Mar 31, 2015
The Directors have pleasure in presenting the 21st Annual Report along
with the Audited Accounts of the Company for the year ended 31st March,
2015.
FINANCIAL PERFORMANCE
A. A summary of the standalone & consolidated financial performance of
your Company for the financial year ended 31.3.2015, is as under.
2014-15 2013-14
(Rs. in Lacs) (Rs. in Lacs)
Gross Income 35.49 60.84
Gross Profit before depreciation
& Provision for Taxation 8.79 19.17
Depreciation 0.55 0.57
Other Income 0.04 0.09
Deferred Tax (0.33) 0.04
Provision for taxation (Current Year) 2.55 4.74
Provision for Taxes (Earlier Year) - 0.10
Provision Written Back (0.15) -
Profit after taxation (PAT) 6.21 12.81
Balance brought forward
from previous year (163.35) (165.76)
Provision for bad & doubtful debts - (10.40)
Transfer to General Reserve (157.14) (163.35)
1. REVIEW OF OPERATIONS
The income from operation on during the year was Rs.35.49 Lakhs
(Previous Year 60.84 Lakhs). The company's turnover has decreased by
about 41.67% on largely due to less favorable performance in the 4th
quarter of this financial year on account of difficult business
conditions. The profits have decreased by 51.52% due to low level of
operations.
2. OUTLOOK & PROSPECTS
This fiscal, the Global growth has remained moderate, with uneven
prospects across the main countries and regions. According to World
Economic Outlook (Update-April, 2015) the global economy is projected
to grow at 3.5 percent in 2015. Although there have been signs of
improvement in the growth rates in some of the advanced economies but
the uncertainties largely loomed over the financial and capital markets
due to the Euro zone crisis and possibility of fed interest rate hike.
There has been a slower growth in emerging market and developing
economies and concerns were raised in particular, about slow down in
the Chinese Economy. In India, although the economy has registered a
growth rate of about 7.3% in 2014-2015 but it is largely not reflected
in some of the major indicators of growth giving rise to perceptions
that probably a hike in the projected rate of growth might partially be
attributable to changes in the method of computation brought about this
year. For instance the Bank credit growth dropped to a 18-year low
while deposit growth fell to a 19-year low in 2014-15 with fresh
investment proposals from corporate drying up completely and projects
announced in the past remaining stuck because of several issues. Credit
growth would have been substantially lower had it not been for the
smart pick-up in personal loans.
Also this fiscal a large number of corporate have showed up weak
balance sheets, with an upsurge in gross as well as net NPAs creating
stress upon the banking system, slow rate of growth in industrial
production and massive fall in exports from India. Also, there have
been dramatic declines in savings and investment ratios. The gross
fixed capital formation declined from 33.6 percent in 2011-12 to 29.7
percent in 2013-14 while gross domestic savings declined from 33.9
percent to 30.6 percent. As per the Economic Survey 2015, "Â
The data
show that private corporate investment increased robustly in 2013-14
which seems at odds with stressed balance sheets and the phenomenon of
stalled projects"
However, the Indian economy has shown greater resilience to the
euro-zone crisis due to looming uncertainties on account of possibility
of Greek default. Also the financial markets and capital markets have
shown greater degree of preparedness for the possible hike in federal
interest rates in the USA.
According to the reports/data released by several international
financial institutions and rating agencies, it has been estimated that
India is poised to be the world's fastest growing economy outpacing
China soon. Besides, the Indian Economy is going through a policy
reform regime marked by several steps taken to streamline legal,
taxation and economic and environmental policies/ procedures. There are
other factors such as drop in oil prices in the international market,
decline in the inflation rates, fiscal consolidation and a more
favorable balance of payments amongst others, which may help prepare a
sound base for accelerated overall growth in India. With the outlook
for the economy improving, the Company sees growth opportunities for
its business in the year ahead.
3. SHARE CAPITAL
There was no change in the share capital of the company during the year
under review. The paid up equity capital remained at Rs. 500 Lakhs
comprising of 50 lakh shares of Rs 10 each as on March 31, 2015. The
company has not issued shares with differential voting rights nor
granted stock options nor sweat equity.
4. DIVIDEND
In view of insufficient profits made by the company due to reasons
discussed above, your directors do not recommend any dividend for the
current year under review. A sum of Rs. 6.21 lakhs has been transferred
to the Reserves. Pursuant to transitional provisions prescribed in
Schedule II of the Companies Act, 2013, the Company has adjusted an
amount of Rs. 1.10 lakhs against the opening balance in the statement
of Profit & Loss Account under Reserve & Surplus.
5. FIXED DEPOSITS
Your Company has not accepted any deposits within the meaning of
Section 73 of the Companies Act, 2013 and the Companies (Acceptance of
Deposits) Rules, 2014.
6. INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY
The Company has an Internal Control System, commensurate with the size
and nature of its operations. During the year, controls were tested and
no material weakness in design and operation were observed.
7. DIRECTORS & KEY MANAGERIAL PERSONNEL
In accordance with the provisions of the Companies Act, 2013, Mr. Nawal
Agrawal (DIN - 01753155), Director of the Company will be retiring by
rotation at the ensuing Annual General Meeting and is eligible for
re-appointment.
Mr. Lalit Kuimar Dangi (DIN: 00886521) has been appointed as the Chief
Executive Officer with effect from 22.1.2015 for a term of three years.
Details about his remuneration are provided in the Notice as well as
Annexure to the Directors' Report. During the year under review, Mr.
Ramesh Jain (DIN: 1682905) has been appointed as the CFO of the Company
with effect from 22.1.2015 for a term of three years.
Dr. (Mrs) Vandna Dangi (DIN: 00886496) who was appointed as a Woman
Director with effect from 05.12.2014 as an additional Director and
whose term ends on the conclusion of this Annual General Meeting as per
the relevant provisions of the Companies Act, 2013 and the Articles of
Association of the Company is proposed to be appointed as the Woman
Director on the Board, liable to retire by rotation. The details about
her candidature are given in the Notice and the Explanatory Statement
attached thereto. Mr. Yogesh R. Choksey (DIN: 00451871) and Mr. T.R.
Ramanathan (DIN: 01680773) are proposed to be re-appointed as
Independent Directors of the Company for a term of five years, not
liable to retire by rotation, in pursuance to the relevant provisions
of the Companies Act, 2013. The details about these directors have been
given in the Notice and the Explanatory Statement annexed thereto.
8. CORPORATE GOVERNANCE AND MANAGEMENT DISCUSSION & ANALYSIS
In pursuance of SEBI Circular CIR/CFD/POLICY CELL/7/2014 dated
September 15, 2014 to all Recognized Stock Exchanges, amongst others,
made the compliance with the provisions of amended Clause 49 of the
Listing Agreement, non-mandatory for time being, to those companies
having paid-up equity share capital not exceeding Rs 10 Crore and Net
Worth not exceeding 25 Crore as on the last day of the previous
financial year. Considering that the Company's paid-up equity share
capital was less than Rs 10.00 Crore and the Net Worth was less than Rs
25 crore as on 31.3.2014, compliance with the provisions of revised
Clause 49 of the Listing Agreement are not mandatory to the Company.
Therefore, a separate Section on Corporate Governance and Management
Discussion and Analysis Report and other details as stipulated under
Clause 49 of the Listing Agreement with the Stock Exchange does not
form part of this Annual Report.
9. NUMBER OF THE MEETINGS OF THE BOARD OF DIRECTORS
During the Year 6 Board Meetings were convened and held on 26.5.2014,
30.7.2014, 19.08.2014, 31.10.2014, 5.12.2014 and 21.1.2015. The
intervening gap between the meetings was within the period prescribed
under the Companies Act, 2013.
10. DECLARATION GIVEN BY INDEPENDENT DIRECTORS
As per the requirement of Section 149 (7) of the Companies Act, 2013,
the Independent Directors have given their respective declarations that
they meet the criteria of independence as specified under Section 149
(6) of the Act.
11. REMUNERATION POLICY
Based on the recommendation of the Nomination & Remuneration Committee,
the Board of Directors has approved and adopted a Remuneration policy
for Directors, Key Managerial Personnel and other employees of the
Company under section 178 (3) of the Companies Act, 2013. The
remuneration policy is annexed to this Report and forms part of this
Report.
12. CODE OF CONDUCT
The Code of Conduct for the Board of Directors and the Senior
Management has been adopted by the Company. The Code of Conduct has
been disclosed on the website of the company at www.libord.com.
13. SUBSIDIARY COMPANIES/ ASSOCIATED COMPANIES
The Company does not have any Subsidiary Company or Associate Company
as defined under the provisions of the Companies Act, 2013.
14. VIGIL MECHANISM / WHISTLE BLOWER POLICY
The Company has adopted a Whistle Blower Policy to report to the
Management instances of unethical behavior, actual or suspected, fraud
or violation of the Company's code of conduct or ethics policy. Under
this policy, the employees can approach the Company's Compliance
Officer and/or Chairman of the Audit Committee. Whistle Blower Policy
ensures that strict confidentiality is maintained whilst dealing with
concerns and also that no discrimination be meted out to any person for
a genuinely raised concern. The Whistle Blower Policy of the Company is
posted on the website of the Company.
15. PREVENTION OF INSIDER TRADING
The Company has adopted a Code of Conduct for Prevention of Insider
Trading with a view to regulate trading in securities by the Directors
and designated employees of the Company. The Code requires
pre-clearance for dealing in the Company's shares and prohibits the
purchase or sale of Company shares by the Directors and the designated
employees while in possession of unpublished price sensitive
information in relation to the Company and during the period when the
Trading Window is closed. The "Code of Fair Disclosure, Internal
Procedures and Conduct for Regulating, Monitoring and Reporting of
Trading by Insiders" has been adopted and has been disclosed on the
website of the company at www.libord.com.
16. CORPORATE SOCIAL RESPONSIBILITY COMMITTEE
The provisions of Section 135 of the Companies Act, 2013 are not
presently applicable to the Company.
17. DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 134 (3c) & (5) of the
Companies Act, 2013, with respect to Directors' Responsibility
Statement, it is hereby confirmed:
(i) That in the preparation of the accounts for the financial year
ended 31st March, 2015, the applicable accounting standards have been
followed along with proper explanation relating to material departures;
(ii) That the Directors have selected such accounting policies and
applied them consistently and made judgments and estimates that were
reasonable and prudent so as to give a true and fair view of the state
of affairs of the Company at the end of the financial year and of the
profit or loss of the Company for the year under review.
(iii) That the Directors have taken proper and sufficient care of 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.
(iv) That the Directors have prepared the accounts for the financial
year ended 31st March, 2015 on a going concern basis.
(v) That the Directors have laid down internal financial controls to be
followed by the company and that such internal financial controls are
adequate and were operating effectively.
(vi) That the directors have devised proper systems to ensure
compliance with the provisions of all applicable laws and that such
systems were adequate and operating effectively
18. BUSINESS RISK MANAGEMENT
Pursuant to section 134 (3) (n) of the Companies Act, 2013, the Company
has undertaken suitable measures for the development and implementation
of a risk management policy for the company including identification of
elements of risk, if any, which in the opinion of the board may
threaten the existence of the company. At present the company has not
identified any element of risk which may threaten the existence of the
Company.
19. BOARD EVALUATION
The performance of Board of Directors and the Committees constituted by
the Board and the individual Directors has been evaluated during the
Financial Year ended 31st March 2015.
20. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES
Particulars of contracts or arrangements with related parties as
required pursuant to the provisions of section 134(3)(h) and rule 8 of
the Companies (Accounts) Rules, 2014 in form no. AOC- 2 is annexed to
this report and forms part of this report.
21. PARTICULARS OF MATERIAL ORDERS
During the year under review, neither any Regulator nor any Court or
Tribunal has passed any significant and material order impacting the
going concern status and the Company's operations in future.
22. PURCHASE OF SHARES OF THE COMPANY
The Company does not give any loan, guarantee or security, or any
financial assistance to the employees of the Company for the purpose of
purchase or subscription for any shares of the Company pursuant to
Section 67 (2) of the Companies Act, 2013.
23. EXTRACT OF ANNUAL RETURN
An extract of the Annual Return as provided under section 92(3) of the
Companies Act, 2013 is annexed to this Report and forms part of this
Report.
24. AUDIT COMMITTEE
a) Terms of Reference
To oversee, interlaid, the Company's financial reporting process and
disclosure of its financial information, to recommend the appointment
of Statutory Auditors and fixation of the audit fees, to review and
discuss with the Auditors about internal control systems, scope of
audit including observations of the auditors on adequacy of internal
control systems, major accounting policies & practices, adopting
accounting standards and complying various requirements concerning
financial statements, if any, to review the Company's quarterly and
annual financial statements before submission to the Board of
Directors.
b) Composition of Audit Committee
The Audit Committee comprises of three directors with Independent
Directors forming the majority. Mr. Yogesh R. Choksey is the Chairman
of the Audit Committee. Mr. T.R. Ramanathan and Mr. Nawal Agrawal are
the other two members of the Audit Committee. The members possess
adequate knowledge of accounts, audit and finance, among others. The
composition of the Audit Committee meets the requirement as per section
177 of the Companies Act, 2013. There are no recommendations of the
Audit Committee which have not been accepted by the Board. During the
year four Audit Committee meetings were held on 26.05.2014, 30.07.2014,
31.10.2014 & 21.01.2015.
25. SECRETARIAL AUDIT REPORT
Pursuant to the provisions of Section 204 of the Companies Act, 2013
and the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014, Ms Shivani Surana, Member of the Institute of
Company Secretaries of India (Membership Number 35359) and a Company
Secretary in Practice (CP No. 13273) had been appointed for conducting
the Secretarial Audit of the Company for the financial year 2014-15. As
required under section 204 (1) of the Companies Act, 2013 the Company
has obtained a Secretarial Audit Report. The observation made in the
Auditors' Report read together with relevant notes thereon are self
explanatory and hence, do not call for any further comments under
Section 134 (3) of the Companies Act, 2013 besides that the Company
could not appoint a Company Secretary in the Year 2014-15 as it could
not locate a suitable candidate. The company is currently in the
process of appointing a Company Secretary.
26. AUDITORS
At the Annual General Meeting, Members will be required to appoint
Auditors for the next term. M/s. Amar Bafna & Associates, Chartered
Accountants, Mumbai, the existing Auditors have furnished a
certificate, confirming that if re-appointed, their re- appointment
will be in accordance with Section 139 read with Section 141 of the
Companies Act, 2013. The Members are requested to consider their
re-appointment as Auditors of the Company for the next term of one
year, and authorize the Board of Directors to fix their remuneration.
The Auditors Report to the shareholders for the year under review does
not contain any qualification.
27. PARTICULARS OF LOANS, GUARANTEES AND INVESTMENT
The company has not given any loans or guarantees covered under the
provisions of section 186 of the Companies Act, 2013.
28. STATEMENT PURSUANT TO LISTING AGREEMENT
The Company's Equity Shares are listed at BSE Ltd., Mumbai. The listing
fee for the year under review has been paid to BSE timely.
29. PERSONNEL
The information required to be disclosed in the Directors' Report
pursuant to section 197 of the Companies Act 2013 read with Rule 5 of
the Companies (Appointment and Remuneration of Managerial Personnel)
Rule 2014 is set out as an Annexure to the Report.
30. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO
(A) CONSERVATION OF ENERGY
Not Applicable.
(B) TECHNOLOGY ABSORPTION
Not Applicable.
(C) FOREIGN EXCHANGE EARNINGS AND OUTGO
Particulars For the year ended March 31, 2015 For the year ended March
31, 2014
(In Rupees) (In Rupees)
Foreign Exchange Earnings NIL NIL
Foreign Exchange outgo NIL NIL
31. ACKNOWLEDGEMENTS
Your Directors place on record their appreciation for the valuable
contribution made by the staff members of the company. Your Directors
wish to place on record their appreciation for the active support given
by Banks, Investors, Shareholders, Brokers, Employees and Customers.
By the Order of the Board
Place: Mumbai Mr. Lalit Kumar Dangi
Date: 31.07.2015 Chief Executive Officer
Mar 31, 2014
Dear Members,
The Directors have pleasure in presenting the 20th Annual Report along
with Audited Accounts of the Company for the year ended 31st March
2014.
FINANCIAL PERFORMANCE
2013-2014 2012-2013
(Rs. in Lakhs) (Rs. in Lakhs)
Gross Income 60.93 31.55
Gross Profit / (Loss) before
depreciation & Provision for Taxation 19.26 1.69
Depreciation 0.57 0.25
Deferred Tax 0.04 0.07
Provision for taxation 5.74 0.46
Provision written back 0.10 0.07
Profit /(Loss)after taxation (PAT) 12.81 0.99
Balance brought forward
from last year (165.76) (168.44)
Excess Provisions written back - 1.68
Provision for bad & doubtful debts (10.40) -
Profit/Loss available for
appropriations (163.35) (165.76)
REVIEW OF OPERATIONS
The earning on account of operation for the year was Rs. 60.93 Lakhs
(Previous Year Rs. 31.55 Lakhs.)
FIXED DEPOSITS
Your Company has not accepted any deposits from the public during the
period.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO
The Company has no activities relating to conservation of energy or
technology absorption. There were no earnings or outgo in foreign
exchange.
PERSONNEL
No employee of the Company was drawing salary in excess of the limit
prescribed under provisions of Section 217(2A) of the Companies Act,
1956, read with Companies (Particulars of Employees) Rules, 1975.
DIRECTORS
In accordance with the provisions of the Companies Act, 2013 Mr. Mr.
T. R. Ramanathan and Mr. Ramesh Jain, Directors of the Company will be
retiring by rotation at the ensuing Annual General Meeting and are
eligible for re-appointment.
CORPORATE GOVERNANCE:
A separate Section on Corporate Governance and a Certificate from the
Auditors of the Company regarding Compliance of Conditions of Corporate
Governance as stipulated under Clause 49 of the Listing Agreement with
the Stock Exchange forms part of this Annual Report.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT:
Management Discussion and Analysis Report for the year under review, as
stipulated under Clause 49 of the Listing Agreement with the Stock
Exchanges in India, is presented in a separate Section forming part of
this Annual Report.
DIRECTORS'' RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 217(2AA) of the Companies
Act, 1956, with respect to Directors'' Responsibility Statement, it is
hereby confirmed:
(i) That in the preparation of the accounts for the financial year
ended 31st March, 2014, the applicable accounting standards have been
followed along with proper explanation relating to material departures;
(ii) That the Directors have selected such accounting policies and
applied them consistently and made judgments and estimates that were
reasonable and prudent so as to give a true and fair view of the state
of affairs of the Company at the end of the financial year and of the
profit or loss of the Company for the year under review.
(iii) That the Directors have taken proper and sufficient care of the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities.
(iv) That the Directors have prepared the accounts for the financial
year ended 31st March 2014 on a going concern basis.
REPORT ON AUDIT COMMITTEE
a) Terms of Reference
To oversee the Company''s financial reporting process and disclosure of
its financial information, to recommend the appointment of Statutory
Auditors and fixation of the audit fees, to review and discuss with the
Auditors about internal control systems, scope of audit including
observations of the auditors on adequacy of internal control systems,
major accounting policies & practices, adopting accounting standards
and complying various requirements concerning financial statements, if
any, to review the Company''s half-yearly and annual financial
statements before submission to the Board of Directors.
During the year four Audit Committee meetings were held on 30.5.2013,
29.07.2013, 28.10.2013 & 24.01.2014. The Minutes of the Audit Committee
are circulated to the Board, discussed and taken note of.
b) Composition
Name of Member Status No. of Meeting
Attended
Mr. T. R. Ramanathan Chairman 4
Mr. Yogesh Choksey Member 4
Mr. Ramesh Jain Member 4
AUDITORS
At the Annual General Meeting, Members will be required to appoint
Auditors for the next term. M/s. Amar Bafna & Associates, Chartered
Accountants, Mumbai, the existing Auditors have furnished a
certificate, confirming that if re-appointed, their re-appointment will
be in accordance with Section 139 read with Section 141 of the
Companies Act, 2013. The Members are requested to consider their
re-appointment as Auditors of the Company for the next term of one
year, and authorize the Board of Directors to fix their remuneration.
ACKNOWLEDGEMENTS
Your Directors wish to place on record their appreciation for the
continued support given by Banks, Investors, Shareholders, Brokers,
Employees and Customers to the Company.
For and on Behalf of the Board
Place: Mumbai Nawal Agrawal
Date: 26.05.2014 Director
Mar 31, 2011
To the Members of Libord Securities Limited
The Directors have pleasure in presenting the 17th Annual Report along
with Audited Accounts of the Company for the year ended 31st March
2011.
FINANCIAL PERFORMANCE
2010-2011 2009-2010
(Rs. in Lacs) (Rs. in Lacs)
Gross Income 26.81 22.88
Gross Profit / (Loss) before depreciation
& Provision for Taxation 3.66 2.34
Depreciation 0.16 0.16
Provision for taxation 1.00 0.70
Taxation for earlier years 5.88 (0.14)
Profit /(Loss)after taxation (PAT) (3.38) 1.62
Balance brought toward from 23.87 22.25
Previous Years
Profit/Loss available for appropriations 20.49 23.86
REVIEW OF OPERATIONS
The earning on account of operation for the year was Rs. 26.81 Lacs
(Previous Year Rs. 22.88 Lacs)
DELISTING OF EQUITY SHARES FROM JAIPUR & AHMEDABAD STOCK EXCHANGES
The Equity Shares of the Company have been voluntarily delisted by
Ahmedabad Stock Exchange w.e.f. 2.6.2010 & by Jaipur Stock Exchange
w.e.f. 7.6.2010. The company continue to be listed with Bombay Stock
Exchange Ltd.
FIXED DEPOSITS
Your Company has not accepted any deposits from the public during the
period.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO
Your Company has no activities relating to conservation of energy or
technology absorption. There were no earning or outgo in foreign
exchange.
PERSONNEL
No employee of the Company was drawing salary in excess of the limit
prescribed under provisions of Section 217(2A) of the Companies Act,
1956, read with Companies (Particulars of Employees) Rules, 1975.
DIRECTORS
Mr. Nawal Agrawal & Mr. Lalit Kumar Dangi retires by rotation as
Directors. They have offered themselves for reappointment being
eligible for the same. Mr. N. G. Deshpande resigned due to ill health
w.e.f 24.06.2011. The Board appreciated his services.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 217(2AA) of the Companies
Act, 1956, with respect to Directors' Responsibility Statement, it is
hereby confirmed:
(i) That in the preparation of the accounts for the financial year
ended 31 March, 2011, the applicable accounting standards have been
followed along with proper explanation relating to material departures;
(ii) That the Directors have selected such accounting policies and
applied them consistently and made judgments and estimates that were
reasonable and prudent so as to give a true and fair view of the state
of affairs of the Company at the end of the financial year and of the
profit or loss of the Company for the year under review.
(iii) That the Directors have taken proper and sufficient care of the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities.
(iv) That the Directors have prepared the accounts for the financial
year ended 31st March 2011 on a going concern basis.
AUDITORS
M/s. Amar Bafna & Associates, Chartered Accountants have shown their
willingness for the re-appointment. Your Directors recommend the
appointment of M/s Amar Bafna & Associates, Chartered Accountants as
the auditors for the Company from the conclusion of ensuing annual
general meeting upto the conclusion of the next annual general meeting.
The Notes on accounts referred to in the Auditors Report are
self-explanatory and therefore do not call for any further explanation.
ACKNOWLEDGEMENTS
Your Directors wish to place on record their appreciation for the
active support given by Banks, Investors, Shareholders, Brokers,
Employees and Customers for their continued support to the Company.
For and on behalf of the Board
Place: Mumbai Lalit Kumar Dangi
Date: 24.06.2011 Chairman
Mar 31, 2010
The Directors have pleasure in presenting the 16th Annual Report along
with Audited Accounts of the Company for the year ended 31st March
2010.
FINANCIAL PERFORMANCE
2009-2010 2008-2009
(Rs. in Lacs) (Rs. In Lacs)
Gross Income 22.88 20.54
Gross Profit / (Loss) before
depreciation
& Provision for Taxation 2.34 2.69
Depreciation 0.16 0.16
Provision for taxation 0.70 1.07
Taxation for earlier years (0.14) 1.45
Profit /(Loss)after taxation (PAT) 1.62 0.01
Balance brought toward from 22.25 22.24
Previous Years
Profit/Loss available for
appropriations 23.86 22.25
REVIEW OF OPERATIONS
The earning on account of operation for the year was Rs.22.88 Lacs
(Previous Year Rs. 20.54 Lacs)
DELISTING OF EQUITY SHARES FROM JAIPUR & AHMEDABAD STOCK EXCHANGES
The Company filed application for voluntarily delisting of Equity
Shares of the Company from Jaipur & Ahmedabad Stock Exchanges. The
Equity Shares of the Company have been voluntarily delisted by
Ahmedabad Stock Exchange w.e.f. 2.6.2010 & by Jaipur Stock Exchange
w.e.f. 7.6.2010. The company continue-to be listed with Bombay Stock
Exchange Ltd.
FIXED DEPOSITS
Your Company has not accepted any deposits from the public during the
period.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO
Your Company has no activities relating to conservation of energy or
technology absorption. There were no earning or outgo in foreign
exchange.
PERSONNEL
Your Directors place on record -their appreciation for the valuable
contribution made by the staff members of the company. As required
under provisions of Section 217(2A) of the Companies Act, 1956, read
with Companies (Particulars of Employees) Rules, 1975 as amended, the
names and other particulars of the employees are set out in the
Annexure to the Directors Report.
DIRECTORS
Mr. Ramesh Jain & Mr. TR Ramnathan retires by rotation as Directors.
They have offered themselves for reappointment being eligible for the
same.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 217(2A) of the Companies Act,
1956, with respect to Directors Responsibility Statement, it is hereby
confirmed:
(i) That in the preparation of the accounts for the financial year
ended 31st March, 2010, the applicable accounting standards have been
followed along with proper explanation relating to material departures;
(ii) That the Directors have selected such accounting policies and
applied them consistently and made Judgments and estimates that were
reasonable and prudent so as to give a true and fair view of the state
of affairs of the Company at the end of the financial year and of the
profit or loss of the Company for the year under review.
(iii) That the Directors have taken proper and sufficient care of the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities.
(iv) That the Directors have prepared the accounts for the financial
year ended 31st 2010 on a going concern basis.
REPORT ON AUDIT COMMITTEE
a) Terms of Reference
To oversee the Companys financial reporting process and disclosure of
its financial information, to recommend the appointment of Statutory
Auditors and fixation of the audit fees, to review and discuss with the
Auditors about internal control systems, scope of audit including
observations of the auditors an adequacy of internal control systems,
major accounting policies & practices, adopting accounting standards
and complying various requirement concerning financial statements, if
any, to review the Companys half-yearly and annual financial
statements before submission to the Board of Directors.
During the year four Audit Committee meetings were held on 27.4.2009,
6.7.2009, 23.10.2009,29.1.2010. The Minutes of the Audit Committee are
circulated to the Board, discussed and taken note of.
b) Composition
Name of Member Status No. of Meeting
Attended
Mr. Lalit Kumar Pangi Director 4
Mr. Naval Agrawal Director 4
Mr. Ramesh Jain Director 3
AUDITORS
M/s. Amar Bafna & Associates, Chartered Accountants have shown their
unwillingness for the re-appointment Your Directors recommend the
appointment of M/s Amar Bafna & Associates, Chartered Accountants as
the auditors for the Company from the conclusion of ensuing annual
general meeting upto the conclusion of the next annual general meeting.
The Notes on accounts referred to in the Auditors Report are
self-explanatory and therefore do not can for any further explanation.
ACKNOWLEDGEMENTS
Your Directors wish to place on record their appreciation for the
active support given by Banks, Investors, Shareholders, Brokers,
Employees and Customers for their continued support to the Company.
For and on behalf of the Board
Place: Mumbai Lalit Kumar Dangi
Date: 25th June, 2010 Chairman
Mar 31, 2009
The Directors have pleasure in presenting the 15th Annual Report along
with Audited Accounts of the Company for the year ended 31st March
2009.
FINANCIAL PERFORMANCE
2008-2009 2007-2008
(Rs. in Lacs) (Rs. In Lacs)
Gross Income 20.54 51.85
Gross Profit / (Loss) before depreciation
& Provision for Taxation 2.69 3.51
Depreciation 0.16 3.36
Provision for taxation 1.07 1.55
Taxation for earlier years 1.45 1.07
Profit /(Loss)after taxation (PAT) 0.01 0.74
Balance brought toward from 22.24 21.50
Previous Years
Profit/Loss available for appropriations 22.25 22.24
REVIEW OF OPERATIONS
The earning on account of operation for the year was Rs.20.54 Lacs
(Previous Year Rs. 51.85 Lacs)
FIXED DEPOSITS
Your Company has not accepted any deposits from the public during the
period.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO
Your Company has no activities relating to conservation of energy or
technology absorption. There were no earning or outgo in foreign
exchange.
PERSONNEL
Your Directors place on record their appreciation for the valuable
contribution made by the staff members of the company. As required
under provisions of Section 217(2A) of the Companies Act, 1956, read
with Companies (Particulars of Employees) Rules, 1975 as amended, the
names and other particulars of the employees are set out in the
Annexure to the Directors Report.
DIRECTORS
Mr. N. G. Deshpande & Mr. Naval Agrawal retires by rotation as
Directors. They have offered themselves for reappointment being
eligible for the same.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 217(2A) of the Companies Act,
1956, with respect to Directors Responsibility Statement, it is hereby
confirmed:
(i) That in the preparation of the accounts for the financial year
ended 31* March, 2009, the applicable accounting standards have been
followed along with proper explanation relating to material departures;
(ii) That the Directors have selected such accounting policies and
applied them consistently and made judgments arid estimates that were
reasonable and prudent so as to give a true and fair view of the state
of affairs of the Company at the end of the financial year and of the
profit or loss of the Company for the year under review.
(iii) That the Directors have taken proper and sufficient care of the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities.
(iv) That the Directors have prepared the accounts for the financial
year ended 31* March 2009 on a going concern basis.
REPORT ON AUDIT COMMITTEE
a) Terms of Reference
To oversee the Companys financial reporting process and disclosure of
its financial information, to recommend the appointment of Statutory
Auditors and fixation of the audit fees, to review and discuss with the
Auditors about internal control systems, scope of audit including
observations of the auditors an adequacy of internal control systems,
major accounting policies & practices, adopting accounting standards
and complying various requirement concerning financial statements, if
any, to review the Companys half-yearly and annual financial
statements before submission to the Board of Directors.
During the year four Audit Committee meetings were held on
25.04.2008,31.07.2008,24.10.2008,30.01.2009. The Minutes of the Audit
Committee are circulated to the Board, discussed and taken note of.
b) Composition
Name of Member Status No. of Meeting
Attended Mr. Lalit Kumar Dangi Director 4
Mr. Naval Agrawal Director 4
Mr. Ramesh Jain Director 4
AUDITORS
M/s. Merita Singhvi & Associates, Chartered Accountants have shown
their unwillingness for the re-appointment. Your Directors recommend
the appointment of M/s Amar Bafna & Associates, Chartered Accountants
as the auditors for the Company from the conclusion of ensuing annual
general meeting upto the conclusion of the next annual general meeting.
The Notes on accounts referred to in the Auditors Report are self-
explanatory and therefore do not call for any further explanation.
ACKNOWLEDGEMENTS
Your Directors wish to place on record their appreciation for the
active support given by Banks, Investors, Shareholders, Brokers,
Employees and Customers for their continued support to the Company.
For and on behalf of the Board
Place: Mumbai Lalit Kumar Dangi
Date: 6th July, 2009 Chairman
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