Mar 31, 2018
Dear Shareholders,
The Directorâs have pleasure in presenting the 27th Annual Report of the Company along with the Audited Financial Statements and Auditorâs report for the year ended 31st March, 2018.
1. FINANCIAL RESULTS :
( Rs. In Lakhs)
Particulars |
Year Ended on 31.03.2018 |
Year Ended on 31.03.2017 |
Income from Operations a) Revenue from Business Operations |
10319.48 |
9606.82 |
b) Other Income |
6.03 |
12.25 |
Total Income from Operation |
10325.51 |
9619.07 |
Profit Before Finance costs, Depreciation, Tax and Exceptional Items |
1741.11 |
2055.28 |
Less : Finance Costs |
905.33 |
1056.27 |
Profit before Depreciation, Tax and Exceptional Items |
835.78 |
999.00 |
Less : Depreciation |
719.03 |
717.72 |
Profit after depreciation and Finance Cost but before Tax & Exceptional Items |
116.75 |
281.28 |
Less -Extraordinary/Exceptional Items |
- |
688.17 |
Profit /(Loss) after depreciation and Interest Exceptional Items but before Tax |
116.75 |
(406.90) |
Less - Current Tax |
21.50 |
- |
Less - Previous year adjustment of Tax |
- |
- |
Less -Deferred Tax |
(41.72) |
(58.93) |
Profit/ (Loss) for the period from continuing operations |
136.97 |
(347.97) |
Other Comprehensive Income Net of Tax |
- |
- |
Total Comprehensive Income After Tax |
136.97 |
(347.97) |
Amount Transferred to General Reserve |
- |
- |
Balance of Profit Brought Forward |
6522.49 |
6870.46 |
Short Provision of Income Tax |
- |
- |
Depreciation Reversal |
- |
- |
Balance carried to Balance Sheet |
6659.46 |
6522.49 |
Earning per share Before Extraordinary Items (Basic)/ (Diluted) |
0.68 |
1.69 |
Earnings per Share After Extraordinary Items (Basic)/ (Diluted) |
0.68 |
(1.73) |
PERFORMANCE REVIEW-
During the Financial year under review the Company has achieved Revenue of Rs. 10325.50 Lakhs and that for previous year was Rs. 9619.07 Lakhs. The Company incurs net Profit (after tax) of Rs. 136.97 Lakhs during the year and that for previous year there was net loss (after tax) of Rs. 347.97 Lakhs.
The performance of the Company and state of affairs has been comprehensively covered in the Management Discussion and Analysis Report.
2. DIVIDEND
The Board of Directors do not recommend the payment of dividend for the financial year 2017-18.
3. TRANSFER TO RESERVES
There is no any amount transferred to any reserve during the year under consideration.
4. DIRECTORS & KMP
The Board of directors is duly constituted the detailed composition of which is given in Corporate Governance Report forming part of this report. In accordance with the provisions of Section 152 of the Companies Act, 2013 read with Companies (Management & Administration) Rules, 2014 and Articles of Association of the Company, Director Mrs. Monika S. Mohite (DIN 00425614), retire by rotation at the ensuing Annual General Meeting and being eligible, has offered herself for re-appointment and your Board recommends for her re-appointment.
The Board has reappointed Mr. Abhay S. Bhide (DIN:05307473) as Wholetime Director of the Company for next five years with effect from 01st October, 2018 and recommended his reappointment for members approval in this Annual General Meeting.
Mr. Shreyas S. Alatkar, Chief finance officer of the Company resigned during the year.
The company is in process to fill the vacancy so caused because of his resignation. Besides above there are no any other changes in composition of the Board.
5. COMMITTEES OF THE BOARD
There are five Committees of the Board and there was no change in composition of any Committee during the year.
- Audit Committee
- Stakeholdersâ Relationship Committee
- Nomination and Remuneration Committee
- Risk Management Committee
- Corporate Social Responsibility Committee
Details of all the Committees along with their charters, composition and meetings held during the year are provided in the Report on Corporate Governance, a part of this Annual Report.
6. AUDIT COMMITTEE
The Company has duly constituted Audit Committee. The details as to composition and functioning of the committee are provided in the Report on Corporate Governance. All recommendations made by Audit committee are accepted by the Board during year under consideration.
7. MEETINGS OF THE BOARD
The Board met seven times during the year, the details of which are given in the Report on Corporate Governance. All meetings are duly convened. The Board meets at regular intervals to discuss and decide on Companyâs business policy and strategy apart from other Board business. The notice of Board meeting is given well in advance to all the Directors of the Company.
8. DIRECTORS RESPONSIBILITY STATEMENT
In accordance with the provisions of Section 134(3)(c) & (5) of the Companies Act, 2013 the Board hereby submit its responsibility Statement :-
(a) in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures;
(b) the directors had selected such accounting policies and applied them consistently and made
judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial year 2017-18 and of the profit and 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 had prepared the annual accounts on a going concern basis; and
(e) the directors, had 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 had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.
9. ANNUAL PERFORMANCE EVALUATION
Pursuant to, the provisions of Section 134(3) and other applicable sections of the Companies Act, 2013 and rules made thereunder, provisions of Corporate Governance under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 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 Committee, Nomination & Remuneration Committee and other Committees of the Board of the Company.
The evaluation framework for assessing the performance is as follows -
The performance evaluation is carried out once in a year (generally in first or second quarters meeting) by method of internal assessment. Views of each member are considered on oral basis. The board after seeking inputs from all the directors, after making analysis of information gathered evaluate the performance of the Board as whole, of Committees thereof and of individual director. The Nomination and Remuneration Committee also contribute in this process of evaluation. It recommends/sets criteria for evaluation.
Performance evaluation of independent directors was done by the entire board, excluding the independent director being evaluated. The evaluation criteria for independent directors in details given in the Report on Corporate Governance.
The result of evaluation is disclosed in the Meeting of the Board and action plans if any are also discussed in same meeting.
10. PUBLIC DEPOSIT
During the year under review the Company has not accepted any deposit within the meaning of Section 73 and Section 76 of the Companies Act 2013 read with the Companies (Acceptance of Deposits) Rule 2014.
11. EXTRACTOFANNUAL RETURN
Extract of Annual Return in Form MGT 9 is attached to this Report as Annexure I.
12. LISTING OF EQUITY SHARES
The Equity Shares of your Company are presently listed on Bombay Stock Exchange Limited, (BSE). The Company has duly paid the listing fees to Bombay Stock Exchange Limited for the Financial Year 2018-19.
13. REMUNERATION POLICY
The Board has on the recommendation of the Nomination & Remuneration Committee framed a policy for selection and appointment of Directors, Key Managerial Personnel (KMP), Senior Management and their remuneration.
The Companyâs Policy relating to appointment of Directors, payment of Managerial remuneration, Directorsâ qualifications, positive attributes, independence of Directors and other related matters as provided under Section 178(3) of the Companies Act, 2013 is furnished in the Report on Corporate Governance attached to this report.
14. RISK MANAGEMENT AND AREAS OF CONCERN
The Board has adopted the policies and procedures which provide guidance regarding the management of risk to support the achievement of corporate objectives, protect staff/workers and business assets and ensure financial sustainability.
The Board of Directors of the Company is to oversight and to review the risk management. Besides that Audit Committee, Risk Management Committee, Senior Management of the Company also play important role in this process. After identifying risks those are evaluated and plans are made for management thereof. Risk Management Committee reviews the implementation of plan in each meeting. There are no risks which in opinion of the Board threaten the existence of the company. From last few years the board majorly dealing with risk associated with sluggish market which affected the performance of company during concern periods. But the Board tries to overcome it by adopting various active measures like marketing, quality improvement, shifting some extent to fabric manufacturing along with yarn production etc.
15. CORPORATE SOCIAL RESPONSIBILITY INITIATIVE
The Company has duly constituted Corporate Social Responsibility (CSR) Committee. The Committee has framed the CSR Policy on Corporate Social Responsibility as per Schedule VII of the Companies Act, 2013 which is disclosed on website of the company under sub-heading Corporate Governance - heading Investor Relations. PARVATI MOHITE FOUNDATION, a Sec. 8 Company, has been incorporated as sole purpose vehicle to undertake CSR activities.
The board is in process to undertake CSR project. The details as per the provisions of Rule 8 of Companies (Corporate Social Responsibility) Rules, 2014 are annexed herewith as Annexure II.
16. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES REFERRED TO IN SECTION 188(1) OF THE COMPANIES ACT, 2013
There were no any contracts or arrangements with related parties referred to in Section 188(1) of the Companies Act, 2013 are entered during the year under consideration.
17. 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 OFTHE REPORT
There are no material changes and commitments affecting the financial position of the Company occurred between the end of the financial year to which this financial statements relate on the date of this report.
18. MATERIAL CHANGES AND COMMITMENT OCCURRED DURING THE YEAR UNDER REVIEW AFFECTING THE FINANCIAL POSITION OF THE COMPANY
There was no other changes occurred during the year under consideration affecting financial position of the Company.
19. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186
During the year under review, the Company has not made any investments or given guaranteeâs or provided security falling under the provisions of Section 186 of the Companies Act, 2013.
20. EXPLANATION OR COMMENTS ON QUALIFICATIONS, RESERVATIONS OR ADVERSE REMARKS OR DISCLAIMERS MADE BY THE AUDITORS IN THEIR REPORTS
There were no qualifications, reservations or adverse remarks made by of the Auditors of the company or by Practicing Company Secretary in their respective Reports.
21. DECLARATION OF INDEPENDENT DIRECTORS
The Independent Directors have submitted their declarations 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.
22. TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCATION AND PROTECTION FUND
In terms of Section124, 125 of the Companies Act, 2013 there was no any pending unclaimed or unpaid Interim Dividend relating to any previous years due for remittance to Investor Education and Protection Fund (IEPF).
23. DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANYâS OPERATIONS IN FUTURE
There was no order passed by any regulator or court or tribunal, which impacts the going concern status of the Company or will have bearing on Companyâs operations in future.
24. WHISTLE BLOWER POLICY
The Company has a Vigil Mechanism Policy /Whistle blower Policy to provide mechanism for reporting genuine concerns or grievance. The details of the Vigil Mechanism Policy//Whistle blower Policy is explained in the Report on Corporate Governance and also posted on the website of the Company. We affirm that during the financial year 2017-18, no employee or director was denied access to the Audit Committee.
25. SECRETARIAL AUDIT REPORT
Pursuant to the provisions of Section 204 of the Companies Act, 2013, the Secretarial Audit Report received from Shri. Dilip Pange, Practicing Company Secretary, Kolhapur is appended as Annexure III and forms part of this report.
M/s Dilip Pange & Associates, Practicing Company Secretaries, Kolhapur (proprietor Mr. Dilip Pange, Membership No.6423, CP No.2516) is reappointed as Secretarial Auditor of the company for year 2018-19.
26. INTERNAL AUDIT
M/s N.M. Pathan & Co, Chartered Accountants, Kolhapur (proprietor Mr. Neehal Pathan, Membership No130017) were appointed as Internal Auditors of the Company for F.Y. 2017-18 The Internal Auditors had given their reports on quarterly basis to the Audit Committee. Based on the report of internal audit, management undertakes corrective action in respective areas and thereby strengthen the controls. Significant audit observations and corrective actions thereon were presented to the Audit Committee of the Board.
The Board has reappointed M/s. N. M. Pathan & Co, (Proprietor Mr. Neehal Pathan, Membership No.130017) Chartered Accountants, Kolhapur as its Internal Auditor for FY.2018-19.
27. INTERNAL FINANCIAL CONTROL
The Company has adequate internal control system and procedures commensurate with size and nature of operations. The company has policies and procedures to run the business efficiently. The Audit Committee evaluates the efficacy and adequacy of financial control system in the Company, its compliance with operating systems, accounting procedures and policies of the Company and strives to maintain the Standard in Internal Financial Control. The Internal Audit Report are periodically reviewed by the management & Audit Committee and necessary improvements are undertaken.
28. CORPORATE GOVERNANCE
The Company has Pursuant to Regulation 34 and Schedule V of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, the following have been made a part of the Annual Report and are attached to this report :
- Management Discussion and Analysis Report
- Report on Corporate Governance
- Auditorsâ Certificate regarding compliance of conditions of Corporate Governance
- Confirmation by CEO as to compliance of Code of Conduct
29. PARTICULARS OF EMPLOYEES REMUNERATION
There is no employee in the company which comes under provisions of Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 .Details of remuneration paid to all the directors / employees and details of the ratio of remuneration of each Director to the median employeeâs remuneration is provided in Corporate Governance Report and Annexure-IV to this Report.
30. AUDITORS
M/s PRASHANT HIRAWDEKAR & ASSOCIATES, Chartered Accountants, Kolhapur proprietor HIRAWDEKAR PRASHANT SUBHASH (having membership number 133498) was appointed as statutory Auditors of the Company for five years i.e. up to conclusion of thirty first Annual General Meeting of the Company to be held in year 2022, subject to ratification in each succeeding Annual General Meeting . The Company has received eligibility cum consent letter from him expressing his willingness to be continued as Statutory Auditor. He is not disqualified from being appointed as Auditor. The Board and Audit Committee recommended the ratification of his appointment for remaining period of his term.
31. COST AUDITORS
As per the provisions of Section 148 of the Companies Act, 2013 read with Companies (Audit and Auditors) Rules, 2014, the Board of Directors of the Company has appointed Shri. S. V. Vhatte, Cost & Management Accountant, Solapur as Cost Auditors of the Company to conduct audit of cost records maintained by the Company for year 2018-19.
32. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO
Pursuant to the provisions of Section 134 (3) (m) of the Companies Act, 2013, read with Rule 8 of the Companies (Accounts) Rules, 2014, details regarding Conservation of Energy, Technology Absorption, Foreign Exchange earnings and outgo for the year under review is given as â Annexure Vâ.
33. INFORMATION UNDER THE SEXUAL HARRASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013
The Company has system to comply with provisions under Section 4 of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. During the year no complaint was filed.
34. ACKNOWLEDGEMENT :
Your Directors wishes to thank the employees for their dedication and the excellence they have displayed in conducting the operations of the Company. Directors also place on record their sincere thanks to bankers, customers, suppliers, business associates, consultants, market intermediaries, various Government Authorities for their continued support extended to the Company during the year under review. Your Directors also acknowledges gratefully the shareholders for their support and confidence reposed.
For and on behalf of Board of Directors,
MOHITE INDUSTRIES LTD
SHIVAJI MOHITE
Place - Vadgaon CHAIRMAN & MANAGING DIRECTOR
Date -14th August, 2018 (DIN 00425441)
Mar 31, 2016
Dear Shareholders,
The Director''s have pleasure in presenting the 25th Annual Report of the Company along with the Audited Financial Statements and Auditor''s report for the year ended 31st March, 2016.
1. FINANCIAL RESULTS
( Amount In Lacs)
For the year ended |
For the year ended on 31st March 16 |
For the year ended on 31st March 15 |
For the year ended Net Sales /Income from |
||
Business Operations |
12838.00 |
20593.44 |
Other Income |
307.35 |
23.58 |
Total Income |
13145.35 |
20617.02 |
Profit Before Interest and Depreciation |
2165.54 |
2131.48 |
Less Interest |
844.07 |
727.70 |
Profit before Depreciation |
1321.47 |
1403.78 |
Less Depreciation |
793.94 |
683.65 |
Profit after depreciation and Interest |
527.53 |
720.13 |
Less Current Income Tax |
107.56 |
85.00 |
Less Previous year adjustment of Income Tax |
- |
- |
Less Deferred Tax |
(98.83) |
(38.62) |
Net Profit after Tax |
518.80 |
673.75 |
Dividend (including Interim if any and final ) |
- |
- |
Net Profit after dividend and Tax |
518.80 |
673.75 |
Amount Transferred to General Reserve |
- |
- |
Balance of Profit Brought Forward |
6588.22 |
5294.43 |
Balance carried to Balance Sheet |
6840.46 |
6588.22 |
Earnings per share (Basic) |
2.58 |
3.35 |
Earnings per Share(Diluted) |
2.58 |
3.35 |
PERFORMANCE REVIEW
During the Financial year under review the Company has achieved Revenue of Rs.13145.35 Lakhs and that for previous year was Rs. 20617.00 Lakhs. While Company earns Net profit after tax of Rs. 518.80 Lakhs and that for previous year was 673.74 Lakhs.
The performance of the Company has been comprehensively covered in the Management Discussion and Analysis Report.
2. DIVIDEND
With a view to plough back the Profits, Board of Directors do not recommend the payment of dividend for the financial year 2015-16.
3. TRANSFER TO RESERVES
There is no any amount transferred to any reserve during the year under consideration.
4. DIRECTORS & KMP
In accordance with the provisions of Section 152 of the Companies Act, 2013 read with Companies (Management & Administration) Rules, 2014 and Articles of Association of the Company, Mr. Neehal Pathan, Non-Executive Director of the Company, retire by rotation at the ensuing Annual General Meeting and being eligible, has offered himself for re-appointment and your Board recommends for his re-appointment.
Mr. Shankar Patil, Mr. Ranjeet Patil, Mr. Sangramsinh Nimbalkar & Mr. Vijay Nawandhar were reappointed as Independent Directors of a Company in last Annual General Meeting held on 28th September 2015 for a period of Five years.
Mr. Abhay Bhide was reappointed as Whole-time Director w.e.f. 1st October 2015 for three years. CS Ashvini Prataprao Kalekar was appointed as Whole-time Company Secretary w.e.f. 10th April 2015. CA Shreyas Sanjay Alatkar, was appointed as Chief Finance Officer of the Company w.e.f. 14th August 2015.
Term of Mr. Shivaji Mohite , Chairman and Managing Director of the Company is going to be completed in forthcoming Annual General Meeting and also term of Mrs. Monika Mohite, Jt. Managing Director of the Company is going to be completed in January 2017 hence it is proposed to reappoint Mr. Shivaji Mohite as Chairman and Managing Director and Mrs. Monika Mohite, as Joint Managing Director in forthcoming Annual General Meeting.
5. PUBLIC DEPOSIT
During the year under review the Company has not accepted any deposit within the meaning of Section 73 and Section 76 of the Companies Act 2013 read with the Companies (Acceptance of Deposits) Rule 2014.
6. EXTRACT OF ANNUAL RETURN
Extract of Annual Return in Form MGT 9 is attached to this Report as Annexure I
7. LISTING OF EQUITY SHARES
The Equity Shares of your Company are presently listed on Bombay Stock Exchange Limited, (BSE). The Company has duly paid the listing fees to Bombay Stock Exchange Limited for the Financial Year 2016-17.
8. MEETINGS OF THE BOARD
The Board met Six times during the year, the details of which are given in the Report on Corporate Governance. The intervening gap between the two consecutive meetings was within the period prescribed under the Companies Act, 2013and other applicable rules and regulations.
The Board meets at regular intervals to discuss and decide on Company''s business policy and strategy apart from other Board business. The notice of Board meeting is given well in advance to all the Directors of the Company. The agenda of the Board / Committee meetings is circulated 7 days prior to the date of the meeting. The agenda for the Board and Committee meetings includes detailed notes on the items to be discussed at the meeting to enable the Directors to take an informed decision.
9. DIRECTORS RESPONSIBILITY STATEMENT
In accordance with the provisions of Section 134(3)(c) & (5) of the Companies Act, 2013 the Board hereby submit its responsibility Statement:-
(a) in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures;
(b) the directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial year 2015-16 and of the profit and 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 had prepared the annual accounts on a going concern basis; and
(e) the directors, had 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 had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.
10. REMUNERATION POLICY
The Board has on the recommendation of the Nomination & Remuneration Committee framed a policy for selection and appointment of Directors, Key Managerial Personnel (KMP), Senior Management and their remuneration.
The Company''s 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 is furnished in the Report on Corporate Governance attached to this report.
11. RISKS AND AREAS OF CONCERN
The Company has Risk Management Policy and mechanism which take care as to identification of events which if occurs will adversely affect either / or value to shareholders, ability of company to achieve objectives, ability to implement business strategies, the manner in which the company operates as "Risks" and assessment & mitigation thereof. A Risk Management Committee has been constituted to oversee the risk management process in the Company.
There are no risks which in opinion of the Board threaten the existence of the company.
12. CORPORATE SOCIAL RESPONSIBILITY INITIATIVE
Pursuant to the provisions of Section 135 read with Companies (Corporate Social Responsibility) Rules, 2014, the Company has formed Corporate Social Responsibility (CSR) Committee. The Committee is in process of framing Policy on Corporate Social Responsibility as per Schedule VII of the Companies Act, 2013.
The details as per the provisions of Rule 8 of Companies (Corporate Social Responsibility) Rules, 2014 is annexed herewith as Annexure II.
13. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES REFERREDTO IN SECTION 188(1) OFTHE COMPANIES ACT, 2013.
The particulars of contracts or arrangements with related parties referred to in Section 188(1) of the Companies Act, 2013, in prescribed Form AOC-2 under Companies (Accounts) Rules, 2014 are appended as Annexure III.
14 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 ANDTHE DATE OF THE REPORT
There are no material changes and commitments affecting the financial position of the Company occurred between the end of the financial year to which this financial statements relate on the date of this report.
15. MATERIAL CHANGES AND COMMITMENT OCCURRED DURING THE YEAR UNDER REVIEW AFFECTING THE FINANCIAL POSITION OF THE COMPANY
Owing to unfavorable environment in the textile industry, the company is not able to utilize the land admeasuring 1,20,475 Sq. Metre. situated at T-6, Kagal Hatnangle 5 Star MidC, Kagal, Kolhapur allotted to it by MIDC. In an effort to reduce the debt of the company and for its expansion plans, the Directors decided to monetize its non-income generating assets. Accordingly, the Directors have transferred to Kasturi Foundry Pvt. Ltd rights on the above mentioned land by passing Board Resolution dt.30.05.2015
16. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186
During the year under review, the Company has not made any investments or given guarantee''s or provided security falling under the provisions of Section 186 of the Companies Act, 2013.
17. EXPLANATION OR COMMENTS ON QUALIFICATIONS, RESERVATIONS OR ADVERSE REMARKS OR DISCLAIMERS MADE BY THE AUDITORS IN THEIR REPORTS
There were no qualifications, reservations or adverse remarks made by of the Auditors of the company or by Practicing Company Secretary in their respective reports.
18. DECLARATION OF 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.
19. TRANSFER OF UNCLAIMED DIVIDENDTO INVESTOR EDUCATION AND PROTECTION FUND
In terms of Section 125 of the Companies Act, 2013 unclaimed or unpaid Dividend of Rs.94,143/- ( Rs. Ninety Four Thousand One Hundred Forty Three Only) relating to the financial year 2010-11 is due for remittance on 14/11/2017 to the Investor Education and Protection Fund established by the Central Government.
20. ANNUAL PERFORMANCE EVALUATION BY THE BOARD
Pursuant to the provisions of Section 134 of the Companies Act, 2013 and provisions of Corporate Governance of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, 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 Committee , Nomination & Remuneration Committee and other Committees of the Company. The Board has devised questionnaire to evaluate the performances of each Director. Such questions are prepared considering the business of the Company and the expectations that the Board have from each of the Directors. The evaluation framework for assessing the performance of Directors comprises of the following key areas:
i. Attendance of Board Meetings and Board Committee Meetings;
ii. Quality of Contribution to Board deliberations;
iii. Strategic perspectives or inputs regarding future growth of Company and its performance;
The performance of the board was evaluated by the board after seeking inputs from all the directors on the basis of the criteria such as the board composition and structure, effectiveness of board processes and functioning, etc.
The performance of the committees was evaluated by the board after seeking inputs from the committee members on the basis of the criteria such as the composition of committees, effectiveness and functioning of committee etc.
Performance evaluation of independent directors was done by the entire board, excluding the independent director being evaluated.
The manner in which the evaluation has been carried out has been explained in the Report on Corporate Governance.
21. DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANY''S OPERATIONS IN FUTURE:
There was no order passed by any regulator or court or tribunal, which impacts the going concern status of the Company or will have bearing on Company''s operations in future.
22. AUDIT COMMITTEE AND ITS COMPOSITION
The Audit Committee of the Company reviews the reports to be submitted with the Board of Directors with respect to auditing and accounting matters. It also supervises the Company''s internal control and financial reporting process.
As on 31st March, 2016, the Audit Committee comprised of Mr. Vijay M. Nawandhar, Mr. Sangramsinh S. Nimbalkar, Mr. Ranjeet D. Patil, Independent Directors and Mr. Neehal M. Pathan Director, of the Company.
Mr. Vijay M. Nawandhar is the Chairman of Audit Committee of the Company. Ms. Ashvini Kalekar, Company Secretary and Compliance Officer of the Company, acts as the Secretary of the Audit Committee.
23. WHISTLE BLOWER POLICY
The Company has a Vigil Mechanism Policy /Whistle blower Policy to deal with instance of fraud and mismanagement, if any. The mechanism also provides for adequate safeguards against victimization of directors and employees who avail of the mechanism. The details of the Vigil Mechanism Policy//Whistle blower Policy is explained in the Report on Corporate Governance and also posted on the website of the Company. We affirm that during the financial year 2015-16, no employee or director was denied access to the Audit Committee.
24. SECRETARIAL AUDIT REPORT
Pursuant to the provisions of Section 204 of the Companies Act, 2013, the Secretarial Audit Report received from Shri. Dilip Pange, Practicing Company Secretary, Kolhapur is appended as Annexure IV and forms part of this report.
25. INTERNAL AUDIT
The Company appointed M/s. Kunte & Chougale, Chartered Accountant, Kolhapur as its Internal Auditor for FY.2015-16.The Internal Auditors had given their reports on quarterly basis to the Audit Committee.
Based on the report of internal audit, management undertakes corrective action in their respective areas and thereby strengthen the controls. Significant audit observations and corrective actions thereon are presented to the Audit Committee of the Board.
For year 2016-17 M/s R.T. Chaugule & Co, Chartered Accountant, Kolhapur has been appointed as internal auditor .
26. INTERNAL FINANCIAL CONTROL
The Company has adequate internal control system and procedures commensurate with size and nature of operations. The Audit Committee evaluates the efficacy and adequacy of financial control system in the Company, its compliance with operating systems, accounting procedures and policies at all locations of the Company and strives to maintain the Standard in Internal Financial Control. The Internal Audit Report are periodically reviewed by the management & Audit Committee and necessary improvements are undertaken.
27. CORPORATE GOVERNANCE
Pursuant to Regulation 34 and Schedule V of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, the following have been made a part of the Annual Report and are attached to this report:
- Related Party Disclosure
- Management Discussion and Analysis Report
- Report on Corporate Governance
- Auditors'' Certificate regarding compliance of conditions of Corporate Governance
28. COMMITTEES OF THE BOARD
During the year, in accordance with the Companies Act, 2013, the Board re-constituted some of its Committees and also formed a Corporate Social Responsibility Committee. There are currently five Committees of the Board, as follows:
- Audit Committee
- Stakeholders'' Relationship Committee
- Nomination and Remuneration Committee
- Risk Management Committee
- Corporate Social Responsibility Committee
Details of all the Committees along with their charters, composition and meetings held during the year, are provided in the Report on Corporate Governance, a part of this Annual Report.
29. PARTICULARS OF EMPLOYEES REMUNERATION
There is no employee in the company which comes under provisions of Rule 5(2) of the Companies ( Appointment and Remuneration of Managerial Personnel )Rules,2014 .Details of remuneration paid to all the directors / employees and details of the ratio of remuneration of each Director to the median employee''s remuneration is provided in Corporate Governance Report and Annexure-V to this Report.
30. AUDITORS
Moreshwar G. Deshpande, Chartered Accountant, Sangli, the Statutory Auditor of your Company hold office as such up to the conclusion of the ensuing Annual General Meeting and is eligible for re-appointment. The Company has received a letter from him to the effect that he is willing to continue as Statutory Auditor and if re-appointed, his re-appointment would be within the limits prescribed under Section 139 of the Companies Act, 2013 and he is not disqualified from being appointed as Auditor.
Your Directors recommend the re-appointment of Moreshwar G. Deshpande, Chartered Accountant, Sangli, as Statutory Auditor of the Company to hold office from the conclusion of the ensuing Annual General Meeting up to the conclusion of next Annual General Meeting of the Company and to audit financial statements for the financial year 2016-17.
31. COST AUDITORS
As per the provisions of Section 148 of the Companies Act, 2013 read with Companies (Audit and Auditors) Rules, 2014, the Board of Directors of the Company has appointed Shri. S. V. Vhatte, Cost & Management
UUP
Accountant, Solapur as Cost Auditors of the Company to conduct audit of cost records maintained by the Company.
32. INFORMATION UNDER THE SEXUAL HARRASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013
The Company has system to comply with provisions under Section 4 of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. During the year no complaint was filed.
33. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO
Pursuant to the provisions of Section 134 (3) (m) of the Companies Act, 2013, read with Rule 8 of the Companies (Accounts) Rules, 2014, details regarding Conservation of Energy, Technology Absorption, Foreign Exchange earnings and outgo for the year under review is given as" Annexure VI"
34. ACKNOWLEDGEMENT
Your Directors place on record their sincere thanks to bankers, customers, suppliers, business associates, consultants, and various Government Authorities for their continued support extended to your Company''s activities during the year under review. Your Directors also acknowledges gratefully the shareholders for their support and confidence reposed on your Company. The Board of Directors wishes to express its appreciation for the valuable contribution made by the employees at all levels during the year under report.
On behalf of the Board
MOHITE INDUSTRIES LIMITED
Date : 13th August, 2016 SHIVAJI M°HITE
Chairman & Managing Director
place : Vadgaon DIN 00425441
Mar 31, 2014
Dear Shareholders,
The Director''s have pleasure in presenting the 23rd Annual Report of
the Company along with the Audited Financial Statements andAuditor''s
report forthe year ended 31st March, 2014.
1. Financial Results:
The salient features of the performance of the year are as follows: -
(Rsin Lacs)
Forthe year Forthe year
ended ended
For the Year ended 31st March 14 31st March 13
Gross Turnover 20426.11 13923.96
Profit Before Taxation 700.14 429.54
Provision for Taxation 30.85 30.34
Net ProfitAfter Taxation 669.29 399.20
Balance of Profit Brought Forward 4625.14 4225.94
Profit available for appropriations 5294.43 4625.14
Appropriations:
Dividend (Inclusive of Dividend Tax) - -
Transfer to Capital Redemption Reserve - -
Profit Carried to Balance Sheet 5294.43 4625.14
The performance of the Company has been comprehensively covered in the
Management Discussion and Analysis Report.
2. Dividend
With a view to plough back the Profits, Board of Directors do not
recommend the payment of dividend forthe financial year 2013-14.
3. Report on Corporate Governance and Management Discussion & Analysis
The Company has complied with clause 49 of the Listing Agreement
pursuant to SEBI guidelines, accordingly, report on Corporate
Governance and Management Discussion & Analysis are enclosed and form
part of this Report.
5. Insurance
Adequate insurance cover has been taken for the properties of the
Company including building, plant & machineries and stock.
6. Directors
In accordance with the provisions of Section 152 of the Companies Act,
2013 read with Companies (Management & Administration) Rules, 2014 and
Articles of Association of the Company, Mr. Neehal M. Pathan,
Non-Executive Director of the Company, retire by rotation at the
ensuing Annual General Meeting and being eligible, has offered himself
for re-appointment and your Board recommends his re-appointment.
In terms of provisions of Section 149 and 152 of the Companies Act,
2013 which became effective from 1st April, 2014, an Independent
Director of a Company can be appointed for a term of five consecutive
years and shall not be liable to retire by rotation.
To comply with the above provisions, it is proposed to appoint Mr.
Shankar H. Patil, Mr. Ranjit D. Patil, Mr. Sangramsinh S. Nimbalkar &
Mr. Vijay M. Nawandhar as Independent Directors of the Company for a
period up to 31st March, 2016, who shall not be liable to retire by
rotation. Your Board recommends their appointment.
The Company has received declaration from all the Independent Directors
of the Company confirming that they meet the criteria of independence
as prescribed both under sub-section 149 of the Companies Act, 2013 and
under clause 49 of the Listing Agreement with the Stock Exchange.
Brief resume of the Directors proposed to be appointed/re-appointed as
stipulated under Clause 49 of the ListingAgreement with BSE Limited are
given in the Notice convening 23rdAnnual General Meeting.
During the period Mr. Dhiraj S. Patil & Mr. Sanjay D. Patil are
resigned from their post of Director and Mr. Vijay M. Nawandhar & Mr.
Shankar H. Patil were appointed as Independent Directors of the
Company.
7. Directors Responsibility Statement:
On the basis ofcompliance certificate received from the concerned
officials ofthe Company and subject to disclosure in the Annual Audited
Accounts & on the basis of the discussion with the Statutory Auditors
of the Company from time to time, we state:
i) that in the preparation of the annual audited accounts, the
applicable accounting standards read with requirements set out under
Schedule VI of the Companies Act, 1956 have been followed and there are
no material departures from the same.
ii) that the Directors have selected appropriate 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 March 31st, 2014 and of the profit of
the Company for the year ended on that date.
iii) that the Directors have taken proper and sufficient care to ensure
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 Directors have prepared the annual accounts on a going
concern basis.
8. Auditors
Moreshwar G. Deshpande, the Statutory Auditors of the Company, retire
at the ensuing Annual General Meeting of the company and being
eligible, offer themselves for re-appointment. The Auditors have
confirmed that, they satisfy the criteria provided under Section 141 of
the Companies act, 2013 (''the Act'') and their re-appointment, if
made, would be in compliance with the conditions prescribed under the
Act.
9. CostAuditors
As perthe Section 233B ofthe CompaniesAct, 1956 an impending directions
being issued by the Central Government under section 148(1) of the
Companies Act 2013, subject to the approval of the Central Government,
the Audit Committee has recommended and your directors have appointed
Shri. S. V. Vhatte, Cost Accountant, Solapur being eligible and having
sought re-appointment, as Cost Auditor of the Company, to conduct cost
audit of the products manufactured by the Company.
10. Conservation ofEnergy, TechnologyAbsorption, Foreign Earnings and
Outgo
A statement giving details of conservation of energy, technology
absorption, foreign exchange earnings and outgo, in accordance with the
Companies (Disclosure of Particulars in the Report of Board of
Directors) Rules 1988 is annexed and markedAnnexure ''A'' and forms
part ofthis Report.
11. Cash FlowAnalysis
In conformity with the provisions of clause 32 of the Listing
Agreementthe Cash Flow Statement for the year ended 31stMarch, 2014 is
annexed hereto.
12. ListingofEquityShares
The Equity Shares of your Company are presently listed on Bombay Stock
Exchange Limited, (BSE). The Company has duly paid the listing fees to
Bombay Stock Exchange Limited for the financial year 2014-2015.
13. DepositorySystem
As the members are aware, your Company''s shares are tradable
compulsorily in electronic form and your Company has established
connectivity with both the depositors, i.e. National Securities
Depositories Limited (NSDL) and Central Depository Services (India)
Limited (CDSL). In view of the numerous advantages offered by the
Depository system, members are requested to avail the facility of
dematerialization ofthe Company shares on either ofthe Depositories as
aforesaid.
14. ParticularsofEmployees:
The statement of particulars of employees required under Section
217(2A) ofthe Companies Act, 1956 reads with the Companies (Particulars
of Employees) Rules 1975. As no any employee is receiving salary more
than limits prescribed under this section, separate statement is not
attached.
15. Appreciation
Your directors wish to place on record their appreciation to employees
at all levels for their hard work, dedication and commitment. The
enthusiasm and unstinting efforts of the employees have enabled the
Company to remain at the forefront of the Industry despite increased
competition from several existing and new players.
16. Acknowledgments
The Board desires to place on record its appreciation for the support
and co-operation that the Company received from all the customers,
investors, marketing agents, clearing and forwarding agents, financial
institutions, banker''s, insurance companies, consultants, advisors
and shareholders for their continued support. The company has always
looked upon them as partners in its progress and has happily shared
with them rewards of growth.
Your Directors are grateful to Government of India, Ministry of
Commerce, Ministry of Textiles, Port Authorities and various
authorities of Central and State Government for their co-operation and
support. Your Directors look forward for their continued support.
For and on behalf of Board of Directors,
Vadgaon : 416 112 SHIVAJI MOHITE
CHAIRMAN & MANAGING DIRECTOR
Date : 14 AUgUst, 2014 DIN: 00425-441
Mar 31, 2013
Dear Shareholders,
The Directors'' have pleasure in presenting the 22nd Annual Report of
the Company along with the Audited Statements of Accounts for the year
ended 31st March, 2013.
1. Financial Results
The salient features of the performance of the year are as follows: -
( Rs. in Lacs)
For the year For the year
For the year ended ended on ended on
31st March 13 31st March 12
Gross Turnover 13923.96 8557.71
Profit Before Taxation 429.54 453.56
Provision for Taxation 30.34 43.88
Net Profit After Taxation 399.20 409.68
Balance of Profit Brought Forward 4225.93 3816.26
Profit available for appropriations 4625.13 4225.93
Appropriations :
Dividend ( Inclusive of Dividend Tax ) - -
Transfer to Capital Redemption Reserve - -
Profit Carried to Balance Sheet 4625.13 4225.93
The performance of the Company has been comprehensively covered in the
Management Discussion and Analysis Report.
2. Dividend
With a view to plough back the Profits, Board of Directors do not
recommend the payment of dividend for the financial year 2012-13.
3. Report on Corporate Governance and Management Discussion & Analysis
The Company has complied with clause 49 of the Listing Agreement
pursuant to SEBI guidelines, accordingly, report on Corporate
Governance and Management Discussion & Analysis are enclosed and form
part of this Report.
5. Insurance
Adequate insurance cover has been taken for the properties of the
Company including building, plant & machineries and stock.
6. Directors
In accordance with the provisions of the Companies Act 1956, & Articles
of Association of the Company Mr. Neehal M. Pathan and Mr. Ranjeet D.
Patil retire by rotation and are eligible for re-appointment.
During the year Mr. Abhay S. Bhide and Mr. Sangramsinh S. Nimbalkar are
appointed as Directors of the Company on 29th September, 2012.
7. Auditors
Moreshwar G. Deshpande, the Statutory Auditors of the company, will
retire at the ensuing Annual General Meeting of the company and being
eligible, offer themselves for re-appointment.
8. Cost Auditors
The Central Government had directed an audit of the cost accounts
maintained by the Company. For conducting the cost audit for the
financial year ended on March 31, 2014, the Central Government has
approved the appointment of Shri. S. V. Vhatte, Cost Accountant,
Solapur.
9. Directors Responsibility Statement
On the basis of compliance certificate received from the concerned
officials of the Company and subject to disclosure in the Annual
Accounts & on the basis of the discussion with the Statutory Auditors
of the Company from time to time, we state:
i) that in the preparation of the annual accounts, the applicable
accounting standards have been followed and proper explanations
provided relating to material departures, if any ;
ii) that the Directors have selected appropriate 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 March 31, 2013 and of the profit of the
Company for the year ended on that date.
iii) that the Directors have taken proper and sufficient care to ensure
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, if any.
iv) that the Directors have prepared the annual accounts on a going
concern basis.
10. Conservation of Energy, Technology Absorption, Foreign Earnings
and Outgo
A statement giving details of conservation of energy, technology
absorption, foreign exchange earnings and outgo, in accordance with the
Companies (Disclosure of Particulars in the Report of Board of
Directors) Rules 1988 is annexed and marked Annexure âÂÂAâÂÂ
and forms part of this Report.
11. Cash Flow Analysis
In conformity with the provisions of clause 32 of the Listing Agreement
the Cash Flow Statement for the year ended 31st March, 2013 is annexed
hereto.
12. Listing of Equity Shares
The Equity Shares of Your Company are presently listed on Bombay Stock
Exchange Limited, (BSE). The Company has duly paid the listing fees to
Bombay Stock Exchange Limited for the financial year 2013- 2014.
13. Depository System
As the members are aware, your CompanyâÂÂs shares are tradable
compulsorily in electronic form and your Company has established
connectivity with both the depositors, i.e. National Securities
Depositories Limited (NSDL) and Central Depository Services (India)
Limited (CDSL). In view of the numerous advantages offered by the
Depository system, members are requested to avail of the facility of
dematerialization of the Company shares on either of the Depositories
as aforesaid.
14. Particulars of Employees
The statement of particulars of employees required under Section
217(2A) of the Companies Act, 1956 reads with the Companies
(Particulars of Employees) Rules 1975. As no any employee is receiving
salary more than limits prescribed under this section, separate
statement is not attached.
15. Appreciation
Your directors wish to place on record their appreciation to employees
at all levels for their hard work, dedication and commitment. The
enthusiasm and unstinting efforts of the employees have enabled the
Company to remain at the forefront of the Industry despite increased
competition from several existing and new players.
16. Acknowledgments
The Board desires to place on record its appreciation for the support
and co-operation that the Company received from all the customers,
investors, marketing agents, clearing and forwarding agents, financial
institutions, bankerâÂÂs, insurance companies, consultants,
advisors and shareholders for their continued support. The company has
always looked upon them as partners in its progress and has happily
shared with them rewards of growth.
Your Directors are grateful to Government of India, Ministry of
Commerce, Ministry of Textiles, Port Authorities and various
authorities from Central and State Government for their co-operation
and support. Your Directors look forward for their continued support.
on behalf of the Board
Vadgaon - 416 112
SHIVAJI MOHITE
Date : 14th August, 2013 CHAIRMAN & MANAGING DIRECTOR
Mar 31, 2012
The Directors have pleasure in presenting the 21st Annual Report of
the Company along with the Audited Statements of Accounts for the year
ended 31st March, 2012.
1. Financial Results :
The financial results for the year are as under:- in Lacs
PARTICULARS 2011-12 2010-11
Turnover 8557.71 13616.40
Profit Before Depreciation,
Finance Cost & Tax 2893.32 2496.72
Less : Finance Cost 1507.50 931.24
Profit before Depreciation & Tax 1385.81 1565.48
Less : Depreciation 932.26 642.49
Profit after depreciation but
before exceptional items 453.55 922.99
a) Exceptional Items - Expenses -- 458.57
b) Deferred Tax Asset - Income 33.12 53.98
Profit after exceptional items but
before Tax 486.67 518.41
Less : Provision for tax :
a) Current 77.00 90.00
b) Deferred (Net of adjustment) -- --
Profit after Tax (PAT) 409.67 428.41
Balance brought forward from
Previous Year 2385.73 2191.71
Profit available for distribution 2795.40 2620.11
Earnings per share (Rupees) - Basic 2.04 2.13
Dividend - % -- 5%
The performance of the Company has been comprehensively covered in the
Management Discussion and Analysis Report.
2. Dividend
With a view to plough back the Profits, Board of Directors do not
recommend the payment of dividend for the financial year 2011-12.
3. Expansion & Modernization Forward integration
Ambai Hydro Power Project of 3.50 MW at Kalammawadi (Dist-Kolhapur)
Your company has started setting up of Hydro Power Project of 3.50 MW
capacity at Kalammawadi, Tal. Radhangari, Dist Kolhapur (Maharashtra).
4. Report on Corporate Governance and Management Discussion & Analysis
The Company has complied with clause 49 of the Listing Agreement
pursuant to SEBI guidelines, Accordingly, report on Corporate
Governance and Management Discussion & Analysis are enclosed and forms
part of this Report.
5. Insurance
Adequate insurance cover has been taken for the properties of the
Company including building, plant & machineries and stock.
6. Directors
In accordance with the provisions of the Companies Act 1956, and
Articles of Association of the Company Mr. Sanjay Dnyandeo Patil and
Mr. Dhiraj Shivajirao Patil retires by rotation and are eligible for
re-appointment.
During the year Mr. Vijay Madanlal Navandhar and Mr. Rajendra Prabhakar
Kinkar , Directors of the Company opted to resign from the Board of
Directors. Board of Directors in its meeting held on 26th Nov. 2011,
approved their resignation.
During the year Mr. Neehal Mahamulal Pathan and Mr. Ranjeet Dinkarrao
Patil are appointed as additional Directors of the Company on 22nd
June, 2012. Notice have been received from shareholders proposing the
candidature of Mr. Mr.Neehal Mahamulal Pathan and Mr.Ranjeet Dinkarrao
Patil.
7. Auditors
Moreshwar G.Deshpande, the Statutory Auditors of the company, will
retire at the ensuing Annual General Meeting of the company and being
eligible, offer themselves for re-appointment.
8. Cost Auditors
The Central Government had directed an audit of the cost accounts
maintained by the Company. For conducting the cost audit for the
financial year ended on March 31,2013, the Central Government has
approved the appointment of Shri. S.V.Vhatte, Cost Accountant, Solapur.
9. Directors Responsibility Statement:
On the basis of compliance certificate received from the concerned
officials of the Company and subject to disclosure in the Annual
Accounts & on the basis of the discussion with the Statutory Auditors
of the Company from time to time, we state :
i) that in the preparation of the annual accounts, the applicable
accounting standards have been followed and proper explanations
provided relating to material departures, if any ;
ii) that the Directors have selected appropriate 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 March 31 , 2012 and of the profit of
the Company for the year ended on that date.
iii) that the Directors have taken proper and sufficient care to ensure
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, if any.
iv) that the Directors have prepared the annual accounts on a going
concern basis.
10. Conservation of Energy, Technology Absorption, Foreign Earnings
and Outgo
A statement giving details of conservation of energy, technology
absorption, foreign exchange earnings and outgo, in accordance with the
Companies (Disclosure of Particulars in the Report of Board of
Directors) Rules 1988 is annexed and marked Annexure 'A' and forms part
of this Report.
11. Cash Flow Analysis
In conformity with the provisions of clause 32 of the Listing Agreement
the Cash Flow Statement for the year ended 31st March, 2012 is annexed
hereto.
12. Listing of Equity Shares
The Equity Shares of the Company are presently listed on Bombay Stock
Exchange Limited, (BSE). The Company has duly paid the listing fees to
Bombay Stock Exchange Limited for the financial year 2012-2013.
13. Depository System
As the members are aware, your Company's shares are tradable
compulsorily in electronic form and your Company has established
connectivity with both the depositors, i.e. National Securities
Depositories Limited (NSDL) and Central Depository Services (India)
Limited (CDSL). In view of the numerous advantages offered by the
Depository system, members are requested to avail of the facility of
dematerialization of the Company shares on either of the Depositories
as aforesaid.
14. Particulars of Employees:
The statement of particulars of employees required under Section
217(2A) of the Companies Act, 1956 reads with the Companies
(Particulars of Employees) Rules 1975. As no any employees is receiving
salary more than limits prescribed under this section, separate
statement is not attached.
15. Appreciation
Your directors wish to place on record their appreciation to employees
at all levels for their hard work, dedication and commitment. The
enthusiasm and unstinting efforts of the employees have enabled the
Company to remain at the forefront of the Industry despite increased
competition from several existing and new players.
16. Acknowledgments
The Board desires to place on record its appreciation for the support
and co-operation that the Company received from all the customers,
investors, marketing agents, clearing and forwarding agents, financial
institutions, banker's, insurance companies, consultants, advisors and
shareholders for their continued support. The company has always looked
upon them as partners in its progress and has happily shared with them
rewards of growth.
Your Directors are grateful to Government of India, Ministry of
Commerce, Ministry of Textiles, Port Authorities and various
authorities from Central and State Government for their co-operation
and support. Your Directors look forward for their continued support.
On behalf of the Board
Vadgaon : 416 112
SHIVAJI MOHITE
Date : 14th August, 2012 CHAIRMAN & MANAGING DIRECTOR
Mar 31, 2010
The Directors have pleasure in presenting their 19 Annual Report of
the Company along with the audited statements of Accounts for the year
ended 31st March, 2010. The summarized financial results are given
below.
1. FINANCIAL RESULTS:
The Financial results for the year are as under:-
(Rs.in Lacs>
Particulars 2009-10 2008-09
i) Turnover 10630.38 10,661.88
ii) Profit Before Depreciation,
Interest, Tax (PBIDT) 2180.60 1574.66
iii) Interest and Financial Expense 1019.24 767.04
iv) Profit before Depreciation &
Tax (PBDT) 1161.36 807.42
v) Depreciation 608.26 600.73
vi) Profit before tax (PBT) 553.10 206.69
vii) Provision for tax
a) Current 80.00 25.00
b) F.B.T. - 2.50
c) Deferred (Net of adjustment) 68.59 4.48
viii) Profit after Tax (PAT) 404.51 174.71
ix) Balance in P & L A/c 1787.20 1612.49
x) Profit available for distribution 2191.71 1787.20
xi) Earning per share (Rupees) - Basic 2.01 0.87
xii) Dividend - % Nil Nil
The performance of the Company has been comprehensively covered in the
Management Discussion and Analysis Report.
2. DIVIDEND
With a view to plough back the Profits, Board of Directors do not
recommend the payments of dividends for the financial year 2009-10.
3. DEFERRED TAX
The total Net Deferred Tax Liability for the year ended 31 st March,
2010 amounted to Rs. 68.59 Lacs.
4. EXPORTS
The total Merchant Exports, during F. Y. 2009-10, of the Company
amounted to Rs. 1200.66 Lacs which represents about 11.29 % of the net
sales.
5. EXPANSION & MODERNIZATION
Forward integration
Hydro Electricity Project of 10 MW at Radhanagari (Dist-Kolhapur)
Your company has started setting up of Hydro Elec. Project of 10 MW
capacity at Radhanagari (Maharashtra). This project is awarded by Govt,
of Maharashtra on BOT basis for 30 years period. Civil work &
installation of machinery is almost completed and inspection by the
supplier is going on and is likely to be fully completed by end of
August -10. Trial runs are expected to be commenced during September -
2010.
6. SUBSIDIARY COMPANIES
As on the date Company do not have any subsidiary Company.
7. MANAGEMENT DISCUSSION AND ANALYSIS
In terms of Clause 49 of the Listing Agreement of the Stock Exchanges,
Management Discussion Analysis Report is annexed herewith, forming part
of this Report.
8. CORPORATE GOVERNANCE
A separate report on Corporate Governance is enclosed as a part of this
Annual Report. A certificate from the Auditors of the Company regarding
compliance with Corporate Governance norms stipulated in Clause 49 of
the Listing Agreement is annexed to the report on Corporate Governance.
9. ENVIRONMENT AND POLLUTION CONTROL
Your Company strives hard to maintain the highest standards of
environmental care and ensures that increasing levels of operation do
not adversely impact the standards of health and environment. Top
priority continues to be given to preservation of the environment by
the Company. To combat pollution and strengthen the area ecology,
considerable emphasis is given to plantation of fragrant and shady
trees. Manufacturing facilities possess the required environmental
clearance from Maharashtra Pollution Control Board.
10. INSURANCE
Adequate insurance cover has been taken for the properties of the
Company including buildings, plant and machineries and stocks.
11. DIRECTORS
In accordance with the provisions of the Companies Act, 1956 and
Articles of Association of the Company Mr. Ramchandra M. Mohite and
Mr.Vijay Madanlal Navandhar retire by rotation and are eligible for re-
appointment.
During the year Mr. Abhay M. Doshi and Mr. Ramesh N. Mehta, opted to
resign from the Board of Directors. Board of Directors in its meeting
held on 15 April, 2009, approved their resignation.
Mr. Arunkumar M. Goenka Director of the Company, opted to resign from
the Board of Directors. Board of Directors approved his resignation in
its meeting held on 16 December, 2009.
During the year Mr. Rajendra Prabhakar Kinkar and Mr. Dhiraj Shivajirao
Patil were appointed as Additional Directors of the Company. Notice
have been received from shareholder proposing the condidature of Mr.
Rajendra Prabhakar Kinkar and Mr. Dhiraj Shivajirao Patil as Director
of the Company
12. AUDITORS
The retiring Auditors, Moreshwar G. Deshpande, Chartered Accountants,
Sangli, are eligible for re- appointment and have indicated their
willingness to accept reappointment. In terms of Section 224A of the
Companies Act, 1956 their appointment needs to be confirmed and their
remuneration has to be fixed.
13. AUDITORS REPORT
The Auditors Report to the shareholders does not contain any
reservation, qualification or adverse remarks.
14. COST AUDITORS
The Central Government had directed an audit of the cost accounts
maintained by the Company. For conducting the cost audit for the
financial year ended on March 31,2010, the Central Government has
approved the appointment of Shri. S. V. Vhatte, Cost Accountant,
Solapur.
15. DIRECTORS RESPONSIBILITY STATEMENT
On the basis of compliance certificate received from the concerned
officials of the Company and subject to disclosure in the Annual
Accounts, as also on the basis of the discussion with the Statutory
Auditors of the Company from time to time, we state:
i) That in the preparation of the annual accounts, the applicable
accounting standards have been followed and proper explanations
provided relating to material departures, if any;
ii) That the Directors have selected appropriate 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 March 31,2010 and of the profit of the
Company for the year ended on that date.
iii) That the Directors have taken proper and sufficient care to ensure
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, if any.
iv) That the Directors have prepared the annual accounts on a going
concern basis.
16. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EARNINGS
AND OUTGO
A statement giving details of conservation of energy, technology
absorption, foreign exchange earnings and outgo, in accordance with the
Companies (Disclosure of Particulars in the Report of Board of
Directors) Rules 1988 is annexed and marked Annexure A and forms a
part of this Report.
17. CASH FLOW ANALYSIS
In conformity with the provisions of clause 32 of the Listing Agreement
the Cash Flow Statement for the year ended 31 * March, 2010 is annexed
hereto.
18. LISTING OF EQUITY SHARES
The Equity Shares of Your Company are presently listed on Bombay Stock
Exchange Limited, (BSE). The Company has duly paid the listing fees to
Bombay Stock Exchange Limited for the financial year 2010- 2011.
19. DEPOSITORY SYSTEM
As the members are aware, your Companys shares are tradable
compulsorily in electronic form and your Company has established
connectivity with both the depositors, i.e. National Securities
Depositories Limited (NSDL) and Central Depository Services (India)
Limited (CDSL). In view of the numerous advantages offered by the
Depository system, members are requested to avail of the facility of
dematerialization of the Company shares on either of the Depositories
as aforesaid.
20. PARTICULARS OF EMPLOYEES
The statement of particulars of employees required under Section
217(2A) of the Companies Act, 1956 reads with the Companies
(Particulars of Employees) Rules 1975, is annexed herto.
21. APPRECIATION
Your directors wish to place on record their appreciation to employees
at all levels for their hard work, dedication and commitment. The
enthusiasm and unstinting efforts of the employees have enabled the
Company to remain at the forefront of the Industry despite increased
competition from several existing and new players.
22. ACKNOWLEDGMENTS
The Board desires to place on record its appreciation for the support
and co-operation that the Company received from all the customers,
investors, marketing agents, clearing and forwarding agents, financial
institutions, bankers, insurance companies, consultants, advisors and
shareholders for their continued support. The company has always looked
upon them as partners in its progress and has happily shared with them
rewards of growth.
Your Directors are grateful to Government of India, Ministry of
Commerce, Ministry of Textiles, Port Authorities and various
authorities from Central and State Government for their co-operation
and support. Your Directors look forward for their continued support.
For and on behalf of Board of Directors,
Vadgaon - 416 112 RAMCHANDRA MOHITE
Date : 17th August, 2010 CHAIRMAN
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