Mar 31, 2015
Dear Members,
The Directors present this ANNUAL REPORT and Audited Accounts for the
year ended on 31st March, 2015.
FINANCIAL RESULTS
(Rs. in Lakhs)
Particulars 2014-2015 2013-2014
Total Revenue from Operations 59.61 15.91
Other Income 74.02 58.58
Profit before Finance Cost and Depreciation 66.99 (1.03)
Less: Finance Cost 0 4.32
Profit/(Loss) before Depreciation 66.99 (5.34)
Less: Depreciation 14.73 8.95
Profit/(Loss) before Tax 52.26 (14.31)
Current Tax 18.00 -
Deferred Tax - -
Tax expense for earlier years (26.48) -
Balance of Profit/(Loss) for the year 60.74 (14.31)
OPERATIONS
A. PERFORMANCE
1. The total Revenue of the Company for the year ended on 31st March,
2015 has been increased from Rs.74,50,131 Rs. of previous year to Rs.
133,62,704 Rs. in the current year, which is worth appreciating. The
Company does not have any project in present time. The company is
generating revenue from interest business.
2. The profit of the Company during the previous year was Rs.
(-14,31,053). However, during the current year, it mounted to Rs.
60,74,364 which was higher than Previous Year. The proper planning and
knowledge of the management in investing the Company's funds at right
place and at right time has brought good results. The efficiency of the
Directors in this field has proved to be beneficial for the Company.
B. CURRENT OUTLOOK
The Company is engaged in the business of housing finance, Construction
and development of housing projects in India. But currently company
does not have any ongoing projects. Company is earning from the
interest of previous Investment. The Directors of the Company are
expecting future growth which shall be beneficial to the stakeholders
of the company.
DIVIDEND
The Board of Directors of the Company is of the opinion to retain the
profits in to the business of the Company for future investment
therefore does not recommend any dividend for the financial year
2014-15.
TRANSFER TO RESERVE:
The Company has decided to transfer Rs.60,74,364 to reserves of the
Company.
PUBLIC DEPOSITS
The Company has not accepted any deposits from the Public during the
year under review.
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS
The details of Loans, Guarantees or Investments are provided in the
notes to the Financial Statement. Further, the Company has made
following investment, which was dominated during the year as follows:
Particulars Amount
Investment in Equity Instruments (Quoted) 5,25,000
Less: Provision for diminution in value of Investment 3,50,000
Government Securities - NSC 10,000
Total 1,85,000
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
1) Conservation of Energy and Technology Absorption :
The year under review, there are no manufacturing activities undertaken
by the Company. However, the Company has made necessary endeavor to
conserver the non - renewable resources and Energy and has taken utmost
care to use the latest technology to conserve the energy.
2) Foreign Exchange Earnings : NIL Foreign Exchange Outgos : NIL
PARTICULARS OF EMPLOYEES
The information required under section 197 of the Act read with rule
5(1) of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014 are given below:
a. The ration of the remuneration of each director to the median
remuneration of the employees of the Company for the financial year:
Name of the Directors Ratio
Mr. Navnitbhai C. Patel (Chairman) 0.83:1
Mr. RushabhNavnitbhai Patel (Managing Director) 2.5:1
Mrs. RiddhiRushabh Patel(Joint Managing Director) 0.42:1
The percentage increase in remuneration of each director, Chief
Executive Officer, Chief Financial Officer, Company Secretary in the
financial year.:
Name of the Directors % Increase
Mr. Navnitbhai C. Patel (Chairman) -75%
Mr. Rushabh Navnitbhai Patel (Managing Director) NIL
Mrs. Riddhi Rushabh Patel (Joint Managing Director) -75%
b. The percentage increase in the median of employees in the financial
year: -4.34%
c. The number of permanent employees on the rolls of the Company: 3
d. The remuneration of the Directors was Rs.27,00,000 in previous year
which is decrees to Rs. 13,50,000 during the review period.
e. Comparison of the remuneration of the key managerial personnel
against the performance of the Company: (Amt in Lacs)
Average remuneration of key managerial Amount
personnel (KMP) in FY-2015 (Per Month)
Mr. Navnitbhai C. Patel (Chairman)* 1,00,000
Mr. RushabhNavnitbhai Patel (Managing Director) 75,000
Mrs. RiddhiRushabh Patel (Joint Managing Director)* 50,000
*Mr. Navnitbhai C. Patel and Mrs. Riddhiben R. Patel received
remuneration from the month April, May and June. Whereas Mr. Rushabh
N. Patel has received Remuneration for the Whole Year under Review.
As compare to the last year Company has earned profit of Rs. 60,74,364
and total remuneration paid during the year to the Directors is Rs.
13,50,000.
f. Variation in the market capitalization of the Company, price
earnings ratio as at the closing date of current financial year and
previous financial year
(Rs in Lacs)
Particulars March 31, 2015 March 31, 2014 % Change
Market capitalization* Â Â Â
Price Earning Ratio 7.92 -0.04 1000%
g. Percentage increase over decrease in the market quotation of the
shares of the Company in comparison to the rate at which the Company
come out with the last Public Offer. :- N.A.
h. Average percentile increase already made in the salaries of the
employee other than the managerial personnel in the last financial year
and its comparison with the percentile increase in the managerial
remuneration and justification thereof and point out if there are any
exceptional circumstances for increase in the managerial remuneration:
N.A
i. Average Percentile increase already made in the salaries of
employees other than the managerial personnel in the last financial
year and its comparison with the percentile increase in the Managerial
remuneration and justification thereof and point out if there are any
exceptional circumstances for increase in the managerial remuneration::
N.A
j. The Key parameters for any variable component of remuneration
availed by the Directors: Services provided to the company.
k. The ratio of the remuneration of the highest paid director to that
of the employees who are not directors but receive remuneration in
excess of the highest paid director during the year: No Employees are
there who are receiving any amount in excess of remuneration paid to
the director
l. Affirmation that the remuneration is as per the remuneration policy
of the Company.
We affirm that the remuneration paid to the Managerial personnel is as
per the remuneration policy of the Company.
There is no employee covered under section 197(12) of the Companies
Act, 2013 read with Rule 5(2) of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014.
CORPORATE SOCIAL RESPONSIBILITY (CSR) INITIATIVES
The Company has not developed and implemented any Corporate Social
Responsibility initiatives as the said provisions are not applicable.
STATEMENT CONCERNING DEVELOPMENT AND IMPLEMENTATION OF RISK MANAGEMENT
POLICY OF THE COMPANY
Considering the present condition of the company the company has
formulated the risk management policy. The board is being regularly
provided with information which may have potential threat of risk as
and when required.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to the provisions of Section 134(5) of the Companies Act,
2013, the board of directors, to the best of their knowledge and
ability confirm and state that -
i. In the preparation of the annual accounts, the applicable
accounting standards have been followed along with proper explanation
relating to material departures;
ii. 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 loss of the
company for that period;
iii. The Directors have 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;
iv. The Directors had prepared the annual accounts on a 'going
concern' basis;
v. 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; and
vi. 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.
EXTRACT OF THE ANNUAL RETURN
The details forming part of the extract of the Annual Return in form
MGT-9 is annexed herewith as "Annexure A".
DIRECTORS AND KEY MANAGERIAL PERSONNEL
1. Appointment or Resignation/ Cessation of Director and KMP:
During the year under review, there are no changes in directorship of
the Company. The Company has not appointed key managerial personnel
however; company is under consideration to appoint Key managerial
personnel as per Section 203 of the Companies Act, 2013.
2. Retirement by Rotation
In accordance with the Articles of Association of the Company and the
provisions of the Companies Act, 2013, Mrs. Riddhiben R. Patel retires
by rotation and being eligible, seeks re-appointment.
DECLARATION BY INDEPENDENT DIRECTORS
The Company do have formation of board as per Companies Act, 2013 as
well as per Listing Agreement all the independent director attending
the meetings of the Company and have given declaration to the Company
stating their independence pursuant to Section 149(6) of the Companies
Act, 2013. There has been no change in the circumstances which may
affect their status as independent director during the year.
BOARD MEETINGS
The Board of Directors met 5 (Five) times during the year. The details
of the meeting are as below:
Sr. Date of meeting Sr. No Date of meeting
No.
1 27.05.2014 4 11.11.2014
2 13.08.2014 5 13.02.2015
3 23.09.2014
BOARD EVALUATION
During the year, the Board adopted a formal mechanism for evaluating
its performance and as well as that of its Committees and individual
Directors, including the Chairman of the Board.
The evaluation framework for assessing the performance of Directors
comprises of the following key areas:
* Attendance and participation in the Meetings and timely inputs on the
minutes of the meetings
* Adherence to ethical standards & code of conduct of Company and
disclosure of non * independence, as and when it exists and disclosure
of interest
* Raising of valid concerns to the Board and constructive contribution
to resolution of issues at meetings
* Interpersonal relations with other directors and management
* Objective evaluation of Board's performance, rendering independent,
unbiased opinion
* Understanding of the Company and the external environment in which it
operates and contribution to strategic direction
* Safeguarding interest of whistle-blowers under vigil mechanism and
Safeguard of confidential information
The valuation involves Self-Evaluation by the Board Member and
subsequently assessment by the Board of Directors. A member of the
Board will not participate in the discussion of his / her evaluation.
EQUAL OPPORTUNITY EMPLOYER
The Company has always provided a congenial atmosphere for work to all
employees that is free from discrimination and harassment including
sexual harassment. It has provided equal opportunities of employment to
all without regard to their caste, religion, colour, marital status and
sex. The Company has also framed a Policy on "Prevention of Sexual
Harassment" at the workplace. There were no cases reported under the
said Policy during the year.
REMUNERATION POLICY
Pursuant to the provisions of Section 178, Company was required to
constitute a Nomination and Remuneration Committee and to adopt the
remuneration policy. The Company has formulated remuneration policy.
Brief of the same has been provided in the Corporate Governance report.
AUDIT COMMITTEE:
During the year under review the board has re-constituted the audit
committee in accordance with the applicable provision of the companies
Act, 2013 and listing agreement. The composition of the committee is as
under:
Name of the Director Designation
Mr. Ramanbhai H. Patel Chairman
Mrs. Riddhiben R. Patel Member
Mr. Arvindbhai B. Patel Member
The meeting of the Audit committee held on 27.05.2014, 13.08.2014,
11.11.2014 and 13.02.2015 during the year under review.
STATUTORY AUDITORS
Pursuant to provisions of Section 139 of the Companies Act, 2013 and
the rules framed there under, appoint M/s. Manubhai & Shah (FRN:
106041W), Chartered Accountants, Ahmedabad were reappointed as
statutory auditors of the Company for a period of one year, from the
conclusion of this Annual General Meeting till the conclusion of AGM to
be held for the financial year 2015-16.
COMMENT ON AUDITOR'S REPORT:
The report of the Auditor is Self-explanatory and no further comments
required for the same.
COST AUDIT
As per section 148 of the Companies Act, 2013 read with the Companies
(Audit and Auditors) Rules, 2014, Company is in construction business,
and the Companies (Cost Records and Audit) Amendment Rules, 2014 (the
Rules) are applicable to the Company but company does not fall under
the criteria mentioned in the Rules.
SECRETARIAL AUDITOR
The provisions of Section 204 of the Companies Act, 2013 mandates
Secretarial Audit of the Company to be done from the financial year
commencing on or after 1st April, 2014 by a Company Secretary in
Practice. The Board of Directors of the Company has appointed Mrs.
Kajal Shukla (Fellow Membership No. 8042, Certificate of Practice No.
8267) of M/S K. A. Shukla & Associates, Practicing Company
Secretaries, Ahmedabad to conduct the Secretarial Audit of the Company
for the financial year 2014-15 and her SecretarialAudit Report is
appended to this Report in MR - 3 which forms part of the Board's
Report.
The explanations to the observation given in the Secretarial Audit
report are as follows:
1. In respect to the qualification made by the Secretarial Auditor in
their report towards the point (i), (ii), (ill), (iv) & (xii) of the
Report, we would like to state that, the management is in process of
formulating organization structure in order to follow the eligible
compliances to the company;
2. Point (v) of the report made by the Secretarial Auditor, being self
explanatory, hence no further comments required;
3. In respect of the qualification made in point (vii) of the
Secretarial Audit Report, the company is under process to availing
suitable candidates;
4. In respect of the qualification made in the point (viii) of the
Secretarial Report, the unaudited financial statement are subject to
the limited review by the Auditor of the Company, but the limited
review report is not being attached along with the unaudited results;
5. In respect of point (vi) of the Secretarial Audit Report, as the
2(two) out of the 4(four) Independent Directors had the continuous
leave of absence, since long period, they have de facto ceased to be
the director of the Company. In this respect the company is under the
process of reconstituting of the Board of Director and its committee
members in compliance with the Clause 49(II)(A) and Section 149 of the
Companies Act, 2013;
6. In respect of point (ix) of the Secretarial Audit Report, the
company is under process of maintenance of proper updated website on
its portal;
7. In respect of point (x) of the Secretarial Audit Report, a
proceeding was under process with Securities and Exchange Board of
India (SEBI) in respect of non - compliance of the Minimum Public
Shareholding in respect of Securities Contract (Regulation) Act, 1956;
the matter was resolved and was complied by issue bonus shares other
than non - promoter group dated 23rd September, 2014, after taking
necessary approvals;
8. In respect of point (xi) of the Secretarial Audit Report, a
settlement process has been initiated by the SEBI, in respect of
Section 23E and Section 23H of the Securities Contract (Regulation)
Act, 1956, for the purpose of unauthorized off - loading of promoters
shareholding in order to reduce the non - public shareholding. The
matter is still under process.
INTERNAL AUDITOR:
In terms of Section 138 of the Companies Act, 2013 read with the
Companies (Accounts) Rules, 2014, the company has appointed M/s. Trupal
J. Patel & Co, Chartered Accountant as the internal auditor of the
Company.
RELATED PARTY TRANSACTIONS
There were no contract or arrangements made with related parties as
defined under Section 188 of the Companies Act, 2013 during the year
under review so AOC-2 shall not be required. The Disclosure regarding
the related party transaction has been provided in notes to the
financial statement.
SUBSIDIARY COMPANIES / ASSOCIATE COMPANIES / JOINT VENTURE
The Company does not have any Subsidiary, Associate Company or Joint
Venture.
WHISTLE BLOWER &VIGILMECHANISM
The Company has established a "Whistle Blower and Vigil Mechanism
Policy" for Directors and employees to report the genuine concerns. The
provisions of this policy are in line with the provisions of Section
177(9) of the Companies Act, 2013 and the revised clause 49 of the
Listing Agreements with the stock exchanges.
ANNUAL EVALUATION OF BOARD'S PERFORMANCE
The information pertaining to Annual Evaluation of Board's performance
as required to be stated in terms of section 134(3)(p) of the Companies
Act, 2013 read with Rule 8(4) of the Companies (Accounts) Rules, 2014
have been provided in the Corporate Governance Report forming part of
this Annual Report.
CORPORATE GOVERNANCE AND MANAGEMENT DISCUSSION & ANALYSIS REPORTS
A separate report on corporate Governance and Management and Analysis
forms part of Annual report and the certificate from the Company's
auditors regarding compliance of conditions of corporate Governance is
annexed to the Corporate Governance Report.
MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF
THE COMPANY
There have been no material changes and commitments, affecting the
financial position of the Company which have occurred between the end
of the financial year of the Company to which the financial statements
relate and the date of the report.
SIGNIFICANT AND MATERIAL ORDERS
The Securities and Exchange Board of India Passed an Order on
08.01.2015 with reference to interim order passed on 4th June 2013
regarding non compliance with the minimum Public shareholding. The
Company is now under settlement procedure with SEBI regarding off
loading of shares of promoter's group in public without permission of
SEBI.
INTERNAL CONTROL SYSTEMS
The Company has an adequate system of internal control procedures which
is commensurate with the size and nature of business. Detailed
procedural manuals are in place to ensure that all the assets are
safeguarded, protected against loss and all transactions are
authorised, recorded and reported correctly. The internal control
systems of the Company are monitored and evaluated by internal auditors
and their audit reports are periodically reviewed by the Audit
Committee of the Board of Directors. The observations and comments of
the Audit Committee are also generally placed before the Board.
CAUTIONARY STATEMENT
Statements in the Boards' Report and the Management Discussion and
Analysis describing the Company's objectives, explanations and
predictions, may be forward looking within the meaning of applicable
securities laws and regulations. Actual results may differ materially
from those expressed in the statement. Important factors that could
influence the company's operations include: global and domestic demand
and supply conditions affecting selling prices, new capacity additions,
availability of critical materials and their cost, changes in
government policies and tax laws, economic development of the country,
and other factors which are material to the business operations of the
Company.
APPRECIATION
Your Directors place on record their appreciation and gratitude for the
excellent support the Company has received from its workers, employees,
customers, vendors and shareholders. They also express their sincere
thanks to the CDR Cell, the Bankers and various State Governments for
the valuable support extended to the Company.
On Behalf of the Board of Directors
For, Parshwanath Corporation Limited.
Place: Ahmedabad
Date : 31.08.2015 Sd/- Sd/-
Mr. Navnitbhai C. Patel Mr. Rushabh N. Patel
Chairman Managing Director
DIN : 00042153 DIN : 00047374
Mar 31, 2014
Dear Members,
The Directors present herewith the 28th Annual Report together with the
Audited Statements of Accounts of the Company for the year ended 31st
March, 2014.
FINANCIAL RESULTS:
The financial highlights of the year are as under which reflects that
the Company has earned gross profit/loss of Rs. (14.31) Lacs during
the year under report.
(Rs. in Lacs)
Particulars For The Year Ended
March 31,2014 March 31,2013
Net Sales/Income from Operations 15.92 119.96
Other Operating Income 58.58 65.63
Total Income 74.50 185.59
Total Expenses 75.53 102.40
Operating Profit( )/Loss (-) (1.02) 83.19
Less: Finance Cost (4.32) (2.90)
Less: Depreciation (8.96) (9.23)
Profit ( )/Loss (-) Before TAX &
Exceptional Items (14.31) 71.06
Provision For Tax (NET) 0.00 11.28
Profit ( )/Loss (-) After TAX before
Exceptional Items (14.31) 59.78
Less: Exceptional Items 0.00 0.00
Profit ( )/Loss (-) After
Exceptional Items (14.31) 59.78
Add: Balance Brought Forwarded from
Previous Year 480.85 421.07
Balance Carried to Balance Sheet 466.54 480.85
DIVIDEND :
In view of loss of the company, your Directors do not recommend any
Dividend for the year under Report.
OPERATIONS :
Members are aware that the company entered into constructions
activities and joined as partner with two partnership firms M/s.
Vaibhavlaxmi Corporation and M/s. Chinmay Corporation, which are
engaged in construction activities. The company itself is also engaged
in the construction activities The company has taken legal steps for
recovering the dues from the defaulting members and filed Civil and
Criminal proceedings against such persons who failed to pay
installments of loan in time. The hearing of Civil and Criminal Suits
filed by the Company has come up and orders have been passed in favour
of the Company. All steps are being taken to see that the judgment is
properly implemented so that maximum amount can be recovered from the
defaulting members.
DIRECTORS'' RESPONSIBILITY STATEMENT:
The Board of Directors of the Company confirms:
i that in the preparation of the annual accounts, the applicable
accounting standards have been followed and there has been no material
departure;
ii that the selected accounting policies were applied consistently and
the Directors made judgments and estimates that are reasonable and
prudent so as to give a true and fair view of the state of affairs of
the Company as at 31st March, 2013 and of the profit of the Company for
the year ended on that date;
iii that proper and sufficient care has been taken for the maintenance
of adequate accounting records in accordance with the provisions of the
Companies Act, 1956 for safeguarding the assets of the Company and for
preventing and detaching fraud and other irregularities; iv that the
annual accounts have been prepared on a going concern basis.
CORPORATE GOVERNANCE:
Your Directors affirm their commitment to the Corporate Governance
Standards prescribed by the Securities and Exchange Board of India
(SEBI). This annual report carries a separate section on Corporate
Governance and forms part of this report and the same is annexed
hereto. The Company has complied with all the requirements of Corporate
Governance.
COMPLIANCE CERTIFICATE:
The company has received compliance Certificate for the year under
report from Shri S. R. Sanghavi, Practicing Company Secretary and the
same is attached herewith.
DIRECTORS:
Your Directors Shri Navinbhai S. Patel and Shri H. K. Yadav, retire by
rotation at the ensuing Annual General Meeting. They being eligible,
offer themselves for reappointment.
Particulars of Directors seeking reappointment are mentioned in the
Corporate Governance Report and notice convening the Annual General
Meeting.
The members are requested to consider to reappoint the Directors.
DEMATERIALISATION OF EQUITY SHARES:
Your directors are pleased to inform you that now the Equity shares of
the company are dematerialized and can be traded in dematerialized form
also by all investors.
BONUS SHARES:
With a view to comply with Minimum Public Shareholding requirement as
per SEBI guidelines and as directed in SEBI''s letter dated 23rd April,
2013, the company decided to issue Bonus Shares as per Special
Resolution passed by the Members at their Extra Ordinary General
Meeting held on 31st May, 2013. However, the Bombay Stock Exchange
raised some querries and the matter is pending with them.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION ETC.:
As required under section 217 (1) (e) of the Companies Act, 1956 no
information is to be given as the Company is not carrying on any such
activities.
There were no earnings or outgoings of Foreign Exchange during the
year.
PARTICULARS OF EMPLOYEES:
Information as required to be given under section 217 (2A) of the
Companies Act, 1956 read with the Companies (Particulars of Employees)
Rules, 1975, is NIL.
FIXED DEPOSIT:
The Company did not accept any deposit from the Public during the year
under report and as such there were no depositors whose deposit
remained unpaid/unclaimed.
AUDITORS:
The existing Auditors of the Company M/s. Manubhai & Shah, Chartered
Accountants, Ahmedabad, are due to retire at the conclusion of the
ensuing Annual General Meeting and are eligible for reappointment. You
are requested to appoint the Auditors and fix their remuneration.
ACKNOWLEDGMENT:
Your Directors are thankful to The Kalupur Commercial Co-op. Bank
Limited as well as Officers of Central and State Governments for their
assistance and Co-operation. Your Directors also place on record their
appreciation of devoted services rendered by the staff of the Company.
They also appreciate the continued support and confidence reposed by
the Shareholders in the management.
Registered Office : For, Parshwanath Corporation Ltd.
50, Harsiddha Chambers, By order of the Board of Directors
3rd Floor, Ashram Road,
Ahmedabad-380014. NAVNITBHAI C. PATEL
Date : 13th August, 2014 Chairman
Mar 31, 2013
To, The Members of Parshwanath Corporation Limited,
The Directors present herewith the 27th Annual Report together with
the Audited Statements of Accounts of the Company for the year ended
31st March, 2013.
FINANCIAL RESULTS:
The financial highlights of the year are as under which reflects that
the Company has earned gross profit of Rs. 71.06 Lacs during the year
under report.
(Rs. in Lacs)
Particulars For The Year Ended
March 31,2013 March 31,2012
Net Sales/Income from Operations 119.96 1213.69
Other Operating Income 65.63 193.64
Total Income 185.59 1407.33
Total Expenses 102.40 957.12
Operating Profit( )/Loss (-) 83.19 450.22
Less: Finance Cost (2.90) (0.15)
Less: Depreciation (9.23) (1.74)
Profit ( )/Loss (-) Before TAX &
Exceptional Items 71.06 448.32
Provision For Tax (NET) 11.28 62.72
Profit ( )/Loss (-) After TAX
before Exceptional Items 59.78 385.60
Less: Exceptional Items 0.00 0.00
Profit ( )/Loss (-) After
Exceptional Items 59.78 385.60
Add: Balance Brought Forwarded
from Previous Year 421.07 35.48
Balance Carried to Balance Sheet 480.85 421.07
DIVIDEND :
With a view to strengthen the capital base of the company, your
Directors do not recommend any Dividend for the year under Report.
OPERATIONS:
Members are aware that the company entered into constructions
activities. After commencing the construction activities, the Company
has started earning profits.
The company filed Civil and Criminal proceedings against the persons
who failed to pay installments of loan in time. The hearing of Civil
and Criminal Suits filed by the Company has come up and orders have
been passed in favour of the Company. All steps are being taken to see
that the judgment is properly implemented so that maximum amount can be
recovered from the defaulting members.
DIRECTORS'' RESPONSIBILITY STATEMENT:
The Board of Directors of the Company confirms:
i that in the preparation of the annual accounts, the applicable
accounting standards have been followed and there has been no material
departure;
ii that the selected accounting policies were applied consistently and
the Directors made judgments and estimates that are reasonable and
prudent so as to give a true and fair view of the state of affairs of
the Company as at 31st March, 2013 and of the profit of the Company for
the year ended on that date;
iii that proper and sufficient care has been taken for the maintenance
of adequate accounting records in accordance with the provisions of the
Companies Act, 1956 for safeguarding the assets of the Company and for
preventing and detaching fraud and other irregularities;
iv that the annual accounts have been prepared on a going concern
basis.
CORPORATE GOVERNANCE:
Your Directors affirm their commitment to the Corporate Governance
Standards prescribed by the Securities and Exchange Board of India
(SEBI). This annual report carries a separate section on Corporate
Governance and forms part of this report and the same is annexed
hereto. The Company has complied with all the requirements of Corporate
Governance.
COMPLIANCE CERTIFICATE:
The company has received compliance Certificate for the year under
report from Shri S. R. Sanghavi, Practicing Company Secretary and the
same is attached herewith.
DIRECTORS:
Your Directors Shri Arvindbhai B. Patel and Shri Ramanbhai H. Patel,
retire by rotation at the ensuing Annual General Meeting. They being
eligible, offer themselves for reappointment.
Particulars of Directors seeking reappointment are mentioned in the
Corporate Governance Report and notice convening the Annual General
Meeting.
The members are requested to consider to reappoint the Directors.
DEMATERIALISATION OF EQUITY SHARES:
Your directors are pleased to inform you that now the Equity shares of
the company are dematerialized and can be traded in dematerialized form
also by all investors.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION ETC.:
As required under section 217 (1) (e) of the Companies Act, 1956 no
information is to be given as the Company is not carrying on any such
activities.
There were no earnings or outgoings of Foreign Exchange during the
year.
PARTICULARS OF EMPLOYEES:
Information as required to be given under section 217 (2A) of the
Companies Act, 1956 read with the Companies (Particulars of Employees)
Rules, 1975, is NIL, as there is no employee the remuneration under the
said Section.
FIXED DEPOSIT:
The Company did not accept any deposit from the Public during the year
under report and as such there were no depositors whose deposit
remained unpaid/unclaimed.
AUDITORS:
The existing Auditors of the Company M/s. Manubhai & Company, Chartered
Accountants, Ahmedabad, are due to retire at the conclusion of the
ensuing Annual General Meeting and are eligible for reappointment. You
are requested to appoint the Auditors and fix their remuneration.
ACKNOWLEDGMENT:
Your Directors are thankful to The Kalupur Commercial Co-op. Bank
Limited, Punjab National Bank, as well as Officers of Central and State
Governments for their assistance and Co-operation. Your Directors also
place on record their appreciation of devoted services rendered by the
staff of the Company. They also appreciate the continued support and
confidence reposed by the Shareholders in the management.
Registered Office : For, Parshwanath Corporation Ltd.
50, Harsiddha Chambers, By order of the Board of Directors
3rd Floor, Ashram Road,
Ahmedabad-380014. NAVNITBHAI C. PATEL
Date : 13th August, 2013 Chairman
Mar 31, 2012
To, The Members of Parshwanath Corporation Limited,
The Directors present herewith the 26th Annual Report together with
the Audited Statements of Accounts of the Company for the year ended
31st March, 2012.
FINANCIAL RESULTS :
The financial highlights of the year are as under which reflects that
the Company has earned gross profit of Rs. 448.32 Lacs during the year
under report.
(Rs. in Lacs)
Particulars For The Year Ended
March 31,2012 March 31,2011
Net Sales/Income from Operations 1213.69 72.00
Other Operating Income 193.64 115.33
Total Income 1407.33 187.33
Total Expenses 957.12 44.61
Operating Profit( )/Loss (-) 450.22 142.72
Less: Finance Cost (0.15) (0.10)
Less: Depreciation (1.74) (1.33)
Profit ( )/Loss (-) Before TAX &
Exceptional Items 448.32 141.29
Provision For Tax (NET) 62.72 6.00
Profit ( )/Loss (-) After TAX before
Exceptional Items 385.60 135.29
Less: Exceptional Items 0.00 0.00
Profit ( )/Loss (-) After Exceptional Items 385.60 135.29
Add: Balance Brought Forwarded from
Previous Year 35.48 (99.81)
Balance Carried to Balance Sheet 421.07 35.48
DIVIDEND :
With a view to strengthen the capital base of the company, your
Directors do not recommend any Dividend for the year under Report.
OPERATIONS:
Members are aware that the company entered into construction activities
and joined as partner with M/s. Vaibhavlaxmi Corporation, M/s. Chinmay
Corporation, Shri Parshwanath Corporation & Parshwanath Corporation the
partnership firms, engaged in construction activities. The Company is
now earning profits from construction activities.
The company continued to face problems in recovering the housing loan
installments. The hearing of Civil and Criminal Suits filed by the
Company has come up and orders have been passed in favour of the
Company. All steps are being taken to see that the judgment is properly
implemented so that maximum amount can be recovered from the defaulting
members. '
DIRECTORS' RESPONSIBILITY STATEMENT:
The Board of Directors of the Company confirms:
i that in the preparation of the annual accounts, the applicable
accounting standards have been followed and there has been no material
departure;
ii that the selected accounting policies were applied consistently and
the Directors made judgments and estimates that are reasonable and
prudent so as to give a true and fair view of the state of affairs of
the Company as at 31st March, 2012 and of the profit of the Company for
the year ended on that date;
iii that proper and sufficient care has been taken for the maintenance
of adequate accounting records in accordance with the provisions of the
Companies Act, 1956 for safeguarding the assets of the Company and for
preventing and detaching fraud and other irregularities;
iv that the annual accounts have been prepared on a going'concern
basis.
CORPORATE GOVERNANCE:
Your Directors affirm their commitment to the Corporate Governance
Standards prescribed by the Securities and Exchange Board of India
(SEBI). This annual report carries a separate section on Corporate
Governance and forms part of this report. The Company has complied with
all the requirements of Corporate Governance.
COMPLIANCE CERTIFICATE:
The company has received compliance Certificate for the year 2011-12
from Shri S. R. Sanghavi, Practicing Company Secretary and the same is
attached herewith.
DIRECTORS :
Your Directors Shri Navnitbhai C. Patel and Shri Navinbhai S. Patel
retire by rotation at the ensuing Annual General Meeting. They being
eligible, offer themselves for reappointment.
Particulars of Directors seeking reappointment are mentioned in the
Corporate Governance Report and notice convening the Annual General
Meeting.
The members are requested to consider reappointing the Directors.
DEMATERIALISATION OF EQUITY SHARES:
Your directors are pleased to inform you that now the Equity shares of
the company are dematerialized and can be traded in dematerialized form
also by all investors.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION ETC. :
As required under section 217 (1) (e) of the Companies Act, 1956 no
information is to be given as the Company is not carrying on any such
activities.
There were no earnings or outgoings of Foreign Exchange during the
year.
PARTICULARS OF EMPLOYEES:
Information as required to be given under section 217 (2A) of the
Companies Act, 1956 read with the Companies (Particulars of Employees)
Rules, 1975, is NIL.
FIXED DEPOSIT:
The Company did not accept any deposit from the Public during the year
under report and as such there were no depositors whose deposit
remained unpaid/ unclaimed.
AUDITORS :
The existing Auditors of the Company M/s. Manubhai & Company, Chartered
Accountants, Ahmedabad, are due to retire at the conclusion of the
ensuing Annual General Meeting and are eligible for reappointment. You
are requested to appoint the Auditors and fix their remuneration.
ACKNOWLEDGMENT:
Your Directors are thankful to Punjab National Bank, Central Bank of
India, The Kalupur Commercial Co-op. Bank Limited as well as Officers
of Central and State Governments for their assistance and Co-operation.
Your Directors also place on record their appreciation of devoted
services rendered by the staff of the Company. They also appreciate the
continued support and confidence reposed by the Shareholders in the
management.
Registered Office : For, Parshwanath Corporation Ltd.
50, Harsiddha Chambers, By order of the Board of Directors
3rd Floor, Ashram Road,
Ahmedabad-380014. NAVNITBHAI C. PATEL
Date ; 27th August, 2012 Chairman
Mar 31, 2011
To The Members of Parshwanath Corporation Limited
The Directors present herewith the 25th Annual Report together with
the Audited Statements of Accounts of the Company for the year ended
31st March, 2011.
FINANCIAL RESULTS :
The financial highlights of the year are as under which reflects that
the Company has earned gross profit of Rs.35.48 Lakhs during the year
under report.
2010-2011 2009-2010
Rs. in Lacs Rs.in Lacs
Gross Profit 142.62 7.23
Less : Depreciation (1.33) (1.34)
Profit Before Tax 141.29 5.89
Add/(Less) : Deferred Tax adjustments à Ã
Current Tax 6.00 Ã
Profit after Tax 135.29 5.89
Balance of (Loss) brought forward
from previous year (99.81) (105.70)
35.48 (99.81)
Less : adjustment of transitional
gratuity liability due to
Adoption of AJ-15 (revised) Ã Ã
Balance of profit/(Loss) carried
forward to Balance Sheet 35.48 (99.81)
DIVIDEND :
With a view to strengthen the capital base of the company, your
Directors do not recommend any Dividend for the year under Report.
OPERATIONS :
Members are aware that the company entered into constructions
activities and joined as partner with M/s. Vaibhavlaxmi Corporation,
M/s. Chinmay Corporation, Shri Parshwanath Corporation & Parshwanath
Corporation the partnership firms, engaged in construction activities.
The Company has started earning profits from construction activities.
The company continued to face problems in recovering the housing loan
installments. The hearing of Civil and Criminal Suits filed by the
Company, has come up and orders have been passed in favour of the
Company. All steps are being taken to see that the judgment is properly
implemented so that maximum amount can be recovered from the defaulting
members.
CHANGE OF NAME:-
The company was directed by the Registrar of Companies, Gujarat,
Ahmedabad that since the company has ceased to carry on housing finance
activities, the words "Housing Finance" should be deleted from the name
of the company and to change the name of the company.
Accordingly the words "Housing Finance" were removed from the name of
the company and the name was changed to "PARSHWANATH CORPORATION LTD."
The same was approved by the Central Government and the Company has
received a "Fresh Certificate of Incorporation Consequent upon change
of Name."
DIRECTORS' RESPONSIBILITY STATEMENT:
The Board of Directors of the Company confirms :
i that in the preparation of the annual accounts, the applicable
accounting standards have been followed and there has been no material
departure;
ii that the selected accounting policies were applied consistently and
the Directors made judgments and estimates that are reasonable and
prudent so as to give a true and fair view of the state of affairs of
the Company as at 31st March, 2011 and of the profit of the Company for
the year ended on that date;
iii that proper and sufficient care has been taken for the maintenance
of adequate accounting records in accordance with the provisions of the
Companies Act, 1956 for safeguarding the assets of the Company and for
preventing and detaching fraud and other irregularities;
iv that the annual accounts have been prepared on a going concern
basis.
CORPORATE GOVERNANCE :
Your Directors affirm their commitment to the Corporate Governance
Standards prescribed by the Securities and Exchange Board of India
(SEBI). This annual report carries a separate section on Corporate
Governance and forms part of this report. The Company has complied with
all the requirements of Corporate Governance.
COMPLIANCE CERTIFICATE:
The company has received compliance Certificate for the year 2010-11
from the Practicing Company Secretary and the same is attached
herewith.
DIRECTORS :
Your Directors Shri Rushabh N. Patel & Smt. Riddhiben R. Patel retire
by rotation at the ensuing Annual General Meeting. They being eligible,
offer themselves for reappointment.
Particulars of Directors seeking reappointment are mentioned in the
Corporate Governance Report and notice convening the Annual General
Meeting.
The members are requested to consider to reappoint the Directors.
DEMATERIALISATION OF EQUITY SHARES :
Your directors are pleased to inform you that now the Equity shares of
the company are dematerialized and can be traded in dematerialized form
also by all investors.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION ETC. :
As required under section 217 (1) (e) of the Companies Act, 1956 no
information is to be given as the Company is not carrying on any such
activities.
There were no earnings or outgoings of Foreign Exchange during the
year.
PARTICULARS OF EMPLOYEES :
Information as required to be given under section 217 (2A) of the
Companies Act, 1956 read with the Companies (Particulars of Employees)
Rules, 1975, is NIL.
FIXED DEPOSIT:
The Company did not accept any deposit from the Public during the year
under report and as such there were no depositors whose deposit
remained unpaid/unclaimed.
AUDITORS :
The existing Auditors of the Company M/s. Manubhai & Company, Chartered
Accountants, Ahmedabad, are due to retire at the conclusion of the
ensuing Annual General Meeting and are eligible for reappointment. You
are requested to appoint the Auditors and fix their remuneration.
ACKNOWLEDGMENT:
Your Directors are thankful to Punjab National Bank, Central Bank of
India, The Kalupur Commercial Co-op. Bank Limited as well as Officers
of Central and State Governments for their assistance and Co-operation.
Your Directors also place on record their appreciation of devoted
services rendered by the staff of the Company. They also appreciate the
continued support and confidence reposed by the Shareholders in the
management.
Registered Office : For, Parshwanath Corporation Ltd.
50, Harsiddha Chambers, By order of the Board of Directors
3rd Floor, Ashram Road,
Ahmedabad-380014. NAVNITBHAI C. PATEL
Date : 26th August, 2011 Chairman
Mar 31, 2010
The Directors present herewith the 24th Annual Report together with
the Audited Statements of Accounts of the Company for the year ended
31st March, 2010.
FINANCIAL RESULTS :
The financial highlights of the year are as under which reflects that
the Company has earned gross profit of Rs. 7.23 Lakhs during the year
under report.
2009-2010 2008-2009
Rs. in Lacs Rs. in Lacs
Gross Profit: 7.23 (23.09)
Less: Depreciation <1.34) (1.81)
Profit Before Tax 5.89 (24.09)
Add/(Less): Deferred Tax adjustments - -
Current Tax - (54.61)
Profit after Tax 5.89 (79.51)
Balance of Loss brought forward from
previous year (105.70) (26.19)
(99.81) (105.70)
Less : adjustment of transitional gratuity liability due to Adoption of
AJ-15 (revised)
Balance of Loss carried forward to
Balance Sheet (99.81) (105.70)
DIVIDEND :
With a view to strengthen the capital base of the company, your
Directors do not recommend any Dividend for the year under Report.
OPERATIONS :
Members are aware that the company enterned into constructions
activities and joined as partner with M/s. Vaibhavlaxmi Corporation,
M/s. Chinmay Corporation, Shri Parshwanath Corporation & Parshwanath
Corporation the partnership firms, engaged in construction activities.
This is going to be beneficial in coming years.
The company continued to face serious problems in recovering the
housing loan installments. The hearing of Civil and Criminal Suits
filed by the Company, has come up and orders have been passed in favour
of the Company. All steps are being taken to see that the judgment is
properly implemented so that maximum amount can be recovered from the
defaulting members.
DIRECTORS RESPONSIBILITY STATEMENT :
The Board of Directors of the Company confirms :
i that in the preparation of the annual accounts, the applicable
accounting standards have been followed and there has been no material
departure;
ii that the selected accounting policies were applied consistently and
the Directors made judgments and estimates that are reasonable and
prudent so as to give a true and fair view of the state of affairs of
the Company as at 31st March, 2010 and of the profit of the Company for
the year ended on that date;
iii that proper and sufficient care has been taken for the maintenance
of adequate accounting records in accordance with the provisions of the
Companies Act, 1956 for safeguarding the assets of the Company and for
preventing and detaching fraud and other irregularities;
iv that the annual accounts have been prepared on a going concern
basis.
CORPORATE GOVERNANCE :
Your Directors affirm their commitment to the Corporate Governance
Standards prescribed by the Securities and Exchange Board of India
(SEBI). This annual report carries a separate section on Corporate
Governance and forms part of this report. The Company has complied with
all the requirements of Corporate Governance.
COMPLIANCE CERTIFICATE:
The company has received compliance Certificate for the year 2009-10
from the Pactising Company Secretary and the same is enclose herewith.
DIRECTORS :
Your Directors Shri H.K. Yadav & Shri Ramanbhai H. Patel retire by
rotation at the ensuing Annual General Meeting. They being eligible,
offer themselves for reappointment.
Particulars of Directors seeking reappointment are mentioned in the
Corporate Governance Report.
The members are requested to consider to reappoint the Directors.
MANAGING DIRECTORS:
During the year under report, Shri Navnitbhai C. Patel Chairman and
Managing Director, and Smt. Ridhhiben R. Patel Jt. Managing Director,
were reappointed for further period of five years, subject to the
approval of the members. Particulars of their reappointment are
mentioned in the Corporate Governance Reports. The members are
requested to consider to reappoint them.
The remuneration payable to Shri Rushabh N. Patel was revised and
increased subject to the approval of the members.
DEMATERIALISATION OF EQUITY SHARES :
Your directors are pleased to inform you that now the Equity shares of
the company are dematerialized and can be traded in dematerialized form
also by all investors.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION ETC.:
As required under section 217 (1) (e) of the Companies Act, 1956 no
information is to be given as the Company is not carrying on any such
activities.
There were no earnings or outgoings of Foreign Exchange during the
year.
PARTICULARS OF EMPLOYEES :
Information as required to be given under section 217 (2A) of the
Companies Act, 1956 read with the Companies (Particulars of Employees)
Rules, 1975, is NIL.
FIXED DEPOSIT :
The Company did not accept any deposit from the Public during the year
under report and as such there were no depositors whose deposit
remained unpaid/unclaimed.
AUDITORS :
The existing Auditors of the Company M/s. Manubhai & Company, Chartered
Accountants, Ahmedabad, are due to retire at the conclusion of the
ensuing Annual General Meeting and are eligible for reappointment. You
are requested to appoint the Auditors and fix their remuneration.
ACKNOWLEDGMENT :
Your Directors are thankful to Punjab National Bank, Central Bank of
India, The Kalupur Commercial Co- op. Bank Limited as well as Officers
of Central and State Governments for their assistance and Co-
operation. Your Directors also place on record their appreciation of
devoted services rendered by the staff of the Company. They also
appreciate the continued support and confidence reposed by the
Shareholders in the management.
Registered Office : For, Parshwanath Housing Finance Corp. Ltd.
50, Harsiddha Chambers, For and on behalf of the Board of Directors
3rd Floor, Ashram Road,
Ahmedabad-380014. NAVNITBHAI C. PATEL
Date : 31 st August, 2010 Chairman
Mar 31, 2009
The Directors present herewith the 23rd Annual Report together with
the Audited Statements of Accounts of the Company for the year ended
31st March, 2009.
FINANCIAL RESULTS :
The financial highlights of the year are as under which reflects that
the Company has earned gross profit of Rs. 69.51 Lakhs during the year
under report.
2008-2009 2007-2008
Rs. in Lacs Rs. in Lacs
Gross Profit: (23.09) 69.51
Less: Depreciation (1-81) 2.01
Profit Before Tax (24.09) 67.50
Add/ (Less): Deferred Tax adjustments - 0.38
Current Tax (54.61) (3.65)
Profit after Tax (79.51) 64.23
Balance of (Loss) brought forward
from previous year (26.19) (90.09)
(105.70) 26.52
Less : adjustment of transitional
gratuity liability due to
Adoption of AJ-15 (revised) - 0.33
Balance of (Loss) carried forward to
Balance Sheet (105.70) (26.19)
DIVIDEND :
In view of accumulated loss of the Company your Directors do not
recommend any Dividend for the year under Report.
OPERATIONS :
Members are aware that the company enterned into constructions
activities and joined as partner with M/s. Vaibhavlaxmi Corporation,
M/s. Chinmay Corporation & Shri Parshwanath Corporation, the
partnership firms, engaged in construction activities. This is going to
be beneficial in coming years.
The company continued to face serious problems in recovering the
housing loan installments. The hearing of Civil and Criminal Suits
filed by the Company, has come up and orders have been passed
in favour of the Company. All steps are being taken to see that the
judgment is properly implemented so that maximum amount can be
recovered from the defaulting members.
DIRECTORS RESPONSIBILITY STATEMENT :
The Board of Directors of the Company confirms :
i that in the preparation of the annual accounts, the applicable
accounting standards have been followed and there has been no material
departure;
ii that the selected accounting policies were applied consistently and
the Directors made judgments and estimates that are reasonable and
prudent so as to give a true and fair view of the state of affairs of
the Company as at 31st March, 2009 and of the profit of the Company for
the year ended on that date;
iii that proper and sufficient care has been taken for the maintenance
of adequate accounting records in accordance with the provisions of the
Companies Act, 1956 for safeguarding the assets of the Company and for
preventing and detaching fraud and other irregularities;
iv that the annual accounts have been prepared on a going concern
basis.
CORPORATE GOVERNANCE :
Your Directors affirm their commitment to the Corporate Governance
Standards prescribed by the Securities and Exchange Board of India
(SEBI). This annual report carries a separate section on Corporate
Governance and forms part of this report. The Company has complied with
all the requirements of Corporate Governance.
DIRECTORS :
Your Directors Shri Navinbhai S. Patel & Shri Arvindbhai B. Patel
retire by rotation at the ensuing Annual General Meeting. They being
eligible, offer themselves for reappointment.
Particulars of Directors seeking reappointment are mentioned in the
Corporate Governance Report.
The members are requested to consider to reappoint the Directors.
DEMATERIALISATION OF EQUITY SHARES :
Your directors are pleased to inform you that now the Equity shares of
the company are dematerialized and can be traded in dematerialized form
also by all investors.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION ETC. :
As required under section 217 (1) (e) of the Companies Act, 1956 no
information is to be given as the Company is not carrying on any such
activities.
There were no earnings or outgoings of Foreign Exchange during the
year..-
PARTICULARS OF EMPLOYEES :
Information as required to be given under section 21.7 (2A) of the
Companies Adt, 1956 read with the . Companies (Particulars of
Employees) Rules, 1975, is NIL.
FIXED DEPOSIT :
The Company did not accept any deposit from the Public during the year
under report and as such there were no depositors whose deposit
remained unpaid/unclaimed.
AUDITORS :
The existing Auditors of the Company M/s. Manubhai & Company, Chartered
Accountants, Ahmedabad, are due to retire at the conclusion of the
ensuing Annual General Meeting and are eligible for reappointment. You
are requested to appoint the Auditors and fix their remuneration.
ACKNOWLEDGMENT :
Your Directors are thankful to Punjab National Bank, Central Bank of
India, The Kalupur Commercial Co-op. Bank Limited as well as Officers
of Central and State Governments for their assistance and Co-operation.
Your Directors also place on record their appreciation of devoted
services rendered by the staff of the Company. They also appreciate the
continued support and confidence reposed by the Shareholders in the
management.
Registered Office : For, Parshwanath Housing Finance Corp. Ltd.
50, Harsiddha Chambers, For and on behalf of the Board of Directors
3rd Floor, Ashram Road,
Ahmedabad-380014. NAVNITBHAI C. PATEL
Date :31st July, 2009 Chairman
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