Mar 31, 2016
Directorsâ Report
To The Members, Your Directors present this 22ndAnnual Report of the Company together with the Audited Statement of Accounts for the year ended 31st March, 2016.
Financial Results
Particulars |
(in Rupees) |
(in Rupees) |
Current Year |
Previous Year |
|
2015-16 |
2014-15 |
|
Total Income |
29,07,617 |
23,70,313 |
Profit before Finance Cost and Depreciation |
-1539279 |
3,56,184 |
Less : Finance Cost |
-- |
-- |
Loss before Depreciation |
-1539279 |
3,56,184 |
Less : Depreciation |
40133 |
52536 |
Profit/(Loss) before Tax |
-1499146 |
3,03,648 |
Provision for Tax Current Tax |
0 |
91094 |
Deferred Tax |
4248 |
2485 |
Tax For earlier Years |
0 |
0 |
Balance of Profit/(Loss) for the year before Extra Ordinary items |
-15,03,394 |
|
Extra-Ordinary items |
80,000 |
-- |
Balance of Profit/(Loss) for the year after Extra Ordinary items |
-15,83,394 |
2,10,069 |
Balance Brought forward from the Previous year |
3,96,877 |
1,86,808 |
Amount available for appropriation |
-- |
-- |
Proposed Dividend |
-- |
-- |
Tax on proposed Dividend |
-- |
-- |
Balance Profit/(Loss) carried to Balance Sheet |
-11,86,517 |
3,96,877 |
Performance Review
During the year under review your Company sustained with limited growth path due to which though the gross total income increased from Rs23,70,313to Rs29,07,617 in comparison of last year and the Company incurred loss of (11,86,517) in the year under review as compared to Profit of previous year to Rs. 3,96,877. During the year under review company has paid listing processing fees to BSE in the tune of Rs.20.00 Lakh.
Dividend
Your directors did not recommend payment of any dividend for the year ended 31st March, 2016.
Directorate
Mr. Bhadresh Bhavsar, Director of the Company, retires by rotation at this Annual General Meeting and being eligible offer himself for re-election. A brief resume of Mr. Bhadresh Bhavsar is given separately in the notice convening AGM. Your directors recommend his appointment for the members'' approval.
On the recommendations of nomination and remuneration committee, Mr. Ashish Pandya has been appointed as Whole Time Director and Key Managerial Person of the Company with effect from 1st September, 2016 for Period of three years i.e. from 1st September, 2016 upto 31st August, 2016.Abrief resume of Mr. Ashish Pandya is given separately in the notice convening AGM. Your directors recommend his appointment for the members'' approval.
Mr. Haresh Patel has resigned as Whole Time Director of the Company with effect from 1st September, 2016.
Transfer to Reserves
Due to Loss for the year under review accumulated loss in the tune of Rs.15.83 was transferred to General Reserve.
Number of Board Meetings held during the year
The number of Board meetings held during the year from1st April 2015 to 31st March 2016 is the dates of meeting are given below:
1. 18thMay 2015.
2. 28thMay 2015.
3. 13thAugust 2015.
4. 10thNovember 2015.
5. 12thFebruary 2016.
The time gap between any two meetings did not exceed four months. The compliance report in respect of laws applicable to the Company has been periodically reviewed by the Board of Directors of the Company.
Directorsâ Responsibility Statement:
Your directorsâ confirm:
I. That in the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departure.
II. That the directorâs have selected such accounting policies & applied them consistently & made judgment & estimates that are reasonable & prudent so as to give a true & fair view of the state of affairs of the company at the end of the financial year & of the Profit of the company for the year.
III. That the directorâs have taken proper & sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the company & for preventing & detecting fraud & other irregularities.
IV. That the directorâs have prepared the annual accounts on a going concern basis.
Listed on Stock Exchanges
At Present the Equity shares of the Company are listed and traded with the Bombay Stock Exchange Limited and the Listing Fee for the year 2016-17 has been duly paid. Scrip Code of the Company is 539595
Corporate Governance Report
As per SEBI LODR, Compliance with the provisions of regulation 17 through 27and clauses (b) to (i) of sub - regulations 46 and Para C,D and E of schedule V is not mandatory for the time being, in respect of the following class of Companies:
a. Companies having paid -up equity share capital not exceeding Rs. 10 crore and Net Worth not exceeding Rs. 25 Crore, as on the last day of previous financial year;
b. The listed entity which has listed its specified securities on the SME Exchange;
As such our Company fullâs in the ambit of aforesaid exemption Consequently Corporate Governance does not forms part of the Annual Report for the Financial Year 2015-16. However, the Company is following industry best corporate governance standards.
Associate & Subsidiary Companies
The company does not have any Associate or Subsidiary Companies
Deposits
The Company has not invited or accepted any fixed deposit from the public during the year under review.
Secretarial Audit
Secretarial Audit Report as per Section 204 of Companies Act 2013 is placed as annexure to this report. No adverse comments have been made in the sand report by the Practicing Company Secretary.
Extracts of Annual Return and other disclosures under Companies (appointment & Remuneration) Rules, 2014
The Extract of Annual Return in form No MGT-9 as per Section 134 (3) (a) of the Companies Act, 2013 read with Rule 8 of Companies Act (Accounts) Rules 2014 and Rule 12 of Companies(Management & Administration) Rules, 2014 duly certified by the Practicing Company Secretary is annexed hereto and forms part of this report. Further the Disclosure in the Board Report under Rule 5 of Companies (Appointment & Remuneration) Rules, 2014 is also annexed hereto and forms part of this report.
Declaration on Independent Directors
The Board of Directors declares that the Independent Directors Miss Dhvani Hareshbhai Contractor & Mr. Bhadresh Kumar Bhavsar & Mr. Rupesh Upadhyay are:
a) in the opinion of the Board, are persons of integrity and possesses relevant expertise and experience;
b) who were or were not a promoter of the company or its holding, subsidiary or associate company who are not related to promoters or directors in the company, its holding, subsidiary or associate Company;
c) Who have or had no pecuniary relationship with the company, its holding, subsidiary or associate company or
d) Their promoters or directors, during the two immediately preceding financial years or during the current financial year;
e) None of whose relatives has or had pecuniary relationship or transaction with the company, its holding, subsidiary or associate company or their
promoters, or directors, amounting to two percent or more of its gross turnover of total income or fifty Lakh rupees or such higher amount as may be prescribed, whichever is lower, during the two immediately preceding financial years or during the current financial year;
Who, either himself or any of his relatives -
i. Holds or has held the position of a key managerial personnel or is or has been employee of the company or its holding, subsidiary or associate company in any of the three financial year immediately preceding the financial Year in which he is proposed to be appointed;
ii. is or has been an employee or propriety or a partner, in any of the three financial years immediately preceding the Financial year in which he is proposed to be appointed, of -
- A firm of auditors or company secretaries in practice or cost auditors or the company or its holding, subsidiary or Associate company; or
- Any legal or a consulting firm that has or had any transaction with the company, its holding, subsidiary or Associate company amounting to ten percent or more of the gross turnover of such firm;
iii. Holds together with his relative two per cent, or more of the total voting power of the company; or
iv. Is a Chief Executive or director, by whatever name called, of any non-profit organization that receives twenty-five percent or more of its receipts from the company, any of its promoters, directors or its holding, subsidiary or associate company or that holds two per cent or more of the total voting power of the company; or
Particulars of Loans, guarantees or investments
The particulars of Loans, Guarantees or investments as covered under provision of section 186 of the Companies Act, 2013 made by the company during financial year 2015-16 are given under the respective head and the same is furnished in the notes to the financial statement
Related Party Transactions
There were no materially and significant transaction with Related Parties i.e. Promoters, Directors or the Management, their subsidiaries or relatives conflicting with the Companies interest. There were no transactions that took place with related parties which can be considered not to be in the normal course of business.
Particulars of Employees
None of the Employees of the company was in receipt of the remuneration exceeding the limits prescribed under section 197 of the Companies Act, 2013 as amended, during the year under review.
Particulars of Conservation Of Energy, Technology Absorption and Foreign Exchange Earnings and out-go.
Since your company does not own any manufacturing facility particulars about Conservation of Energy and Technology absorption are not applicable. The Foreign exchange Earnings and out-go for the year under review is nil.
Risk Management Policy implementation
The board takes responsibility for the overall process of risk management in the organization. Risk Management is the process of minimizing mitigating the risk. Its start with identification and evaluation of risk. The Company has followed strict approach to deal with possibility of any risk in the finance business. To Control the Operational risk Company has taken several measures and applied strict credit strategies. Through a detailed risk management programme, each functional head addresses opportunities and the attendant risks through a systematic approach aligned to the Company''s objectives. The audit committee also reviews reports covering operational, financial and other business risk areas.
Formation and adoption of Different Policies:
a) Policy Determination of Materiality: In Accordance with Regulation 30 of the SEBI (Listing Obligation and Disclosure Requirements) Regulation, 2015 the Company has adopt a policy determination of Materiality containing Disclosure of Events or Information relating to specified securities.
b) Policy for Preservation of Documents: Regulation 9 of SEBI (Listing Obligation and Disclosure Requirements) Regulation, 2015 requires every listed entity should formulate a policy for preservation of documents and accordingly the Company has adopted the same and upload the same on the website.
c) Policy on Materiality of Related Party Transactions: The Company has adopted a policy of Related Party Transactions with a view to set out the materiality thresholds for the related party transactions and the manner of dealing with the transactions between the Company and its related parties based on the Companies Act, 2013, SEBI (LODR) Regulations and any other laws and regulations as may be applicable to the Company.
d) Whistle Blower Policy: The Company has adopted the Whistle Blower Policy for their employees and directors to report the concerns about unethical behavior, actual or suspected fraud or violation of the code of conduct or policy as per Section 177(9) of the Companies Act, 2013 and as per Regulation 22 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015.
Remuneration policy
A Nomination & Remuneration policy has been formulated pursuant to the provisions of section 178 and other applicable provisions of the companies act, 2013 and rules thereto and SEBI LODR stating therein the Companyâs policy and Directors/Key Managerial Personnel/other Employees appointment and remuneration recommended by the Nomination and Remuneration Committee and approved by the Board of Directors. The said policy may be referred on Companyâs Website.
Disclosure under the Sexual Harassment of Women at Workplace(Prevention, Prohibition and Redressal) Act, 2013
The Company has zero tolerance for sexual harassment at workplace and has adopted a policy on prevention, prohibition and redressal of sexual harassment at workplace in line with the provisions of Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the rules framed there under. During the financial year 2015-16, the Company has not received any complaint on sexual harassment.
Auditors
M/s. Jayesh Patel & Co., (Membership No. 034745) Chartered Accountants retire at the ensuing Annual General meeting. Financial Auditors of the Company will retire at the forthcoming Annual General Meeting and are eligible for reappointment. In accordance with the Companies Act 2013, it is proposed to reappoint them as Auditors for the financial year 2016-17 from the conclusion of this Annual General Meeting till the conclusion of the next Annual General Meeting, subject to the approval of shareholders.
Audit Committee
The Audit Committee comprises of Mr. Rupesh Upa,dhyay (Independent Director) Miss. Dhvani Contractor (Independent Director) and Mr. Haresh Patel all are financially literate and having accounting and related Administrative Expertise.
The Independent Auditors and the Secretarial Auditors of the Company is also invited to the Audit Committee meetings. The Chairman of the Audit Committee Mr. Rupesh Upadhyay was present at the Annual General Meeting of the Company held on 30th September, 2015.
During the financial year 2015-16 Four (4) meetings of the Audit Committee were held:_
1. 28th May 2015
2. 13th August 2015
3. 10th November 2015.
4. 12th February 2016
As on March 31, 2016, all three Directors of the Board are the Members of Audit Committee &the details of the meetings attended by members during the year 2015-16 are as follows:
Name of Member |
Designation |
No. of Meeting held during tenure |
No. of meeting attended |
Mr. Rupesh Upadhyay |
Charmer& Member |
4 |
4 |
Mr. Haresh Patel |
Member |
4 |
4 |
Miss Dhvani Contractor* |
Member |
4 |
4 |
Stakeholders Relationship Committee/Investor Grievance Committee
In compliance with the provisions of Listing agreement and Section 178 of Companies Act, 2013, the company re-constituted this committee as âStakeholders Relationship Committeeâ. This committee of the Board of the Company looks into various issues relating to shareholders/investors including transfer and transmission of shares held by shareholders in physical format as well as non-receipt of dividend, Annual Report, shares after transfer and delays in transfer of shares. The committees also looks into issues including status of dematerialization/dematerialization of shares and issue of duplicate share certificates and tracks investor complaints and suggest measures for improvement from time to time.
During the financial year 2015-16 Four (4) meetings of the Shareholdersâ/ Investorsâ Grievance Committee were held: (1). 28th May 2015 (2) 13th August, 2015 (3) 10th November 2015 (4). 12th February, 2016
As on March 31, 2016, the Shareholdersâ/ Investorsâ Grievance Committee comprised of the following members & the details of the meetings attended by members during the year 2015-16 are as follows:
1.Mr. Haresh Patel |
Chairman |
4 |
4 |
2. Mr. Bhadresh Bhavsar |
Member |
4 |
4 |
3.Miss Dhvani Contractor |
Member |
4 |
4 |
Remuneration Committee
In compliance of Section 178 of Companies Act, 2013 the Board has constituted the Remuneration Committee. Your Board has constituted the Remuneration Committee. The terms of reference of the committee inter alia include Succession planning for Board of Directors and Senior Management Employees, identifying and selection of candidates for appointment of Directors/Independent Directors based on certain laid down criteria,âs, identifying potential individuals for appointment of Key Managerial personnel and other senior managerial position and review the performance of the Board of Directors and Senior Management personnel including Key managerial personnel based on certain criteria approved by the Board. While reviewing the performance, the committee ensures that the remuneration is reasonable and sufficient to attract, retain and motivate the best managerial talents, remuneration commensurate with the performance of individual and group and also maintains a balance between fixed and incentive pay reflecting both short and long term objectives of the company.
As on March 31, 2016, the Remuneration Committee comprised of the following members &the details of the meetings attended by members during the year 2015-16 are as follows:
Name of Member |
Designation |
No. of Meeting held during tenure |
No. of meeting attended |
1.Miss. Dhvani Contractor |
Chairman |
1 |
1 |
2. Mr. Bhadresh Bhavsar |
Member |
1 |
1 |
3.Mr.RupeshUpadhyay |
Member |
1 |
1 |
Acknowledgement
Your Directors wish to place on record their appreciation for the whole hearted and sincere co-operation the Company has received from its banker, State Bank of India and various Government agencies. Your Directors also wish to thank all the employees for their co-operation.
By Order of the Board
for Natco Economicals Limited
Place: Ahemdabad SD/- SD/-
Haresh Patel Rupesh Upadhyay
Date: 22nd August, 2016 (Whole Time Director) (Director)
Mar 31, 2015
Dear Members,
The Directors present this 21stAnnual Report of the Company together
with the Audited Statement of Accounts for the year ended 31st March,
2015.
Financial Results
Particulars (in Rupees) (in Rupees)
Current Year Previous Year
2014-15 2013-14
Total Income 23,70,313 8,77,857
Profit before Finance Cost and 3,56,184
Depreciation
Less: Finance Cost -- -
Profit before Depreciation 3,56,184 1,84,440
Less : Depreciation 52536
Profit/(Loss) before Tax 3,03,648 1,12,900
Provision for Tax
Current Tax 91094 33,870
Deferred Tax 2485 384
Tax For earlier Years 0 0
Balance of Profit/(Loss) for the year 2,10,069 78,646
Balance Brought forward from the Previous
1,08,162
year 1,86,808
Amount available for appropriation -- -
Proposed Dividend -- -
Tax on proposed Dividend -- -
Balance Profit/(Loss) carried to Balance Sheet 3,96,877 1,86,808
Performance Review
During the year under review your Company sustained with limited growth
path due to which though the gross total income increased from
Rs1,84,440 to Rs23,70,313 in comparison of last year and net profit for
the year increased from Rs. 1,86,808 in previous year to Rs.
3,96,877for year under review.
Dividend
In order to conserve resources of the company for future plans, your
directors did not recommend payment of any dividend for the year ended
31st March, 2015.
Directorate
Mr. Rupesh Upadhyay, Director of the Company, retires by rotation at
this Annual General Meeting and being eligible offer himself for
re-election.
Mr. Sarju Parikh Independent Director has resigned due to his
pre-occupancy and ceased to be director of the Company w.e.f 4th
February, 2015. Mr. Sajjankumar Chaudhary has been appointed as
Director of the company on the same date. However Mr. Sajjankumar
Chaudhary has resigned from the Board due to health Issue and Mr.
Bhadresh Bhavsar is appointed as Independent Director w.e.f. 18th May,
2015. During the year under review Mr. RipulKotecha has resigned from
the Board and Ms. Dhwani Contractor is appointed as Independent Woman
Director on 30th March, 2015.
Directors' Responsibility Statement:
Your directors' confirm:
I. That in the preparation of the annual accounts, the applicable
accounting standards have been followed along with proper explanation
relating to material departure.
II. That the director's have selected such accounting policies &
applied them consistently & made judgment & estimates that are
reasonable & prudent so as to give a true & fair view of the state of
affairs of the company at the end of the financial year & of the Profit
of the company for the year.
III. That the director's have taken proper & sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the company & for
preventing & detecting fraud & other irregularities.
IV. That the director's have prepared the annual accounts on a going
concern basis.
Listed on Stock Exchanges
Ahemdabad Stock Exchange
Corporate Governance Report
As required by Clause 49 of the Listing Agreement with the Stock
Exchanges, the Corporate Governance Report, Management Discussion and
Analysis, and the Auditor's Certificate regarding compliance of
conditions of Corporate Governance, form part of the Annual Report.
Deposits
The Company has not invited or accepted any fixed deposit from the
public during the year under review.
Secretarial Audit
Secretarial Audit Report as per Section 204 of Companies Act 2013 is
placed as annexure to this report. No adverse comments have been made
in the said report by the Practising Company Secretary.
Extracts of Annual Return and other disclosures under Companies
(appointment & Remuneration) Rules, 2014
The Extract of Annual Return in form No MGT-9 as per Section 134 (3)
(a) of the Companies Act, 2013 read with Rule 8 of Companies Act
(Accounts) Rules 2014 and Rule 12 of Companies(Management &
Administration) Rules, 2014 duly certified by the Practising Company
Secretary is annexed hereto and forms part of this report. Further the
Disclosure in the Board Report under Rule 5 of Companies (Appointment &
Remuneration) Rules, 2014 is also annexed hereto and forms part of this
report.
Declaration on Independent Directors
The Board of Directors declares that the Independent Directors Miss
Dhvani Hareshbhai Contractor & Mr. Bhadreshkumar Bhavsar are:
(a) in the opinion of the Board, are persons of integrity and possesses
relevant expertise and experience;
b) (i) who were or were not a promoter of the company or its holding,
subsidiary or associate company who are not related to promoters or
directors in the company, its holding, subsidiary or associate Company;
(c) Who have or had no pecuniary relationship with the company, its
holding, subsidiary or associate company or
Their promoters or directors, during the two immediately preceding
financial years or during the current financial year;
(d) None of whose relatives has or had pecuniary relationship or
transaction with the company, its holding, subsidiary or associate
company or their promoters, or directors, amounting to two percent or
more of its gross turnover of total income or fifty Lakh rupees or such
higher amount as may be prescribed, whichever is lower, during the two
immediately preceding financial years or during the current financial
year;
(e) Who, either himself or any of his relatives -
(i) Holds or has held the position of a key managerial personnel or is
or has been employee of the company or its holding, subsidiary or
associate company in any of the three financial year immediately
preceding the financial Year in which he is proposed to be appointed;
(ii) is or has been an employee or propriety or a partner, in any of the
three financial years immediately preceding the Financial year in which
he is proposed to be appointed, of -
(A) A firm of auditors or company secretaries in practice or cost
auditors or the company or its holding, subsidiary or
Associate company; or
(B) Any legal or a consulting firm that has or had any transaction with
the company, its holding, subsidiary or
Associate company amounting to ten percent or more of the gross
turnover of such firm;
(iii) Holds together with his relative two per cent, or more of the
total voting power of the company; or
(iv) Is a Chief Executive or director, by whatever name called, of any
nonprofit organization that receives twenty-five percent or more of its
receipts from the company, any of its promoters, directors or its
holding, subsidiary or associate company or that holds two per cent or
more of the total voting power of the company; or
Particulars of Loans, guarantees or investments
The particulars of Loans, Guarantees or investments as covered under
provision of section 186 of the Companies Act, 2013 made by the company
during financial year 2014-15 are given under the respective head and
the same is furnished in the notes to the financial statement
Related Party Transactions
There were no materially and significant transaction with Related
Parties i.e. Promoters, Directors or the Management, their
subsidiaries or relatives conflicting with the Companies interest.
There were no transactions that took place with related parties which
can be considered not to be in the normal course of business.
Particulars of Employees, Conservation Of Energy, Tec. Absorption Etc.
None of the Employees of the company was in receipt of the remuneration
exceeding the limits prescribed under section 197 of the Companies Act,
2013 as amended, during the year under review.
Risk Management Policy implementation
In today's economic environment, Risk Management is a very important
part of business. The main aim of risk management is to identify,
monitor and take precautionary measures in respect of the events that
may pose risks for the business. Your Company's risk management is
embedded in the business processes. Your company has identified the
following risks:
Stake holder is aware that financial services business has its own
typical risks. The Company through its risk management system has
clearly identified the external and internal risk affecting its
business operations. These risks can have a serious impact on the
operations of the Company as well as its profitability.
Some of the common risks for finance sector - in the current
environment are as under:
Risk of Bad Debts (Non-Performing Assets)
The risk of NPA is always a pertinent part of the lending business.
There is always a chance that accounts become bad due to fall or
collapse in the value of the asset against which funds have been
advanced due to a variety of reasons. However, in our case, the
Company has put in place strong asset verification and valuation
processes.
* Interest Rates
The RBI had resorted to increasing the interest rates many times over
the last eighteen months in order to control Inflation. The volatility
in interest rate and high interest rate leads to default in re-payment
and thus increase of interest rates would certainly affect the business
of the Company.
* Risk of Competition
With globalization and continuous flow of private as well as
international institution in the finance market the risk of competition
in any business, and the finance business is no different. We believe
that competition spurs our team to innovate without losing sight of the
customer needs, the need for safety of funds deployed and the need to
ensure commensurate returns.
* Global Economic Uncertainties
The international events affect all financial markets of the world, and
India is also affected. The affect was clearly felt in the previous
year as the Indian Rupee continued to remain weak due to the crisis in
Euro zone. This may results into to stay-away attitude by foreign
investors, volatility in crude price, inflation which may turned into
further stress on finance market. Company therefore focusing on
investing its funds in assets that are fully secured and that will have
least impact of global uncertainty.
The Company has put in place a Risk Management Policy as per the
Guidelines so as to ensure that the risk parameters are within the
defined limits
Disclosure under the Sexual Harassment of Women at
Workplace(Prevention, Prohibition and Redressal) Act:, 2013
The Company has zero tolerance for sexual harassment at workplace and
has adopted a policy on prevention, prohibition and redressal of sexual
harassment at workplace in line with the provisions of Sexual
Harassment of Women at Workplace (Prevention, Prohibition and
Redressal) Act, 2013 and the rules framed there under. During the
financial year 2014-15, the Company has not received any complaint on
sexual harassment.
Auditors
M/s. Jayesh Patel & Co., (Membership No. 034745) Chartered Accountants
retire at the ensuing Annual General meeting. Financial Auditors of the
Company will retire at the forthcoming Annual GeneralMeeting and are
eligible for reappointment. In accordance with the Companies Act 2013,
it is proposed to re-appoint them as Auditors for the financial year
2015-16 from the conclusion of this Annual General Meeting till the
conclusion of the next Annual General Meeting, subject to the approval
of shareholders.
Acknowledgement
Your Directors wish to place on record their appreciation for the whole
hearted and sincere co-operation the Company has received from its
banker, State Bank of India and various Government agencies. Your
Directors also wish to thank all the employees for their co-operation.
By Order of the Board for Natco Economicals Limited
Place: Ahemdabad SD/- SD/-
Haresh Patel Rupesh Upadhyay
Date: 13th August, 2015 (Whole Time Director) (Director)
Mar 31, 2014
Dear Members,
The Directors present this 20thAnnual Report of the Company together
with the Audited Statement of Accounts for the year ended 31st March,
2014.
Financial Results
Particulars (in Rupees)
Current Year Previous
2013-14 Year
2012-13
Total Income
877857 834200
Profit before Finance Cost and 184440 136285
Depreciation
Less : Finance Cost - -
Profit before Depreciation 184440 136258
Less : Depreciation
71540 87902
Profit/(Loss) before Tax
112900 48383
Provision for Tax
Current Tax 33870 14515
Deferred Tax 384 2999
Tax For earlier Years 0 0
Balance of Profit/(Loss) for the year
Balance Brought forward from the Previous year 108162 77293
Amount available for appropriation - -
Proposed Dividend - -
Tax on proposed Dividend - -
Balance Profit/(Loss) carried to Balance Sheet 186805 108162
OPERATIONS
The financial sector remains subdued during the financial year 2013-14
and therefore your company instead of taking risk for a small gain
continued with existing operation without much changes. The annual GDP
growth rates revised from 9% to 8% and now 5.6% where the last quarter
shows growth rate of just 4.8%.The loss of growth momentum continued
throughout the year 2012-13. The other important factor, inflation
measured by the Wholesale Price Index which remained sticky at above
7.5% through first half of 2012-13, fell to 5.9% in March, 2013.During
the year company has earned net profit of Rs.78646/- as compared to
Rs.30869/- in previous year. Your directors are taking various
initiatives for overall better performance and optimistic for the years
to come. The details of financial performance of the Company are
appearing in the Balance Sheet andProfit & Loss Account for the year.
FUTURE OUTLOOK
Any major steps or initiatives on the part of operations of the company
is based on factors like overall economic growth, interest rates and
liquidity, stock market performance and volatility, growth of
infrastructure and auto industries etc. The approach of the company
till the date is cautious and traditional which is based on
risk-management. However, your Board is now focusing on various options
as all courses of action are risky, so prudence is not in avoiding
danger but calculating risk and acting decisively.
DIVIDEND
No dividend recommended by the Board of directors in view of limited
profit.
DIRECTOR
Haresh G.Patel, Director of the Company, retires by rotation at this
Annual General Meeting and being eligible offer himself for
re-election.
DIRECTORS' RESPONSIBILITY STATEMENT:
Your directors' confirm:
I. That in the preparation of the annual accounts, the applicable
accounting standards have been followed along with proper explanation
relating to material departure.
II. That the directors have selected such accounting policies & applied
them consistently & made judgment & estimates that are reasonable &
prudent so as to give a true & fair view of the state of affairs of the
company at the end of the financial year & of the Profit of the company
for the year.
III. That the directors have taken proper & sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the company & for
preventing & detecting fraud & other irregularities.
IV. That the directors have prepared the annual accounts on a going
concern basis.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
A detailed discussion on the Company's operations is presented in the
chapter on Management Discussion and Analysis, which forms part of this
Annual Report.
CORPORATE GOVERNANCE REPORT
The Company has implemented all the provisions of the Corporate
Governance as stipulated by Clause 49 of the listing agreements with
all the stock exchanges where the Company's securities are listed. It
has always been a constant Endeavour of the Company to adopt good
corporate governance code through independent Board, transparent
disclosures and shareholders empowerment for creating and sustaining
shareholder value. A separate section on Corporate Governance along
with a certificate from the auditors of the Company certifying
compliance of stipulations of Clause 49 of listing agreements with the
stock exchanges with regards to the Corporate Governance code is
present elsewhere.
DEPOSITS
The Company has not invited or accepted any fixed deposit from the
public during the year under review.
AUDITORS
M/s Jayesh Patel & Co., Chartered Accountants retire at the ensuing
Annual General meeting.They offer for re-appointment. Company has
received their eligibility certificate in pursuant to section 224(1 B)
of the Companies Act, 1956 and section 139(2) of the Companies Act,
2013.The explanation given in Auditor's report and notes on accounts
are self-explanatory and do not call for any comments.
NEW GUIDELINE FOR DIRECT LISTING AT BSE
The Bombay Stock Exchange has come out with liberalized guideline for
direct listing at exchange for those Regional Stock Exchange Listed
Company having certain competency. Many times shareholders are
approaching company with problem of ill-liquidity. With a view to avoid
this major problem your company will take all necessary action to get
company listed on a Bombay Stock Exchange. The necessary measures have
taken by your company to complyall mandatory requirements for direct
listing.
PARTICULARS OF EMPLOYEES
None of the Employee's of the company was in receipt of the
remuneration exceeding the limits prescribedunder section 217(2A) of
the Companies Act, 1956 and corresponding section 197 of the Companies
Act, 2013as amended, during the year under review.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNING AND OUT GO
The particulars' regarding foreign exchange earnings and expenditure is
NIL.
Since your company does notown any manufacturing facility, the other
particulars in the Companies (Disclosure of Particulars in the Report
of the Board of Directors) Rules, 1988 are not applicable.
ACKNOWLEDGMENT
The Board of Directors wishes to place on record its appreciation for
the cooperation extended by Banks, Government Authorities, Customers,
Shareholders and Employees of the Company and looks forward to a
continued mutual support and co-operation.
By Order of the Board
Place:Ahmedabad Haresh Patel Rupesh Upadhyay
Date:31st July,2014. (Director) (Director)
Mar 31, 2013
Dear Members,
Your Directors present this 19thAnnual Report of the Company together
with the Audited Statement of Accounts for the year ended 31st March,
2013.
Financial Results
Particulars (in Rupees)
Current Year 2012- Previous Year
13 2011-12
Total Income 834200 791600
Profit before Finance Cost
and Depreciation 136285 190019
Less : Finance Cost - -
Profit before Depreciation 136285 190019
Less : Depreciaqtion 87902 180163
Profit/(Loss) Defore Tax 48383 9856
Provision for Tax
Current Tax 14515 0
Deferred Tax 2999 1070
Tax For earlier Years 0 0
Balance of Profit/(Loss)
for the year 30869 8786
Balance Brought forward
from the Previous year 77293 68507
Amount available for appropriation - -
Proposed Dividend - -
Tax on proposed Dividend - -
Balance Profit/(Loss) carried
to Balance Sheet 108162 77293
OPERATIONS
The financial sector remains subdued during the financial year 2012-13
and therefore your company instead of taking risk for a small gain
continued with existing operation without much changes. The annual GDP
growth rates revised from 9% to 8% and now 5.6% where the last quarter
shows growth rate of just 4.8%.The loss of growth momentum continued
throughout the year 2012-13. The other important factor, inflation
measured by the Wholesale Price Index which remained sticky at above
7.5% through first half of 2012-13, fell to 5.9% in March, 2013.
During the year company has earned net profit of Rs.30869/- as compared
to Rs.8786/- in previous year. Your directors are taking various
initiatives for overall better performance and optimistic for the years
to come. . The details of financial performance of the Company are
appearing in the Balance Sheet and Profit & Loss Account for the year.
FUTURE OUTLOOK
Any major steps or initiatives on the part of operations of the company
is based on factors like overall economic growth, interest rates and
liquidity, stock market performance and volatility, growth of
infrastructure and auto industries etc. The approach of the company
till the date is cautious and traditional which is based on
risk-management. However, your Board is now focusing on various options
as all courses of action are risky, so prudence is not in avoiding
danger but calculating risk and acting decisively.
DIVIDEND
No dividend recommended by the Board of directors in view of limited
profit.
DIRECTORATE
Mr. Rupesh Upadhyay, Director of the Company, retires by rotation at
this Annual General Meeting and being eligible offer himself for
re-election.
DIRECTORS' RESPONSIBILITY STATEMENT:
Your directors' confirm:
I. That in the preparation of the annual accounts, the applicable
accounting standards have been followed along with proper explanation
relating to material departure.
II. That the directors have selected such accounting policies &
applied them consistently & made judgment & estimates that are
reasonable & prudent so as to give a true & fair view of the state of
affairs of the company at the end of the financial year & of the Profit
of the company for the year.
III. That the directors have taken proper & sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the company & for
preventing & detecting fraud & other irregularities.
IV. That the directors have prepared the annual accounts on a going
concern basis.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
A detailed discussion on the Company's operations is presented in the
chapter on Management Discussion and Analysis, which forms part of this
Annual Report.
CORPORATE GOVERNANCE REPORT
The Company has implemented all the provisions of the Corporate
Governance as stipulated by Clause 49 of the listing agreements with
all the stock exchanges where the Company's securities are listed. It
has always been a constant Endeavour of the Company to adopt good
corporate governance code through independent Board, transparent
disclosures and shareholders empowerment for creating and sustaining
shareholder value. A separate section on Corporate Governance along
with a certificate from the auditors of the Company certifying
compliance of stipulations of Clause 49 of listing agreements with the
stock exchanges with regards to the Corporate Governance code is
present elsewhere.
DEPOSITS
The Company has not invited or accepted any fixed deposit from the
public during the year under review.
AUDITORS
M/s Jayesh Patel & Co., Chartered Accountants retire at the ensuing
Annual General Meeting. They offer for re-appointment. Company has
received their eligibility certificate in pursuant to section 224(1 B)
of the Companies Act, 1956. The explanation given in Auditor's report
and notes on accounts are self- explanatory and do not call for any
comments.
NEW GUIDELINE FOR DIRECT LISTING AT BSE
The Bombay Stock Exchange has come out with liberalized guideline for
direct listing at exchange for those Regional Stock Exchange Listed
Company having certain competency. Many times shareholders are
approaching company with problem of ill-liquidity. With a view to avoid
this major problem your company will take all necessary action to get
company listed on a Bombay Stock Exchange. The necessary measures have
taken by your company to comply all mandatory requirements for direct
listing.
PARTICULARS OF EMPLOYEES
None of the Employees of the company was in receipt of the remuneration
exceeding the limits prescribedunder section 217(2A) of the Companies
Act, 1956 as amended, during the year under review.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGAND OUT GO
The particulars' regarding foreign exchange earnings and expenditure is
NIL.
Since your company does notown any manufacturing facility, the other
particulars in the Companies (Disclosure of Particulars in the Report
of the Board of Directors) Rules, 1988 are not applicable.
ACKNOWLEDGMENT
The Board of Directors wishes to place on record its appreciation for
the cooperation extended by Banks, Government Authorities, Customers,
Shareholders and Employees of the Company and looks forward to a
continued mutual support and co-operation.
By Order of the Board
Place:Ahmedabad Haresh Patel Ripul Kotecha
Date: 31st July, 2013 (Director) (Director)
Mar 31, 2012
Dear Members,
Your Directors present this 18thAnnual Report of the Company together
with the Audited Statement of Accounts for the year ended 31st March,
2012.
Financial Results
Particulars (in Rupees)
Current Year Previous Year
2011-12 2010-11
Total Income 791600 559287
Profit before Finance
Cost and Depreciation 190019 60100
Less: Finance Cost - -
Profit before Depreciation 190019 60100
Less: Depreciation 180163 88801
Profit/(Loss) before Tax 9856 28701
Provision for Tax
Current Tax 0 0
Deferred Tax 1070 272
Tax For earlier Years 0 0
Balance of Profit/(Loss)
for the year 8786 -28973
Balance Brought forward
from the Previous year - -
Amount available for
appropriation - -
Proposed Dividend 0 0
Tax on proposed Dividend 0 0
Balance Profit/(Loss) carried
to Balance Sheet 8786 -28973
OPERATIONS
In the volatile interest rate and decelerating economic growth where
expectation of 8% against actual of 5.6% your company sustained with
limited growth path. The total income for the financial year under
review is Rs.7,91,600 in comparison of Rs.7,91,600 during the previous
year. During the year under review, the Company has earned a Net Profit
of Rs. 8,786/- as compared to a Net Profit of Rs.-28,973/- in the
previous year.
Soaring prices of food and essential commodities compelled the Reserve
Bank of India to raise interest rates several times during the year.
What is positive for company is zero debt position, where there is an
adverse tide of 13 interest rate impositions, and funding is serious
problem in the coming years your company is protected by its prudent
policy and guarded by safe play.
Indian Stock Market showed a worst performance after 2008, Inflation
clearly remained the biggest and most engraved concern for India this
year. The rupee continued to fall on sustained foreign capital
outflows. Internationally, the euro zone debt crises remained the
biggest business story of 2011. The crises deepened as the trouble that
started with Greece spread to Italy, Portugal and Spain and speculation
mounted about the collapse of the euro zone. India cannot stay immune
to the deteriorating situation in the euro zone.
DIVIDEND
In order to conserve resources of the company for future plans, your
directors did not recommend payment of any dividend for the year ended
31st March, 2012.
DIRECTORATE
Shri Sarju Parikh, Director of the Company, retires by rotation at this
Annual General Meeting and being eligible offer himself for
re-election.
DIRECTORS' RESPONSIBILITY STATEMENT:
Your directors' confirm:
I. That in the preparation of the annual accounts, the applicable
accounting standards have been followed along with proper explanation
relating to material departure.
II. That the directors have selected such accounting policies &
applied them consistently & made judgment & estimates that are
reasonable & prudent so as to give a true & fair view of the state of
affairs of the company at the end of the financial year & of the Profit
of the company for the year.
III. That the directors have taken proper & sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the company & for
preventing & detecting fraud & other irregularities.
IV. That the directors have prepared the annual accounts on a going
concern basis.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
A detailed discussion on the Company's operations is presented in the
chapter on Management Discussion and Analysis, which forms part of this
Annual Report.
corporate governance report
Your Company is committed to adhere to the best practice of governance.
It has always been a constant Endeavour of the Company to adopt good
corporate governance code through independent Board, transparent
disclosures and shareholders empowerment for creating and sustaining
shareholder value. A report on Corporate Governance forms part of this
report and a certificate from the Auditors of your Company regarding
compliance of conditions of the Corporate Governance is attached to
this report.
deposits
The Company has not invited or accepted any fixed deposit from the
public during the year under review.
auditors
M/s Jayesh Patel& Co., Chartered Accountants retire at the ensuing
Annual General meeting. They offer for re-appointment. Company has
received their eligibility certificate in pursuant to section 224(1 B)
of the Companies Act, 1956. The explanation given in Auditor's report
and notes on accounts are self- explanatory and do not call for any
comments.
particulars of employees
None of the Employees of the company was in receipt of the remuneration
exceeding the limits prescribed under section 217(2A) of the Companies
Act, 1956 as amended, during the year under review.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNING AND OUT GO
The particulars' regarding foreign exchange earnings and expenditure is
NIL.
Since your company does not own any manufacturing facility, the other
particulars in the Companies (Disclosure of Particulars in the Report
of the Board of Directors) Rules, 1988 are not applicable.
ACKNOWLEDGMENT
The Board of Directors wishes to place on record its appreciation for
the commitment, dedication and hard work done by the employees of the
Company and the cooperation extended by Banks, Government Authorities,
Customers, Shareholders and Employees of the Company and looks forward
to a continued mutual support and co-operation.
By Order of the Board
Place: Ahmedabad Haresh Patel Rupesh Upadhyay
Date:31st July, 2012 (Director) (Director)
Mar 31, 2011
Dear Members,
Your Directors present this 17thAnnual Report of the Company together
with the Audited Statement of Accounts for the year ended 31st March,
2011.
Financial Results
Particulars (in Rupees)
Current Year Previous Year
2010-11 2009-10
Total Income 559287 540461
Profit before Finance Cost
and Depreciation 60100 90324
Less: Finance Cost - -
Profit before Depreciation 60100 90324
Less: Depreciation 88801 87425
Profit/(Loss) before Tax -28701 2899
Provision for Tax
Current Tax 0 0
Deferred Tax 272 5478
Tax For earlier Years 0 0
Balance of Profit/(Loss)
for the year -28973 -2579
Balance Brought forward
from the Previous year 97480 100059
Amount available for appropriation 97480
Proposed Dividend Nil Nil
Tax on proposed Dividend Nil Nil
Balance Profit/(Loss) carried
to Balance Sheet -28973 97480
OPERATIONS
In the volatile interest rate and decelerating economic growth where
expectation of 8% against actual of 5.6% your company sustained with
limited growth path. The total income for the financial year under
review is Rs. 559287 in comparison of Rs. 540461 during the previous
year. During the year under review, the Company has a Net Losst of Rs.
-28973/- as compared to a Net Loss of Rs. -2579/- in the previous year.
DIVIDEND
In order to conserve resources of the company for future plans, your
directors did not recommend payment of any dividend for the year ended
31st March, 2011.
DIRECTORATE
Mrs. Sejal Manish Shah, Director of the Company, retires by rotation at
this Annual General Meeting and being eligible offer himself for
re-election.
Your directors' confirm:
I. That in the preparation of the annual accounts, the applicable
accounting standards have been followed along with proper explanation
relating to material departure.
II. That the director's have selected such accounting policies &
applied them consistently & made judgment & estimates that are
reasonable & prudent so as to give a true & fair view of the state of
affairs of the company at the end of the financial year & of the Profit
of the company for the year.
III. That the director's have taken proper & sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the company & for
preventing & detecting fraud & other irregularities.
IV. That the director's have prepared the annual accounts on a going
concern basis.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
A detailed discussion on the Company's operations is presented in the
chapter on Management Discussion and Analysis, which forms part of this
Annual Report.
CORPORATE GOVERNANCE REPORT
Your Company is committed to adhere to the best practice of governance.
It has always been a constant Endeavour of the Company to adopt good
corporate governance code through independent Board, transparent
disclosures and shareholders empowerment for creating and sustaining
shareholder value. A report on Corporate Governance forms part of this
report.
DEPOSITS
The Company has not invited or accepted any fixed deposit from the
public during the year under review.
AUDITORS
M/s Jayesh Patel& Co., Chartered Accountants retire at the ensuing
Annual General meeting They offer for re-appointment. Company has
received their eligibility certificate in pursuant to section 224(1 B)
of the Companies Act, 1956. The explanation given in Auditor's report
and notes on accounts are self- explanatory and do not call for
anycomments.
PARTICULARS OF EMPLOYEES. CONSERVATION OF ENERGY, TEC. ABSORPTION ETC.
None of the Employees of the company was in receipt of the remuneration
exceeding the limits. Since Company does not have Manufacturing
activities no disclosure on the Particulars in the report of the Board
of Directors, Rules 1988. The Foreign Exchange earnings & Outgo is NIL.
By Order of the Board
Place: Ahmedabad
Haresh Patel Mantsh Shah
Date:29st July, 2011 (Director) (Director)