Mar 31, 2015
Dear members,
The Directors present the Twenty Third Annual Report and audited
statements of accounts of the Company for the year ended March 31,
2015.
FINANCIAL RESULTS:
(Rs. in Lacs)
PARTICULARS Year ended Year ended
March 31, 2015 March 31, 2014
Sales and other income 0.016 0.00
Gross Profit /(Loss)
before Depreciation (9.29) (6.81)
Depreciation 0.83 0.17
Profit /(Loss) before Non
operative items and Tax (10.11) (6.98)
Extraordinary items 0.00 0.00
Less : Provision for Taxati 0.00 0.00
Prior Period Items 0.00 0.00
Profit /(Loss) after Non
operative items and Tax (10.11) (6.98)
STATE OF THE COMPANY'S AFFAIRS
The members are aware that, the Company has entered into a Scheme of
Arrangement between its Members & Unsecured Creditors, and pursuant to
the Scheme of Arrangement, the equity share capital of the Company
would be reduced by 88%, conversion of unsecured loan into the equity
shares of the Company, demerging the entire business of the Company
into Indrayani Tissue Culture Pvt. Ltd., merging the YoGoYo Division of
Websource Technologies Ltd. into the Company, alteration of main
objects of the Company and ultimately changing the name of the Company.
Accordingly, the Company has completed all the procedures in compliance
with the Scheme of Arrangement. The Company has also complied with the
provisions for the listing of securities with Bombay Stock Exchange,
Mumbai and had obtained listing permission from the Exchange.
The Company is in process to complete the further formalities to
commence the trading of securities over the Stock Exchanges and your
Directors are confident that the scenario post implementation of the
Scheme of Arrangement, will be satisfactory and will create value for
the shareholders.
AMOUNT TO BE TRANSFERRED TO RESERVE
No amount is proposed to be transferred to any reserve.
DIVIDEND:
In view of the losses of the Company, it is not possible for your
Directors to recommend any dividend.
MATERIAL CHANGES AND COMMITMENTS AFTER THE DATE OF FINANCIAL STATEMENTS
The Board of Directors confirm that there are no material changes and
commitments affecting the financial position of the company which have
occurred between the end of the financial year to which the Financial
Statements relate and the date of this report.
FIXED DEPOSITS:
The Company has not accepted any deposits from the public within the
meaning of Section 73 of the Companies Act, 2013, and the Rules
prescribed there under during the year under review.
CORPORATE SOCIAL RESPONSIBILITY INITIATIVES
The provisions of Corporate Social Responsibility are not applicable to
the Company, therefore the Company has not developed and implemented
any initiatives for Corporate Social Responsibility.
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS MADE UNDER SECTION 186
OF THE COMPANIES ACT, 2013
There were no loans, guarantees or investments made by the Company
under Section 186 of the Companies Act, 2013 during the year under
review and hence the said provision is not applicable.
PARTICULARS OF CONTRACTS OR ARRANGEMENTS MADE WITH RELATED PARTIES
The transactions with related parties were undertaken in the normal
course of business and were at terms and conditions, which were not
prejudicial to the interest of the Company. The particulars of
contracts or arrangements with related parties are enclosed as Annexure
I to the Board's report in Form AOC-2. The policy on related party
transactions hosted on the official website of the Company:
www.indrayani.com
SUBSIDIARY COMPANY:
During the financial year the Company is not having any subsidiary
company.
DIRECTORS:
During the financial year Mr. Rajesh Chandrakant Vaishnav, Director has
been resigned w.e.f. 26th May, 2014. Mr. Prakash Bang, Managing
Director, is looking after entire functions of the Company.
According to provisions of the Companies Act, 2013 and the Articles of
Association of the Company, Mr. Vivek Malpani (DIN 00973701), Director
and Mr. Umesh Lahoti (DIN 00361216), Director of the Company are liable
to retire by rotation at the forthcoming Annual General Meeting and
being eligible have offered themselves for re-appointment as directors
of the Company. The Board recommends their reappointment.
Brief resume of the Directors proposed for re-appointment/appointment
at the ensuing Annual General Meeting is provided in Annexure A to the
Notice convening the Annual General Meeting.
The Company has duly complied with the provisions of Clause 49 of the
Listing Agreement relating to constitution of the Directors.
COMPANY'S POLICY RELATING TO DIRECTORS APPOINTMENT, PAYMENT OF
REMUNERATION AND DISCHARGE OF THEIR DUTIES
The Company's Policy relating to appointment of Directors, payment of
Managerial remuneration, Directors' qualifications, positive
attributes, independence of Directors and other related matters as
provided under Section 178(3) of the Companies Act, 2013 is enclosed as
Annexure II to the Board's report.
BOARD EVALUATION
Clause 49 of the Listing Agreement mandates that the Board shall
monitor and review the Board evaluation framework. The Companies Act,
2013 states that a formal annual evaluation needs to be made by the
Board of its own performance and that of its committees and individual
directors.
The evaluation of all the directors and the Board as a whole was
conducted based on the criteria and framework adopted by the Board.
None of the independent directors are due for re-appointment.
NUMBER OF BOARD MEETINGS CONDUCTED DURING THE YEAR UNDER REVIEW The
Company had 5 (Five) Board meetings during the financial year under
review.
COMMITTEES OF THE BOARD
Currently, the Board has three committees: the Audit Committee,
Investors'/ Shareholders' Grievance Committee, Nomination and
Remuneration Committee. The role and responsibilities and composition
of the aforesaid committees are mentioned in the corporate governance
report section in this Annual Report.
DIRECTORS' RESPONSIBILITY STATEMENT:
In accordance with the provisions of Section 134(5) of the Companies
Act, 2013 the Board hereby submit its responsibility Statement:Â
(i) in the preparation of the annual accounts, the applicable
accounting standards had been followed along with proper explanation
relating to material departures;
(ii) the directors had 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 and of the profit and
loss of the company for that period;
(iii) the directors had 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;
(iv) the directors had prepared the annual accounts on a going concern
basis; and
(v) the directors had laid down internal financial controls to be
followed by the company and that such internal financial controls are
adequate and were operating effectively;
(vi) the directors had devised proper systems to ensure compliance with
the provisions of all applicable laws and that such systems were
adequate and operating effectively.
DECLARATION OF INDEPENDENT DIRECTORS
The Company is in process to appoint Independent Directors in
compliance with the provisions of Section 149 of the Act. The Company
will get the disclosures at the time of their appointment as
Independent Directors, that they fulfill all the requirements as
stipulated in Section 149(6) of the Companies Act, 2013 so as to
qualify themselves to be appointed as Independent Directors under the
provisions of the Companies Act, 2013 and the relevant rules.
AUDITORS:
The Statutory Auditors of the company M/s. G V Madane & Co., Chartered
Accountants, Pune, hold office until the conclusion of Twenty Fifth
Annual General Meeting to be held in the year 2017 pursuant to the
provisions of Section 139 of the Companies Act, 2013 and the Companies
(Audit and Auditors) Rules, 2014. The Board of Directors recommends to
ratify the appointment in the ensuing Annual General Meeting.
The Company has received a letter from M/s. G V Madane & Co., Chartered
Accountants, Pune, a letter to the effect that their appointment as
Statutory Auditors, if made, would be within the limits prescribed
under Section 139 of the Companies Act, 2013.
Members are requested to consider and ratify the appoint of the current
Statutory Auditors, M/s. G V Madane & Co., Chartered Accountants, Pune
as the Statutory Auditors of the Company for next two financial years
i.e. Financial Year 2015-16 and 2016-17; subject to ratification by the
members at every Annual General Meeting.
AUDITORS' OBSERVATION:
The statutory Auditors M/s. G V Madane & Co., Chartered Accountants,
Pune, has not made any qualification / adverse remarks in their Audit
Report. The Company has complied with all the rules and regulations
applicable to the Company.
INTERNAL FINANCIAL CONTROL
The Board has adopted the policies and procedures for ensuring the
orderly and efficient conduct of its business, including adherence to
the Company's policies, the safeguarding of its assets, the prevention
and detection of frauds and errors, the accuracy and completeness of
the accounting records, and the timely preparation of reliable
financial disclosures.
SECRETARIAL AUDITOR
M/s. Ravi Sabnis & Associates, Practicing Company Secretaries, was
appointed to conduct the secretarial audit of the Company for the
financial year 2014-15, as required under Section 204 of the Companies
Act, 2013 and Rules there under. The secretarial audit report for FY
2014-15 forms part of the Annual Report as Annexure III to the Board's
report.
SECRETARIAL AUDITOR'S REPORT
The observations of the Secretarial Audit report are self explanatory
and therefore do not call for any further comments under Section 134 of
the Companies Act, 2013.
CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION:
Particulars regarding conservation of energy, technology absorption as
required under section 134 (3) (m) of the Companies Act, 2013 read with
Rule 8(3) of Companies (Accounts) Rules, 2014 are not applicable to the
Company.
FOREIGN EXCHANGE EARNINGS & OUTGO:
PARTICULARS For the year For the year
ended as on ended as on
31st March 2015 31st March 2014
(A) Total Foreign Exchange earned Nil Nil
(B) Total Foreign Exchange used Nil Nil
CORPORATE GOVERNANCE:
A separate section on Corporate Governance forming part of the
Directors' Report and the certificate from the Company's Statutory
Auditors confirming the Compliance of conditions on Corporate
Governance as stipulated in Clause 49 of the Listing Agreement is
attached as Annexure IV to this report.
EXTRACT OF ANNUAL RETURN
The extracts of Annual Return pursuant to the provisions of Section 92
read with Rule 12 of the Companies (Management and administration)
Rules, 2014 is furnished in Annexure V and is attached to this Report.
SCHEME OF ARRANGEMENT:
As the members are aware that the Company had obtained the Order of
High Court of Judicature at Bombay sanctioning the Scheme of
Arrangement which envisages the permission to reduce the equity share
capital of the Company by 88%, conversion of unsecured loan into the
equity shares, demerging the entire business into Indrayani Tissue
Culture Ltd., merging YoGoYo Division of Websource Technologies Ltd.,
alteration in the main objects in the Memorandum of Association of the
Company and ultimately changing the name of the Company which will be
in consonance with new business activity of the Company.
Accordingly, after complying with the requirements of Stock Exchanges,
the Company had obtained the Listing Permission from Bombay Stock
Exchange, Mumbai to list the reduced and newly allotted equity shares
to the shareholders.
The Company had also forwarded the necessary requirements to the
depositories for further action and your directors are positive to
commence the trading of company's securities over the Stock Exchanges,
in very near future.
WHISTLE BLOWER POLICY (THE POLICY)
The Company not yet in the operations and there are no employees
working in the Company. The Company will formulate the Whistle Blower
Policy once the operations will be started.
SIGNIFICANT AND MATERIAL ORDERS
There are no significant and material orders passed by the regulators
or courts or tribunals impacting the going concern status and Company's
operations in future
LISTING:
The shares of your Company are listed on the Bombay Stock Exchange,
Mumbai and Pune Stock Exchange, Pune and the Company has complied with
the provisions related to listing agreement with these Exchanges.
E-VOTING
To widen the participation of shareholders in Company decisions, the
Securities and Exchange Board of India has directed top 500 listed
companies to provide e-voting facility to their shareholders from
October, 2012 onwards, in respect of those businesses which are
transacted through postal ballot.
Further, as per provision of Section 108 of the Companies Act, 2013 and
Clause 35B of the Listing Agreement also requires a listed Company to
provide e-voting facility to its shareholders, in respect of all
shareholders' resolutions, to be passed at General Meetings. The
Company has made necessary arrangements for e-voting to its members in
ensuing Annual General Meeting.
PARTICULARS OF EMPLOYEES:
As required under the provisions of Section 197(12) of the Companies
Act, 2013, read with Rule 5(1) of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014, during the year
under report, no employees on the rolls of the Company.
Due to the heavy losses suffered by the Company, Mr. Prakash Bang in
consultation with the Board had offered his services as Chairman and
Managing Director without payment of any salary.
DISCLOSURE UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION,
PROHIBITION AND REDRESSAL) ACT, 2013
During the year under review, Company has not received any complaints
or no cases has been filed/pending with the Company.
ACKNOWLEDGEMENT:
The Directors wish to place on record their appreciation for the
positive co-operation received from its customers, suppliers, bankers
and Government of India and look forward for their continuous support
in coming years.
FOR AND ON BEHALF OF THE BOARD OF DIRECTORS
sd/-
Prakash Bang
Managing Director
DIN: 00088837
Date: August 13, 2015.
Place: Pune.
Mar 31, 2013
To the Members,
The Directors present the Twenty First Annual Report and audited
statements of accounts of the Company for the year ended March 31,2013.
1) FINANCIAL RESULTS:
(Rs. in Lacs)
PARTICULARS Year ended Year ended
March 31,2013 March 31,2012
Sales and other income 5.06 0.008
Gross Profit/(Loss) before Depreciation (0.82) (7.83)
Depreciation 0.21 0.43
Profit /(Loss) before Non operative
items and Tax (0.61) (8.26)
Less: Provision for Taxation Nil Nil
Prior Period Items Nil Nil
Profit /(Loss) after Non operative
items and Tax (0.61) (8.26)
The members are aware that, the Company has entered into a Scheme of
Arrangement between its Members & Unsecured Creditors, and pursuant to
the Scheme of Arrangement, the equity share capital of the Company
would be reduced by 88%, conversion of unsecured loan into the equity
shares of the Company, demerging the entire business of the Company
into Indrayani Tissue Culture Pvt. Ltd., merging the YoGoYo Division of
Websource Technologies Ltd. into the Company, alteration of main
objects of the Company and ultimately changing the name of the Company.
Accordingly, the Company has completed all the procedures in compliance
with the Scheme of Arrangement. The Company has also complied with the
provisions for the listing of securities with Bombay Stock Exchange,
Mumbai and had obtained listing permission from the Exchange.
The Company is in process to complete the further formalities to
commence the trading of securities over the Stock Exchanges and your
Directors are confident that the scenario post implementation of the
Scheme of Arrangement, will be satisfactory and will create value for
the shareholders.
2)DIRECTORS:
During the financiaryear there were no changes in the constitution of
Board of Directors. Mr. Prakash Bang, Managing Director, is looking
after entire functions of the Company.
According to the provisions of the Companies Act, 19.56 and the
Articles of Association of the Company, Mr. Prakash Bang, Managing
Director and Mr. Umesh Lahoti, Director of the Company are liable to
retire by rotation at the forthcoming Annual General Meeting and being
eligible have offered themselves for re-appointment as directors of the
Company. The Board recommends their reappointment.
The Company has duly complied with the provisions of Clause 49 of the
Listing Agreement relating to constitution of the Directors.
4) CORPORATE GOVERNANCE:
A separate section on Corporate Governance forming part of the
Directors'' Report and the certificate from the Company''s Statutory
Auditors confirming the Compliance of conditions on Corporate
Governance as stipulated in Clause 49 of the Listing Agreement is
included in the Annual Report.
5) DIRECTORS''RESPONSIBILITY STATEMENT:
Pursuant to the requirement under Section 217(2AA) of the Companies
Act, 1956, it is hereby confirmed:
(i) that in the preparation of the annual accounts for the financial
year ended 31" March, 2013, the applicable accounting standards have
been followed along with proper explanation relating to material
departures;
(ii) that the directors had 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 or loss of the Company for the year under review; "
(iii) 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 safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities;
(iv) that the Directors have prepared the Annual Accounts for the
financial year ended 31st March 2013 on a ''going concern'' basis.
6) SCHEME OF ARRANGEMENT:
As the members are aware that the Company had obtained the Order of
High Court of Judicature at Bombay sanctioning the Scheme of
Arrangement which envisages the permission to reduce the equity share
capitalof the Company by 88%, conversion of unsecured loan into the
equity shares, demerging the entire business into Indrayani Tissue
Culture Pvt. Ltd./merging YoGoYo Division of Websource Techrtologies
Ltd., alteration in the main objects in the Memorandum of Association
of the Company and ultimately changing the name of the Company which
will be in consonance with new business activity of the Company,
Accordingly, after complying with the requirements of Stock Exchanges,
the Company had obtained the Listing Permission from Bombay Stock
Exchange, Mumbai to list the reduced and newly allotted equity shares
to the shareholders.
The Company had also forwarded the necessary requirements to the
depositories for further action and.your directors are positive to
commence the trading of company''s securities oyer the Stock Exchanges,
in very near future.
7) AUDITORS:
M/s. GV Madane & Co., Chartered Accountants, Pune, statutory auditors
of the Company, retire at the forthcoming Annual General Meeting and
are eligible for re-appointment. The Company has received a certificate
under Section 224(1B) of the Companies Act, 1956, from them to the
effect that their appointment, if made, will be in accordance with the
limits as specified in the said Section. The Board recommends their
appointment.
8) COMPLIANCE CERTIFICATE:
As the Company''s paid-up capital is Rs. 364.65 lakhs and falling within
the limits prescribed under the Section 383A of the Companies Act,
1956. The Company has availed the Compliance Certificate, pursuant to
the said Section, from M/s. Ravi Sabnis & Associates, Company
Secretaries, Pune, and is attached and forms a part of this report.
9) SUBSIDIARY COMPANY:
After obtaining the approval of the shareholders through Postal Ballot
by an Ordinary Resolution, in the last Annual General Meeting held on
September 29,2012, to disinvest the investment made in roomsXMl
Solutions Ltd., a 100% Subsidiary Company, the Company had disinvested
its entire investment to other persons at a fair value.
During the financial year the Company is not having any subsidiary
company..
10) FIXED DEPOSITS:
Pursuant to Section 58A of the Companies Act, 1956 and The Companies
(Acceptance of Deposits) Rules, 1975, the Company has not accepted any
deposit from the public.
11) CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION:
Information in accordance with the provisions of Section 217(l)(e) of
the Companies Act, 1956 read with the Companies (Disclosure of
Particulars in the Report of Board of Directors) Rules, 1988, regarding
conservation of energy and technology absorption is not applicable to
your Company.
13) INTERNAL CONTROL SYSTEMS AND AUOTT:
The internal audit function is carried out by practicing professionals
having domain expertise in internal audit. The scope and extent of
internal audit encompasses audit and review of transactions.
The Internal Auditor furnishes a report to the Company and in turn an
executive summary of observations and Company''s comments are made
available to the Audit Committee.
14) AUDITORS''OBSERVATION:
The statutory Auditors M/s. G V Madane & Co., Chartered Accountants,
Pune, has not made any qualification/ adverse remarks in their Audit
Report. The Company has complied with all the rules and regulations
applicable to the Company.
15) LISTING:
The shares of your Company are listed on the Bombay Stock Exchange,
Mumbai and Pune Stock Exchange, Pune and the Company has complied with
the provisions related to listing agreement with these Exchanges.
16) PARTICULARS OF EMPLOYEES:
As required under the provisions of Section 217{2A) of the Companies
Act 1956, read with Companies (Particulars of employees) Rules, 1975
during the year under report, no employee of the Corhpaffy, throughout
the year or part of the year was in receipt of remuneration of Rs.
24,00,000/- per annum or Rs. 2,00,000/- per month or in excess thereof
respectively.
The Directors wish to place on record their appreciation for the
positive co-operation received from its customers, suppliers, bankers
and Government of India.
FOR AND ON BEHALF OF THE BOARD OF DIRECTORS
Prakash Bang
Managing Director
Pune, July 25,2013.
Mar 31, 2012
The Directors present the Twentieth Annual Report and audited
statements of accounts of the Company for year ended March 31,2012.
1) FINANCIAL RESULTS:
(Rs. in Lacs)
PARTICULARS Year
ended Year
ended
March
31,2012 March
31,2011
Sales and other income 0.008 Nil
Gross Profit /(Loss) before
Depreciation (7.83) (5.54)
Depreciation 0.43 0.58
Profit /(Loss) before Non
operative items and Tax (8.26) (6.12)
Less: Provision for Taxation Nil Nil
Prior Period Items Nil Nil
Profit/(Loss) after Non
operative items and Tax (8.26) (6.12)
As the members are aware that, during previous financial year, the
Company has entered into a Scheme of Arrangement between its Members &
Unsecured Creditors, and pursuant to the Scheme of Arrangement, the
equity share capital of the Company would be reduced by 88%, conversion
of unsecured loan into the equity shares of the Company, demerging the
entire business of the Company into Indrayani Tissue Culture Pvt. Ltd.,
merging the Yo Go Yo Division of Web source Technologies Ltd. into the
Company, alteration of main objects of the Company and ultimately
changing the name of the Company.
Accordingly, the Company has completed all the procedures in compliance
with the Scheme of Arrangement. The Company has also complied with the
provisions for the listing of securities with Bombay Stock Exchange,
Mumbai and the listing permission from the Exchange is awaited.
Your Directors are confident that the scenario post implementation of
the Scheme of Arrangement, will be satisfactory and will create value
for the shareholders.
3) DIRECTORS:
During the financial year there were no changes in the constitution of
Board of Directors. Mr. Prakash Bang, Managing Director, is looking
after entire functions of the Company.
According to the provisions of the Companies Act, 1956 and the Articles
of Association of the Company, Mr. Vivek Malpani, Director and Mr.
Rajesh Vaishnav, Director of the Company are liable to retire by
rotation at the forthcoming Annual General Meeting and being eligible
have offered themselves for re-appointment as directors of the Company.
The Board recommends their reappointment.
The Company has duly complied with the provisions of Clause 49 of the
Listing Agreement relating to constitution of the Directors.
4) CORPORATE GOVERNANCE:
A separate section on Corporate Governance forming part of the
Directors' Report and the certificate from the Company's Statutory
Auditors confirming the Compliance of conditions on Corporate
Governance as stipulated in Clause 49 of the Listing Agreement is
included in the Annual Report.
5) DIRECTORS' RESPONSIBILITY STATEMENT:
Pursuant to the requirement under Section 217(2AA) of the Companies
Act, 1956, it is hereby confirmed:
(i) that in the preparation of the annual accounts for the financial
year ended 31st March, 2012, the applicable accounting standards have
been followed along with proper explanation relating to material
departures;
(ii) that the directors had 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 or loss of the Company for the year under review;
(iii) 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 safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities;
(iv) that the Directors have prepared the Annual Accounts for the
financial year ended 31s* March 2012 on a 'going concern' basis.
6) SCHEME OF ARRANGEMENT:
As the members are aware that the Company had filed a petition with the
Hon'ble High Court of Judicature at Bombay, for sanctioning the Scheme
of Arrangement, which seeks the permission to reduce the equity share
capital of the Company by 88%, conversion of unsecured loan into the
equity shares, demerging the entire business into Indrayani Tissue
Culture Pvt. Ltd., merging YoGoYo Division of Web source Technologies
Ltd., alteration in the main objects in the Memorandum of Association
of the Company and ultimately changing the name of the Company which
will be in consonance with new business activity of the Company.
Accordingly, the Company has obtained the sanction of the High Court,
Bombay and has forwarded the papers to the Bombay Stock Exchange,
Mumbai and Pune Stock Exchange, Pune to list the newly allotted equity
shares to the shareholders and is in process to get the shares listed
on such stock exchanges.
7) AUDITORS:
M/s. G V Madane & Co., Chartered Accountants, Pune, statutory auditors
of the Company, retire at the forthcoming Annual General Meeting and
are eligible for re-appointment. The Company has received a certificate
under Section 224(1B) of the Companies Act, 1956, from them to the
effect that their appointment, if made, will be in accordance with the
limits as specified in the said Section. The Board recommends their
appointment.
8) COMPLIANCE CERTIFICATE:
As the Company's paid-up capital is Rs. 364.65 lakhs and falling within
the limits prescribed under the Section 383A of the Companies Act,
1956. The Company has availed the Compliance Certificate, pursuant to
the said Section, from M/s. Ravi Sabnis & Associates, Company
Secretaries, Pune, and is attached and forms a part of this report.
9) SUBSIDIARY COMPANY:
The Company has made investments in rooms XML Solutions Ltd; making it a
100% Subsidiary Company with a view that the future prospects of
developments in Travel Technology would be beneficial to the Company.
The audited accounts for the year ended March 31, 2012 and other
particulars pursuant to Section 212(1) of the Companies Act, 1956
relating to M/s. rooms XML Solutions Ltd. are appended to this Report.
10) FIXED DEPOSITS:
Pursuant to Section 58A of the Companies Act, 1956 and The Companies
(Acceptance of Deposits) Rules, 1975, the Company has not accepted any
deposit from the public.
11) CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION:
Information in accordance with the provisions of Section 217(l)(e) of
the Companies Act, 1956 read with the Companies (Disclosure of
Particulars in the Report of Board of Directors) Rules, 1988, regarding
conservation of energy and technology absorption is not applicable to
your Company.
12) FOREIGN EXCHANGE EARNINGS & OUTGO:
PARTICULARS For the year
ended as on For the year
ended as on
31st March
2012 31st March 2011
(A) Total Foreign-Exchange
earned Nil Nil
(B) Total Foreign Exchange
used Nil Nil
13) INTERNAL CONTROL SYSTEMS AND AUDIT:
The internal audit function is carried out by practicing professionals
having domain expertise in internal audit. The scope and extent of
internal audit encompasses audit and review of transactions.
The Internal Auditor furnishes a report to the Company and in turn an
executive summary of observation; and Company's comments are made
available to the Audit Committee.
14) FORFEITURE OF SHARES:
The capital structure of the Company was consisted of 2,664 equity
shares (after implementation of Scheme of Arrangement), which were
partly paid-up at Rs. 5/- per share.
The Board of Directors of the Company, in their meeting held on July
25, 2011, have decided to make those partly paid-up equity shares into
fully paid-up equity shares and accordingly the Company has sent the
call letters to those shareholders whose shares are partly paid-up, to
pay the first and final call of Rs. S/- per share.
Consequently, some shareholders have paid their call amount and those
shares were made fully paid-up.
The Board of Directors have resolved in their meeting held on September
08, 2011, to forfeit the shares of those shareholder who have not paid
their call amount and in aggregate the Company has forfeited 2,640
equity shares. Such forfeited shares are subject to re-issue in due
course and as per the resolution of Board of Directors of the Company.
15) AUDITORS' OBSERVATION:
The statutory Auditors M/s. G V Madane & Co., Chartered Accountants,
Pune, has not made any qualification / adverse remarks in their Audit
Report. The Company has complied with all the rules and regulations
applicable to the Company.
16) LISTING:
The shares of your Company are listed on the Bombay Stock Exchange,
Mumbai and Pune Stock Exchange, Pune and the Company has complied with
the provisions related to listing agreement with these Exchanges.
17) PARTICULARS OF EMPLOYEES:
As required under the provisions of Section 217(2A) of the Companies
Act 1956, read with Companies (Particulars of employees) Rules, 1975
during the year under report, no employee of the Company, throughout
the year or part of the year was in receipt of remuneration of Rs.
24,00,000/- per annum or Rs. 2,00,000/- per month or in excess thereof
respectively.
The Directors wish to place on record their appreciation for the
positive co-operation received from its customers, suppliers, bankers
and Government of India.
FOR AND ON BEHALF OF THE BOARD OF DIRECTORS
Date : August 13,2012 Prakash Bang
Place : Pune Managing Director
Mar 31, 2010
FINANCIAL RESULTS
The income during the year from all sources amounted to Rs.20,10,152/-
and the total expenditure including depreciation of Rs 7,24,418/-
amounted to Rs.49,29,243/-. The Company has incurred a net loss of
Rs.29,66,723/- during the year as against loss of Rs. 12,67,021 /- in
the previous year.
OPERATIONS
The Company continued to progress in Tissue Culture. There is a
continued demand for the Banana Tissue Culture plants from the niche
regions catered to by your company. We expect further increase in
demand for the next year.
. The Scheme of Arrangement was sanctioned by the Honble High Court of
Judicature at Bombay on the 25th of June, 2010 and the Company is in
the process of giving effect to the same.
In view of loss incurred by the the Directors do not recommend any
dividend for the financial year ended 31 "March, 2010.
DIRECTORS
Mr. Prakash Bang, Mr. Ruchir Bang, Mr. Umesb Lahoti and Mr. Rajesh
Vaishnav are appointed as additional directors The details of directors
who are being appointed or reappointed, their expertise in functional
areas, the names of companies in which they hold office of director and
/ or Chairman and / or membership of committees of the Board is
enclosed in the notice of ensuing annual general meeting.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 217(2AA) of the Companies
Act, 1956, with respect to Directors Responsibility Statement, it is
hereby confirmed:
(i) That in the preparation of the accounts for the financiaf year
ended 31st March, 2010, the applicable accounting standards have been
followed along with proper explanation relating to material departures.
(ii) 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 for the year under review and of the loss of
the company for that period.
(iii) That the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of She Companies
Act, 1956 for safeguarding the assets of the Company and
foj:Ãpreventing and detecting fraud and other irregularities:
(iv) That the Directors have prepared the accounts for the financial
year ended 31st March, 2010 on a "going concern" basis. ""
DEPOSITS
The Company has not accepted any deposits from public.
PARTICULARS OF EMPLOYEES
None of the employee details is required to be furnished under Section
217 (2A) of the Companies Act,1956, read with the Companies
(Particulars of Employees) Rules 1975, as amended.
AUDITORS
M/s G V Madane and Company, Chartered Accountants, Pune auditors of the
Company retire and are eligible for reappointment.
RESEARCH AND DEVELOPMENT. ENERGY CONSERVATION AND TECHNOLOGY
ABSORPTION, AND FOREIGN EARNINGS ANDOUTGO
Particulars with respect to conservation of energy etc. required as per
Section 217(1) of the Companies Act, 1956 are annexed hereto and form a
part of the report.
FOR AND ON BEHALF OF THE BOARD OF DIRECTORS
ManjulaV. Malpani Vivek V. Malpani
Managing Director Chairman
Place: Pune Date: August 20,2010
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