Mar 31, 2015
Dear Members
The Directors have pleasure in presenting the 21st Annual Report of
your Company together with the Audited financial Statements for the
financial year ended 31st March, 2015.
1. Financial Highlights
The financial performance of your Company for the year ended 31st
March, 2015 is summarized below:
Particulars Amount (Rs. in lacs)
FY 2014-15 FY 2013-14
Net Sales 846.04 742.97
Other Income 6.11 162.23
Total Revenue 852.15 905.20
Total Expenditure 843.49 748.61
Profit before tax 8.66 156.59
Provision for tax 1.65 31.70
Deferred Tax -9.64 0.84
Profit after tax 7.71 124.04
Paid-up Share Capital 420.05 420.05
Reserves and Surplus (excluding revaluation
reserve) 164.21 157.52
2. Year in Retrospect
During the year under review, total income of the Company was Rs.
852.15 lacs as against Rs. 905.20 lacs in the previous year. The
Company was able to earn a profit after tax of Rs. 7.71 lacs in the
current financial year as against a profit of Rs. 124.04 lacs in the
financial year 2013-14. Your Directors are putting in their best
efforts to improve the performance of the Company.
3. Reserves & Surplus
The net movement in the major reserves of the Company for FY 2014-15
and the previous year are as follows:
(Rs. In lacs)
Particulars FY 2014-15 FY 2013-14
Securities Premium Account 49.95 49.95
Capital Reserves 77.28 77.28
Profit & Loss A/c (Cr.) 36.98 30.29
Total 164.21 157.52
4. Public deposits
During the financial year 2014-15, your Company has not accepted any
deposit within the meaning of Sections 73 and 74 of the Companies Act,
2013 read together with the Companies (Acceptance of Deposits) Rules,
2014.
5. Material Changes after the close of the financial year
Save as mentioned elsewhere in this Report, no material changes and
commitments affecting the financial position of the Company has
occurred between the end of the financial year of the Company-31st
March, 2015 till the date of this report.
6. Dividend
The Board of Directors of your Company has decided to retain and plough
back the profits into the business of the Company, thus no dividend is
being recommended for this year.
7. Subsidiaries/ Joint Ventures/ Associates
As on 31st March 2015, the Company had no Subsidiaries, Joint Ventures
(JVs) or Associate Companies. Accordingly statement containing the
salient feature of the financial statement of a company's subsidiary or
subsidiaries, associate company or companies and joint venture or
ventures in Form AOC-1 is not applicable.
The names of companies which have become or ceased to be its
Subsidiaries, joint ventures or associate companies during the year:
Nil Policy for determining material subsidiaries of the Company has
been provided on the website www.incocotspin.com at the link
http://indocotspin.com/reports/Policy%20for%20Determing%20Material
%20Subsidiary.pdf
8. Change in the nature of business
There has been no major change in the nature of business of your
Company. Further since there is no subsidiary, joint venture and
associate company, there is no question for mentioning of change in
nature of business of such companies.
9. Directors and Key Managerial Personnel
In terms of Section 149 of the Companies Act, 2013, the Company has
appointed the following as Independent Directors of the Company at the
Annual General Meeting of your Company held on 30th September, 2014 to
hold office up to 5 (five) consecutive years up to 31st March, 2019.:
- Mr. Anil Aggarwal - Mr. Vinod Kumar Garg - Mr. Pawas Aggarwal
- Mr. Ankush Aggarwal - Mr. Vinod Kumar Garg
In accordance with the provisions of section 149 of the Companies Act,
2013 all the independent directors are non rotational. The details of
the familiarization programmes for Independent Directors are disclosed
on the Company's website  www.indocotspin.com at link
http://indocotspin.com/reports/Independent%20Director%20-
%20Familarisation%20Programme.pdf
In terms of Section 203 of the Act, the following were designated as
Key Managerial Personnel of your Company by the Board:
- Mr. Bal Kishan Aggarwal, Managing Director - Mr. Sanil Aggarwal,
Whole Time Director
- Mr. Raj Pal Aggarwal, Whole Time Director - Mr. Vijay Pal, Chief
Financial Officer
- Mr. Sahil Aggarwal, Whole Time Director - Mr. Sonu Gupta, Company
Secretary
- Mr. Arpan Aggarwal, Whole Time Director
Details of change in the Board of Directors and the Key Managerial
Personnel, during the year under review are as below:
Name Designation Date of Date of Date of change
Appointment Resignation in designation
Mr. Vijay Pal Chief Financial
Officer 30-05-2014 N.A. N.A.
Mr. Sonu Gupta Company
Secretary 30-05-2014 N.A. N.A.
Mr. Arpan Aggarwal and Mr. Sahil Aggarwal are liable to retire by
rotation in the ensuing Annual general Meeting and being eligible offer
themselves for re-appointment. Directors recommend their
re-appointment.
The Board has laid down separate Codes of Conduct for Directors and
Senior Management personnel of the Company and the same are posted on
the Company's website. All Board Members and Senior Management
personnel have affirmed compliance with the Code of Conduct. The
Managing Director has also confirmed and certified the same. The
certification is enclosed at the end of the Report on Corporate
Governance.
10. Declaration of Independence
Your Company has received declarations from all the Independent
Directors confirming that they meet the criteria of independence as
prescribed under the provisions of Companies Act, 2013 read with the
Schedules and Rules issued thereunder as well as Clause 49 of the
Listing Agreement.
11. Disclosure of commission paid to managing or whole time directors
There is no commission paid or payable by your company to the managing
director or the whole time director.
12. Number of meetings of the Board of Directors
The details of the number of Board of Directors of your Company are as
below:
Meeting No. of
Meeting Dates of Meeting
Board of Directors Nine (9) 30.05.2014, 10.06.2014, 19.07.2014,
31.07.2014, 11.08.2014, 29.09.2014,
31.10.2014, 08.12.2014 & 31.01.2015
13. Annual Evaluation of Board performance and performance of its
committees and individual directors
Pursuant to the provisions of the Companies Act, 2013 and Clause 49 of
the Listing Agreement, the Board has carried out an annual evaluation
of its own performance, performance of the Directors individually as
well as the evaluation of the working of its Committees. Feedback was
sought from Directors about their views on the performance of the Board
covering various criteria. Feedback was also taken from directors on
his assessment of the performance of the other Directors. The
Nomination and Remuneration Committee (NRC) then discussed the above
feedback received from all the Directors. Based on the inputs received,
the Chairman of the NRC also made a presentation to the Independent
Directors at their meeting, summarizing the inputs received from the
Directors as regards Board performance as a whole, and of the Chairman.
Post the meeting of the Independent Directors, their collective
feedback on the performance of the Board (as a whole) was discussed by
the Chairman of the NRC with the Chairman of the Board. Every
statutorily mandated committee of the Board conducted a self-assessment
of its performance and these assessments were presented to the Board
for consideration. 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.
Feedback was provided to the Directors, as appropriate. Significant
highlights, learning and action points arising out of the evaluation
were presented to the Board.
14. Remuneration Policy for the Directors, Key Managerial Personnel
and other employees
In accordance with Section 178 and other applicable provisions if any,
of the Companies Act, 2013 read with the Rules issued thereunder and
Clause 49 of the Listing Agreement, the Board of Directors of the
Company has formulated the Nomination and Remuneration Policy of your
Company on the recommendations of the Nomination and Remuneration
Committee. The Nomination and Remuneration Policy, covering the policy
on appointment and remuneration of Directors and other matters is
set-out in Annexure-I to this Report.
15. Committees of the Board
The Committees of the Board focus on certain specific areas and make
informed decisions in line with the delegated authority. The following
Committees constituted by the Board function according to their
respective roles and defined scope:
- Audit Committee
- Nomination and Remuneration Committee
- Stakeholders Relationship Committee
Composition of the Committee of the Board of Directors of the Company
is as below:
Audit Committee:
1. Mr. Anil Aggarwal Chairman (Independent Director)
2. Mr. Ankush Aggarwal Member (Independent Director)
3. Mr. Raj Pal Aggarwal Member (Executive Director)
Stakeholders Relationship Committee:
1. Mr. Anil Aggarwal Chairman (Independent Director)
2. Mr. Ankush Aggarwal Member (Independent Director)
3. Mr. Raj Pal Aggarwal Member (Executive Director)
Nomination and Remuneration Committee:
1. Mr. Anil Aggarwal Chairman (Independent Director)
2. Mr. Ankush Aggarwal Member (Independent Director)
3. Mr. Pawas Aggarwal Member (Independent Director)
16. Audit Committee Recommendations
During the year all the recommendations of the Audit Committee were
accepted by the Board.
17. Conservation of Energy, Technology Absorption
The information on conservation of energy and technology absorption
stipulated under Section 134(3)(m) of the Companies Act, 2013 read with
Rule 8 of the Companies (Accounts) Rules, 2014, is attached as
Annexure-II.
18. Particulars of Employees and Remuneration
The information required under Section 197 of the Companies Act, 2013
read with Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014 in respect of Directors/ employees of your
Company is set out in Annexure-III to this Report.
19. Related Party Transactions
In line with the requirements of the Companies Act, 2013 and the
Listing Agreement, the Company has formulated a Policy on Related Party
Transactions and the same is uploaded on the Company's website:
www.indocotspin.com at the link http://
indocotspin.com/reports/RPT%20Policy.pdf. Details of Related Party
Transactions as per AOC-2 are provided in Annexure-IV.
20. Loans and investments
The details of loans, guarantees and investments under Section 186 of
the Companies Act, 2013 read with the Companies (Meetings of Board and
its Powers) Rules, 2014 are as follows: A. Details of investments made
by the Company as on 31st March, 2015:
Name of Investee entity/ investment Amount (Rs. in lacs)
Investment in popular plants 0.49
B .Details of loans given by the Company as on 31st March, 2015:
Name of borrower entity Amount (Rs. in lacs)
N.A. N.A.
C. Details of guarantees issued by your Company in accordance with
Section 186 of the Companies Act, 2013 read with the Rules issued
thereunder: Nil
1. Extract of Annual Return
Pursuant to Section 92 of the Act and Rule 12 of The Companies
(Management and Administration) Rules, 2014, the extract of Annual
Return in Form MGT-9, is provided in Annexure-V.
2. Auditors and auditors' report:
At the 20th Annual General Meeting of the Company, M/s. Manish Jain &
Associates, Chartered Accountants, Panipat were appointed as the
Auditors to hold office till the conclusion of the ensuing Annual
General Meeting.
M/s. Manish Jain & Associates, Chartered Accountants, who retire at the
ensuing AGM of your Company, are eligible for re-appointment. Your
Company has received written consent and a certificate stating that
they satisfy the criteria provided under Section 141 of the Companies
Act, 2013 read with the Companies (Audit and Auditors) Rules, 2014 and
that the appointment, if made, shall be in accordance with the
applicable provisions of the Companies Act, 2013 and rules issued
thereunder. The Audit Committee and the Board of Directors recommend
the appointment of M/s. Manish Jain & Associates, Chartered Accountants
as the Auditors of your Company for the financial year 2015-16 till the
conclusion of the next AGM.
The Auditors' Report for the financial year 2014-15, does not contain
any qualification, observation or adverse remarks and accordingly no
comments required by your Board of Directors on the same.
3. Secretarial Audit Report
Pursuant to the provisions of Section 204 of the Companies Act, 2013
and the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014; the Secretarial Audit Report provided by the
Secretarial Auditors is annexed as Annexure-VI. The Secretarial
Auditors' Report for the financial year 2014-15, does not contain any
qualification, observation or adverse remarks and accordingly no
comments required by your Board of Directors on the same.
4. Internal Control Systems and adequacy of Internal Financial
Controls
The Company has a proper and adequate system of internal controls. This
ensures that all transactions are authorized, recorded and reported
correctly, and assets are safeguarded and protected against loss from
unauthorized use or disposition. The Company has an Internal Control
System, commensurate with the size, scale and complexity of its
operations.
In terms of section 138 of the Companies Act, 2013, M/s R.S. Gahlyan &
Associates, Chartered Accountants has been appointed as the Internal
Auditors of your Company. The Company also has an Audit Committee, who
interacts with the Statutory Auditors, Internal Auditors and Management
in dealing with matters within its terms of reference.
5. Risk management
Your Company recognizes that risk is an integral part of business and
is committed to managing the risks in a proactive and efficient manner.
Your Company periodically assesses risks in the internal and external
environment. Your Company, through its risk management process, strives
to contain impact and likelihood of the risks within the risk appetite
as decided by the management.
There are no risks which in the opinion of the Board threaten the
existence of your Company.
6. Cost Records and Cost Audit Report
In terms with the provisions of section 148 of the Companies act, 2013
read with the Companies (Cost records and audit) Rules 2014,
maintenance of cost records and appointment of Cost Auditors are not
applicable on your Company.
7. Vigil mechanism
The Company believes in the conduct of the affairs of its constituents
in a fair and transparent manner by adopting highest standards of
professionalism, honesty, integrity and ethical behaviour.
Pursuant to Section 177(9) of the Companies Act, 2013 and clause 49 of
the listing agreement, a vigil mechanism was established for directors
and employees to report to the management instances of unethical
behavior, actual or suspected, fraud or violation of the Company's code
of conduct or ethics policy. The copy of vigil mechanism policy is
uploaded on the website of your company.
8. Corporate Governance
Pursuant to Clause 49 of the Listing Agreements with the Stock
Exchanges and relevant sections of the Act, the Management Discussion
and Analysis Report is annexed as Annexure-VII. Further a Report on
Corporate Governance and Certificate on compliance of Clause 49 is
annexed as Annexure-VIII.
9.Code of Conduct for Prevention of Insider Trading
Your Company's Code of Conduct for Prevention of Insider Trading covers
all the Directors, senior management personnel, persons forming part of
promoter(s)/promoter group(s) and such other designated employees of
the Company, who are expected to have access to unpublished price
sensitive information relating to the Company. The Directors, their
relatives, senior management personnel, persons forming part of
promoter(s)/promoter group(s), designated employees etc. are restricted
in purchasing, selling and dealing in the shares of the Company while
in possession of unpublished price sensitive information about the
Company as well as during the closure of trading window.
The Board of Directors has approved and adopted the Code of Conduct to
Regulate, Monitor and Report Trading by
Insiders in line with SEBI (Prohibition of Insider Trading) Regulation,
2015 and the same can be accessed through the following link:
http://indocotspin.com/reports/New%20Insider-Trading-Code-2015.pdf
Your Board of Directors has also approved the Code for Fair Disclosure
and the same can be accessed through the following link:
http://indocotspin.com/reports/Code%20of%20Fair%20Disclosure.pdf
10.Corporate Social Responsibility
Provisions of the Corporate Social Responsibility as mentioned under
the Companies Act, 2013 is not applicable on the Company.
11.Significant/material orders passed by the regulators
There are no significant/material orders passed by the Regulators or
Courts or Tribunals impacting the going concern status of your Company
and its operations in future.
12.General
Your Board of Directors confirms that (a) Your Company has not issued
equity shares with differential rights as to dividend, voting or
otherwise; (b) Your Company does not have any ESOP scheme for its
employees/Directors; and, (c) there is no scheme in your Company to
finance any employee to purchase shares of your Company.
13.Directors' Responsibility Statement
Pursuant to Section 134(3)(c) and 134(5) of the Companies Act, 2013,
the Directors confirm that:
a. in the preparation of the annual accounts for the financial year
ended 31st March, 2015, the applicable accounting standards and
Schedule III of the Companies Act, 2013, 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 judgments and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs
of your Company as at 31st March, 2015 and of the profit and loss of
the Company for the financial year ended 31st March, 2015;
c. proper and sufficient care has been taken 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;
d. the annual accounts have been prepared on a 'going concern' basis;
e. proper internal financial controls laid down by the Directors were
followed by the Company and that such internal financial controls are
adequate and were operating effectively; and
f. proper systems to ensure compliance with the provisions of all
applicable laws were in place and that such systems were adequate and
operating effectively.
14. Stock Exchange Listing
The shares of the Company are listed on BSE Limited (BSE). The listing
fee for the financial year 2015-16 has been paid to BSE.
15. Acknowledgement
Your Directors take this opportunity to place on record their sincere
appreciation for the co-operation and assistance the Company has
received from Banks and various Government Departments. The Board also
places on record its appreciation of the devoted services of the
employees, support and co-operation extended by the valued business
associates and the continuous patronage of the customers of the
Company.
For and on Behalf of the Board
For Indo Cotspin Limited
Date : 30th May, 2015 Bal Kishan Aggarwal Raj Pal Aggarwal
Place : Panipat Chairman & Managing
Director Whole Time Director
DIN: 00456219 DIN: 00456189
Mar 31, 2014
Dear Members,
The Directors have pleasure in presenting the 20^ Annual Report of your
Company together with the Audited Annual Accounts for the financial year
ended 31" March, 2013.
Financial Highlights
Particulars Amount (Rs. in lacs)
FY 2013-14 FY 2012-13
Net Sales 742.97 605.74
Other Income 162.23 7.18
Total Revenue 905.20 612.93
Total Expenditure 748.61 606.22
Profit before tax 156.59 6.70
Provision for tax 31.70 1.35
Deferred Tax 0.84 1.63
Profit after tax 124.04 3.72
EPS (Rs.) 2.97 0.13
Transfer to Reserve Nil Nil
Paid -up Share Capital 420.05 420.05
Reserves and Surplus (excluding
revaluation reserve) 157.52 33.48
Year in Retrospect
During the year under review, total income of the Company was Rs. 742.97
lacs as against Rs. 605.74 lacs in the previous year. The Company was
able to earn a profit after tax of Rs. 124.04 lacs in the current
financial year as against a profit of Rs. 3.72 lacs in the financial
year 2012-13. Your Directors are putting in their best efforts to
improve the performance of the Company.
The detailed Management Discussion & Analysis Report is attached hereto
with the Director's Report and should be read as part of this Directors
Report.
Material Changes after the close of the financial year
Save as mentioned elsewhere in this Report, no material changes and
commitments affecting the financial position of the Company has occurred
between the end of the financial year of the Company -31" March, 2014.
Dividend
The Board of Directors of your Company has decided to retain and plough
back the profits into the business of the Company, thus no dividend is
being recommended for this year.
Corporate Governance
A Report on Corporate Governance is attached as a part of this Directors
Report along with the Auditors' Certificate on compliance of Clause 49
of the Listing Agreement.
Public Deposits
During the year under report, your Company did not accept any deposits
from the public in terms of the provisions of section 58A of the
Companies Act, 1956.
Conservation of Energy, Technology Absorption, Foreign Exchange Earnings
and Outgo
Information as required under Section 217(1)(e) of the Companies Act,
1956, read with the Companies (Disclosure of Particulars in the Report
of Board of Directors) Rules, 1988 is given in Annexure A, forming part
of this report.
Particulars of Employees
During the financial year under review, none of the Company's employees
was in receipt of remuneration as prescribed under section 217(2A) of
the Companies Act, 1956, read with the Companies (Particulars of
Employees) Rules, 1975, and hence no particulars are required to be
disclosed in this Report.
Directors
After the last Annual General Meeting, there has been no change in the
Board of directors of the Company.
In accordance with the provisions of section 149 of the Companies Act,
2013 all the independent directors will be non rotational. Accordingly,
the proposal for the same is placed in the ensuing annual general
meeting of the Company. Mr. Raj Pal Aggarwal is liable to retire by
rotation and being eligible offer himself for re -appointment. Directors
recommend their re -appointment.
Committees of the Board of Directors
The Board of Directors of the Company has constituted the following
committees in terms of the provisions of the Comanies Act and clause 49
of the listing agreement:
I. Audit Committee
Name of the Director Category
Mr. Anil Aggarwal Chairman(Non Executive Independent)
Mr. Ankush Aggarwal Member (Non Executive Independent)
Mr. Raj Pal Aggarwal Member(Promoter & Executive)
II. Nomination and Remuneration Committee
Name of the Director Category
Mr. Anil Aggarwal Chairman(Non Executive Independent)
Mr. Ankush Aggarwal Member (Non Executive Independent)
Mr. Pawas Aggarwal Member (Non Executive Independent)
Ill. Stakeholders Relationship Committee
Name of the Director Category
Mr. Anil Aggarwal Chairman(Non Executive Independent)
Mr. Ankush Aggarwal Member (Non txecutive Independent)
Mr. Raj Pal Aggarwal Member(Promoter & Executive)
Auditors
M/s Manish Jain &Associates, 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.
A certificate under the Companies Act, 2013 regarding their eligibility
for the proposed re -appointment has been obtained from them. Your
Directors recommend their re -appointment.
Auditors' Report
Comments made by the Statutory Auditors in the Auditors' Report are
self-explanatory and do not require any further clarification.
Directors' Responsibility Statement
In terms of the provisions of section 217(2AA) of the Companies Act,
1956, and to the best of their knowledge and belief and according to the
information and explanations obtained by them and save as mentioned
elsewhere in this Report, the attached Annual Accounts and the Auditors'
Report thereon, your Directors confirm that:
a. in preparation of the annual accounts, the applicable accounting
standards have been followed;
b. 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 at 31 0 March, 2014 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; and
d. the Directors have prepared the Annual Accounts on a going concern
basis.
Stock Exchange Listing
The shares of the Company are listed on the Delhi Stock Exchange Ltd
(DSE), Jaipur Stock Exchange Ltd (JSE) and Ahmedabad Stock Exchange Ltd
(ASE). The listing fee for the financial year 2014-15 has been paid to
the stock exchanges.
Acknowledgement
Your Directors take this opportunity to place on record their sincere
appreciation for the co-operation and assistance the Company has
received from Banks and various Government Departments. The Board also
places on record its appreciation of the devoted services of the
employees, support and co-operation extended by the valued business
associates and the continuous patronage of the customers of the Company.
For and on Behalf of the Board
For Indo Cotspin Limited
Bal Kishan Aggarwal Raj Pal Aggarwal
Date:11b August, 2014 Chairman 8 Managing Whole Time Director
Place: Panipat Director
DIN: 00456219 DIN: 00456189
Mar 31, 2013
Dear Members
The Directors have pleasure in presentin the 19th Annual Report of your
Company together with the Audited Annual Accounts for the financial
year ended 31st March, 2013.
Financial Highlights
Particulars Amount (Rs. in lacs)
FY 2012-13 FY 2011-12
Net Sales 605.74 566.31
Other Income 7.18 0.37
Total Revenue 612.93 566.68
Total Expenditure 606.22 555.84
Profit before tax 6.70 10.84
Provision for tax 1.35 2.12
Deferred Tax 1.63 1.86
Profit after tax 3.72 (6.87)
EPS (Rs.) 0.13 0.27
Transfer to Reserve Nil Nil
Paid-up Share Capital 420.05 320.12
Reserves and Surplus (excluding
revaluation reserve) 33.48 (97.48)
Year in Retrospect
During the year under review, total income of the Company was Rs.
605.74 lacs as against Rs. 566.31 lacs in the previous year. The
Company was able to earn a profit after tax of Rs. 3.72 lacs in the
current financial year 2012-13 as against a profit of Rs. 6.87 lacs in
the financial year 2011-12. Your Directors are putting in their best
efforts to improve the performance of the Company.
The detailed Management Discussion & Analysis Report is attached hereto
with the Director''s Report and should be read as part of this Directors
Report.
Material Changes after the close of the financial year
Save as mentioned else where in this Report, no material changes and
commitments affecting the financial position of the Company has
occurred between the end of the financial year of the Company-31st
March, 2013.
Dividend
The Board of Directors of your Company has decided to retain and plough
back the profits into the business of the Company, thus no dividend is
being recommended for this year.
Corporate Governance
A Report on Corporate Governance is attached as a part of this
Directors Report along with the Auditors'' Certificate on compliance of
Clause 49 of the Listing Agreement.
Public Deposits
During the year under report, your Company did not accept any deposits
from the public in terms of the provisions of section 58A of the
Companies Act, 1956.
Conservation of Energy, Technology Absorption, Foreign Exchange
Earnings and Outgo
nformation as required under Section 217(1)(e) of the Companies Act,
1956, read with the Companies (Disclosure of Particulars in the Report
of Board of Directors) Rules, 1988 is given in Annexure A, forming part
of this report.
Particulars of Employees
During the financial year under review, none of the Company''s employees
was in receipt of remuneration as prescribed under section 217(2A) of
the Companies Act, 1956, read with the Companies (Particulars of
Employees) Rules, 1975, and hence no particulars are required to be
disclosed in this Report.
Directors
After the last Annual General Meeting, there has been no change in the
Board of directors of the Company.
In accordance with the provisions of the Companies Act, 1956 and the
Company''s Articles of Association, Mr. Anil Aggarwal, Mr. Ankush
Aggarwal and Mr. Sanil Aggarwal are liable to retire by rotation and
being eligible offer themselves for re-appointment. Directors recommend
their re-appointment.
It is proposed to appoint Mr. Sanil Aggarwal as the Whole Time Director
of the Company. Resolution for his appointment as a whole time director
of the Company is proposed in the notice of the annual general meeting.
Auditors
M/s Anil Aviral & Co., 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. A
certificate under section 224(1) of the Companies Act, 1956 regarding
their eligibility for the proposed re-appointment has been obtained
from them. Your Directors recommend their re-appointment.
Auditors'' Report
Comments made by the Statutory Auditors in the Auditors'' Report are
self-explanatory and do not require any further clarification.
Directors'' Responsibility Statement
In terms of the provisions of section 217(2AA) of the Companies Act,
1956, and to the best of their knowledge and belief and according to
the information and explanations obtained by them and save as mentioned
elsewhere in this Report, the attached Annual Accounts and the
Auditors'' Report thereon, your Directors confirm that:
a. in preparation of the annual accounts, the applicable accounting
standards have been followed;
b. 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 at 31st March, 2013 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; and
d. the Directors have prepared the Annual Accounts on a going concern
basis.
Stock Exchange Listing
The shares of the Company are listed on the Delhi Stock Exchange Ltd
(DSE), Jaipur Stock Exchange Ltd (JSE) and Ahmedabad Stock Exchange Ltd
(ASE). The listing fee for the financial year 2013-14 has already been
paid to the stock exchanges.
Acknowledgement
Your Directors take this opportunity to place on record their sincere
appreciation for the co-operation and assistance the Company has
received from Banks and various Government Departments. The Board also
places on record its appreciation of the devoted services of the
employees, support and co-operation extended by the valued business
associates and the continuous patronage of the customers of the
Company.
For and on Behalf of the Board
For Indo Cotspin Limited
Bal Kishan Aggarwal Raj Pal Aggarwal
Date:25th August, 2013 Chairman & Managing Whole Time Director
Place: Panipat Director DIN: 00456219 DIN: 00456189
Mar 31, 2012
Dear Members
The Directors have pleasure in presenting the 18th Annual Report of
your Company together with the Audited Annual Accounts for the
financial year ended 31st March, 2012.
Financial Highlights
Particulars Amount (Rs. in lacs)
FY 2011-12 FY 2010-11
Net Sales 566.31 471.02
Other Income 0.37 0.80
Total Revenue 566.68 471.82
Total Expenditure 555.84 470.05
Profit before tax 10.84 1.77
Provision for tax 2.12 0.25
Deferred Tax 1.86 2.37
Profit after tax 6.87 (0.84)
Transfer to Reserve Nil Nil
Paid-up Share Capital 320.15 320.15
Reserves and Surplus (excluding
revaluation reserve) (97.48) (103.80)
Year in Retrospect
During the year under review, total income of the Company was Rs.
566.31 lacs as against Rs. 471.02 lacs in the previous year. The
Company was able to earn a profit after tax of Rs. 6.87 lacs in the
financial year 2011-12 as against a loss of Rs. 0.84 lacs in the
financial year 2010-11. Your Directors are putting in their best
efforts to improve the performance of the Company.
The detailed Management Discussion & Analysis Report is attached hereto
with the Director''s Report and should be read as part of this Directors
Report.
Material Changes after the close of the financial year
After the close of the financial year, the Company has reissued
9,99,000 equity shares on 26th July, 2012 at an issue price of Rs. 15/-
per share. These shares were earlier forfeited due to non payment of
the call money.
Save as mentioned else where in this Report, no material changes and
commitments affecting the financial position of the Company has
occurred between the end of the financial year of the Company-31st
March, 2012.
Dividend
The Board of Directors of your Company has decided to retain and plough
back the profits into the business of the Company, thus no dividend is
being recommended for this year.
Corporate Governance
A Report on Corporate Governance is attached as a part of this
Directors Report along with the Auditors'' Certificate on compliance of
Clause 49 of the Listing Agreement.
Public Deposits
During the year under report, your Company did not accept any deposits
from the public in terms of the provisions of section 58A of the
Companies Act, 1956.
Conservation of Energy, Technology Absorption, Foreign Exchange
Earnings and Outgo
Information as required under Section 217(1)(e) of the Companies Act,
1956, read with the Companies (Disclosure of Particulars in the Report
of Board of Directors) Rules, 1988 is given in Annexure A, forming part
of this report.
Particulars of Employees
During the financial year under review, none of the Company''s employees
was in receipt of remuneration as prescribed under section 217(2A) of
the Companies Act, 1956, read with the Companies (Particulars of
Employees) Rules, 1975, and hence no particulars are required to be
disclosed in this Report.
Directors
In accordance with the provisions of the Companies Act, 1956 and the
Company''s Articles of Association, Mr Arpan Aggarwal and Mr Sahil
Aggarwal are liable to retire by rotation and being eligible offer
themselves for re-appointment. Directors recommend their
re-appointment.
After the last Annual General Meeting, Mr Pawas Aggarwal, Mrs Saroj
Gargs and Mr Vinod Kumar Garg were appointed as additional directors.
In terms of the provisions of the Companies Act, 1956, they hold office
until the date of the ensuing Annual General Meeting. Their appointment
as Directors of the Company is placed before the Members for
consideration. The Board recommends the resolutions for adoption by the
members.
Mr Saurav Singla resigned from the Directorship on 21st February, 2012.
Mr Sanjay Singla and Mrs Shradha Jain have also resigned from the
directorship on 20th March, 2012 and 1st June, 2012 respectively. Mr
Pawas Aggarwal who resigned from the Board on 21st February, 2012 has
been again appointed as an additional director w.e.f. 1st June, 2012.
Re-appointment of Mr Bal Kishan Aggarwal as Managing Director and
re-appointment of Mr Raj Pal Aggarwal, Mr Arpan Aggarwal and Mr Sahil
Aggarwal as Whole Time director of the Company is also placed before
the members for their approval. The Board recommends the resolutions
for adoption by the members.
Auditors
M/s Anil Aviral & Co., 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. A
certificate under section 224(1) of the Companies Act, 1956 regarding
their eligibility for the proposed re-appointment has been obtained
from them. Your Directors recommend their re-appointment.
Auditors'' Report
Comments made by the Statutory Auditors in the Auditors'' Report are
self-explanatory and do not require any further clarification.
Directors'' Responsibility Statement
In terms of the provisions of section 217(2AA) of the Companies Act,
1956, and to the best of their knowledge and belief and according to
the information and explanations obtained by them and save as mentioned
elsewhere in this Report, the attached Annual Accounts and the
Auditors'' Report thereon, your Directors confirm that:
a. in preparation of the annual accounts, the applicable accounting
standards have been followed;
b. 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 at 31st March, 2012 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; and
d. the Directors have prepared the Annual Accounts on a going concern
basis.
Stock Exchange Listing
The shares of the Company are listed on the Delhi Stock Exchange Ltd
(DSE), Jaipur Stock Exchange Ltd (JSE) and Ahmedabad Stock Exchange Ltd
(ASE). The listing fee for the financial year 2012-13 has already been
paid to DSE and the Company is in the process of making payment of the
listing fee due to JSE & ASE.
Acknowledgement
Your Directors take this opportunity to place on record their sincere
appreciation for the co-operation and assistance the Company has
received from Banks and various Government Departments. The Board also
places on record its appreciation of the devoted services of the
employees, support and co-operation extended by the valued business
associates and the continuous patronage of the customers of the
Company.
For and on Behalf of the Board
For Indo Cotspin Limited
Bal Kishan Aggarwal Raj Pal Aggarwal
Date:25th August, 2012 Chairman & Managing Whole Time Director
Director
Place: Panipat: DIN: 00456219 DIN: 00456189
Mar 31, 2011
Dear Members,
The directors have pleasure in presenting the 17th Annual Report
together with audited accounts for the year ended on 31st March 2011.
FINANCIAL RESULT
The financial results for the year ended on March 31, 2011 are as
under:
Particulars Year ended Year ended
31.03.2011 31.03.2010
1. Net Sales 47102351.00 59,022,792.00
2. Other income 80035.00 885,147.40
3. Interest 0.00 7775.00
4. Depreciation 895110.00 708475.00
5. Profit before tax 177,491.69 34019.77
6. Profit after tax 152,588.69 28763.77
7. Paid up capital 32,015,000.00 32,015,000.00z
COMPANY PERFORMANCE
During the year ended on March 31, 2011 the company has achieved
turnover of Rs. 471.02 Lacks as compared to previous year of Rs.
590.22. The company has made Profits of Rs. 152,588.69 this year as
compared to Rs.28763.77 earned last year.
DIRECTOR
Shri Rajpal Aggarwal, Shri Pawas Aggarwal and Shri Mr. Saurav Singla ,
Director of the company, retire by rotation at ensuing annual general
meeting and being eligible offer themselves for reappointment.
Smt. Shradha Jain is proposed to be appointed as Director of the
company at the ensuing general meeting.
Shri Tej Parkash has resigned as director of the company w.e.f 1st
April, 2010. The Board places on record their sincere appreciation for
his active involvement and support.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the requirement under section 217(2AA) of the companies
Act, 1956 with respect to the directors responsibility statement, it is
hereby confirmed
i) that in the preparation of the annual account for the financial year
ended March 31, 2011 the applicable accounting standard has been
followed along with proper explanation relating to material departure,
if any.
ii) The directors had selected such accounting policies and applied
them consistently and made judgments & estimates that are reasonable &
prudent so as to give a true & fair view of statement of affairs of the
company at the end of the financial year and of the profit & loss of
the company for that period:
iii) The directors had taken proper & sufficient care for the
maintenance of adequate accounting record in accordance with the
provisions of the Act for safeguarding the Assets of the company and
for preventing & detecting fraud & other irregularities; and
iv) The directors have prepared the annual accounts of the company on a
going concern basis.
DIVIDEND
In view of the need to conserve the resources of the company for future
growth, your Directors not recommended any dividend for the year ended
March 31, 2011.
PUBLIC DEPOSIT
The company has not invited/or accepted any deposit during the year
with in the meaning of section 58-A and 58- AA of the companies Act,
1956.
AUDITORS:
M/S Anil Aviral & Co., Chartered Accountants, Statutory Auditors of the
company holds office until the forthcoming annual general meeting and
are eligible for reappointment. The company has received letter from
them to the effect that their appointments, if made, would be within
the prescribed limits under section 224(1-B) of the companies act,
1956.
AUDITORS REPORT:
The notes on accounts referred to in the Auditor''s report are self
explanatory and thereof do not call for any further comments.
CORPORATE GOVERNANCE
A Certificate regarding compliance of conditions of Corporate
Governance as stipulated under clause 49 of the listing Agreement with
the Stock Exchanges, form part of the Annual Report.
PARTICULARS OF EMPLOYEES:
No employee is covered under section 217(2a) of the companies Act, 1956
read with companies (particulars of employees) rules, 1975.
CONSERVATION OF ENERGY. TECHNOLOGY ABSORPTION. FOREIGN EXCHANGE
EARNINGS AND OUTGO
Information in accordance with Section 217(1)(e) of the Companies Act,
1956 read with Companies (Disclosure of Particulars in the Report of
Board of Directors) Rules, 1988 is given in Annexure - A forming part
of this report.
ACKNOWLEDGEMENT
Your Directors would like to express their grateful appreciation for
the assistance and co-operation received from the Financial
Institutions, Banks, Government Authorities, Customers, Vendors and
Shareholders during the year under review.
Your Directors also wish to place on record their deep sense of
appreciation for the committed services of the executives, staff and
workers of the company.
By the order of the board
For INDO COTSPIN LIMITED
BAL KISHAN AGGARWAL RAJ PAL AGGARWAL
(Managing Director) (Whole Time Director)
PLACE: Panipat:
DATE: August 10, 2011
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