Mar 31, 2015
Dear Members,
The Directors take great pleasure in presenting the 28th Annual Report
and Audited Accounts of your Company for the financial year ended 31st
March, 2015.
FINANCIAL PERFORMANCE
The financial performance of the Company for the Financial Year 2014-15
in comparison to the previous financial year 2013-14 are summarised as
below:
(Rs. in Lacs)
Year Ended Year Ended
31/03/2015 31/03/2014
Revenue from operation 13215.39 17720.72
Other Income 69.74 234.43
13285.13 17955.15
Profit/ (Loss) before Tax
and
Extra Ordinary Item 106.16 286.28
Extra ordinary item - -
Profit/ (Loss) before Tax 106.16 286.28
and after Extra Ordinary
Items
Provision for taxation-Current 40.47 95.73
Tax
Provision for taxation- (1.35) (0.47)
Deferred Tax
(Add)/Less: Taxation of 0.63 19.63
earlier years
Profit/(Loss) After Tax 66.41 171.39
Add: Balance brought forward 958.51 822.24
Profit available for 1024.92 993.63
appropriation
Appropriations
Proposed Dividend 30.02 30.02
Corporate Dividend Tax 6.11 5.10
Balance carried to Balance
Sheet 988.79 958.51
DIVIDEND
Your Directors have recommended a dividend of Re.1.00/- per equity
share (i.e.@ 10%) on 30,02,300 fully paid equity shares of Rs. 10/-
each for the financial year ended 31 st March, 2015 amounting to Rs.
30,02,300/- (exclusive of Tax of Rs. 6.11 Lacs).
TRANSFER TO RESERVES
The Company has transferred Rs.Nil to Reserves for the financial year
ended 31st March, 2015.
SHARE CAPITAL
The paid up equity capital as on 31st March, 2015 was Rs.3,00,23,000.
During the year under review, the Company has not issued any form/
types of securities.
OPERATIONS
During the year under review the aggregate turnover of your Company was
Rs.13215.39 lac as compared to Rs. 17720.72 lacs in the previous year.
The Company has earned profit after tax and exceptional item of
Rs.66.41 lac in 2014-2015 as compared to Rs.171.39 lac in the previous
year.
There is slight decrease in turnover due to the economic down turn in
European countries, which has affected the profitability of the
Company. However your Company has been able to cut down its costs as
compared to previous year.
Keeping pace with the changing dynamics of the industry and striving in
very competitive European market, your Company has still been able to
perform well during the year. There is a marginal increase in export of
chemicals products and decrease in local sales and export of
electronics products compared to last year. We expect better
performance in the coming periods.
Your Company is concentrating in the marketing of VXL Thin Clients and
other computer peripherals (Keyboard/Mouse) and is targeting a greater
market share in these key areas. Your Company is also started marketing
of various software products and offering solutions for different
industries.
All the branches are adequately equipped to provide complete support to
the customers. Internal control systems have been well established and
cost consciousness in branch operations has also led to improved
profitability. Your Directors are hopeful of improving upon the last
financial year's results for the Company during the current year.
DIRECTORS AND KEY MANAGERIAL PERSONNEL
Pursuant to the provisions of the section 161(1) of the Companies Act,
2013 read with the Articles of Association of the company, Mrs. Saroj
Bhuwania is appointed as Additional Director and she shall hold office
only up to the date of this Annual General Meeting and being eligible
offer herself for re-appointment as Director.
Your Directors recommend the appointment of Mr. P. V. Hariharan as an
Independent Director for period of 5 years as proposed in the notice
for the Annual General Meeting.
The Board of Directors at their meeting held on 26th May, 2015
re-appointed Mr. Aditya Bhuwania as Executive Director (Whole Time
Director) for a period of (03) three years, with effect from 1st June,
2015 subject to approval of members in the ensuing annual general
meeting. Keeping in view his experience and expertise and the increased
activities of the Company, a resolution is proposed in the notice
convening Annual General Meeting for the re-appointment of Mr. Aditya
Bhuwania, as Executive Director (Whole Time Director), on terms &
conditions detailed in the resolution.
Mr. A. K. Bhuwania, Director, retires by rotation and being eligible
has offered himself for re-appointment.
All Independent Directors have given declarations that they meet the
criteria of independence as laid down under Section 149(6) of the
Companies Act, 2013 and Clause 49 of the Listing Agreement.
Pursuant to the provisions of Section 203 of the Companies Act, 2013,
which came into effect from April 1,2014, the appointments of Mr.
Aditya Bhuwania, Whole Time Director, Mr. Rakesh Jain, Chief Financial
Officer and Mr. Saishwar Dalvi, Company Secretary as key managerial
personnel of the Company were formalised. AUDITORS:
1) Statutory Auditors :
The Auditors, M/s. M. L. Bhuwania & Co., Chartered Accountants, Mumbai
retire at this Annual General Meeting and being eligible, offer
themselves for reappointment. Auditors' observations are suitably
explained in notes to the Accounts and are self- explanatory. The
Auditors' Report does not contain any qualification, reservation or
adverse remark.
2) Secretarial Auditors:
According to the provision of section 204 of the Companies Act, 2013
read with Rule 9 of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014, the Company has appointed M/s. Sonal
Kothari & Associates, Company Secretaries to undertake the secretarial
audit of the company. The Secretarial Audit Report is annexed herewith
as AnnexureA. The Secretarial Audit Report does not contain any
qualification, reservation or adverse remark.
CHANGE IN NATURE OF BUSINESS
There being no change in the nature of business of the company during
the year.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Management Discussion and Analysis Report which forms an integral part
of this report as stipulated under Clause 49 of the Listing
Agreement with the Stock Exchange, is set out in a separate section to
this report. CORPORATE GOVERNANCE The Company is committed to uphold
the highest standards of Corporate Governance and adhere to the
requirements set out by Clause 49 of the Listing Agreement with Stock
Exchange.
Report on Corporate Governance along with the Certificate from the
Auditors' regarding the compliance of Corporate Governance conditions
are made part of this Annual Report. CORPORATE SOCIAL RESPONSIBILITY
In pursuant to the provisions of section 135 of the Companies Act,
2013, Corporate Social Responsibility is not applicable to your
company.
DEMATERIALIZATION
Your Company has tied up with National Securities Depository Ltd.
(NSDL) and Central Depository Services (India) Ltd. (CDSL) to enable
the shareholders to trade and hold shares in an
electronic/dematerialized form. The shareholders' are advised to take
benefits of dematerialization.
BOARD EVALUATION
Pursuant to the provisions of companies Act, 2013 and clause 49 of the
Listing Agreement, the Board has carried out annual performance
evaluation of its own performance, the directors individually as well
the evaluation of the working of its Audit, Nomination & Remuneration
and Stakeholder relationship committee. NOMINATION & REMUNERATION
POLICY The Board has, on the recommendation of the Nomination &
Remuneration committee framed a policy for selection and appointment of
Directors, Senior Management and their remuneration. The Remuneration
Policy is stated in the Corporate Governance Report.
FAMILIARIZATION PROGRAM FOR INDEPENDENT DIRECTORS
A familiarization program for independent directors, as approved by the
Board is available on the Company's website. The weblink is http://
www.priyagroup.com/pdf/pl_Familiarization_
Program_for_Independent_Directors.pdf MATERIAL CHANGES & COMMITMENTS
There are 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 and the date of the report.
SUBSIDIARY COMPANIES
The Company does not have any subsidiary Company.
LISTING OF SHARES
The Company's equity shares continue to be listed on The Bombay Stock
Exchange Limited (BSE). The Company had applied for de-listing of
equity shares from The Calcutta Stock Exchange Ltd. (CSE) and the said
de-listing permission is in process and the Company is constantly
following up with the Exchange for completion of the process. The
listing fee for the financial year 2014-2015 was duly paid to BSE.
MEETINGS
During the year (5) Five Board Meetings and (1) one independent
directors' meeting was held. The Details of which are given in
Corporate Governance Report. The provisions of Companies Act,2013 and
listing agreement were adhered to while considering the time gap
between two meetings.
AUDIT COMMITTEE
The company is having an audit committee comprising of the following
directors:
Name Designation Category
Mr. R.K. Chairman Independent / Non-
Saraswat Executive Director
Mr. M. K. Member Independent / Non-
Arora Executive Director
Mr. A. K. Member Non Executive
Bhuwania Chairman
NOMINATION AND REMUNERATION COMMITTEE
The company is having a Nomination and Remuneration Committee
comprising of the following directors:
Name Designation Category
Mr. M. K. Chairman Independent / Non-
Arora Executive Director
Mr. R.K. Member Independent / Non-
Saraswat Executive Director
Mr. A. K. Member Non Executive
Bhuwania Chairman
Mr. Anuj Member Independent / Non-
Bhargava Executive Director
EXTRACT OF ANNUAL RETURN :
The details forming part of the extract of the Annual Return in Form
MGT-9 is annexed herewith as Annexure-B.
PUBLIC DEPOSITS:
Your Company has not accepted any deposits within the meaning of
Section 73 of the Companies Act, 2013 and the Companies (Acceptance of
Deposits) Rules, 2014.
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS
Details of Loans, Guarantees and Investments covered under the
provisions of Section 186 of the Companies Act, 2013 are given in the
notes to the Financial Statements.
INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY:
The Company has adequate system of internal control to safeguard and
protect from loss, unauthorized use or disposition of its assets. All
the transactions are properly authorized, recorded and reported to the
Management. The Company is following all the applicable Accounting
Standards for properly maintaining the books of accounts and reporting
financial statements. The internal auditor of the company checks and
verifies the internal control and monitors them in accordance with
policy adopted by the company. Even through this non-production period
the Company continues to ensure proper and adequate systems and
procedures commensurate with its size and nature of its business.
RELATED PARTY TRANSACTIONS
All material related party transactions that were entered into during
the financial year were on an arm's length basis and were in the
ordinary course of business. There are no materially significant
related party transactions made by the Company with Promoters,
Directors, Key Managerial Personnel or other designated persons which
may have a potential conflict with the interest of the Company at
large.
All Related Party Transactions are placed before the Audit Committee as
also the Board for approval. The policy on Related Party Transactions
as approved by the Board is uploaded on the Company's website.
Your Directors draw attention of the members to Note No.33 to the
financial statement which sets out related party disclosures.
VIGIL MECHANISM/ WHISTLE BLOWER POLICY
In pursuant to the provisions of section 177(9) & (10) of the Companies
Act, 2013, a Vigil Mechanism for directors and employees to report
genuine concerns has been established. The Vigil Mechanism Policy has
been uploaded on the website of the Company and the weblink is http://
www.priyagroup.com/pdf/pl_Vigil_mechanism_ Policy.pdf
DEVELOPMENT AND IMPLEMENTATION OF A RISK MANAGEMENT POLICY:
The Company has been addressing various risks impacting the Company and
the policy of the Company on risk management is already adopted.
The main objective of this policy is to ensure sustainable business
growth with stability and to promote a pro-active approach in
reporting, evaluating and resolving risks associated with the business.
In order to achieve the key objective, the policy establishes a
structured and disciplined approach to Risk Management, in order to
guide decisions on risk related issues. DIRECTORS RESPONSIBILITY
STATEMENT : Pursuant to Section 134(5) of the Companies Act, 2013,
Directors of your Company hereby state and confirm that:-
a) in the preparation of the annual accounts for the year ended 31st
March, 2015, the applicable accounting standards have been followed
along with proper explanation relating to material departures;
b) they have selected such accounting policies and applied them
consistently and made judgments and estimates that are reasonable and
prudent so as to give a true and fair view of the state of affairs of
the company at the end of the financial year and of the profit of the
company for the same period;
c) the directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 2013 for safeguarding the assets of
the company and for preventing and detecting fraud and other
irregularities;
d) they have prepared the annual accounts on a going concern basis;
e) they have laid down internal financial controls in the company that
are adequate and were operating effectively.
f) they have devised proper systems to ensure compliance with the
provisions of all applicable laws and these are adequate and are
operating effectively.
SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS
There are no significant and material orders passed by the Regulators
or Courts that would impact the going concern status of the Company and
its future operations.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO:
CONSERVATION OF ENERGY:
The scope for conservation of energy is limited in the type of industry
in which your Company is engaged. However, the Company continues to
accord high priority to conservation of energy by opting for more power
effective replacements of equipments and electrical installations. No
specific investment proposals are envisaged.
TECHNOLOGY ABSORPTION:
Every effort is made by the company to update the technological skills
of its technical staff in order to ensure that they possess adequate
skills to enable them to serve the Company's clients. FOREIGN EXCHANGE
EARNINGS AND OUTGO: The relevant information in respect of the foreign
exchange earnings and outgo has been given in the Notes forming part of
the Accounts for the year ended on 31st March, 2015.
PARTICULARS OF EMPLOYEES:
The information required pursuant to Section 197 read with rule 5 of
the Companies (Appointment and Remuneration of Managerial Personnel)
Rules, 2014 in respect of employees of the Company, will be provided
upon request. In terms of Section 136 of the Act, the reports and
accounts are being sent to the members and others entitled thereto,
excluding the information on employees' particulars which is available
for inspection by the members at the Registered office of the company
during business hours on working days of the company up to the date of
ensuing Annual General Meeting. If any member is interested in
inspecting the same, such member may write to the company secretary in
advance. APPRECIATION & ACKNOWLEDGEMENTS Your Directors take place on
record their deep appreciation to employees at all levels for their
hard work, dedication and commitment. The Directors also take this
opportunity to thank all Investors, Customers, Bankers, Regulatory
bodies, Stakeholders including financial Institutions and other
business associates who have extended their valuable sustained support
and encouragement during the year under review.
For and on behalf of the Board
For Priya Limited
Sd/- Sd/-
Aditya Bhuwania R. K. Saraswat
Whole Time Director Director
Place: Mumbai
Date: 26th May, 2015
Mar 31, 2014
Dear Members,
The Directors take great pleasure in presenting the 27th Annual Report
and Audited Accounts of your Company for the financial year ended 31st
March, 2014.
financial performance
The financial performance of the Company for the Financial Year 2013-14
in comparison to the previous financial year 2012-13 are summarised as
below:
(Rs. in Lacs)
Year Ended Year Ended
31/03/2014 31/03/2013
Revenue from operation 17720.72 21162.26
Other Income 234.43 161.08
17955.15 21323.34
Profit/ (Loss) before Tax and
Extra Ordinary Item 286.28 280.99
Extra ordinary item - -
Profit/ (Loss) before Tax and after
Extra Ordinary Items 286.28 280.99
Provision for taxation-Current Tax 95.73 98.90
Provision for taxation-Deferred Tax (0.47) (30.77)
(Add)/Less: Taxation of earlier 19.63 0.20
years
Profit/(Loss) After Tax 171.39 212.66
Add: Balance brought forward 822.24 644.70
Profit available for appropriation 993.63 857.36
Appropriations
Proposed Dividend 30.02 30.02
Corporate Dividend Tax 5.10 5.10
Balance carried to Balance Sheet 958.51 822.24
DIVIDEND
Your Directors have recommended a dividend of Re.1.00/- per equity
share (i.e.@ 10%) on 30,02,300 fully paid equity shares of Rs. 10/-
each for the financial year ended 31st March 2014 amounting to Rs.
30,02,300/- (exclusive of Tax of Rs. 5.10 Lac).
OPERATIONS
During the year under review the aggregate turnover of your Company was
Rs.17720.72 lac as compared to Rs.21162.26 lac in the previous year.
The Company has earned profit after tax and exceptional item of
Rs.171.39 lac in 2013- 2014 as compared to Rs. 212.66 lac in the
previous year.
Due to recessionary trends which continued
globally, your company''s turnover decreased to Rs.17720.72 lac in
comparison to performance of previous year. The aforesaid decrease in
turnover was a result of economic slowdown globally and not restricted
to USA & European countries.
Your Company is focused to concentrate on the hardware business which
has been major revenue earner, which mainly includes marketing of VXL
thin clients and has now started marketing various software products,
and offering solutions for different industries. This year has been
challenging, as the company had to shrink its import activities in
response to high volatility in foreign currency and devaluation of
rupee.
As regards to infrastructure, your Company''s head office and all the
branches are adequately equipped to provide complete support to the
customers. Internal control systems have been well established and cost
consciousness in branch operations will lead to improved profitability
in the long run.
Your Directors are confident that the company will strive hard to
improve the performance in the current year.
DIRECTORS
The Company had, pursuant to the provisions of clause 49 of the Listing
Agreements entered into with Stock Exchanges, appointed Mr. R. K.
Saraswat, Mr. M. K. Arora and Mr. Anuj Bhargava as Independent
Directors of the Company.
As per section 149(4) of the Companies Act, 2013 (Act), which came into
effect from April 1, 2014, every listed public company is required to
have at least one-third of the total number of directors as Independent
Directors. In accordance with the provisions of section 149 of the Act,
these Directors are being appointed as Independent Directors to hold
office as per their tenure of appointment mentioned in the Notice of
the forthcoming Annual General Meeting (AGM) of the Company.
Mr. Aditya Bhuwania, Director, retires by rotation and being eligible
has offered himself for re-appointment.
auditors
M/s. M. L. Bhuwania & Co., Chartered Accountants who are to retire at
the conclusion of the forthcoming Annual General meeting, have offered
themselves for re-appointment as Auditors of the Company. A written
certificate to the effect that their appointment, if made, would be
within the prescribed limits under section 139 of the Companies Act,
2013, has been obtained by the Company from them. The members are
requested to consider their re-appointment and fix remuneration.
AUDITORS REPORT
The observations of the Auditors in their report read together with the
Notes to Accounts are self explanatory and therefore, in the opinion of
the Directors, do not call for any further explanation. The auditor''s
reports do not contain any reservation, qualification & adverse remark
for the financial year under review.
HUMAN RESOURCE
Maintenance of a cordial and supportive environment is a pre-requisite
for the smooth functioning of any organization. This requires the
management and the employees to fully understand and respect each
other. On an ongoing basis the management identifies and implements
necessary measures to maintain a positive climate and improve
performance levels.
Your Directors also wish to place on record their appreciation for the
dedication and commitment displayed by all executives, officers and
staff at all levels of the company.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Management Discussion and Analysis Report which forms an integral part
of this report as stipulated under Clause 49 of the Listing Agreement
with the Stock Exchange, is set out in a separate section to this
report.
CORPORATE GOVERNANCE
The Company is committed to uphold the highest standards of Corporate
Governance and adhere to the requirements set out by Clause 49 of the
Listing Agreement with Stock Exchange.
Report on Corporate Governance along with the Certificate from the
Auditors'' regarding the compliance of Corporate Governance conditions
are made part of this Annual Report.
INSURANCE
All insurable assets of the Company including inventories, warehouse
premises etc. are adequately insured.
BANKS
Your Directors wish to place on record their appreciation for the
support from Company''s bankers namely Indian Bank, Union Bank of India
and Bank of Maharashtra.
DIRECTORS'' RESPONSIBILITY STATEMENT
In terms of Section 217 (2AA) of the Companies Act, 1956, the directors
confirm that:
i) In the preparation of the Annual Accounts, the applicable accounting
standards had been followed along with proper explanation relating to
material departure;
ii) Appropriate accounting policies have been selected and have 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 2013-2014 and Profit of
the Company for that the year ended on 31st March, 2014;
iii) Proper and sufficient care has been taken for the maintenance of
adequate accounting records, in accordance with the provisions of the
Companies Act, for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities;
iv) The annual accounts have been prepared on a going concern basis.
DEMATERIALIZATION
Your Company has tied up with National Securities Depository Ltd.
(NSDL) and Central Depository Services (India) Ltd. (CDSL) to enable
the shareholders to trade and hold shares in an
electronic/dematerialized form. The shareholders'' are advised to take
benefits of dematerialization.
LISTING OF SHARES
The Company''s equity shares continue to be listed on The Bombay Stock
Exchange Limited (BSE). The Company had applied for de-listing of
equity shares from The Calcutta Stock Exchange Ltd. (CSE) and the said
de-listing permission is in process and the Company is constantly
following up with the Exchange for completion of the process. The
listing fee for the financial year 2013-2014 was duly paid to BSE.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OuTGO:
CONSERVATION OF ENERGY:
The scope for conservation of energy is limited in the type of industry
in which your Company is engaged. However, the Company continues to
accord high priority to conservation of energy by opting for more power
effective replacements of equipments and electrical installations. No
specific investment proposals are envisaged.
Form ''A'' of Companies (Disclosure of Particulars in the Report of Board
of Directors) Rules, 1988 is not applicable as our industry is not
included in the Schedule to the said Rules.
TECHNOLOGY ABSORPTION:
Every effort is made by the company to update the technological skills
of its technical staff in order to ensure that they possess adequate
skills to enable them to serve the Company''s clients.
FOREIGN EXCHANGE EARNINGS AND OUTGO:
The relevant information in respect of the foreign exchange earnings
and outgo has been given in the Notes forming part of the Accounts for
the year ended on 31st March, 2014.
PARTICULARS OF EMPLOYEES:
The Company is not required to make any disclosure under section
217(2A) of the Companies Act, 1956 as none of its employees is drawing
remuneration in excess of Rs.60 Lacs per annum or Rs.5 Lacs per month.
APPRECIATION & ACKNOWLEDGEMENTS
Your Directors take place on record their deep appreciation to
employees at all levels for their hard work, dedication and commitment.
The Directors also take this opportunity to thank all Investors,
Customers, Bankers, Regulatory bodies, Stakeholders including financial
Institutions and other business associates who have extended their
valuable sustained support and encouragement during the year under
review.
For and on behalf of the Board
For Priya Limited
Aditya Bhuwania R. K. Saraswat
Executive Director Director
Place: Mumbai
Date: 16th May, 2014
Mar 31, 2013
To, Dear Members of Priya Limited
The Directors take great pleasure in presenting the 26 Annual Report
and Audited Accounts of your Company for the financial year ended 31st
March, 2013.
FINANCIAL RESULTS
The financial performance of the Company for the Financial Year 2012-13
in comparison to the previous financial year 2011-12 are summarized as
below:
(Rs. in Lacs)
Year Ended Year Ended
31/03/2013 31/03/2012
Revenue from operation 21162.26 19246.60
Other Income 161.08 157.75
21323.34 19404.35
Profit/ (Loss) before Tax and
Extra Ordinary Item 280.99 175.83
Extra ordinary item ... ...
Profit/ (Loss) before Tax and after
Extra Ordinary Items 280.99 175.83
Provision for taxation
Current Tax 98.90 54.19
Deferred Tax (30.77) (0.48)
(Add)/Less: Taxation
of earlier years 0.20 40.49
Profit/(Loss) After Tax 2T256 8163
Add: Balance brought forward 644.70 597.97
Profit available for appropriation 857.36 679.60
Appropriations
Proposed Dividend 30.02 30.02
Corporate Dividend Tax 5.10 4.87
Balance carried to Balance Sheet 822.24 644.70
DIVIDEND
Your Directors have recommended a dividend of Re. 1.00/- per equity
share (i.e.@ 10%) on 30,02,300 fully paid equity shares of Rs. 10/-
each for the financial year ended 31s March 2013 amounting to Rs.
30,02,300/- (exclusive of Tax of Rs. 5.10 Lac).
OPERATIONS
During the year under review the aggregate turnover of your Company was
Rs. 21162.26 lac as compared to Rs. 19246.60 lac in the previous year.
The Company has earned profit after tax and exceptional item of Rs.
212.66 lac in 2012-2013 as compared to Rs. 81.63 lac in the previous
year.
Your Company has achieved better results in comparison to performance
of previous year, despite of sluggish global economy.
Distribution/Trading of Thin client constituted an important source of
revenue to the company among other computer peripherals such as
keyboard and mouse.
DIRECTORS
As per the provisions of Section 256 of the Companies Act, 1956, Mr. P.
V. Hariharan and Mr. R. K. Saraswat, Directors of the Company shall be
liable to retire by rotation at the ensuing Annual General Meeting and
being eligible, offer themselves for re-appointment.
AUDITORS
M//s. M. L. Bhuwania & Co., Chartered Accountants who are to retire at
the conclusion of the forthcoming Annual General meeting, have offered
themselves for re-appointment as Auditors of the Company. A written
certificate to the effect that their appointment, if made, would be
within the prescribed limits under Section-224(1B) of the Companies
Act, 1956, has been obtained by the Company from them. The members are
requested to consider their re-appointment and fix remuneration.
AUDITORS REPORT
The observations of the Auditors in their report read together with the
Notes to Accounts are self explanatory and therefore, in the opinion of
the Directors, do not call for any further explanation. The auditor''s
reports do not contain any reservation, qualification & adverse remark
for the financial year under review.
HUMAN RESOURCE
Maintenance of a cordial and supportive environment is a pre-requisite
for the smooth functioning of any organization. This requires the
management and the employees to fully understand and respect each
other. On an ongoing basis the management identifies and implements
necessary measures to maintain a positive climate and improve
performance levels. Your Directors also wish to place on record their
appreciation for the dedication and commitment displayed by all
executives, officers and staff at all levels of the company.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Management Discussion and Analysis Report which forms an integral part
of this report as stipulated under Clause 49 of the Listing Agreement
with the Stock Exchange, is set out in a separate section to this
report.
CORPORATE GOVERNANCE
The Company is committed to uphold the highest standards of Corporate
Governance and adhere to the requirements set out by Clause 49 of the
Listing Agreement with Stock Exchange.
Report on Corporate Governance along with the Certificate from the
Auditors'' regarding the compliance of Corporate Governance conditions
are made part of this Annual Report.
INSURANCE
All insurable assets of the Company including inventories, warehouse
premises etc. are adequately insured.
BANKS
Your Directors wish to place on record their appreciation for the
support from Company''s bankers namely Indian Bank, Bank of India, Union
Bank of India and Bank of Maharashtra.
DIRECTORS'' RESPONSIBILITY STATEMENT
In terms of Section 217 (2AA) of the Companies Act, 1956, the directors
confirm that:
i) In the preparation of the Annual Accounts, the applicable accounting
standards have been followed along with proper explanation relating to
material departure;
ii) Appropriate accounting policies have been selected and have 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 2012-2013 and Profit of
the Company for that the year ended on 31st March, 2013;
iii) Proper and sufficient care has been taken for the maintenance of
adequate accounting records, in accordance with the provisions of the
Companies Act, for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities;
iv) The annual accounts have been prepared on a going concern basis.
DEMATERIALIZATION
Your Company has tied up with National Securities Depository Ltd.
(NSDL) and Central Depository Services (India) Ltd. (CDSL) to enable
the shareholders to trade and hold shares in an
electronic/dematerialized form. The shareholders'' are advised to take
benefits of dematerialization.
LISTING OF SHARES
The Company''s equity shares continue to be listed on The Bombay Stock
Exchange Limited (BSE). The Company had applied for de-listing of
equity shares from The Calcutta Stock Exchange Ltd. (CSE) and the said
de-listing permission is in process and the Company is constantly
following up with the Exchange for completion of the process. The
listing fee for the financial year 2012-2013 was duly paid to BSE.
CONSERVATION OF ENERGY:
The scope for conservation of energy is limited in the type of industry
in which your Company is engaged. However, the Company continues to
accord high priority to conservation of energy by opting for more power
effective replacements of equipments and electrical installations. No
specific investment proposals are envisaged.
Form ''A'' of Companies (Disclosure of Particulars in the Report of Board
of Directors) Rules, 1988 is not applicable as our industry is not
included in the Schedule to the said Rules.
TECHNOLOGY ABSORPTION:
Every effort is made by the company to update the technological skills
of its technical staff in order to ensure that they possess adequate
skills to enable them to serve the Company''s clients.
PARTICULARS OF EMPLOYEES:
The Company is not required to make any disclosure under section
217(2A) of the Companies Act, 1956 as none of its employees is drawing
remuneration in excess of Rs.60 Lacs per annum or Rs.5 Lacs per month.
APPRECIATION & ACKNOWLEDGEMENTS
Your Directors place on record their deep appreciation to employees at
all levels for their hard work, dedication and commitment. The
Directors also take this opportunity to thank all Investors, Customers,
Bankers, Regulatory bodies, Stakeholders including financial
Institutions and other business associates who have extended their
valuable sustained support and encouragement during the year under
review.
For and on behalf of the Board
For Priya Limited
Aditya Bhuwania R. K. Saraswat
Executive Director Director
Place : Mumbai
Date :11th May, 2013
Mar 31, 2012
To, The Members of Priya Limited
The Directors are pleased to present the 25th Annual Report and
Audited Accounts of your Company for the financial year ended 31st
March, 2012.
FINANCIAL RESULTS
The financial performance of the Company for the year ended March, 2012
in comparison to the previous financial year 2010-11 are summarised as
below:
(Rs. in Lacs)
Year Ended Year Ended
31/03/2012 31/03/2011
Revenue from operation 19246.60 22059.70
Other Income 157.75 220.81
19404.35 22280.51
Profit/ (Loss) before Tax and
Extra Ordinary Item 175.83 297.02
Extra ordinary item - -
Profit/ (loss) before Tax and after
Extra Ordinary Items 175.83 297.02
Provision for taxation
Current Tax 54.19 106
Deferred Tax (0.48) (9.44)
(Add Less: Taxation of earlier years 40.49 _
Profit/(Loss) After Tax 81.63 200.46
Add: Balance brought forward 597.97 432.52
Profit available for appropriation 679.60 632.98
Appropriations
Proposed Dividend 30.02 30.02
Corporate Dividend Tax 4.87 4.99
Balance earned to Balance Sheet 644.70 597.97
679.60 632.98
DIVIDEND
Your Directors have recommended a dividend of Re. 1.00/- per equity
share (i.e.@ 10%) on 30,02,300 fully paid equity shares of Rs. 10/- each
for the financial year ended 31st March 2012, amounting to Rs.
30,02,300/- (exclusive of Tax of Rs. 4.87 Lac).
OPERATIONS
During the year under review the aggregate turnover of your Company was
Rs. 19246.60 lac as compared to Rs. 22059.70 lac in the previous year. The
Company has earned profit after tax and exceptional item of Rs. 81.63 lac
in 2011-2012 as compared to Rs. 200.46 lac in the previous year.
Due to recessionary trends which continued globally,
your company's turnover decreased to Rs. 19246.60 lac in comparison to
performance of previous year. The aforesaid decrease in turnover was a
result of economic slowdown globally and not restricted to USA &
European countries.
Your Company is focused to concentrate on the hardware business which
has been major revenue earner, which mainly includes marketing of VXL
thin clients and other computer peripherals such as Keyboard and Mouse.
The financial year 2011-12 was a challenging year, as the company had
to shrink its import activities in response to high volatility in
foreign currency and devaluation of rupee. The chemical segment of the
company has also witnessed fall in revenue, as a consequence of global
economy being in throes of recession.
As regards to infrastructure, your Company's head office and all the
branches are adequately equipped to provide complete support to the
customers. Internal control systems have been well established and cost
consciousness in branch operations will lead to improved profitability
in the long run.
Your Directors are confident that the company will strive hard to
improve the performance in the current year.
DIRECTORS
As per the provisions of Section 256 of the Companies Act, 1956, Mr. A.
K. Bhuwania and Mr. Anuj Bhargava, Directors of the Company shall be
liable to retire by rotation at the ensuing Annual General Meeting and
being eligible, offer themselves for re-appointment.
The tenure of Mr. Ashish Bhuwania is due for re- appointment w.e.f.
13/05/2012 as Executive Director of the Company. Keeping in view his
experiences and expertise, a resolution is proposed in the notice of
Annual General Meeting for the aforesaid re- appointment of Mr. Ashish
Bhuwania as per terms detailed in the resolution. The proposed tenure
of appointment is for 5 years w.e.f. 13/05/2012. AUDITORS
M/s. M. L. Bhuwania & Co., Chartered Accountants who are to retire at
the conclusion of the forthcoming Annual General meeting, have offered
themselves for re-appointment as Auditors of the Company. A written
certificate to the effect that their appointment, if made, would be
within the prescribed limits under Section- 224(1 B) of the Companies
Act, 1956, has been obtained by the Company from them. The members are
requested to consider their re-appointment and fix remuneration.
AUDITORS REPORT
The observations of the Auditors in their report read together with the
Notes to Accounts are self explanatory and therefore, in the opinion of
the Directors, do not call for any further explanation. The auditor's
reports do not contain any reservation, qualification & adverse remark
for the financial year under review.
HUMAN RESOURCE
Maintenance of a cordial and supportive environment is a pre-requisite
for the smooth functioning of any organization. This requires the
management and the employees to fully understand and respect each
other. On an ongoing basis the management Identifies and Implements
necessary measures to maintain a positive climate and improve
performance levels.
Your Directors also wishes to place on record their appreciation for
the dedication and commitment displayed by all executives, officers and
staff at all levels of the company.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Management Discussion and Analysis Report which form an integral part
of this report as stipulated under Clause 49 of the Listing Agreement
with the Stock Exchange, is set out in a separate section to this
report.
CORPORATE GOVERNANCE
The Company is committed to uphold the highest standards of Corporate
Governance and adhere to the requirements set out by Clause 49 of the
Listing Agreement with Stock Exchange.
Report on Corporate Governance along with the Certificate from the
Auditors' regarding the compliance of Corporate Governance conditions
are made part of this Annual Report.
INSURANCE
All insurable assets of the Company including inventories, warehouse
premises etc. are adequately insured.
BANKS
Your Directors wish to place on record their appreciation for the
support from Company's bankers namely Indian Bank, Bank of India and
Union Bank of India.
DIRECTORS' RESPONSIBILITY STATEMENT
In terms of Section 217 (2AA) of the Companies Act, 1956, the directors
confirm that:
i) In the preparation of the Annual Accounts, the applicable accounting
standards had been followed along with proper explanation relating to
material departure;
ii) Appropriate accounting policies have been selected and have 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 2011-2012 and Profit of
the Company for that the year ended on 31st March, 2012;
iii) Proper and sufficient care has been taken for the maintenance of
adequate accounting records, in accordance with the provisions of the
Companies Act, for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities;
iv) The annual accounts have been prepared on a going concern basis.
DEMATERIALIZATION
Your Company has tied up with National Securities Depository Ltd.
(NSDL) and Central Depository Services (India) Ltd. (CDSL) to enable
the shareholders to trade and hold shares in an electronic/
dematerialized form. The shareholders' are advised to take benefits
of dematerialization.
LISTING OF SHARES
The Company's equity shares continue to be listed on The Bombay Stock
Exchange Limited (BSE). The Company had applied for de-listing of
equity shares from The Calcutta Stock Exchange Ltd. (CSE) and the said
de-listing permission is in process and the Company is constantly
following up with the Exchange for completion of the process. The
listing fee for the financial year 2011-2012 was duly paid to BSE.
CONSERVATION OF ENERGY, TECHNOLOGY A3SORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO:
CONSERVATION OF ENERGY:
The scope for conservation of energy is limited in the type of industry
in which your Company is engaged. However, the Company continues to
accord high priority to conservation of energy by opting for more power
effective replacements of equipments and electrical installations. No
specific investment proposals are envisaged.
Form 'A' of Companies (Disclosure of Particulars in the Report of
Board of Directors) Rules, 1988 is not applicable as our industry is
not included in the Schedule to the said Rules.
TECHNOLOGY ABSORPTION:
Every effort is made by the company to update the technological skills
of its technical staff in order to ensure that they possess adequate
skills to enable them to serve the Company's clients.
FOREIGN EXCHANGE EARNINGS AND OUTGO: The relevant information in
respect of the foreign exchange earnings and outgo has been given in
the Notes forming part of the Accounts for the year ended on 31st
March, 2012.
PARTICULARS OF EMPLOYEES:
The Company is not required to make any disclosure under section
217(2A) of the Companies Act, 1956 as none of its employees is drawing
remuneration in excess of Rs. 60 Lacs per annum or Rs. 5 Lacs per month.
APPRECIATION & ACKNOWLEDGEMENTS Your Directors take this opportunity to
place on record their sincere gratitude for assistance & co-operation
and assistance received from the Customers, Bankers, Regulatory bodies,
Stakeholders including financial institutions and other business
associates who have extended their valuable sustained support and
encouragement during the year under review.
For and on behalf of the Board
For Priya Limited
Aditya Bhuwania R. K. Saraswat
Executive Director Director
Place: Mumbai
Date: 10th May, 2012
Mar 31, 2011
The Directors have immense pleasure in presenting the 24th Annual
Report and Audited Accounts of your Company for the financial year
ended 31st March, 2011.
FINANCIAL RESULTS
The brief highlights of financial results of the Company for the
Financial Year 2010-11 as compared to the previous financial year
2009-10 are as under:
(Rs. in Lacs)
Year Ended Year Ended
31/03/2011 31/03/2010
Sales
Export 11873.60 11252.08
Local 10181.32 7963.84
22054.92 19215.92
Other Income 105.76 149.47
22160.68 19365.39
Profit/ (Loss) before Tax and
Extra Ordinary Item 297.02 187.44
Extra ordinary item à Ã
Profit/ (Loss) before Tax and
after Extra Ordinary Items 297.02 187.44
Provision for taxation-Current Tax 106 67.70
Provision for taxation-Deferred Tax (9.44) (1.17)
200.46 120.91
(Add)/Less: Taxation of earlier years à 9.13
Profit/(Loss) After Tax 200.46 111.78
Add: Balance brought forward 432.52 338.24
Profit available for appropriation 632.98 450.02
Appropriations
Proposed Dividend 30.02 15.01
Corporate Dividend Tax 4.99 2.49
Balance carried to Balance Sheet 597.97 432.52
632.98 450.02
DIVIDEND
Your Directors are pleased to recommend a dividend of Re. 1.00/- per
equity share (i.e.@ 10%) on 30,02,300 fully paid equity shares of Rs.
10/- each for the financial year ended 31st March 2011. The said
dividend will absorb a sum of Rs. 30,02,300/-
OPERATIONS
During the year under review your Company has achieved aggregate
turnover of Rs. 22160.68 lacs as compared to Rs. 19365.39 lacs in the
previous year. The Company has earned profit after tax and exceptional
item of Rs. 200.46 lacs in 2010-2011 as compared to Rs. 111.78 lacs in
the previous year.
Despite of recessionary trends which continued globally, your company
achieved better results in comparison to performance of previous year.
Although the Company had a slow start,
momentum was picked up progressively which can be experienced from the
performance of last three quarters. There is marginal increase in
turnover, inspite of economic slowdown in USA & in European countries.
Your Company continued to focus on the hardware business which has been
major revenue earner, which mainly includes marketing of VXL thin
clients and other computer peripherals such as Notebooks from MSI and
Computer peripherals (Keyboard/Mouse, Gaming Cabinets and SMPS),
networking products from SMC. The chemical division of the company has
also experienced a increase in turnover as compared to the performance
of previous year. As regards to infrastructure, your Companys head
office and all the branches are adequately equipped to provide complete
support to the customers. Internal control systems have been well
established and cost consciousness in branch operations has also led to
improved profitability. Your Directors are confident that the company
will strive hard to maintain the performance and improve the same in
the current year.
DIRECTORS
As per the provisions of Section 256 of the Companies Act, 1956, Mr. M.
K. Arora and Mr. R.K. Saraswat, Directors of the Company shall be
liable to retire by rotation at the ensuing Annual General Meeting and
being eligible offer themselves for re-appointment.
AUDITORS
M/s. M. L. Bhuwania & Co., Chartered Accountants who are to retire at
the conclusion of the forthcoming Annual General meeting, have offered
themselves for re-appointment as Auditors of the Company. A written
certificate to the effect that their appointment, if made, would be
within the prescribed limits under Section-224(1B) of the Companies
Act, 1956, has been obtained by the Company from them. The members are
requested to consider their re-appointment and fix remuneration.
AUDITORS REPORT
The observations of the Auditors in their report read together with the
Notes to Accounts are self explanatory and therefore, in the opinion of
the Directors, do not call for any further explanation. The auditors
report do not contain any reservation, qualification & adverse remark
for the financial year under review.
HUMAN RESOURCE
Maintenance of a cordial and supportive environment is a pre-requisite
for the smooth functioning of any organization. This requires the
management and the employees to fully understand and respect each
other. On an on-going basis the management identifies and implements
necessary measures to maintain a positive climate and improve
performance levels. Your Directors also wishes to place on record
their appreciation for the dedication and commitment displayed by all
executives, officers and staff at all levels of the company.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Management Discussion and Analysis Report for the year under review, as
stipulated under Clause 49 of the Listing Agreement with the Stock
Exchange, is presented in a separate section forming part of the
Directors Report.
CORPORATE GOVERNANCE
The Company is committed to uphold the highest standards of Corporate
Governance and adhere to the requirements set out by Clause 49 of the
Listing Agreement with Stock Exchange. Report on Corporate Governance
along with the Certificate from the Auditors regarding the compliance
of Corporate Governance conditions are made part of this Annual Report.
INSURANCE
All insurable assets of the Company including inventories, warehouse,
premises etc. are adequately insured.
BANKS
Your Directors wish to place on record their appreciation for the
support from Companys bankers namely Indian Bank, Bank of India and
Union Bank of India.
DIRECTORS RESPONSIBILITY STATEMENT
In terms of Section 217 (2AA) of the Companies Act, 1956, the directors
confirm that:
i) In the preparation of the Annual Accounts, the applicable accounting
standards had been followed along with proper explanation relating to
material departure;
ii) Appropriate accounting policies have been selected and have 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 2010-2011 and Profit of
the Company for that the year ended on 31st March, 2011;
iii) Proper and sufficient care has been taken for the maintenance of
adequate accounting records, in accordance with the provisions of the
Companies Act, for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities;
iv) The annual accounts have been prepared on a going concern basis.
DEMATERIALIZATION
Your Company has tied up with National Securities Depository Ltd.
(NSDL) and Central Depository Services (India) Ltd. (CDSL) to enable
the shareholders to trade and hold shares in an
electronic/dematerialized form. The shareholders are advised to take
benefits of dematerialization.
LISTING OF SHARES
Your Companys shares have been listed on The Bombay Stock Exchange
Limited (BSE). The Company had applied for de-listing of equity shares
from The Calcutta Stock Exchange Ltd. (CSE) and the said de-listing
permission is in process and the Company is constantly following up
with the Exchange for completion of the process. The listing fee for
the financial year 2010-2011 was duly paid to BSE.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO:
CONSERVATION OF ENERGY:
The scope for conservation of energy is limited in the type of industry
in which your Company is engaged. However, the Company continues to
accord high priority to conservation of energy by opting for more power
effective replacements of equipments and electrical installations. No
specific investment proposals are envisaged.
Form ÃA of Companies (Disclosure of Particulars in the Report of Board
of Directors) Rules, 1988 is not applicable as our industry is not
included in the Schedule to the said Rules.
TECHNOLOGY ABSORPTION:
Every effort is made by the company to update the technological skills
of its technical staff in order to ensure that they possess adequate
skills to enable them to serve the Companys clients.
FOREIGN EXCHANGE EARNINGS AND OUTGO:
The relevant information in respect of the foreign exchange earnings
and outgo has been given in the Notes forming part of the Accounts for
the year ended on 31st March, 2011.
PARTICULARS OF EMPLOYEES:
As required under Section 217(2A) of the Companies Act, 1956 read with
the Companies (Particulars of Employees) Rules, 1975, the Company has
no employees who were in receipt of the remuneration of Rs. 60,00,000/-
or more per annum during the year ended 31st March, 2011 or Rs.
5,00,000/- or more per month during any part of the said year.
ACKNOWLEDGEMENTS
Your Directors place on record their sincere appreciation for the
co-operation and assistance received from the Customers, Bankers,
Regulatory bodies, Stakeholders including financial Institutions and
other business associates who have extended their valuable sustained
support and encouragement during the year under review.
For and on behalf of the Board
For Priya Limited
Aditya Bhuwania R. K. Saraswat
Executive Director Director
Place : Mumbai
Date : 23rd April, 2011
Mar 31, 2010
The Directors have pleasure in presenting the 23rd Annual Report
together with the Audited Accounts of your Company tor the financial
year ended 31st March, 2010.
FINANCIAL RESULTS
(Rs. in Lacs)
Year Ended Year Ended
31/03/2010 31/03/2009
Sales
Export 11252.08 12703.60
Local 7963.84 7331.47
19215.92 20035.07
Other Income 149.47 138.83
19365.39 20173.90
Profit/ (Loss) before Tax and
Extra Ordinary Item 187.44 371.88
Extra ordinary item
Profit/ (Loss) before Tax and after
Extra Ordinary Items 187.44 371.88
Provision for taxation-Current Tax 67.70 68.60
Provision for taxation-Wealth Tax - 6.46
Provision for taxation-Deferred Tax (1.17) 42.93
Provision for taxation-Fringe Benefit Tax - 4.80
120.91 249.09
(Add)/Less: Taxation of earlier years 9.13 (0.71)
Profit/(Loss) After Tax 111.78 249.80
Add: Balance brought forward 338.24 88.44
Profit available for appropriation 450.02 338.24
Appropriations
Proposed Dividend 15.01 0.00
Corporate Dividend Tax 2.49 0.00
Balance carried to Balance Sheet 432.52 338.24
450.02 338.24
DIVIDEND
Your Directors are pleased to recommend a dividend of Rs. 0.50 per
equity share (i.e.î 5%) on 30,02,300 fully paid equity shares of Rs.
10/- each for the financial year ended 31s1 March 2010. The said
dividend will absorb a sum of Rs. 15,01,150/- OPERATIONS
Your Company has achieved aggregate turnover of Rs. 19365.39 lacs in
the year 2009-2010 as Compared to Rs. 20173.90 lacs in the previous
year. The Company has earned profit after tax and exceptional item of
Rs. 111.78 lacs in 2009- 2010 as compared to Rs. 249.80 in the previous
year.
There is slight decrease in turnover due to the economic down turn in
USA & in European countries, which has affected the profitability of
the Company. However your Company has been able to cut down its costs
as compared to previous year.
Keeping pace with the changing dynamics of the industry and striving in
very competitive European market, your Company has still been able to
perform well during the year. There is a marginal increase in local
sales & decrease in export of electronics & chemicals products compared
to last year.
We expect better performance in the coming periods. Your Company is
concentrating in the marketing of VXL thin clients and other computer
peripherals such as Notebooks from MSI and Computer peripherals
(Keyboard/Mouse, Gaming Cabinets and SMPS), networking products from
SMC, and is targeting a greater market share in these key areas. Your
Company is also thriving to build an image of a complete system
solution provider by marketing enterprise level software in the Indian
Market.
All the branches are adequately equipped to provide complete support to
the customers. Internal control systems have been well established and
cost consciousness in branch operations has also led to improved
profitability.
Your Directors are hopeful of improving upon the last financial years
results for the Company during the current year.
DIRECTORS
As per the provisions of Section 256 of the Companies Act, 1956, Mr. A.
K. Bhuwania, Director of the Company shall be liable to retire by
rotation at the ensuing Annual General Meeting and he, being an
eligible to offers himself for re-appointment.
Mr. Anuj Bhargava was appointed as Independent Additional Director on
the Board of Directors in their meeting held on 27lh May 2010. In terms
of Article 91 of the Articles of Association of the Company read with
section 260 of-the Companies Act, 1956 Mr. Anuj Bhargava, hold office
upto the date of the forthcoming Annual General Meeting of the Company.
The Company has received notices in writing pursuant to section 257 (1)
of the Companies Act, 1956 from two members signifying their intention
to propose his name for election to the Office of Director at the
ensuing Annual General Meeting.
Mr. P.V. Hariharan, was appointed as Independent Additional Director
with effect from 1st July, 2010, on the Board of Directors in their
meeting held on 27th May 2010. In terms of Article 91 of the Articles of
Association of the Company read with section 260 of the Companies Act,
1956 Mr. P.V. Hariharan, hold office upto the date of the forthcoming
Annual General Meeting of the Company. The Company has received notices
in writing pursuant to section 257 (1) of the Companies Act, 1956 from
two .members signifying their intention to propose his name for
election to the Office of Director at the ensuing Annual General
Meeting.
The members are requested to consider his appointment as specified in
item no. 6 of notice convening Annual General Meeting.
The Board of Directors at their meeting held on 27th May, 2010
re-appointed Mr. Aditya Bhuwania as Whole Time Director, designated as
Executive Director for a period of 5 years, with effect from 1sl
September, 2010 subject to approval of members
in the ensuing annual general meeting,. Keeping in view his experience
and expertise and the increased activities of the Company, a resolution
is proposed in the notice convening Annual General Meeting for the
re-appointment of Mr. Aditya Bhuwania, as Whole Time Director
designated as Executive Director, on terms & conditions detailed in the
resolution.
The members are requested to consider his re-appointment as specified
in item no. 6 of notice convening Annual General Meeting.
AUDITORS
M/s. M. L. Bhuwania & Co., Chartered Accountants who are to retire at
the conclusion of the forthcoming Annual General meeting, have offered
themselves for re-appointment as Auditors of the Company. A written
certificate to the effect that their appointment, if made, would be
within the prescribed limits under Section-224(1 B) of the Companies
Act, 1956, has been obtained by the Company from them. The members are
requested to consider their re-appointment and fix remuneration.
AUDITORS REPORT
The auditors reports do not contain any reservation, qualification &
adverse remark for the financial year under review.
HUMAN RESOURCE
Employee relations throughout the Company were harmonious. The board
wishes to place on record its sincere appreciation of the sincere
efforts of all employees in advancing the Companys vision and strategy
to deliver best quality services to its valued customers.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
As required in terms of Listing Agreement with the Stock Exchange(s), a
Management Discussion and Analysis Report is annexed forming part of
this Annual Report.
REPORT ON CORPORATE GOVERNANCE
The Company has, pursuant to Clause 49 of the Listing Agreement with
Stock Exchange, complied with the requirements of Corporate Governance.
A Report on Corporate Governance and a Certificate from the Auditors
regarding the compliance of Corporate Governance conditions are made
part of this Annual Report.
INSURANCE
All insurable assets of the Company including inventories, warehouse
premises etc. are adequately insured.
BANKS
Your Directors wish to place on record their appreciation for the
support from Companys bankers namely Indian Bank, Bank of India and
Union Bank of India.
DIRECTORS RESPONSIBILITY STATEMENT
In terms of Section 217 (2AA) of the Companies Act, 1956, the directors
confirm that:
i) In the preparation of the Annual Accounts, the applicable accounting
standards had been followed along with proper explanation relating to
material departure;
ii) Appropriate accounting policies have been selected and have 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 2009-2010 and Profit of
the Company for that the year ended on 31st March, 2010;
iii) Proper and sufficient care has been taken for the maintenance of
adequate accounting records, in accordance with the provisions of the
Companies Act, for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities;
iv) The annual accounts have been prepared on a going concern basis.
DEMATERIALIZATION
Your Company has tied up with National Securities Depository Ltd.
(NSDL) and Central Depository Services (India) Ltd. (CDSL) to enable
the shareholders to trade and hold shares in an
electronic/dematerialized form. The shareholders are advised to take
benefits of dematerialization.
LISTING OF SHARES
Your Companys shares have been listed on The Bombay Stock Exchange
Limited, (BSE). The Company had applied for de-listing of equity shares
from The Calcutta Stock Exchange Ltd. (CSE) and the said de-listing
permission is in process and the Company is constantly following up
with the Exchange for completion of the process. The listing fee for
the financial year 2010-2011 was duly paid to BSE.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS
AND OUTGO:
CONSERVATION OF ENERGY:
The scope for conservation of energy is limited in the type of industry
in which your Company is engaged. However, the Company continues to
accord high priority to conservation of energy by opting for more power
effective replacements of equipments and electrical installations. No
specific investment proposals are envisaged.
Form A of Companies (Disclosure of Particulars in the Report of Board
of Directors) Rules, 1988 is not applicable as our industry is not
included in the Schedule to the said Rules.
TECHNOLOGY ABSORPTION:
Your Company continues to utilize the R & D facilities available with
it. The Company has not imported any technology during the year under
review.
FOREIGN EXCHANGE EARNINGS AND OUTGO:
The relevant information in respect of the foreign exchange earnings
and outgo has been given in the Notes forming part of the Accounts for
the year ended on 31st March, 2010.
PARTICULARS OF EMPLOYEES:
As required under Section 217(2A) of the Companies Act, 1956 read with
the Companies (Particulars of Employees) Rules, 1975, the Company has
no employees who were in receipt of the remuneration of Rs.24,00,000/-
or more per annum during the year ended 31st March, 2010 or Rs.2,00,000/
- or more per month during any part of the said year.
APPRECIATION
Your Directors wish to place on record their grateful thanks to the
Banks and various Government Authorities for their valuable assistance
and co-operation and for the trust and confidence reposed in the
Company by the shareholders of the Company.
For and on behalf of the Board
For Priya Limited
Aditya Bhuwania R.K. Saraswat
Executive Director Director
Place Mumbai
Dated : 27th May, 2010.
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