Mar 31, 2015
Dear Members,
The Directors have pleasure in presenting herewith the Twenty Second
Annual Report along with Audited Financial Statement of the Company for
the year ended 31st March, 2015.
FINANCIAL RESULTS
The summarized financial position of the Company for the Financial Year
ended 31st March, 2015 as compared to previous year is as under:
Amount
(Rs. in Lacs)
PARTICULARS 2014-2015 2013-2014
Total Income 33.13 34.02
Profit / (Loss) before Interest and Depreciation 6.12 12.67
Less: Finance Cost -- --
Less: Depreciation 1.09 0.92
Profit/ (Loss) before Exceptional and 5.03 11.75
Extraordinary items and Tax
Less: Current Tax 1.90 2.65
Add: Deferred Tax 15.30 0.07
Profit after Tax 18.43 9.17
Add: Balance Brought Forward from the 90.73 81.56
Previous Year
Surplus/ (Deficit) carried to Balance Sheet 109.16 90.73
DIVIDEND
With a view to conserve resources for general corporate purposes and
working capital requirements, your Director's considered it prudent not
to recommend any Dividend for the year under review.
OPERATIONS
During the year under review Total Income of the Company marginally
declined from Rs. 34.02 Lakhs to Rs. 33.13 Lakhs. Net Profit for the
year stood at Rs. 18.43 Lacs as against Rs. 9.17 Lakhs in the Previous
Year. Your Directors are making all efforts to improve performance of
the Company.
DIRECTORS
* In accordance with the provisions of the Companies Act, 2013 read
with Articles of Association of the Company, Smt. Parwati
Parasrampuria, Director of the Company retires by rotation at the
ensuing Annual General Meeting and is eligible for re- appointment.
* During the year under review Shri Shiv Saran Agarwal, resigned from
the position of Independent Directorship with effect from 31st
December, 2014. The Board places on record its deep appreciation for
the valuable contribution made by him during his tenure as Independent
Director of the Company.
* The Board has appointed Shri Gautam Lhila as an Independent Director
to fill the vacancy caused by the resignation of Shri Shiv Saran
Agarwal, subject to the approval of the Shareholders at the ensuing
Annual General Meeting.
SUBSIDIARY COMPANY/ASSOCIATE/JOINT VENTURE COMPANY
The Company has no Subsidiary , Associate or Joint Venture Company
during the year under review.
STATUTORY AUDITORS
It is proposed to appoint M/s. Chaudhary Pandiya & Co., Statutory
Auditors of the Company who hold office till the conclusion of the
ensuing Annual General Meeting and are eligible for re-appointment.
They have confirmed their eligibility that their re-appointment, if
made, would be within the prescribed limits under the Act and that they
are not disqualified for re- appointment.
The observations of Auditors in their Report read with notes to the
accounts are self- explanatory and do not call for any further
clarification or explanation.
SECRETARIAL AUDITOR
The Board has appointed M/s. Mahendra Khandelwal & Co., Practising
Company Secretaries to conduct Secretarial Audit for the Financial year
2014-15. The Secretarial Audit
Report for the Financial Year ended 31st March, 2015 is annexed
herewith as Annexure- A to this Report. As regards observation in
Secretarial Audit Report with respect to filing of Form MGT 14 for
registration of resolutions for approval of Annual Accounts and
Quarterly Results, the same has been completed. Further, in view of the
suspension of normal business operations , the Company could not afford
to employ a whole time Company Secretary and Chief Financial Officer
.However, if the operations and financial conditions
improve in future, it will make necessary appointment of Company
Secretary and Chief Financial Officer.
MEETINGS OF THE BOARD
The Board of Directors duly met 6 (Six) times respectively on 13th May,
2014, 26th May, 2014, 13th August, 2014,14th November, 2014, 31st
December, 2014 and 14th February, 2015 during the financial year. The
intervening gap between the Meetings was within the period prescribed
under the Companies Act, 2013.
BOARD EVALUATION
The Company has devised a Policy for performance evaluation of
Independent Directors, Board, Committees and other individual Directors
which includes criteria for performance evaluation of the Non-Executive
Directors and Executive Directors. On the basis of recommendations of
the Policy for Performance Evaluation of Independent Directors, Board,
Committees and other individual Directors, a process of evaluation was
followed by the Board for its own performance and that of its
Committees and individual Directors.
EXTRACT OF ANNUAL RETURN
The extract of Annual Return pursuant to the provisions of Section 92
read with Rule 12 of the Companies (Management and Administration)
Rules, 2014 in prescribed Form MGT-9 is annexed herewith as Annexure -B
to this report.
MATERIAL CHANGES AND COMMITMENTS, IF ANY, AFFECTING THE FINANCIAL
POSITION OF THE COMPANY OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR
TO WHICH THESE FINANCIAL STATEMENTS RELATE AND THE DATE OF THE REPORT
No material changes and commitments affecting the financial position of
the Company occurred from the end of the Financial year 2014-15 till
the date of this Report. Further, there was no change in the nature of
business of the Company.
No significant or material order has been passed by the Regulator or
Courts or Tribunals during the Financial year.
CONTRACTS AND ARRANGEMENTS WITH RELATED PARTIES
All contracts / arrangements / transactions entered by the Company
during the Financial year with related parties were in the ordinary
course of business and on arm's length basis. Such transactions form
part of the notes to the Financial Statements provided in this Annual
Report.
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS MADE UNDER SECTION 186
OF THE COMPANIES ACT, 2013
Loans, Guarantees and Investments covered under Section 186 of the
Companies Act, 2013 form part of the notes to the financial Statements
provided in this Annual Report.
RISK MANAGEMENT
As the Company did not pursue its main business activities during the
year no Risk Management Policy was put in place by the Board.
DISCLOSURES
Audit Committee
The Audit Committee comprises of Independent Directors namely Shri
Gautam Lhila (Chairman), Shri Manoj Kumar Poddar and Smt. Parwati
Parasrampuria as other Members. All the recommendations made by the
Audit Committee were accepted by the Board.
Vigil Mechanism
The Vigil Mechanism of the Company, which also incorporates a whistle
blower policy in terms of the Listing Agreement with the Stock
Exchange. It aims to provide an avenue for employees through this
policy to raise their concerns on any violation of legal or regulatory
requirements, suspicious fraud, misfeasance, misrepresentation of any
financial statements and reports.
Remuneration and Nomination Policy
The Board of Directors has framed a policy which lays down a framework
in relation to remuneration of Directors, Key Managerial Personnel and
Senior Management of the Company. This policy also lays down criteria
for selection and appointment of Board members. The details of this
policy are enclosed herewith as Annexure-C.
STATUTORY INFORMATION
A. PARTICULARS OF EMPLOYEES
As there are no commercial operations in the Company, none of the
employees of the Company was in receipt of remuneration in excess of
the limits prescribed under sub-rule (2) of Rule 5 of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014, the
details are not required to be furnished. In view of the above
information as per sub-section (12) of Section 197 of the Companies
Act, 2013, read with sub-rule (2) of Rule 5 of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014 is
not being furnished.
B. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
As the Company is not engaged in any manufacturing activity, the
details relating to Conservation of Energy, Technology Absorption being
inapplicable are not required to be given. There have been no earnings
and expenditure in foreign currency during the year under review.
C. DIRECTOR'S RESPONSIBILITY STATEMENT
In terms of Section 134(5) of the Companies Act, 2013, the Directors of
the Company state in respect of the year ended 31 st March, 2015 that
a) in the preparation of Annual Accounts, the applicable Accounting
Standards have been followed along with proper explanation relating to
material departures.
b) they 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 the State of Affairs of
the Company at the end of the Financial year and of the Profit of the
Company for that period.
c) they have taken proper and sufficient care for the maintenance of
adequate Accounting Records 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) they have prepared Annual Accounts on a going concern basis.
e) They have laid down internal financial controls to be followed by
the Company and that such internal controls are adequate and are
operating effectively.
DEPOSITS
The Company has neither accepted nor renewed any deposits during the
year under review.
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.
ACKNOWLEDGEMENTS
The Directors wish to place on record their sincere appreciation of the
co-operation received by the Company from the Company's Bankers and
other Authorities. The Directors are also thankful to the Shareholders
for abiding faith in the Company. Deep appreciation is also
acknowledged for the support and hard work put in by the employees of
the Company.
For and on behalf of the Board
Place: Kanpur (SUDHIR KUMAR PARASRAMPURIA)
Date: 14.08.2015 Chairman & Managing Director
DIN:00358982
Mar 31, 2014
Dear Members,
The Directors have pleasure in presenting herewith the Twenty First
Annual Report along with Audited Accounts of the Company for the year
ended 31st March, 2014.
FINANCIAL RESULTS
The summarized financial position of the Company for the financial year
ended 31st March, 2014 as com pared to previous year is as under:
Amount
(Rs. in Lacs)
2013-2014 2012-2013
Total Income 34.02 134.58
Profit before Depreciation & Financial Charges 12.67 16.94
Less: Depreciation 0.92 1.67
Less: Financial Charges - -
Profit before Exceptional and Extraordinary
Items and Tax 11.75 15.27
Add: Extraordinary Items - 0.36
Profit before Tax 11.75 (15.63)
Less: Tax Expenses
Current Tax 2.65 38.40
Earlier Tax - 0.41
Add: Deferred Tax 0.07 0.24
Profit after Tax 9.17 (22.94)
Add: Balance brought forward from previous year 81.55 104.49
Surplus/(Deficit) carried to Balance Sheet 90.72 81.55
DIVIDEND
With a view to conserve resources for general corporate purposes and
working capital requirements, your Directors considered it prudent not
to recommend any dividend for the year under review.
OPERATIONS
During the year under review, the Total Income of the Company declined
from Rs. 134.58 in the preceding to Rs. 34.02 Lacs in the current year.
Net Profit stood at Rs. 9.17 Lacs in the current year as against Net
Loss of Rs. 22.94 Lacs in the preceding year. Your Directors are making
constant efforts to improve the performance of the Company.
AUDITORS
The term of the present Auditors of the Company, M/s Choudhary Pandiya
& Co., Chartered Accountants, expires at the conclusion of the ensuing
Annual General Meeting and being eligible they have offered themselves
for re-appointment.
The Auditors observations read with notes to the accounts are self
explanatory and do not call for any further clarification or
explanation.
DIRECTORS
In accordance with the provisions of the Companies Act, 1956 read with
the Articles of Association of the Company Smt. Parwati Parsrampuria
Director of the Company, retires by rotation at the ensuing Annual
General Meeting and is eligible for re-appointment.
In compliance with the provisions of Section 149 of the Companies Act,
2013 your company is seeking appointment of Shri Manoj Kumar Poddar and
Shri Shiv Saran Agrawal as Independent Directors of the Company.
The Board has re-appointed Shri Sudhir Kumar Parasrampuria as Managing
Director of the Company for a further period of five years with effect
from 7th January, 2014 and the matter is placed for approval of members
at the ensuing Annual General Meeting.
STATUTORY INFORMATION
A. PARTICULARS OF EMPLOYEES
As none of the employees of the Company was in receipt of remuneration
in excess of the limits prescribed, particulars of Employees under
Section 217 (2A) of the Companies Act, 1956 read with Companies
(Particulars of Employees) Rules, 1975 as amended are not required to
be given.
B. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
As the Company is not engaged in any manufacturing activity, the
details relating Conservation of Energy, Technology Absorption being
inapplicable are not required to be given. There have been no earnings
and expenditure in foreign currency during the year under review.
C. DIRECTORS'' RESPONSIBILITY STATEMENT
In terms of Section 217(2AA) of the Companies Act, 1956, the Directors
of the Company state in respect of the year ended 31st March, 2014
that:-
a) In preparation of Annual Accounts, the applicable Accounting
Standards have been followed along with proper explanation relating to
material departures.
b) They 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 the state of affairs of
the Company at the end of the Financial year and of the Profit of the
Company for that year.
c) They have taken proper and sufficient care for the maintenance of
adequate Accounting Records in accordance with the provisions of the
Companies Act, 1956, for safeguarding the Assets of the Company and for
preventing and detecting fraud and other irregularities.
d) They have prepared Annual Accounts on a going concern basis.
CORPORATE GOVERNANCE
The Company is committed to maintain the highest standards of Corporate
Governance and adhere to the corporate governance requirements set out
by SEBI. The Report on Corporate Governance as stipulated under Clause
49 of the Listing Agreement forms part of the Annual Report.
MANAGEMENT''S DISCUSSION AND ANALYSIS REPORT
Management''s 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
the Annual Report.
LISTING INFORMATION
The Equity Shares of the Company are presently listed at BSE Limited,
Mumbai, U.P. Stock Exchange Limited, Kanpur and Delhi Stock Exchange
Limited and the Annual Listing Fee is paid up to date.
COMPLIANCE CERTIFICATE
The Compliance certificate made by the practicing Company Secretary in
terms of the provisions of Section 383A of the Company''s Act 1956, is
attached herewith.
ACKNOWLEDGEMENTS
The Directors wish to place on record their sincere appreciation of the
co-operation received by the Company from the Company''s Bankers and
other Authorities. The Directors are also thankful to the shareholders
for abiding faith in the Company. Deep appreciation is also
acknowledged for the support and hard work put in by the employees of
the Company.
For and on behalf of the Board
Place : Kanpur (SUDHIR KUMAR PARASRAMPURIA)
Dated: 13th August, 2014 Chairman & Managing Director
DIN-00358982
Mar 31, 2013
To The Member,
The Directors hereby present the 20th Annual Report and the audited
accounts for the financial year ended 31st March, 2013.
FINANCIAL RESULTS
During the year under review Company has done a profit of Rs.
1,563,729.11 before adjustment of tax expenses. Company has done loss
of Rs. 22, 93,495.89 after deduction of tax. A debit balance of Rs.
22,93,495.89 is carried forward towards balance sheet The Board of
Directors are positive towards future growth and hope that with
effective planning & the continued co-operation of the agencies
involved and support from the management and staff, the company would
further improve its perfocmance.
DIVIDEND
Dividend is not recommended for the year ended 31-03-2013.
DIRECTORS
At present, the Board of Directors of the Company comprises of
Directors, viz. Sudhir Kuamr Parasrampuria, Smt Parwati Parasrampuria,
Shiv Saran Agarwal and Manoj Kumar Poddar. There was no change in the
composition of the Board during the period under review. Shiv Saran
Agarwal will retire by rotation at the ensuing Annual General Meeting
and eligible offers himself for re-appointment. The board recommends
for her re-appointment at the forthcoming Annual General Meeting of the
Company.
CONSERVATION OF ENEGRY. TECHNOLOGY ABSORPTION and FOREIGN EARNING
Information in accordance with the provisions of Section 217(1) (e) of
the Companies Act, 1956 read with Companies (Disclosure of Particulars
in report of Directors) Rules, 1988 regarding conservation of energy,
technology, absorption and foreign exchange earnings and outgo is given
in Annexure forming part of this report.
AUDITORS AND AUDITORS REPORT
M/s CHAUDHARY PANDIYA& CO., Chartered Accountant, KANPUR, the Auditors
of the Company retires at this meeting and has offered themselves for
re-appointment as auditors. They have furnished requisite certificate
of their eligibility for re-appointment.
The remarks in the Auditors Report are self - explanatory and
therefore, do not call for any further comments.
PERSONNEL
There is no employee in the company drawing any salary or remuneration
which attracts provisions of section 217(2a) of the companies Act, 1956
read with the Companies (Particulars of Employee) Rules, 1975.
LISTING OF SHARES- INFORMATION REGARDING STOCK EXCHANGE
The Company''s Equity Shares are listed at the Stock Exchange, Mumbai,
and The Uttar Pradesh Stock Exchange Association Ltd, Kanpur. The
Company has paid the listing fee up to the year ended 31-03-2013.
CORPORATE GOVERNENCE
A report on the Corporate Governance code is attached as a separate
annexure to this report. Necessary certification in terms of clause 49
relating to corporate governance as per the listing Agreement with
stock exchanges have been annexed and forms part of this Annual Report.
DIRECTORS'' RESPONSIBILITY STATEMENT
As required under 217 of the Companies Act, the Directors hereby
confirm that:
i. in the 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 judgment and estimates that are reasonable
and prudent so as to give a true and fair view of state of affairs of
the Company at the end of financial year and of the loss of the company
for that period.
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 for safeguarding the assets of the
Company and for preventing and detecting frauds and other
irregularities.
iv. the Directors had prepared the Annual Accounts on a going concern
basis.
ACKNOWLEDGEMENT
Your Directors take this opportunity to express their sense of
appreciation of the hard work done by the staff of the company. In the
last Directors acknowledge with gratitude the confidence, which the
shareholders have reposed in them.
For And On Behalf Of the Board of Directors
Dated: 25/05/2013
Place: Kanpur (Sudhir Kumar Parasrampuria)
Chairman& Managing Director
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