Mar 31, 2015
Dear Members
The Directors have pleasure in presenting the 32th Annual Report of
the Company together with Audited Accounts for the year ended 31st
March, 2015.
FINANCIAL RESULTS
(Rs. In Lacs)
Particulars 2014-15 2013-2014
Sales, other income & prior
period income 12683.24 11057.76
Profit/(Loss) before exceptional
and extraordinary items 139.27 133.21
Exceptional items - -
Extraordinary items - -
Profit/(Loss) before taxation 139.27 133.21
Less: Current Tax 27.83 28.22
Earlier Year Tax 16.37 21.29
Add: Deffered Tax Assets 24.36 15.74
Profit/(Loss) for the period from
continuing operations 70.71 67.95
Profit/(Loss) for the period from
discontinuing operations - -
Tax expenses of discontinuing operations. - -
Profit/(Loss) for the period 70.71 67.95
FINANCIAL PERFORMNCE
The company has sales of Rs 1,26,83,23,590/- in the current year as
compared to last year sales Rs 1,10,57,75,658/- .
NUMBER OF BOARD MEETING
Eleven Board Meetings were held during the year, as against the minimum
requirement of four meetings.
The details of Board Meetings are given below :
Date Board Strength No of Directors Present
17/04/2014 5 2 Directors
16/05/2014 5 2 Directors
17/05/2014 5 2 Directors
01/07/2014 5 2 Directors
14/08/2014 5 2 Directors
05/09/2014 5 2 Directors
12/11/2014 5 2 Directors
31/12/2014 5 2 Directors
14/02/2015 5 2 Directors
02/03/2015 5 2 Directors
23/03/2015 | 5 2 Directors
Dividend
Your Company is in a phase of development where it is financially
prudent to build up a healthy reserve base so as to serve as a source
for meeting the financial requirements of the company for the
effectuation of its plans in the years to come.
It is keeping with this financial policy that your directors have
decided to plough back the profits of the company into its business
rather than declaring dividend for the financial year 2014-15. It is
felt that a sound financial base in the company would in the long run
lead to improved share valuations, culminating into maximization of
returns for the shareholders.
DEPOSITS
During the year under review the Company has not accepted any money
from the public as Deposits.
PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES
In current year there are no related party transactions.
MEETING OF INDEPENDENT DIRECTOR
During the year under review, an annual Independent Directors meeting
was convened on March 16, 2015, to review the performance of the
Non-Independent/ Non-Executive Directors including the Chairman of the
Board and performance of the Board as a whole. The Non- Independent
Directors did not take part in the meeting.
DECLARATION BY THE INDEPENDENT DIRECTORS
The company has received the qualification statement from the
independent directors as per section 149(6) of the companies act, 2013.
EVALUATIONS OF DIRECTORS, BOARD AND COMMITTEES
Pursuant to the provisions of the Act and the corporate governance
requirements as prescribed by SEBI under Clause 49 of the Equity
Listing Agreement, the Board of Directors ("Board") has carried out an
annual evaluation of its own performance, and that of its Committees
and individual Directors.
The performance of the Board and individual Directors was evaluated by
the Board seeking inputs from all the Directors. The performance of the
Committees was evaluated by the Board seeking inputs from the Committee
Members. The Nomination and Remuneration Committee ("NRC") reviewed the
performance of the individual Directors. A separate meeting of
Independent Directors was also held to review the performance of
Non-Independent Directors; performance of the Board as a whole and
performance of the Chairperson of the Company, taking into account the
views of Executive Directors and Non-Executive Directors. This was
followed by a Board meeting that discussed the performance of the
Board, its Committees and individual Directors.
The criteria for performance evaluation of the Board included aspects
like Board composition and structure; effectiveness of Board processes,
information and functioning etc. The criteria for performance
evaluation of Committees of the Board included aspects like composition
of Committees, effectiveness of Committee meetings etc. The criteria
for performance evaluation of the individual Directors included aspects
on contribution to the Board and Committee meetings like preparedness
on the issues to be discussed, meaningful and constructive contribution
and inputs in meetings etc. In addition the Chairperson was also
evaluated on the key aspects of his role.
KEY MANAGERIAL PERSONNEL
During the year under review, the Company has designated following
personnel as KMPs as per the definition under Section 2(51) and Section
2013 of the Act.
* Mr. Anil Thukral, Managing Director
* Mr. Arun Kapoor, Chief Financial Officer.
* Mr. Kulbhushan Verma, Company Secretary.
REMUNERATION POLICY
The Company has in place a Remuneration Policy for the Directors, Key
Managerial Personnel and other employees, pursuant to the provisions of
the Act and Clause 49 of the Listing Agreement.
INCREASE IN MANAGERIAL REMUNERATION
During the last year, the remuneration was hike of managing Director
and whole time director.
Name of Director Designation Existing Revised
Remuneration Remuneration
Anil Thukral Managing Director 1,00,000 P.M 1,10,000 P.M
Sheetal Thukral Whole Time Director 50,000 P.M 60,000 P.M
ADEQUACY OF INTERNAL CONTROLS
The Company has adequate and effective internal control systems
commensurate with the size of its operations and has complied with the
various statutes of the Government and statutory authorities.. Internal
Audit has been entrusted to an external auditor and periodical review
is being carried out. The Audit Committee meets regularly to review the
adequacy of internal controls.
INSURANCE AND RISK MANGEMENT
The Company has in October 2014 constituted a Risk Management Committee
(RMC) which has been entrusted with responsibility to assist the Board
in
(a) Overseeing the Company's risk management process and controls, risk
tolerance and capital liquidity and funding.
(b) Setting strategic plans and objectives for risk management and
review of risk assessment of the Company (c) Review the Company's risk
appetite and strategy relating to key risks, including credit risk,
liquidity and funding risk, market risk, product risk and reputational
risk, as well as the guidelines, policies and processes for monitoring
and mitigating such risks.
The Committee has also approved and adopted Risk Committee Charter. The
Company has adopted a Risk Management Policy in accordance with the
provisions of the Companies Act, 2013 (hereinafter referred to as the
Act) and Clause 49 of the Listing Agreement. It establishes various
levels of accountability and overview within the Company, while vesting
identified managers with responsibility for each significant risk.
The Board takes responsibility for the overall process of risk
management in the organisation. Through Enterprise Risk Management
programme, Business Units and Corporate functions address opportunities
and the attendant risks through an institutionalized approach aligned
to the Company's objectives. This is facilitated by internal audit. The
business risk is managed through
cross functional involvement and communication across businesses. The
results of the risk assessment and residual risks are presented to the
senior management. Prior to constituting the RMC, the Audit Committee
was reviewing business risk areas covering operational, financial,
strategic and regulatory risks.
EMPLOYEES STOCK OPTION SCHEME
During the year there are no ESOPs and ESPs.
AUDITORS
M/s. AM & Associates, Chartered Accountants, be appointed as statutory
auditors of the Company. The Company has received a certificate under
section 139 of the Companies Act, 2013 to the effect that their
appointment, if made, will be within the prescribed limit. The Audit
Committee has also recommended their re-appointment.
AUDITOR'S REPORT
The Auditors in their report have referred to the notes forming parts
of Accounts. The said notes are self-explanatory and need not require
any further clarifications. The suggestion given by them have taken
note for future operation.
SECRETARIAL AUDIT AND THE APPOINTMENT OF SECRETARIAL AUDITOR
Pursuant to the provisions of Section 204 of the Act and The Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014, the
Company has appointed M/s Nitin Grover & Co., a firm of Company
Secretaries in practice to undertake the Secretarial Audit of the
Company. The Report of the Secretarial Audit is annexed herewith as
Annexure-6. The Secretarial Audit Report does not contains any
qualifications, reservation or adverse remarks.
COST AUDIT
The cost audit is not applicable on our company.
BUY BACK OF SHARES
The Company has not made any offer to Buy Back its shares.
PARTICULARS OF EMPLOYEES
No employee of the Company is covered under section 197(12) of the
Companies Act, 2013 read with the Rule 5 of the Companies (Appointment
and Remuneration of Managerial Personnel) Rules, 2014 as amended to
date.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE
EARNINGS & OUTGO
Information's furnished in Annexure "1" and forms part of this report.
REPORT ON CORPORATE GOVERNANCE
As stipulated by clause 49 of the Listing Agreement, the Report on
Corporate Governance is given separately in this Annual Report. The
Certificate of M/s. Nitin Grover & Company , Company Secretary in
Practice, regarding the Compliance of Clause 49 of the Listing
Agreement is enclosed herewith and form part of Directors' Report.
EXTRACT OF THE ANNUAL RETURN
As provided under Section 92(3) of the Act, the details forming part of
the extract of the Annual Return in Form MGT 9 is annexed herewith as
Annexure-5.
DIRECTORS' RESPONSIBILITY STATEMENT
In accordance with the provisions of section 134(5) the Board confirm
and submit the Director's Responsibility Statement:-
1. In the preparation of the annual accounts, the applicable
accounting standards had been followed along with proper explanation
relating to material departures:
2. 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;
3. The directors had taken proper and sufficient care for the
maintenance of adequate accounting records for safeguarding the assets
of the company.
4. The directors had prepared the annual accounts on a going concern
basis.
5. The directors, in the case of a listed company, had laid down
internal financial controls to be followed by the company and that such
internal financial controls are adequate and were operating
effectively.
"Internal financial controls" means the policies and procedures adopted
by the company for ensuring the orderly and efficient conduct of its
business, including adherence to company's policies, the safeguarding
of its assets, the prevention and detection of the frauds and errors,
the accuracy and completeness of the accounting records, and the timely
preparation of reliable financial information.
6. 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.
VIGIL MECHANISM
The Company has adopted a Whistle Blower Policy establishing vigil
mechanism, to provide a formal mechanism to the Directors and employees
to report their concerns about unethical behavior, actual or suspected
fraud or violation of the Company's Code of Conduct or ethics policy.
The Policy provides for adequate safeguards against victimization of
employees who avail of the mechanism and also provides for direct
access to the Chairman of the Audit Committee. It is affirmed that no
personnel of the Company has been denied access to the Audit Committee.
COMPLIANCE WITH PROVISION OF SEXUAL HARASSMENT OF WOMEN AT WORKPLACE
(PREVENTION, PROHIBITION ND REDRESSAL) ACT, 2013
The Company has zero tolerance for sexual harassment at workplace and
has adopted a Policy on prevention, prohibition and redressal of sexual
harassment at workplace in line with the provisions of the Sexual
Harassment of Women at Workplace (Prevention, Prohibition and
Redressal) Act, 2013 and the Rules there under for prevention and
redressal of complaints of sexual harassment at workplace. The Company
is committed to providing equal opportunities without regard to their
race, caste, sex, religion, colour, nationality, disability, etc. All
women associates (permanent, temporary, contractual and trainees) as
well as any women visiting the Company's office premises or women
service providers are covered under this policy. All employees are
treated with dignity with a view to maintain a work environment free of
sexual harassment whether physical, verbal or psychological.
LISTING FEES
The Company has paid listing fees to BSE before 30th April, 2015.
ACKNOWLEDGEMENT
The Directors acknowledge with gratitude the support given to the
Company by the dealers, customers and suppliers, shareholders and
investors who indeed deserve a special mention for their faith and
confidence reposed by them in the Company.
By order of the Board
For MFL India Limited
Place: New Delhi (Anil Thukral) (Sheetal Thukral)
Date: 4th September, 2015 Managing Director Whole Time Director
DIN - 01168540 DIN - 01168506
Mar 31, 2014
Dear Members,
The Directors have pleasure in presenting the 31th Annual Report of
the Company together with Audited Accounts for the year ended 31st
March, 2014.
FINANCIAL RESULTS
(Rs. In Lacs) (Rs. In Lacs)
Particulars Current Year Previous Year
2013-14 2012-13
Sales, other income & prior 11058.73 9045.00
period income
Profit/(Loss) before Exceptional 133.21 107.64
and Extraordinary Items and Tax
Exceptional Items - -
Extra Ordinary Items - -
Profit/(Loss) before Tax 133.21 107.64
Less: Current Tax 28.22 21.54
Earlier Year Tax 21.29 -
Add: Deferred Tax 15.74 63.34
Profit/(Loss) for the period from 67.95 22.76
continuing operations
Profit/(Loss) for the period from
discontinuing operations -
Tax Expense of discontinuing operations -
Profit/(Loss) for the Period 67.95 22.76
DIRECTORS
In accordance with the provisions of the Companies Act, 2013 And Clouse
49 of listing agreement Mr. Anil Thukral, Director of the Company
retires by rotation, and being eligible, offers himself for
re-appointment.
It is further confirm that none of the above director are disqualified
under section 164 (2) of companies act, 1956
FIXED DEPOSITS
During the year under review the Company has not accepted any money
from the public as Fixed Deposits.
TRANSFER TO RESERVES IN TERMS OF SECTION 217(1)(B) OF THE COMPANIES
ACT, 1956
For the financial year ended 31st March, 2014, the Company had not
transfer any sum to Reserves. Therefore, your Company proposes to
transfer the entire amount of profit to Profit and Loss Accounts of the
Company.
DIVIDEND IN TERMS OF SECTION 217(1)(C) OF THE COMPANIES ACT, 1956
In order to conserve the profits of the business of the company, to
meet the growing funding requirements, your directors have not
recommended any dividend for the year under report.
DISCLOSURES UNDER SECTION 217(1)(D) OF THE COMPANIES ACT, 1956
Except as disclosed elsewhere in this report, there have been no
material changes and commitments which can affect the financial
position of the Company occurred between the end of the financial year
of the Company and date of this report.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE
EARNINGS & OUTGO UNDER SECTION 217(1)(E) OF THE COMPANIES ACT, 1956
Information u/s 217(1) (e) of the Companies Act, 1956 read with
Companies (Disclosures of Particulars in the Report of Board of
Directors) Rules, 1988 is furnished in Annexure "A" and forms part of
this report.
PARTICULARS OF EMPLOYEES
No employee of the Company is covered under section 217(2A) of the
Companies Act, 1956 read with the Companies (Particulars of Employees)
Rules, 1980 as amended to date.
REPORT ON CORPORATE GOVERNANCE
As stipulated by clause 49 of the Listing Agreement, the Report on
Corporate Governance is given separately in this Annual Report. The
Certificate of M/s. Amit Agrawal & Associates, Company Secretary in
Practice, regarding the Compliance of Clause 49 of the Listing
Agreement is enclosed herewith and form part of Directors'' Report.
DIRECTORS'' RESPONSIBILTY STATEMENT
In terms section 217(2AA) of the Companies Act, 1956 your directors
confirms as under:
1. That the preparations of Annual Accounts, the applicable accounting
standards have been followed and no materials departures have been made
from the same.
2. That they have selected such accounting policies and applied them
consistently, except where changes have been made and disclosed
appropriately and made judgments and estimates that are reasonable and
prudent so as to give a true and fair view of state affairs of the
Company at the end of profit or loss of the Company that period.
3. That they have taken proper and sufficient care for maintenance of
adequate accounting records in accordance with the provisions of
Companies Act, 1956 for the safeguarding the assets of the company and
preventing and detecting fraud and other irregularities.
4. That they have prepared the Annual Accounts on a going concern
basis.
BUY BACK OF SHARES
The Company has not made any offer to Buy Back its shares.
AUDITORS
M/s. SRY & Associates, Chartered Accountants, resign at the ensuing
Annual General Meeting and , AM & Associates, SCO 11,12, IInd Floor,
Sector 15, Part 2 Gurgaon 122001, are appointment as statutory auditors
of the Company for the financial year 2014-15, 2015-16, 2016-17. The
Company has received a certificate under section 141 of the Companies
Act, 2013 to the effect that their appointment, if made, will be within
the prescribed limit. The Audit Committee has also recommended their
appointment.
AUDITOR''S REPORT
The Auditors in their report have referred to the notes forming parts
of Accounts. The said notes are self-explanatory and need not require
any further clarifications. The suggestion given by them have taken
note for future operation.
ACKNOWLEDGEMENT
The Directors acknowledge with gratitude the support given to the
Company by the dealers, customers and suppliers, shareholders and
investors who indeed deserve a special mention for their faith and
confidence reposed by them in the Company.
By order of the Board
For MFL India Limited
Place: New Delhi (Anil Thukral) (Sheetal Thukral)
Date: 5th September, 2014 Director Director
DIN - 01168540 DIN - 01168506
Mar 31, 2013
To The Members
The Directors have pleasure in presenting the 30th Annual Report of
the Company together with Audited Accounts for the year ended 31st
March, 2013.
FINANCIAL RESULTS
(Rs. In Lacs) (Rs. In Lacs)
Particulars Current Year 2012-13 Previous Year 2011-12
Sales, other income &
prior period income 9045.00 7750.51
Profit/(Loss) before
Exceptional and
Extraordinary 107.64 52.70
Items and Tax
Exceptional Items - -
Extra Ordinary Items
Profi t/(Loss) before Tax 107.64 52.70
Less: Current Tax 21.54 10.05
Earlier Year Tax - 3.46
Add:Deferred Tax 63.34 (14.54)
Profi t/(Loss) for the
period from continuing
operations 22.76 53.72
Profit/(Loss) for the period
from discontinuing operations
Tax Expense of discontinuing
operations
Profi t/(Loss) for the Period 22.76 53.72
DIRECTORS
In accordance with the provisions of the Companies Act, 1956 Mr. Anil
Thukral, Director of the Company retires by rotation, and being
eligible, offers himself for re-appointment.
FIXED DEPOSITS
During the year under review the Company has not accepted any money
from the public as Fixed Deposits.
TRANSFER TO RESERVES IN TERMS OF SECTION 217(1)(B) OF THE COMPANIES
ACT, 1956
For the fi nancial year ended 31st March, 2013, the Company had not
transfer any sum to Reserves. Therefore, your Company pro- poses to
transfer the entire amount of profi t to Profi t and Loss Accounts of
the Company.
DIVIDEND IN TERMS OF SECTION 217(1)(C) OF THE COMPANIES ACT, 1956
In order to conserve the profi ts of the business of the company, to
meet the growing funding requirements, your directors have not
recommended any dividend for the year under report.
DISCLOSURES UNDER SECTION 217(1)(D) OF THE COMPANIES ACT, 1956
Except as disclosed elsewhere in this report, there have been no
material changes and commitments which can affect the fi nancial
position of the Company occurred between the end of the fi nancial year
of the Company and date of this report.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE
EARNINGS & OUTGO UNDER SEC- TION 217(1)(E) OF THE COMPANIES ACT, 1956
Information u/s 217(1) (e) of the Companies Act, 1956 read with
Companies (Disclosures of Particulars in the Report of Board of
Directors) Rules, 1988 is furnished in Annexure "A" and forms
part of this report.
PARTICULARS OF EMPLOYEES
No employee of the Company is covered under section 217(2A) of the
Companies Act, 1956 read with the Companies (Particulars of Employees)
Rules, 1980 as amended to date.
REPORT ON CORPORATE GOVERNANCE
As stipulated by clause 49 of the Listing Agreement, the Report on
Corporate Governance is given separately in this Annual Report. The
Certifi cate of M/s. Amit Agrawal & Associates, Company Secretary in
Practice, regarding the Compliance of Clause 49 of the Listing
Agreement is enclosed herewith and form part of Directors''
Report.
DIRECTORS'' RESPONSIBILTY STATEMENT
In terms section 217(2AA) of the Companies Act, 1956 your directors
confi rms as under:
1. That the preparations of Annual Accounts, the applicable accounting
standards have been followed and no materials depar- tures have been
made from the same.
2. That they have selected such accounting policies and applied them
consistently, except where changes have been made and disclosed
appropriately and made judgments and estimates that are reasonable and
prudent so as to give a true and fair view of state affairs of the
Company at the end of profi t or loss of the Company that period.
3. That they have taken proper and suffi cient care for maintenance of
adequate accounting records in accordance with the provisions of
Companies Act, 1956 for the safeguarding the assets of the company and
preventing and detecting fraud and other irregularities.
4. That they have prepared the Annual Accounts on a going concern
basis.
BUY BACK OF SHARES
The Company has not made any offer to Buy Back its shares.
AUDITORS
M/s. SRY & Associates, Chartered Accountants, retire at the ensuing
Annual General Meeting and being eligible, offer themselves for
re-appointment as statutory auditors of the Company for the fi nancial
year 2013-14. The company has received a certifi cate under section
224(1B) of the Companies Act,1956 to the effect that their appointment,
if made will be within the prescribed limit. The audit committee has
also recommended their re-appointment.
AUDITOR''S REPORT
The Auditors in their report have referred to the notes forming parts
of Accounts. The said notes are self-explanatory and need not require
any further clarifi cations. The suggestion given by them have taken
note for future operation.
ACKNOWLEDGEMENT
The Directors acknowledge with gratitude the support given to the
Company by the dealers, customers and suppliers, shareholders and
investors who indeed deserve a special mention for their faith and
confi dence reposed by them in the Company.
By order of the Board
For MFL India Limited
Place: New Delhi (Anil Thukral) (Sheetal Thukral)
Date: 5th September, 2013 Director Additional Director
DIN - 01168540 DIN-01168506
Mar 31, 2012
The Directors have pleasure in presenting the 29th Annual Report of
the Company together with Audited Accounts for the year ended 31st
March, 2012.
FINANCIAL RESULTS
(Rs.In Lacs) (Rs.In Lacs)
Particulars Current Year Previous Year
2011-12 2010-11
Sales, other income & prior period income 7750.51 7584.92
Profit/(Loss) before Exceptional and
Extraordinary Items and Tax 52.70 50.95
Exceptional Items - -
Extra Ordinary Items - -
Profit/(Loss) before Tax 52.70 50.95
Less: Current Tax 10.05 10.00
Earlier Year Tax 3.46 -
Add: Deferred Tax (14.54) (65.76)
Profit/(Loss) for the period from
continuing operations 53.72 106.71
Profit/(Loss) for the period from
discontinuing operations - -
Tax Expense of discontinuing operations - -
Profit/(Loss) for the Period 53.72 106.71
IMPORTANT DEVELOPMENTS
SHARE CAPITAL
During the year under review ,the Authorized share capital of the
company increased from? 16,00,00,000 divided into 1,60,00,000 equity
shares of Rs. 10 each to Rs. 37,00,00,000 divided into 3,70,00,000 equity
shares of Rs. 10 each and issued and paid up equity share capital of the
company increased fromRs. 149,140,000 divided into 1,49,14,000 equity
shares of Rs. 10 each toRs. 36,02,92,000 divided into 3,60,29,200 equity
shares of Rs. 10 each.
As part of the realignment exercise, the Company has completed Scheme
of Amalgamation with M/s Dynamic Movers Private Limited.
Your Directors are pleased to inform that pursuant to the order dated
2nd November , 2011, passed by the Hon'ble High Court of Delhi, and in
accordance with the Scheme of Amalgamation with M/s. Dynamic Movers
Private Limited 2,11,15,200 Equity Shares of the Company be allotted to
the shareholders of M/s. Dynamic Movers Private Limited , details as
given below:
S
No. Name of the
Allottee(s) Address Equity Shares
Allotted Distinctive nos
From - To
1. Mr. Anil
Thukral G-504, Vill:
Fazilpur,Jharsa, 2,00,38,240 14914001 to
34952240
Gurgaon,Haryana
2. Mrs. Sheetal
Thukral G-504, Vill:
Fazilpur,Jharsa, 10,43,040 34952241 to
35995280
Gurgaon,Haryana
3. Mr. C.P Thukral 343, Sector-37,
Noida, Distt- 33,920 35995281 to
36029200
Gautam Budh Nagar,UP
LISTING OF EQUITY SHARES
The Equity shares of the company continue to be listed on Bombay Stock
Exchange Limited (BSE). The requisite annual listing fees have been
paid to this exchange.
SHARES UNDER COMPULSORY DEMATERIALIZATION
The Equity shares of your company are included in the list of specified
scripts where delivery of shares in dematerialized (demat) form is
compulsory, if the same are traded on a stock exchange, which is linked
to a depository. 3,42, 20,671 (94.98 in %) Equity shares of the company
were held in demat form as on March 31st, 2012.
DIRECTORS
In accordance with the provisions of the Companies Act, 1956 Mr.
Devendra Manchanda, Mr. Palakuzhill Vergese Mohan and Mr. Sudhir Kumar
Sharma, Directors of the Company retires by rotation, and being
eligible, offers himself for re-appointment.
FIXED DEPOSITS
During the year under review the Company has not accepted any money
from the public as Fixed Deposits.
TRANSFER TO RESERVES IN TERMS OF SECTION 217(1)(B) OF THE COMPANIES
ACT, 1956
For the financial year ended 31st March, 2012, the Company had not
transfer any sum to Reserves. Therefore, your Company pro- poses to
transfer the entire amount of profit to Profit and Loss Accounts of the
Company.
DIVIDEND IN TERMS OF SECTION 217(1)(C) OF THE COMPANIES ACT, 1956
In order to conserve the profits of the business of the company, to meet
the growing funding requirements, your directors have not recommended
any dividend for the year under report.
DISCLOSURES UNDER SECTION 217(1)(D) OF THE COMPANIES ACT, 1956
Except as disclosed elsewhere in this report, there have been no
material changes and commitments which can affect the financial position
of the Company occurred between the end of the financial year of the
Company and date of this report.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE
EARNINGS & OUTGO
Information u/s 217(1) (e) of the Companies Act, 1956 read with
Companies (Disclosures of Particulars in the Report of Board of
Directors) Rules, 1988 is furnished in Annexure "A" and forms part of
this report.
PARTICULARS OF EMPLOYEES
No employee of the Company is covered under section 217(2A) of the
Companies Act, 1956 read with the Companies (Particulars of Employees)
Rules, 1980 as amended to date.
REPORT ON CORPORATE GOVERNANCE
As stipulated by clause 49 of the Listing Agreement, the Report on
Corporate Governance is given separately in this Annual Report. The
Certificate of M/s. Amit Agrawal & Associates, Company Secretary in
Practice, regarding the Compliance of Clause 49 of the Listing
Agreement is enclosed herewith and form part of Directors' Report.
DIRECTORS' RESPONSIBILTY STATEMENT
In terms section 217(2AA) of the Companies Act, 1956 your directors
confirms as under:
1. That the preparations of Annual Accounts, the applicable accounting
standards have been followed and no materials departures have been
made from the same.
2. That they have selected such accounting policies and applied them
consistently, except where changes have been made and disclosed
appropriately and made judgments and estimates that are reasonable and
prudent so as to give a true and fair view of state affairs of the
Company at the end of profit or loss of the Company that period.
3. That they have taken proper and sufficient care for maintenance of
adequate accounting records in accordance with the provisions of
Companies Act, 1956 for the safeguarding the assets of the company and
preventing and detecting fraud and other irregularities.
4. That they have prepared the Annual Accounts on a going concern
basis.
BUY BACK OF SHARES
The Company has not made any offer to Buy Back its shares.
AUDITORS
M/s. SRY & Associates, Chartered Accountants, be here by appointed as
statutory auditors of the Company. The Company has received a
certificate under section 224(1B) of the Companies Act, 1956 to the
effect that their appointment, if made, will be within the prescribed
limit. The Audit Committee has also recommended their re-appointment.
AUDITOR'S REPORT
The Auditors in their report have referred to the notes forming parts
of Accounts. The said notes are self-explanatory and need not require
any further clarifications. The suggestion given by them have taken note
for future operation.
ACKNOWLEDGEMENT
The Directors acknowledge with gratitude the support given to the
Company by the dealers, customers and suppliers, shareholders and
investors who indeed deserve a special mention for their faith and
confidence reposed by them in the Company.
By order of the Board
For MFL India Limited
Place: New Delhi (Anil Kumar Chaddha) (Vineet Arora)
Date: 1st September, 2012 Director Director
DIn à 00009383 DIn-01518473
Mar 31, 2010
The Directors have pleasure in presenting the 27th Annual Report of
the Company together with Audited Accounts for the year ended 31st
March, 2010.
FINANCIAL RESULTS
Particulars 2009-2010(Rs. in lacs) 2008-09 (Rs. in lacs)
Sales, other income &
prior period income 12.92 24.00
Profit/(Loss) before
interest, depreciation and
taxation (18.07) (13.65)
Depreciation (0.33) (1.71)
Profit/(Loss) before taxation (18.40) (15.36)
Provision for taxation 0.00 0.00
Profit/(Loss) after taxation (18.44) (15.36)
Add: Prior period income 0.02 NIL
Add: Balance b/f from
previous year (540.50) (524.97)
Profit/(Loss) carried to
Balance Sheet (558.92) (540.50)
MANAGEMENT DISCUSSION &ANALYSISANDREVIEWOF OPERATIONS AND FUTURE LAW
The old management has handed over the charge to the new management
under the supervision of Mr. Vineet Arora and Mr. Anil Kumar Chaddha.
The new management is in the process of starting the new activities in
the companies. The new management is in the process of converting the
other objects into main objects. Further the new management is
exploring the opportunities with Strategic Investors for infusion of
funds to the company. The new management is also in the process of
infusion of the funds in to the Company.
DIVIDEND
Due to the losses incurred, no dividend is recommended for the
financial year 2009-2010.
AUDITORS
M/s. Chandiwala Virmani & Associates, Chartered Accountant, not to be
appointed as Statutory Auditors of the company because of their
unwillingness to continued in the office of the Auditors of the
company."
M/s. SRY & Associates, Chartered Accountants, be appointed as statutory
auditors of the Company. The Company has received a certificate under
section 224(1 -B) of the Companies Act, 1956 to the effect that their
appointment, if made, will be within the prescribed limit.
AUDITORS REPORT
The Auditors in their report have referred to the notes forming parts
of Accounts. The said notes are self-explanatory and need not require
any further clarifications. The suggestion given by them have taken
note for future operation.
DIRECTORS
In accordance with the provisions of the Companies Act, 1956 Mr. Karan
Chopra, Director of the Company retires by rotation, and being
eligible, offers himself for re-appointment.
During the year under review Mr. S.C. Chhibber & Mr. N.K. Anand
resigned from Board of Directors and Mr. Pradeep Gupta & Mr.Shyam Mohan
Gupta have been appointed as independent directors. They have also
resigned from the Board of Directors. After that Mr. Devendra
Manchanda, Mr. Sudhir Kumar Sharma and Mr. Palakuzhiil Verghese Mohan
have been appointed as Independent directors of the company Further,
during the year under review Mr. Anil Kumar Chaddha and Mr. Vineet
Arora have been appointed as promoter directors of the company.
FIXED DEPOSITS
During the year under review the Company has not accepted any money
from the public as Fixed Deposits.
BUY BACK OF SHARES
The Company has not made any offer to Buy Back its shares.
PARTICULARS OF EMPLOYEES
No employee of the Company is covered under section 217(2A) of the
Companies Act, 1956 read with the Companies (Particulars of Employees)
Rules, 1980 as amended to date.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE
EARNINGS & OUTGO
Information u/s 217(1) (e) of the Companies Act, 1956 read with
Companies (Disclosures of Particulars in the Report of Board of
Directors) Rules, 1988 is furnished in Annexure "A" and forms part of
this report.
REPORT ON CORPORATE GOVERNANCE
As stipulated by clause 49 of the Listing Agreement, the Report on
Corporate Governance is given separately in this Annual Report. The
Certificate of M/s. Amit Agrawal & Associates, Company Secretary in
Practice, regarding the Compliance of Clause 49 of the Listing
Agreement is enclosed herewith and form part of Directors Report.
DIRECTORS RESPONSIBILITY STATEMENT
In terms section 217(2AA) of the Companies Act, 1956 your directors
confirms as under:
1. That the preparations of Annual Accounts, the applicable accounting
standards have been followed and no materials departures have been made
from the same.
2. That they have selected such accounting policies and applied them
consistently, except where changes have been made and disclosed
appropriately and made judgments and estimates that are reasonable and
prudent so as to give a true and fair view of state affairs of the
Company at the end of profit or loss of the Company that period.
3. That they have taken proper and sufficient care for maintenance of
adequate accounting records in accordance with the provisions of
Companies Act, 1956 for the safeguarding the assets of the company and
preventing and detecting fraud and other irregularities.
4. That they have prepared the Annual Accounts on a going concern
basis.
ACKNOWLEDGEMENT
The Directors acknowledge with gratitude the support given to the
Company by the dealers, customers and suppliers, shareholders and
investors who indeed deserve a special mention for their faith and
confidence reposed by them in the Company.
By the Order of the Board
For My Fair Lady Limited
Place: New Delhi (Karan Chopra) (S.N.Chopra)
Date: 8th June, 2010 Director Managing Director
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