Mar 31, 2015
The Directors have pleasure in presenting their Twenty First Annual
Report together with the Audited Accounts of the Company for the year
ended on 31st March, 2015.
1. Financial Results
The financial results are summarized below: (Amount in Rs,)
Year ended Year ended
Particulars 31st March 2015 31st March 2014
A Total Income / (Loss)
From Operation 6,74,795 (4,33,989)
B Less: Expenses 9,16,789 7,42,408
C Profit/(Loss)
Before Tax (2,41,993) (11,76,398)
Less: Provision
for Taxation NIL NIL
Provision for Deferred Tax NIL NIL
E Profit/(Loss) after Tax (2,41,993) (11,76,398)
2. Financial Performance
During the year under review, the Company has suffered loss from
operation of Rs, 6.75 Lacs in comparison with Rs, 4.34 Lacs during the
previous year. The Net Loss after tax was Rs, 2.42 Lacs in comparison
with Rs, 11.76 Lacs during the previous year. Your Directors are
hopeful of better performance in the forthcoming year. There was no
change in the nature of the business of the Company during the year.
3. Dividend & Reserves
Your Directors abstain from declaring any dividend for the year and no
amount of profit earned during the year was transferred to General
Reserve.
4. Management Discussion & Analysis
Management Discussion & Analysis report is being given under Corporate
Governance Report. There are no material changes between the end of the
financial year and the date of the report which may affect the
financial position of the Company.
5. Listing With Stock Exchanges
At Present, the Equity shares of the Company are listed at Bombay Stock
Exchange Ltd. (BSE).
6. Dematerialization of Shares
99.39% of the company's paid up Equity Share Capital is in
dematerialized form as on 31st March, 2015 and balances 0.61% is in
physical form. The Company's Registrar and Transfer Agent is Purva
Sharegistry (India) Private Limited. having their registered office at
No.9, Shiv Shakti Industrial Estate, Ground Floor, J.R. Boricha Marg,
Opp. Kasturba Hospital, Lower Parel, Mumbai  400 011.
7. Internal Financial Controls
The Company has in place adequate internal financial controls with
reference to financial statements. During the year, such controls were
tested and no reportable material weaknesses in the design or operation
were observed.
8. Finance & Accounts
The Company has not raised any finance by issue of any securities
during the year. The Company has adequate financial resources at its
disposal for carrying on its business. Details of transactions are
given in the Notes to the Financial Statements.
Your Company prepares its financial statements in compliance with the
requirements of Companies Act, 2013 and the Generally Accepted
Accounting Principles (GAAP) in India. The financial statements have
been prepared on historical cost basis. The estimates and judgments
relating to financial statements are made on prudent basis, so as to
reflect in a true and fair manner, the form and substance of
transactions and reasonably present the Company's state of affairs and
profit for the year ended 31st March, 2015.
9. Subsidiaries, Joint Ventures and Associates Companies
The Company does not have any Subsidiary/Joint Ventures/Associate
Companies.
10. Deposits
The Company has not accepted any deposits within the meaning of Section
73 of the Companies Act, 2013, read with the Companies (Acceptance of
Deposits) Rules, 2014.
11. Extract of The Annual Return
The details forming part of the extract of the Annual Return in Form
MGT-9 is annexed herewith as "Annexure A".
12. Statutory Auditors
(a) Comments and notes by auditors in the opinion of the management are
self- explanatory and do not require any further comments.
(b) M/s. Motilal & Associates., Chartered Accountants, Mumbai, retire
at the ensuing Annual General Meeting and being eligible offer
themselves for reappointment.
13. Secretarial Auditors
In terms of Section 204 of the Act and Rules made there under, M/s.
Ramesh Chandra Bagdi & Associates, Practicing Company Secretary have
been appointed as Secretarial Auditor of the Company. The report of the
Secretarial Auditor is annexed as "Annexure B" to this report. The
report is self-explanatory and do not call for any further comments.
14. Particulars Regarding Conservation Of Energy, Technology
Absorption
Section 134(3)(m) of the Companies Act, 2013 read with Rule 8(3) of the
Companies (Accounts) Rules, 2014 requires disclosure of the particulars
regarding conservation of Energy and Technology absorption. The Company
is not having manufacturing facilities of its own; therefore
information required under this clause is not applicable to the
Company.
15. Foreign Exchange Earnings / Outgo
The Company has neither incurred any expenditure nor earned any income
in foreign exchange.
16. Corporate Social Responsibility (CSR)
The Company does not fall under the prescribed class of companies' u/s
135(2) of the Companies Act, 2013 read with Rule 8 of the Companies
(Corporate Social Responsibility) Rules, 2014. Hence CSR is not
applicable to the Company.
17. Human Resources
Your Company treats its "human resources" as one of its most important
assets. Your Company continuously invests in attraction, retention and
development of talent on an ongoing basis. A number of programs that
provide focused people attention are currently underway. Your Company
thrust is on the promotion of talent internally through job rotation
and job enlargement.
18. Directors and Key Managerial Personnel
(i) Changes in Directors and Key Managerial Personnel:
i. Appointment of Directors retiring by rotation:
Mr. Akash Sukhdev Swami (DIN 06938405), Director of the Company will
retire by rotation at the ensuing Annual General Meeting and being
eligible offers himself for reappointment.
(ii) Declaration by Independent Directors:
The Company has received declarations from all the Independent
Directors of the Company confirming that they meet the criteria of
independence as prescribed both under the Act and Clause 49 of the
Listing Agreement with the Stock Exchanges.
19. Meetings of the Board
The Board of Directors duly met 5 times during the financial year, the
details of the same are being given in the Corporate Governance Report.
20. Vigil Mechanism
In order to ensure that the activities of the Company and its employees
are conducted in a fair and transparent manner by adoption of highest
standards of professionalism, honesty, integrity and ethical behavior
the company has adopted a vigil mechanism policy. This policy is posted
on the website of Company.
21. Particulars of Loans, Guarantees or Investments
Details of Loans, Guarantees and Investments covered under the
provisions of Section 186 of the Companies Act, 2013 are given in the
Notes to the Financial Statements.
22. Related Party Transactions
All contracts / arrangements / transactions entered by the Company
during the financial year with related parties were in the ordinary
course of business and on an arm's length basis and that the provisions
of Section 188 of the Companies Act, 2013 are not attracted. Thus
disclosure in Form AOC 2 is not required. During the year, no material
related party transactions were entered into with related parties by
the Company. Details of transactions with related parties are given in
the Notes to the Financial Statements.
23. Risk Management:
The Company has adequate internal controls in place at various
functional levels and does not foresee any major risk such as
financial, credit, legal, regulatory and other risk keeping in view the
nature and size of its business.
24. Safety:
During the year under review, there were no cases filed pursuant to the
Sexual Harassment of Women at Workplace (Prevention, Prohibition and
Redressal) Act, 2013.
25. Significant and Material Orders Passed by the Regulators or
Courts:
There are no significant and material orders passed by
Regulators/Courts that would impact the going concern status of the
Company and its future operations.
26. Material changes and commitment:
No material changes and commitments affecting the financial position of
the Company occurred between the end of the financial year to which
this financial statement relates on the date of this report.
27. Audit Committee:
The Audit Committee is comprised of one executive and two Independent
Directors. The composition of the Audit Committee is as follows:-
Sr.
No. Members
1 Mr. Manoj More
2 Mr. Sumit Gupta
3 Mr. Sunil Saini
All the recommendations made by the Audit Committee were accepted by
the Board.
28. Board Evaluation:- The Board of Directors has carried out an
annual evaluation of its own performance, Board committees and
individual directors pursuant to the provisions of the Act and the
corporate governance requirements as prescribed by Securities and
Exchange Board of India under Clause 49 of the Listing Agreements.
The performance of the Board was evaluated by the Board after seeking
inputs from all the directors on the basis of the criteria such as the
Board composition and structure, effectiveness of board processes,
information and functioning, etc.
The performance of the committees was evaluated by the Board after
seeking inputs from the committee members on the basis of the criteria
such as the composition of committees, effectiveness of committee
meetings, etc.
The Board and the Nomination and Remuneration Committee reviewed the
performance of the individual directors on the basis of the criteria
such as the contribution of the individual director to the Board and
committee meetings like preparedness on the issues to be discussed,
meaningful and constructive contribution and inputs in meetings, etc.
In addition, the Chairman was also evaluated on the key aspects of his
role.
In a separate meeting of Independent Directors, performance of
non-independent directors, performance of the Board as a whole and
performance of the Chairman was evaluated, taking into account the
views of executive directors and non-executive directors. The same was
discussed in the Board meeting that followed the meeting of the
independent Directors, at which the performance of the Board, its
committees and individual directors was also discussed.
29. Corporate Governance:
Corporate Governance is an ethically driven business process that is
committed to values aimed at enhancing an organization's brand and
reputation. This is ensured by taking ethical business decisions and
conducting business with a firm commitment to values, while meeting
stakeholders' expectations. It is imperative that our company affairs
are managed in fair and transparent manner. This is vital to gain and
retain the trust of our stakeholders.
We comply with the Securities and Exchange Board of India (SEBI)'s
guidelines on corporate governance. We have documented our internal
policies on corporate governance. Several aspects of the act such as
Whistle Blower Policy and Code of Conduct and Ethics, have been
incorporated into our policies. A report on a Corporate Governance is
appended as annexure to this report.
30. Ratio of Remuneration:
The information required pursuant to Section 197(12) read with Rule 5
of the Companies (Appointment and Remuneration of Managerial Personnel)
Rules, 2014 and Companies (Particulars of Employees) Rules, 1975, in
respect of employees of the Company and Directors is furnished
hereunder:
Sr. Name Designation Remuneration
No. FY 2014-15
Mr, Akash Whole Time 2,57,383
1. Swami Director
Mr. Sumit Whole Time 1,87,333
2. Gupta Director
Mr. Mukesh Whole Time 1,17,133
3. Saini Director
Name % increase Ratio/Times
from per Median of
previous Employee
year Remuneration
Mr, Akash N. A. 17
Swami
Mr, Sumit Gupta N. A. 12
Mr, Mukesh N. A. 8
Saini
The particulars of the employees as required under Rule 5(2) and rule
5(3) of Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014 are not applicable to the Company as none of the
employees of the Company was in receipt of remuneration as prescribed
under the said Rules.
31. Share Capital
A) Buy Back of Securities
The Company has not bought back any of its securities during the year
under review.
B) Sweat Equity
The Company has not issued any Sweat Equity Shares during the year
under review.
C) Bonus Shares
No Bonus Shares were issued during the year under review.
D) Employees Stock Option Plan
The Company has not provided any stock option plan during the year
under review.
32. Directors Responsibility Statement:- According to the provisions
of section 134(3)(c) of the Companies Act, 2013, the directors confirm
that:
a) in the preparation of annual accounts for the financial year ended
31st March, 2015, the applicable accounting standards read with
requirements set out under Schedule III to the Act, have been followed
and there are no material departures from the same;
b) the accounting policies as selected are consistently applied and
made judgments' and estimates that are reasonable and prudent manner so
as to ensure true and fair view of the state of affairs of the Company
as at 31st March, 2015 and of the profit of the Company for the year
ended on that date.
c) adequate accounting records are maintained in accordance with the
provisions of the Act for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities.
d) financial statements have been drawn up on a going concern basis.
e) the Directors have laid down internal financial controls to be
followed by the Company and that such internal financial controls are
adequate and are operating effectively; and
f) the Directors have devised proper systems to ensure compliance with
the provisions of all applicable laws and that such systems are
adequate and operating effectively.
33. Acknowledgment
Your directors take the opportunity to record their deep sense of
gratitude for the valuable support and cooperation extended to the
Company by its shareholders and bankers.
Registered Office: For and on behalf of the Board
302, 3rd Floor,
Standard House,
83, M. K. Road,
Mumbai - 400 002. Sumit Gupta
Dated: 30th May 2015 DIN: 06938413
Director
Mar 31, 2014
The Directors have pleasure in presenting the 20th Annual Report and
the Audited Statements of Accounts of the Company for the year ended
31st March, 2014.
FINANCIAL RESULTS
Particular Year ended 31st Year ended 31st
March, 2014 March, 2013
Rupees Rupees
Total Income / (Loss)
From Operation (4,33,989) (90,86,222)
Less: Expenses 7,42,408 8,03,303
Profit / (Loss)
before Tax (11,76,398) (98,89,525)
Less: Provision
for Taxation NIL NIL
Provision for Deferred Tax NIL NIL
Profit / (Loss) after Tax (11,76,398) (98,89,525)
REVIEW OF OPERATIONS
During the year under review your Company has suffered loss from
operation of Rs. 4.34/- lakh as compared to Rs. 90.86/- lakh during
the previous year. The Net Loss after tax was at Rs. 11.76/- lakh as
compared to Rs. 98.90/- lakh during the previous year. Your Directors
are hopeful of better performance during the current year.
DIVIDEND
In absence of profits, your directors abstain from declaring any
dividend for the year.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the requirement under section 217 (2AA) of the Companies
Act, 1956, with respect to the Directors' Responsibility Statement, it
is hereby confirmed that:
i) in the preparation of the annual accounts for the year ended March
31, 2014, the applicable accounting standards read with requirements
set out under Schedule VI to the Companies Act, 1956 have been followed
and no material departures from the same;
ii) the Directors have selected such accounting policies and applied
them consistently and made judgments and estimates that are reasonable
and prudent so as to give a true and fair view of state of affairs of
the Company as at March 31, 2014 and of the loss of the Company for the
year ended on that date;
iii) 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; and
iv) the Directors have prepared the annual accounts of the Company on a
'going concern' basis.
MANAGEMENT DISCUSSION AND ANALYSIS (MD&A):
The global economic conditions remained subdued during the previous
year. Even in India there were high inflation, higher interest rate and
uncertain market. There was volatile movement of prices in the market.
However as the election results have been declared and there is a
change in the Government at the Centre. The expectations from the NDA
Government are very high and there are very positive signals from all
directions that the economic conditions will improve to a great extent
and at a faster rate under the regime of new Government. The situation
is already showing signs of improvement and we are hoping for good
investment environment in the country. The company is trying to keep up
with the pace of growth of the Indian market.
DEPOSITS
The company has not accepted any fixed deposit from the public within
the meaning of Section 58A of Companies Act, 1956 and the rules made
there under.
DIRECTORS
Mr. Pramod Kumar Sharma (DIN 01735201), Director of the Company,
retires by rotation, being eligible, offers himself for reappointment.
Mr. Manoj Kumar More (DIN 00040190), Mr. Sunil Saini (DIN 00673578),
Mr. Dinesh Dhokar (DIN 03476436) and Mr. Ronak Salecha (DIN 03625993),
Independent Directors as per Clause 49 of the Listing Agreement with
Stock Exchange are proposed to be appointed as Independent Directors
for five consecutive years for a term from April 01, 2014 up to March
31, 2019 in accordance with Section 149 of the Companies Act, 2013. In
the opinion of the Board, the directors fulfills the conditions
specified in the Companies Act, 2013 and rules made there under for
their appointment as Independent Directors of the Company and are
independent of the management. The Board considers that their continued
association would be of immense benefit to the Company. Accordingly,
the Board recommends their appointment as Independent Directors, for
the approval by the shareholders of the Company.
CORPORATE GOVERNANCE
Your Company is committed to global best practices. A report on
corporate Governance as stipulated under Clause 49 of the Listing
Agreement with the Stock Exchange form a part of the Annual Report.
COMPLIANCE CERTIFICATE
A certificate from the statutory auditor of the company, regarding
compliances with Corporate Governance norms as stipulated in Clause 49
of the Listing Agreement is annexed to the Report on Corporate
Governance.
PARTICULARS OF CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION
Section 217(1)(e) read with the Companies (Disclosure of Particulars in
the Report of the Board of Directors) Rules, 1988, require disclosure
of the particulars regarding conservation of Energy and Technology
absorption.. The Company at present not carrying out any manufacturing
activities hence disclosures regarding energy conservation etc. are not
applicable.
EARNING AND OUTGO IN FOREIGN EXCHANGE
The Company has neither incurred any expenditure nor earned any income
in foreign exchange.
PARTICULARS OF EMPLOYEES
As there were no employees drawing remuneration more than the limit
prescribed under section 217(2A) of the Companies Act, 1956 read with
the Companies (Particulars of the employees) Rules 1975 , as amended
from time to time, statement under section 217(2A) is not annexed.
SUBSIDIARY COMPANIES
The Company does not have any subsidiary company within the meaning of
section 4 of the Companies Act, 1956. Thus the Company is not required
to furnish a statement pursuant to the provisions of Section 212 of the
Companies Act, 1956.
CONSOLIDATED FINANCIAL STATEMENTS
The company does not have any subsidiary Company within the meaning of
section 4 of the Act. Thus the provisions in respect of submission of
consolidated financial results are not applicable to the Company.
AUDITORS
M/s Motilal & Associates, Chartered Accountants, retire at the ensuing
Annual General Meeting and being eligible offers themselves for
re-appointment.
ACKNOWLEDGEMENTS:
The Directors have pleasure to place on record their appreciation for
the valuable co- operation and assistance by the Company's Bankers,
Associates, Investors and Employees.
FOR AND ON BEHALF OF THE BOARD
REGISTERED OFFICE:
PLOT NO.97, GR. FLOOR,
SAI DARSHAN, ROAD NO.8,
DAULAT NAGAR, BORIVALI (EAST)
MUMBAI,MAHARASHTRA-400066 Sd/-
Date : 30/05/2014 PRAMOD SHARMA
(DIN 01735201)
DIRECTOR
Mar 31, 2012
To, The Members,
The Directors have pleasure in presenting the 18th Annual Report and
the Audited Statements of Accounts of the Company for the year ended
31st March, 2012.
FINANCIAL RESULTS:
Particular Year ended 31st Year ended 31st
March, 2012 March, 2011
Rupees Rupees
Total Income / (Loss)
From Operation (6,80,691) 99,08,569
Less: Expenses 3,33,509 87,71,303
Profit / (Loss) before
Depreciation (10,14,200) 11,37,266
Less: Depreciation 3,25.849 2,74,309
Profit / (Loss) before Tax (13,40,049) 8,62,957
Less: Pro vision
for Taxation NIL 3,71,100
Provision for Deferred Tax 59,613 56,478
Profit / (Loss) after Tax (13,99,662) 4,35,379
DIVIDEND:
To deploy the resources in the more meaningful manner, your directors
abstain from declaring any dividend for the year.
DEPOSITS:
The company has not accepted any fixed deposit from the public within
the meaning of Section 58A of Companies Act 1956 and the rules made
there under.
DIRECTORATE:
In Accordance with Articles of Associations of the Company Mr. Ronak
Salecha and Mr. Dinesh Dhokar, Directors of the Company, retires by
rotation at the forthcoming Annual General Meeting and being eligible,
offers themselves for re-appointment.
Mr. Manish Kumar Goyal and Mr. Shashikant Modi retired as a Director on
July 16, 2011 the Board wishes to place on record its appreciation for
his valuable contribution during his association with the Company.
DIRECTORS RESPONSIBILITY STATEMENT:
Pursuant to the requirement under section 217 (2AA) of the Companies
Act, 1956, with respect to the Directors'' Responsibility Statement,
it is hereby confirmed that:
i) in the preparation of the annual accounts for the year ended March
31, 2012, the applicable accounting standards read with requirements
set out under Schedule VI to the Companies Act, 1956 have been followed
and no material departures from the same;
ii) the Directors have selected such accounting policies and applied
them consistently and made judgments and estimates that are reasonable
and prudent so as to give a true and fair view of state of affairs of
the Company as at March 31, 2012 and of the loss of the Company for the
year ended on that date;
iii) 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; and
iv) the Directors have prepared the annual accounts of the Company on a
Âgoing concern'' basis.
PARTICULARS OF CONSERVATION OF ENERGY. TECHNOLOGY ABSORPTION, FOREIGN
EXCHANGE EARNINGS AND OUTGO:
The companies (Disclosure of Particulars in the Report of the Board of
Directors) Rules, 1988 requires disclosures of particulars regarding
conservation of energy in form A and Technology'' Absorption in form B.
The Company has not carried out any manufacturing activity, therefore
form A and B are not applicable to the Company.
PARTICULARS OF EMPLOYEES:
As there were no employees drawing remuneration more than the limit
prescribed under section 217(2 A) of the Companies Act, 1956 read with
the Companies (Particulars of the employees) Rules 1975 , as amended
from time to time, statement under section 217(2A) is not annexed.
CORPORATE GOVERNANCE:
In terms of clause 49 of the Listing Agreement with the Stock Exchanges
a report on the corporate Governance is appended as annexure to this
report.
AUDITORS:
M/s Motilal & Associates, Chartered Accountants, Mumbai retire at the
ensuing Annual General Meeting and being eligible is appointed for the
next year.
COMPLIANCE CERTIFICATE
A Certificate from the Auditors of the Company regarding Compliance of
conditions of corporate governance as stipulated under clause 49 of the
listing agreement is attached to this report.
DEMATERIALISATION
The Shares of the Company are traded compulsorily in demat form and are
available for trading under both the Depository systems in India i.e.
NSDL (National Securities Depository Limited and CDSL (Central
Depository Service (India) Limited). Under the Depository'' system, the
International Securities Identification Number (ISIN) allotted to the
company''s Equity Shares is INE 395E01018
ACKNOWLEDGEMENTS:
The Directors have pleasure to place on record their appreciation for
the valuable co- operation and assistance by the Company''s Bankers,
Associates, Investors and Employees.
CAUTIONARY STATEMENT
The statements in this report including Management''s Discussion and
Analysis report reflects Company''s projections estimates,
expectations or predictions and contain forward looking statements that
involve risks and uncertainty. The Company and the Management shall not
be held liable for any loss, which may arise as a result of any action
taken on the basis of the information contained herein. Readers are
cautioned not to place undue reliance on these forward looking
statements that speak only of the expectations as on that date.
FOR AND ON BEHALF OF THE BOARD
Place: Mumbai
Date : 03-09-2012
Sd/-
DIRECTOR
Mar 31, 2011
The Directors have pleasure in presenting the 17th Annual Report and
the Audited Statements of Accounts of the Company for the year ended 31
st March, 2011.
FINANCIAL RESULTS:
Particular Year ended Year ended
31st March, 2011 31st March, 2010
Rupees Rupees
Total Income From
Operation 99,08,569 1,70,80,577
Less: Expenses 87,71,303 1,46,79,712
Profit / (Loss)
before
Depreciation 11,37,266 24,00,865
Less:
Depreciation 2,74,309 2,81,790
Profit /
(Loss) before
Tax 8,62,957 21,19,075
Less: Provision
for Taxation ' 3,71,100 3,25,000
Provision for
Deferred Tax 56,478 4,656
Provision for
Taxation
(Earlier Year) 0 28483
Profit /
(Loss) after Tax 4,35,379 17,60,936
DIVIDEND :
To deploy the resources in the more meaningful manner, your directors
abstain from declaring any dividend for the year.
MANAGEMENT DISCUSSION AND ANALYSIS: Company's Financial Review
During the year under review, the income from operation of the Company
is Rs. 99.09 Lakh as compared to Rs. 170.81 Lakh earned during the
previous year and has earned profit after tax of Rs. 4.35 Lakh as
compared to 17.61 Lakh earned during the previous year. Due to
fluctuating market condition the Company's profit earning declined in
comparison to previous year.
Industry Structure and Development
The global economic conditions remained subdued during the previous
year. There was volatile movement of prices in the commodity market.
However, increased liquidity in the developed economies is impacting
sentiments and boosting consumption as well as investment. The
situation is improving and we are hoping for good investment
environment in the country. The company is trying to keep up with the
pace of growth of the Indian market. The company is building various
earning platform for the forthcoming year to come out with flying
colour.
Resources & Liquidity
Company has invested the liquid resources in Inter Corporate Deposits
to earn interest income wherever it was considered appropriate.
Risk, Internal Control System and Adequacy
The company has adequate internal control procedure commensurate with
its size and nature of the business. The internal control system is
supplemented by extensive internal audits, regular reviews by the
management and well documented policies and guidelines to ensure the
reliability of financial and all other records to prepare financial
statements. The company continuously upgrades these systems in line
with best accounting practices. The company is benefited from having a
team of professionals as promoter and independent directors, who are
capable of exercising various checks and control effectively.
Environment, Health and Safety
Environment, Health and Safety (EHS) is one of the primary values of
your company. Your company's EHS policy is to consider compliance to
statutory EHS requirements as the minimum performance standard and is
committed to go beyond and adopt stricter standards wherever
appropriate. Your company also gives priority and attention to the
health and safety of its employees and trains all the employees to work
as per prescribed procedures designated to meet all EHS requirements.
Human Resource Development
Human Resource is one of the key assets that has been nurtured and
encouraged for active participation in company's growth. The company
has well defined appraisal system in pace for recognition of talented
and deserving employees, whose includes line and staff function
personal. The industrial relations remained cordial during the year.
The company has never faced any staff unrest or any discomfort in
relations with its staff due to the professional approach of the
management towards this factor.
DEPOSITS:
The company has not accepted any fixed deposit from the public within
the meaning of Section 58A of Companies Act, 1956 and the rules made
there under.
DIRECTORATE:
In Accordance with Articles of Associations of the Company Mr. Manoj
More and Mr. Sunil Shivkumar Saini, Directors of the Company, retires
by rotation at the forthcoming Annual General Meeting and being
eligible, offers themselves for re-appointment.
Mr. Sharad Gupta retired as a Director on July 26, 2010 the Board
wishes to place on record its appreciation for his valuable
contribution during his association with the Company.
DIRECTORS RESPONSIBILITY STATEMENT:
Pursuant to the requirement under section 217 (2AA) of the Companies
Act. 1956, with respect to the Directors' Responsibility Statement, it
is hereby confirmed that:
i) in the preparation of the annual accounts for the year ended March
31, 2011, the applicable accounting standards read with requirements
set out under Schedule VI to the Companies Act, 1956 have been followed
and no material departures from the same;
ii) the Directors have selected such accounting policies and applied
them consistently and made judgments and estimates that are reasonable
and prudent so as to give a true and fair view of state of affairs of
the Company as at March 31, 2011 and of the profit of the Company for
the year ended on that date;
iii) the Directors have taken proper and sufficient care for the
maintenance of adeauate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the company and for preventing and detecting fraud and other
irregularities; and
iv) the Directors have prepared the annual accounts of the Company on a
'going concern' basis.
PARTICULARS OF CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN
EXCHANGE EARNINGS AND OUTGO:
Section 217(1 )(e) read with the Companies (Disclosure of Particulars
in the Report of the Board of Directors) Rules, 1988, require
disclosure of the particulars regarding conservation of Energy and
Technology absorption. The Company on a continuous basis undertakes
program of conserving energy. The Company has also continued its
efforts towards improving the efficiency of its operations.
PARTICULARS OF EMPLOYEES:
As there were no employees drawing remuneration more than the limit
prescribed under section 217(2A) of the Companies Act, 1956 read with
the Companies (Particulars of the employees) Rules 1975 , as amended
from time to time, statement under section 217(2A) is not annexed.
CORPORATE GOVERNANCE:
in terms of clause 49 of the Listing Agreement with the Stock Exchanges
a report on the corporate Governance is appended as annexure to this
report.
AUDITORS:
M/s Motilal 8c Associates, Chartered Accountants, Mumbai retire at the
ensuing Annual General Meeting and being eligible is appointed for the
next year.
COMPLIANCE CERTIFICATE
A Certificate from the Auditors of the Company regarding Compliance of
conditions of corporate governance as stipulated under clause 49 of the
listing agreement is attached to this report.
DEMATERIALISATION
The Shares of the Company are traded compulsorily in demat form and are
available for trading under both the Depository systems in India i.e.
NSDL (National Securities Depository Limited and CDSL (Central
Depository Service (India) Limited). Under the Depository system, the
International Securities Identification Number (ISIN) allotted to the
company's Equity Shares is INE 395E01018
ACKNOWLEDGEMENTS:
The Directors have pleasure to place on record their appreciation for
the valuable co-operation and assistance by the Company's Bankers,
Associates, Investors and Employees.
CAUTIONARY STATEMENT
The statements in this report including Management's Discussion and
Analysis report reflects Company's projections estimates, expectations
or predictions and contain forward looking statements that involve
risks and uncertainty. The Company and the Management shall not be held
liable for any loss, which may arise as a result of any action taken on
the basis of the information contained herein. Readers are cautioned
not to place undue reliance on these forward looking statements that
speak only of the expectations as on that date.
FOR AND ON BEHALF OF THE BOARD
Sd/-
DIRECTOR
Place: Mumbai
Date : 31-05-2011
Mar 31, 2010
The Directors have pleasure in presenting the SIXTEENTH ANNUAL REPORT
and the Audited Statements of Accounts of the Company for the year
ended 31st March, 2010.
FINANCIAL RESULTS :
Year ended 31st Year ended 31st
Particulars March, 2010 March, 2008
Rupees Rupees
Total Income From Operation 1,70,80,577 1,98,18,329
Less: Expenses 1,46,79,712 1,61,27,530
Profit / (Loss) before
Depreciation 24,00,865 36,90,800
Less: Depreciation 2,81,790 2,44,557
Profit / (Loss) before Tax 21,19,075 34,46,243
Less: Provision for Taxation 3,25,000 3,60,000
Provision for Deferred Tax 4,656 14,801
Provision for Fringe Benefit Tax 0 26,000
Provision for Taxation (Earlier Year) 28,483 0
Profit / (Loss) after Tax 17,60,936 30,45,442
REVIEW OF OPERATIONS :
During the year under review, the income from operation of the Company
is Rs. 170.80 Lakh as compared to Rs. 198.18 Lakh earned during the
previous year and has earned profit after tax of Rs. 17.60 Lakh as
compared to 30.45 Lakh earned during the previous year. However the
Directors are hopeful of even better performance in the future.
DIVIDEND:
The Board of Directors has recommend dividend Rs. 0.50 per equity
share. The dividend will be declared in the ensuing Annual General
Meeting based on approval by the shareholders. The total payment on
account of dividend (including dividend distribution tax) shall be
17.49 Lakh.
FIXED DEPOSITS:
The Company has so far not invited any deposits from the public.
DIRECTORATE:
In Accordance with Articles of Associations of the Company Mr. Manish
Goyal and Mr. Shashikant Modi, Directors of the Company, retires by
rotation at the forthcoming Annual General Meeting and being eligible,
offers themselves for re-appointment.
Mr. Kamal Kumar Chaudhary retired as a Director on June 30, 2009 the
Board wishes to place on record its appreciation for his valuable
contribution during his association with the Company.
DIRECTORS RESPONSIBILITY STATEMENT :
Directors hereby state that:
(i) In the preparation of the annual accounts, the applicable
accounting standards had been followed, along with proper explanation
relating to the material departures.
(ii) The Directors had select 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 or loss
of the Company for that year.
(iii) The Directors had 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) The Directors had prepared the annual accounts on a going concern
basis.
PARTICULARS OF CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN
EXCHANGE EARNINGS AND OUTGO:
Section 217(1)(e) read with the Companies (Disclosure of Particulars in
the Report of the Board of Directors) Rules, 1988, require disclosure
of the particulars regarding conservation of Energy and Technology
absorption.. The Company on a continuous basis undertakes program of
conserving energy. The Company has also continued its efforts towards
improving the efficiency of its operations.
PARTICULARS OF EMPLOYEES:
Your Company continues to receive good support from its employees at
all levels and the relations between the Company and the employees
continue to be cordial. There being no employees, who were in receipt
of remuneration of Rs. One Lakh per month (if employed for the part of
the year) or Rs. 12 Lakh per annum (if employed for whole of the year)
information required under section 217(2A) of the Companies Act, 1956
read with the Companies (Particulars of the employees) Rules 1975 and
forming the part of the Directors report for the period ended 31st
March 2010, had not been given.
CORPORATE GOVERNANCE:
The Corporate Governance Report and Certificate from Auditor is given
in Annexure-1 and forms part of this report.
AUDITORS:
M/s Motilal & Associate, Chartered Accountants, Mumbai be are hereby
appointed as statutory auditors of the company to hold office from the
conclusion of this Annual General Meeting up-to the conclusion of next
Annual General Meeting of the company in the place of M/s V. P. Agrawal
& Company, Chartered Accountants, Mumbai the retiring auditors of the
company, who expressed their unwillingness to be reappointed as
statutory auditors of the company on their retirement at this Annual
General Meeting.
COMPLIANCE CERTIFICATE
A Certificate from the Auditors of the Company regarding Compliance of
conditions of corporate governance as stipulated under clause 49 of the
listing agreement is attached to this report
DEMATERIALISATION
The Shares of the Company are traded compulsorily in demat form and are
available for trading under both the Depository systems in India i.e.
NSDL (National Securities Depository Limited and CDSL (Central
Depository Service (India) Limited)
Under the Depository system, the International Securities
Identification Number (ISIN) allotted to the companys Equity Shares is
INE 395E01018
ACKNOWLEDGEMENTS:
The Directors have pleasure to place on record their appreciation for
the valuable co-operation and assistance by the Companys Bankers,
Associates, Investors and Employees.
FOR AND ON BEHALF OF THE BOARD
Place : Mumbai
Date : 31-05-2010 Sd/-
DIRECTOR
Mar 31, 2009
The Directors have pleasure in presenting the FIFTEENTH ANNUAL REPORT
and the Audited Statements of Accounts of the Company for the year
ended 31st March, 2009.
FINANCIAL RESULTS :
Particular Year ended 31st Year ended 31st
March, 2009 Rupees March, 2008 Rupees
Total Income From Operation 1,98,18,329 5,09,07,009
Less: Expenses 1,63,72,086 4,75,76,934
Profit / (Loss) before Dep. 36,90,800 33,30,075
Less: Depreciation 2,44,557 2,29,130
Profit / (Loss) before Tax 34,46,243 31,00,945
Less: Provision for Taxation 3,60,000 3,55,000
Provision for Deferred Tax 14,801 27,283
Provision for Fringe Benefit Tax 26,000 16,500
Profit / (Loss) after Tax 30,45,442 27,02,162
REVIEW OF OPERATIONS :
During the year under review, the income from operation of the Company
is Rs. 198.18 Lakh as compared to Rs. 509.07 Lakh earned during the
previous year and has earned profit after tax of Rs.30.45 Lakh as
compared to 27.02 Lakh earned during the previous year. However the
Directors are hopeful of even better performance in the future.
DIVIDEND:
With a view to conserve the resources of the Company, the Directors
abstain from declaring any dividend for the year under review.
MANAGEMENT DISCUSSION AND ANALYSIS (MD&A) : Companys Financial Review
The Company has earned net profit of Rs.30.45 Lacs for the year
2008-2009 as compared to a net profit of Rs. 27.02 lacs earned in the
previous year 2007-08. The Companys income is mainly derived from the
investments and activity from Commodity market, Finance Consultancy and
Textiles Sector.
Resources & Liquidity
Company has invested the liquid resources in Inter Corporate Deposits
to earn interest income wherever it was considered appropriate.
DIRECTORS RESPONSIBILITY STATEMENT :
Directors hereby state that:
(i) In the preparation of the annual accounts, the applicable
accounting standards had been followed, along with proper explanation
relating to the material departures.
(ii) The Directors had select such accounting policies and applied them
consistently and rrfade 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 or loss
of the Company for that year.
(iii) The Directors had 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) The Directors had prepared the annual accounts on a going concern
basis.
PARTICULARS OF CONSERVATION OF ENERGY. TECHNOLOGY ABSORPTION. FOREIGN
EXCHANGE EARNINGS AND OUTGO:
Section 217(1)(e) read with the Companies (Disclosure of Particulars in
the Report of the Board of Directors) Rules, 1988, require disclosure
of the particulars regarding conservation of Energy and Technology
absorption. The Company on a continuous basis undertakes program of
conserving energy. The Company has also continued its efforts towards
improving the efficiency of its operations.
PARTICULARS OF EMPLOYEES:
Your Company continues to receive good support from its employees at
all levels and the relations between the Company and the employees
continue to be cordial. There being no employees, who were in receipt
of remuneration of Rs. One Lacs per month (if employed for the part of
the year) or Rs. 12 Lacs per annum (if employed for whole of the year)
information required under section 217(2A) of the Companies Act, 1956
read with the Companies (Particulars of the employees) Rules 1975 and
forming the part of the Directors report for the period ended 31st
March 2009, had not been given.
CORPORATE GOVERNANCE:
The Corporate Governance Report and Certificate from Auditor is given
in Annexure-1 and forms part of this report.
AUDITORS:
M/s. V. P. Agrawal & Co., Chartered Accountants retire as Auditors of
the Company at the conclusion of the ensuing Annual General Meeting
and, being eligible, have offered themselves for re-appointment.
COMPLIANCE CERTIFICATE
A Certificate from the Auditors of the Company regarding Compliance of
conditions of corporate governance as stipulated under clause 49 of the
listing agreement is attached to this report
DEMATERIALISATION
The Shares of the Company are traded compulsorily in demat form and are
available for trading under both the Depository systems in India i.e.
NSDL (National Securities Depository Limited and CDSL (Central
Depository Service (India) Limited)
Under the Depository system, the International Securities
Identification Number (ISIN) allotted to the companys Equity Shares is
INE 395E01018
ACKNOWLEDGEMENTS:
The Directors have pleasure to place on record their appreciation for
the valuable co-operation and assistance by the Companys Bankers,
Associates, Investors and Employees.
FOR AND ON BEHALF OF THE BOARD
Place : Mumbai
Date : 30-06-2009
Sd/-
DIRECTOR
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