Mar 31, 2013
Dear Shareholders,
The Directors here by present the 19th Annual Report on business and
operations of the Company together with the Audited statements of
Accounts for the financial year ended on 31st March 2013.
REVIEW OF OPERATIONS:
During the year under review due to sluggish market condition and
company faces financial crisis. So company was unable to generate
revenue from the operation of the Company hence made net loss of Rs.
234313/- for the year ended 31st March, 2013.
DIVIDEND:
Your Directors have not declared any dividend during the year under
review due inappropriate profit of the company.
FIXED DEPOSIT:
The Company has not accepted any deposit from the public pursuant to
the provisions of Section 58A of the Companies Act, 1956.
DIRECTORS:
MR. VIPUL TRIVEDI Director of the Company is retires by rotation at the
ensuing Annual General Meeting and being eligible, offer himself for
reappointment.
MR. RAMANLAL NAGJIBHAI TRIVEDI was appointed as additional director of
the Company with effect from 03.11.2012 and is eligible for
re-appointment as directors of the Company at the forthcoming Annual
General Meeting and whose period of office will be liable to retire by
rotation. MR. HASMUKH SENMA was ceased as a Director of the Company
with effect from 03.11.2012.
CHANGES IN CAPITAL STRUCTURE:
- Authorised Capital: During the year under review, Company in Extra
Ordinary General Meeting held on 6th May, 2013 the Authorized Share
Capital of the Company comprising of 1,00,00,000 (One Crore) equity
shares of the face value of Rs.10/- aggregating to Rs.10,00,00,000
(Rupees Ten Crores Only) be and is hereby sub-divided into 2,00,00,000
(Two Crores) equity shares of the face value of Re.5/- each
- Paid up Capital: The Company in its Board Meeting held on 17th May,
2013 Paid-up Equity Share Capital of the Company, comprising of
90,00,000 (Ninety Lacs) equity shares of the face value of Rs.10/- each
aggregating to Rs.9,00,00,000/- (Rupees Nine Crores Only) be
sub-divided into 1,80,00,000 (One Crore Eighty Lacs) equity shares of
the face value of Re.5/- each
AUDITORS AND AUDITORS'' REPORT:
M/s. Y. D. & Co., Chartered Accountants, Ludhiana, Statutory Auditors
of the Company, hold office until the conclusion of the ensuing Annual
General Meeting and are eligible for reappointment.
The observations made by the Auditors'' in their Auditors'' Report and
the Notes on Accounts referred to in the Auditors'' Report are
self-explanatory and do not call for any further comments.
MANAGEMENT DISCUSSION AND ANALYSIS:
Management Discussion and Analysis forms part of the Annual Report to
the shareholders and it includes discussion on matters as required
under the provisions of Clause 49 of the listing agreement forming part
of this report is annexed herewith. The Audit Committee of the Company
has regularly reviewed internal Control System of the company.
PARTICULARS OF EMPLOYEES:
The statement showing particulars of employees under section 217(2A) of
the Companies Act, 1956, read with the companies (Particulars of
Employees) Rules, 1975, as amended, is not required to be given as
there were no employees coming within the purview of this section.
CORPORATE GOVERNANCE REPORT:
Your Company has complied with the requirements of Clause 49 of the
Listing Agreement on Corporate Governance. Pursuant to Clause 49 of the
Listing Agreement with the Stock Exchanges, Report on Corporate
Governance along with the Auditors'' Certificate on its compliance is
annexed separately to this Annual Report.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO:
The details of conservation of energy, technology absorption etc. as
required to be given under Section 217(1)(e) of the Companies Act 1956,
are not applicable to our Company, as our Company in not engage in
manufacturing activities.
The foreign exchange earning on account of the operation of the Company
during the year was Rs. Nil.
DIRECTORS'' RESPONSIBILITY STATEMENT:
Pursuant to the provisions of Section 217(2AA) of the Companies Act,
1956, the Directors of your Company confirm that:
i) in the preparation of the annual accounts, the applicable accounting
standards have been followed along with proper explanation relating to
material departures;
ii) the Directors have selected such accounting policies and applied
them consistently and made judgments and estimates that were reasonable
and prudent so as to give a true and fair view of the state of affairs
of the Company at the end of the financial year and of the profit or
loss of the Company for that period;
iii) the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the company and for preventing and detecting fraud and other
irregularities;
iv) Directors have prepared the accounts on a "going concern basis".
ACKNOWLEDGEMENT:
Your Directors would like to express their sincere appreciation for the
assistance and co-operation received from the Banks, Government
Authorities, Customers, and Shareholders during the year. Your
directors also wish to take on record their deep sense of appreciation
for the committed services of the employees at all levels, which has
made our Company successful in the business.
For and on Behalf of the Board
For, MAHAVIR IMPEX LIMITED
PLACE: AHMEDABAD
DATE: 30.08.2013 Sd/-
(ANAND JIVANLAL PARDESHI)
CHAIRMAN
Mar 31, 2012
The Directors here by present the Eighteenth Annual Report on business
and operations of the Company together with the Audited statements of
Accounts for the financial year ended on 31st March 2012.
FINANCIAL PERFORMANCE:
Key aspects of Company'' financial performance for the year 2011-12 is
tabulated below:
[Amount in Rupees]
Particular 2011-12 2010-11
Total Income 859500 767490
Total Expenditure 811452 430530
Profit/(Loss) Before Extraordinary
items and Taxation 48048 336960
Extraordinary items Nil Nil
Profit/(Loss) before Tax (PBT) 48048 336960
Less: current Tax 16200 104121
Net Profit/(Loss) after Tax
for the year 31848 232839
REVIEW OF OPERATIONS:
During the year under review due to sluggish market condition and
company faces financial crisis .So company was unable to generate
revenue from the operation of the Company hence made net profit was Rs.
31848/- for the year ended 31st March, 2012.
DIVIDEND:
Your Directors have not declared any dividend during the year under
review due inappropriate profit of the company.
FIXED DEPOSIT:
The Company has not accepted any deposit from the public pursuant to
the provisions of Section 58A of the Companies Act, 1956.
DIRECTORS:
MR. HASMUKH K. SENMA Director of the Company is retires by rotation at
the ensuing Annual General Meeting and being eligible, offer himself
for reappointment.
MR. ANAND JIVANLAL PARDESHI was appointed as additional director of the
Company with effect from 11.11.2011 and is eligible for re-appointment
as directors of the Company at the forthcoming Annual General Meeting
and whose period of office will be liable to retire by rotation.
MR. JIVANBHAI RAMANBHAI PARDESHI was ceased as a Director of the
Company with effect from 11.11.2011 due to resignation. The management
appreciated the services given by him during the tenure of the office
as a Director.
AUDITORS AND AUDITORS'' REPORT:
M/s. Y. D. & Co., Chartered Accountants, Ludhiana, Statutory Auditors
of the Company, hold office until the conclusion of the ensuing Annual
General Meeting and are eligible for reappointment.
The observations made by the Auditors'' in their Auditors'' Report and
the Notes on Accounts referred to in the Auditors'' Report are
self-explanatory and do not call for any further comments.
MANAGEMENT DISCUSSION AND ANALYSIS:
Management Discussion and Analysis forms part of the Annual Report to
the shareholders and it includes discussion on matters as required
under the provisions of Clause 49 of the listing agreement forming part
of this report is annexed herewith. The Audit Committee of the Company
has regularly reviewed internal Control System of the company.
PARTICULARS OF EMPLOYEES:
The statement showing particulars of employees under section 217(2A) of
the Companies Act, 1956, read with the companies (Particulars of
Employees) Rules, 1975, as amended, is not required to be given as
there were no employees coming within the purview of this section.
CORPORATE GOVERNANCE REPORT:
Your Company perceives Corporate Governance as an endeavor for
transparency and a wholehearted approach towards continuous enhancement
of shareholders'' value. Your Company has been complying with the
conditions of Corporate Governance as stipulated in Clause 49 of the
Listing Agreement. Further, the Board of Directors of your Company
constituted a Committee known as Corporate Governance Committee, which
recommends the best practices in the Corporate Governance.
A separate report on Corporate Governance along with Auditors''
Certificate on compliance with the Corporate Governance norms and
stipulated in Clause 49 of the Listing Agreement, forming part of this
report is annexed herewith.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO:
The details of conservation of energy, technology absorption etc. as
required to be given under Section 217(1)(e) of the Companies Act 1956,
are not applicable to our Company, as our Company in not engage in
manufacturing activities.
The foreign exchange earnings on account of the operation of the Company
during the year was Rs. Nil. DIRECTORS'' RESPONSIBILITY STATEMENT:
Pursuant to the provisions of Section 217(2AA) of the Companies Act,
1956, the Directors of your Company confirm that:
i) in the preparation of the annual accounts, the applicable accounting
standards have been followed along with proper explanation relating to
material departures;
ii) the Directors have selected such accounting policies and applied
them consistently and made judgments and estimates that were reasonable
and prudent so as to give a true and fair view of the state of affairs
of the Company at the end of the financial year and of the profit or
loss of the Company for that period;
iii) the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the company and for preventing and detecting fraud and other
irregularities;
iv) Directors have prepared the accounts on a "going concern basis".
ACKNOWLEDGEMENT:
Your Directors would like to express their sincere appreciation for the
assistance and co-operation received from the Banks, Government
Authorities, Customers, and Shareholders during the year. Your
directors also wish to take on record their deep sense of appreciation
for the committed services of the employees at all levels, which has
made our Company successful in the business.
For and on Behalf of the Board
For, MAHAVIR IMPEX LIMITED
PLACE: AHMEDABAD
DATE: 01.09.2012
(HASMUKHBHAI SENMA)
CHAIRMAN
Mar 31, 2011
To The Members of MAHAVIR IMPEX LIMITED
The Directors have pleasure in presenting the Annual Report of the
Company on operations and performance during the year together with the
Audited Accounts for the year ended 31st March, 2011.
FINANCIAL RESULTS:
(In Rs,)
PARTICULARS 2010-2011 2009-2010
Sales & other Income 0 0
Profit/(Loss) Before Tax (106972) (267221)
Less: Provision for Tax 0 0
Profit/(Loss) for the
year after Taxation (106972) (267221)
Profit/(Loss) carried
from last year 560708 827929
Balance Brought transferred
to the B/S. 453736 560708
OPERATIONS:
During the year under review, your Company has incurred net loss of Rs.
1,06,972/- compared to loss of Rs. 2,67,221/- of previous year. Your
Directors strive hard and expect that your Company will achieve
significant growth in the coming years.
DIVIDEND:
In order to loss incurred, the Board of Directors has thought it
prudent not to recommend payment of dividend for the year under review.
PARTICULARS OF EMPLOYEES:
There is no employee having remuneration in accordance with the
provisions of section 217(2A) of the Companies Act, 1956 read with the
Companies (Particulars of Employee) Rules, 1975 as amended.
DIRECTOR:
In accordance with the Companies Act, 1956 and Article of Association
of the Company, Shri Kantibhai Joshi, director of the Company, retire
by rotation at the forthcoming Annual General Meeting and are eligible
for reappointment.
CODE OF CONDCUCT:
The Company has adopted a Code of Conduct for Directors and Senior
Management. It is the responsibility of all employees and Directors to
familiarize themselves with the Code and comply with the same.
The Code includes provisions where the employees of the Company can
voice their concerns on violation and potential violation of the Code
in a responsible and effective manner.
RESPONSIBILITY STATEMENT:
As required u/s 217(2AA) of the companies Act 1956 your director
confirms that in the preparation of the annual accounts:
1) The applicable accounting standards have been followed along with
proper explanation relating to material departures.
2) Such accounting policies have been selected and applied consistently
and reasonable and prudent judgments and estimates made, 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 the loss of the company for that period.
MAHAVIR IMPEX LIMITED 2010-2011
3) Proper and sufficient care has been taken for the maintenance of
adequate accounting records in accordance with provisions of this act
for safeguarding the assets of the company and for preventing and
detecting fraud and other irregularities.
4) The annual accounts have been prepared on a going concern basis.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE:
As required under rule 3 of the companies (Disclosure of Particulars in
the report of board of directors) Rules 1988, the particulars relating
to the conservation of energy, Technology absorption, and the foreign
exchange earnings and outgo are also Nil.
APPOINTMENT OF AUDITORS:
M/s. Naimish K. Shah & Co., Chartered Accountants, Ahmedabad
reappointed as auditor of the company for the financial year 2011-2012
and holds office from the conclusion of this meeting until the
conclusion of next annual General Meeting of the Company.
The Statutory Auditors of the Company have submitted auditor's report
on the accounts of the Company for the accounting year ended 31st
March, 2011 which is self-explanatory and needs no comments.
ACKNOWLEDGEMENT:
The management is grateful to the Government Authorities, Bankers,
Vendors, Employees, for their continued assistance and co-operation.
The Directors also wish to place on record the confidence of members in
the Company.
For and on behalf of Board of Directors
Sd/-
Place: Ahmedabad
Date: 01st September, 2011 Chairman
Mar 31, 2010
Dear Shareholders,
The Directors submit herewith the Annual General Report together with
the Audited Accounts for the year ended 31st March 2010.
REVIEW OF OPERATION:
Financial Results:
(In Rs)
Particulars: 2009-2010 2008-2009
Profit After tax (2,67,221) 4,66,515
Add: Balance brought forwards 827,929 316,033
Net Profit transferred to Balance sheet 560,708 827,929
Operations
During the current year the company has incurred loss of Rs.2, 67,221
compared to previous year's income of Rs.4, 66,515.
Dividend
The directors do not recommend any dividend during the year.
Directors
Mr. Jivanbhai K. Pardeshi , Director who is eligible for retirement at
the forthcoming annual general meeting of the company offer him for
re-appointment.
Auditors
NAIMISH K. SHAH & CO., Chartered Accountants, Ahmedabad, Auditors of
the Company retires at the ensuing Annual General Meeting and are
eligible for re-appointment. The Board recommends their appointment.
Audit committee
Pursuant to Section 292A of the Companies Act, 1956 as introduced by
the Companies (Amendment) Act, 2000, an audit committee was constituted
by the Board of Directors consisting of 3 directors.
Auditor's report
The notes to the Accounts referred to in the Auditors report are self -
explanatory and, therefore, do not call for any further explanation
under section 217(3) of the Companies Act, 1956.
Public Deposits
During the year, the Company has not accepted any deposit u/s. 58A of
the Companies Act, 1956.
Employees
There were no employees coming within the ambit of section 217(2A) of
the Companies Act, 1956.
Conservation of Energy, Technology Absorption and Foreign Exchange
earnings and outgoings.
The company has no activities relating to Conservation of Energy,
Technology Absorption and Foreign Exchange earnings and Outgoings.
Directors' responsibility statement
As required under sub-section (2AA) of Section 217 of the Companies
Act, 1956, the Directors confirm:
1. That in preparation of the Annual accounts, the applicable
accounting standards had been followed.
2. That 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 affairs of
the Company at the end of the financial year and of the financial year
and of the loss of the Company for the year.
3. That the Directors had 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 frauds and other
irregularities.
4. That the Directors had prepared the Annual Accounts on a going
concern basis. Listing
The equity share of the company is listed at Bombay Stock Exchange
Limited (BSE) & Ahmedabad Stock Exchange Ltd (ASE).
The management is trying its best and its taking necessary steps in
order to revoke the suspension in the equity shares of the company.
Corporate Governance
Your company has complied with mandatory requirement of Corporate
Governance as stipulated in Clause 49 of the listing agreement. A
report on Corporate Governance and certificate from auditors of the
company regarding the compliance of Corporate Governance and also the
management discussion & analysis report as stipulated in Clause 49 of
the Listing agreement, are annexed to this report.
Acknowledgements
Your Directors place on record their sincere appreciation for the
valuable and dedicated services rendered by the employees of the
company. They also place on record the fullest co-operation extended by
the bankers of the company.
By order of the board of directors,
FOR, MAHAVIR IMPEX LTD.
Date : 01/09/2010
Place: AHMEDABAD CHAIRMAN
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