Mar 31, 2014
TO THE MEMBERS
The Directors are pleased to present the 6th Annual report of your
Company with the Audited Accounts for the year ended on March 31st
2014:
FINANCIAL RESULTS
Particulars For the
year ended For the
year ended
March 31st
2014 March 31st
2013
Total Income 15339273 5355478
Profit/(Loss) before tax 303719.42 191425.51
Provision for Income Tax 93850 59150
Profit/(Loss) after tax 209869.42 132275.51
Profit/(Loss) adjusted - -
Profit/(Loss) carried to 209869.42 132275.51
Balance Sheet
RESULTS OF OPERATIONS
Operating in a volatile and uncertain environment, the Company
demonstrated the resilience of its business model. The Company delivers
robust profits in the financial year 2013-14. The highlights of the
Company's performance are as mentioned above.
DIVIDEND
To plough back the profits in to the business activities, no dividend
is recommended this year.
INCREASE IN AUTHORISED SHARE CAPITAL
The authorized share capital of the Company is being increased from Rs.
1,27,500,000 (Rupees Twelve Crore and Seventy Five Lakhs only) to Rs.
1,35,000,000 (Rupees Thirteen Crore and Fifteen Lakhs only) by creation
of 1,28,80,000 (One Crore Twenty Eight Lacs and Eighty Thousand) of
Rs.10/- each dated October 01st 2013.
CONVERSION FROM PRIVATE LIMITED TO PUBLIC LIMITED
We are pleased to inform you that the status of our Company converted
from private limited to public limited w.e.f. December 26, 2013.
Further, the name of the Company changed from
M/s PARNAV SPORTS ACADEMY PRIVATE LIMITED to M/S PARNAV SPORTS ACADEMY
LIMITED. Pursuant to the provisions of Section 14 of the Companies Act,
2013 (Corresponding to 31 of the Companies Act, 1956) the existing
Articles of Association of the Company substituted with the new set of
Articles having all the provisions of the Public Limited Company.
DIRECTORS
Mr. Ranjeet Kumar who was co-opted as an Additional Director on the
board of the company with effect from 27.12.2013 respectively and who
ceases to hold the office at this Annual General Meeting and in respect
of whom a notice under section 160 of the Companies Act, 2013 has been
received from a member along with requisite deposit proposing his
candidatures for the office of a Director on the Board of the Company.
Mr. Ankit Agrawal, who was appointed as an Additional Director of the
Company with effect from 27.12.2013, he holds office until the date of
the Annual General Meeting of the Company. The Company has received
notice under Section 160 of the Companies Act, 2013 proposing the
candidature of him for the office of the Director under the provisions
of Section 160 of the Companies Act, 2013.
Mr. Ankit Agrawal was appointed as Whole time Director with effect from
27.12.2013, subject to the approval of Members at the ensuing Annual
General Meeting and subject to the approval of the Central Government,
if any, for a period of five(05) years.
Mr. Deepak Tiwari is retire by rotation and being eligible for
reappointment has offered himself for reappointment as director of the
Company, retire by rotation.
The Board of Directors has recommended these appointments for your
approval.
Also, during the year under review, Mr. Amit Kumar Saxena and Mr.
Mukesh Kumar resigned from the Board w.e.f. March 04, 2014.
INDEPENDENT DIRECTOR
Pursuant to Section 149 of the Companies Act, 2013(new act) read with
the Rules made thereunder, the Independent Directors shall hold office
for a period of upto 5 consecutive years and shall not be liable to
retire by rotation. They may be appointed for a maximum of two
consecutive terms of upto 5 years each. In terms of Presently, Ms.
Ranjeet Kumar and Mr. Prashant Sigh Tomar are the Independent
Directors of the Company. As per their existing terms of appointment,
all of them are liable to retire by rotation. However, under the new
act and the Listing Agreement, they may be appointed afresh with a
fixed period of upto 5 years.
The Board considered the independence of each of the above mentioned
Directors in terms of Section 149 and Schedule IV to the Companies Act,
2013 and the Listing Agreement and was of the view that the proposed
directors fulfill the criteria of independence as mentioned in the
above provisions and can be appointed in the above provisions and can
be appointed as Independent Directors. All the proposed Directors
possess requisite qualifications, appropriate skills, experience and
knowledge in one or more fields of finance, law management, marketing,
administration, technical operations and other disciplines related to
CompanyÂs business, positive attributes, already being on the Board of
the Company and benefits that the Company will derive with their
appointment, the Board has recommended their appointment as Independent
Directors of the Company to hold office for a term of five consecutive
years commencing from the date of Annual General Meeting of the
Company.
PREFERENTIAL ALLOTMENT
The Company has made following preferential allotment during the
financial year 2013-2014:
Date of Allotment No. of shares Face Value Amount
01/01/2014 8,25,000 10 82,50,000
04/01/2014 17,53,000 10 1,75,30,000
07/01/2014 7,13,500 10 71,35,000
09/01/2014 8,32,000 10 83,20,000
11/01/2014 7,27,500 10 72,75,000
14/01/2014 7,41,000 10 74,10,000
16/01/2014 16,88,000 10 1,68,80,000
18/01/2014 6,35,000 10 63,50,000
LISTING OF EQUITY SHARES ON BSE LIMITED
During the year under review, Your Company has applied for listing of
its equity shares on the SME ITP plate form of BSE Limited.
AUDITORS
The existing Auditors NKG & Co., Chartered Accountants, retire at the
conclusion of the ensuing Annual General Meeting and has shown their
inability to continue as Statutory Auditors of the Company.
Also, the Company has received a letter from M/s. SINGH R. K. &
ASSOCIATES, Chartered Accountants, FRN 027247N to the effect that their
appointment, if made, would be in accordance with the Act and that they
are not disqualified for such appointment.
A Board of Directors of the company has recommended their appointment
in the ensuing
AUDITORS OBSERVATIONS / QUALIFICATIONS
The Auditors observations / qualifications are detailed in the
Auditor's Report annexed hereto are self explanatory and be read
together with the notes to the accounts in the Schedule annexed to the
Account.
INDUSTRIAL RELATIONS
During the year under review, your Company enjoyed cordial relationship
with workers and employees at all levels.
SUBSIDARY COMPANIES
The Company does not have any subsidiary.
CONSOLIDATED FINANCIAL STATEMENTS
Since there is no subsidiary of the Company at present, hence no
consolidated financial statements have been prepared.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the provisions of Section 217(2AA) of the Companies Act,
1956 the Directors confirm:
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 have selected such accounting policies and applied
them consistently and made judgments and estimates that were reasonable
and prudent so as to give a true and fair view of the state of affairs
of the Company as at 31st March, 2014 and of the Profit or Loss of the
company for the year under the review.
c) That the Directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act, in safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities.
d) The Directors have prepared the annual accounts on a going concern
basis.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNING
AND OUTGO
The provisions of Section 217 (1) (e) of the Companies Act, 1956 read
with Companies (Disclosure of Particulars in the Report of Board of
Directors) Rules 1988 are not applicable to the Company. Therefore,
the information relating to conservation of energy or technology
absorption etc. is not given. There has been no foreign exchange
earnings and outgo during the year under Report
PARTICULARS OF EMPLOYEES
The provisions of section 217(2A) of the Companies Act 1956 are not
applicable as no Employee was in receipt of remuneration to the extent
laid down therein
PERSONNEL
The Management-Employees relations remained very cordial throughout the
year. Your Directors wish to place on record their appreciation of
sincere and devoted services rendered by all the workers and staff at
all levels.
AKNOWLEDGEMENT
Your Directors would like to express their appreciation for the
assistance and co-operation received from the cooperative banks,
Government Authorities, customers, vendors and, members during the year
under review. Your Directors also wish to place on record their deep
sense of appreciation for the committed services by the Company's
executive's, Staff.
By Order of the Board
For PARNAV SPORTS ACADEMY LIMITED
Place: New Delhi DEEPAK TIWARI ANKTI AGARWAL
Date: 03/09/2014 DIRECTOR DIRECTOR
DIN: 06653035 DIN: 06705022
Mar 31, 2013
To the members,
The Directors are pleased ta present their Fifth Annual Repart on the
working af the Company far the period from l* April, 2012 to 31st March,
2013 with audited statements of accounts :-
Financial Results
During the periad ended an 31st March, 2013, the Company has done
business and has earned Lasses. Detailed summary af the financial is
provided hereunder:
31.03.2013 31.03.2012
Profit before Tax 191425.51 13448.22
Provision far Income Tax
Current Tax 54386.00 4360.00
Deferred Tax 4764.00 0.00
Profit After Taxation 132275.51 9088.22
Profit and Loss for the period 132275.51 9088.22
Dividend
Yaur Directors have decided nat to recommend any dividend for the
periad under review,
Directors
None of the Directors af the Company is disqualified for appointment /
re- appointment under Section 274(1 ](g) of the Companies Act, 1956 and
the Rules made there under.
Auditors
M/s. N.K.G & Ca., Chartered Accountant, Chartered Accountant is liable
ta retire at the conclusion of the Annua! General Meeting and being
eligible, have offered themselves far re-appaintment.
Particulars of Employees
There is na Employee in respect of wham information as per section
217(2A) af the Companies Act, 1956 read with Companies (Particulars of
Employees) Rules 1975 is required ta be furnished.
Conservation of Energy: Technology Absorption and Foreign Exchange
Earnings & Outgo
Pursuant to section 217[l){e] of the Companies Act, 1956, read with the
Companies (Disclosure of particulars in the report of Board of
Directors) Rules, 1988, the Board does not require to disclose any
information. During the year under review, the Company has neither
earned nor incurred any expenditure in any foreign currency.
Auditors Report
The Audit Report and Notes as referred to by the Auditors in their
Report are self explanatory, and hence do not require any further
explanations.
Deposits
During the year under review, the Company neither invited nor accepted
any deposit from the public under Section 58A of the Companies Act,
1956 and the Rules made there under.
Buy Back
The Company has not made any offer for buy back of any of its
securities during the period under review.
Directors Responsibility Statement
Pursuant to the requirement under Section 217(2AA) of the Companies
Act, 1956, with respect to Directors'' Responsibility Statement, it is
hereby confirmed:
1. That in the preparation of the annual accounts for the period from
lsf April, 2012 to 31st March, 2013 the applicable Accounting Standards
had been followed along with proper explanation relating to material
departures;
2. That 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 and of the Profit or
loss ot the Company for that period;
3. That the Directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
your Company and for preventing and detecting fraud and other
irregularities; and
4. That the Directors had prepared the annual accounts for the period
from 1st April, 2012 to 31st March, 2013 on a going concern basis.
Acknowledgment
The Directors take this opportunity to express their sincere
appreciation for the contribution and support of the Bankers and
Business Associates and the Managemlnt.
On behalf of the Board of
Parnav Sports Academy Private Limited
Anil Kumar Sushil Kumar
(Director) (Director)
Place: New Delhi
Date: 26/08/2013
Mar 31, 2012
Dear Members,
The Directors take pleasure in presenting Annual Report of the company
together with Audited Statement of Accounts for the financial year
ended on March 31, 2012 and Auditors'' Report thereon.
1. Financial Results: During the financial year under review, your
company has made a Profit of Rs 13448.22/= (Previous Year Loss of Rs.
5346/-) before tax. Your Directors hope to do better business in coming
financial year.
2. Dividend: In view of the unsatisfactory result, the Board of
Directors has decided not to pay any dividend for the year under
review.
3. Deposit: The Company has neither invited nor accepted any public
deposits during the financial period.
4. Conservation of energy, technology, absorption, foreign exchange
earning & outgo
a. ) As regards to disclosure u/s 217(i)(e) of the Companies Act, 1956
read with Rule 2 of the Companies (Disclosure of Particulars in the
Report of Board of Directors) Rule. 1988.
particulars relating to conservation of energy are not application to
the company.
b. ) Disclosure of information relating to Foreign Exchange earning &
outgo as required under Rule 2(i) is Nil.
5. Employee: During the year the company did not employ any employee
who is in receipt remuneration of Rs. 2,00,000/- or more per month or
Rs. 24,00.000/- or more per annum, therefore provisions of Section
217(2A) of the Companies Act, 1956 are not applicable to the company.
6. Auditors: M/S Kumar Agarwal Singh Chaudhary & Co., Chartered
Accountants. Statuary Auditors of the Company hold office until the
ensuing Annual General Meeting. It is proposed to re-appoint them to
examine and audit the accounts of the company for the next financial
year. The Auditor of the company has furnished certificate under
Section 224(1) of the Companies Act, 1956, of their eligibility for
reappointment.
7. Responsibility Statement: The responsibility statement pursuant to
Section 217 (2AA) ot the Companies Act, 1956 as amended by Companies
(Amendment) Act, 2000 are as under:
i.) The said annual account has been prepared in compliance of all
applicable accounting standards.
ii) All accounting policies selected for preparing accounts has been
consistently applied and wherever required, judgments and estimates are
reasonable and prudent so as to give a true and fair view of the state
of affairs of the Company at the end ot the financial year and in case
of Profit and Loss accounts for that period.
iii) Proper and sufficient care has been taken to maintain adequate
accounting records as per the provisions of the said Act and also
sufficient care has been taken for the safeguard ol the assets of the
Company including preventing and detecting frauds and other
irregularities.
iv) The said annual accounts have been prepared on a going concern
concept basis.
8. Acknowledgement: The management acknowledges with gratitude, the
cooperation extended by the company''s staff and members and other
outside agencies.
For and on behalf of the Board ot Directors
For Parnav Sports Academy Pvt. Ltd.
Chairman Director
Place: New Delhi
Date: 31.08.2012
Mar 31, 2011
Dear Members,
On behalf of the Board of Directors of your company, it is our
privilege to present Third Annual Report and Audited Statements of
Account for the financial year ended 31st March 2011 together with
Auditors Report.
FINANCIAL RESULTS
During the year under review, company has incurred a loss of Rs.
5,346/-. Further there are no other major financial highlights to be
mentioned in Directors report.
TRANSFER TO RESERVES
Company has no operational profits, so nothing has been transferred to
reserves.
DIVIDEND
As there is no operational profit, Board of Directors has not
recommended any dividend.
OPERATIONS
Company is in process of strengthening its operations and your
directors are of opinion that soon company will start generating
profits.
DIRECTORS
At present company have Two Directors, Mr. Anil Kumar & Mr. Sushil
Kumar.
COMMENTS ON AUDITORS REPORT
Report of Auditors to the members of the company does not contain any
adverse remarks.
STATUTORY DISCLOSURES
None of the directors of your company is disqualified as per provision
of section 274(1) (g) of the Companies Act, 1956. Your Directors have
made necessary disclosures, as required under various provisions of the
Act.
RESPONSIBILITY STATEMENTS
In pursuance of provisions of Section 217(2AA), we hereby confirm that:
1) That in the preparation of the Annual Accounts for the period ended
as on 31st March 2011, the applicable accounting standards had been
followed and no material departure has been identified.
2) Accounting Policies have been consistently applied in a reasonable
and prudent manner so as to give true and fair view of the state of
affairs of the Company for this financial year ending 31st March 2011
and of the Profit and Loss Account for this financial year ending as on
31st March 2011.
3) Proper and sufficient care has been taken for the maintenance of
adequate records in accordance with the applicable provisions for
safeguarding the assets of the Company and for preventing and detecting
fraud and other irregularities.
4) The Accounts have been prepared on the going concern basis.
AUDITORS
M/s Anupam Parashar, Chartered Accountants, statutory auditors of the
Company, retires at the conclusion of the ensuing Annual General
Meeting and has given their consent for their reappointment as
statutory Auditors in forthcoming Annual General meeting.
NOTES TO ACCOUNTS
They are self-explanatory and do not require any explanations.
FIXED DEPOSITS:
The company has not accepted any fixed deposits during the year
ACKNOWLEDGEMENT
Your Directors appreciates the continuous support and co-operation that
the Company has received from its bankers, employees and members and
other Government Departments.
For and on Behalf of the Board of Directors
Date: 05-09-2011
Place: Delhi Sd/- Sd/-
Director Director
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