Mar 31, 2015
Dear Members,
The Directors feel pleasure in presenting their 23rd Annual Report
together with the Audited Statements of accounts for the Financial Year
ended on 31st March, 2015.
1. FINANCIAL RESULTS:
During the year under review, the Company has shown notable
performance. The extracts of financial results 2014-15 are as under:
(Rs. In Lacs)
Particulars Standalone
Current Previous
Year Year
2014-15 2013-14
Rs. Rs.
Sales & Other Income - 10.43
Financial Expenses - -
Depreciation 0.06 0.12
Profit / (Loss) Before Taxation (520.58) 1.43
Provision for Income Tax 0.01 0.25
Provision for Deferred Tax 0.20 0.19
Profit after Taxation (520.79) 0.99
Appropriation for Interim Dividend and Tax - -
thereon
Transfer to General Reserve - -
Surplus brought forward (39.49) (40.48)
Balance Carried to Balance Sheet (560.29) (39.49)
Particulars Consolidated
Current Previous
Year Year
2014-15 2013-14
Rs. Rs.
Sales & Other Income 0.19 10.48
Financial Expenses -
Depreciation 0.06 0.12
Profit / (Loss) Before Taxation (520.58) 0.67
Provision for Income Tax 0.02 0.18
Provision for Deferred Tax 0.20 0.03
Profit after Taxation (520.84) 0.46
Appropriation for Interim Dividend and Tax - -
thereon
Transfer to General Reserve - -
Surplus brought forward (40.02) (40.48)
Balance Carried to Balance Sheet (520.84) (39.49)
2. OPERATIONS:
During the year, the company has not carried out any revenue generating
activities due to unfavourable business conditions and huge losses
incurred during the year.
3. DIVIDEND:
During the year, due to heavy losses, company does not recommend any
Annual Dividend.
4. FINANCE
A. DEPOSITS AND LONG TERM BORROWINGS:
During the year, Company has not accepted any Deposits or long term
borrowings from any party.
B. RELATED PARTIES TRANSACTIONS
During the year, Company has not entered in to any related party
transactions as defined under section 188 of Companies Act 2013 and
hence no relevant disclosure irrelevant section.
5. SUBSIDIARIES AND JOINT VENTURE
The Company has three subsidiary companies:
1. Bluebell Trexim Limited
2. Skysail Vincom Limited
3. Trilokesh Vincom Limited
6. DIRECTORS' RESPONSIBILITY STATEMENT
In terms of Section 134[3) of the Companies Act, 2013, in relation to
the Financial Statements for FY 2014-15, the Board of Directors states
that:
a) in preparation of the annual accounts, the applicable accounting
standards have been followed and there are no material departures;
b) the Directors have selected such accounting policies and applied
them consistently and made judgments and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs
of the Company as on 31st March, 2015 and of the profits for the year
ended 31st March, 2015;
c) the Directors have taken proper and sufficient care for 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;
d) the annual accounts have been prepared on a going concern basis;
e) the Directors have laid down internal financial controls to be
followed by the Company and that such internal financial controls are
adequate and are operating effectively; and
f) the Directors have devised proper systems to ensure compliance with
the provisions of all applicable laws and that such systems are
adequate and operating effectively.
7. INTERNAL FINANCIAL CONTROLS
The Company has in place adequate internal financial controls with
reference to Financial Statements. During the year, such controls were
tested and no reportable material weakness was observed.
8. AUDITORS:
STATUTORY AUDITORS:
Pursuant to the provisions of Section 139, 141, 142 and all other
applicable provisions of the Companies Act, 2013 [the "Act") read with
Rule 3[7) of the Companies [Audit and Auditors) Rules, 2014 [including
any statutory modification(s) or re-enactment thereof for the time
being in force), the Company recommends to appoint M/s Prakash Patwari
& Co, Chartered Accountants, Kolkata [Membership No. 060583), as the
Statutory Auditors of the Company to hold office from the conclusion of
this meeting until the conclusion of the next Annual General Meeting
and at such remuneration as shall be fixed by the Board of Directors.
The Auditors' report for financial year 2014-15 is self explanatory and
forms part of this Annual Report and does not contain any
qualification, reservation or adverse remark.
SECRETARIAL AUDITORS:
Pursuant to Section 204 of the Companies Act, 2013 read with Rules
thereof, the Board of Directors has appointed M/s. J Akhani Associates,
Company Secretaries, Ahmedabad Secretarial Auditors of the Company for
FY 2014-15. A Secretarial Audit Report for FY 2014-15 is annexed
herewith as Annexure A.
The Board has appointed M/s J Akhani & Associates, Company Secretaries,
Ahmedabad, as Secretarial Auditors of the Company for FY 2015-16.
9. DIRECTORS AND KEY MANAGERIAL PERSONNEL:
APPOINTMENT AND RESIGNATION
Subsequent to the notification of section 149 of Companies Act 2013,
the Board of Directors of the Company in their Board Meeting held on
14.03.2015 has appointed Mr. Bhavin Patel as Additional Non Executive
of the company.
During the year Mr. Dilip Kumar Dutta Director of the Company expired
on 26.04.2014 and Mr. Alagirisamy Appavoo, Director of the Company
expired on 29.05.2014.
Company pays homage on their sad demise.
During the year, Mr. Ganesan Natarajan was appointed as Director on the
Company w. e. f. 15.05.2014 and he resigned from the Board w. e. f.
13.03.2015 due to unavoidable circumstances.
RE APPOINTMENT OF DIRECTORS
Term of Ms. Chitra Appavoo, Independent Woman Director, expires at this
ensuing Annual General Meeting. Hence the Board recommends her
appointment as Non Executive Independent Director for another term of
two years.
DIRECTORS RETIRING BY ROTATION
Out of the present Board Members, none of the Directors are subject to
retirement by rotation. Company is in process of recruiting an
appropriate Company Secretary.
DECLARATION BY INDEPENDENT DIRECTORS
Pursuant to provisions of section 149(7] of Companies Act 2013, the
Company has received declaration from Independent Directors for FY
2014-15 confirming that they meet the criteria of independence as
prescribed under the Act and Clause 49 of Listing Agreement.
NUMBER OF MEETINGS OF THE BOARD
The Board meets at regular interval with gap between two meetings not
exceeding 120 days. Additional meetings are held as and when
necessary. During the year under review, the Board met 6 times.
POLICY ON DIRECTORS' APPOINTMENT
Pursuant to provisions of section 178 read with 134(3)(e) of Companies
Act 2013, The Nomination and Remuneration Committee (NRC] has approved
the criteria and process for identification / appointment of Directors
which are as under:
Criteria for Appointment:
A) The proposed Director shall meet all statutory requirements and
should:
- Possess highest values, ethics and integrity.
- Not have any direct or indirect conflict with business operations.
- Be willing to devote time and efforts.
- Have relevant experience.
- Have understanding about corporate functionality.
- Understand real value of stakeholders.
Process for identification of Directors / Appointment of Directors:
- Board Members may suggest any potential person to the Chairman of the
Company meeting the above criteria. If the chairman deems fit,
recommendation will be made by him to NRC.
- Chairman himself can also recommend a person to NRC.
- NRC shall process and evaluate the proposal and shall submit their
recommendation to Board. Board shall consider such proposal on merit
and decide suitably.
Criteria for Performance Evaluation
The Board considered and approved criteria for performance evaluation
of itself, that of its committees and individual directors as follow:
Criteria for Board Evaluation:
- Focus on strategic decisions.
- Qualitative discussion and processes.
Criteria for Committee Evaluation:
- Fulfillment of allotted responsibilities.
- Effectiveness of recommendation, meetings.
Criteria for Independent and Non Independent Directors' evaluation:
- Contribution through their experience and expertise.
- Focus on Stakeholders' interest.
MANNER OF EVALUATION OF BOARD, ITS COMMITTEES AND INDIVIDUAL DIRECTORS
The Evaluation of Board, its Committees and Individual Directors was
carried out as per process and criteria laid down by the Board of
Directors based on the recommendation of the Nomination and
Remuneration Committee.
The obtaining and consolidation of feedback from all Directors in this
regards, was coordinated by the Chairman of Independent Directors'
meeting for Board and Non-Independent Directors while the process of
evaluation of the Independent Directors was coordinated by the Chairman
of the Company. Based on this, Chairman of the Company briefed the
Board and each of the Individual Directors, as applicable.
10. REMUNERATION
REMUNERATION POLICY
The Company has formulated the policy relating to the remuneration of
the Directors, Key Managerial Personnel and other employees of the
Company which is as under:
A) Components of Remuneration
- Fixed Pay comprising Basic Salary, HRA, Car Allowance (applicable to
General Managers & above employees), Conveyance Allowances /
Reimbursement, Company's contribution to Provident Fund, Superannuation
Fund, Gratuity, etc.
- Variable Pay, which is either in the form of:
Commission to Managing Directors and Commission to Whole-time
Directors.
B) Annual Appraisal process:
Annual Appraisals are conducted, following which annual increments and
promotions in deserving cases are decided once in a year based on:
- Employees self-assessment
- Assessment by Immediate Superior and
- Assessment by Head of Department
Annual Increment leading to an increase in Fixed Pay consists of:
- Economic Rise based on All India Consumer Price Index published by
the Government of India or Internal Survey wherein inflation on
commonly used items is calculated.
Remuneration of Independent Directors:
The Company has formulated a policy for the remuneration of Independent
Directors as follows:
- Sitting Fees of Rs. 2000/- for each meeting of the Board or any
Committee thereof, attended by them;
- Reimbursement of Expenses incurred by Independent Directors for
attending any meeting of the Board.
PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES
As the Directors of the Company have not been paid any remuneration,
disclosure under provisions of Section 197(12) of the Companies Act,
2013 read with Rule 5 of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014, is not required.
11. AUDIT AND RISK MANAGEMENT:
During the year, the Board decided that the Audit Committee shall also
carry out the role of Risk Management and so Audit Committee has been
re named as Audit and Risk Management Committee and also changed its
terms of reference in this context.
Composition and Attendance of Audit Committee:
Name of Members of Designation
Audit Committee
Ms. Appavoo Chitra Chairman
Mr. Ganesan Natarajan* Member
Mr. Santosh Awasthi Member
Mr. Bhavinkumar Patel** Member
* Mr. Ganesan Natarajan resigned w. e. f. 13.03.2015.
** Mr. Bhavin Patel appointed w. e. f. 13.03.2015
VIGIL MECHANISM
The Company has adopted a Whistle Blower Policy since March 2015 in
compliance with Listing Agreement and Companies Act 2013. The Policy
empowers all the Stakeholders to raise concerns by making Protected
Disclosures as defined in the Policy. The Policy also provides for
adequate safeguards against victimization of Whistle Blower who avail
of such mechanism and also provides for direct access to the Chairman
of the Audit Committee, in exceptional cases. The functioning of the
Whistle Blower mechanism is reviewed by the Audit Committee on a
quarterly basis.
RISK MANAGEMENT POLICY
The Board of Directors has developed and implemented Risk Management
Policy for the Company. It has identified and assessed various risks
factors, with potential impact on the Company in achieving its
strategic objectives or may threaten its existence. The Policy lays
down procedures for risk identification, assessment, monitoring, review
and reporting. The Policy also lists the roles and responsibilities of
Board and Risk Management Committee.
12.ENVIRONMENT. HEALTH AND SAFETY
The Company accords the highest priority to health, environment and
safety. The Company does not carry on manufacturing operations. The
Company takes at most care for the employees and ensures compliance
with the applicable rules and regulation applicable to the Company.
13. CORPORATE GOVERNANCE
As stipulated by Clause 49 of the Listing Agreement, Report on
Corporate Governance forms part of this Annual Report. Certificate of
the Auditors regarding compliance with the conditions of Corporate
Governance as stipulated in Clause 49 of the Listing Agreement is
annexed to the Board's Report.
14. MANAGEMENT DISCUSSION AND ANALYSIS
As stipulated by Clause 49 of the Listing Agreement, the Management
Discussion and Analysis Report form part of this Annual Report.
15. CONSERVATION OF ENERGY. TECHNOLOGY ABSORPTION. FOREIGN EXCHANGE
EARNIGS AND OUTGO.;
During the financial year 2014-15, Company has not undertaken any
manufacturing operations. Company has neither earned nor spent
anything in foreign currency. Hence no disclosure is required under
this head pursuant to Companies (Accounts) Rules 2014.
16. THE EXTRACTS OF ANNUAL RETURN
The extract of the Annual Return in Form MGT-9 is annexed to this
Directors' Report.
17. APPRECIATION AND ACKNOWLEDGMENT
The Directors feel pleasure thanking all the stakeholders who have
reposed their faith in the management and the company and for their
valuable support and cooperation.
BY ORDER OF THE BOARD
FOR MAGNUM LIMITED
SANTOSH KUMAR AWASTHI
DIRECTOR
PLACE: AHMEDABAD
DATE: 30.05.2015
Mar 31, 2014
Dear Members,
The Directors feel pleasure in presenting their 22nd Annual Report
together with the Audited Statements of accounts for the Financial Year
ended on 31st March, 2014.
FINANCIAL RESULTS:
During the year under review, the Company has shown notable
performance. The extracts of financial results 2013-14 are as under:
(Rs. In Lacs)
Particulars Current Year Previous Year
2013-14 2012-13
Rs. Rs.
Sales & Other Income 10.42 0.03
Depreciation 0.11 0.25
Profit / (Loss] Before Taxation 1.45 (1.15]
Provision for Income Tax 0.27 NIL
Provision for Deferred Tax 0.19 0.20
Profit after Taxation 0.99 (1.35)
Surplus brought forward [40.48] (39.12]
Balance Carried to Balance Sheet (39.49] (40.48]
The financial figures show the following trends:
- Increase in Revenue by Rs. 10.39 Lacs.
- Increase in PAT by Rs. 2.44 Lacs
OPERATIONS:
During the year, the company put in efforts to revive the business. The
Board of Directors are putting strong efforts to get the momentum in
the business.
DIVIDEND:
Due to insufficient profits, Directors do not recommend any dividend.
DEPOSITS:
The Company has not accepted any deposits from Public under section 58A
during the year under review.
DIRECTORS:
During the period under review, the Company has lost two strong active
players from the Board. Mr. Dilip Kumar Dutta and Mr. Alagirisamy
Appavoo, both the Directors have expired during their term of
Directorship. Company takes note of their performance and contribution
to the Company.
STATUTORY AUDITORS:
As per Section 139 of the Companies Act, 2013 and Rules as Companies
(Audit & Auditors] Rules 2014, the statutory auditor of the Company,
being chartered accountant shall hold the office in such capacity up to
six years. The board recommends the appointment of M/s Prakash Patwari
& Co, Chartered Accountant, Kolkata as Statutory Auditor of the Company
for the financial year 2014-15. The Company has received a letter to
the effect that their appointment, if made, will be within the
prescribed limits under section 139 (1) and section 141 of the
Companies Act 2013. The appointment of auditors is required to be
confirmed by the members in every Annual General Meeting, hence, your
Directors propose to appoint the Statutory Auditors as set out in the
notice accompanying the Annual Accounts.
The observations contained in the Audif report submitted by M/s Prakash
Patwari & Co., Chartered Accountant, Kolkata are self explanatory and
does not require any further explanation.
ENVIRONMENT. HEALTH AND SAFETY
The Company accords the highest priority to health, environment and
safety. The Company does not carry on manufacturing operations. The
Company takes at most care for the employees and ensures compliance
with the applicable rules and regulation applicable to the Company.
CORPORATE GOVERNANCE
As required under Clause 49 of the Listing Agreement, the Company
complies with all the conditions prescribed there under. As part of
Clause 49 requirement, Management Discussion and Analysis Report and
Corporate Governance Report have been prepared and the same is annexed
to Directors Report for the financial year 2013-14.
DIRECTORS'' RESPONSIBILITY STATEMENT:
The directors declare and confirm:
(A) that in preparation of the annual accounts, the applicable
accounting standards have been followed along with proper explanation
relating to material departures;
(B) that the Directors have selected such accounting policies and
applied them consistently and made judgments and estimates that are
reasonable and prudent so as to give a true and fair view of the state
of affairs of the Company at the end of the financial year ended on
31st March, 2014 and of the profit of the company for the that year.
(C) That the Directors have taken proper and sufficient care for
maintenance of adequate accounting records for the year ended 31st
March 2014 in accordance with the provisions of the Companies Act, 1956
for safeguarding the assets of the company and for prevention and
detection of fraud and other irregularities.
(D) That the Directors have prepared the accounts for the financial
year ended 31st March 2014 on a going concern basis.
CONSERVATION OF ENERGY. TECHNOLOGY ABSOPTION. FOREIGN EXCHANGE EARNIGS
AND OUTGO:
During the financial year 2013-14, Company has not undertaken any
manufacturing operations. Company has neither earned nor spent
anything in foreign currency. Hence no disclosure is required under
this head pursuant to Companies (Disclosure of particulars in the
report of Board of Directors) Rules 1988.
PARTICULARS OF EMPLOYEES:
There is no employee in the Company drawing remuneration for which
information is required to be furnished under section 217 (2A) of the
Companies Act 1956 read with Companies (Particulars of Employees) Rules
1975 as amended from time to time.
APPRECIATION:
The Directors feel pleasure thanking all the stakeholders who have
reposed their faith in the management and the company and for their
valuable support and cooperation.
PLACE: AHMEDABAD BY ORDER OF THE BOARD
DATE: 30.05.2014 FOR MAGNUM LIMITED
SANTOSH KUMAR
AWASTHI DIRECTOR
Mar 31, 2013
To The Members of Magnum Limited
Ahmedabad.
The Directors have pleasure in presenting the 21st Annual Report on
the business and operations of the Company together with Audited
Accounts for year ended on 31st March, 2013.
FINANCIAL PERFORMANC
(Amount INR)
Particulars Year ended Year ended
31st March,
2013 31st March,
2012
Sales and Other Income 3,500 2,800
Depreciation and
amortization expense 25,060 27,840
Financial Cost 0.00 177
Employee & Other Expenses 0.00 357,911
Loss Before Tax 1,15,724 383,128
Deferred Tax 20,155 23,349
Net Profit / (Loss) 1,35,879 (406,477)
Earning per Equity Share (0.03) (0.09)
DIVIDEND
Due to the loss incurred by the Company, your Directors express their
inability to recommend any dividend for the year under review.
OPERATIONS
There was no income from operations during the financial year. The Net
Loss during the year was Rs. 1,35,879/- compared to Net Loss of Rs.
4,06,477 during the previous year.
DIRECTORS
Pursuant to section 260 of the Companies Act, 1956, Mr. Madabushi
Ramaswamy Rajagopal, Mr. Santoshkumar Awasthi and Mr. DilipKumar Dutta
were appointed as an Additional Director by the Board of Directors w.
e. f. 29/09/2012. Mr. Alagirisamy Appavoo was appointed as an
Additional Director by the Board of Directors w. e. f. 10/04/2013. They
would hold office up to date of the ensuing Annual General Meeting. The
Company has received a notice in writing from a member proposing the
candidate for the office of Director.
During the year, Mr. Nagesh Bhanwarlal Bhandari, Mr. Shailesh
Bhanwarlal Bhandari, Mr. Ram Singh, and Mr. Dineshkumar R. Sharma,
Directors have ceased to be directors w. e. f. from 29/09/2012 due to
change in Management of the company. The new Board places on record its
appreciation for the services rendered by them during their tenure as
directors of the Company.
For perusal of the Shareholders, a brief resume of the Director being
appointed / re-appointed is given and forms part of the Notice. Your
Directors recommend their appointment / re-appointment.
DIRECTOR''S RESPONSIBILITY STATEMENT
Pursuant to section 217(2AA) of the Companies Act, 1956, the Board of
Directors of the Company hereby confirms that:
1. In the preparation of the annual accounts for the financial year
ended 31st March, 2013, the applicable accounting standards had been
followed along with proper explanations relating to material
departures, if any;
2. The directors have selected such accounting policies and applied
them consistently and made judgments and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs
of the Company at the end of the financial year of the Company and of
the loss of the Company for that period;
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 Board of Directors had prepared the annual accounts for the
financial year ended 31st March, 2013 on a going concern basis.
AUDITORS & AUDITORS REPORT:
M/s Asim Mehta & Associates has shown his unwillingness to continue as
a Statutory Auditor of the Company and hence the new auditor M/s
Prakash Patwari & Co. is recommended for appointment as statutory
Auditors of the Company to hold office from the conclusion of this
annual general meeting until the conclusion of next annual general
meeting of the company at such remuneration as shall be fixed by the
Board of Directors
There is no reservation, qualification or adverse remark in the
Auditors'' Report which require any clarification / explanation. The
Notes to Accounts forming Part of the financial statements are self
explanatory and need no further explanation.
DEPOSITS
The Company has neither accepted nor invited any deposits from public,
within the meaning of section 58A and 58AA of the Companies Act, 1956
and the Rules made there under.
CORPORATE GOVERNANCE:
Your Company has complied with the mandatory provisions of Clause 49
relating to Corporate Governance of the Listing Agreement with the
Stock Exchange. A separate section on Corporate Governance and the
certificate from Company''s auditors confirming the compliance of
conditions on Corporate Governance is annexed and forms part of this
Report.
COMPLIANCE REPORT
As required under section 383A(1) of the Companies Act, 1956, the
Company has obtained the secretarial Compliance Certificate from of M/s
J. Akhani & Associates, Company Secretaries, Ahmedabad and the same is
annexed herewith.
PARTICULARS OF EMPLOYEES
The particulars required under section 217(2A) of the Companies Act,
1956, read with the Companies (Particulars of Employees) Rules, 1975,
as amended, is not applicable as there are no employees falling in that
category.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNING AND OUTGO
The information required under the provisions of the section 217(1)(e)
of the Companies Act, 1956 read with the Companies (Disclosure of
Particulars in the Report of Board of Directors) Rules, 1988 are Nil.
There was no foreign exchange earning and outgo by the Company during
the financial year.
APPRECIATION AND ACKNOWLEDGEMENT
Your Directors wish to place on record their appreciation for the
continued guidance and support provided by Bank, Government
Authorities, Auditors and Shareholders during the year under review.
Your Directors also wish to place on record their deep sense of
appreciation for the devoted services of the Staff members of the
Company.
PLACE: AHMEDABAD BY ORDER OF THE BOARD
DATE: 30/08/2013 FOR MAGNUM LIMITED
SANTOSK KR AWASTHI DILIP KR DUTTA
DIRECTOR DIRECTOR
Mar 31, 2010
The Directors have pleasure in presenting the 18th Annual Report on
the business and operations of the Company together with Audited
Accounts for year ended on 31st March, 2010.
FINANCIAL PERFORMANCE :
(Amount in Rupees)
Particulars Year ended 31st Year ended 31st
March, 2010 March, 2009
Sales and other Income 3,050 64,281
Profit / (Loss) before
Interest, Deprecation & Tax (407,730) (454,072)
Profit / (Loss) before
Deprecation & Tax (407,890) (455,038)
Profit / (Loss) before Tax (715,667) (1,945,926)
Deferred Ta x Assets /
(Liability) 50,973 405,288
Net Profit / (Loss) (664,694) (1,540,638)
Balance Carried Forward (3,009,638) (2,344,944)
DIVIDEND :
Due to the loss incurred by the Company, your Directors express their
inability to recommend any dividend for the year under review.
OPERATIONS :
The Company has discontinued the business activities since 2009 and as
such there was no income from operations during the financial year. The
net Loss during the year was Rs. 6,64,694 compared to Net Loss of Rs.
15,40,638 during the previous year.
DIRECTORS :
Pursuant to sub-section (1) of section 256 of the Companies Act, 1956,
Mr. Shailesh Bhandari, Director of the Company retires from the Board
at the ensuing Annual General Meeting and being eligible offer himself
for re-appointment. Pursuant to section 260 of the Companies Act,
1956, Mr. Ram Singh was appointed as an Additional Director by the
Board of Directors with effect from 30th January, 2010. Mr. Ram Singh
would hold office up to date of the ensuing Annual General Meeting. The
Company has received a notice in writing from a member proposing the
candidature of Mr. Ram Singh for the office of Director, liable to
retire by rotation.
Mr. Hemant Desai, Director of the Company resigned as Director with
effect from 30th January, 2010. The Board places on record its
appreciation for the services rendered by him during his tenure as
director of the Company.
DIRECTORS RESPONSIBILITY STATEMENT :
Pursuant to section 217(2AA) of the Companies Act, 1956, the Board of
Directors of the Company hereby confirms that:
1. In the preparation of the annual accounts for the financial year
ended 31st March, 2010, the applicable accounting standards had been
followed alongwith proper explanations relating to material departures,
if any;
2. the directors have selected such accounting policies and applied
them consistently and made judgments and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs
of the Company at the end of the financial year of the Company and of
the loss of the Company for that period;
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 Board of Directors had prepared the annual accounts for the
financial year ended 31st March, 2010 on a going concern basis.
AUDITORS & AUDITORS REPORT :
Pursuant to sub-section (1) of the section 224 of the Companies Act,
1956, M/s Asim Mehta & Associates, Chartered Accountant, Ahmedabad,
hold office until the conclusion of ensuing Annual General Meeting and
are recommended for re-appointment. The Board recommends their
re-appointment.
There are no qualifications or adverse remarks in the Auditors Report
which require any clarification / explanation. The Notes to Accounts
forming Part of the financial statements are self explanatory and need
no further explanation.
DEPOSITS :
The Company has not accepted any deposits during the year to which the
provisions of section 58A and 58AA of the Companies Act, 1956 are
applicable.
CORPORATE GOVERNANCE :
Your Company has complied with the mandatory provisions of Clause 49
relating to Corporate Governance of the Listing Agreement with the
Stock Exchange. A separate section on Corporate Governance and the
certificate from Companys auditors confirming the compliance of
conditions on Corporate Governance is annexed and forms part of this
Report.
COMPLIANCE CERTIFICATE :
Compliance Certificate of M/s Jignesh A. Maniar & Associates, Company
Secretaries, Ahmedabad as required under the provisions of sub-section
(1) of section 383A of the Companies Act, 1956 is annexed herewith.
HUMAN RESOURCES :
Your Directors wish to place on record their deep appreciation to
employees for their efforts, dedication, commitment and loyal services
to the Company during the year under review.
PARTICULARS OF EMPLOYEES :
The particulars required under section 217(2A) of the Companies Act,
1956, read with the Companies (Particulars of Employees) Rules, 1975,
as amended, is not applicable as there are no employees falling in that
category.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNING AND OUTGO:
The information required under the provisions of the section 217(1)(e)
of the Companies Act, 1956 read with the Compa- nies (Disclosure of
Particulars in the Report of Board of Directors) Rules, 1988 are Nil.
There was no foreign exchange earning and outgo by the Company during
the financial year.
APPRECIATION AND ACKNOWLEDGEMENT :
The Board of Directors are pleased to place on record their
appreciation for the continued guidance and support provided by Banks,
Government Authorities, Auditors and Shareholders during the year under
review.
By Order of the Board of Directors
Date : 31st July, 2010 Nagesh Bhandari
Place : Ahmedabad Chairman
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