Mar 31, 2015
Dear Shareholders,
The Directors here by present the Annual Report together with the
Audited statements of Accounts for the financial year ended on 31st
March 2015.
OPERATIONS REVIEW:
During the year under review due to financial crisis company has not
carried out any business activities and faces huge set back. So company
not in position to generate any revenue from the operation but due to
some fixed cost company posted Net Loss of Rs. 87868/-.
BRIEF DESCRIPTION OF THE COMPANY'S WORKING DURING THE YEAR/STATE OF THE
COMPANY'S AFFAIR:
The Company does not have any significant business activity and not
carried out any business during the year under review.
DIVIDEND:
Considering the loss incurred in the current financial year and
accumulated losses, your Directors have not recommended any dividend
for the financial year under review.
TRANSFER TO RESERVES:
The Company has not transferred any amount to Reserves for the period
under review.
SHARE CAPITAL:
The issued, subscribed and paid up capital of the Company is Rs
43249000/- divided into 4324900 equity shares of Rs 10/- each. There
has been no change in the share capital of the Company during the year.
SUBSIDIARIES, JOINT VENTURES OR ASSOCIATE COMPANIES:
The Company does not have any subsidiary, associate companies & joint
ventures.
FIXED DEPOSIT:
Your Company has not accepted any deposits within the meaning of
Section 73 of the Companies Act, 2013 and the Companies (Acceptance of
Deposits) Rules, 2014.
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS:
The Company has not given any loans or guarantees covered under the
provisions of section 186 of the Companies Act, 2013.
RELATED PARTY TRANSACTIONS:
All related party transactions that were entered into during the
financial year were on arm's length basis and were in the ordinary
course of the business. There are no materially significant related
party transactions made by the company with Promoters, Key Managerial
Personnel or other designated persons which may have potential conflict
with interest of the company at large.
MATERIAL CHANGES AND COMMITMENTS IF ANY AFFECTING THE FINANCIAL
POSITION OF THE COMPANY:
No material changes and commitments affecting the financial position of
the company have occurred between the end of financial year to which
the financial statements relate and the date of the Directors' Report.
SIGNIFICANT ORDERS PASSED BY THE REGULATORS, COURTS OR TRIBUNALS
IMPACTING GOING CONCERN AND COMPANY'S OPERATIONS:
To the best of our knowledge, the company has not received any such
orders passed by the regulators, courts or tribunals during the year,
which may impact the going concern status or company's operations in
future.
DIRECTORS AND KEY MANAGERIAL PERSONNEL:
Ms. DINABEN GANATRA (DIN: 07265796) appointed as additional director on
28.08.2015 and same resigned on 29.08.2015. Mr. KETANBHAI DINESHCNANDRA
SORATHIYA resigned on 28.08.2015.Mr. KAMLESH THOTHAWALA was appointed
as an additional director of the company with effect from August 29,
2015 and hereby appointed as director of the Company and whose office
liable to retire by rotation.
Since the Company does not have any significant business activities,
hence the Volume and Scope of work for the Company Secretary and Chief
Financial Officer are less and it is not a full time work and the job
of Company Secretary and Chief Financial Officer are not attractive
commensurate with the scope of work and salary.
DECLARATION BY INDEPENDENT DIRECTORS:
The Company has received necessary declaration from each Independent
Director under Section 149 (7) of the Companies Act, 2013, that they
meet the criteria of independence laid down in Section 149(6) of the
Companies Act, 2013.
MEETINGS:
Minimum four pre-scheduled Board meetings are held annually. In case of
business exigencies or urgency of matters, resolutions are passed by
circulation. During the year Five Board meetings were held. The dates
of the Board Meetings were 29.05.2014, 04.08.2014, 26.08.2014,
14.11.2014 and 07.02.2015. Attendance record of Directors attending the
Board meetings and Annual General Meetings during the year:
Name of the Director No. of Board Meetings Last AGM attended
Held Attended
ANIL MISTRY 5 5 YES
KETAN SORATHIYA 5 5 YES
Resigned as on
28.08.2015
SHAILESH KUMAR
GUPTA 5 1 NO
Appointed
26.08.2014
AJEET KUMAR 5 1 NO
Resigned as on
26.08.2014
AUDIT COMMITTEE:
The Audit Committee of the Company presently comprises of three
Directors being MR. KAMLESH THOTHAWALA, MR. SHAILESH GUPTA and MR. ANIL
MISTRY.
The Board terms of reference of the Audit Committee are in consonance
with the provisions of Section 177 of the Companies Act, 2013 and of
the Listing Agreement.
Role/ Functions of the Committee:
- Reviewing with management the annual financial statements before
submission to the Board.
- Recommending the appointment and removal of external auditors,
fixation of audit fee and also approval for payment for any other
services. - Review of policies relating to risk management Â
operational and financial. - Reviewing with the management, external
auditors and the adequacy of the internal control system.
Powers of the Committee:
- To investigate any activity within its terms of reference.
- To secure attendance of and seek any information from any employee
including representative of the prime shareholders (subject to their
internal approvals).
- Compliance with accounting standards.
- To obtain outside legal or other professional advice, if necessary.
- To secure attendance of outsiders with relevant expertise, if it
considers necessary.
- Compliance with Stock Exchange and legal requirements concerning
financial statements.
Attendance at the Audit Committee Meetings:
During the year the Audit Committee met 4 times on 29.05.2014,
04.08.2014, 14.11.2014, 07.02.2015 attendance of the members as under:
Name of the Director No. of Board Meetings
Held Attended
ANIL MISTRY 4 4
KETAN SORATHIYA 4 4
Resigned as on
28.08.2015
SHAILESH KUMAR GUPTA 4 1
AJEET KUMAR 4 1
Resigned as
on 26.08.2014
NOMINATION AND REMUNERATION COMMITTEE:
Nomination and Remuneration Committee has been constituted as per the
provisions of Section 178(1) of the Companies Act, 2013 on 30.05.2015
to review and to recommend the remuneration payable to the Executive
Directors and Senior Management of the Company based on their
performance and defined assessment criteria.
Nomination and Remuneration Committee of the Company presently
comprises of three Directors being MR. KAMLESH THOTHAWALA, MR.
SHAILESH GUPTA and MR. ANIL MISTRY.
The following is the terms of reference of Nomination and Remuneration
Committee:
- Formulation of the criteria for determining qualifications, positive
attributes and independence of a director and recommend to the Board a
policy relating to the level and composition of remuneration of the
directors, key managerial personnel and other employees;
- Formulation of criteria for evaluation of independent directors and
the Board;
- Devising a policy on Board diversity; and
-Identifying persons who are qualified to become directors and who may
be appointed in senior management in accordance with the criteria laid
down, and recommend to the Board their appointment and removal.
Nomination and Remuneration Policy:
The Committee is in process of formulating Nomination and Remuneration
Policy which determines criteria inter-alia qualification, positive
attributes and independence of Directors for their appointment on the
Board of the Company and payment of remuneration to Directors, Key
Managerial Personnel and other Employees. The Committee shall consider
the following attributes / criteria, whilst recommending to the Board
the candidature for appointment as Director.
- Qualification, expertise and experience of the Directors in their
respective fields;
- Personal, Professional or business standing;
- Diversity of the Board
In case of re-appointment of Non Executive Directors, the Board shall
take into consideration the performance evaluation of the Director and
his engagement level.
STAKEHOLDERS' RELATIONSHIP COMMITTEE:
The Board of Directors of the Company has re-named Share Holders
Grievance/ Share Transfer Committee as 'Stakeholders Relationship
Committee' in order to align it with the provisions of Section 178 of
the Companies Act, 2013. The Committee has been constituted to
strengthen the investor relations and to inter-alia, look into issues
relating to shareholders grievances pertaining to transfer of shares,
non- receipt of declared dividends, non-receipt of Annual Report,
issues concerning de-materialization etc.
This committee presently consists of three directors namely, MR.
KAMLESH THOTHAWALA, MR. SHAILESH GUPTA and MR. ANIL MISTRY. During the
year two meetings were held on 29.05.2014 and 07.02.2015.
BOARD EVALUATION:
Pursuant to the provisions of the Schedule IV, clause VIII of the
Companies Act, 2013 the Board has carried out an evaluation of its own
performance, the directors individually as well as the evaluation of
the working of its Audit, Appointment & Remuneration Committees. The
performance evaluations of Independent Directors were also carried out
and the same was noted. Independent Directors in their meeting decided
to bring more transparency in their performance and bring more
responsibility while taking any policy decisions for the benefit of the
shareholders in general.
REMUNERATION OF THE DIRECTORS/ KEY MANAGERIAL PERSONNEL (KMP)/
EMPLOYEES:
No Directors/ Key Managerial Personnel are drawing any remuneration.
Hence, the information required pursuant to Section 197 read with Rule
5 (1) (i) of The Companies (Appointment and Remuneration) Rules, 2014
in respect of ratio of remuneration of each director to the median
remuneration of the employees of the Company for the Financial year is
not given.
AUDITORS AND AUDITORS' REPORT:
M/s. RISHI SEKHRI AND ASSOCIATES, CHARTERED ACCOUNTANTS, Mumbai (Firm
Reg. No. 128216W), in respect of whom the company has received a
Special Notice under section 140(4) of the Act, proposing their
appointment in the place of retiring auditors M/s. Y. D. & Co.,
Chartered Accountants, Ludhiana, (FRN 018846N) and 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.
SECRETARIAL AUDIT AND SECRETARIAL AUDITORS' REPORT:
Pursuant to provisions of section 204 of the Companies Act, 2013 and
The Companies (Appointment and Remuneration of Managerial Personnel)
Rules, 2014 the Company has appointed Ms. SHUBHAM AGARAWAL, Company
Secretaries in practice to undertake the Secretarial Audit of the
Company. The Secretarial Audit report in the prescribed Form No MR-3 is
annexed herewith. QUALIFICATION IN SECRETARIAL AUDIT REPORT AND
EXPLANATIONS BY THE BOARD:
Sr. No. Qualifications made by Secretarial Auditor Explanations by the
Board
a) The Company has decided not to opt for The paid up capital and net
worth is below the prescribed compliance of Clause 49 for the time
being limit for mandatory applicability of Corporate Governance clause
so the Company has decided not to opt for compliance of Clause 49 for
the time being.
b) Acknowledgement for sending the notices The notice and agenda for
the Board and committee of the Meeting of the Board and meeting are
sent by the email or hand delivery. The Committees are not maintained
by the company will ensure to maintain to the company.
acknowledgements for sending the notice of the meeting of the board and
the committee.
c) Updating of website with regard to various The company will take
necessary steps to update website policies is pending with regard to
various policies which are pending.
d) The company has not complied with certain The company will take
necessary steps to comply with the clauses of Listing Agreement as
regards same.
publication of Notice of Board Meeting, Notice of AGM, quarterly
results.
e) As per the provisions of Section 149(1) of The Company is in process
for appointing of Women the Companies Act, 2013 and revised clause
Director and once suitable and if any willing candidate 49 of the
listing agreement, the Company is agrees to join the Company.
required to have at least one Women Director on its Board. The Company
has not appointed Women Director.
f) As per section 203(1)(i),(ii) & (iii), the Since the Company does
not have any significant business Company is required to appoint
Company activities, hence the Volume and Scope of work for the
Secretary & Chief Financial Officer. The Company Secretary and Chief
Financial Officer are less Company has not appointed Company and it is
not a full time work and the job of Company Secretary & Chief Financial
Officer. Secretary and Chief Financial Officer are not attractive
commensurate with the scope of work and salary.
g) As per section 138 of the Companies Act, The size of operation of
the Company is very small, it is 2013, the Company is required to
appoint not viable to appoint Internal Auditor but the Company Internal
Auditor. The Company has not has established the internal control
system. appointed Internal Auditor.
h) The company has not maintained the The company will take necessary
steps to maintain the attendance register for Board and attendance
register for board and committee meetings.
committee meeting i) Statutory Registrar as per companies Act The
company will take necessary steps to update 2013 is yet to be updated.
Statutory Register as per companies Act 2013.
j) Certain event based E Forms have not been The company will ensure to
file all relevant documents in filed by the company in time which were
time with ROC and other authorities as when required.
required to be filed with ROC during the audit period.
COST AUDITOR AND COST AUDIT REPORT:
Cost Audit is not applicable to your Company.
INTERNAL CONTROL SYSTEMS:
As there is no significant business activities hence there was no
systems set up for Internal Controls.
EXTRACT OF ANNUAL RETURN:
An extract of Annual Return as prescribed under Section 92(3) of the
Companies Act, 2013 ('the Act') and rule 12(1) of the Companies
(Management and Administration) Rules, 2014, in the prescribed Form No.
MGT 9 forming part of this report is annexed herewith
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.
CORPORATE GOVERNANCE REPORT:
SEBI vide its circular no. CIR/CFD/POLICY CELL/2/2014 dated 17th April,
2014 had amended Clause 49 and made it applicable to all the listed
Companies. Further, SEBI vide its circular no. CIR/CFD/POLICY
CELL/7/2014 dated 15th September, 2014 had made the Clause 49 on
Corporate Governance non-mandatory to the following class of Companies:
a. Companies having paid up equity share capital not exceeding Rs.10/-
crores and Net worth not exceeding Rs.25/- crores, as on the last day
of the previous financial year;
Provided that where the provisions of Clause 49 becomes applicable to a
company at a later date, such company shall comply with the
requirements of Clause 49 within six months from the date on which the
provisions became applicable to the company.
b. Companies whose equity share capital is listed exclusively on the
SME and SME-ITP Platforms.
Accordingly the paid up capital and net worth is below the prescribed
limit for mandatory applicability of Corporate Governance clause. The
Company has decided not to opt for compliance of Clause 49 for the time
being.
CORPORATE SOCIAL RESPONSIBILITY INITIATIVES:
The Company has not developed and implemented any Corporate Social
Responsibility initiative under the provisions of Section 135 of the
Companies Act, 2013, read with Rule 9 of Companies (Corporate Social
Responsibility Policy) Rules, 2014, as the said provisions are not
applicable.
PARTICULARS OF EMPLOYEES:
In terms of the provisions of Section 197(12) of the Act read with
Rules 5(2) and 5(3) of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014, is not required to be given as there
were no employees coming within the purview of this section.
TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO:
The details of conservation of energy, technology absorption etc. as
required to be given under Section 134(3)(m) of the Companies Act, 2013
read with Rule, 8 of The Companies (Accounts) Rules, 2014, are not
applicable to Company, as our Company has not carried out in the
manufacturing activities. The foreign exchange earnings on account of
the operation of the Company during the year was Rs. Nil.
DIRECTORS' RESPONSIBILITY STATEMENT:
The Directors' Responsibility Statement referred to in clause (c) of
sub-section (3) of Section 134 of the Companies Act, 2013, shall state
that:
a) In the preparation of the annual accounts, the applicable accounting
standards have been followed along with proper explanation by way of
notes to accounts relating to material departures;
b) 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;
c) the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 2013 for safeguarding the assets of
the company and for preventing and detecting fraud and other
irregularities;
e) Directors have prepared the accounts on a "going concern basis".
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.
DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE
(PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013
Since there are no women employees in the Company hence no comments
DISCLOSURE UNDER SECTION 197(12) OF THE COMPANIES ACT, 2013 AND OTHER
DISCLOSURES AS PER RULE 5 OF COMPANIES (APPOINTMENT & REMUNERATION)
RULES, 2014:
Pursuant to Section 197(12) of the Companies Act, 2013 and Rule 5 of
Companies (Appointment & Remuneration) Rules, 2014, every Listed
Company mandates to disclose in the Board's Report the ratio of the
remuneration of each director to the permanent employee's remuneration.
However, since there is no permanent employee in the Company, no
disclosure under the said provision has been furnished.
BUSINESS RISK MANAGEMENT:
Since the Company does not have any significant business activities,
hence the Business Risk is at the Minimal Level. Hence, no major risk
factors are envisaged except for:
a. Government Policies
b. Human Resource Risk
VIGIL MECHANISM
As the Company does not have any significant business activity, there
was no need to have a Vigil Mechanism Policy.
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, MFS INTERCORP LIMITED
PLACE: DELHI
DATE: 31.08.2015 Sd/-
(ANIL MISTRY)
CHAIRMAN
Mar 31, 2014
Dear Members,
The Directors here by present the Annual Report on business and
operations of the Company together with the Audited statements of
Accounts for the financial year ended on 31st March 2014.
REVIEW OF OPERATIONS:
During the year under review due to sluggish market condition and
financial crisis company faces huge set back. So company not able to
generate any revenue from the operation but due to some fixed cost
posted net loss of Rs. 39095/-. The management has taken measures as
part of its continuous improvements to strengthen operations and
viability.
D1V1DEND:
Your Directors have not declared any dividend during the year.
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. KETAN SORATHIYA Director of the Company is retires by rotation at
the ensuing Annual General Meeting and being eligible, offer himself
for reappointment.
MR. ANIL MISTRY and MR. SHAILESH KUMAR GUPTA were appointed on
03.02.2014 and 26.08.2014 respectively as an Additional Director of the
Company and holds office up to the date of this Annual General Meeting
be and is hereby appointed as an Independent Director of the Company to
hold office for five consecutive years up to the conclusion of the
Annual General Meeting to be held in the calendar year 2019.
MR. AJEET SINGH and MR JIGAR KSHATRI were resigned as Directors of the
Company with effect from 26.08.2014 and 03.02.2014 respectively.
AUDITORS AND AUDITORS'' REPORT:
M/s. Y. D. & Co., Chartered Accountants, Ludhiana, Statutory Auditors
of the Company, holds 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.
SECRETARIAL COMPLIANCE CERTIFICATE:
In accordance with the Section 383A of the Companies Act, 1956 and
Companies (Appointment and Qualifications of Secretary) Amendment
Rules, 2009, the Company has obtained a certificate from a secretary in
whole-time practice confirming that the Company has complied with the
provisions of the Companies Act, 1956 and a copy of such certificate is
annexed to this report.
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.
CORPORATE GOVERNANCE REPORT:
Your Company has been complying with the conditions of Corporate
Governance as stipulated in Clause 49 of the Listing Agreement. 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.
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.
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 has not carried out
in the 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, MFS INTERCORP LIMITED
PLACE: NEW DELHI
DATE: 26.08.2014
(KETANBHAI SORATHIYA)
CHAIRMAN
Mar 31, 2013
The Directors here by present the 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.
FINANCIAL PERFORMANCE:
Key aspects of Company'' financial performance for the year 2012-13 is
tabulated below:
[Amount in Rupees]
Particular 2012-13 2011-12
Total Income 1268000 3210000
Total Expenditure 1148000 3262316
Profit/(Loss) Before Extraordinary
items and Taxation 120000 (52316)
Extraordinary items 595620
Profit/(Loss) before Tax (PBT) 120000 (647936)
Less: current Tax 36360
Net Profit/(Loss) after Tax
for the year 83640 (647936)
REVIEW OF OPERATIONS:
During the year under review due to sluggish market condition and
financial crisis company faces huge set back. So company unable to
generate targeted revenue from the operation the Company hence total
Income was stood at Rs. 1268000/- and has made net profit of Rs.
83640/- for the year ended 31st March, 2013.
The management has taken measures as part of its continuous
improvements to strengthen operations and viability.
DIVIDEND:
Your Directors have not declared any dividend during the year.
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. Jigar Kshatri Director of the Company is retires by rotation at the
ensuing Annual General Meeting and being eligible, offer himself for
reappointment.
Mr. Ajeet Kumar was appointed as additional directors of the Company
with effect from 15.04.2013 and are eligible for re-appointment as
director of the Company at the forthcoming Annual General Meeting and
whose period of office will be liable to retire by rotation. Mr.
Kamlesh Thothawala was resigned as a Director of the Company with
effect from 15.04.2013.
SHIFTING OF REGISTERED OFFICE OF THE COMPANY:
During the year under review, company had by special resolution altered
the provisions of its Memorandum of Association with respect to the
place of the Registered Office by changing it from the state of Madhya
Pradesh to the Delhi and such alteration having been confirmed by an
order of Regional Director, NWR, Ahmedabad bearing the date 05.04.2013.
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.
SECRETARIAL COMPLIANCE CERTIFICATE:
In accordance with the Section 383A of the Companies Act, 1956 and
Companies (Appointment and Qualifications of Secretary) Amendment
Rules, 2009, the Company has obtained a certificate from a secretary in
whole-time practice confirming that the Company has complied with the
provisions of the Companies Act, 1956 and a copy of such certificate is
annexed to this report.
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.
CORPORATE GOVERNANCE REPORT:
Your Company has been complying with the conditions of Corporate
Governance as stipulated in Clause 49 of the Listing Agreement. 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.
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.
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 has not carried out
in the 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, MFS INTERCORP LIMITED
PLACE: NEW DELHI
DATE: 30.08.2013 Sd/-
(KETANBHAI SORATHIYA)
CHAIRMAN
Mar 31, 2010
The Directors have pleasure in presenting the 24th Annual Report
alongwith Audited Accounts of the company for year ended 31th March
2010.
FINANCIAL RESULTS
As you are aware that Board of Directors wishes to diversify the
activities of the company but due to depressed market conditions
company could not start the activities in the current year also and
incurred a net loss of Rs. 0.62 Thousand which has been carried to the
Balance Sheet.
DIVIDEND
In view of loss, the Board of Directors has not recommended any
dividend for the year ended on 31st March 2010.
DEPOSITS
The company has not invited/accepted public deposit within the meaning
of section 58A of the Companies Act, 1956 and rules made thereunder
during the year under review.
DIRECTORS
Shri Sunil Nahata Director of the Company retires by rotation and being
eligible offers themselves for reappoint- ment.
DIRECTORS RESPONSIBILITY
Pursuant to Section 217 (2AA) of the Companies (Amendment) Act, 2000
the Directors confirm;
(i) That in the preparation of the annual accounts, the applicable
accounting standards have been followed.
(ii) That appropriate accounting policies have been selected and
applied consistently, and have made judg- ments 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 31.03.2010.
(iii) That proper and sufficient care has been taken 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
and;
(iv) That the annual accounts have been prepared on a going concern
basis.
CORPORATE GOVERNANCE
Pursuant to clause 49 of the Listing agreement, a report on corporate
Goverance is annexed to this annual report.
DEMAT STATUS
The companys shares were admitted to demat. Presently Shares are held
both a electronics and physical mode.
SECRETARIAL COMPAL1ANCE CERTIFICATE:
In accrodance with Section 383A of the Companies Act, 1956, and
Companies (Compliance Certificate) Rule, 2001, the Company has obtained
a Certificate from a Secretary in the Whole time practice confirming
that the Company has complied with all the provisions of the Act and a
copy of such certificate is annexed to this report.
PARTICULARS OF EMPLOYEES
There was no employee in the Company who was employed throughout the
financial year or for part of the financial year was in receipt of
remuneration whose particulars, if so employed, are required to be
included in the report of Directors in accordance with the provisions
of Section 217 (2A) of the Companies Act, 1956 read with the Companies
(Particulars of employees) Rules, 1975.
CONSERVATION OF ENERGY. TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE
EARNINGS AND OUTGO
The company has not commenced commercial production during the period
under report and as such data pertaining to conservation of energy are
NIL. However the company has taken adequate steps for conservation of
energy while designing the plant itself. The managoment has created a
work culture of foster innovation in production and continuing efforts
for improvement in quality.
FOREIGN EXCHANGE EARNINGS AND OUTGO
Foreign Earnings out go : NIL
Foreign Earnings : NIL
ENVIRONMENT PROTECTION
The company has implemented for disposal of effluents an E T P system.
AUDITQRS
C.P. Rawka & Co., Chartered Accountants, the retiring Auditors of the
company retires at this Annual General Meeting and being eligible
offers themselves for reappointment.
ACKNOWLEDGEMENT
The Directors acknowledge with gratitude the coperation and confidence
reposed by the companys Bankers, Shareholders, Customer & Suppliers.
Your directors also wish to place on record their appreciation of
devoted services rendered by the employees of the company.
For and on behalf of the Board
Sunil Badjatia
Managing Director
Place: INDORE
Date : 20.08.2010
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