Mar 31, 2014
The Members
The Directors have pleasure in presenting the 21st Annual Report for
the year ended on 31st March 2014.
Financial Results (Rs. In Lacs)
2013-14 2012-13
Gross sales 2862.02 3242.87
Profit / (Loss) Before Tax (22.49) 4.68
Provision for Taxation (including fringe 0.00 0.50
Benefit tax)
Deferred Tax (3.44) 18.54
Profit / (Loss) After Tax (25.93) 22.73
Balance Brought Forward from (4.08) (26.81)
Balance Sheet
Balance Carried to Balance Sheet (30.00) (4.08)
DIVIDEND:
In view of loss incurred during the year under review, your Board of
Directors does not recommend any dividend for the financial year
2013-14.
OPERATIONS:
The Company has achieved turnover of Rs. 2862.02 Lacs and incurred loss
of Rs. 25.93 Lacs during the year under review as compared to turnover
of Rs.3242.87 lacs and earned net profit of Rs. 22.73 Lacs during the
previous year.
MANAGEMENT DISCUSSION AND ANALYSIS
A report on Management Discussion and Analysis, which forms part of the
report, inter alia, deals adequately with the operation as also current
and future outlook of the company.
CORPORATE GOVERNANCE REPORT:
Pursuant to Clause 49 of the Listing Agreement with the Stock Exchange,
a separate section titled "Corporate Governance Report" is attached to
this Annual Report.
CFO CERTIFICATION
The Managing Director who looks after Finance function has submitted a
certificate to the Board regarding the financial statements and other
matters as required under Clause 49(V) of the Listing Agreement.
DIRECTORS
Shri Sunil S Talati has resigned from the Board of Directors of the
Company with effect from 31st March, 2014. Your Directors take this
opportunity to express their deep sense of appreciation for the
valuable services rendered by Shri Sunil S Talati during his tenure as
a Director.
Shri Jaykumar J. Shah retires by rotation at the ensuing Annual General
Meeting and being eligible, offer himself for reappointment.
Pursuant to provisions of Sections 149, 150, 152 and other applicable
provisions of the Companies Act, 2013 and Rules made thereunder, your
Directors are seeking appointment of Smt. Nitaben B. Shah (who was
appointed as Additional Director on the Board on 06/08/2014 to hold
office till the conclusion of ensuing Annual General Meeting), Shri
Nilesh R. Desai, Shri Mahesh S. Shah, Shri Narendra N. Shah and Shri
Rohit K. Choksi as Independent Directors of the Company for consecutive
term upto 31st March, 2019. Details of Directors being appointed/re-
appointed are given in the Explanatory Statement to the Notice
convening the Annual General Meeting. The Board of Directors recommends
their appointment/re-appointment for the approval of the shareholders
at the ensuing Annual General Meeting.
DIRECTOR''S RESPONSIBILITY STATEMENT:
As required by Section 217(2AA) of the Companies Act, 1956, in relation
to the financial statement for FY 2013-14, the Directors state :
1. That in preparation of the annual accounts the applicable accounting
standards have been followed alongwith proper explanation relating to
material departures, if any ;
2. That the directors have selected such accounting policies and
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 on 31st March, 2014 and of the loss for
the year ended 31st March, 2014 ;
3. That the directors have taken proper and sufficient care 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; and
4. The financial statements have been prepared on a going concern
basis.
AUDITORS:
M/s. Harish S. Patel & Co, Chartered Accountants, Ahmedabad, the
Statutory Auditors of the Company retire at the ensuing Annual General
Meeting and are eligible for re-appointment. They have furnished a
certificate regarding their eligibility for re-appointment as Statutory
Auditors of the Company, pursuant to Section 139(2) of the Companies
Act, 2013 read with Companies(Audit & Auditors) Rules, 2014. rules. The
Board of Directors recommends their re-appointment for the year 2014-15
at the ensuing Annual General Meeting.
COST AUDITORS :
M/s. Neetu & Associates., Cost Accountants, Ahmedabad have been
appointed as the Cost Auditors of the Company for FY 2013-14. Cost
audit report for FY 2012-13 was filed on 30th September, 2013 with the
Central Government (within the prescribed lime limit) pursuant to
Section 233 of the Companies Act, 1956.
PARTICULARS OF EMPLOYEE :
The Company has not paid remuneration attracting the provisions of
Section 217(2A) of the Company Act, 1956, read with Companies
(Particulars of Employee) Rules, 1975. Hence the Company is not
required to give information as per the said Rules.
DEPOSITS :
The Company has not accepted any deposited from public.
INSURANCE :
All fixed assets and movable assets of the Company are adequately
insured.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE
EARNING & OUTGO :
The Particulars as required U/s. 217(1)(e) of the Company Act, 1956
read with The Companies (Disclosure of Particulars in the Report of
Board of Directors ) Rules, 1988 relating to Conservation of Energy,
Technology Absorption and Foreign Exchange Earnings and Outgo are given
in the Annexure forming part of this report.
ACNOWLEDGEMENTS :
Your Directors are thankful to the officers, staff and workers of the
Company and Banks for their continued co-operation and contribution
extended in the operations of the Company.
Date : 06/08/2014 By Order of the Board
Place : Ahmedabad For, HIPOLIN LIMITED
Sd/-
Bhupendra J. Shah
Chairman
DIN No. 00325446
Mar 31, 2013
To, The Members
The Directors have pleasure in presenting the 20th Annual Report for
the year ended on 31s1 March 2013.
Financial Results (Rs. In Lacs)
2012-13 2011-12
Gross sales 3242.87 3516.65
Profit / (Loss) Before Tax 4.68 (18.99)
Provision for Taxation 0.50 -
Deferred Tax 18.54 (3.50)
Profit / (Loss) After Tax 22.72 (22.49)
Opening Balance Profit/ (Loss) Account (26.80) (4.31)
Add : Current Year''s Profit / (Loss) 4.18 (18.99)
Add : Deferred Tax Liability 18.54 (3.50)
Balance Carried to Balance Sheet_ (4.08) (26.80)
DIVIDEND
The Board of Directors donot recommend any dividend for the financial
year 2012-13 to conserve the financial resources.
OPERATIONS
The Company has achieved turnover of Rs. 3242.87 lacs and earned net
profit of Rs. 22.72 lacs during the year under review compared to
turnover of Rs. 3516.65 lacs and loss of Rs. 22.49 lacs during the
previous year.
MANAGEMENT DISCUSSION AND ANALYSIS
A report on Management Discussion and Analysis, which forms part of the
report, inter alia, deals adequately with the operation as also current
and future outlook of the company.
CORPORATE GOVERNANCE
Pursuant to Clause 49 of the Listing Agreement with the Stock Exchange,
a separate section titled Corporate Governance Report" is attached to
this Annual Report.
DIRECTORS
Shri Bhaupendra J. Shah, Shri Rumit B. Shah and Shri Mahesh S. Shah,
retire by rotation at the ensuing Annual General Meeting and being
eligible, offer themselves for reappointment.
DIRECTORS'' RESPONSIBILITY STATEMENT
As required by Section 217(2AA) of the Companies Act 1956, the
Directors state and confirm:
1. That in preparation of the annual accounts for the year ended 31st
March, 2013, the applicable accounting standards have been followed.
2. That the directors have selected such accounting policies and
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 at the end of the financial year viz. 31st
March, 2013 and of the profit of the Company for that period.
3. That the directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities.
4. That the directors have prepared the aforesaid annual accounts on a
going concern basis.
AUDITORS
TheAudit Committee of the Company has recommended the appointment of
M/s. Harish
5. Patel & Co, Chartered Accountants, Ahmedabad who retire at the
conclusion of the ensuring Annual General Meeting. The Auditors have
offered themselves for appointment. The Board recommends their
appointment by the members. They have submitted certificate regarding
their eligibility for appointment under Section 224(1-B) of the
Companies Act, 1956.
PARTICULARS OF EMPLOYEE
The Company has not paid any remuneration attracting the provisions of
Section 217(2A) of the Company Act, 1956, read with Companies
(Particulars of Employee) Rules, 1975. Hence the Company is not
required to give information as per the said Rules.
DEPOSITES
The Company has not accepted any deposited from public.
INSURANCE
All fixed assets and movable assets of the Company are adequately
insured.
ACNOWLEDGEMENTS
Your Directors are thankful to the officers, staff and workers of the
Company and Banks for their continued co-operation and contribution
extended in the progress of the Company.
Date : 07/08/2013 By Order of the Board
Place : Ahmedabad For, HIPOLIN LIMITED
Sd/-
Bhupendra J. Shah
Chairman
Mar 31, 2010
The Directors have pleasure in presenting the 17lh Annual Report for
the year ended on 31st March 2010.
1. FINANCIAL RESULTS:
(Rs. in Lacs) (Rs. in Lacs)
2009-10 2008-09
Gross sales 3609.67 3542.20
Profit Before Tax 94.24 68.90
Provision for Taxation (including
fringe Benefit tax) 30.50 37.92
Deferred Tax 4.67 (23.83)
Profit After Tax 59.07 54.81
Appropriations:
Praposed Dividend 31.31 31.31
Tax on Dividend 5.32 5.32
Transferred to General Reserve 2.36 1.50
Balance Carried to Balance Sheet 48.12 28.04
2. DIVIDEND :
The Board of Directors is pleased to recommend a dividend @10% i.e.
Rs.1.00 per equity share on 31,31,300 equity shares of Rs. 10 each for
the financial year 2009-10, amounting to Rs 31.31 lacs.
3. OPERATIONS:
The Company has achieved turnover of Rs. 3609.67 lacs and earned net
profit of Rs. 59.07 lacs during the year under review compared to
turnover of Rs. 3542.20 lacs and net profit of Rs. 54.81 during the
previous year.
4. MANAGEMENT DISCUSSION AND ANALYSIS:
A report on Management Discussion and Analysis (MDA), which forms part
of the report, inter alia, deals adequately with the operation as also
current and future outlook of the company.
5. CORPORATE GOVERNANCE:
Pursuant to Clause 49 of the Listing Agreement with the Stock Exchange,
a separate section titled Corporate Governance Report" is attached to
this Annual Report.
6. CFO CERTIFICATION:
The Managing Director and Whole Time Director who look after Finance
function have submitted a certificate to the Board regarding the
financial statements and other matters as required under clause 49(V)
of the Listing Agreement.
7. DIRECTORS:
Shri Mahesh S Shah, Shri Jaykurrter J Shah and Shri Rohit K Choksi
retire by rotation at the ensuing Annual General Meeting, being
eligible, offer themselves for reappointment.
Shri Nilesh Desai was appointed as an Additional Director of the
Company w.e.f 31/10/2009. Under Section 260 of the Companies Act, 1956
Shri Nilesh Desai continues to hold office as a Director until the
conclusion of the ensuing Annual General Meeting. As required under
Section 257, the Company has received a notice from a member signifying
his intention to propose Shri Nilesh Desai as a candidate for the
office of Director of the Company.
8. DIRECTORS RESPONSIBILITY STATEMENT:
As required by Section 217(2AA) of the companies Act 1956, the
Directors state and confirm:
1. That in preparation of the annual accounts for the year ended
31slMarch,2010 the applicable accounting standards have been followed.
2. That the directors have selected such accounting policies and
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 at the end of the financial year viz. March
31s,2010 and of the profit ofthecompany for that period.
3. That the directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act. for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities.
4. That the directors have prepared the aforesaid annual accounts on a
going concern basis.
9. AUDITORS:
The Audit Committee of Board of Directors ofthe Company has recommended
the appointment of M/s. HarishS. Patel& Co, Chartered Accountants,
Ahmedabad whoretireat the conclusion of the ensuring Annual General
Meeting. The Auditors have offered themselves for appointment. The
Board recommends their appointment by the members. They have submitted
certificate regarding their eligibility for appointment under Section
224(1-B) of the Companys Act, 1956. Notes to Accounts at Schedule 16
of Balance Sheet are self-explanatory in respect of any qualification
of auditors in their report.
10. COMPLIANCE CERTIFICATE:
Compliance certificate under the provisions of section 383A(1) of the
Companies Act, 1956 obtained from Rajesh Parekh & Co., Company
Secretary in whole time practice is a attached here with for your
perusal.
11. PARTICULARS OF EMPLOYEE:
The Company has not paid any remuneration attracting the provisions of
Section 217(2A)of the Company Act, 1956, read with Companies
(Particulars of employee) Rules, 1975.
12. DEPOSITES:
The Company has not accepted any deposit from public.
13. INSURANCE:
Majorfixed assets and movable assets of the Company are adequately
insured.
14. ENERGY CONSERVATION , TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE
EARNING & OUTGO:
The Particulars as required U/s .217(1 )(e) of the Company Act, 1956
read with Companies (Disclosure of Particulars in the Report of Boa/d
of Director) Rules, 1988 relating to conservation of energy, technology
absorption and foreign exchange earnings and outgo are given in the
annexure forming part of this report.
15. ACNOWLEDGEMENTS:
Your Directors are thankful to the officers, staff and workers of the
Company and Banks for their continued co-operation and contribution
extended in the progress of the Company.
Date : 28/08/2010 By Order of the Board
Place: Ahmedabad For, HIPOLIN LIMITED
Bhupendra J. Shah
Chairman & Managing Director
Disclaimer: This is 3rd Party content/feed, viewers are requested to use their discretion and conduct proper diligence before investing, GoodReturns does not take any liability on the genuineness and correctness of the information in this article