Mar 31, 2015
Dear Members,
1. INTRODUCTION
The Directors are elated in presenting the 27th Annual Report of the
Company along with the Audited Statement of Accounts for the year ended
as on 31st March, 2015.
The Annual report presented to you pertains to financial year ended
31st March, 2015 so the contents within are governed by the relevant
provisions/schedules/rules of the Companies Act, 2013, in compliance
with General Circular No. 08/2014 dated 4 April 2014 issued by the
Ministry of Corporate Affairs.
2. FINANCIAL RESULTS
(Amount in Rs)
Particulars Current Previous
Financial Year Financial Year
(2014-15) (2013-2014)
Net Profit/(Loss)Before (543,258.00) (324,089.00)
Depreciation and Tax
Depreciation 0.00 0.00
Profit /(Loss) before Tax (543,258.00) (324,089.00)
Provision for Tax 0.00 0.00
Profit/ (loss) after Tax (543,258.00) (324 089 00)
Prior Period Adjustments 0.00 0.00
Balance Brought forward 0.00 0.00
Balance carried to Balance 0.00 0.00
Sheet
3. BUSINESS OVERVIEW
Due to adverse market situations, the Gross Revenue of the Company has
declined from Rs. 1,099,310/- to Rs. 982,960/-. The Company's policy of
management has provided cushion effect to the adversities of the market
on the performance of Company. The Board of Directors look towards the
future performance with a positive approach.
4. DIVIDEND
Due to loss incurred by the operations of the Company and with a view
to conserve the resources, the Board of Directors do not recommend any
dividend for the year ended 31st March, 2015.
5. CORPORATE SOCIAL RESPONSIBILITY
The Company has not developed and implemented any Corporate Social
Responsibility initiatives as the provisions of Section 135 of the
Companies Act, 2013 are not applicable.
6. STATUTORY AUDITORS
M/s. Ramasamy Koteswara Rao & Co, Chartered Accountants (Firm
Registration Number: 010396S) were appointed as the Statutory Auditors
of the company last year in AGM held on 30th September 2014, for five
consecutive years, subject to ratification at every Annual General
Meeting. Accordingly, their appointment is proposed to be ratified in
the ensuing AGM. They have given their eligibility & consent for the
proposed ratification.
7. SECRETARIAL AUDITORS
M/s. H V Gor & Co, Practicing Company Secretaries have been appointed
in the Board Meeting held on 14th August, 2015 as the Secretarial
Auditor of the Company u/s 204 of the Companies Act, 2013 to conduct
Secretarial Audit of the matters of the Company and report thereof. The
Secretarial Auditor's Report has been annexed to the Board Report under
Annexure IV.
8. EXPLANATION OR COMMENTS ON QUALIFICATIONS, RESERVATIONS OR ADVERSE
REMARKS OR DISCLAIMERS MADE BY THE AUDITORS AND THE PRACTICING COMPANY
SECRETARY IN THEIR REPORTS
There was no qualification, reservation or adverse remark made by the
Auditors in their report.
The explanations made by the Board relating to the qualifications,
reservations, adverse remarks made by the Practicing Company Secretary
in his Secretarial Audit Report are furnished as under:
1. The Company has been inviting the applications for the post of
Company Secretary in whole time employment of the Company by issuing
classifieds in the newspapers. However, the Company has failed to
receive application from a suitable candidate for the aforementioned
responsibilities.
2. The Company has been looking forward for appointing the Chief
Financial Officer of the Company during the Financial year 2014-15 but
did not find a suitable candidate who can perform the duties of CFO
responsibly. However, the Company has appointed Mrs. Jyothi Vishal
Malviya as the Chief Financial Officer of the Company.
3. The Company has failed to file the report of annual general meeting
with the Registrar of Companies in e-form MGT-15 due to genuine
oversight on its part. The Board of Directors assure that there was no
mala fide intention behind such non compliance to deceive the interest
of the stakeholders of the Company.
4. The Company has been looking forward for a suitable candidate for
the responsibility of Internal Auditor of the Company but failed to
receive such candidature. The Company assures that the perfect
candidature for the duties of Internal Auditor of the Company shall be
approved.
9. DIRECTORS
Mr. Dilip Kumar Puri has resigned from the Board of Directors during the
year. Mr. Anand Suvarna resigned from the Board of Directors w.e.f 14th
August, 2015 due to his pre-occupancies.
Mrs. Pratibha Sanjeev Chaturvedi and Mr. Naagraj Ganeshmal Jain were
appointed as additional directors of the Company in the Board meeting
held on 14th August, 2015.
Owing to the aforementioned changes, the Board of Directors as on date
stands as follows:
Name Designation Date of DIN
Appointment
Executive Director
Mr. Chetan Naagraj Managing Director 25th August, 2009 00800602
Jain
Mr. Naagraj Whole time Director 14th August, 2015 02169981
Ganeshmal Jain and Chairman
Independent Directors
Mr. Rakesh Surana Independent 16th November, 2009 00802876
Director
Mrs. Pratibha Independent 14th August, 2015 07269244
Chaturvedi Director
10. DECLARATION BY THE INDEPENDENT DIRECTORS
The Independent Directors have submitted their disclosures to the Board
that they fulfill all the requirements as stipulated in Section 149(6)
of the Companies Act, 2013 so as to qualify themselves to be appointed
as Independent Directors under the provisions of the Companies Act,
2013 and the relevant rules.
11. BOARD MEETINGS
During the financial year under review, the Board of Directors met Five
Times.
12. COMPANY'S POLICY RELATING TO DIRECTORS APPOINTMENT, PAYMENT OF
REMUNERATION AND DISCHARGE OF THEIR DUTIES
The Company has devised the policy relating to appointment of
Directors, payment of Managerial remuneration, Directors
qualifications, positive attributes, independence of Directors and
other related matters as provided under Section 178(3) of the Companies
Act, 2013.
13. INFORMATION PURSUANT TO RULE 5 (2) OF COMPANIES (APPOINTMENT &
REMUNERATION OF MANAGERIAL PERSONNEL) RULES. 2014
The Company has not appointed any employee(s) in receipt of
remuneration exceeding the limits specified under Rule 5 (2) of
Companies (Appointment & Remuneration of Managerial Personnel) Rules,
2014.
14. DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE
(PREVENTION. PROHIBITION AND REDRESSAL) ACT. 2013
The Company has duly set up an Internal Complaints Committee (ICC) in
line with the requirements of The Sexual Harassment of Women at the
Workplace (Prevention, Prohibition & Redressal) Act, 2013, to redress
complaints received regarding sexual harassment.
The following is a summary of sexual harassment complaints received and
disposed off during the year 2014-15.
No of complaints received: Nil
No of complaints disposed off: Nil
15. DIRECTORS' RESPONSIBILITY STATEMENT:
Pursuant to Section 134 (3) (c) read with Section 134 (5) of the
Companies Act, 2013, your Directors state that:
a. In the preparation of the annual accounts, the applicable
accounting standards have been followed with proper explanation
relating to material departures, if any;
b. They have, in the selection of the accounting policies, consulted the
Statutory Auditors and have 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 at 31st March, 2015
and of its Loss for the year ended on that date;
c. They have taken proper and sufficient care to the best of their
knowledge and ability 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; and
d. They have prepared the annual accounts for the year ended 31st
March, 2015 on a 'going concern' basis; and
e. They have devised proper systems to ensure compliance with the
provisions of all applicable laws and that such systems were adequate
and operating effectively.
16. PARTICULARS OF LOANS. GUARANTEES OR INVESTMENTS MADE UNDER SECTION
186 OF THE COMPANIES ACT, 2013
There was no loan given or guarantee given or investment made or
security provided pursuant to Section 186 of the Companies Act, 2013
during the year under review and hence the said provisions are not
applicable.
17. DISCLOSURES OF AMOUNTS, IF ANY, TRANSFER TO ANY RESERVES.
It is not proposed to carry any amount to any reserves from the profits
of the Company. Hence, disclosure under Section 134 (3) (j) of the
companies act, 2013 is not required.
18. MATERIAL CHANGES AND COMMITMENT IF ANY AFFECTING THE FINANCIAL
POSITION OF THE COMPANY OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR
TO WHICH THIS FINANCIAL STATEMENTS RELATE AND THE DATE OF THE REPORT
No material changes and commitments affecting the financial position of
the Company occurred between the end of the financial year to which
this financial statement relate on the date of this report.
19. ENERGY CONSERVATION AND TECHNOLOGY ABSORPTION:
The particulars as required under the provisions of Section 134(3)(m) of
the Companies Act, 2013 read with Rule 8(3) of the Companies (Accounts)
Rules, 2014 in respect of conservation of energy and technology
absorption are not required to be furnished considering the nature of
activities undertaken by the Company during the year under review.
Further during the year under review, the Company has neither earned nor
used any foreign exchange.
20. STATEMENT INDICATING DEVELOPMENT AND IMPLEMENTATION OF RISK
MANAGEMENT
The Company has developed & implemented Risk Management Policy.
However, Company has not come across any element of risk which may
threaten the existence of the Company.
21. DETAILS OF SIGNIFICANT MATERIAL ORDERS PASSED BY THE REGULATORS /
COURTS / TRIBUNAL IMPACTING THE GOING CONCERN STATUS AND COMPANY'S
OPERATION IN FUTURE
There are no significant material orders passed by the Regulators /
Courts / Tribunal which would impact the going concern status of the
Company and its future operations. Hence, disclosure pursuant to Rule 8
(5) (vii) of Companies (Accounts) Rules, 2014 is not required.
22. DETAILS IN RESPECT OF ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH
REFERENCE TO THE FINANCIAL STATEMENTS PURSUANT TO RULE 8 (5) (viii) OF
COMPANIES (ACCOUNTS) RULES, 2014:
The Company has an adequate Internal financial control system,
commensurate with the size of its business operations.
23. PARTICULARS OF CONTRACTS OR ARRANGEMENTS MADE WITH RELATED PARTIES
MADE PURSUANT TO SECTION 188 OF THE COMPANIES ACT, 2013
There was no contract or arrangements made with related parties as
defined under Section 188 of the Companies Act, 2013 during the year
under review.
24. EXTRACT OF ANNUAL RETURN
The extracts of Annual Return pursuant to the provisions of Section 92
read with Rule 12 of the Companies (Management and administration)
Rules, 2014 is furnished in "Annexure II".
25. DISCLOSURE OF COMPOSITION OF AUDIT COMMITTEE AND PROVIDING VIGIL
MECHANISM
The Audit Committee consists of the following members;
a. Mr. Rakesh Surana
b. Mrs. Pratibha Chaturvedi
c. Mr. Chetan Jain
The above composition of the Audit Committee consists of independent
Directors viz., Mr. Rakesh Surana and Mrs. Pratibha Chaturvedi who form
the majority.
The Company has established a vigil mechanism and overseas through the
committee, the genuine concerns expressed by the employees and other
Directors. The Company has also provided adequate safeguards against
victimization of employees and Directors who express their concerns.
The Company has also provided direct access to the chairman of the
Audit Committee on reporting issues concerning the interests of co
employees and the Company.
26. CORPORATE GOVERNANCE:
Your Company is committed to adopting the best Corporate Governance
practices. It believes that proper corporate governance is not just a
regulatory compliance nut also a facilitator for enhancement of
stakeholder's value. Reports on Corporate Governance and Management
Discussions & Analysis are annexed and form part of this report.
27. APPRECIATION AND ACKNOWLEDGEMENT
The Board of Directors wish to place on record their appreciation for
the co- operation and support of the Company's Bankers, its valued
customers, employees and all other intermediaries concerned with the
Company's business.
Your directors are grateful towards all members for supporting and
sustaining us during the intricate days. We look forward to your
continued support and reiterate that we are determined to ensure that
the plans are successfully implemented.
By Order of the Board of Directors
For Meglon Infra-Real India Ltd.
Sd/-
Place: Nellore Mr. Chetan Jain
Date: 29th August, 2015 (Managing Director & CEO)
Mar 31, 2014
Dear Members,
The Directors have pleasure in presenting the 26>hAnnual Report
together with the Audited Accounts of the Company for the year ended
31st March, 2014:
FINANCIAL RESULTS
Particulars (Rs. in Lakhs) (Rs. in Lakhs)
2013-2014 2012-2013
Total Income 10.09 11.03
Profit before Taxes (3.24) 0,10
Provisions for Taxation NIL NIL
Profit after Taxes (3.24) 0.10
REVIEW OF OPERATIONS:
During the financial year under review, the Company has recorded total
incomeof Rs. 10.09 Lakhs and incurred loss of Rs.3.24 lakhs.
DIVIDEND:
In view of the Loss incurred during the year, your Directors does not
recommend any dividend for the financial year 2013-2014
FIXED DEPOSITS:
The company has neither accepted nor renewed any deposits falling
within the provisions of Section 58A of the Companies Act, 1956 read
with the Companies (Acceptance of Deposits) Rules, 1975 from the public
during the financial year.
DIRECTORS
At the ensuing Annual General Meeting of the Company, Mr. Dilipkumar
Amamath Puri is liable to retire by rotation and not sought
re-appointment. It is also decided not to fill up vacancy thereby
created.
Further Board has decided to appoint Mr. Anand Babu Suvama and Mr
Rakesh Surana as Independent Directors of the Company pursuant to
provisions of the Companies Act, 2013 and rules made thereunder.
DIRECTORS'' RESPONSIBILITY STATEMENT
In Pursuance of the provisions of section 217(2AA) of the Companies
Act, 1956 and based upon observations made, the Directors hereby
confirm that:
1. In the preparation of the Annual Accounts for the year 2013-2014 the
applicable Accounting Standards have been followed along with
explanation relating to material departures;
2. They have selected such accounting policies in consultation with the
statutory auditors 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 / loss
of the company for the financial year;
3. They have taken proper and sufficient care for the maintenance of
adequate accounting records in accordance with the provisions of this
Act for safeguarding the asset of the company and for preventing and
detecting fraud and other irregularities;
4. They have prepared the Annual Accounts on a ''going concern'' basis.
AUDITORS
M/s. Ramasamy Koteswara Rao& Co., Chartered Accountants, Auditors of
the Company retire at the ensuing General Meeting and being eligible,
offer themselves for reappointment for 3 consecutive years till the
conclusion of 29th Annual General Meeting in the calendar year 2017.
MANAGEMENT DISCUSSION & ANALYSIS
A report on Management Discussion and Analysis as required under Clause
49 of the Listing Agreement forms part of this report and is annexed
herewith to this report.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO:
Information as required under 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, forms to extent applicable are
given below:
Details of Conservation of Energy:
The operations of your company do not consume high level of energy.
However, adequate measures have been taken to conserve energy by
using efficient computers and peripherals.
Foreign Exchange Earnings : Nil
Foreign Exchange Outgo : Nil
Technology Absorption : Nil
Research and Development : Nil
Technology absorption, Adaptation & Innovation : Nil
CORPORATE GOVERNANCE
In terms of clause 49 of the Listing Agreement a separate Report on
Corporate Governance is attached to this report.
ACKNOWLEDGEMENT
The Board acknowledges the support extended by employees, shareholders,
bankers and clients and look forward for their continued support.
For and Behalf of the Board,
Sd/-
Chetan Jain
Place: Mumbai Chairman&Managing Director
Date: 14th August, 2014
Mar 31, 2013
Dear Members
The Directors have pleasure in presenting the 25th Annual Report
together with the Audited Accounts of the Company for the year ended
31st March, 2013:
FINANCIAL RESULTS (Rs. in Lakhs) (Rs. in Lakhs)
2012-2013 2011-2012
Total Income 11.03 18.62
Profit before Taxes 0.10 (3.61)
Provisions for Taxation NIL NIL
Profit after Taxes 0 .10 (3.61)
REVIEW OF OPERATIONS:
During the financial year under review, the Company has achieved a
turnover of Rs.11.03 Lakhs and recorded a net profit of Rs.0.10 Lakhs.
DIVIDEND:
Your Directors does not recommend any dividend for the financial year
2012-2013.
FIXED DEPOSITS:
The company has neither accepted nor renewed any deposits falling
within the provisions of Section 58A of the Companies Act, 1956 read
with the Companies (Acceptance of Deposits) Rules, 1975 from the public
during the financial year.
DIRECTORS:
At the ensuing Annual General Meeting of the Company, Mr. Dilipkumar
Puri is liable to retire by rotation and being eligible, offers himself
for re-appointment.
DIRECTORS'' RESPONSIBILITY STATEMENT
In Pursuance of the provisions of section 217(2AA) of the Companies
Act, 1956 and based upon observations made, the Directors hereby
confirm that:
1. In the preparation of the Annual Accounts for the year 2012-2013
the applicable Accounting Standards have been followed along with
explanation relating to material departures;
2. They have selected such accounting policies in consultation with
the statutory auditors 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 / loss of the company for the
financial year;
3. They have taken proper and sufficient care for the maintenance of
adequate accounting records in accordance with the provisions of this
Act for safeguarding the asset of the company and for preventing and
detecting fraud and other irregularities;
4. They have prepared the Annual Accounts on a going concern basis.
AUDITORS
M/s. Ramasamy Koteswara Rao & Co., Chartered Accountants, Auditors of
the Company retire at the ensuing General Meeting and being eligible,
offer themselves for reappointment. The Board recommends their
re-appointment as a Statutory Auditor of the Company for the financial
year 2013-14.
MANAGEMENT DISCUSSION & ANALYSIS
A report on Management Discussion and Analysis as required under Clause
49 of the Listing Agreement forms part of this report and is annexed
herewith to this report.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO:
Information as required under 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, forms to extent applicable are
given below:
Details of Conservation of Energy:
The operations of your company do not consume high level of energy.
However, adequate measures have been taken to conserve energy by using
efficient computers and peripherals.
Foreign Exchange Earnings : Nil
Foreign Exchange Outgo : Nil
Technology Absorption : Nil
Research and Development : Nil
Technology absorption, Adaptation & Innovation : Nil
CORPORATE GOVERNANCE
In terms of clause 49 of the Listing Agreement a separate Report on
Corporate Governance is attached to this report.
ACKNOWLEDGEMENT
The Board acknowledges the support extended by employees, shareholders,
bankers and clients and look forward for their continued support.
For and Behalf of the Board,
Sd/-
Place: Mumbai Chetan Jain
Date: 13th August, 2013 Chairman & Managing Director
Mar 31, 2012
The Directors have pleasure in presenting the 24th Annual Report
together with the Audited Accounts of the Company for the year ended
31st March, 2012:
FINANCIAL RESULTS (Rs. in Lakhs) (Rs. in Lakhs)
2011-2012 2010-2011
Total Income 18.62 15.56
Profit before Taxes (3.61) 0.81
Provisions for Taxation NIL NIL
Profit after Taxes (3.61) 0.81
REVIEW OF OPERATIONS:
During the financial year under review, the Company has achieved a
turnover of Rs. 18.62 Lakhs and recorded a net profit of Rs. (3.61)
Lakhs.
DIVIDEND:
Your directors does not recommend any dividend for the financial year
2011-2012
FIXED DEPOSITS:
The company has neither accepted nor renewed any deposits falling
within the provisions of Section 58A of the Companies Act, 1956 read
with the Companies (Acceptance of Deposits) Rules, 1975 from the public
during the financial year.
DIRECTORS:
At the ensuing Annual General Meeting of the Company, Mr. Anand Suvarna
is liable to retire by rotation and being eligible, offers himself for
re-appointment.
DIRECTORS' RESPONSIBILITY STATEMENT
In Pursuance of the provisions of section 217(2AA) of the Companies
Act, 1956 and based upon observations made, the Directors hereby
confirm that:
1. In the preparation of the Annual Accounts for the year 2011-2012
the applicable Accounting Standards have been followed along with
explanation relating to material departures;
2. They have selected such accounting policies in consultation with
the statutory auditors and applied them consistently and made
judgements 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/loss of the company for the
financial year;
3. They have taken proper and sufficient care for the maintenance of
adequate accounting records in accordance with the provisions of this
Act for safeguarding the asset of the company and for preventing and
detecting fraud and other irregularities;
4. They have prepared the Annual Accounts on a going concern basis.
AUDITORS
M/s. Ramasamy Koteshwara Rao & Co, Chartered Accountants, Auditors of
the Company retire at the ensuing General Meeting and being eligible,
offer themselves for reappointment. The Board recommends their
re-appointment as a Statutory Auditor of the Company for the financial
year 2012-13.
MANAGEMENT DISCUSSION & ANALYSIS
A report on Management Discussion and Analysis as required under Clause
49 of the Listing Agreement forms part of this report and is annexed
herewith to this report.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS
AND OUTGO:
Information as required under 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, forms to extent applicable are
given below:
Details of Conservation of Energy:
The operations of your company do not consume high level of energy.
However, adequate measures have been taken to conserve energy by using
efficient computers and peripherals.
Foreign Exchange Earnings : Nil
Foreign Exchange Outgo : Nil
Technology Absorption : Nil
Research and Development : Nil
Technology absorption,
Adaptation & Innovation : Nil
CORPORATE GOVERNANCE
In terms of clause 49 of the Listing Agreement a separate Report on
Corporate Governance is attached to this report.
ACKNOWLEDGEMENT
The Board acknowledges the support extended by employees, shareholders,
bankers and clients and look forward for their continued support.
By Order of the Board
Chetan Jain
Managing Director
Place: Mumbai
Date: 14th August, 2012
Mar 31, 2010
The Directors have pleasure in presenting the 22nd Annual Report
together with the Audited Accounts of the Company for the year ended
31st March, 2010:
FINANCIAL RESULTS (Rs. in Lakhs) (Rs. in Lakhs)
2009-2010 2008-2009
Total Income 17.93 21.58
Profit before Taxes 0.77 (0.78)
Provisions for Taxation
Profit after Taxes 0.77 (0.78)
REVIEW OF OPERATIONS:
During the financial year under review, the Company has achieved a
turnover of Rs. 17.93 Lakhs and recorded a net profit of Rs.0.77 Lakhs.
However, the Director of your Company are of the view that the
performance of the Company would improve in the next financial year.
DIVIDEND:
Your directors do not recommend any dividend for the financial year
2009-2010, due to conserve revenue for the expansion of business.
FIXED DEPOSITS:
The company has neither accepted nor renewed any deposits falling
within the provisions of Section 58A of the Companies Act, 1956 read
with the Companies (Acceptance of Deposits) Rules, 1975 from the public
during the financial year.
DIRECTORS:
At the ensuing Annual General Meeting of the Company, Mr. Anand Babu
Suvarna is liable to retire by rotation and being eligible offers
himself for reappointment. During the year, the Board co - opted Mr.
Rakesh Surana as Additional Director of the Company up to the ensuing
Annual General Meeting.
DIRECTORS RESPONSIBILITY STATEMENT
In Pursuance of the provisions of section 217(2AA) of the Companies
Act, 1956 and based upon observations made, the Directors hereby
confirm that:
i. In the preparation of the Annual Accounts for the year 2009-2010
the applicable Accounting Standards have been followed along with
explanation relating to material departures;
ii. They have selected such accounting policies in consultation with
the statutory auditors and applied them consistently and made
judgements 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 / loss of the company for the
financial year;
iii. They have taken proper and sufficient care for the maintenance of
adequate accounting records in accordance with the provisions of this
Act for safeguarding the asset of the company and for preventing and
detecting fraud and other irregularities;
iv. They have prepared the Annual Accounts on a going concern basis.
GROUP FOR INTER SE TRANSFER OF SHARES:
As required under Clause 3(1) (e) of the Securities & Exchange Board of
India (Substantial Acquisition of Shares and Takeovers) Regulations,
1997 (Takeover Regulations), persons constituting group (within the
meaning of group defined in Monopolies and Restrictive Trade Practices
Act, 1969) for the purpose of claiming exemption from applicability of
the provisions of Regulations 10, 11 and 12 of the Takeover Regulations
are given as under: Naagraj Jain, Bhagyawati Naagraj Jain, Hitesh Jain,
Jitesh Jain, Chetan Jain, Heet Estate Properties & Investment Limited
and Heet Developers & Finance Private Limited
AUDITORS
M/s. M. N. Rao Associates, Chartered Accountants, Auditors of the
Company retire at the ensuing General Meeting.
At the ensuing Annual General Meeting Board decided to appoint M/s.
Ramasamy Koteshwar Rao & Co, Chartered Accountants as Statutory
Auditors of the Company. Members are requested to consider the
Appointment.
EXPLANATION TO AUDITORS OBSERVATION
With reference to observation, in the Auditors Report, the relevant
notes on accounts are self explanatory and in the Annexure thereto.
Attention of the members is drawn to the fact that as and when the
Company increases the volume of its operations it will have an internal
audit system and the default in repayment of dues to bank is due to
liquidity problem. With reference to point 4 (vii) of the Auditors
Report, the same in under litigation with the BSNL authorities.
However, the Management is taking appropriate actions to resolve the
said dispute.
MANAGEMENT DISCUSSION & ANALYSIS
A report on Management Discussion and Analysis as required under Clause
49 of the Listing Agreement forms part of this report and is annexed
herewith to this report as Annexure-I
CORPORATE GOVERNANCE
In terms of clause 49 of the Listing Agreement a separate Report on
Corporate Governance is attached to this report.
ACKNOWLEDGEMENT
The Board acknowledges the support extended by employees, shareholders,
bankers and clients and look forward for their continued support.
By Order of the Board
Place: Mumbai Chetan Jain
Date: 04,th September, 2010 Chairman
Disclaimer: This is 3rd Party content/feed, viewers are requested to use their discretion and conduct proper diligence before investing, GoodReturns does not take any liability on the genuineness and correctness of the information in this article