Mar 31, 2015
The Directors present their 53rd Annual Report together with the
Audited Statement of Accounts of your Company for the Financial Year
ended 31st March, 2015.
FINANCIAL RESULTS:
2014-2015 2013-2014
Rs. in Lakh Rs. in Lakh
Loss before Interest,
Depreciation & Extra
ordinary Items 38.84 27.70
Adjustment for Depreciation 0.01 0.07
Loss for the year before
Extra ordinary Items 38.85 27.77
Add: Income from Extra
ordinary Items 0.00 0.00
Loss for the year
before tax 38.85 27.77
Adjustment for Income-tax 0.00 3.04
Loss after Tax 38.86 30.81
DIVIDEND;
In view of the accumulated losses and loss for the year, the Board
decided not to recommend any dividend for the year under review,
AMOUNT CARRIED TO MIBRVBS:
In view of the accumulated losses and loss for the year, your Comply do
not transfer any amount to the Reserves.
OPERATION:
The Company has not carried out any business activity during the year,
Your Directors are considering various avenues A options for the
activities to be undertaken,
EXTRACT OP THE ANNUAL RETURN:
The details forming part of the extent of the Annual Return in form
MOT-I Is annexed as Annexure 1 to this report,
NUMBER OF MEETINGS OF THE BOARD:
During the year, Four Board Meetings were convened and held on
28.04.2014,24.07.2014,03.11.2014 and 03 02,2015, The intervening gap
between the Meetings was within the period prescribed under the
Companies Act, 2013.
DIRECTORS' RESPONSIBILITY STATEMENT!
Pursuant to the requirement under Section 134(3)(c) of the Companies
Act, 2013, with respect to Directors' Responsibility Statement, it is
hereby confirmed that:
(a) in the preparation of the annual financial statements for the year
ended March 31,2015, the applicable accounting standards have been
followed along with proper explanation relating to material departures,
if any;
(b) 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 far view out state of affairs
of the company at the end of the financial year and of the loss of the
company for that period;
(c) The directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the company and
for preventing and detecting fraud and other irregularities;
(d) The directors have prepared the annual accounts on a going concern
basis; and
(e) The directors have laid down internal financial controls to be
followed by the company and that such internal financial controls are
adequate and were operating effectively.
(f) The directors have devised proper systems to ensure compliance with
the provisions of all applicable laws and that such systems were
adequate and operating effectively.
STATEMENT ON DECLARATION GIVEN BY INDEPENDENT DIRECTORS;
All Independent Directors have given declarations that they meet the
criteria of independence pursuant to Section 149(6) of the Companies
Act, 2013 and Clause 49 of the Dusting Agreement.
COMPANY'S POLICY ON DIRECTORS'APPOINTMENT AND REMUNERATION:
The Board has on the recommendation of the Nomination & Remuneration
Committee framed a policy for electrical of Directors, Senior
Management and their remuneration including catena for dining
qualifications, positive attributes independence of a Director and
other matters Pudendum*r sub-Son (3) of section 178 relating to the
remuneration for the Directors, key managing personnel an so employee
required by Rule 5 of Companies (Appointment Remunerator, of
Manager*. Personnel) Rules, 2014, the prescribed details are annexed
as Annexure 2 to this Report.
INFORMATION IN TERMS OF RULE 5 OF THE COMPANIES (APPOINTMENT AND
REMUNERATION OF MANAGERIAL PERSONNEL) RULES, 2014:
During the year under review no employee was employed who was in
receipt of aggregate remuneration exceeding Rupee sixty Lakh for the
year or exceeding Rupees Five Lakh per month for any part of the year
The ratio of the remuneration of each Director to the median
remuneration of the employees of the company and other details in terms
of sub-section 12 of section 197 of the companies Act, 2013 read with
rules 5(1) of the companies (Appointment and remuneration of managing
personnel) Rules 2014 are forming part of this Report and is annexed as
"Annexure 3" to this Report.
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS MADE UNDERSECTION186
OFTHE
COMPANIES ACT, 2013:
During the year, the Company has not given any loans or guarantees or
has made any investments u/s 186 of the Companies Act, 2013.
PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES:
The Company did not enter into any Contracts/ Arrangements with Related
Parties since no Business Activities were carried out by the Company
during the year.
SUBSIDIARIES, JOINT VENTURES AND ASSOCIATE COMPANIES:
The Company does not have any Subsidiary, Joint Venture or Associate
Company.
CORPORTATE GOVERNANCE:
Provisions of Clause 49 of the Listing Agreement with the Stock
Exchanges is not applicable to the l Company, as the Company's Paid up
Share Capital & Net worth is below the limits specified.
MATERIAL CHANGES AND COMMITMENTS, IF ANY, AFFECTING THE FINANCIAL
POSITION OF THE COMPANY WHICH HAVE OCCURRED BETWEEN THE END OF THE
FINANCIAL YEAR OF THE COMPANY TO WHICH THE FINANCIAL STATEMENTS RELATE
AND THE DATE OF THE REPORT:
In terms of the information required under Sub-section (3)(l) of
Section 134 of the Act, it is to be noted that no material Changes and
Commitments affecting the financial position of the Company have
occurred between the end of the financial year of the Company to which
the Financial Statements relate and the date of the Report.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO:
A. Since the Company does not carry any Business activities,
particulars to be disclosed with respect to Conservation of Energy &
Technology Absorption under Section 134 (3) (m) of Companies Act, 2013
read with Companies (Accounts) Rules, 2014 are not applicable.
B. During the year under review there has been no earnings and outgo
in foreign exchange.
RISK MANAGEMENT POLICY:
The provisions in respect of Risk Management are not applicable to the
Company as Clause 49 of the Listing Agreement is not applicable to the
Company.
CORPORATE SOCIAL RESPONSIBILITY (CSR) INITIATIVES:
The Company has not developed and implemented any Corporate Social
Responsibility Policy pursuant to the Provisions of Section 135 of the
Companies Act 2013 and relevant Rules framed there under as the said
provisions were not applicable to the Company as the Company had
incurred losses during the relevant period.
PUBLIC DEPOSITS:
During the year under review, the Company has not accepted any Deposit
pursuant to Section 73 and section 76 of the Companies Act, 2013 read
with Companies (Acceptance of Deposits) Rules, 2014.
ANNUAL EVALUATION BY THE BOARD OF ITS OWN PERFORMANCE:
Pursuant to the provisions of the Companies Act, 2013, the Board has
carried out an annual performance evaluation of its own performance,
the Directors individually as well as the evaluation of the working of
its Audit, Nomination & Remuneration Committees by filling. a structured
questionnaire.
SECRETARIAL AUDIT REPORT:
Pursuant to the provisions of Section 204 of the Companies Act, 2013
and The Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014, the Company has appointed Mr. Ajay Kumar,
Practicing Company Secretary, to undertake the Secretarial Audit of the
Company. The Report of the Secretarial Audit Report is annexed as
Annexure 4 to this Report.
EXPLANATION ON REMARKS OR DISCLAIMER MADE BY SECRETARIAL AUDITOR IN HIS
REPORT:
Looking at the Company's size and no business activities for past few
years, no one was interested in joining as CFO & Company Secretary.
Further, in spite of several efforts, the Board could not appoint any
Internal Auditor during the year.
The Company is in process of complying with the said requirements.
DIRECTORS:
Pursuant to the Provisions of the Companies Act, 2013, Mrs. Gopee
Graver (DIN:00560162) retires by rotation and being eligible offers
herself for re-appointment.
Mr. Vinodkumar Graver (Dl N: 00434129) Managing Director of the Company
who was appointed as the MD of the Company at the Annual General
Meeting held for the FY 2009-10 for the period of Five years. His
tenure as the MD will expire on 30.09.2015. It is proposed to re-appoint
him as Managing Director for a further period of 3 years w.e.f
01.10.2015. The Board at its meeting held on 12.05.2015, on
recommendation of Nomination & Remuneration Committee, approved his
re-appointment, subject to approval of the Members and Statutory
Authorities, if required.
AUDITORS:
The Company's Auditors M/s. Desai& Bhagtaney(FRN:115646W)were appointed
at the 52nd AGM held on 24 09 2014 for a period 3 (Three) years i.e.
from the Conclusion of 52nd Annual General Meeting until the conclusion
of 55th Annual General Meeting subject to ratification by Members at
every subsequent Annual General Meeting. However, M/s. Desai &
Bhagtaney (FRN:115646W) vide their letter dated 1/8/ 2015 had expressed
their inability to continue as the Statutory Auditors of the Company
due to lack of time and other pressing engagements. Therefore, your
Directors approached M/S Vinay Sanjay & Associates (FRNH2195W) who had
expressed their willingness and eligibility to act as Statutory
Auditors of the Company and also furnished the Certificate certifying
that they fulfill the criteria pursuant to Section 141 of the Companies
Act, 2013. Accordingly, on recommendation of the Audit Committee and
subject to approval of the Members they were appointed by the Board at
its meeting held on 14th August, 2015, as the Statutory Auditors of the
Company to hold office from 14.08.2015 till the conclusion of the
ensuing i.e. 53 Annual General Meeting. Further, pursuant to Section
139 (1) of the Companies Act, 2013 and as recommended by the Audit
Committee your Directors recommend appointment of M/S Vinay Sanjay &
Associates Chartered Accountant (FRN:112195W) for a period of 2(Two)
years i.e from the conclusion of 53rd Annual General Meeting till the
conclusion of 55th Annual General Meeting subject to ratification by
Members at every subsequent AGM.
RESERVATION AND QUALIFICATION ON AUDITORS' REPORT:
The notes to Accounts referred to in the Auditors" Report are
self-explanatory and therefore do not call for any further comments.
Auditors have not made any reservation or qualification in the Audit
Report. DETAILS IN RESPECT OF FRAUDS REPORTED BY AUDITORS PURSUANTTO
SECTION 143(12) OF THE COMPANIES ACT, 2013: During the year under
review there were no incidences of fraud reported by the Auditors.
COMMITTEES
I) Audit Committee:
Being a listed Company, the Company had already constituted its Audit
Committee consisting of Mr. Binod Khemka (DIN: 00292252), Mr.
Rajendrakumar Chaudhary (DIN: 02916342) and Mrs. Gopee Graver (DIN:
00560162). During the year under review Four (4) Meetings were held of
the Audit Committee.
II) Nomination and Remuneration Committee:
Being a listed Company, the Company had already constituted its
Nomination and Remuneration Committee consisting of Mr. Binod Khemka
(DIN: 00292252), Mr. Rajendrakumar Chaudhary (DIN: 02916342) and Mrs.
Gopee Graver (DIN: 00560162).
VIGIL MECHANISM /WHISTLE BLOWER POLICY:
The Company has adopted the Code of Conduct for Employees and Directors
for the highest degree of transparency, integrity, accountability and
corporate social responsibility. Any actual or potential violation of
the Code would be a matter of serious concern for the Company. The
Company also has Whistle Blower Policy to deal with instance of fraud
and mismanagement, if any.
Employees of the Company are encouraged to use guidance provided in the
Policy for reporting all allegations of suspected improper activities.
DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR
COURTS OR TRIBUNALSIMPACTING THE GOING CONCERN STATUS AND COMPANY'S
OPERATIONS IN FUTURE.
There are no significant and material Orders passed by the Regulators
or Courts or Tribunals which would impact the going concern status and
the Company's future operations.
FUTURE OUTLOOK:
Your Directors are looking for various avenues and options for carrying
out business activities of the Company. On account of change in the
pattern of textile fabrics, your Company had to suspend trading in
textile fabrics and yarn a few years back.. However, the Promoters of
your Company have always made funds available to your Company whenever
there was a requirement in the past and will continue to do so.
Your Company has no borrowings from Banks or Financial Institutions
except inter-corporate deposits amounting to Rs.76.77 lakhs during the
year to augment its finances. The borrowings are at the rate of 8%
P-a.
COMPANY'S POLICY FOR PREVENTION OF SEXUAL HARASSMENT:
The Company is committed to provide a safe and conducive work
environment to all women employees. During the year under review
Company had not received any Complaints in respect of Sexual
Harassment.
APPRECIATION:
Your Directors place on record their appreciation for the co-operation
of all the Staff and Officers, Shareholders of the Company and look
forward to their continued co-operation in future.
By Order of the Board of Directors
For MODELLA WOOLLENS LIMITED
(V.K. Grover)
Chairman & Managing Director
(DIN: 00434129)
Registered Office:
4C Vulcan Insurance Building,
Veer Nariman Road,
Mumbai-400020
Place: Mumbai
Date: 14thAugust,2015.
Mar 31, 2014
Dear Members,
The Directors present their 52nd Annual Report together with the
audited statement of accounts of your Company for the year ended 31st
March, 2014.
FINANCIAL RESULTS: 2013-2014 2012-2013
Rs./Lakh Rs./Lakh
Loss before Interest, Depreciation &
Extra ordinary items 27.70 35.99
Adjustment for Depreciation 0.07 0.09
Loss for the year before Extra ordinary items 27.77 36.08
Add: Income from Extra ordinary items 0.00 0 00
Loss for the year before tax 27.77 36.08
Adjustment for Income-tax 3.04 0.00
30.81 36.08
DIVIDEND:
In view of the accumulated losses and loss for the year, the Board
decided not to recommend any dividend for the year under review.
OPERATION:
The Company has not carried out any business activity during the year.
Your Directors are considering various avenues & options for the
activities to be undertaken. Your company has earned miscellaneous
income including by way of Interest on Loans, Dividend during the year
under review.
FUTURE OUTLOOK:
Your Company had to suspend trading in textile fabrics and yam during
the year under review due to paucity of funds. As the textile markets
have improved in the last few months your Company plans to restart the
trading activity. The promoters of your Company have always made funds
available to your Company whenever there was a requirement in the past
and will continue to do so.
Your Company has no borrowings from Banks or Financial Institutions
except inter-corporate deposits amounting to Rs.41.50 lakhs during the
year to augment its finances. The borrowings are at the rate of 8% p.a.
PUBLIC DEPOSITS:
The Company has neither invited nor accepted any Public Deposit within
the meaning of the Section 58A of the Companies Act, 1956 and rules
made there under, during the year under review.
DIRECTORS'' RESPONSIBILITY STATEMENT AS REQUIRED UNDER SECTION 217(2AA)
of the Companies Act, 1956.
Your Directors state that-
(i) in the preparation of the annual accounts, the applicable
accounting standards have been followed.
(ii) they 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 at the end of the financial year and the loss of the
Company for the year.
(iii) they 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) they have prepared the annual accounts on a going concern basis.
COMPLIANCE CERTIFICATE:
As required under proviso to sub-section(1) of Section 383A of the
Companies Act, 1956, a certificate dated 28/ 4/2014 from Mrs. Jayshree
S. Joshi, Proprietress of M/s. Jayshree Dagli & Associates, Company
Secretaries, Mumbai is attached to this Report.
DIRECTORS:
Mrs. Gopee Grover (DIN:00560162) retires by rotation and being eligible
offers herself for re-appointment.
As per provisions of Sections 149, 152 read with Schedule IV and other
applicable provisions, if any, of the Companies Act, 2013 and the Rules
made there under (including statutory modification(s) or re-enactment
thereof for the time being in force), the Board recommends the
appointment of Mr. Binod Kumar Shyamlal Khemka (DIN:00292252) and of
Mr. Rajendrakumar Ramcharan Chaudhary (DIN: 02916342) as the
Independent Directors of the Company for a period of five years w.e.f
01.10.2014. The Company has received a Notice in writing in compliance
with the provisions of Section 160 of the Companies Act, 2013 proposing
their candidature for the office of Director of the Company.
The Company has received declarations from the Independent Directors of
the Company confirming that they meet with the criteria of independence
as prescribed both under the applicable provisions of the Companies
Act, 2013.
OBSERVATIONS IN THE AUDITORS'' REPORT:
Your Directors are of the view that having regard to the size and
nature of business there is no need for a formal internal audit.
However, your Directors have put in place suitable system of internal
controls and exercises periodic checks to ensure their compliance.
The observations made by the Auditors in their Report read with
relevant notes given in the Notes on Accounts are self explanatory and
therefore, do not require any comments from your Directors pursuant to
Section 217(3) of the Companies Act, 1956.
AUDITORS:
M/s. Desai & Bhagtaney, Chartered Accountants (FRN: 115646W), Mumbai
retire at the forthcoming Annual General Meeting and being eligible to
hold the office for a term of 3 more years, subject to ratification by
the Members at every Annual General Meeting, offer themselves for
re-appointment. The Auditors retiring have furnished a certificate of
their eligibility for re-appointment under Section 139 of the Companies
Act, 2013 and rules made thereunder and have indicated their
willingness to continue. The Members are requested to consider their
re-appointment and authorise the Board of Directors to fix their
remuneration.
PERSONNEL:
There is no employee whose remuneration exceeds the limit specified
under Section 217(2A) of the Companies Act, 1956.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO:
Pursuant to Rules framed by the Central Government under Section 217,
sub-section 1(e), the Board reports as under:
A CONSERVATION OF ENERGY : N.A.
B. TECHNOLOGY ABSORPTION : N.A.
C. FOREIGN EXCHANGE EARNINGS : NIL
D. FOREIGN EXCHANGE OUTGO : NIL.
APPRECIATION:
Your Directors place on record their appreciation for the co-operation
of all the Staff and Officers, Shareholders of the Company and look
forward to their continued co-operation in future
By Order of the Board of Directors
For MODELLA WOOLLENS LIMITED
Registered Office:
4C Vulcan Insurance Building,
Veer Nariman Road, (V.K. Grover)
Mumbai- 400020 Chairman & Managing Director
(DIN: 00434129)
Place: Mumbai
Date: 28th April. 2014
Mar 31, 2013
The Directors present their 51st Annual Report together with the
audited statement of accounts of your Company for the year ended 31st
March, 2013.
FINANCIAL RESULTS:
2012-2013 2011-2012
Rs./Lakhs Rs./Lakhs
Loss before Interest, Depreciation &
Extra ordinary items 35.99 25.79
Adjustment for Depreciation
Loss for the year before Extra
ordinary items 36.08 25.89
Add: Income from Extra ordinary items 0.00 0.00
Loss for the year before tax 36.08 25.89
Adjustment for Income-tax 0.00 0.24
Loss after Tax 36,08 25.65
In view of absence of significant business activities, the Chairman &
Managing Director has continued to draw a token remuneration of Rs.
100/- p.m. till September, 2012 & further as the Centra! Government
had vide their letter SRN No. A95923066/4/2011-CL.VI! dated 7th
February, 2011 approved Remuneration payable to him till 30.9.2012, no
remuneration was paid to him thereafter.
DIVIDEND:
In view of loss for the year the Board decided not to recommend any
dividend for 2012-13. OPERATION :
During the year your Company continued with the trading activities that
commenced from the preceding year. Your Company has generated sales of
Rs.25.47 lakh as against Rs. 19.80 lakh of the previous year.
Your Directors are of the view that having regard to the size and
nature of business there is no need for a formal internal audit.
However, your Directors have put in place suitable system of internal
controls and exercises periodic checks to ensure their compliance.
FUTURE OUTLOOK:
Your Directors are expecting to be able to continue trading in textile
fabrics and yams on a regular basis. The promoters of your Company have
always made funds available to your Company whenever there was a
requirement in the past and will continue to do so.
Your Company has no borrowings from Banks or Financial Institutions.
However, your Company has taken inter-corporate deposits amounting to
Rs.15 lakhs during the year to augment its finances. The borrowings
are at rate of 8% p.a.
DIRECTORS'' RESPONSIBILITY STATEMENT AS REQUIRED UNDER SECTION 217 (2AA)
of the Companies Act, 1956.
Your Directors state that-
(i) in the preparation of the annual accounts, the applicable
accounting standards have been followed.
(ii) they 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 at the end of the financial year and the loss of the
Company for the year..
(iii) they 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) they have prepared the annual accounts on a going concern basis.
COMPLIANCE CERTIFICATE:
As required under proviso to sub-section{ 1} of Section 383A of the
Companies Act, 1956, a certificate dated 15/4/2013 from Messrs Jayshree
Dagli & Associates, Company Secretaries is attached to this Report.
PERSONNEL:
Your Directors place on record their appreciation for the co-operation
of all the staff and officers of the Company and look forward to their
continued co-operation in future.
There is no employee whose remuneration exceed the limit specified
under Section 217(2A) of the Companies Act, 1956.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS
AND OUTGO:
Pursuant to Rules framed by the Central Government under Section 217,
sub-section 1(e), the Board reports as under:
A. CONSERVATION OF ENERGY : N.A.
B. TECHNOLOGY ABSORPTION N.A.
C. FOREIGN EXCHANGE EARNINGS NIL
D. FOREIGN EXCHANGE OUTGO : NIL DIRECTORS :
Ms. Gopee Grover retires by rotation and being eligible offers herself
for re-appointment.
Your Directors have informed your Company thai they are not debarred
for re-appointment/ continuation as directors under Sec274(1)(g) of the
Companies Act. 1956.
AUDITORS & AUDITORS REPORT :
Messrs Desai & Bhagtaney. Chartered Accountants, Mumbai retire at the
conclusion of the Annual General Meeting and being eligible are
recommended for re-appointment.
For and on behalf of the Board of Directors
Place.: Mumbai, V. K. Grover
Dated : 17th
April, 2013 Chairman & Managing Director
Mar 31, 2012
The Directors present their 50th Annual Report together with the
audited statement of accounts of your Company for the year ended 31st
March, 2012.
FINANCIAL RESULTS: 2011-2012 2010-2011
Rs./Lakhs Rs./Lakhs
Loss before Interest, Depreciation
& Extra ordinary items 25.79 26.25
Adjustment for Depreciation 0.10 0.11
Loss for the year before Extra
ordinary items 25.89 26.36
Add: Income from Extra ordinary items 0.00 50.00
Loss/(Profit) for the year before tax 25.89 (23.64)
Adjustment for Income-tax 0.24 15.17
Loss/(Profit) after Tax 25.65 (8.47)
In view of absence of significant business activities, the Managing
Director has continued to draw a token remuneration of Rs.100/- p.m.
during the financial year.
DIVIDEND :
In view of loss for the year the Board decided not to recommend any
dividend for 2011-12.
OPERATION:
During the year your Company continued with the trading activities that
commenced from the preceding year. Your Company has generated sales of
Rs. 19.80 lakh as against Rs. 12.70 lakh of the previous year. The
funds available with your Company were invested in mutual funds, fixed
deposits etc. that generated a net income of Rs.2.47 lakh (Rs.2.45
lakh).
Your Directors are of the view that having regard to the size and
nature of business there is no need for a formal internal audit.
However, your Directors have put in place suitable system of internal
controls and exercises periodic checks to ensure their compliance.
FUTURE OUTLOOK:
Your Directors are expecting to be able to continue trading in textile
fabrics and yarns on a regular basis. The promoters of your Company
have always made funds available to your Company whenever there was a
requirement in the past and will continue to do so.
Your Company has no borrowings from Banks or Financial Institutions and
has also not accepted any public deposit.
DIRECTORS' RESPONSIBILITY STATEMENT AS REQUIRED UNDER SECTION 217 (2AA)
of the Companies Act, 1956.
Your Directors state that-
(i) in the preparation of the annual accounts, the applicable
accounting standards have been followed.
(ii) they 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 at the end of the financial year and the loss of the
Company for the year.
(iii) they 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) they have prepared the annual accounts on a going concern basis.
COMPLIANCE CERTIFICATE :
As required under proviso to sub-section(1) of Section 383A of the
Companies Act, 1956, a certificate dated 23.4.2012 from Messrs Jayshree
Dagli & Associates, Company Secretaries is attached to this Report.
PERSONNEL:
Your Directors place on record their appreciation for the co-operation
of all the staff and officers of the Company and look forward to their
continued co-operation in future.
There is no employee whose remuneration exceed the limit specified
under Section 217(2A) of the Companies Act, 1956.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO :
Pursuant to Rules framed by the Central Government under Section 217,
sub-section 1 (e), the Board reports as under:
A. CONSERVATION OF ENERGY : N.A.
B. TECHNOLOGY ABSORPTION : N.A.
C. FOREIGN EXCHANGE EARNINGS : NIL
D. FOREIGN EXCHANGE OUTGO : NIL
DIRECTORS :
Mr. R.K. Chaudhary retires by rotation and being eligible offers
himself for re-appointment.
Your Directors have informed your Company that they are not debarred
for re-appointment/ continuation as directors under Sec274(1)(g) of the
Companies Act, 1956.
AUDITORS & AUDITORS REPORT :
Messrs Desai & Bhagtaney, Chartered Accountants, Mumbai retire at the
conclusion of the Annual General Meeting and being eligible are
recommended for re-appointment.
For and on behalf of the Board of Directors
V. K. Grover
Chairman & Managing Director
Place : Mumbai,
Dated : 25th April, 2012
Mar 31, 2011
TO THE MEMBERS FOR THE YEAR ENDED 31 ST MARCH, 2011
The Directors present their 49th Annual Report together with the
audited statement of accounts of your Company for the year ended 31st
March, 2011.
FINANCIAL RESULTS: 2010-2011 2009-2010
Rs./ Lakhs Rs./Lakhs
Profit before Interest and Depreciation 23.75 6.11
Less : Depreciation 0.11 0.13
Profit for the year before Tax 23.64 5.98
Less: Income Tax including F.B.T. 15.17 (8.76)
(Deficit)/Profit after Tax 8.47 (2.78)
In view of absence of significant business activities, the Managing
Director has continued to draw a token remuneration of Rs.100/- p.m.
during the financial year.
DIVIDEND:
In view of accumulated losses of earlier years, and with a view to
conserve resources the Board decided not to recommend any dividend for
2010-11.
OPERATION :
During the year your Company was able to commence trading activity and
it is expected that trading will continue on a regular basis. Your
Company has generated sales of Rs. 12.70 lakhs resulted in income of
Rs.0.80 lakh from trading activities during the year. The funds
available with your Company were invested mostly in bonds and fixed
deposits that generated an income of Rs.1.88 lakh and Rs.0.39 lakh
respectively.
Your Directors are of the view that having regard to the size and
nature of business there is no need for a formal internal audit.
However, your Directors have put in place suitable system of internal
controls and exercises periodic checks to ensure their compliance.
FUTURE OUTLOOK:
Your Directors are expecting to do trading in textile fabrics and yarns
on a regular basis.
Your Company has no borrowings from Banks or Financial Institutions.
The Company has also not accepted any deposits.
DIRECTORS' RESPONSIBILITY STATEMENT AS REQUIRED UNDER SECTION 217 (2AA)
of the Companies Act, 1956.
Your Directors state that-
(i) in the preparation of the annual accounts, the applicable
accounting standards have been followed.
(ii) they 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 at the end of the financial year and the profit of the
Company for the year..
(iii) they 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) they have prepared the annual accounts on a going concern basis
because of financial support from promoters.
COMPLIANCE CERTIFICATE:
As required under proviso to sub-section(1) of Section 383A of the
Companies Act, 1956, a certificate dated 25-04-2011 from Messrs
Jayshree Dagli & Associates, Company Secretaries is attached to this
Report.
PERSONNEL:
Your Directors place on record their appreciation for the co-operation
of all the staff and officers of the Company and look forward to their
continued co-operation in future.
There is no employee whose remuneration exceed the limit specified
under Section 217(2A) of the Companies Act, 1956.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO:
Pursuant to Rules framed by the Central Government under Section 217,
sub-section 1 (e), the Board reports as under:
A. CONSERVATION OF ENERGY : N.A.
B. TECHNOLOGY ABSORPTION : N.A.
C. FOREIGN EXCHANGE EARNINGS : NIL
D. FOREIGN EXCHANGE OUTGO : NIL
DIRECTORS :
Mr. B.K. Khemka retires by rotation and being eligible offers himself
for re-appointment.
The Central Government , Ministry of Company Affairs has approved the
re-appointment of Mr. V.K. Graver as the Managing Director for a
period of 5 years with effect from 01-10-2010. However, his salary as
the Managing Director has been approved for a period of 3 years with
effect from 01-10-2010.
Your Directors have informed your Company that they are not debarred
for re-appointment/ continuation as directors under Section 274(1)(g)
of the Companies Act, 1956.
AUDITORS & AUDITORS REPORT :
Messrs Desai & Bhagtaney, Chartered Accountants, Mumbai retire at the
conclusion of the Annual General Meeting and being eligible are
recommended for re-appointment.
For and on behalf of the Board of Directors
V. K. Grover
Chairman & Managing Director
Place : Mumbai,
Dated : 27th April, 2011
Mar 31, 2010
The Directors present their 48th Annual Report together with the
audited statement of accounts of your Company for the year ended 31st
March, 2010.
FINANCIAL RESULTS: 2009-2010 2008-2009
Rs Lakhs Rs Lakhs
Profit before Interest and Depreciation 6.11 21.90
Less : Depreciation 0.13 1.32
Profit for the year before Tax 5.98 23.22
Less: Income Tax including F.B.T. (8.76) (8.62)
(DeficityProfit after Tax (2.78) 14.60
In view of absence of significant business activities, the Managing
Director has continued to draw a token remuneration of Rs.100/- p.m.
during the financial year.
DIVIDEND :
In view of the loss for the year, no dividend is recommended.
OPERATION:
During the year under review there was no trading activity. Your
Company was able to recover Rs.17.67 lakh as interest on compensation.
The funds available with your Company were deployed mostly in mutual
funds that generated an income of Rs.0.93 lakh.
Your Directors have been pursuing the claim against Messrs Rajesh
Industries in Court. With the demise of Mr. Rajesh Shroff it has become
difficult to recover the dues. Your Directors have decided to enter
into consent terms for a lump sum receipt of Rs.5,00,000/- and
concluded the issue.
Your Directors are of the view that having regards to the size and
nature of the business, which at present remains suspended, there is no
need for a formal internal audit. However, your Directors have put in
place suitable system of internal controls and exercises periodic
checks to ensure their compliance.
FUTURE OUTLOOK:
Your Company was not being able to utilize its trade mark "MODELLA" for
several years in the past. Your Directors have decided to unlock the
economic value of the trademark in its various forms together with the
copyright attached with it. Your Directors are in the process of
assigning the same to Messrs Uday Industries for perpetuity. Messrs
Uday Industries are one of the registered users of the trade marks for
the several years.
Your Company has no borrowings from Banks or Financial Institutions.
The Company has also not accepted any deposits.
DIRECTORS RESPONSIBILITY STATEMENT AS REQUIRED UNDER SECTION 217 (2AA)
of the Companies Act, 1956.
Your Directors state that-
(i) in the preparation of the annual accounts, the applicable
accounting standards have been followed.
(ii) they 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 at the end of the financial year and the profit of the
Company for the year.
(iii) they 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) they have prepared the annual accounts on a going concern basis
because of financial support from promoters in the form of
inter-corporate deposits.
COMPLIANCE CERTIFICATE :
As required under proviso to sub-section(1) of Section 383A of the
Companies Act, 1956, a certificate dated 28.04.2010 from Messrs
Jayshree Dagli & Associates, Company Secretaries is attached to this
Report.
PERSONNEL:
Your Directors place on record their appreciation for the co-operation
of all the staff and officers of the Company and look forward to their
continued co-operation in future.
There is no employee whose remuneration exceed the limit specified
under Section 217(2A) of the Companies Act, 1956.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO:
Pursuant to Rules framed by the Central Government under Section 217,
sub-section 1 (e), the Board reports as under:
A. CONSERVATION OF ENERGY : N.A.
B. TECHNOLOGY ABSORPTION : N.A.
C. FOREIGN EXCHANGE EARNINGS : NIL
D. FOREIGN EXCHANGE OUTGO : NIL
DIRECTORS:
Mrs. Gopee Grover retires by rotation and being eligible offers herself
for re-appointment.
During the year under review, Mr. R.K. Chaudhary was appointed as an
Additional Director and pursuant to section 260 of the Companies Act ,
1956 shall hold the office upto ensuing Annual General Meeting. The
Company has received a notice from a member under Section 257 of the
Companies Act, 1956 proposing appointment of Mr. R.K. Chaudhary as
Director of your Company which your Directors also recommend.
The current tenure of the Chairman & Managing Director Mr. V.K. Grover
will be completed in 30.9.2010. Your Directors have decided to
recommend him for re-appointment for a further period of 5 years,
subject to such approvals as may be necessary.
Your Directors have informed your Company that they are not debarred
for re-appointment/ continuation as directors under Sec274(1)(g) of the
Companies Act, 1956.
AUDITORS & AUDITORS REPORT :
Messrs Desai & Bhagtaney, Chartered Accountants, Mumbai retire at the
conclusion of the Annual General Meeting and being eligible are
recommended for re-appointment.
The Auditors Report is self explanatory and no additional explanation
is deemed necessary.
For and on behalf of the Board of Directors
Place : Mumbai, V. K. Grover
Dated : 30th April, 2010 Chairman & Managing Director
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