Mar 31, 2015
We have pleasure in presenting the Twenty Eighth Annual report together
with Audited accounts for the year ended 31st March, 2015.
1. FINANCIAL SUMMARY/HIGHLIGHTS, OPERATIONS, STATE OF AFFAIRES:
Particulars 2014-15 2013-14
Gross Income 11625.17 48.52
Profit Before Interest and
Depreciation 127.17 49.84
Finance Charges 0.004 0.017
Gross Profit 127.17 1.41
Provision for Depreciation 0.19 0.035
Net Profit Before Tax 126.97 (1.37)
Provision for Tax 45.74 0
Net Profit After Tax 81.22 (1.37)
Balance of Profit brought
forward 0 0
Balance available for appropriation 0 0
Proposed Dividend on Equity Shares 56.50 0
Tax on proposed Dividend 11.29 0
Transfer to General Reserve 17.00 0
Surplus carried to Balance Sheet 0 0
During the year under review, the Company has recorded an income of
Rs.11627.18 Lakhs and the profit of Rs. 81.22 Lakhs as against the
income of Rs. 48.52 Lakhs and reported loss of Rs. (1.38) Lakhs in the
previous financial year ending 31.03.2014.
2. EVENTS SUBSEQUENT TO THE DATE OF FINANCIAL STATEMENTS:
There were no material changes and commitments affecting financial
position of the company between 31st March, 2015 and the date of Board
Report.
3. CHANGE IN THE NATURE OF BUSINESS:
During the period under review and the date of Board's Report there was
no change in the nature of Business.
4. DIVIDEND:
Your Directors have made provision for dividend of Rs. 56, 50,600/- for
the year 2014-15.
5. BOARD MEETINGS:
The Board of Directors met 6 times during the year on 30.05.2014,
14.08.2014, 01.09.2014, 14.11.2014 and 14.02.2015 in respect of which
meetings, proper notices were given and the proceedings were properly
recorded and signed in the Minutes Book maintained for the purpose and
the maximum gap between any two meetings was less than four months, as
stipulated under Clause 49.
6. DIRECTORS AND KEY MANANGERIAL PERSONNEL:
Mr. K. S. S. Prasad, Director of the company resigned from the company
as on 12.12.2014. The Board placed on record his sincere appreciation
for the valuable services rendered by him during his tenure as Director
of the Company.
POLICY FOR SELECTION OF DIRECTORS AND DETERMINING DIRECTORS'
INDEPENDENCE
1. Scope:
This policy sets out the guiding principles for the Nomination &
Remuneration Committee for identifying persons who are qualified to
become Directors and to determine the independence of Directors, in
case of their appointment as independent Directors of the Company.
2. Terms and References:
2.1 "Director" means a director appointed to the Board of a Company.
2.2 "Nomination and Remuneration Committee means the committee
constituted in accordance with the provisions of Section 178 of the
Companies Act, 2013 and clause 49 of the Equity Listing Agreement.
2.3 "Independent Director" means a director referred to in sub-section
(6) of Section 149 of the Companies Act, 2013 and Clause 49(II)(B) of
the Equity Listing Agreement.
3. Policy:
Qualifications and criteria
3.1.1 The Nomination and Remuneration Committee, and the Board, shall
review on annual basis, appropriate skills, knowledge and experience
required of the Board as a whole and its individual members. The
objective is to have a board with diverse background and experience
that are relevant for the Company's operations.
3.1.2 In evaluating the suitability of individual Board member the NR
Committee may take into account factors, such as:
- General understanding of the company's business dynamics, global
business and social perspective;
- Educational and professional background
- Standing in the profession;
- Personal and professional ethics, integrity and values;
- Willingness to devote sufficient time and energy in carrying out
their duties and responsibilities effectively.
3.1.3 The proposed appointee shall also fulfill the following
requirements:
- shall possess a Director Identification Number;
- shall not be disqualified under the companies Act, 2013;
- shall Endeavour to attend all Board Meeting and Wherever he is
appointed as a Committee Member, the Committee Meeting;
- shall abide by the code of Conduct established by the company for
Directors and senior Management personnel;
- shall disclose his concern or interest in any company or companies or
bodies corporate, firms, or other association of individuals including
his shareholding at the first meeting of the Board in every financial
year and thereafter whenever there is a change in the disclosures
already made;
- Such other requirements as any be prescribed, from time to time,
under the companies Act, 2013, Equity listing Agreements and other
relevant laws.
3.1.4 The Nomination & Remuneration Committee shall evaluate each
individual with the objective of having a group that best enables the
success of the company's business.
3.2 criteria of independence
3.2.1 The Nomination & Remuneration Committee shall assess the
independence of Directors at time of appointment/ re-appointment and
the Board shall assess the same annually. The Board shall re-assess
determinations of independence when any new interest or relationships
are disclosed by a Director.
3.2.2 The criteria of independence shall be in accordance with the
guidelines as laid down in companies Act, 2013 and Clause 49 of the
Equity Listing Agreement.
An independent director in relation to a company, means a director
other than a managing director or a whole-time director or a nominee
director- a. Who, in the opinion of the Board, is a person of
integrity and possesses relevant expertise and experience;
b. (i) who is or was not a promoters of the company or its holding,
subsidiary or associate company;
(ii) Who is not related to promoters or directors of the company its
holding, subsidiary or associate company
c. Who has or had no pecuniary relationship with the company, its
holding, subsidiary or associate company, or their promoters, or
director, during the two immediately preceding financial year or during
the current financial year;
d. None of whose relative has or had pecuniary relationship or
transaction with the company, its holding, subsidiary or associate
company, or their promoters, or directors, amounting to two per cent or
more of its gross turnover or total income or fifty lakh rupees or such
higher amount as may be prescribed, whichever is lower, during the two
immediately preceding financial year or during the current finance
year;
e. Who, neither himself nor any of his relative- (I) Holds or has held
the position of a key managerial personnel or is or has been employee
of the or associate company in any of the three finance years
immediately preceding the finance year in which he is proposed to be
appointed;
(ii) Is or has been an employee or proprietor or a partner, in any of
the three finance year immediately preceding the finance year in which
he is proposed to be appointed of- (A) a firm of auditors or company
secretaries in practice or cost auditors of the company or its holding,
subsidiary or associate company; or
(B) any legal or a consulting firm that has or had any transaction with
the company, its holding subsidiary or associate company amounting to
ten per cent or more of the gross turnover of more of the gross
turnover of such firm;
(iii) holds together with his relatives two per cent or more of the
total voting power of the company; or
(iv) is a chief Executive or director, by whatever name called, of any
non- profit organization that receives twenty-five per cent or more of
its receipt from the company any of its promoters , directors or its
holding subsidiary or associate company or that holds two per cent or
more of the total voting power of the company; or
(v) is a material supplier, service provider or customer or a lesser or
lessee of the company.
f. Shall possess appropriate skills experience and knowledge in one or
more field of finance , law management, sales, marketing
administration, research, corporate governance, technical operations,
corporate social responsibility or this disciplines related to the
company's business.
g. Shall possess such other qualifications as may be prescribed from
time to time, under the companies Act, 2013.
h. Who is not less than 21 years of age
3.2.3 The independent Director shall abide by the "code for independent
Directors "as specified in Schedule IV to the companies A ct, 2013.
3.3 other directorships/ committee memberships
3.3.1 The Board members are expected to have adequate time and
expertise and experience to contribute to effective Board performance
Accordingly, members should voluntarily limit their directorships in
other listed public limited companies in such a way that it does not
interfere with their role as director of the company. The NR Committee
shall take into account the nature of, and the time involved in a
director service on other Boards, in evaluating the suitability of the
individual Director and making its recommendations to the Board.
3.3.2 A Director shall not serve as director in more than 20 companies
of which not more than 10 shall be public limited companies.
3.3.3 A Director shall not serve an independent Director in more than 7
listed companies and not more than 3 listed companies in case he is
serving as a whole-time Director in any listed company.
3.3.4 A Director shall not be a member in more than 10 committee or act
as chairman of more than 5 committee across all companies in which he
holds directorships.
For the purpose of considering the limit of the committee, Audit
committee and stakeholder's relationship committee of all public
limited companies, whether listed or not, shall be included and all
other companies including private limited companies, foreign companies
and companies under section 8 of the companies Act, 2013 shall be
excluded.
Remuneration policy for Directors, key managerial personnel and other
employees
1. Scope:
1.1 This policy sets out the guiding principles for the Nomination and
Remuneration committee for recommending to the Board the remuneration
of the directors, key managerial personnel and other employees of the
company.
2. Terms and Reference:
In this policy the following terms shall have the following meanings:
2.1 "Director" means a director appointed to the Board of the company.
2.2 "key managerial personnel" means
(i) The Chief Executive Officer or the managing director or the
manager;
(ii) The Company Secretary;
(iii) The Whole-time Director;
(iv) The Chief Finance Officer; and
(v) Such other office as may be prescribed under the companies Act,
2013
2.3 "Nomination and Remuneration committee" means the committee
constituted by Board in accordance with the provisions of section 178
of the companies Act, 2013 and clause 49 of the Equity Listing
Agreement.
3. Policy:
3.1 Remuneration to Executive Director and key managerial personnel
3.1.1 The Board on the recommendation of the Nomination and
Remuneration (NR) committee shall review and approve the remuneration
payable to the Executive Director of the company within the overall
approved by the shareholders.
3.1.2 The Board on the recommendation of the NR committee shall also
review and approve the remuneration payable to the key managerial
personnel of the company.
3.1.3 The remuneration structure to the Executive Director and key
managerial personnel shall include the following components:
(i) Basic pay
(ii) Perquisites and Allowances
(iii) Stock Options
(iv) Commission (Applicable in case of Executive Directors)
(v) Retrial benefits
(vi) Annual performance Bonus
3.1.4 The Annual plan and Objectives for Executive committee shall be
reviewed by the NR committee and Annual performance bonus will be
approved by the committee based on the achievement against the Annual
plan and Objectives.
3.2 Remuneration to Non  Executive Directors
3.2.1 The Board, on the recommendation of the NR Committee, shall
review and approve the remuneration payable to the Non  Executive
Directors of the Company within the overall limits approved by the
shareholders as per the provisions of the Companies Act.
3.2.2 Non  Executive Directors shall be entitled to sitting fees
attending the meetings of the Board and the Committees thereof. The
Non- Executive Directors shall also be entitled to profit related
commission in addition to the sitting fees.
3.3. Remuneration to other employees
3.3.1. Employees shall be assigned grades according to their
qualifications and work experience, competencies as well as their roles
and responsibilities in the organization. Individual remuneration shall
be determined within the appropriate grade and shall be based on
various factors such as job profile skill sets, seniority, experience
and prevailing remuneration levels for equivalent s.
7. DECLARATION FROM INDEPENDENT DIRECTORS ON ANNUAL
basis:
The Company has received necessary declaration from Mr. Sandeep
Agarwal, and Mr. Rapider Surendrajit Tucker, Independent Directors of
the Company under Section 149(7) of the Companies Act, 2013 that they
as Independent Directors of the Company meet with the criteria of their
Independence laid down in Section 149(6).(Annexure II)
8. COMPOSITION OF AUDIT COMMITTEE: Audit Committee:
I) The Audit Committee of the Company is constituted in line with the
provisions of Clause 49 of the Listing Agreements with the Stock
Exchanges read with Section 177 of the Companies Act, 2013.
II) The terms of reference of the Audit Committee include a review of
the following:
- Overview of the Companys financial reporting process and disclosure
of its financial information to ensure that the financial statements
reflect a true and fair position and that sufficient and credible
information is disclosed.
Recommending the appointment and removal of external auditors, fixation
of audit fee and also approval for payment for any other services.
Discussion with external auditors before the audit commences, of the
nature and scope of audit as well as post-audit discussion to ascertain
any area of concern.
Reviewing the financial statements and draft audit report including
quarterly / half yearly financial information.
Reviewing with management the annual financial statements before
submission to the Board, focusing on:
1. Any changes in accounting policies and practices;
2. Qualification in draft audit report;
3. Significant adjustments arising out of audit;
4. The going concern concept;
5. Compliance with accounting standards;
6. Compliance with stock exchange and legal requirements concerning
financial statements and
7. Any related party transactions
- Reviewing the companys financial and risk managements policies.
- Disclosure of contingent liabilities.
- Reviewing with management, external and internal auditors, the
adequacy of internal control systems.
- Reviewing the adequacy of internal audit function, including the
audit character, the structure of the internal audit department,
approval of the audit plan and its execution, staffing and seniority of
the official heading the department, reporting structure, coverage and
frequency of internal audit.
- Discussion with internal auditors of any significant findings and
follow- up thereon.
- Reviewing the findings of any internal investigations by the internal
auditors into the matters where there is suspected fraud or
irregularity or a failure of internal control systems of a material
nature and reporting the matter to the Board.
- Looking into the reasons for substantial defaults in payments to the
depositors, debenture holders, shareholders (in case of non-payment of
declared dividends) and creditors.
- Reviewing compliances as regards the Companys Whistle Blower Policy.
III) The previous Annual General Meeting of the Company was held on
29.09.2014 and Chairman of the Audit Committee, attended previous AGM.
IV) The composition of the Audit Committee and the attendance of each
member of the Audit Committee are given below:
The Company has complied with all the requirements of Clause 49 (II)
(A) of the Listing Agreement relating to the composition of the Audit
Committee. During the financial year 2014-2015, (4) four meetings of
the Audit Committee were held on the 30.05.2014, 14.08.2014, 14.11.2014
and 14.02.2015.
The details of the composition of the Committee and attendance of the
members at the meetings are given below:
Name Designation Category No. of No. of
meetings meetings
held attended
Mr. Sandeep
Agrawal* Chairman NED (I) 4 2
Mr. S. Venkata
ramana Member ED (P) 4 4
Mr. Tapinder
Surendrajit
Tucker* Member NED (I) 4 2
Mr. B. Mohan Rao # Member NED(I) 4 2
Mr. K. Omprakash # Member NED (P) 4 2
* Appointed w.e.f. 01.09.2014
# Resigned w.e.f. 01.09.2014
NED (I): Non Executive Independent Director
NED (P): Non Executive Director Promoter
ED (P): Executive Director Promoter
NOMINATION & REMUNERATION COMMITTEE:
The details of composition of the Committee are given below:
Name Designation Category No. of No. of
meetings meetings
held attended
Mr. Sandeep
Agrawal* Chairman NED (I) 1 1
Mr. S. Venkata
ramana Member ED (P) 1 14
Mr. Tapinder
Surendrajit
Tucker * Member NED (I) 1 1
Mr. K. S. S.
Prasad # Member NED (P) 1 1
* Appointed w.e.f. 01.09.2014
# Resigned w.e.f. 01.09.2014
NED (I): Non Executive Independent Director
NED (P): Non Executive Director Promoter
ED (P): Executive Director Promoter
B. Powers:
The Committee has been delegated with the following powers:
- to redress shareholder and investor complaints relating to transfer
of shares, Dematerialization of Shares, non-receipt of Annual Reports,
non- receipt of declared dividend and other allied complaints.
- to approve, transfer, transmission, and issue of duplicate / fresh
share certificate(s)
- Consolidate and sub-division of share certificates etc.
- To redress, approve and dispose off any, other complaints,
transactions and requests etc., received from any shareholder of the
company and investor in general.
The Board has delegated the power to process the transfer and
transmission of shares to the Registrar and Share Transfer Agents, who
process share transfers within a week of lodgment in the case of shares
held in physical form.
RISK MANAGEMENT COMMITTEE
A. Composition:
The Details of composition of the Committee are given below:
Name Designation Category
Mr. Tapinder Surendrajit Tucker* Chairman NED
(I)
Mr. S. Venkataramana Member ED (P)
Mr. Sandeep Agrawal* Member NED (I)
NED (I) : Non Executive Independent Director
ED (P): Executive Director Promoter
Role and Responsibilities of the Committee includes the following:
- Framing of Risk Management Plan and Policy
- Overseeing implementation of Risk Management Plan and Policy
- Monitoring of Risk Management Plan and Policy
- Validating the process of risk management
- Validating the procedure for Risk minimization.
- Periodically reviewing and evaluating the Risk Management Policy and
practices with respect to risk assessment and risk management
processes.
- Continually obtaining reasonable assurance from management that all
known and emerging risks have been identified and mitigated or managed.
9. VIGIL MECHANISM:
Vigil Mechanism Policy has been established by the Company for
directors and employees to report genuine concerns pursuant to the
provisions of section 177(9) & (10) of the Companies Act, 2013. The
same has been placed on the website of the Company.
10. DIRECTORS RESPONSIBILITY STATEMENT:
Pursuant to the provisions of Sec. 134(5) of the Companies Act, 2013
the Board of Directors hereby confirms that:
a. In the preparation of the Annual Accounts, the applicable
accounting standards have been followed along with proper explanation
relating to material departures;
b. The Directors have selected such accounting policies and applied
them consistently and made judgment 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;
c. The Directors have taken proper and sufficient care 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 Directors have prepared the Annual accounts on a going concern
basis.
e. The Directors of the Company had laid down internal financial
controls and such internal financial controls are adequate and were
operating effectively.
f. 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.
11. INFORMATION ABOUT THE FINANCIAL PERFORMANCE / FINANCIAL POSITION OF
THE SUBSIDIARIES / ASSOCIATES/ JOINT VENTURES:
The Company does not have any subsidiary company.
12. EXTRACT OF ANNUAL RETURN:
As required pursuant to section 92(3) of the Companies Act, 2013 and
rule 12(1) of the Companies (Management and Administration) Rules,
2014, an extract of annual return in MGT 9 as a part of this Annual
Report (ANNEXURE I)
13. AUDITORS:
M/s. VASG & Associates, Statutory Auditors of the company retires at
the ensuing annual general meeting and is eligible for reappointment.
As required under the provisions of Section 139 of the Companies Act,
2013, the Company has received a written consent from the auditors to
their re- appointment and a certificate to the effect that their
re-appointment, if made, would be in accordance with the Companies Act,
2013 and the rules framed there under and that they have satisfied the
criteria provided in Section 141 of the Companies Act, 2013.
The Board recommends the re-appointment of M/s. VASG & Associates, as
the statutory auditors of the Company from the conclusion of this
Annual General meeting till the conclusion of the next Annual General
Meeting.
14. INTERNAL AUDIT:
The company has not appointed any Internal Auditor during the financial
year 2014-15.
15. SECRETARIAL AUDIT:
Pursuant to the provisions of Section 134(3)(f) & Section 204 of the
Companies Act, 2013, Secretarial audit report as provided by M/s. S.
Sarveswar Reddy & Associates, Practicing Company Secretaries is annexed
to this Report as annexure.
16. AUDIT REPORTS:
The Board has duly reviewed the Statutory Auditors Report on the
Accounts for the year ended March 31, 2015 and given explanations in
Notes to Accounts annexed to Balance Sheet.
The Board has duly reviewed the Secretarial Audit Report on the
Compliances according to the provisions of section 204 of the Companies
Act 2013, and noted is at the same that there is no Company Secretary,
Chief Financial Officer, Woman Director and Internal Auditor appointed
during the year in the company but the company is taking necessary
measures to appoint the same at the earliest.
17. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE
EARNINGS AND OUTGO:
The required information as per Sec. 134(3)(m) of the Companies Act
2013 is provided hereunder:
A. Conservation of Energy
Your companys operations are not energy intensive. Adequate measures
have been taken to conserve energy wherever possible by using energy
efficient computers and purchase of energy efficient equipment.
B. Technology Absorption (Rs. Lakhs)
1. Research and Development (R&D) : Nil
2. Technology absorption, adoption and innovation : Nil
C. Foreign Exchange Earnings and Out Go (Rs. Lakhs)
Foreign Exchange Earnings : Nil
Foreign Exchange Outgo : Nil
18. DETAILS RELATING TO DEPOSITS, COVERING THE FOLLOWING: Your Company
has not accepted any deposits falling within the meaning of Sec.73, 74
& 76 of the Companies Act, 2013 read with the Rule 8(v) of Companies
(Accounts) Rules 2014, during the financial year under review.
19. SIGNIFICANT & MATERIAL ORDERS PASSED BY THE REGULATORS:
During the period under review there were no significant and material
orders passed by the regulators or Courts or Tribunals impacting the
going concern status and the companys operations in future.
20. DETAILS OF ADEQUACY OF INTERNAL FINANCIAL CONTROLS:
Your Company has well established procedures for internal control
across its various locations, commensurate with its size and
operations. The organization is adequately staffed with qualified and
experienced personnel for implementing and monitoring the internal
control environment. The internal audit function is adequately
resourced commensurate with the operations of the Company and reports
to the Audit Committee of the Board.
21. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS: The company has
not given loans.
22. CREDIT & GUARANTEE FACILITIES:
The Company has not availed facilities of Credit and Guarantee as and
when required, for the business of the Company.
23. RISK MANAGEMENT POLICY:
The risk Management Committee constitutes for the purpose will ensure
all required measures shall be in place for better compliance.
24. CORPORATE SOCIAL RESPONSIBILTY POLICY:
Since your Company does not have the net worth of Rs. 500 crore or
more, or turnover of Rs. 1000 crore or more, or a net profit of Rs. 5
crore or more during the financial year, section 135 of the Companies
Act, 2013 relating to Corporate Social Responsibility is not applicable
and accordingly the Company need not adopt any Corporate Social
Responsibility Policy.
25. RELATED PARTY TRANSACTIONS:
There are no related party transactions during the year.
26. FORMAL ANNUAL EVALUATION:
As per section 149 of the Companies Act, 2013 read with clause VII (1)
of the schedule IV and rules made there under, the independent
directors of the company had a meeting on 30.03.2015 without attendance
of non- independent directors and members of management. In the meeting
the following issues were taken up:
(a) Review of the performance of non-independent directors and the
Board as a whole;
(b) Review of the performance of the Chairperson of the company, taking
into account the views of executive directors and non-executive
directors;
I assessing the quality, quantity and timeliness of flow of information
between the company management and the Board that is necessary for the
Board to effectively and reasonably perform their duties.
The meeting also reviewed and evaluated the performance of non-
independent directors.
The meeting also reviewed and evaluated the performance the Board as
whole in terms of the following aspects:
- Preparedness for Board/Committee meetings
- Attendance at the Board/Committee meetings
- Guidance on corporate strategy, risk policy, corporate performance
and overseeing acquisitions and disinvestments.
- Monitoring the effectiveness of the companys governance practices
- Ensuring a transparent board nomination process with the diversity of
experience, knowledge, perspective in the Board.
- Ensuring the integrity of the companys accounting and financial
reporting systems, including the independent audit, and that
appropriate systems of control are in place, in particular, systems for
financial and operational control and compliance with the law and
relevant standards.
It was noted that the Board Meetings have been conducted with the
issuance of proper notice and circulation of the agenda of the meeting
with the relevant notes thereon.
27. DISCLOSURE ABOUT COST AUDIT: Cost Audit is not applicable to your
Company.
28. LISTING WITH STOCK EXCHANGES:
The Company is listed with Ahmedabad Stock Exchange Ltd. and Calcutta
Stock Exchange Limited and the Company confirms that it has paid the
Annual Listing Fees where the Companys Shares are listed.
29. CORPORATE GOVERNANCE AND SHAREHOLDERS INFORMATION:
Since the paid up capital of the Company is less than Rs. 10 Crores and
Net worth of the Company is less than Rs. 25 Crores, Corporate
Governance is Not Applicable.
30. INDUSTRY BASED DISCLOSURES AS MANDATED BY THE RESPECTIVE LAWS
GOVERNING THE COMPANY:
The Company is not a NBFC, Housing Companies etc., and hence Industry
based disclosures is not required.
31. SECRETARIAL STANDARDS: EVENT BASED DISCLOSURES:
1. Issue of sweat equity share : NA
2. Issue of shares with differential rights : NA
3. Issue of shares under employees
stock option scheme : NA
4. Disclosure on purchase by company or giving of loans by it for
purchase of its shares: NA
5. Buy back shares : NA
6. Disclosure about revision : NA
32. EMPLOYEE RELATIONS:
Your Directors are pleased to record their sincere appreciation of the
contribution by the staff at all levels in the Company.
None of the employees is drawing Rs. 5,00,000/- and above per month or
Rs.60,00,000/- and above in aggregate per annum, the limits prescribed
under Section 134 of the Companies Act, 2013.
33. DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE
(PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013.
The Company has in place an Anti Sexual Harassment Policy in line with
the requirements of The Sexual Harassment of Women at workplace
(Prevention, Prohibition and Redressed) Act, 2013. Internal Complaint
Committee (ICC) has been set up to redress complaints received
regarding sexual harassment. All employees are covered under this
policy.
The following is the summary of sexual harassment complaints received
and disposed during the calendar year.
- No. of complaints received : Nil
- No. of complaints disposed off : Nil
34. ACKNOWLEDGEMENTS:
Your Directors also wish to place on record their appreciation of
business constituents, banks and other financial institutions and
shareholders of the Company like SEBI, ASE, CSE, NSDL, CDSL etc. for
their continued support for the growth of the Company.
For and on behalf of the Board
Jay Mahesh Infra ventures Limited
Sd/-
S. Venkataramana
Place: Hyderabad Director
Date: 01.12.2015 (DIN 05138710)
Mar 31, 2014
Dear Members
We have pleasure in presenting the 27th Annual Report with Audited
Statements of Accounts for the year ended 31st March 2014.
FINANCIAL RESULTS:
(Rupees in Lakhs)
Particulars 2013-2014 2012-2013
Income 48.52 312.34
Expenditure 49.86 299.63
Profit /( loss) before Depreciation (1.34) 12.71
Depreciation 0.04 0.74
Profit/(loss) before Tax (1.38) 11.97
Provision for Taxation 0 -
Profit / (loss) after Tax (138) 11.97
PERFORMANCE REVIEW:
The Company has recorded an income of Rs. 48.52 Lakhs and the incurred
a net loss of Rs. 1.38 Lakhs in the current year against an income of
Rs. 312.34 Lakhs and the profit of Rs. 11.97 Lakhs in the previous
financial year ending 31.03.2013.
DIVIDEND:
Your Directors have not to recommend dividend for the year.
TRANSFER TO RESERVES:
In view of the loss incurred during the year, there is no transfer of
surplus to Reserves and Surplus.
PUBLIC DEPOSITS:
Your Company has not accepted any deposits falling within the meaning
of Sec.58A of the Companies Act, 1956 read with the Companies
(Acceptance of Deposits) Rules, during the financial year under review.
LISTING / TRADING:
The equity shares of your company are listed on Ahmedabad Stock
Exchange Limited and Calcutta Stock Exchange Limited. The equity shares
are permitted to trade on BSE Limited.
CAPITAL OF THE COMPANY:
The authorized capital of the company stands at Rs. 6,25,00,000 divided
into 62,50,000 shares of Rs. 10/- each and the paid up capital of the
company stands at Rs. 5,65,06,000 divided into 56,50,600 equity shares
of Rs. 10/- each.
MANAGEMENT DISCUSSION AND ANALYSIS:
A detailed review of operations, performance and future outlook of your
Company and its businesses is given in the Management Discussion and
Analysis, which forms part of this Report.
DIRECTORS:
Mr. Omprakash Kouvri and Mr. B. Mohan Rao, Directors of the company
resigned w.e.f. 01.09.2014. The Board places on records its deep
appreciation and gratitude for the valuable services rendered by them
during their tenure as directors on the Board of the company.
Mr. Sandeep Agrawal and Mr. Tapinder Surendrajit Tucker were appointed
as Additional Directors w.e.f. 01.09.2014 and 01.09.2014 respectively.
Now the Board proposes to appoint them as Independent Directors subject
to necessary compliances.
Pursuant to the notification of Sec. 149 and other applicable
provisions of Companies Act, 2013, your Directors are seeking
appointment of Mr. Sandeep Agrawal and Mr. Tapinder Surendrajit Tucker
as Independent Directors for five consecutive years for a term upto
31st March, 2019. Details of the proposal for appointment of Mr.
Sandeep Agrawal and Mr. Tapinder Surendrajit Tucker are mentioned in
the Explanatory Statement under Section 102 of Companies Act, 2013 of
the Notice of 27th Annual General Meeting
In pursuance of Section 217(2AA) of the Companies Amendment Act, 2000
your
directors confirm:
i) that the directors in the preparation of the annual accounts the
applicable accounting standards have been followed along with proper
explanations relating to material departures.
ii) that 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.
iii) that the directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safe guarding the assets of the company and
for preventing and deleting fraud and other irregularities.
iv) that the directors had prepared the annual accounts on the going
concern basis.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION & FOREIGN
EXCHANGE EARNINGS AND OUT GO:
The required information as per Sec.217 (1) (e) of the Companies Act
1956 is
provided hereunder:
A. Conservation of Energy:
Your Company''s operations are not energy intensive. Adequate measures
have been taken to conserve energy wherever possible by using energy
efficient computers and purchase of energy efficient equipment.
B. Technology Absorption:
1. Research and Development (R&D) : NIL
2. Technology absorption, adoption and innovation : NIL
C. Foreign Exchange Earnings and Out Go:
Foreign Exchange Earnings : NIL
Foreign Exchange Outgo : NIL
PARTICULARS OF EMPLOYEES:
There is no employee who is falling under section 217 (2A). Therefore,
the disclosures required to be made under section 217 (2A) of the
Companies Act, 1956 and the rules made there under are not applicable.
SUBSIDIARY COMPANY:
The Company does not have any subsidiary company.
CODE OF CONDUCT:
The Code of Conduct has been circulated to all the members of the Board
and Senior Management and the compliance of the same has been affirmed
by them. Code of Conduct has also been placed on the website of the
company. A declaration to this effect is given in Annexure.
AUDITORS:
M/s. VASG & Associates, Chartered Accountants, Hyderabad, Statutory
Auditors of the Company retire at the conclusion of the ensuing Annual
General Meeting and are eligible for reappointment. The said Auditors
have furnished the Certificate of their eligibility for re-appointment.
Pursuant to the provisions of Section 139 of the Companies Act, 2013
and the Rules framed there under, it is proposed to appoint them as
Statutory Auditors of the Company from the conclusion of the
forthcoming AGM till the conclusion of the AGM to be held in the year
2017, subject to ratification of their appointment at the subsequent
AGMs.
AUDITOR''S REPORT
The Board has duly reviewed the Statutory Auditor''s Report on the
Accounts for the year ended March 31st, 2014 and has noted that the
same does not have any reservation, qualification or adverse remarks.
CORPORATE GOVERNANCE:
As a listed company, necessary measures have been taken to comply with
the listing agreements of Stock Exchanges. A report on Corporate
Governance, along with a certificate of compliance from the Auditors
forms part of this Report as Annexure.
ACKNOWLEDGEMENTS:
Your directors would like to express their appreciation for assistance
and co- operation received from clients, banks, investors, Government,
other statutory authorities and all others associated with the company.
Your directors also wish to place on record their deep sense of
appreciation for the excellent contribution made by the employees at
all levels, which enabled the company to achieve sustained growth in
the operational performance during the year under review.
DECLARATION BY DIRECTOR OF AFFIRMATION BY DIRECTORS AND SENIOR
MANAGEMENT PERSONNEL OF COMPLIANCE WITH THE CODE OF CONDUCT:
The shareholders,
I, K.S.S. Prasad, Director of the Company do hereby declare that the
directors and senior management of the Company have exercised their
authority and powers and discharged their duties and functions in
accordance with the requirements of the code of conduct as prescribed
by the Company and have adhered to the provisions of the same.
For and on behalf of the Board
Jay Mahesh Infraventures Limited
Sd/-
K.S.S.Prasad
Place: Hyderabad Director
Date: 01.09.2014 (DIN 00325326)
Mar 31, 2013
We have pleasure in presenting the 26th Annual Report with Audited
Statements of Accounts for the year ended 31st March 2013.
FINANCIAL RESULTS:
(Rupees in Lakhs)
Particulars 2012-13 2011-12
Income 312.34 1250.70
Profit before Depreciation 11.23 10.12
Depreciation 0.74 0.05
Profit before Tax 11.97 10.17
Provision for Taxation 1.94
Profit after Taxes 11.97 8.23
DIVIDEND:
Keeping the Company''s expansion and growth plans in mind, your
Directors have decided not to recommend dividend for the year.
PUBLIC DEPOSITS:
Your Company has not accepted any deposits falling within the meaning
of Sec.58A of the Companies Act, 1956 read with the Companies
(Acceptance of Deposits) Rules, during the financial year under review.
LISTING / TRADING :
The equity shares of your company are listed on Ahmedabad Stock
Exchange Limited. During the year under review, the shares of the
Company were listed on Calcutta Stock Exchange Limited and were
permitted to trade on BSE Limited.
CAPITAL OF THE COMPANY:
The authorized capital of the company stands at Rs. 6,25,00,000 divided
into 62,50,000 shares of Rs. 10/- each and the paid up capital of the
company stands at Rs. 5,65,06,000 divided into 56,50,600 equity shares
of Rs. 10/- each.
MANAGEMENT DISCUSSION AND ANALYSIS:
A detailed review of operations, performance and future outlook of your
Company and its businesses is given in the Management Discussion and
Analysis, which forms part of this Report.
DIRECTORS:
In accordance with the Companies Act, 1956 read with Articles of
Association of the company the Director namely Mr. S. Venkataramana
retires by rotation and is eligible for re-appointment. Your Board
recommends the re-appointment of the Director.
DIRECTORS'' RESPONSIBILITY STATEMENT:
In pursuance of Section 217(2AA) of the Companies Amendment Act, 2000
your directors confirm:
i) that the directors in the preparation of the annual accounts the
applicable accounting standards have been followed along with proper
explanations relating to material departures.
ii) that 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.
iii) that the directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safe guarding the assets of the company and
for preventing and deleting fraud and other irregularities.
iv) that the directors had prepared the annual accounts on the going
concern basis. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION & FOREIGN
EXCHANGE EARNINGS AND OUT GO:
The required information as per Sec.217 (1) (e) of the Companies Act
1956 is provided hereunder:
A. Conservation of Energy:
Your Company''s operations are not energy intensive. Adequate measures
have been taken to conserve energy wherever possible by using energy
efficient computers and purchase of energy efficient equipment.
B. Technology Absorption:
1. Research and Development (R&D) : NIL
2. Technology absorption, adoption and innovation : NIL
C. Foreign Exchange Earnings and Out Go:
Foreign Exchange Earnings : NIL
PARTICULARS OF EMPLOYEES:
There is no employee who is falling under section 217 (2A). Therefore,
the disclosures required to be made under section 217 (2A) of the
Companies Act, 1956 and the rules made there under are not applicable.
CODE OF CONDUCT:
The Code of Conduct has been circulated to all the members of the Board
and Senior Management and the compliance of the same has been affirmed
by them. Code of Conduct has also been placed on the website of the
company. A declaration to this effect is given in Annexure.
AUDITORS:
M/s. VASG & Associates, Chartered Accountants, Hyderabad, will retire
as auditors of the company at the ensuing Annual General Meeting and
being eligible have expressed their willingness for reappointment. Your
directors propose the appointment of M/s. VASG & Associates, as
statutory auditors to hold office until the conclusion of the next
Annual General Meeting of the company.
CORPORATE GOVERNANCE:
As a listed company, necessary measures have been taken to comply with
the listing agreements of Stock Exchanges. A report on Corporate
Governance, along with a certificate of compliance from the Auditors
forms part of this Report as Annexure.
ACKNOWLEDGEMENTS:
Your directors would like to express their appreciation for assistance
and co-operation received from clients, banks, investors, Government,
other statutory authorities and all others associated with the company.
Your directors also wish to place on record their deep sense of
appreciation for the excellent contribution made by the employees at
all levels, which enabled the company to achieve sustained growth in
the operational performance during the year under review.
DECLARATION BY DIRECTOR OF AFFIRMATION BY DIRECTORS AND SENIOR
MANAGEMENT PERSONNEL OF COMPLIANCE WITH THE CODE OF CONDUCT:
The shareholders,
I, K.S.S. Prasad, Director of the Company do hereby declare that the
directors and senior management of the Company have exercised their
authority and powers and discharged their duties and functions in
accordance with the requirements of the code of conduct as prescribed
by the Company and have adhered to the provisions of the same.
For and on behalf of the Board
Jay Mahesh Infraventures Limited
Sd/-
Place: Hyderabad K.S.S. Prasad
Date: 30.07.2013 Director
Mar 31, 2012
To, The Members
The have pleasure in presenting the 25th Annual Report with Audited
Statements of Accounts for the year ended 31st March 2012.
FINANCIAL RESULTS:
(Rupees in Lakhs)
Particulars 2011-12 2010-11
Income 1250.70 585.79
Profit before Depreciation 10.12 11.67
Depreciation 0.05 0.06
Profit before Tax 10.17 11.73
Provision for Taxation 1.94 5.61
Profit after Taxes 8.23 6.12
DIVIDEND:
Keeping the Company''s expansion and growth plans in mind, your
Directors have decided not to recommend dividend for the year.
PUBLIC DEPOSITS:
Your Company has not accepted any deposits falling within the meaning
of Sec.58A of the Companies Act, 1956 read with the Companies
(Acceptance of Deposits) Rules, during the financial year under review.
LISTING:
The equity shares of your company are listed on Ahmedabad Stock
Exchange Limited.
CAPITAL OF THE COMPANY:
During the year, the authorized capital of the company was increased
from Rs. 3.50 crores to Rs. 6.25 crores.
The company has allotted 25,00,000 equity shares on preferential basis
to promoters and others at an issue price of Rs. 10/- each. As a
result, the paid up capital of the company stands at Rs. 5,65,06,000
divided into 56,50,600 equity shares of Rs. 10/- each.
UTILISATION OF FUNDS:
During the period the company has raised funds of about Rs. 2.50 crores
by way of preferential allotment of shares. The amount has been spent
towards the working capital requirements and other corporate purpose of
the Company.
CHANGE OF NAME:
During the year, the Company''s name was changed from Narven Finance
and Investments Limited to Jay Mahesh Infraventures Limited with effect
from 30.01.2012.
CHANGE OF OBJECTS:
The Company''s main objects were changed to infrastructure activity
with effect from 08.01.2012. The Company also amended its other objects
clause.
CHANGE OF REGISTERED OFFICE:
The Company''s registered office address was changed from #312, Kubera
Towers, Narayanguda, Hyderabad - 500029 to H-No.3-6-672/A, Street
No.10, Himayatnagar, Hyderabad -500029 with effect from 02.04.2012.
MANAGEMENT DISCUSSION AND ANALYSIS:
A detailed review of operations, performance and future outlook of your
Company and its businesses is given in the Management Discussion and
Analysis, which forms part of this Report.
INSURANCE:
The company''s assets have been adequately insured against major
risks.
DIRECTORS:
During the year, Mr. S. Venkatramana and Mr. Ompraksh Kovuri were
inducted into board as the director of the company w.e.f. 06.12.2011
and 15.12.2011 respectively. Mr. Vishnukanth Bhangadia and Mr. A.
Rajendra Prasad resigned from the Board w.e.f 05.12.2011 and 15.12.2011
respectively. The Board wishes to place on record its deep appreciation
and gratitude for the valuable services rendered by them to the
company.
In accordance with the Companies Act, 1956 read with Articles of
Association of the company the Director namely Mr. B. Mohan Rao retires
by rotation and is eligible for re- appointment. Your Board recommends
the re-appointment of the Director.
DIRECTORS'' RESPONSIBILITY STATEMENT:
In pursuance of Section 217(2AA) of the Companies Amendment Act, 2000
your directors confirm
i) That the directors in the preparation of the annual accounts the
applicable accounting standards have been followed along with proper
explanations relating to material departures.
ii) That 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.
iii) That the directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safe guarding the assets of the company and
for preventing and deleting fraud and other irregularities.
iv) That the directors had prepared the annual accounts on the going
concern basis.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE
EARNINGS AND OUT GO:
The required information as per Sec.217 (1) (e) of the Companies Act
1956 is provided hereunder:
A. Conservation of Energy:
Your Company''s operations are not energy intensive. Adequate measures
have been taken to conserve energy wherever possible by using energy
efficient computers and purchase of energy efficient equipment.
B. Technology Absorption:
1. Research and Development (R&D) : NIL
2. Technology absorption, adoption and innovation : NIL
C. Foreign Exchange Earnings and Out Go:
Foreign Exchange Earnings : NIL
Foreign Exchange Outgo : NIL
PARTICULARS OF EMPLOYEES:
There is no employee who is falling under section 217 (2A). Therefore,
the disclosures required to be made under section 217 (2A) of the
Companies Act, 1956 and the rules made there under are not applicable.
CODE OF CONDUCT:
The Code of Conduct has been circulated to all the members of the Board
and Senior Management and the compliance of the same has been affirmed
by them. Code of Conduct has also been placed on the website of the
company. A declaration signed by the Managing Director is given in
Annexure.
AUDITORS:
M/s. Rao & Sridhar., Chartered Accountants, Hyderabad, will retire as
auditors of the company at the ensuing Annual General Meeting and being
eligible have expressed their willingness for re-appointment. Your
directors propose the appointment of M/s. Rao & Sridhar., as statutory
auditors to hold office until the conclusion of the next Annual General
Meeting of the company.
CORPORATE GOVERNANCE:
As a listed company, necessary measures have been taken to comply with
the listing agreements of Stock Exchanges. A report on Corporate
Governance, along with a certificate of compliance from the Auditors,
Forms part of this Report as Annexure.
ACKNOWLEDGEMENTS:
Your directors would like to express their grateful appreciation for
assistance and co- operation received from clients, banks, investors,
Government, other statutory authorities and all others associated with
the company. Your directors also wish to place on record their deep
sense of appreciation for the excellent contribution made by the
employees at all levels, which enabled the company to achieve sustained
growth in the operational performance during the year under review.
DECLARATION BY MANAGING DIRECTOR OF AFFIRMATION BY DIRECTORS AND SENIOR
MANAGEMENT PERSONNEL OF COMPLIANCE WITH THE CODE OF CONDUCT:
The shareholders,
I, K.S.S. Prasad, Managing Director of the Company do hereby declare
that the directors and senior management of the Company have exercised
their authority and powers and discharged their duties and functions in
accordance with the requirements of the code of conduct as prescribed
by the company and have adhered to the provisions of the same.
For and on behalf of the Board
Jay Mahesh Infraventures Limited
Sd/-
Place: Hyderabad K.S.S. Prasad
Date: 06.08.2012 Managing Director
Mar 31, 2011
To The Members
The have pleasure in presenting the 24th Annual Report with Audited
Statements of Accounts for the year ended 31st March 2011.
FINANCIAL RESULTS:
(Rupees in Lakhs)
Particulars 2010-11 2009-10
Gross Income 585.79 2225.70
Profit before Depreciation 11.79 7.49
Depreciation 0.06 0.06
Profit before Tax 11.3 7.43
Provision for Taxation 5.61 0.00
Profit after Taxes 6.12 7.43
PERFORMANCE REVIEW:
The Company has recorded a turnover of Rs. 585.79 lakhs and the profit
of Rs. 6.12 Lakhs in the current year against the turnover of Rs.
2225.70 lakhs and profit of Rs. 7.43 Lakhs in the previous financial
year ending 31.03.2010.
DIVIDEND:
Keeping the Company''s expansion and growth plans in mind, your
Directors have decided not to recommend dividend for the year.
PUBLIC DEPOSITS:
Your Company has not accepted any deposits falling within the meaning
of Sec.58A of the Companies Act, 1956 read with the Companies
(Acceptance of Deposits) Rules, during the financial year under review.
LISTING:
The equity shares of your company are listed on Ahmedabad Stock
Exchange Limited.
CAPITAL OF THE COMPANY:
The authorized capital of the Company stands at Rs.3,50,00,000 (Rupees
Three Crores and Fifty Lakhs only) divided into 35,00,000 equity shares
of Rs.10/- each. The paid up capital of the Company stands at
Rs.3,15,06,000 ( Rupees Three Crores Fifteen Lakhs and Six Thousand
only) consisting of 31,50,600 equity shares of Rs. 10/- each.
DIRECTORS:
During the year, Mr. Vishnukanth Bhangadia and Mr. Mohan Rao Bhousie
were inducted into Board as the Directors of the Company w.e.f.
01.03.2011.
Mr. P. Kalpesh Kumar Vasudev Bhai & Mr. P.V. Murali Krishna resigned
from the board w.e.f. 12.05.2011. The Board wishes to place on record
its deep appreciation and gratitude for the valuable services rendered
by them to the company.
In accordance with the Companies Act, 1956 read with Articles of
Association of the company the Directors namely Mr. A. Rajendra Prasad
retire by rotation and being eligible offers himself for
re-appointment.
DIRECTORS'' RESPONSIBILITY STATEMENT:
In pursuance of Section 217(2AA) of the Companies Amendment Act, 2000
your directors confirm
i) That the directors in the preparation of the annual accounts the
applicable accounting standards have been followed along with proper
explanations relating to material departures.
ii) That 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.
iii) That the directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safe guarding the assets of the company and
for preventing and deleting fraud and other irregularities.
iv) That the directors had prepared the annual accounts on the going
concern basis.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE
EARNINGS AND OUT GO :-
The required information as per Sec.217 (1) (e) of the Companies Act,
1956 is provided hereunder:
A. Conservation of Energy:
Your Company''s operations are not energy intensive. Adequate measures
have been taken to conserve energy wherever possible by using energy
efficient computers and purchase of energy efficient equipment.
B. Technology Absorption:
1. Research and Development (R&D) : NIL
2. Technology absorption, adoption and innovation : NIL
C. Foreign Exchange Earnings and Out Go:
Foreign Exchange Earnings : NIL
Foreign Exchange Outgo : NIL
PARTICULARS OF EMPLOYEES:
There is no employee who is falling under section 217 (2A). Therefore,
the disclosures required to be made under section 217 (2A) of the
Companies Act, 1956 and the rules made there under are not applicable.
CODE OF CONDUCT:
The Code has been circulated to all the members of the Board and Senior
Management and the compliance of the same has been affirmed by them. A
declaration for the same is given in Annexure.
AUDITORS:
Your directors propose the appointment of M/s. Rao & Sridhar as
statutory auditors to hold office until the conclusion of the next
Annual General Meeting of the company.
CORPORATE GOVERNANCE:
As a listed company, necessary measures have been taken to comply with
the listing agreements of Stock Exchanges. A report on Corporate
Governance, along with a certificate of compliance from the Auditors,
Forms part of this Report as Annexure.
ACKNOWLEDGEMENTS:
Your directors would like to express their grateful appreciation for
assistance and co-operation received from clients, banks, investors,
Government, other statutory authorities and all others associated with
the company. Your directors also wish to place on record their deep
sense of appreciation for the excellent contribution made by the
employees at all levels, which enabled the company to achieve sustained
growth in the operational performance during the year under review.
DECLARATION BY MANAGING DIRECTOR OF AFFIRMATION BY DIRECTORS AND SENIOR
MANAGEMENT PERSONNEL OF COMPLIANCE WITH THE CODE OF CONDUCT:
To, The shareholders
I, K.S.S. Prasad, Director of the Company do hereby declare that the
directors and senior management of the Company have exercised their
authority and powers and discharged their duties and functions in
accordance with the requirements of the code of conduct as prescribed
by the company and have adhered to the provisions of the same.
For and on behalf of the Board of
NARVEN FINANCE AND INVESTMENTS LIMITED
Sd/-
Place: Hyderabad K.S.S.Prasad
Date: 03.09.2011 Director
Mar 31, 2010
To The Members
The have pleasure in presenting the 23rd Annual Report with Audited
Statements of Accounts for the year ended 31st March 2010.
FINANCIAL RESULTS:
(Rupees in Lakhs)
Particulars 2009-10 2008-09
Gross Income 2225.70 531.85
Profit before Depreciation 7.49 5.69
Depreciation 0.06 0.08
Profit before Tax 7.43 5.61
Provision for Taxation 0.00 0.00
Profit after Taxes 7.43 5.61
PERFORMANCE REVIEW:
The company has recorded a turnover of Rs. 2225.70 lakhs and the profit
of Rs. 7.43 Lakhs in the current year against the turnover of Rs.
531.85 lakhs and profit of Rs. 5.61 Lakhs in the previous financial
year ending 31.03.2009.
DIVIDEND:
Keeping the Company''s expansion and growth plans in mind, your
Directors have decided not to recommend dividend for the year.
PUBLIC DEPOSITS:
Your Company has not accepted any deposits falling within the meaning
of Sec.58A of the Companies Act, 1956 read with the Companies
(Acceptance of Deposits) Rules, during the financial year under review.
LISTING:
The equity shares of your company are listed on Ahmedabad Stock
Exchange Limited.
CAPITAL OF THE COMPANY:
The authorized capital of the Company stands at Rs.3,50,00,000 (Rupees
Three Crores and Fifty Lakhs only) divided into 35,00,000 equity shares
of Rs.10/- each. The paid up capital of the Company stands at
Rs.3,15,06,000 ( Rupees Three Crores Fifteen Lakhs and Six Thousand
only) consisting of 31,50,600 equity shares of Rs. 10/- each.
DIRECTORS:
During the year, Mr. P. Kalpesh Kumar Vasudev Bhai was inducted into
Board as the Directors of the Company w.e.f. 12.08.2010.
In accordance with the Companies Act, 1956 read with Articles of
Association of the company the Directors namely Mr. P.V. Murali Krishna
retire by rotation and being eligible offers himself for
re-appointment.
DIRECTORS'' RESPONSIBILITY STATEMENT:
In pursuance of Section 217(2AA) of the Companies Amendment Act, 2000
your directors confirm
i) That the directors in the preparation of the annual accounts the
applicable accounting standards have been followed along with proper
explanations relating to material departures.
ii) That 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.
iii) That the directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safe guarding the assets of the company and
for preventing and deleting fraud and other irregularities.
iv) That the directors had prepared the annual accounts on the going
concern basis.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE
EARNINGS AND OUT GO :
The required information as per Sec.217 (1) (e) of the Companies Act,
1956 is provided hereunder:
A. Conservation of Energy:
Your Company''s operations are not energy intensive. Adequate measures
have been taken to conserve energy wherever possible by using energy
efficient computers and purchase of energy efficient equipment.
B. Technology Absorption:
1. Research and Development (R&D) : NIL
2. Technology absorption, adoption and innovation : NIL
C. Foreign Exchange Earnings and Out Go:
Foreign Exchange Earnings : NIL
Foreign Exchange Outgo : NIL
PARTICULARS OF EMPLOYEES:
There is no employee who is falling under section 217 (2A). Therefore,
the disclosures required to be made under section 217 (2A) of the
Companies Act, 1956 and the rules made there under are not applicable.
CODE OF CONDUCT:
The Code has been circulated to all the members of the Board and Senior
Management and the compliance of the same has been affirmed by them. A
declaration for the same is given in Annexure.
AUDITORS:
Your directors propose the appointment of M/s. Rao & Sridhar as
statutory auditors to hold office until the conclusion of the next
Annual General Meeting of the company.
CORPORATE GOVERNANCE:
As a listed company, necessary measures have been taken to comply with
the listing agreements of Stock Exchanges. A report on Corporate
Governance, along with a certificate of compliance from the Auditors,
Forms part of this Report as Annexure.
ACKNOWLEDGEMENTS:
Your directors would like to express their grateful appreciation for
assistance and co-operation received from clients, banks, investors,
Government, other statutory authorities and all others associated with
the company. Your directors also wish to place on record their deep
sense of appreciation for the excellent contribution made by the
employees at all levels, which enabled the company to achieve sustained
growth in the operational performance during the year under review.
DECLARATION BY MANAGING DIRECTOR OF AFFIRMATION BY DIRECTORS AND SENIOR
MANAGEMENT PERSONNEL OF COMPLIANCE WITH THE CODE OF CONDUCT:
To, The shareholders
I, A. Rajendra Prasad, Director of the Company do hereby declare that
the directors and senior management of the Company have exercised their
authority and powers and discharged their duties and functions in
accordance with the requirements of the code of conduct as prescribed
by the company and have adhered to the provisions of the same.
For and on behalf of the Board of
NARVEN FINANCE AND INVESTMENTS LIMITED
Sd/-
Place: Hyderabad A. Rajendra Prasad
Date: 02.09.2010 Director
Mar 31, 2009
To The Members
The have pleasure in presenting the 22nd Annual Report with Audited
Statements of Accounts for the year ended 31st March 2009.
FINANCIAL RESULTS:
(Rupees in Lakhs)
Particulars 2008-09 2007-08
Gross Income 531.85 1121.47
Profit before Depreciation 5.69 4.99
Depreciation 0.08 0.10
Profit before Tax 5.61 4.80
Provision for Taxation 0.00 0.00
Profit after Taxes 5.61 4.80
PERFORMANCE REVIEW:
The Company has recorded a turnover of Rs. 531.85 lakhs and the profit
of Rs. 5.61 Lakhs in the current year against the turnover of Rs.
1121.47 lakhs and profit of Rs. 4.80 Lakhs in the previous financial
year ending 31.03.2008.
DIVIDEND:
Keeping the Company''s expansion and growth plans in mind, your
directors have decided not to recommend dividend for the year.
PUBLIC DEPOSITS:
Your Company has not accepted any deposits falling within the meaning
of Sec.58A of the Companies Act, 1956 read with the Companies
(Acceptance of Deposits) Rules, during the financial year under review.
LISTING:
The equity shares of your company are listed on Ahmedabad Stock
Exchange Limited.
CAPITAL OF THE COMPANY:
The authorized capital of the Company stands at Rs.3,50,00,000 (Rupees
Three Crores and Fifty Lakhs only) divided into 35,00,000 equity shares
of Rs.10/- each. The paid up capital of the Company stands at
Rs.3,15,06,000 ( Rupees Three Crores Fifteen Lakhs and Six Thousand
only) consisting of 31,50,600 equity shares of Rs. 10/- each.
DIRECTORS:
In accordance with the Companies Act, 1956 read with Articles of
Association of the company the Director namely Mr. K.S.S. Prasad retire
by rotation and being eligible offers himself for re-appointment.
DIRECTORS'' RESPONSIBILITY STATEMENT:
In pursuance of Section 217(2AA) of the Companies Amendment Act, 2000
your directors confirm
i) That the directors in the preparation of the annual accounts the
applicable accounting standards have been followed along with proper
explanations relating to material departures.
ii) That 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.
iii) That the directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safe guarding the assets of the company and
for preventing and deleting fraud and other irregularities.
iv) That the directors had prepared the annual accounts on the going
concern basis.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE
EARNINGS AND OUT GO :
The required information as per Sec.217 (1) (e) of the Companies Act
1956 is provided hereunder:
A. Conservation of Energy:
Your Company''s operations are not energy intensive. Adequate measures
have been taken to conserve energy wherever possible by using energy
efficient computers and purchase of energy efficient equipment.
B. Technology Absorption:
1. Research and Development (R&D) : NIL
2. Technology absorption, adoption and innovation : NIL
C. Foreign Exchange Earnings and Out Go:
Foreign Exchange Earnings : NIL
Foreign Exchange Outgo : NIL
PARTICULARS OF EMPLOYEES:
There is no employee who is falling under section 217 (2A). Therefore,
the disclosures required to be made under section 217 (2A) of the
Companies Act, 1956 and the rules made there under are not applicable.
CODE OF CONDUCT:
The Code has been circulated to all the members of the Board and Senior
Management and the compliance of the same has been affirmed by them. A
declaration for the same is given in Annexure.
AUDITORS:
Your directors propose the appointment of M/s. Rao & Sridhar as
statutory auditors to hold office until the conclusion of the next
Annual General Meeting of the company.
CORPORATE GOVERNANCE:
As a listed company, necessary measures have been taken to comply with
the listing agreements of Stock Exchanges. A report on Corporate
Governance, along with a certificate of compliance from the Auditors,
Forms part of this Report as Annexure.
ACKNOWLEDGEMENTS:
Your directors would like to express their grateful appreciation for
assistance and co-operation received from clients, banks, investors,
Government, other statutory authorities and all others associated with
the company. Your directors also wish to place on record their deep
sense of appreciation for the excellent contribution made by the
employees at all levels, which enabled the company to achieve sustained
growth in the operational performance during the year under review.
DECLARATION BY MANAGING DIRECTOR OF AFFIRMATION BY DIRECTORS AND SENIOR
MANAGEMENT PERSONNEL OF COMPLIANCE WITH THE CODE OF CONDUCT:
To, The shareholders
I, A. Rajendra Prasad, Director of the Company do hereby declare that
the directors and senior management of the Company have exercised their
authority and powers and discharged their duties and functions in
accordance with the requirements of the code of conduct as prescribed
by the company and have adhered to the provisions of the same.
For and on behalf of the Board of
NARVEN FINANCE AND INVESTMENTS LIMITED
Sd/-
Place: Hyderabad A. Rajendra Prasad
Date: 02.09.2009 Director
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