of the Companies Act 1956.
16. HUMAN RECOURSE
The Board of Directors would like to place on record its deep
appreciation to all the employees for their dedicated services to the
company. Our organizational culture and work environment is central to
our ability to complete effectively.
Company has taken initiative to appoint Qualified Company Secretary to
comply with the provision of Section 383A of the companies Act, Listing
Agreement. The Efforts of the company was not fruitful, however company
is availing the services from Practicing Company Secretary.
17. ACKNOWLEDGEMENT
Your Directors take this opportunity to express their appreciation for
the cooperation and continued support received from various departments
of Central and State Governments, financial institutions, Banks, the
Suppliers, Customers and Shareholders of the Company.
By order of the Board of Directors
Sd/-
Place: Hyderabad S. NAIK
Date : 13-08-2010 Chairman & Managing Director
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