Mar 31, 2015
Dear Shareholders,
The directors have pleasure in presenting the Annual Report together
with audited statements of Accounts for the year ended on 31st March,
2015.
Financial Results
Year 2014-15 Year 2013-14
PARTICULARS (Amt. in Rs.) (Amt. in Rs.)
(47,161) 2,31,585
Profit/(Loss) before Tax
Less:- Provision For Taxation - 69,684
Profit/(Loss) After Tax (47,161) 1,61,901
OPERATIONS
The revenue of the company during the year was Rs.11.07 lacs as
compared to Rs.9.13 lacs in the previous year. Due to overhead cost,
the Company has incurred a loss of Rs. 47,161/- in the year under
report as against Profit of Rs.1,61,901/- in the previous year. Our
company is putting all efforts in reducing the cost in the current
financial year.
CORPORATE GOVERNANCE
As per SEBI Circular No. CIR/CFD/POLICY CELL/7/2014 dated September 15,
2014, Clause 49 of the Listing Agreement is not mandatory for companies
whose paid up share capital is either less than Rs.10 Crores or its Net
worth less than Rs.25 Crores, as on the last date of the previous
financial year.
The paid-up Capital of the Company as on March 31, 2015 is Rs.5.911
Crores, being less than Rupees Ten Crores, the Clause 49 of the Listing
Agreement is not applicable to the Company.
DIVIDEND
No Dividend is declared or recommended by the Board of Directors of the
Company during the year in view of the losses.
DIRECTORS
During the year, Mr.Dipakkumar Ashar, Mr.Mahesh Thakor and
Mr.Pinalkumar Patel joined the Board as directors of the Company.
Mr.Sanjay Salavi, Mr.Pavan Vishwakarma and Mr.Vinodkumar Menat resigned
from the Board. The Board appreciates the services rendered by them
during their tenure in the Company. The Director who is liable to
retire by rotation, being eligible offers himself for re- appointment.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to Section 134 of the Companies Act, 2013 the Directors state
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) Appropriate accounting policies have been selected and applied
consistently and have made judgments and estimates that are reasonable
and prudent, so as to give a true and fair view of the state of affairs
of the Company as at March 31, 2015 and of the loss of the Company for
the year ended March 31, 2015;
(c) Proper and sufficient care has been taken for the maintenance of
adequate accounting records in accordance with the provisions of the
Companies Act, 2013 for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities;
(d) The annual accounts have been prepared on a going concern basis;
(e) Proper internal financial controls were followed by the Company and
such internal financial controls are adequate and were operating
effectively;
(f) Proper systems are devised to ensure compliance with the provisions
of all applicable laws and that such systems are adequate and operating
effectively.
AUDITORS
Vishves A Shah & Co., Chartered Accountants, statutory Auditors of the
Company retire at the conclusion of the ensuing Annual General Meeting
and are eligible for re-appointment. The Company has received
confirmation that their appointment, if made, would be within the
prescribed limit specified under relevant sections of the Companies Act
and that they are not disqualified for such appointment. Your
Directors recommend his re-appointment as the Statutory Auditors of the
Company for the current financial year and fixation of their
remuneration.
AUDITORS' REPORT
The comments in the Auditor's Report with Notes of Accounts and
Schedules are self explanatory.
DIPIKA SONI & ASSOCIATES was appointed as Secretarial Auditor to
conduct the Secretarial Audit of the Company for the Financial Year
2014-2015 pursuant to section 204 of the Companies Act, 2013 and rules
made there under. The Auditor has made certain observation of
non-compliance of the Companies Act, 2013. The Board has taken note of
the same and will ensure to comply with it as soon as possible.
PUBLIC DEPOSITS
During the year, the Company has not accepted any deposit.
PARTICULARS OF THE EMPLOYEES
The Company does not have any employee/Director who is in receipt of
remuneration aggregating to the sum prescribed in Section 197 of the
Companies Act, 2013 ("the Act") read with Rule 5 of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE
EARNINGS & EXPENDITURE
The Company has no activities relating to conservation of energy and
technology absorption. There are no foreign exchange transactions
during the year.
VIGIL MEGHANISM
The Company has established a Vigil Mechanism that enables the
Directors and Employees to report genuine concerns. The Vigil Mechanism
provides for (a) adequate safeguards against victimization of persons
who use the Vigil Mechanism; and (b) direct access to the Chairperson
of the Audit Committee of the Board of Directors of the Company in
appropriate or exceptional cases.
RELATED PARTY TRANSACTIONS
No transactions were carried out between any of the related parties in
the year under review.
RISK MANAGEMENT
The Company has devised and implemented a mechanism for risk management
and has developed a Risk Management Policy. The Policy provides for
creating a Risk Register, identifying internal and external risks and
implementing risk mitigation steps.
FAMILIARIZATION PROGRAMME FOR INDEPENDENT DIRECTORS
The Company proactively keeps its Directors informed of the activities
of the Company, its management and operations and provides an overall
industry perspective as well as issues being faced by the industry.
EXTRACT OF ANNUAL RETURN
The details forming part of the extract of the Annual Return in form
MGT 9 is annexed herewith.
LISTING
The Equity Shares of the Company is listed at the Bombay Stock Exchange
Limited (BSE) and the trading in Equity shares was suspended by BSE
w.e.f. March 04, 2015 vide its Notice No. 20150227-27 dated February
27, 2015.
ACKNOWLEDGEMENTS
Your Directors take opportunities to show gratitude towards
co-operation received from Shareholders and other Agencies.
By Order of the Board
JAYANT MERCANTILE CO. LIMITED
DIRECTOR DIRECTOR
Place : Mumbai
Date : September 01, 2015
Mar 31, 2014
Dear Members,
The directors have pleasure in presenting the Annual Report together
with audited statements of Accounts for the period ended 31st March,
2014.
Financial Results
PARTICULARS 2013-14 2012-13
(Amt. in Rs.) (Amt. in Rs.)
Profit/(Loss) before Tax 2,31,585 1,86,921
Less:- Provision For Taxation 69,684 57,759
Profit/(Loss) After Tax 1,61,901 1,29,162
Dividend
No dividend is declared or recommended by the Board of Directors of the
Company during the year.
Public Deposits
The Company has not accepted deposits within the provision of Section
58A of the Companies Act, 1956.
Particulars of Employees
The provision of section 217(2A) of the Companies Act, 1956, read with
Companies (Particulars of Employee) Rules, 1975 are not applicable to
your company since none of the employee is employed on a remuneration
of Rs.2,00,000/- P.M. or Rs.24,00,000/- P.A.
Directors Responsibility Statement
Pursuant to section 217 (2AA) of the Companies Act, 1956, the Directors
to the best of their knowledge and belief confirm that:
(i) In the preparation of the annual accounts for the financial period
ended March 31, 2014, all the applicable accounting standards have been
followed along with proper explanation relating to material departures;
(ii) Appropriate accounting policies and applied them consistently and
made judgements and esti- mates that are reasonable and prudent so as
to give true and fair view of the state of the affairs of the Company
as at March 31, 2014 and of the profit of the Company for that period;
(iii) The Directors had taken proper and sufficient care for
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act,1956 for safe guarding the assets of
the Company and for preventing and detecting fraud and other
irregularities; and
(iv) The annual accounts have been prepared on a ''going concern'' basis.
Conservation of Energy, Research & Development, Technology Absorption,
Foreign Exchange Earning and Outgo
The Company did not undertake any activity during the year that would
require disclosure under section 217(2)(e) of the Companies Act, 1956,
read with Rule 2 of the Companies (Disclosure of particulars in the
Report of Board of Directors) Rules 1988, the particulars relating to
conservation of energy, technology absorption and foreign exchange
earnings and outgo.
Corporate Governance
The Company is persistent in following best practices and hence adopted
all mandatory provisions of Clause 49 of the Listing agreement. A
report on Corporate Governance along with a certificate from the
Auditors of the Company regarding the compliance of conditions of
Corporate Governance and also the Management Discussion and Analysis
Report forms part of the Annual Report.
Listing
The Equity Shares of the Company is listed at the Bombay Stock Exchange
Limited (BSE).
Auditors
The Auditor, M/s. D M Oza & Associates, Chartered Accountants, holds
office until the conclusion of Next Annual General Meeting and is
recommended for re-appointment. Certificate from auditors has been
received to the effect that their re-appointment, if made, would be
within the limits prescribed under section 224(1B) of the Companies
Act, 1956.
Acknowledgements
The Directors take pleasure in thinking the Company''s business
associates / customers, and bankers for their continued support. The
Directors also acknowledge the appreciation of the sincere effort,
contribution and cooperation of the employees.
For and on behalf of the Board of Director
Chairman
Date: September 02, 2014
Place: Mumbai
Mar 31, 2012
Dear Shareholders,
The directors have pleasure in presenting the Annual Report together
with audited statements of Accounts for the period ended 31st March,
2012.
Financial Results
Particular 2011-2012 2010-2011
Profit/(Loss) before Depreciation & Interest 65,567 92,111
Less:- Provision For Taxation 20,500 29,800
Profit/(Loss) After Tax 45,067 62,311
Dividend
No dividend is declared or recommended by the Board of Directors of the
Company during the year.
Public Deposits
The Company has not accepted deposits within the provision of Section
58A of the Companies Act, 1956.
Particulars of Employees
The provision of section 217(2A) of the Companies Act, 1956, read with
Companies (Particulars of Employee) Rules, 1975 are not applicable to
your company since none of the employee is employed on a remuneration
of Rs.2,00,000/- P.M. or Rs.24,00,000/- P.A.
Directors Responsibility Statement
Pursuant to section 217 (2AA) of the Companies Act, 1956, the Directors
to the best of their knowledge and belief confirm that :
(i) In the preparation of the annual accounts for the financial period
ended March 31, 2012, all the applicable accounting standards have been
followed along with proper explanation relating to material departures;
(ii) Appropriate accounting policies and applied them consistently and
made judgements and esti- mates that are reasonable and prudent so as
to give true and fair view of the state of the affairs of the Company
as at March 31, 2012 and of the profit of the Company for that period;
(iii) The Directors had taken proper and sufficient care for
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act,1956 for safe guarding the assets of
the Company and for preventing and detecting fraud and other
irregularities; and
(iv) The annual accounts have been prepared on a ''going concern''
basis.
Directors
Mr Vinod Kumar Menat is eligible to retire at the ensuing AGM and being
eligible offered himself for the re-appointment.
Conservation of Energy, Research & Development, Technology Absorption,
Foreign Exchange Earning and Outgo
The Company did not undertake any activity during the year that would
require disclosure under section 217(2)(e) of the Companies Act, 1956,
read with Rule 2 of the Companies (Disclosure of particulars in the
Report of Board of Directors) Rules 1988, the particulars relating to
conservation of energy, technology absorption and foreign exchange
earnings and outgo.
Corporate Governance
Corporate Governance as per Clause 49 of the Listing Agreement is not
applicable to the Company.
Listing
The Equity Shares of the Company is listed at the Bombay Stock Exchange
Limited (BSE).
Auditors
The Auditor, M/s. D M Oza & Associates, Chartered Accountants, holds
office until the conclusion of Next Annual General Meeting and is
recommended for re-appointment. Certificate from auditors has been
received to the effect that their re-appointment, if made, would be
within the limits prescribed under section 224(1B) of the Companies
Act, 1956.
Acknowledgements
The Directors take pleasure in thinking the Company''s business
associates / customers, and bankers for their continued support. The
Directors also acknowledge the appreciation of the sincere effort,
contribution and cooperation of the employees.
For and on behalf of the Board of Director
Director Director
Date: 01/09/2012
Place: Mumbai
Mar 31, 2011
The Directors have great pleasure to present their Annual Report
together with Audited Financial Accounts for the year ended on 31st
March, 2011.
FINANCIAL HIGHLIGHTS
(In Rs.)
Particulars 2010-11 2009-10
Profit Before Tax 92,111 101,553
Less : Taxation 29,800 60,000
Profit After Tax 62,311 41,553
DIVIDEND
No dividend is declared or recommended by the Board of Directors of the
Company during the year.
DIRECTOR'S RESPONSIBILITY STATEMENT
Pursuant to the requirements u/s. 217(2AA) of the Companies Act, 1956,
your Directors hereby state and confirm that:
1. In preparation of the Annual Accounts, the applicable Accounting
Standards have been followed along with proper explanations relating to
material departures, if any;
2. They have selected the 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 the affairs
of the Company at the end of the financial year under review and for
profit of the Company for the same period.
3. They 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;
4. Annual Accounts are prepared on a going concern basis.
DIRECTORS
The Board of the Company is further strengthened with the induction of
Mr. VinodKumar Govindbhai Menat and Mr. Pavan Mahendra Vishwakarma as
Directors on the Board.
Mr. Sharad Singhania and Mrs. Laxmi Devi Singhania has shown their
inability to continue as directors and has resigned from the Board.
Director who is eligible to retire by rotation at the ensuing General
Meeting and being eligible has offered himself for re-appointment.
AUDITORS
M/s. D M Oza & Associates, Chartered Accountants, Statutory Auditors of
the Company retire at the conclusion of the ensuing Annual General
Meeting and are eligible for re- appointment. The Company has received
a letter to the effect that their appointment, if made, would be within
the prescribed limits under Section 224(1-B) of the Companies Act,
1956.
AUDITOR'S REPORT
The comments in the Auditor's Report with Notes of Accounts and
Schedules are self explanatory.
PUBLIC DEPOSITS
During the year, the Company has not accepted any public deposit u/s.
58A of the Companies Act, 1956 and the rules made there under.
PARTICULARS OF EMPLOYEES
The Company does not have any employee who is in receipt of
remuneration aggregating to the sum prescribed u/s. 217(2A) of the
Companies Act, 1956 read with the Companies (Particulars of Employees)
Rules, 1975 as amended till date.
INDUSTRIAL RELATIONS
The industrial relations continue to be generally peaceful and cordial.
CORPORATE GOVERNANCE
Corporate Governance as per Clause 49 of the Listing Agreement is not
applicable to the Company.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE
EARNINGS & EXPENDITURE
The Company has no activities relating to conservation of energy and
technology absorption. There are no foreign exchange transactions
during the year.
LISTING
The Equity Shares of the Company is listed at the Bombay Stock Exchange
Limited (BSE).
ACKNOWLEDGEMENTS
Your Directors take opportunities to show gratitude towards the
assistance and co-operation received from Banks and other Agencies and
Shareholders resulting in improved performance during the year under
review. Your Directors further appreciate the entire work force for
their efforts and teamwork.
By order of the board
For JAYANT MERCANTILE COMPANY LIMITED
Place : Mumbai
Date : September 01, 2011 DIRECTOR DIRECTOR