Mar 31, 2018
DTRECOTRS1 REPORT
The Members of
MAHANIVESH (INDIA) LIMITED
The directors have pleasure in presenting the TWENTY FORTH ANNUAL REPORT together with the Audited statement of accounts for the year ended 31st March, 2018.
FINANCIAL PERFORMANCE
The summarized Financial results of your Company are given in the table below.
(Figures in Rupees)
Particulars |
Financial Year ended |
|
31/03/2018 |
31/03/2017 |
|
* Net Income |
8,50,000 |
9,02,001 |
Profit/(loss) before Interest, Depreciation & Tax (EBITDA) |
7,012 |
31,148 |
Provision for Income Tax |
1,823 |
9,625 |
Net Profit/(Loss) After Tax |
5,189 |
21,523 |
Profit/(Loss) brought forward from previous year |
31,59,907 |
31,38.384 |
Profit/(Loss) carried to Balance Sheet |
31,65,096 |
31,59,907 |
SUMMARY OF OPERATIONS
Net profits increased during the year. Your directors are hopeful that the business will improve in the coming years. Your directors are trying their best and are continuously looking for opportunities to boost the business and profitability for the company.
CHANGE IN THE NATURE OF BUSINESS
There is no change in the nature of business of the company during the year under review.
CHANGES IN SHARE CAPITAL
Your company did not issue any shares during the year under review.
HIVIDEND
Your directors do not recommend dividends for the current year.
DEPOSITS
During the year under report, the Company has not accepted any deposits from public in terms of Section 58A and/or 58AA of the Companies Act, 1956 and Chapter V of Companies Act. 2013. hence, there is no overdue deposit as on 31st March, 2018.
STATUTORY AUDITORS AND THEIR REPORT
The Auditors M/s GAMS & Associates, Chartered Accountants, were appointed with your approval at the 24lhAGM to hold such office till the conclusion of the 25th AGM. The Board, in terms of Section 139 of the Act, on the recommendation of the Audit Committee, as recommended for the ratification of the Members the appointment of M/s GAMS & Associates, from the conclusion of the ensuing AGM till the conclusion of the 25thAGM.
The Board, in terms of Section 142 of the Act, on the recommendation of the Audit Committee, has also recommended for the approval of the Members the remuneration of M/s GAMS & Associates, for the Financial Year 2017-18.
There are no observations (including any qualification, reservation, adverse remark or disclaimer) of the Auditors in their Audit Report that may call for any explanation from the Directors. Further, the notes to accounts referred to in the Auditors Report are self-explanatory.
SECRETARIAL AUDITORSâ
"Your Board, during the year, appointed M/s Vikas Kumar Sharma, Company Secretary, to conduct secretarial audit of the Company for the financial year ended 31st March, 2018. The
Report of M/s Vikas Kumar Sharma Secretaries in terms of Section 204 of the Act, is provided in Annexure 1 forming part of this Report.
DIRECTORSâ RESPONSIBILITY STATEMENT
Pursuant to the requirement clause c) of sub-section (3) of Section 134 of the Companies Act, 2013., your Directors confirm that:
(a) in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures;
(b) 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 of the profit and loss of the company for that period;
(c) the directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions o! of the company and for preventing and detecting fraud and other irregularities;
(d) the directors had prepared the annual accounts on a going concern basis; and
(e) the directors, had laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and were operating effectively.
(f) the directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.
MANAGEMENT DISCUSSION AND ANALYSIS
Management Discussion and Analysis comprising an overview of the financial results, operation is/ performance and the future prospects of the Company form part of this Annual Report.
HUMAN RESOURCES
Your Company treats its âhuman resourcesâ as one of its most important assets.
Your Company continuously invest in attraction, retention and development of talent on an ongoing basis. A number of programs that provide focused people attention are currently underway. Your Company thrust is on the promotion of talent internally through job rotation and job enlargement
PARTICULARS OF EMPLOYEES
The Company has no employee during the year in respect of which the statement pursuant to section 197 of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2015 is required to be annexed.
INTERNAL FINANCIAL CONTROLS
A strong internal control culture is pervasive in the company. The company has documented a robust and comprehensive internal control system for the major processes to ensure reliability of financial reporting, timely feedback on achievement of operational and strategic goals, compliance with policies, procedures, laws and regulations, safeguarding of assets and economical and efficient use of resources. The formalized system of control facilitate effective compliance as per Clause 49 of the Listing Agreement
The internal Audit department continuously monitors the efficacy of internal controls with the objective of providing to the Audit Committee and the Board of Directors, an independent, objective and reasonable assurance on the adequacy and effectiveness of the organization''s risk management, control and governance processes. The internal financial controls with reference to the Financial Statements are commensurate with the size and nature of business of the Company.
The scope and authority of the Internal Audit activity are approved by the Audit Committee. During the year Audit Committee met regularly to review reports submitted by Internal Audit department. All significant audit observations and follow up actions thereon were reported to Audit Committee. The Audit Committee also met the company''s Statutory Auditors to ascertain their views on the financial statements, including the financial reporting systems, compliance to accounting policies and procedures, the adequacy and effectiveness of the internal controls and systems followed by the company.
RISK MANAGEMENT POLICY
In terms of the requirement of the Act, the Company has developed and implemented the Risk Management Policy and the Audit Committee of the Board reviews the same periodically .
DETAILS OF CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION. FOREIGN EXCHANGE EARNINGS AND OUTGO
(a )i Conservation of energy__
(i) |
the steps taken or impact on conservation of energy |
Not applicable |
(ii) |
the steps taken by the company for utilizing alternate |
|
sources of energy |
Not applicable |
|
(iii) |
the capital investment on energy conservation |
|
equipmentâs |
Not applicable |
(i) |
the efforts made towards technology absorption |
Not applicable |
(ii) |
the benefits derived like product improvement, cost reduction, product development or import substitution |
Not applicable |
(iii) |
in case of imported technology (imported during the last three years reckoned from the beginning of the financial year)- |
Not applicable |
(a) the details of technology imported |
Not applicable |
|
(b) the year of import; m |
Not applicable |
|
(c) whether the technology been fully absorbed |
Not applicable |
|
(d) if not fully absorbed, areas where absorption has not taken place, and the reasons thereof |
Not applicable |
|
(iv) |
the expenditure incurred on Research and Development |
Not applicable . |
(c) Foreign exchange earnings and Outgo
During the year, the total foreign exchange earned in terms of actual inflows was nil during the year and the foreign exchange outgo during the year was nil in terms of actual outflows.
CORPORATE GOVERNANCE REPORT
Your company is committed to the tenets of good Corporate Governance and has taken adequate steps to ensure that the requirements of Corporate Governance as laid down in Clause 49 of the Listing Agreement are complied with.
A separate report on Corporate Governance and a management ! discussion and Analysis Report are being published as a part of the Annual Report of the Company is annexed as Annexure 2.
The Auditors of the Company have certified that conditions of Corporate Governance as stipulated under Clause 49 of the Listing Agreement are compiled by the Company and their Certificate is annexed to the Report on Corporate Governance as Annexure
(b) Technology absorption
CORPORATE SOCIAL RESPONSIBILITIES (CSR)
Your Company has not made any Contribution under CSR policy as company is not required to make the contribution pursuant to the provisions of section 135 and schedule Vll of the
Companies Act, 2013 VIGIL MECHANISM
Free fraud and corruption free work has been core to the company. In view of the potential risk of fraud and corruption due to rapid growth and geographical spread of operations, the company has put an even greater emphasis to address the risk. To meet this objective, a comprehensive fraud risk management policy akin to vigil mechanism or the whistle blower policy has been laid down.
LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186
The Company has not made any investment through not more than two layers of Investment Companies.
During the year under review, the Company has not given any loan, give any guarantee or provide any security in connection with loan to any Body Corporate or any person.
RELATED PARTY TRANSACTIONS
All the related party transactions are entered on arm length basis and are in compliance with the applicable provisions of the Act and the Listing Agreement. There are no Materially significant related party transactions made by the Company with Promoters, Directors and Key managerial Personnel etc. which may have the potential conflict with the interest of the company at large.
The details of the transactions with Related Party are provided in the accompanying financial statements.
DETAILS OF SUBSIDIARY/ JOINT VENTURE/ ASSOCIATE COMPANIES
There are n© Companies which have become or ceased to be Subsidiary/ Joint Venture and/ or Associate Companies of the Company,
SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS, COURTS AND/ OR TRIBUNAL
During the year under review, there is/ was no order passed by Regulators, Courts and/or Tribunal which may impacting the going concern status and Company''s Operations in future.
EXTRACT OF ANNUAL RETURN
Extract of the Annual Return of the Company is annexed herewith as Annexure 4 to this Report.
INFORMATION REQUIRED UNDER CLAUSE 49 OF THE LISTING AGREEMENT WITH RESPECT TO THE DIRECTORS RETIRING BY ROTATION AND SEEKING REAPPOINTEMNT/ DIRECTOR SOUGHT TO BE APPOINTED IS AS UNDER:
Particulars |
Mrs. Ritu Saxena |
Date of Birth |
23/05/1974 |
Nationality |
Indian |
Date of Appointment on the Board |
31/03/2015 |
Qualifications |
| Graduate |
Expertise in specific functional areas |
|
Directorship held in other Companies * |
Greeco Auto Gas Ltd. Maxwell Securities Pvt. Ltd. |
Membership/ Chairmanship of Committees of other public Companies (include only Audit Committee . and Shareholders/ Investor Grievance Committee) |
NIL |
Number of shares held in the Company |
NIL |
* Directorship includes Directorship of other Indian Public Companies and Committee membership includes only Audit Committee and Stake holdersâ Relationship Committee of Public Limited Company whether Listed or not)
PREVENTION OF SEXUAL HARASSMENT
As required by the Sexual Harassment of Women at workplace (Prevention, Prohibition & Redressal) Act, 2013, the Company has formulated and implemented a policy on prevention of sexual harassment at workplace with a mechanism of lodging complaints. During the year under review, no complaints were reported to the Board.
ACKNOWLEDGEMENT
Your Directors place on record their appreciation for employees at all levels, who na\e contributed to the growth and performance of your Company.
Your Directors also thank the clients, vendors, bankers, shareholders and advisers of the Company for their continued support.
Your Directors also thank the Central and State Governments, and other statutory authorities tor their continued support.
By order of the Board for Mahanivesh (India) Limited
A, K. Singh
Chairman
Place: New Delhi
Dated: 31st July, 2018
Mar 31, 2016
The Members of
MAHANIVESH (INDIA) LIMITED
The directors have pleasure in presenting the TWENTY SECOND ANNUAL REPORT together with the Audited statement of accounts for the year ended 31" March. 2016.
FINANCIAL PERFORMANCE
The summarized financial results of your Company are given in the table below:
(Figures in Rupee:)
Particulars |
Financial Year ended |
|
31/03/2016 |
31/03/2015 |
|
Net Income |
9.49,972 |
8,79,98 |
Profit/(loss) before Interest, Depreciation & Tax (EBITDA) '' |
5,927 |
16,389 |
Provision for Income Tax |
1,832 |
5.318 |
Net Profit/(Loss) After Tax |
4,095 |
1 1.071 |
Profit/(Loss) brought forward from previous year |
31,34,289 |
3 1.23,21 8 |
Profit/(Loss) carried to Balance Sheet |
31,38,384 |
31.34.289 |
SUMMARY OK OPERATIONS
Net profits decreased during the year. Your directors are hopeful that the business will improve in the coming years. Your directors are looking for opportunities to boost the business and profitability for the company.
CHANCE IN mi: NATURE OF BUSINESS
There is no change in the nature of business of the company during the year under review.
CHANGES IN SHARK CAPITAL
Your company did not issue any shares during the year under review
DIVIDEND
Your directors do not recommend dividends for the current year.
DEPOSITS
During the year under report, the Company has not accepted any deposits from public in terms of Section 58A and/or 58AA of the Companies Act. 1956 and Chapter V of Companies Act. 2013. hence, there is no overdue deposit as on 31sf March, 2016.
STATUTORY AUDITORS AND THEIR REPORT
1 he Auditors M/s Singla & Associates, Chartered Accountants, were appointed with your approval at the 20l1 AGM to hold such office till the conclusion of the 23rd AGM. The Board, in terms of Section 139 of the Act, on the recommendation of the Audit Committee, has recommended for the ratification of the Members the appointment of M/s Singla & Associates, from the conclusion of the ensuing AGM till the conclusion of the 23rd AGM. ~
The Board, in terms of Section 142 of the Act. on the recommendation of the Audit Committee, has also recommended for the approval of the Members the remuneration of M/s Singla & Associates, for the Financial Year 2016-17.
There are no observations (including any qualification, reservation, adverse remark or disclaimer) of the Auditors in their Audit Report that may call for any explanation from the Directors. Further, the notes to accounts referred to in the Auditorsâ Report are self-explanatory.
SECRETARIAL AUDITORSâ
Your Board, during the year, appointed M/s Tanveer [lalii, Company Secretary, to conduct secretarial audit of the Company for the financial year ended 31st March, 2016. The Report of M/s Tanveer llahi Company Secretaries in terms of Section 204 of the Act, is provided in Annexure 1 forming part of this Report.
DIRECTORSâ RESPONSIBILITY STATEMEN'' I
Pursuant to the requirement clause (c) of sub-section (3) of Section 134 of the Companies Act. 2013, your Directors confirm that:
(a) in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures;
(b) 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 of the profit and loss of the company for that period;
(e) the directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities; ~
(d) the directors had prepared the annual accounts on a going concern basis; and
(e) the directors, had laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and were operating effectively.
(0 the directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.
MANAGEMENT DISCUSSION AND ANALYSIS
Management Discussion and Analysis comprising an overview of the financial results, operations/ performance and the future prospects of the Company form part of this Annual Report.
HUMAN RESOURCES
''i out Company treats its âhuman resources as one of its most important assets.
Your Company continuously invests in attraction, retention and development of talent on an ongoing basis. A number of programs that provide focused people attention are currently underway. Your Company thrust is on the promotion of talent internally through job rotation and job enlargement.
PARTICULARS OF EMPLOYEES
The Company has no employee during the year in respect of which the statement pursuant to section 197 of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is required to be annexed.
INTERNAL FINANCIAL CONTROLS
A strong internal! Control culture is pervasive in the company. The company has documented a robust and comprehensive internal! Control system for the major processes to ensure reliability of financial reporting, timely feedback on achievement of operational and strategic goals, compliance with policies, procedures, laws and regulations, safeguarding of assets and economical and efficient use of resources. The formalized system of control facilitate effective compliance as per Clause 49 of the Listing Agreement
The internal Audit department continuously monitors the efficacy of internal controls with the objective of providing to the Audit Committee and the Board of Directors, an independent, objective and reasonable assurance on the adequacy and effectiveness of the organization''s risk management, control and governance processes. The internal financial controls with reference to the Financial Statements are commensurate with the size and nature of business of the Company.
The scope and authority of the Internal Audit activity are approved by the Audit Committee. During the year Audit Committee met regularly to review reports submitted by Internal Audit department. All significant audit observations and follow up actions thereon were reported to Audit Committee. The Audit Committee also met the companyâs Statutory Auditors to ascertain their views on the financial statements, including the financial reporting systems, compliance to accounting policies and procedures, the adequacy and effectiveness of the internal controls and systems followed by the company.
RISK MANAGEMENT POLICY
In terms of the requirement of the Act. the Company has developed and implemented the Risk Management Policy and the Audit Committee of the Board reviews the same periodically,
DETAILS OE CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION FOREIGN EXCHANGE EARNINGS AND OUTGO
(a) Conservation of energy
(i) |
the steps taken or impact on conservation of energy |
Not applicable |
(ii) |
the steps taken by the company for utilizing alternate sources of energy |
Not applicable |
(iii) |
the capital investment on energy conservation equipments |
Not applicable |
(b) Techn0l0gy absorption |
||
(i) |
the efforts made towards technology absorption |
Not applicable |
(ii) |
The benefits derived like product improvement, cost reduction, product development or import substitution |
Not applicable |
(iii) |
in case ol imported technology (imported during the last three years reckoned from the beginning of the financial year)- |
Not applicable |
(a) the details of technology imported |
Not applicable |
|
(b) the year of import; |
Not applicable |
|
(c) whether the technology been fully absorbed |
Not applicable |
|
(d) it not fully absorbed, areas where absorption has not taken place, and the reasons thereof |
Not applicable |
|
(IV) |
the expenditure incurred on Research and Development |
Not applicable |
(c) Foreign exchange earnings and Outgo
During the year, the total foreign exchange earned in terms of actual inflows was nil during the year and the foreign exchange outgo during the year was nil in terms of actual outflows.
CORPORATE GOVERNANCE REPORT
Your company is committed to the tenets of good Corporate Governance and has taken adequate steps to ensure that the requirements of Corporate Governance as laid down in Clause 49 of the Listing Agreement are complied with.
A separate report on Corporate Governance and a management Discussion and Analysis Report are being published as a part of the Annual Report of the Company is annexed as Annexure 2.
The Auditors of the Company have certified that conditions of Corporate Governance as stipulated under Clause 49 of the Listing Agreement are complied by the Company and their certificate is annexed to the Report on Corporate Governance as Annexure 3.
CORPORATE SOCIAL RESPONSIBILITIES (CSR^
''Your Company has not made any Contribution under CSR policy as company is not required to make the contribution pursuant to the provisions of section 135 and schedule VII of the Companies Act, 2013
V1C1L MECHANISM
Free fraud and corruption free work has been core to the company. In view of the potential risk of fraud and corruption due to rapid growth and geographical spread of operations, the company has put an even greater emphasis to address the risk. To meet this objective, a comprehensive fraud risk management policy akin to vigil mechanism or the whistle blower policy has been laid down.
LOANS, GUARANTEES OR INVESTMENTS UNDER SEC HON 1S6
The Company has not made any investment through not more than two layers of Investment Companies.
During the year under review, the Company has not give any loan, give any guarantee or provide any security in connection with loan to anybody corporate or any person.
RELATED PARTY TRANSACTIONS
All the related party transactions are entered on arm length basis and are in compliance with the applicable provisions of the Act and the Listing Agreement, There are no materially significant related party transactions made by the Company with Promoters, Directors and Key managerial Personnel etc. which may have the potential conflict with the interest of the company at large.
The details of the transactions with Related Party are provided in the accompanying financial statements. *
DETAILS OF SUBSIDIARY/ JOINT VENTURE/ ASSOCIATE COMPANIES
There are no Companies which have become or ceased to be Subsidiary/ Joint Venture and/ or Associate Companies of the Company.
SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS COURTS AND/OR TRIBUNAL ~ ~ -
During the year under review, there is/ was no order passed by Regulators, Courts and/or Tribunal which may impacting the going concern status and Company''s Operations in future.
EXTRACT OK ANNUAL RETURN
Extract of the Annual Return of the Company is annexed herewith as Annexure 4 to this Report.
INFORMATION REQUIRED UNDER CLAUSE 49 OK HIE LISTING AGREEMENT WITH RESPECT TO THE DIRECTORS RETIRING BY ROTATION AM) SEEKING REAPPOINTEMNT/ DIRECTOR SOUGHT TO BE APPOINTED IS AS UNDER:
Particulars |
Mr, A.K.Singh |
Date of Birth |
01/10/1969 |
Nationality |
Indian |
Date of Appointment on the Board |
01/09/2013 |
Qualifications |
Graduate |
Expertise in specific functional areas |
|
Directorship held in other Companies * |
Monica Consultants Pvt, Ltd. New Delhi Credits P. Ltd. Numaro Uno Finance P. Ltd. Euro Advisory Services P. Ltd Volga Cresec Pvt. Ltd. Kamlesh Auto Private Limited |
Membership/ Chairmanship of Committees of other public Companies (include only Audit Committee and Shareholders/ Investor Grievance Committee) |
NIL |
Number of shares held in the Company |
NIL |
*Directorship includes Directorship of other Indian Public Companies and Committee membership includes only Audit Committee and Stake holdersâ Relationship Committee of Public Limited Company (whether Listed or not)
PREVENTION OF SEXUAL HARASSMENT
As required by the Sexual Harassment of Women at workplace (Prevention. Prohibition & Redressed) Act. 2013. The Company has formulated and implemented a policy on prevention of sexual harassment at workplace with a mechanism of lodging complaints. During the year under review, no complaints were reported to the Board.
AC K N Q W LEDGE MI: N1
Your Directors place on record their appreciation for employees at all levels, who have contributed to the growth and performance of your Company.
Your Directors also thank the clients, vendors, bankers, shareholders and advisers of the Company for their continued support.
Your Directors also thank the Central and State Governments, and other statutory authorities for their continued support.
By order of the Board
for Mahanivesh (India) Limited
. A. K. Singh
Place: New Delhi Chairman
Dated: 30th July, 2016
Mar 31, 2015
The directors have pleasure in presenting the TWENTY FIFTH ANNUAL
REPORT together with the Audited statement of accounts for the year
ended 31st March. 2015.
FINANCIAL PEMORMANCE
The summarized Financial results of your Company are given in the table
below.
(Figures in Rupees)
Particulars Financial Year ended
31/03/2015 31/03/2014
Net Income 8,79,981 8,08,038
Profit/(loss) before Interest, Depreeiation 16,389 50,474
& Tax (EBITDA)
Finance Charges NIL NIL
Depreciation NIL NIL
Provision for Income Tax 5,318 7,950
Net Protit/(Loss) After Tax 11,071 42,524
Profit/(Loss) brought forward from 31,23,218 30,80,694
previous year
Profit/(Loss) earned to Balance Sheet 31,34,289 31,23,218
SUMMARY OF OPERATIONS
Net profits decreased during the year. Your directors are hopeful that
the business will improve in the coming years. Your directors are
trying their best and are continuously looking for opportunities to
boost the business and profitability for the company.
CHANGE IN THE NATURE OF BUSINESS
There is no change in the nature of business of the company during the
year under review.
CHANCES IN SHARE CAPITAL
Your company did not issue any shares during the year under review
DIVIDEND
Your directors do not recommend dividends for the current year.
DEPOSITS
During the year under report, the Company has not accepted any deposits
from public in terms of Section 58A and/or 58AA of the Companies Act.
1956 and Chapter V of Companies Act. 2013. hence, there is no overdue
deposit as on 3 C March. 201 5.
STATUTORY AUDITORS AND THEIR REPORT
The Auditors M/s Singla & Associates. Chartered Accountants, were
appointed with your approval at the 20th AGM to hold such office till
the conclusion of the 23rd AGM. The Board, in terms of Section 139 of
the Act. on the recommendation of the Audit Committee. ahs recommended
for the ratification of the Members the appointment of M/s Singla &
Associates, from the conclusion of the ensuing AGM till the conclusion
of the 23 AGM.
The Board, in terms of Section 142 of the Act. on the recommendation of
the Audit Committee. has also recommended for the approval of the
Members the remuneration of M/s Singla & Associates, for the Financial
Year 2015-16.
There are no observations (including any qualification, reservation,
adverse remark or disclaimer) of the Auditors in their Audit Report
that may call for any explanation from the Directors, further, the
notes to accounts referred to in the Auditors* Report arc
self-explanatory.
SECRETARIAL AUDITORS'
Your Board, during the year, appointed M/s Tanveer Ilahi. Company
Secretary, to conduct secretarial audit of the Company for the
financial year ended 31st March. 2015. The Report of M/s Tanveer llahi
Company Secretaries in terms of Section 204 of the Act. is provided in
Annexure 1 forming part of this Report,
DIRECTORSÂ RESPONSIBILITY STATEMENT
Pursuant to the requirement Clause (c) of sub-section (3) of Section
134 of the Companies Act, 2013. your Directors confirm that:
(a) in the preparation of the annual accounts, the applicable
accounting standards had been followed along with proper explanation
relating to material departures;
(b) 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 of the profit and
loss of the company for that period:
(c) the directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the company and
for preventing and detecting fraud and other irregularities:
(d) the directors had prepared the annual accounts on a going concern
basis: and
(e) the directors, had laid down internal financial controls to be
followed by the company and that such internal financial controls are
adequate and were operating effectively.
(1) the directors had devised proper systems to ensure compliance with
the provisions of all applicable laws and that such systems were
adequate and operating effectively.
MANAGEMENT DISCUSSION AND ANALYSIS
Management Discussion and Analysis comprising an overview of the
financial results, operations/ performance and the future prospects of
the Company form part of this Annual Report.
HUMAN RESOURCES
Your Company treats its "human resources"" as one of its most important
assets.
Your Company continuously invest in attraction, retention and
development of talent on an ongoing basis. A number of programs that
provide focused people attention are currently underway. Your Company
thrust is on the promotion of talent internally through job rotation
and job enlargement.
PARTICULARS OF EMPLOYEES
The Company has no employee during the year in respect oi~ which the
statement pursuant to section 197 of the Companies Act. 2013 and the
Companies (Appointment and Remuneration of Managerial Personnel) Rules,
2014 is required to be annexed.
INTERNAL FINANCIAL CONTROLS
A strong internal control culture is pervasive in the company. The
company has documented a robust and comprehensive internal control
system for the major processes to ensure reliability of financial
reporting, timely feedback on achievement of operational and strategic
goals. compliance with policies, procedures, laws and regulations,
safeguarding of assets and economical and efficient use of resources.
The formalized system of control facilitate effective compliance as per
Clause 49 of the Listing Agreement
The internal Audit department continuously monitors the efficacy of
internal controls with the objective of providing to the Audit
Committee and the Board of Directors, an independent. objective and
reasonable assurance on the adequacy and effectiveness of the
organization's risk management, control and governance processes. The
internal financial controls with reference to the Financial Statements
are commensurate with the size and nature of business of the Company.
The scope and authority of the Internal Audit activity are approved by
the Audit Committee. During the year Audit Committee met regularly to
review reports submitted by Internal Audit department. All significant
audit observations and follow up actions thereon were reported to Audit
Committee. The Audit Committee also met the company's Statutory
Auditors to ascertain their views on the financial statements,
including the financial reporting systems, compliance to accounting
policies and procedures, the adequacy and effectiveness of the internal
controls and systems followed by the company.
RISK MANAGEMENT POLICY
In terms of the requirement of the Act. the Company has developed and
implemented the Risk Management Policy and the Audit Committee of the
Board reviews the same periodically.
DETAILS OF CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, 1 ORE1CN
EXCHANGE EARNINGS AND OUTGO
(a) Conservation of energy
(i) the steps taken or impact on conservation of energy Not applicable
(ii) the steps taken by the company for utilizing alternate sources of
energy Not applicable
(iii) the capital investment on energy conservation equipments Not
applicable
(b) Technology' absorption
(i) the efforts made towards technology absorption Not applicable
(ii) the benefits derived like product improvement, cost reduction.
product development or import Not applicable substitution
(iii) in case of imported technology (imported during the last three
years reckoned from the beginning of the financial year)- Not
applicable
(a) the details of technology imported Not applicable
(b) the year of import: Not applicable
(c) whether the technology been fully absorbed Not applicable
(d) if not fully absorbed, areas where absorption has Not applicable
not taken place, and the reasons thereof
(iv) the expenditure incurred on Research and Not applicable
Development
(c) Foreign exchange earnings and Outgo
During the year, the total foreign exchange earned in terms of actual
inflows was nil during the year and the foreign exchange outgo during
the year was nil in terms of actual outflows.
CORPORATE GOVERNANCE REPORT
Your company is committed to the tenets of good Corporate Governance
and has taken adequate steps to ensure that the requirements of
Corporate Governance as laid down in Clause 49 of the Listing Agreement
are complied with.
A separate report on Corporate Governance and a management Discussion
and Analysis Report are being published as a part of the Annual Report
of the Company is annexed as Annexure 2.
The Auditors of the Company have certified that conditions of Corporate
Governance as stipulated under Clause 49 of the Listing Agreement are
complied by the Company and their Certificate is annexed to the Report
on Corporate Governance as Annexure 3.
CORPORATE SOCIAL RESPONSIBILITIES (CSR)
Your Company has not made any Contribution under CSR policy as company
is not required to make the contribution pursuant to the provisions of
section 135 and schedule VII of the Companies Act. 2013
VIGIL MECHANISM
Free fraud and corruption free work has been core to the company. In
view of the potential risk of fraud and corruption due to rapid growth
and geographical spread of operations, the company has put an even
greater emphasis to address the risk. To meet this objective, a
comprehensive fraud risk management policy akin to vigil mechanism or
the whistle blower policy has been laid down.
LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186
The Company has not made any investment through not more than two
layers of Investment Companies.
During the year under review, the Company has not give any loan, give
any guarantee or provide any security in connection with loan to any
body corporate or any person.
RELATED PARTY TRANSACTIONS
All the related party transactions are entered on arm length basis and
are in compliance with the applicable provisions of the Act and the
Listing Agreement. There are no Materially significant related party
transactions made b the Company with Promoters. Directors and Key
managerial Personnel etc. which may have the potential conflict with
the interest of the company at large.
The details of the transactions with Related Party are provided in the
accompanying financial statements.
DETAILS OF SUBSIDIARY/JOINT VENTURE/ ASSOC 1ATE COMPANIES
There are no Companies which have become or ceased to be Subsidiary/
Joint Venture and/ or Associate Companies of the Company.
SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS, COURTS AND/OR
TRIBUNAL
During the year under review, there is was no order passed by
Regulators. Courts and/or Tribunal which may impacting the going
concern status and Company's Operations in future.
EXTRACT OF ANNUAL RETURN
Extract of the Annual Return of the Company is annexed herewith as
Annex tire 4 to this Report.
INFORMATION REQUIRED UNDER CLAUSE 49 OF THE LISTING AGREEMENT WITH
RESPECT TO THE DIRECTORS RETIRING BY ROTATION AND SEEKING REAPPOINTEMN
17 DIRECTOR SOUGHT TO BE APPOINTED IS AS UNDER:
Particulars Mr. Ashok Kumar Mrs Ritu Saxena
Date of Birth 13/05/1979 23/05/1974
Nationality Indian Indian
Date of Appointment on the Board 01/09/2012 31/03/2015
Qualifications Graduate Graduate
Expertise in specific functional
areas
Directorship held in other
Companies * NIL NIL
Membership/ Chairmanship of
Committees of other public
Companies (include only Audit NIL NIL
Committee and Shareholders/
Investor Grievance Committee)
Number of shares held in the NIL NIL
Company)
* Directorship includes Directorship of other Indian Public Companies
and Committee membership includes only Audit Committee and Stake
holders" Relationship Committee of Public Limited Company (whether
Listed or not)
PREVENTION OF SEXUAL HARASSMENT
As required by the Sexual Harassment of Women at workplace (Prevention.
Prohibition & Redressal) Act. 2013, the Company has formulated and
implemented a policy on prevention of sexual harassment at workplace
with a mechanism of lodging complaints. During the year under review,
no complaints were reported to the Board.
ACKNOWLEDGEMENT
Your Directors place on record their appreciation for employees at all
levels, who have contributed to the growth and performance of your
Company.
Your Directors also thank the clients, vendors, bankers, shareholders
and advisers of the Company for their continued support.
Your Directors also thank the Central and State Governments, and other
statutory authorities for their continued support.
By order of the Board
for Mahanivesh (India) Limited
A. K. Singh
Place: New Delhi Chairman
Dated: 30th July, 2015
Mar 31, 2014
The directors have pleasure to report on the TWENTIETH ANNUAL REPORT
for the year ended 31st March, 2014.
(Figures in Rupees)
FINANCIAL RESULTS Current Year Previous Year
2014 2013
Gross Revenue 8,08,038 28,26,193
Net Profit before Income-tax 50,474 4,78,396
Less: Provision for Income-tax 7,950 47,840
Net Profit after Taxes 42,524 4,30556
Your company has registered a Net Revenue of Rs.8.08 Lacs as compared
to Rs.28.26 Lacs during the previous year. Net Profit before tax
amounted to Rs.50,474 compared to Rs 4 78 Lacs. Profit after tax for
the year is Rs. 42,524 as compared to Rs.4.30 Lacs during the previous
year.
MANAGEMENT DISCUSSION AND ANALYSIS
Your company has been doing well. The return on investments is lower
due to recession You directors are hopeful that the profitability will
improve in the coming years.
DIVIDENDS:
Your directors do not recommend any dividends for the year under
review.
DEPOSITS:
During the year under report, the company has not accepted any deposits
from the public, and hence, there is no overdue deposit as on 31st
March, 2014
FINANCE:
Your company did not issue any shares during the year under review.
DIRECTORS
Shri Sarjeet Kumar retires by rotation and offers himself for
re-appointment.
PARTICULARS OF EMPLOYEES:
The Company has no employee during the year in respect of which the
statement pursuant to section 217(2A) of the Companies Act, 1956 and
the Companies (Particulars of Employees) Rules, 1975 is required to be
annexed.
AUDITORS
Auditors retire at the close of the Annual General Meeting and being
eligible offer themselves for re-appointment.
DISCLOSURE OF PARTICULARS UNDER SECTION 217m(el OF THE COMPANIES ACT.
1956
a. Conservation of energy : Not Applicable
b. Technology absorption : Not Applicable
c. Foreign exchange earnings
and outgo : NIL
DIRECTORS* RESPONSIBILITY STATEMENT:
As per Section 217(2 AA) of the Companies Act, 1956, the Board of
Directors state:
a) That in preparation of annual accounts, applicable accounting
standards has been followed.
b) That the directors have 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 the state
of affairs of the Company at the end of the financial year and of the
Net Profits of the Company for the year under report.
c) That director 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 assets of the
Company and for preventing and detecting fraud and other
irregularities.
d) That the Directors have prepared the accounts for the financial year
ended 31st March, 2014 as a "going concern" basis.
CORPORATE GOVERNANCE REPORT
As required by Clause 49 of the Listing Agreement, Corporate Governance
Report is attached as Annexure "A" to this report. Certificate of
Auditors regarding compliance of the conditions of Corporate Governance
as stipulated in Clause 49 of the Listing Agreement of the Stock
Exchange is also attached and forms part of Annexure "A".
ACKNOWLEDGEMENTS <
Your directors acknowledge the valuable support by the shareholders of
the Company vendors, investors, bankers, consultants and advisors
throughout the year Your directors place on record their appreciation
to employees for their hard work, dedication and commitment to the
company.
By order of the Board
For Mahanivesh (India) Limited
Place: New Delhi A.K.Singh
Dated: 15th May, 2014 Chairman
Mar 31, 2013
The Members of MAHANIVESH (INDIA) LIMITED
The directors have pleasure to report on the NINETEENTH ANNUAL REPORT
for the year ended 31sl March, 2013.
FINANCIAL RESULTS:
Current Year Previous Year
2012-2013 2011-2012
Gross Income 48,83,26,193 51,16,64,485
Net Profit for the Profit 4,30,556 8,91,565
Transferred to General Reserve 4,30,556 8,91,565
Your company has registered a Gross Revenue of Rs.48.83 Crcres as
compared to Rs.51.16 Crores during the previous year. Net Profit after
tax for the year is Rs. 4.30 Lac as compared to Rs.8.91 Lacs during the
previous year.
MANAGEMENT DISCUSSION AND ANALYSIS
Your company has been doing well. The return on investments is lower
due to recession. You directors are hopeful that the profitability
will improve in the coming years.
DIVIDENDS:
Your directors do not recommend any dividends for the year under
review.
DEPOSITS:
During the year under report, the company has not accepted any deposits
from the public, and hence, there is no overdue deposit as on 31st
March, 2013
FINANCE:
Your company did not issue any shares during the year under review.
DIRECTORS
Shri A.K. Singh retires by rotation and offers himself for
re-aapointment.
PARTICULARS OF EMPLOYEES:
The Company has no employee during the year in respect of which the
statement pursuant to section 21.7(2A) of the Companies Act, 1956 and
the Companies (Particulars of Employees) Rules, 1975 is required to be
annexed.
AUDITORS
Auditors retire at the close of the Annual General Meeting and being
eligible offer themselves for re-appointment.
DISCLOSURE OF PARTICULARS UNDER SECTION 217(l)(e) OF THE COMPANIES ACT,
1956
a. Conservation of energy: Not Applicable
b. Technology absorption: Not Applicable
c. Foreign exchange earnings and outgo: NIL
DIRECTORS'' RESPONSIBILITY STATEMENT:
As per Section 2I7(2AA) of the Companies Act, 1956, the Board of
Directors slate:
a) That in preparation of annual accounts, applicable accounting
standards has been followed.
b) That the directors have 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 the state
of affairs of the Company at the end of the financial year and of the
Net Profits of the Company for the year under report.
c) That director 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 assets of the
Company and for preventing and detecting fraud and other
irregularities.
d) That the Directors have prepared the accounts for the financial year
ended 31st March, 2013 as a "going concern" basis.
CORPORATE GOVERNANCE REPORT
As required by Clause 49 of the Listing Agreement, Corporate Governance
Report is attached as Annexure "A" to this report. Certificate of
Auditors regarding compliance of the conditions of Corporate Governance
as stipulated in Clause 49 of the Listing Agreement of the Stock
Exchange is also attached and forms part of Annexure "A".
ACKNOWLEDGEMENTS:
Your directors acknowledge the valuable support by the shareholders of
the Company, vendors, investors, bankers, consultants and advisors
throughout the year. Your directors place on record their appreciation
to employees for their hard work, dedication and commitment to the
company.
By order of the Board
For Mahanivesh (India) Limited
Place: New Delhi A. K. Singh
Dated: 15th May, 2013 Chairman
Mar 31, 2012
To The Members of MAHANIVESH (INDIA) LIMITED
The directors have pleasure to report on the EIGHTEENTH ANNUAL REPORT
for the year ended 31st March, 2012.
FINANCIAL RESULTS: Current Year Previous Year
2011-2012 2010-2011
Gross Income 51,16,64,485 45,62,60,611
Net Profit for the Profit 891,565 9,26,129
Transferred to General Reserve 891,565 9,26,129
Your company has registered a Gross Income of Rs. 51.16 Crores as
compared to Rs. 45.62 Crores during the previous year. Net Profit after
tax for the year is Rs. 8.91 Lac as compared to Rs. 9.26 Lacs during
the previous year.
MANAGEMENT DISCUSSION AND ANALYSIS
Your company has been doing well. The return on investments is lower
due to recession. Your directors are hopeful that the profitability
will improve. You directors are hopeful that the profitability will
improve in the coming years.
DIVIDENDS:
Your directors do not recommend any dividends for the year under
review.
DEPOSITS:
During the year under report, the company has not accepted any deposits
from the public, and hence, there is no overdue deposit as on 31st
March, 2012
FINANCE:
Your company did not issued any shares during the year under review.
DIRECTORS
Your directors continue to provide their services to the Company. Shri
Jitender Kumar retires by rotation at the forthcoming Annual General
Meeting and being eligible, offers himself, for re-appointment.
PARTICULARS OF EMPLOYEES:
The Company has no employee during the year in respect of which the
statement pursuant to section 217(2A) of the Companies Act, 1956 and
the Companies (Particulars of Employees) Rules, 1975 is required to be
annexed.
AUDITORS
Auditors retire at the close of the Annual General Meeting and being
eligible offer themselves for re-appointment.
DISCLOSURE OF PARTICULARS UNDER SECTION 217(1)(e) OF THE COMPANIES ACT.
1956
a. Conservation of energy: Not Applicable
b. Technology absorption: Not Applicable
c. Foreign exchange earnings and outgo: NIL
DIRECTORS' RESPONSIBILITY STATEMENT:
As per Section 217(2AA) of the Companies Act, 1956, the Board of
Directors state:
a) That in preparation of annual accounts, applicable accounting
standards has been followed.
b) That the directors have 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 the state
of affairs of the Company at the end of the financial year and of the
Net Profits of the Company for the year under report.
c) That director 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 assets of the
Company and for preventing and detecting fraud and other
irregularities.
d) That the Directors have prepared the accounts for the financial year
ended 31st March, 2012 as a "going concern" basis.
CORPORATE GOVERNANCE REPORT
As required by Clause 49 of the Listing Agreement. Corporate Governance
Report is attached as Annexure "A" to this report. Certificate of
Auditors regarding compliance of the conditions of Corporate Governance
as stipulated in Clause 49 of the Listing Agreement of the Stock
Exchange is also attached and forms part of Annexure "A".
ACKNOWLEDGEMENTS:
Your directors acknowledge the valuable support by the shareholders of
the Company, vendors, investors, bankers, consultants and advisors
throughout the year. Your directors place on record their appreciation
to employees for their hard work, dedication and commitment to the
company.
By order of the Board
For Mahanivesh (India) Limited
A. K. Singh
Chairman
Place: New Delhi
Dated: 15th May, 2012
Mar 31, 2010
The directors have pleasure to report on the SIXTEENTH ANNUAL REPORT
for the year ended 31st March, 2010.
FINANCIAL RESULTS: Current Year Previous Year
2009-2010 2008-2009
Gross Income 41,24,25,330 1,06,17,77,955
Net Profit for the Profit 8,32,444 7,96,894
Transferred to General Reserve 8,32,444 7,96,894
Your company has registered a Gross Income of Rs.42.24 crores as
compared to Rs.106.17 crores during the previous year. Net Profit after
tax for the year is Rs.8.32 Lac as compared to Rs.7.97 Lacs during the
previous year.
MANAGEMENT DISCUSSION AND ANALYSIS
Your company has been doing well. The return on investments is lower
due to recession. Your directors are hopeful that the profitability
will improve. You directors are hopeful that the profitability will
improve in the coming years.
DIVIDENDS:
Your directors do not recommend any dividends for the year under
review.
DEPOSITS:
During the year under report, the company has not accepted any deposits
from the public, and hence, there is no overdue deposit as on 31st
March, 2010
FINANCE:
Your company did not issued any shares during the year under review.
DIRECTORS
Your directors continue to provide their services to the Company. Shri
Rajesh Prasad, retires by rotation at the forthcoming Annual General
Meeting and being eligible, offers himself, for re-appointment.
PARTICULARS OF EMPLOYEES:
The Company has no employee during the year in respect of which the
statement pursuant to section 217(2A) of the Companies Act, 1956 and
the Companies (Particulars of Employees) Rules, 1975 is required to be
annexed.
AUDITORS
Auditors retire at the close of the Annual General Meeting and being
eligible offer themselves for re-appointment.
DISCLOSURE OF PARTICULARS UNDER SECTION 217Q)(e) OF THE COMPANIES ACT,
1956
a. Conservation of energy : Not Applicable
b. Technology absorption : Not Applicable
c. Foreign exchange earnings
and outgo : NIL
DIRECTORS RESPONSIBILITY STATEMENT:
As per Section 217(2AA) of the Companies Act, 1956, the Board of
Directors state:
a) That in preparation of annual accounts, applicable accounting
standards has been followed.
b) That the directors have 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 the state
of affairs of the Company at the end of the financial year and of the
Net Profits of the Company for the year under report.
c) That director 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 assets of the
Company and for preventing and detecting fraud and other
irregularities.
d) That the Directors have prepared the accounts for the financial year
ended 31st March, 2010 as a "going concern" basis.
CORPORATE GOVERNANCE REPORT
As required by Clause 49 of the Listing Agreement, Corporate Governance
Report is attached as Annexure "A" to this report. Certificate of
Auditors regarding compliance of the conditions of Corporate Governance
as stipulated in Clause 49 of the Listing Agreement of the Stock
Exchange is also attached and forms part of Annexure "A".
ACKNOWLEDGEMENTS:
Your directors acknowledge the valuable support by the shareholders of
the Company, vendors, investors, bankers, consultants and advisors
throughout the year. Your directors place on record their appreciation
to employees for their hard work, dedication and commitment to the
company.
By order of the Board
For Mahanivesh (India) Limited
Sd/-
Place: New Delhi A. K. Singh
Dated: 30th June, 2010 Chairman
Mar 31, 2009
The directors have pleasure to report on the FIFTEENTH ANNUAL REPORT
for the year ended 31st March, 2009.
FINANCIAL RESULTS: Current Year Previous Year
2008-2009 2007-2008
Gross Income 1,06,17,77,955 1,52,25,13,174
Net Profit for the Profit 7,96,894 33,91,347
Transferred to General Reserve 7,96,894 33,91,347
Your company has registered a Gross Income of Rs.106.17 crores as
compared to Rs. 152.25 crores during the previous year. Net Profit
after tax for the year stood at Rs.7.96 Lac as compared to Rs.33.91
Lacs during the previous year.
MANAGEMENT DISCUSSION AND ANALYSIS
Your company has been doing well. The return on investments were lower
due to world- wide recession. Your directors are hopeful that the
recession will be overcome soon and with economy will revive. Advances
have been made towards various investments which the directors are
hopeful of getting good return.
DIVIDENDS:
In view of meager profits, your directors have decided not to recommend
dividends for the year under review.
DEPOSITS:
During the year under report, the company has not accepted any deposits
from the public, and hence, there is no overdue deposit as on 31st
March, 2009
FINANCE:
Your company did not issued any shares during the year under review.
DIRECTORS
Your directors continue to provide their services to the Company. Shri
A. K. Singh, retires by rotation at the forthcoming Annual General
Meeting and being eligible, offers himself, for re-appointment.
PARTICULARS OF EMPLOYEES:
The Company has no employee during the year in respect of which the
statement pursuant to section 217(2A) of the Companies Act, 1956 and
the Companies (Particulars of Employees) Rules, 1975 is required to be
annexed.
AUDITORS
Auditors retire at the close of the Annual General Meeting and being
eligible offer themselves for re-appointment.
DISCLOSURE OF PARTICULARS UNDER SECTION 217(l)(e) OF THE COMPANIES ACT,
1956
a. Conservation of energy: Not Applicable
b. Technology absorption: Not Applicable
c. Foreign exchange earnings and outgo: NIL
DIRECTORS RESPONSIBILITY STATEMENT:
As per Section 217(2AA) of the Companies Act, 1956, the Board of
Directors state:
a) That in preparation of annual accounts, applicable accounting
standards has been followed.
b) That the directors have 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 the state
of affairs of the Company at the end of the financial year and of the
Net Profits of the Company for the year under report.
c) That director 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 assets of the
Company and for preventing and detecting fraud and other
irregularities.
d) That the Directors have prepared the accounts for the financial year
ended 31s March, 2008 as a "going concern" basis.
CORPORATE GOVERNANCE REPORT
As required by Clause 49 of the Listing Agreement, Corporate Governance
Report is attached as Annexure "A" to this report. Certificate of
Auditors regarding compliance of the conditions of Corporate Governance
as stipulated in Clause 49 of the Listing Agreement of the Stock
Exchange is also attached and forms part of Annexure "A".
ACKNOWLEDGEMENTS:
Your directors acknowledge the valuable support by the shareholders of
the Company, vendors, investors, bankers, consultants and advisors
throughout the year. Your directors place on record their appreciation
to employees for their hard work, dedication and commitment to the
company.
By order of the Board
For Mahanivesh (India) Limited
Sd/-
Place: New Delhi A. K. Singh
Dated: 30th April, 2009 Chairman