Mar 31, 2014
The Members,
The Directors of your company have pleasure in presenting the 25th
Annual Report together with Audited Accounts of the company for the
year ended 31st March 2014.
Financial Results
The financial results of the company are as under
Particulars (Rs in Lac)
2013-14 2012-13
Sales 1372.09 1183.23
Other income 11.03 0.00
Profit before Interest and Depreciation 5.54 4.99
Interest 0.21 0.00
Depreciation 2.27 2.24
Profit after Interest and Depreciation 3.06 2.75
Tax Expense 1.51 1.53
Profit after Tax 1.55 1.22
Transfer to Reserve and Surplus 1.55 1.22
Review of Operations
During the period under report, your company has achieved Sales and
Other income of Rs. 1383.12 Lac as compared to Rs. 1183.23 Lac during
the previous year with net profit of Rs. 1.55 Lac as compared to Profit
of Rs. 1.22 Lac in the previous year.
Material Changes
There are no material changes between the date of balance sheet and
that of the date of report.
Dividend
Your directors do not recommend any dividend this year also.
Equity Capital
The Company has only one type of equity share capital.
Holding /Subsidiary
There is no holding and subsidiary company.
Public Deposits
The company has not accepted any deposits during the year and there are
no unclaimed or overdue deposits.
Conservation of Energy and Technology Absorption and Foreign Exchange
The information under section 217 (1) e of The Companies Act, 1956 is
nil.
Personnel
None of the employee of the company is in receipt of remuneration for
whole / part of the year exceeding the limit prescribed under section
217(2 A) of the Companies Act 1956. The company has continued to follow
the policy of creating healthy environment and work culture resulting
into harmonious inter- personnel relations. The relations with
employees remained cordial throughout the year.
Directors
Sh. Daya Nand Sahu (DIN=02216670) and Sh. Varinder Kumar Dhamija
(DIN=03500822 ) are non executive Directors of the Company. It is
proposed to appoint both of them as Independent Directors of the
Company from September 30, 2014 up to September 29, 2019." Board
recommends their appointment. Sh.Girish Kapoor (DIN=01870917) retires
by rotation and being eligible, offers himself for reappointment.
Listing
The securities of the company are listed at Stock Exchange at Bombay,
Delhi, Ludhiana and Vadodra. The Company has paid the Listing fees for
the financial year 2014-2015 to BSE Limited only.
Auditors
M/s. Rajesh K Sharma and Associates, Chartered Accountants, Ludhiana
are statutory auditors of the company for the financial year 2013-14
and hold office up to the conclusion of ensuing Annual General Meeting.
It is proposed to reappoint them for a period of three years as per the
provisions of Chapter X of The Companies Act, 2013 to hold office from
the conclusion of this Annual General Meeting (AGM) till the conclusion
of twenty eighth AGM of the Company to be held in the year 2017. They
have given their consent to acts as Auditors of the Company and have
further confirmed that their appointment would be in conformity of the
provision of Section 139 of The Companies Act, 2013.The audit committee
has also recommended their appointment.
The observation of the Auditors in their report read with relevant
notes to accounts are self explanatory and therefore, do not require
further explanation.
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 that:
1. In the preparation of the annual accounts for the financial year
ended 31st March, 2014, the applicable accounting standards have been
followed along with proper explanation relating to material departures;
2. The Directors have selected such accounting policies and applied
them consistently and made judgment 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;
3. 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 ;
4. The Directors have prepared the accounts for the financial year
ended 31st March, 2014 on a ''going concern'' basis.
Corporate Governance
The Company has complied with the provisions of Clause 49 of listing
agreement on Corporate Governance. The report on corporate governance
and auditor''s certificate regarding compliance with corporate
governance form part of the annual report.
Management Discussion and Analysis
Management Discussion and Analysis Report is attached herewith and it
forms part of the Directors Report.
Acknowledgements
Your Directors are pleased to place on record their sincere thanks to
the Banks for their co-operation and support to the company. Your
directors also express their deep appreciation for the devoted and
sincere services rendered by workers, staff and executive at all levels
of the operations of the company during the year and we are confident
that your company will continue to receive such co-operation from them
in future also.
By Order of the Board
For LWS Knitwear Limited
Sd/-
Date: 30.05.2014 Girish Kapoor
Place: Ludhiana (Managing Director)
DIN-01870917
Mar 31, 2013
To The Members,
The Directors of your company have pleasure in presenting the 24th
Annual Report together with Audited Accounts of the company for the
year ended 31st March, 2013.
FINANCIAL RESULTS
The financial results of the company are as under
(Rs. In Lacs)
S. Particulars 2012-13 2011-12
No.
1. Turnover / Other Income 1183.23 1181.61
2. Profit before Taxation 2.75 0.94
3. Provision for Tax 1.53 0.89
4. Deffered Tax 0.00 3.58
5. Profit/(Loss) after Tax 122 (3.53)
6. JTransfer to Reserve/ Surplus 1.22 (3.53)
1. REVIEW OF OPERATIONS
Your Company achieved Sales and other income of Rs. 1183.23 Lacs as
compared to Rs. 1181.61 Lacs during the previous year with a net profit
of Rs. 1.22 Lacs as compared to Loss of Rs. 3.53 Lacs in the previous
year.
2. DIVIDEND:
Your Directors do not recommend any dividend for this year.
3. PUBLIC DEPOSITS
The company has not accepted any deposits under sections 58A and 58AA
of the Companies Act, 1956 read with the Companies (Acceptance of
Deposit) Rules, 1975.
5. CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION AND FOREIGN
EXCHANGE
The company is not engaged in any manufacturing activity and
information under section 217 (1) e of The Companies Act, 1956 is nil.
6. PERSONNEL
None of the employee of the company is in receipt of remuneration for
whole / part of the year exceeding the limit prescribed under section
217(2 A) of the Companies Act 1956. The relations with the
employees/emained cordial throughout the year.
7. DIRECTORS
Sh. Daya Nand Sahu, Director retire by rotation at the forth coming
Annual General Meeting and being eligible, offer himself for re-
appointment.
8. LISTING
The securities of the company are listed at Mumbai, Delhi, Ludhiana and
Vadodara Stock Exchanges. Trading in securities is suspended by the
exchanges Ludhiana and Vadodara Stock Exchanges The Company has paid
the listing fees for the financial year 2012-13 to Bombay and Delhi
Stock Exchanges only.
9. AUDITOR''S
M/s Rajesh K. Sharma and Associates, Chartered Accountants, Ludhiana
are proposed for re-appointment as Statutory Auditors of the company
from the conclusion of this ensuing Annual General Meeting till the
conclusion of the next Annual General Meeting. They have given their
consent to acts as Auditors of the Company and have further confirmed
that their appointment would be in conformity of the provision of
section 224(IB) of the Companies Act,1956.The Board recommends their
re-appointment for the approval of members in the ensuing Annual
General Meeting.
The observation of the Auditors in their report read with relevant
notes to accounts are self explanatory and therefore, do not require
further explanation.
10. 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 that:
1. In the preparation of the annual accounts for the financial year
ended 31st March, 2013, the applicable accounting standards have been
followed alongwith proper explanation relating to material departures;
2 The Directors have selected such accounting policies and applied them
consistently and made judgement 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 ;
3 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 ;
4. The Directors have prepared the accounts for the financial year
ended 31st March, 2013 on a going concern basis.
11. FOREIGN EXCHANGE EARNINGS AND OUT GO
Your company has neither earned any foreign exchange nor incurred any
expenditure of foreign exchange during the year under review.
12. CORPORATE GOVERNANCE
Pursuant to clause 49 of Listing Agreement with Stock Exchange(s), the
Company has complied with the provisions of Clause 49 as per the
schedule of implementation of Corporate Governance and Management
Discussion and Analysis report on corporate governance and auditor''s
certificate regarding compliance with corporate governance form part of
the annual report.
13. ACKNOWLEDGEMENTS
Your directors are pleased to place on record their sincere thanks to
the Banks for their co-operation and support to the company. Your
directors also express their deep appreciation for the devoted and
sincere services rendered by workers, staff and executives at all
levels of the operations of the company during the year and we are
confident that your company will continue to receive such co-operation
from them in future also.
By order of the Board
For LWS KNITWEAR LTD.
Sd/-
Place: Ludhiana (Girish Kapoor)
Date: 30.05.2013 Managing Director
Mar 31, 2012
To The Members,
The Directors of your company have pleasure in presenting the 23th
Annual Report together with Audited Accounts of the company for the
year ended 31st March, 2012.
FINANCIAL RESULTS
The financial results of the company are as under:
(Rs. In Lacs)
2011-12 2010-11
TURNOVER/OTHER INCOME 1181.61 349.71
PROFIT BEFORETAXATION 0.94 5.99
PROVISION FORTAX 2.74 0.60
PROFTTAFTERTAX -1.80 5.39
1. REVIEW OF OPERATIONS
Your Company achieved Sales 8i Other income of Rs. 1181.61 Lacs as
compared to Rs. 349.71 Lacs during the previous year with a net loss of
Rs. 1.80 Lacs as compared to Profit of Rs. 5.39 Lacs in the previous
year.
2. DIVIDEND
Your Directors do not recommend any dividend for this year.
3. PUBLIC DEPOSITS
The company has not accepted any deposits under sections 58A and 58AA
of the Companies Act, 1956 read with the Companies (Acceptance of
Deposit) Rules, 1975.
5. CONSERVATION OF ENERGY ANDTECHNOLOGY ABSORPTION AND FOREIGN
EXCHANGE
The information under section 217 (l)eof The Companies Act, 1956 is
annexed.
6. PERSONNEL
None of the employee of the company is in receipt of remuneration for
whole / part of the year exceeding the limit prescribed under section
217(2 A) of the Companies Act 1956. The relations with the employees
remained cordial throughout the year.
7. DIRECTORS
Sh. Varinder Kumar Dhamija, Director retire by rotation at the forth
coming Annual General Meeting and being eligible, offer himself for re-
appointment.
8. LISTING
The securities of the company are listed at Mumbai, Delhi, Ludhiana and
Vadodara Stock Exchanges. Trading in securities was suspended by all
the exchanges. However, Bombay Stock Exchange has revoked the
suspension in trading of securities on 22/08/2011. The Company has paid
the listing fees for the financial year 2012-13 to Bombay and Delhi
Stock Exchanges only.
9. AUDITORS
M/s. Rajesh K.Sharma and Associates, Chartered Accountants, Ludhiana
are proposed for re-appointment as Statutory Auditors of the company
from the conclusion of this ensuing Annual General Meeting till the
conclusion of the next Annual General Meeting. They have given their
consent to acts as Auditors of the Company and have further confirmed
that their appointment would be in conformity of the provision of
section 224(IB) of the Companies Act,1956.The Board recommends their
re-appointment for the approval of members in the ensuing Annual
General Meeting.
The observation of the Auditors in their report read with relevant
notes to accounts are self explanatory and therefore, do not require
further explanation.
10. 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 that:
1. In the preparation of the annual accounts for the financial year
ended 31st March, 2012, the applicable accounting standards have been
followed along with proper explanation relating to material departures;
2. The Directors have selected such accounting policies and applied
them consistently and made judgement 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;
3. 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;
4. The Directors have prepared the accounts for the financial year
ended 31st March, 2012 on a 'going concern basis.
11. FOREIGN EXCHANGE EARNINGS AND OUT GO
Your company has neither earned any foreign exchange nor incurred any
expenditure of foreign exchange during the year under review.
12. CORPORATE GOVERNANCE
Pursuant to clause 49 of Listing Agreement with Stock Exchanged), the
Company has complied with the provisions of Clause 49 as per the
schedule of implementation of Corporate Governance and Management
Discussion and Analysis report on corporate governance and auditors
certificate regarding compliance with corporate governance form part of
the annual report.
13. ACKNOWLEDGEMENTS
Your directors express their deep appreciation for the devoted and
sincere services rendered by workers, staff and executives at all
levels of the operations of the company during the year and we are
confident that your company will continue to receive such co-operation
from them in future also.
BY ORDER OF THE BOARD
FOR LWS KNITWEAR LTD.
Sd/
Place :LUDHIANA (GIRISH KAPOOR)
Date : 25-08-2012 Managing Director
Mar 31, 2010
The Directors feel pleasure in presenting their 21st Annual Report of
the company along with Audited Statement of Accounts & Profit & Loss
Accounts of the company for the year ended 31st March, 2010.
FINANCIAL RESULTS :
PARTICULARS 2009-10 2008-09
Sales 0.00 0.00
Profit before interest &
Depreciation 51.48 892.27
Less Interest 0.00 0.00
Less Depreciation 2.20 3.65
Less Provision for Tax 1.50 0.24
Net Profit/(Loss) 47.78 888.38
FINANCIAL ANALYSIS AND SALES REVIEW
The company has not made any commercial activities and hence it has no
sale and purchase during the FY 09-10. The company squared up the
account with the PNB after paying all the installments during the FY
09-10. During the year under review, the company earned profit from LWS
Knitwear, a partnership firm, in which the company is one of the
partners and also earned income from redemption of bank guarantee from
custom department, due to which it has shown a profit of Rs. 47.78 Lacs
during the year under review.
SHARE CAPITAL
The Authorised Capital of the company is Rs 5,50,00,000/- divided into
5500000 shares of Rs. 10 each. The paid up capital of the Company as on
31.03.2010 was Rs.5,05,84,000/- divided into 5058400 Equity shares of
Rs. 10/- each. During the year under review, the company received
balance payments of Rs. 100.00 Lacs from the shareholders from whom
Rs.5/- per shares were pending and also recovered the arrear amount of
Rs. 129500/- from the shareholders.
DIRECTORS
During the year Sh. Daya Nand, the retiring Director, being eligible
offered himself for reappointment.
We feel extremely sorry to say that one of our directors Sh. Sat
Parkash Kapoor passed away during the previous year on 13.10.2009. We
pray to the god for his peace of his soul.
Sh. Sushil Jain who had been appointed as additional director during
the previous year is going to retire at the ensuing annual general and
being eligible offer himself for reappointment.
AUDITORS
M/s. Rajesh K. Sharma & Associates, Chartered Accountants, Ludhiana are
the present Statutory Auditors of the company. In terms of the
provisions of Section 224 of the Companies act, 1956, they would retire
at the forthcoming Annual General Meeting of the company. Being
eligible, they have offered themselves for re-appointment. The Board of
Directors have received a certificate from them to the effect that
their re-appointment, if made, will be within the limits specified in
Section 224 (IB) and (1C) of the Companies Act, 1956.
COMMENTS ON AUDITORS REPORT
The company along with all its associate concerns paid all the dues of
the PNB during the FY 09-10 and got no due certificate from the bank.
The bank had changed classification of the company from non performing
assets to performing assets.
The company has accepted the deposits from the corporates only keeping
in view the stipulations laid down by the bankers. Hence the section 5
8-A of the Companies Act 1956 for the acceptance of Deposits is not
applicable to the company.
The company has issued a placement letter with the placement agencies
for the appointment of the suitable Company Secretary. But however no
replies have been received from the placement agencies.
PERSONNEL
Statement of employees pursuant to Section 217 (2 A) of the Companies
Act, 1956 , read with Companies (Particulars of Employees) Rules, 1975
is Nil
DISCLOSURE OF PARTICULARS UNDER SECTION 217(IKE):
The information required under section 217(i)(e) of the Companies Act,
1956 read with the Companies (Disclosure of Particulars in the Report
of the Board of Directors) Rules 1988 with respect to these matters is
appended hereto and forms part of this 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
confirmed that:
1. In the preparation of the annual accounts, the applicable accounting
standards as specified by the Institute of Chartered Accountants of
India have been followed along with proper explanation relating to
material departures.
2. The Accounting Policies have been applied consistently and
judgments and estimates that have been made for the preparation of the
accounts are reasonable and prudent so as to give a true and fair view
of the state of the affairs of the Company at the end of financial year
and of the profit of the company for the year.
3. Company has taken proper and sufficient care for the maintenance of
adequate accounting records in accordance with the provisions of the
Companies Act, 1956 and taken steps to safeguard the assets of the
company and for preventing & detecting fraud and other ir-regularities;
4. Final accounts have been prepared on going concern basis.
CORPORATE GOVERNANCE
The company is listed in Bombay Stock Exchange, Delhi Stock Exchange,
Ludhiana Stock Exchange and Baroda Stock Exchange, but however due to
non compliance of the provisions of the SEBI, the trading of the shares
in all the stock exchanges had been stopped. A certificate from the
auditors of the company regarding compliance of corporate governance as
stipulated under Corporate Governance Clause of the Listing Agreement
is annexed to the report of the Corporate Governance.
ACKNOWLEDGEMENT
The Directors place on record with pleasure their sincere thanks to
workers, staff members and executives who helped the organization by
their continued co-operation and zealous efforts which is acknowledged
by us as great impelling force for. the company to grow. Our thanks are
also due to Bankers, Financial Institutions, Shareholders and other
business constituents for their continued support.
FOR AND ON BEHALF OF THE BOARD
FOR LWS KNITWEAR LTD.
Place : LUDHIANA (GIRISH KAPOOR)
Date : 07.06.2010 MG. DIRECTOR
Mar 31, 2009
The Directors feel pleasure in presenting their 20m Annual Report of
the company along with Audited Statement of Accounts & Profit & Loss
Accounts of the company for the year ended 31st March, 2009.
FINANCIAL RESULTS :
PARTICULARS 2008-09 2007-08
Sales 0.00 84.71
Profit before interest &
Depreciation 892.27 37.39
Less Interest 0.00 0.00
Less Depreciation 3.65 3.81
Less Provision for Tax 0.24 0.22
Net Profit/(Loss) 888.38 33.36
FINANCIAL ANALYSIS AND SALES REVIEW
The company has not made any commercial activities and hence it has no
j?le and purchase during the FY 08-09. The company made agreement with
the PNB during the FY 08-09 for the settlement of the dues and as per
the .erms of the agreement, the company made the major part of the
payments to the bank. During the year, the company write off the entire
payable amount to the PNB except the two installments pending for
payment during the FY 09-10. Due to written off the dues of the PNB,
the company shown a profit of Rs. 888.38 in the anuual accounts.
The company is also a partner in a partnership concern from which it
has also earned profit ofRs. 659.99 lacs.
SHARE CAPITAL
The Authorised Capital of the company is Rs 5,50,00,000/- divided into
5500000 shares of Rs.10 each. The paid up capital of the Company as on
31.03.2009 was Rs.3,05,84,000/- divided into 3058400 Equity shares of
Rs. 10/- each and Rs. 1,00,00,000/- divided into 2000000 equity shares
of Rs.5/- each. Calls in Arrear stands at Rs. 129500/- as at 31.03.2009
as against previous figure of Rs. 129500/-.
DIRECTORS
During the year Sh. Girish Kapoor, the retiring Director, being
eligible offered himself for reappointment.
AUDITORS
M/s. Rajesh K. Sharma & Associates, Chartered Accountants, Ludhiana are
the present Statutory Auditors of the company. In terms of the
provisions of Section 224 of the Companies act, 1956, they would retire
at the forthcoming Annual General Meeting of the company. Being
eligible, they have offered themselves for re-appointment. The Board of
Directors have received a certificate from them to the effect that
their re-appointment, if made, will be within the limits specified in
Section 224 (IB) and (1C) of the Companies Act, 1956.
COMMENTS ON AUDITORS REPORT
The associate concerns of the company namely LWS Exports Ltd. is
dealing with Punjab National Bank. However its accounts had been
classified as non performing assets (NPA) during the year 2001-02 by
the PNB. LWS Knitwear made the entire dues to PNB and it is hopeful
that during the next year, the firm will come out of the preview of the
NPA.
The company has accepted the deposits from the corporates only keeping
in view the stipulations laid down by the bankers. Hence the section
58-A of the Companies Act 1956 for the acceptance of Deposits is not
applicable to the company.
The company has issued a placement letter with the placement agencies,
for the appointment of the suitable Company Secretary. But however no
replies luve been received from the placement agencies.
PERSONNEL
Statement of employees pursuant to Section 217 (2A) of the Companies
Act, 1956 , read with Companies (Particulars of Employees) Rules, 1975
is Nil
DISCLOSURE OF PARTICULARS UNDER SECTION 217(I)(E) :
The information required under section 217(i)(e) of the Companies Act,
1956 read with the Companies (Disclosure of Particulars in the Report
of the Board of Directors) Rules 1988 with respect to these matters is
appended hereto and forms part of this 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
confirmed that:
1. In the preparation of the annual accounts, the applicable
accounting standards as specified by the Institute of Chartered
Accountants of India have been followed along with proper explanation
relating to material departures.
2. The Accounting Policies have been applied consistently and
judgments and estimates that have been made for the preparation of the
accounts are reasonable
and prudent so as to give a true and fair view of the state of the
affairs of the Company at the end of financial year and of the profit
of the company for the year.
3. Company has taken proper and sufficient care for the maintenance of
adequate accounting records in accordance with the provisions of the
Companies Act, 1956 and taken steps to safeguard the assets of the
company and for preventing & detecting fraud and other ir-regularities;
4. Final accounts have been prepared on going concern basis.
CORPORATE GOVERNANCE
The company is listed in Bombay Stock Exchange, Delhi Stock Exchange,
Ludhiana Stock Exchange and Baroda Stock Exchange, but however due to
non compliance of the provisions of the SEBI, the trading of the shares
in all the stock exchanges had been stopped. A certificate from the
auditors of the company regarding compliance of corporate governance as
stipulated under Corporate Governance Clause of the Listing Agreement
is annexed to the report of the Corporate Governance. Ã
ACKNOWLEDGEMENT
The Directors place on record with pleasure their sincere thanks to
workers, staff members and executives who helped the organization by
their continued co-operation and zealous efforts which is acknowledged
by us as great impelling force for the company to grow. Our thanks are
also due to Bankers, Financial Institutions, Shareholders and other
business constituents for their continued support.
FOR AND ON BEHALF OF THE BOARD
FOR LWS KNITWEAR LTD.
Place : LUDHIANA (GIRISH KAPOOR)
Date : 28.08.2009 MG. DIRECTOR