Mar 31, 2015
The Directors are elated in presenting the 31st 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 before
April 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 Before Tax
21,44,876 58,13,401
Provision for Tax 15,89,247 6,96,831
Profit after Tax 42,24,154 14,48,045
Balance Brought Forward 46,41,048 59,441
Add:- Excess /(short)
Provision
(2,56,418) 35,7,453
Reversed MVAT Credit
Balance carried to
Balance Sheet 58,32,675 46,41,048
3. BUSINESS OVERVIEW
Due to adverse market situations, the Profit of the Company has
declined from Rs. 42,24,154/- to Rs. 14,48,045/-. 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
Your Directors feel that it is prudent to plough back the profits for
future growth of the Company and with a view to conserve the resources,
they 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. Raju & Prasad Chartered Accountants, Mumbai (Firm Registration
Number:003475S) were appointed as the Statutory Auditors of the company
last year in AGM held on 25th 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 30th March, 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.
9. DIRECTORS
Mr. Amit Kumar Vashishta and Mr. Rameshwar Manohar Wagh resigned from
the Board of Directors of the Company due to their prior commitments.
The Board of Directors accepted their resignation in their Board
Meeting held on 3rd March, 2015 and relieved them from their
responsibilities towards the Company with effect from 3rd March, 2015.
Mrs. Nirmala Oza resigned from the Board of Directors of the Company
due to other personal commitments. The Board considered her resignation
and relieved her from her responsibilities as a director with effect
from 26th June, 2015.
Consequent upon the resignation of Mr. Amit Kumar Vashishta and Mr.
Rameshwar Manohar Wagh, the Board appointed Mr. Ramesh Kumar Singhoya
and Mr. Shravan Kumar as the Additional Independent Directors u/s 149
read with Section 161 of the Companies Act, 2013in the Board Meeting
held on 3rd March, 2015. Consequent upon the resignation of Mrs.
Nirmala Oza, the Board appointed Ms. Priti Bhanushali as an Additional
Independent Woman Director pursuant to Second Proviso to Section 149
read with Section 161 of the Companies Act, 2013 in the Board Meeting
held on 12th August, 2015. The Board of Directors hereby mentions that
all the aforementioned changes were duly approved and recommended by
the Nomination and Remuneration Committee of the Board of Directors of
the Company. Consequent upon the aforementioned changes in the Board of
Directors of the Company, the Board of Director stands as follows as on
date:
Name Designation Date of Appointment DIN
Executive Directors
Mr. Ankit
Garodia Managing Director & 21st February, 2012 05172218
CEO
Mr. Jugal
kishore Whole Time Director 21st February, 2012 05205981
Sharma & CFO
Non Executive/Independent Directors
Mr. Rakesh
Kumar Independent Director 3rd March, 2015 03525099
Singhoya
Mr. Shravan
Kumar Independent Director 3rd March, 2015 07110288
Ms. Priti
Bhanushali Independent Director 12th August, 2015 07264235
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 Six
times.
12. COMPANY'S POLICY RELATING TO DIRECTORS APPOINTMENT, PAYMENT OF
REMUNERATION AND DISCHARGE OF THEIR DUTIES
The provisions of Section 178(1) relating to constitution of Nomination
and Remuneration Committee are not applicable to the Company and hence
the Company has not devised any 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 Profit 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
The Securities and Exchange Board of India (SEBI) passed an ad-interim
ex-parte order no.WTM/RKA/30/2015 dated 17th April, 2015 against the
Company debarring the Company from accessing the Securities Market and
Suspending the trading in the scrips of Company.
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 MGT- 9"
25. DISCLOSURE OF COMPOSITION OF AUDIT COMMITTEE AND PROVIDING VIGIL
MECHANISM
The Audit Committee consists of the following members; a. Mr. Rakesh
Kumar Singhoya
b. Mr. Shravan Kumar
c. Mr. Jugalkishore Sharma
The above composition of the Audit Committee consists of independent
Directors viz., Mr. Rakesh Kumar Singhoya and Mr. Shravan Kumar 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 as
'Annexure II'.
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.
Registered Office: By the order of the Board of Directors
Office No-63, 1st Floor, For Mishka Finance and Trading Limited
Shagun Arcade
Premises CHSL Sd/- Sd/-
Gen A. K. Vaidya Marg, Mr.Ankit Garodia Mr.Jugalkishore
Sharma
Malad East, Mumbai-400097. Director Director
Date:02nd September 2015.
Mar 31, 2014
Dear Members,
The Directors are pleased to present 30 Annual Report and Audited
Statement of Accounts of MISHKA FINANCE AND TRADING LIMITED for the
year ended 31st March, 2014
This report has been prepared on the basis of the legal requirements
under the Companies Act, 1956. As per General Circular No.08/2014
issued by the Ministry of Corporate Affairs (MCA) dated 04/04/2014, the
provisions of the Companies Act, 2013 will become applicable for all
disclosures required under the Act for the year 2014-15 and subsequent
years.
FINANCIAL RESULTS: (Amount in Lacs.)
Particulars 31-03-2014 31-03-2013
Gross Receipt / Other Income 2752.57 1667.21
Profit / Loss before Tax 58.13 17.55
Depreciation Nil Nil
Profit / Loss before Tax 58.13 17.55
Provision for Tax 15.89 5.42
Profit / Loss after Tax 42.24 12.13
Balance Brought forward 0.59 (11.53)
Excess Provision Reversed & MAT Credit 3.57 -
Balance carried to Balance Sheet 46.41 0.59
Business Review:
- During the year under review, the company manifolds its bottom line
with the efficient management and control systems in the Company and
made a net profit of Rs. 42.24/- during the year under review as
compared to Rs. 12.13/-during the previous year.
- During the year under review, the company underwent subdivision of
share from nominal value of the equity shares is Rs.10/- each to
nominal value of equity shares of Rs. 1/- each pursuant to shareholders
approval vide special resolution passed in the Extraordinary Meeting
held on 24 December, 2013.
- During the year under review, the company shifted its Registered
Office to 403, A- Wing, 4th Floor, Express Zone, Western Express
Highway, Opp Reliance office, Malad - East, Mumbai 0 400063, w.e.f. 6
May, 2013.
DIVIDEND:
Your Directors feel that it is prudent to plough back the profits for
future growth of the Company and with a view to conserve the resources,
they do not recommend any dividend for the year ended 31st March, 2014.
DEPOSITORY SYSTEM:
The equity shares of the Company are available for dematerialization
through Depository participants, on both the Depositories viz. National
Securities Depository Ltd. (NSDL) and Central Depository Services
(India) Ltd. (CDSL).
DEPOSIT:
The Company has not taken /invited any deposits from the public during
the year. The outstanding amount is NIL as on 31st March, 2014.
DIRECTORS RESPONSIBILITY STATEMENT
To the best of their knowledge and belief and according to the
information and explanation obtained by them, your Directors make the
following statement pursuant to Section 217(2AA) of the Companies Act,
1956:
1. That in the preparation of Annual accounts for the year ended March
31, 2014; the applicable accounting standards have been followed along
with proper explanation relating to material departures, if any.
2. That the appropriate accounting policies had been selected and
applied consistently, and judgments and estimates have been made that
were reasonable and prudent so as to give a true and fair view of the
state of affairs of the company as at March 31, 2014 and of the profits
of the company for the said year.
3. That the Directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956, for safeguarding the assets of
the company and for preventing and detecting fraud and other
irregularities.
That the accounts have been prepared on a "going concern basis".
PARTICULARS OF EMPLOYEES:
Statement giving particulars of employees as required under Section
217(2A) of the Companies Act, 1956 read with the Companies (Particulars
of Employees) Rules 1975, as amended, is not annexed to this report as
no employee was in receipt of the remuneration in excess of the
prescribed sum during the year.
STATEMENT UNDER SECTION 217(I)(e):
Statement pursuant to Section 217(I)(e) of the Companies Act, 1956,
read with the Companies
(Disclosure of Particulars in the Report of Board of Directors) Rules
1988, is given below: ^ The Company has no activities relating to
conservation of energy. ^ The Company has made no provision for
research and development expenditure. ^ The Company has no activity
relating to technology absorption, adoption and innovation. ^ The
Company has no activity relating to foreign exchange earnings and
outgo.
AUDITORS NOTES AND OBSERVATIONS:
Auditors have made certain observations in their report. These have
been appropriately dealt with in the notes to accounts which are
self-explanatory.
AUDITORS:
M/s Pratap B. Sheth & Co., Chartered Accountants, retire as statutory
Auditors of Company at the conclusion of the ensuring Annual General
Meeting (AGM). The Statutory auditors have expressed their inability
and willingness to accept the office on in accordance with provision of
section Section-139 of the Companies Act, 2013
Your Directors propose appointment of M/s Raju & Prasad, Chartered
Accountants, whose appointment as been duly approved by the Audit
Committee and who shall hold office from the conclusion of this meeting
till the conclusion of the sixth annual general meeting, with this
meeting being counted as the first meeting and will be subject to
ratification in every Annual General Meeting till the sixth Annual
General meeting by way of passing of an ordinary resolution and to fix
their remuneration.
Also a certificate under Rule 4 of the Companies (Audit and Auditors)
Rules, 2014 has been received from the Auditors to the effect that the
Auditor is eligible for appointment and is not disqualified for
appointment under the Act, the Chartered Accountants Act, 1949 and the
rules or regulations made there under and proposed appointment is
within the limits laid down by or under the authority of the Act.
RESTRUCTURING OF THE BOARD OF DIRECTORS POST IMPLEMENTATION OF
COMPANIES ACT 2013:
The Board of Directors in its meeting held on 13th August 2014
reconstituted the Board of Directors of the Company in pursuant to
various provisions of the Companies Act 2013 as follows:
Name of Director Designation KMP position held
MR. JUGALKISHORE PRALHADRAI Chairman Chief Financial Officer
SHARMA_
MR. ANKIT GARODIA Managing Director Chief Executive Officer
MR. AMIT KUMAR VASISHTHA Independent -
Director
MR. RAMESHWAR MANOHAR WAGH Independent -
Director
Further, your Directors confirm that in pursuance to the provisions of
the Companies Act, the Company in due course will appoint Women
Director and One More Director in the capacity of Non-executive
Independent Director which will strengthen the Board further and will
be helpful in empowering the Board of the Company to achieve higher
performance thereby resulting in overall growth of the Company.
CORPORATE GOVERNANCE:
Pursuant to the Circular No. 08/2014 of Ministry of Corporate Affairs
dated 04th April 2014, the Company has prepared its financial
Statements including Directors Report, Auditors Report as per the
provisions of the Companies Act 1956. Reports on Corporate Governance
and Management Discussions & Analysis are annexed and form part of this
report.
FIXED DEPOSITS:
Your company has neither invited nor accepted any Fixed Deposits from
the public during the financial year under review.
LISTING AGREEMENTS REQUIREMENTS:
The securities of your company are listed at BSE Limited. The Company
has paid listing fees for the year 2014-15.
APPRECIATION:
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 sincerely thank all members for supporting us during the
difficult 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,
For Mishka Finance & Trading Ltd.
Place:Mumbai Sd/- Sd/-
Dated:13thAugust,2014 Ankit Garodia Jugalkishore Sharma
Director Director
Mar 31, 2013
The Directors are pleased to present TWENTY NINTH Annual Report and
Audited Statement of Accounts of MISHKA FINANCE AND TRADING LIMITED for
the year ended 31st March, 2013
FINANCIAL RESULTS:
During the year under review, the Company generated the net profits of
12,13,260/- as compared to loss of Rs11,53,819/- during the previous
year.
Particulars 31-03-2013 31-03-2012
Gross Receipt / Other Income 16,67,21,644 1,320
Profit / Loss before Tax 1,55,803 (11,53,819)
Depreciation Nil NIL
Profit / Loss before Tax 17,55,803 (11,53,189)
Provision for Tax 5,42,543 NIL
Profit / Loss after Tax 12,13,260 (11,53,819)
Balance Brought forward (11,53,819) NIL
Balance carried to Balance Sheet 59,441 (11,53,819)
Business Review:
- During the year under review, The Company underwent change of name
process and obtained fresh Certificate of Incorporation consequent upon
change of name on 16TH January from the Registrar of Companies,
Maharashtra, Mumbai.
The Company changed its name from Pyramid Trading and Finance Limited
to Mishka Finance and Trading Limited to give a fresh brand to the
company so that the company can enter into the new era of growth.
- The Company also underwent infusion of fresh funds through
preferential issue of shares with the allotment of 8,77,700 Equity
shares of Rs. 10/- each at Premium of Rs.75/-
- With a view to reward to the shareholders, the Company issued bonus
shares in the ratio of 7 equity shares for every 1 equity share held
aggregating 90,41,900 equity shares
- Now with the enhanced capital base, the Company is in the process of
exploring new avenues which will increase the turnover, profitability
and will result in enhancing shareholders value in the future.
DIVIDEND:
Your Directors feel that it is prudent to plough back the profits for
future growth of the Company and with a view to conserve the resources,
they do not recommend any dividend for the year ended 31st March, 2013.
DIRECTORS:
Mr. Jugalkishore Pralhadrai Sharma retire by rotation and he has
expressed his willingness for re-appointment hence your Directors
propose his re-appointment.
During the year, Mr. Amit Kumar Vasishtha, and Mr. Rameshwar Manohar
Waghmare were inducted as an Additional directors of the Company under
Section 260 of the Companies Act, 1956 who hold office only upto the
date of forthcoming Annual General Meeting. The Company has received
notice from some of the shareholders of the Company proposing their
candidature for the post of Directors. Your Directors propose their re-
appointment as the Directors of the Company liable to retire by
rotation.
Further, during the year pursuant to provisions of section 198, 269,
309 and 310 read with schedule XIII, and other applicable provisions if
any of the companies act, 1956, your directors propose appointment of
Mr. Ankit Goradia as Chairman and Managing Director for a period of
three years form 05th July, 2013 to 05th July, 2016. Your Directors
propose their appointment as the Chairman and Managing Director
respectively. Further, during the year, Mr. Anand Gupta, & Mr. Vijay
Kumar Jain resigned from the post of Directorship w.e.f. 30th March
2013. Your directors extend their sincere gratitude for valuable
services provided by them during their tenure to the Board.
DEPOSITS:
The Company has not taken /invited any deposits from the public during
the year. The outstanding amount is NIL as on 31st March, 2013.
PARTICULARS OF EMPLOYEES U/S 217 (2A):
None of the employees is drawing remuneration more than the specified
limit prescribed u/s.217 (2A) of the Companies Act, 1956, (Particulars
of Employees) Rules, 1975. Hence, the information required in terms of
Section 217(2A) of the Companies Act, 1956 (Particulars of Employees)
Rules, 1975 is not applicable.
PARTICULARS U/S 217 (1) (E):
The Company being an investment Company, the question of import of
technology, energy conservation or technical absorption measures does
not arise. There are no dealings in foreign exchange, nor are there any
exports.
CORPORATE GOVERNANCE:
During the year under review, the Company''s Paid up Capital crossed Rs.
3 Crores and hence the provisions of Clause 49 of Listing Agreement
have become applicable to the Company. Reports on Corporate Governance
and Management Discussions & Analysis pursuant to Clause 49 of Listing
Agreement are annexed and form part of this report.
DIRECTORS RESPONSIBILITY STATEMENT
Your Directors'' Confirm:
a} That in the preparation of Annual Accounts, the applicable
accounting standards have been followed.
b} That the Directors have selected such accounting policies and
applied them consistently and made judgments and estimates that are
reasonable and prudent so as to give true and fair view of the state of
affairs of the Company at the end of the Financial year ended 31st
March, 2013 and of the loss of the Company.
c} That the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provision of the Companies Act, 1956 for safeguarding the assets of the
Company and for preventing and detecting the fraud and other
irregularities.
d} That the Directors have prepared the Annual Accounts on a going
concern basis.
AUDITORS NOTES AND OBSERVATIONS:
Auditors have made certain observations in their report. These have
been appropriately dealt with in the notes to accounts which are
self-explanatory.
AUDITORS:
M/s.Pratap.B.Sheth&Co, Chartered Accountants, Mumbai appoint as
statutory Auditors of Company at the conclusion of the ensuring Annual
General Meeting (AGM). The Statutory auditors have confirmed their
eligibility and willingness to accept the office on appointment in
accordance with provision of section Section-224 (1B) of the Companies
Act, 1956.
BY ORDER OF THE BOARD
Ankit Garodia Jugalkishore Sharma
Managing Director Director
PLACE: Mumbai
DATE: 02/09/2013
Mar 31, 2012
To The Members, Pyramid Trading and Finance Limited.
The Directors are pleased to present the 28Th Annual Report of your
Company together with the Audited Statement of Accounts and the
Auditors' Report of your company for the financial year ended, 31st
March, 2012. The summarized financial results for the year ended 31st
March, 2012 are as under:
Financial Results
Particular For the financial For the financial
year ended, year ended,
31st March,2012 31st March, 2011
Amount in Rs. Amount in Rs.
Gross Receipt/other Income 1,320.17 19,204.00
Profit / (Loss) before Tax (11,53,818.83) 12,855.00
Depreciation 0.00 0.00
Profit / (Loss) before Tax (11,53,818.83) 12,855.00
Provision for Tax 0.00 0.00
Profit / (Loss) After Tax (11,53,818.83) 12,855.00
Balance Brought Forward 3,84,84,871.34 3,84,72,016.34
Balance Carried over to 3,73,31,052.51 3,84,84,871.34
Balance Sheet
Dividend
Your Directors feel that due to losses for the current year, it is
prudent to plough back the reserves for future growth of the Company
and do not recommend any dividend for the year ended 31st March, 2012.
Directors
In accordance with the provisions of the Companies Act, 1956 and the
Articles of Association, Mr. Ajay Prabhakar Paralkar, Director of the
company is liable to retires by rotation. But the company has received
a letter from him signifying his unwillingness to get re-appointment at
the ensuring Annual General Meeting. Hence Directors do not seek his
re-appointment at the ensuing Annual General Meeting.
During the year, Mr. Ankit Garodia and Mr. Jugalkishore Pralhadrai
Sharma were inducted as an Additional directors of the Company under
Section 260 of the Companies Act, 1956 who hold office only upto the
date of forthcoming Annual General Meeting. The company has received
notice from some of the shareholders of the company proposing their
candidature for the post of Directors. Your Directors propose their
re-appointment as the Directors of the company liable to retire by
rotation.
Directors' Responsibility Statement
Pursuant to Section 217(2AA) of the Companies Act, 1956 the Board of
Directors of the Company confirms that-
1. In preparation of the Annual Accounts, the applicable accounting
standaftls have been followed.
2. That the Directors have 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 as at 31st March, 2012 and of the profit or
loss of the company for that period.
3. That the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Companies Act, 1956, for safeguarding the assets of
the company and for preventing and detecting fraud and other
irregularities.
4. That the Directors had prepared the Annual Accounts for the year
ended 31st March, 2012 on a going concern basis.
Disclosures under Section 217(l)(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
31st March, 2012, of the Company and date of this report.
Transfer to Reserves in terms of Section 217 (l)(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 proposes to
transfer the entire amount of profit to Profit and Loss Accounts of the
Company.
Particulars of Employees
The company does not have any employee in receipt of remuneration equal
to or exceeding the limits prescribed under section 217(2A} of the
Companies Act, 1956 read with the Companies (Particulars of Employees)
Rules, 1975, as amended.
Auditor
M/s N.D Kapur & Co., Chartered Accountants, the existing Auditors of
the company have expressed their inability to continue as Statutory
Auditor of the Company. At the request of the Company M/s. MNRD &
Associates, Chartered Accountants, Mumbai have consented to act as
Auditor of the Company, if appointed. You are requested to appoint
Auditors for the current year and to fix their remuneration.
Auditors' Report
The observations made by the auditors in their report read with the
relevant notes as given in the Notes on Accounts for the year ended
31st March, 2012 are self-explanatory and therefore do not call for any
further comments under section 217(3) of the companies Act, 1956.
Compliance Certificate:
As required under provisions of section 383A of the Companies Act,
1956, Compliance certificate dated 08.08.2012 from M/s D.S. Momaya &
Co., Company Secretaries is annexed.
Conservation of Energy, Technology Absorption and Foreign Exchange
Earnings and Outgo
The particulars as required under the provisions of Section 217(1) (e)
of the Companies Act, 1956 in respect of conservation of energy and
technology absorption have not been 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.
Acknowledgements
Your Directors place on record their gratitude for the continuing
support of Shareholders, bankers, regulatory bodies and other Business
associates at all levels.
Your Directors also wish to place on record their deep sense of
appreciation for the contribution and commitment displayed by the
employees.
For and on behalf of the Board
Pyramid Trading and Finance Limited
Place: Mumbai
Sd/- Sd/-
Date: 08.08.2012 Director Director
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