Mar 31, 2014
Dear Members,
The Directors take pleasure in presenting the Annual Report on the
business and operations of your Company together with the Audited
Accounts of the Company for the period ended 31st March 2014.
Financial results:
Current Year Previous Year
2013-2014 2012-2013
(Rs in Lacs) (Rs in Lacs)
Total Income Nil 0.16
Profit/(Loss) before Interest &
Depreciation (72.96) (20.85)
Interest
Depreciation
Profit/(Loss) before Tax (72.96) (20.85)
Provision for Current Tax NIL NIL
Provision for Deferred Tax NIL NIL
Provision for Fringe Benefit Tax
Income Tax paid for the earlier year NIL NIL
Profit After Tax (72.96) (20.85)
Add/(Less):
Prior year Adjustments NIL NIL
Reserves Adjusted NIL NIL
Balance brought forward (235.38) (214.53)
Appropriations:
Dividend NIL NIL
Dividend Tax NIL NIL
Transfer to Gereral Reserve NIL NIL
Balance carried to Balance Sheet (308.34) (235.38)
PERFORMANCE
During the year under review, there was no operating income. The
Company has incurred a Loss of Rs. 72,95,769/-. Looking to the past
losses your Directors do not recommend any dividend for current year.
CONSERVATION OF ENERGY ETC.:
The Company is not carrying on any manufacturing activities during the
year, so figures of Conservation of Energy or Technology Absorption are
not available.
FOREIGN EXCHANGE EARNING AND OUT GO:
There is no income and expenditure in foreign exchange during the year.
PUBLIC DEPOSITS
During the year under review, your Company has not accepted deposits
under the provisions of Section 58A of the Companies Act. 1956 and the
rules made there under.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Management Discussion and Analysis Report for the year under review as
required under Clause 49 of the Listing Agreement with the Stock
Exchanges, is given as a separate statement in the Annual Report
CORPORATE GOVERNANCE
The Company has complied with all mandatory requirements as prescribed
under Clause 49 of Listing Agreement with Bombay Stock Exchange Limited
(BSE)
A separate section on Corporate Governance forms part of the Annual
Report. A certificate regarding compliance of conditions of Corporate
Governance as stipulated under clause 49 of the Listing
Agreement forms part of the Annual Report.
DIRECTORS:
Mrs. Mamta Bhagat, Director, retires from office by rotation, but being
eligible, offers herself for reappointment.
Mr. Sanjiv M Gupta and Mr. Mahesh Choudhary was appointed as a
additional director at the Board of Directors meeting held on 05th May,
2014 and be Mr. Sanjiv Gupta be confirm as a Director of the company
where as Mr. Mahesh Choudhary has not seek for reappointment and hence
ceased to be a Director of the company.
DIRECTORS RESPONSIBILITY STATEMENT:
Pursuant to the provision of Section - 217 (2AA) of the Companies Act,
1956, your Directors declare that:
i) in preparation of the annual accounts, the applicable accounting
standards had been followed along with proper explanation relating to
material departures.
ii) the Directors had selected such accounting policies and applied
them consistently and made judgments and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs
of the company at the end of the financial year and after the profit or
loss of the company for that period.
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.
iv) the Directors had prepared the annual accounts on a going concern
basis.
PARTICULARS OF EMPLOYEES:
There are no employees drawing the remuneration in excess of ceiling
prescribed under Section 217(2A) of the Companies Act, 1956, read with
the companies (Particulars of Employment) Rules, 1988.
AUDIT COMMITTEE:
The Audit Committee comprises of Mr. Shekhar Kulkarni (Chairman). Mr.
Rajaram Mane and Mr. Brijesh Bhagat all are being Non-Executive"
majority of them left Independent Directors. The Audit Committee met 4
times during the year under review.
AUDITORS:
M/s D K Chhajer & Co., Chartered Accountants, retires at the ensuing
Annual General Meeting and the Company received their consent for
reappointment under provisions of Section- 224 (1B) of the Companies
Act.
AUDITOR''S REPORT:
The observations made by the Auditors in their report an appropriately
dealt with in the notes forming part of the accounts for the year which
self-explanatory and hence do not require any further explanations.
PARTICULARS OF EMPLOYEES:
Information as per Section 217(2A) of the Companies Act, 1956 read with
Companies (particulars of Employees) Rules. 1975 is not given, as there
were no employees drawing remuneration prescribed under the said
section.
ACKNOWLEDGEMENT:
Your Directors wish to place on record their sincere appreciation of
the assistance and support extended by customers. Financial
institutions, banks, Vendors, Government and other associated with the
activities of the Company.
By order of the Board
Chairman
Place: Mumbai
Date: 5th September, 2014.
Mar 31, 2013
To, The Members
The Directors present their Twenty Eighth Annual Report with the
Audited Statement of Accounts for the year ended March 31, 2013.
FINANCIAL RESULTS
Current Year Previous Year
2012-2013 2011-2012
(Rs. in lacs) (Rs. in lacs)
Total Income 0.16 0.06
Profit / (Loss) before
Interest & Depreciation: (20.85) (17.99)
Less:
Interest 1.68
Depreciation
Profit / (Loss) before Tax (20.85) (19.67)
Provision for Current Tax
Provision for Deferred Tax (2.40)
Provision for Fringe Benefit Tax
Income Tax paid for the earlier year
Profit After Tax (20.85) (17.27)
Add / (Less): Prior year Adjustments
Reserves adjusted
Balance brought forward (214.53) (197.26)
Appropriations:
Dividend
Dividend Tax
Transfer to General Reserve
Balance carried to Balance Sheet (235.38) (214.52)
PERFORMANCE
During the year under review, there was no operating income. The
Company has earned interest income of Rs.15,949/- as compared to Rs.
5,956/- in the previous year. The Company has incurred a Net Loss of
Rs.20, 85,104/- (Previous Year Net Loss of Rs. 17,26,794/-).
DIVIDEND
Your Directors regret their inability to recommend any dividend for the
year under review.
SUBSIDIARY COMPANY
India Nivesh T.V. Networks Pte. Ltd
IndiaNivesh T.V. Networks Pte. Ltd, a wholly owned subsidiary based at
Singapore has been strike off vide the order dated July 8, 2013 of
Accounting and Corporate Regulatory Authority (ACRA), Singapore. Hence,
the financials of the subsidiary have not been audited.
PUBLIC DEPOSITS
During the year under review, your Company has not accepted deposits
under the provisions of Section 58A of the Companies Act, 1956 and the
rules made there under.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Management Discussion and Analysis Report for the year under review as
required under Clause 49 of the Listing Agreement with the Stock
Exchanges, is given as a separate statement in the Annual Report.
CORPORATE GOVERNANCE
The Company has complied with all mandatory requirements as prescribed
under Clause 49 of Listing Agreement with Bombay Stock Exchange Limited
(BSE)
A separate section on Corporate Governance forms part of the Annual
Report. A certificate regarding compliance of conditions of Corporate
Governance as stipulated under clause 49 of the Listing Agreement forms
part of the Annual Report.
DIRECTORS
As per the Articles of Association of the Company, Mr. Rajaram Mane,
retires by rotation and being eligible, offers himself for
re-appointment, which your Directors consider to be in the interests of
the Company and therefore commend it for your approval.
Brief profiles of the above Director is provided elsewhere in this
Annual Report as additional information
DIRECTORS'' RESPONSIBILITY STATEMENT
Pursuant to Section 217 (2AA) of the Companies Act, 1956, the Directors
based on the representations received from the Operating Management
confirm that, to the best of their knowledge -
I) in the preparation of the annual accounts, the applicable accounting
standards have been followed along with proper explanation relating to
material departures;
ii) 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 loss of the
Company for the year under review;
iii) the Directors have taken proper and sufficient care to the best of
their knowledge and ability 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 have prepared the accounts on a going concern basis.
AUDIT COMMITTEE
The Audit Committee comprises of Mr. Shekhar Kulkarni (Chairman), Mr.
Rajaram Mane and Mr. Brijesh Bhagat, all being Non-Executive and
majority of them are Independent Directors. The Audit Committee met 4
times during the year under review.
AUDITORS
The Company''s current auditors M/s. CLB & Associates have expressed
their inability to continue as Statutory Auditors of the Company.
Hence, the Board proposed to appoint M/s. D. K. Chhajer & Co.,
Chartered Accountants as the Statutory Auditors in place of M/s. CLB &
Associates.
Shareholders are requested to appoint the new Auditors and authorise
Board of Directors of the Company to fix their remuneration. A
certificate has been obtained from them to the effect that the
appointment, if made will be in accordance with the limits specified in
sub-section (IB) of Section 224 for the Companies Act, 1956. The Audit
Committee and your Board recommended their appointment.
AUDITOR''S REPORT
The observations made by the Auditors in their report are appropriately
dealt with in the notes forming part of the accounts for the year which
are self-explanatory and hence do not require any further explanations.
PARTICULARS OF EMPLOYEES
Information as per Section 217(2A) of the Companies Act, 1956 read with
Companies (Particulars of Employees) Rules, 1975 is not given, as there
were no employees drawing remuneration prescribed under the said
section.
ACKNOWLEDGEMENT
Your Directors wish to place on record their sincere appreciation of
the assistance and support extended by customers, financial
institutions, banks, vendors, Government and other associated with the
activities of the Company.
For and on behalf of the Board of Directors
Sd/- Sd/-
Brijesh Bhagat Mamta Bhagat
Director Director
Place : Mumbai
Date : September 2, 2013
Mar 31, 2010
The Directors present their Twenty Fifth Annual Report with the Audited
Statement of Accounts for the year ended March 31,2010.
FINANCIAL RESULTS
Current Year Previous Year
2009-2010 2008-2009
(Rs. in lacs) (Rs. in lacs)
Total Income 14.41 1.77
Profit / (Loss) before Interest
& Depreciation: (8.49) (100.94)
Less:
Interest 2.32 8.89
Depreciation 15.19 18.90
Profit / (Loss) before Tax: (26.00) (128.73)
Provision for Current Tax -- --
Provision for Deferred Tax (1.48) 0.27
Provision for Fringe Benefit Tax -- 0.53
Income Tax paid for the earlier year 0.04 --
Profit After Tax (24.56) (129.53)
Add/(Less):
Prior year Adjustments -- --
Reserves adjusted 3.38 --
Balance brought forward (155.14) (25.61)
Appropriations:
Dividend -- --
Dividend Tax -- --
Transfer to General Reserve -- --
Balance carried to Balance Sheet (176.32) (155.14)
PERFORMANCE
During the year under review, the Company earned a total income of Rs.
14,41,445/- as compared to Rs. 1,77,135/- in the previous year. The
major ingredient of total income is the interest income. The Company
has incurred a Net Loss of Rs.24,55,615/- (Previous Year Net Loss of
Rs. 1,29,52,801/-). This decrease in net loss is mainly attributable to
decrease in administrative and other expenses as well as decrease in
employee cost.
DIVIDEND
Your Directors regret their inability to recommend any dividend for the
year under review.
ISSUE OF SHARES ON RIGHTS BASIS
Company had in the previous year passed a Special Resolution for issue
of shares on Rights basis under section 81 (1 A) of the Companies Act,
1956 to the existing Equity Shareholders of the Company in the ratio of
5 (Five) Equity Shares for every 1 (One) Equity Share held at the
Extraordinary General Meeting of the members of the Company, held on
February 29, 2008 and Draft Letter of Offer to that effect had been
filled with Securities and Exchange Board of India (SEBI) as well as
Bombay Stock Exchange Limited (BSE) for their necessary approvals and
comments.
Afterwards, during the year under review upon receipt of the comments
from SEBI and considering the delay in execution of business plans (as
the approval of I & B Ministry still not received by the Company), the
Board of Directors of the Company felt that the proposal for Rights
Issue should be dropped at this point of time and that the Company will
reconsider its fund raising options but that will be only after some
progress in the business plan. So, accordingly the proposed rights
issue has been dropped during the year under review.
STAKE SALE
During the year under review, IndiaNivesh Limited (INL), holding
company has sold 4,00,000 equity shares aggregating to 1.67% of the
total paid up share capital of the Company thereby reducing its stake
from 50.95% to 49.28% and hence the Company is no longer the subsidiary
of INL.
PUBLIC DEPOSITS
During the year under review, your Company has not accepted deposits
under the provisions of Section 58A of the Companies Act, 1956 and the
rules made there under.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Management Discussion ana Analysis Report for the year under review as
required under Clause 49 of the Listing Agreement with the Stock
Exchanges, is given as a separate statement in the Annual Report.
CORPORATE GOVERNANCE
The Company has complied with all mandatory requirements as prescribed
under Clause 49 of Listing Agreement with Bombay Stock Exchange Limited
(BSE)
A separate section on Corporate Governance forms part of the Annual
Report. A certificate regarding compliance of conditions of Corporate
Governance as stipulated under clause 49 of the Listing Agreement forms
part of the Annual Report.
DIRECTORS
As per the Article 139 (1) of Articles of Association of the Company,
Mr. Achal Bangani, retires by rotation and being eligible, offers
themselves for re-appointment, which your Directors consider to be in
the interests of the Company and therefore commend it for your
approval.
Brief profiles of all the above Directors are provided elsewhere in
this Annual Report as additional information.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to Section 217 (2AA) of the Companies Act, 1956, the Directors
based on the representations received from the Operating Management
confirm that, to the best of their knowledge -
i) in the preparation of the annual accounts, the applicable accounting
standards have been followed along with proper explanation relating to
material departures;
ii) 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 loss of the
Company for the year under review;
iii) the Directors have taken proper and sufficient care to the best of
their knowledge and ability 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 have prepared the accounts on a going concern basis.
AUDIT COMMITTEE
The Audit Committee comprises of Mr, J.K. Sethi (Chairman), Mr, Rajesh
Nuwal and Mr. Achal Bangani, all being Non-Executive and majority of
them are Independent Directors. The Audit Committee met 4 times during
the year under review.
AUDITORS
M/s. CLB & Associates, Chartered Accountants, Auditors of the Company
retires at the conclusion of ensuing Annual General Meeting and are
eligible for reappointment. The members are requested to appoint
Auditors for the current year and fix their remuneration.
The appointment if made would be according to Section 224 (1B) and any
other applicable provisions, if any, of the Companies Act, 1956.
AUDITORS REPORT
The observations made by the Auditors in their report are appropriately
dealt with in the notes forming part of the accounts for the year which
are self-explanatory and hence do not require any further explanations.
PARTICULARS OF EMPLOYEES
Information as per Section 217(2A) of the Companies Act, 1956 read with
Companies (Particulars of Employees) Rules, 1975 is not given, as there
were no employees drawing remuneration prescribed under the said
section.
COMPLIANCE CERTIFICATE
A Compliance Certificate from M/s. Chandanbala Jain & Associates,
Company Secretaries u/s 383 A of the Companies Act, 1956 in respect of
the financial year ended March 31, 2010 is annexed to the Directors
Report.
ACKNOWLEDGEMENT
Your Directors wish to place on record their sincere appreciation of
the assistance and support extended by customers, financial
institutions, banks, vendors, Government and other associated with the
activities of the Company.
For and on behalf of the Board of Directors
Rajesh Nuwal
Place: Mumbai Director
Date : May 31, 2010
Mar 31, 2009
The Directors present their Twenty Second Annual Report with the
Audited Statement of Accounts for the year ended March 31,2009.
FINANCIAL RESULTS
Current Year Previous Year
2008-2009 2007-2008
(Rs. in lacs) (Rs. In lacs)
Total Income 1.77 6.82
Profit / (Loss) before Interest &
Depreciation: (100.94) (32.75)
Interest 8.89 1.31
Depreciation 18.90 8.29
Profit / (Loss) before Tax: (128.73) (42.35)
Provision for Current Tax - -
Provision for Deferred Tax 0.27 13.76
Provision for Fringe Benefit Tax
Profit After Tax (129.53> <28.66>
Add/(Less): _ _
Prior year Adjustments
Balance brought forward 25.61 3.05
Appropriations:
Dividend - -
Dividend Tax - -
Transfer to General Reserve - -
Balance carried to Balance Sheet (155.14) (25.61)
PERFORMANCE
During the year under review, the Company earned a total income of Rs.l
,77,135/- as compared to Rs.6,82,000/- in the previous year. The
Company has incurred a Net Loss of Rs.l,29,52,801/- (Previous Year Net
Loss of Rs.28,65,705/-).
DIVIDEND
Your Directors regret their inability to recommend any dividend for the
year under review.
PUBLIC DEPOSITS
During the year under review, your Company has not accepted deposits
under the provisions of Section 58A of the Companies Act, 1956 and the
rules made there under.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Management Discussion and Analysis Report for the year under review as
required under Clause 49 of the Listing Agreement with the Stock
Exchanges, is given as a separate statement in the Annual Report.
CORPORATE GOVERNANCE
The Company has complied with all mandatory requirements as prescribed
under Clause 49 of Listing Agreement with Bombay Stock Exchange Limited
(BSE) A separate section on Corporate Governance forms part of the
Annual Report. A certificate regarding compliance of conditions of
Corporate Governance as stipulated under clause 49 of the Listing
Agreement forms part of the Annual Report.
DEATH OF MR. C.K. THANAWALA
It is with deep sorrow, that we are informing you about the demise of
Companys Independent Chairman Shri C.K. Thanawala on June 30, 2009.
Shri Thanawala succumbed due to massive heart attack. As a person who
championed the cause of peoples participation in natural resource
management, it will be difficult to fill the void that he has left.
However, the best way of respecting and remembering him would be by
taking his work forward.
DIRECTORS
Mr. C.K. Thanawala has resigned as Director from the Board of the
Company with effect from June 30, 2009 due to his sad demise. During
his tenure as Chairman, he has greatly contributed to the performance
of the Company by their vast knowledge and experience.
Mr. J.K. Sethi was appointed as Additional Director with effect from
July 31,2009. Pursuant to Section 260 of the Companies Act, 1956, he
holds office only upto the date of the ensuing Annual General Meeting.
His appointment needs to be confirmed by the members in the General
Meeting.
As per the Article 139 (1) of Articles of Association of the Company,
Mr. Nitesh Kumar Kabra, retires by rotation and being eligible, offers
themselves for re-appointment, which your Directors consider to be in
the interests of the Company and therefore commend it for your
approval.
Brief profiles of all the above Directors are provided elsewhere in
this Annual Report as additional information.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to Section 217 (2AA) of the Companies Act, 1956, the Directors
based on the representations received from the Operating Management
confirm that, to the best of their knowledge -
i) in the preparation of the annual accounts, the applicable accounting
standards have been followed along with proper explanation relating to
material departures;
ii) 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 loss of the
Company for the year under review;
iii) the Directors have taken proper and sufficient care to the best of
their knowledge and ability 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 have prepared the accounts on a going concern basis.
AUDIT COMMITTEE
The Audit Committee comprises of Mr. J.K. Sethi (Chairman), Mr. Rajesh
Nuwal and Mr. Achal Bangani, all being Non-Executive and majority of
them are Independent Directors. The Audit Committee met 3 times during
the year under review.
AUDITORS
M/s. CLB & Associates, Chartered Accountants, Auditors of the Company
retires at the conclusion of ensuing Annual General Meeting and are
eligible for reappointment. The members are requested to appoint
Auditors for the current year and fix their remuneration.
The appointment if made would be according to Section 224 (1B) and any
other applicable provisions, if any, of the Companies Act, 1956.
AUDITORS REPORT
The observations made by the Auditors in their report are appropriately
dealt with in the notes forming part of the accounts for the year which
are self-explanatory and hence do not require any further explanations.
PARTICULARS OF EMPLOYEES
Information as per Section 217(2A) of the Companies Act, 1956 read with
Companies (Particulars of Employees) Rules, 1975 is not given, as there
were no employees drawing remuneration prescribed under the said
section.
ACKNOWLEDGEMENT
Your Directors wish to place on record their sincere appreciation of
the assistance and support extended by customers, financial
institutions, banks, vendors, Government and other associated with the
activities of the Company.
For and on behalf of the Board of Directors
Rajesh Nuwal
Place: Mumbai Director
Date : June 30, 2009
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