Mar 31, 2015
Dear Members,
The Directors here by present the 25th Annual Report together with the
Audited statements of Accounts for the financial year ended on 31st
March 2015.
OPERATIONS REVIEW:
During the year under review due to financial crisis company has not
carried out any business activities and faces huge set back. So company
not in position to generate any revenue from the operation but due to
some fixed cost company posted Net Loss of Rs. 797267.
BRIEF DESCRIPTION OF THE COMPANY'S WORKING DURING THE YEAR/STATE OF THE
COMPANY'S AFFAIR:
The Company does not have any significant business activity and not
carried out any business during the year under review.
DIVIDEND:
Considering the loss incurred in the current financial year and
accumulated losses, your Directors have not recommended any dividend
for the financial year under review.
TRANSFER TO RESERVES:
The Company has not transferred any amount to Reserves for the period
under review.
SHARE CAPITAL:
The issued, subscribed and paid up capital of the Company is Rs
130032000 divided into 13003200 equity shares of Rs 10/- each. There
was no change in the share capital during the year.
SUBSIDIARIES, JOINT VENTURES OR ASSOCIATE COMPANIES:
The Company does not have any subsidiary, associate companies & joint
ventures.
FIXED DEPOSIT:
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:
The Company has not given any loans or guarantees covered under the
provisions of section 186 of the Companies Act, 2013.
RELATED PARTY TRANSACTIONS:
All related party transactions that were entered into during the
financial year were on arm's length basis and were in the ordinary
course of the business. There are no materially significant related
party transactions made by the company with Promoters, Key Managerial
Personnel or other designated persons which may have potential conflict
with interest of the company at large.
MATERIAL CHANGES AND COMMITMENTS IF ANY AFFECTING THE FINANCIAL
POSITION OF THE COMPANY:
No material changes and commitments affecting the financial position of
the company have occurred between the end of financial year to which
the financial statements relate and the date of the Directors' Report.
SIGNIFICANT ORDERS PASSED BY THE REGULATORS, COURTS OR TRIBUNALS
IMPACTING GOING CONCERN AND COMPANY'S OPERATIONS:
To the best of our knowledge, the company has not received any such
orders passed by the regulators, courts or tribunals during the year,
which may impact the going concern status or company's operations in
future.
DIRECTORS AND KEY MANAGERIAL PERSONNEL:
Mr. VIPUL TRIVEDI was appointed as an additional director of the
company as on 27.08.2015 and holds office up to the date of this Annual
General Meeting and be and hereby appointed as director of the Company
and whose office liable to retire by rotation. Mr. NILESHKUMAR KAVA and
Ms. DINABEN GANATRA were appointed as on 27.08.2015 and 18.08.2015
respectively as additional director and be and is hereby appointed as
Independent Director of the Company for five consecutive years for a
term up to September 28, 2020.
MR. GULAB SINGH, Mr. RAHUL SINGH and Mr. DHEERAJ KUMAR SINGH were
resigned as on 01.09.2015, 27.08.2015 and 18.08.2015 respectively.
Since the Company does not have any significant business activities,
hence the Volume and Scope of work for the Company Secretary and Chief
Financial Officer are less and it is not a full time work and the job
of Company Secretary and Chief Financial Officer are not attractive
commensurate with the scope of work and salary.
DECLARATION BY INDEPENDENT DIRECTORS:
The Company has received necessary declaration from each Independent
Director under Section 149 (7) of the Companies Act, 2013, that they
meet the criteria of independence laid down in Section 149(6) of the
Companies Act, 2013.
MEETINGS:
Minimum four pre-scheduled Board meetings are held annually. In case of
business exigencies or urgency of matters, resolutions are passed by
circulation. During the year six Board Meetings and four Audit
Committee Meetings were convened and held, the details of which are
given in the Corporate Governance Report. The intervening gap between
the Meetings was within the period prescribed under the Companies Act,
2013 and Listing Agreement.
AUDIT COMMITTEE:
The terms of reference of the Audit Committee are in consonance with
the provisions of Section 177 of the Companies Act, 2013 and details
thereof have been furnished in the Corporate Governance Report forming
a part of this Annual Report.
NOMINATION AND REMUNERATION COMMITTEE:
Nomination and Remuneration Committee has been constituted as per the
provisions of Section 178(1) of the Companies Act, 2013 and details
thereof have been furnished in the Corporate Governance Report forming
a part of this Annual Report.
STAKEHOLDERS' RELATIONSHIP COMMITTEE:
The Board of Directors of the Company has re-named Share Holders
Grievance/ Share Transfer Committee as 'Stakeholders Relationship
Committee' in order to align it with the provisions of Section 178 of
the Companies Act, 2013 and details thereof have been furnished in the
Corporate Governance Report forming a part of this Annual Report.
BOARD EVALUATION:
Pursuant to the provisions of the Schedule IV, clause VIII of the
Companies Act, 2013 the Board has carried out an evaluation of its own
performance, the directors individually as well as the evaluation of
the working of its Audit, Appointment & Remuneration Committees. The
performance evaluations of Independent Directors were also carried out
and the same was noted. Independent Directors in their meeting decided
to bring more transparency in their performance and bring more
responsibility while taking any policy decisions for the benefit of the
shareholders in general.
REMUNERATION OF THE DIRECTORS/ KEY MANAGERIAL PERSONNEL (KMP)/
EMPLOYEES:
No Directors/ Key Managerial Personnel are drawing any remuneration.
Hence, the information required pursuant to Section 197 read with Rule
5 (1) (i) of The Companies (Appointment and Remuneration) Rules, 2014
in respect of ratio of remuneration of each director to the median
remuneration of the employees of the Company for the Financial year is
not given.
AUDITORS AND AUDITORS' REPORT:
M/s. RISHI SEKHRI AND ASSOCIATES, CHARTERED ACCOUNTANTS, Mumbai (Firm
Reg. No. 128216W), in respect of whom the company has received a
Special Notice under section 140(4) of the Act, proposing their
appointment in the place of retiring auditors M/s. Y. D. & Co.,
Chartered Accountants, Ludhiana, (FRN 018846N) and hold office until
the conclusion of the ensuing Annual General Meeting and are eligible
for reappointment.
The observations made by the Auditors' in their Auditors' Report and
the Notes on Accounts referred to in the Auditors' Report are
self-explanatory and do not call for any further comments.
SECRETARIAL AUDIT AND SECRETARIAL AUDITORS' REPORT:
Pursuant to provisions of section 204 of the Companies Act, 2013 and
The Companies (Appointment and Remuneration of Managerial Personnel)
Rules, 2014 the Company has appointed Ms. SHUBHAM AGARAWAL, Company
Secretaries in practice to undertake the Secretarial Audit of the
Company. The Secretarial Audit report in the prescribed Form No MR-3 is
annexed herewith.
a) Acknowledgement for sending the notices of the Meeting of the Board
and Committees are not maintained by the company.
The notice and agenda for the Board and committee meeting are sent by
the email or hand delivery. The company will ensure to maintain to the
acknowledgements for sending the notice of the meeting of the board and
the committee.
b) Updating of website with regard to various policies is pending
The company will take necessary steps to update website with regard to
various policies which are pending.
c) The company has not complied with certain clauses of Listing
Agreement as regards publication of Notice of Board Meeting, Notice of
AGM, quarterly results.
The company will take necessary steps to comply with the same.
d) As per the provisions of Section 149(1) of the Companies Act, 2013
and revised clause 49 of the listing agreement, the Company is required
to have at least one Women Director on its Board. The Company has not
appointed Women Director.
The Company is in process for appointing of Women Director and once
suitable and if any willing candidate agrees to join the Company.
e) As per section 138 of the Companies Act, 2013, the Company is
required to appoint Internal Auditor. The Company has not appointed
Internal Auditor.
The size of operation of the Company is very small, it is not viable to
appoint Internal Auditor but the Company has established the internal
control system.
f) As per section 203(1)(i),(ii) & (iii), the Company is required to
appoint Company Secretary & Chief Financial Officer. The Company has
not appointed Company Secretary & Chief Financial Officer.
Since the Company does not have any significant business activities,
hence the Volume and Scope of work for the Company Secretary and Chief
Financial Officer are less and it is not a full time work and the job
of Company Secretary and Chief Financial Officer are not attractive
commensurate with the scope of work and salary.
g) The company has not maintained the attendance register for Board and
committee meeting
The company will take necessary steps to maintain the attendance
register for board and committee meetings.
h) Statutory Registrar as per companies Act 2013 is yet to be updated.
The company will take necessary steps to update Statutory Register as
per companies Act 2013.
i) Certain event based E Forms have not been filed by the company in
time which were required to be filed with ROC during the audit period.
The company will ensure to file all relevant documents in time with ROC
and other authorities as when required.
COST AUDITOR AND COST AUDIT REPORT:
Cost Audit is not applicable to your Company.
INTERNAL CONTROL SYSTEMS:
As there is no significant business activities hence there was no
systems set up for Internal Controls.
EXTRACT OF ANNUAL RETURN:
An extract of Annual Return as prescribed under Section 92(3) of the
Companies Act, 2013 ('the Act') and rule 12(1) of the Companies
(Management and Administration) Rules, 2014, in the prescribed Form No.
MGT 9 forming part of this report is annexed herewith
MANAGEMENT DISCUSSION AND ANALYSIS:
Management Discussion and Analysis forms part of the Annual Report to
the shareholders and it includes discussion on matters as required
under the provisions of Clause 49 of the listing agreement forming part
of this report is annexed herewith.
CORPORATE GOVERNANCE REPORT:
Your Company has complied with the requirements of Clause 49 of the
Listing Agreement on Corporate Governance. Pursuant to Clause 49 of the
Listing Agreement with the Stock Exchanges, Report on Corporate
Governance along with the Auditors' Certificate on its compliance is
annexed separately to this Annual Report.
CORPORATE SOCIAL RESPONSIBILITY INITIATIVES:
The Company has not developed and implemented any Corporate Social
Responsibility initiative under the provisions of Section 135 of the
Companies Act, 2013, read with Rule 9 of Companies (Corporate Social
Responsibility Policy) Rules, 2014, as the said provisions are not
applicable.
PARTICULARS OF EMPLOYEES:
In terms of the provisions of Section 197(12) of the Act read with
Rules 5(2) and 5(3) of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014, is not required to be given as there
were no employees coming within the purview of this section.
TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO:
The details of conservation of energy, technology absorption etc. as
required to be given under Section 134(3)(m) of the Companies Act, 2013
read with Rule, 8 of The Companies (Accounts) Rules, 2014, are not
applicable to Company, as our Company has not carried out in the
manufacturing activities. The foreign exchange earning on account of
the operation of the Company during the year was Rs. Nil.
DIRECTORS' RESPONSIBILITY STATEMENT:
The Directors' Responsibility Statement referred to in clause (c) of
sub-section (3) of Section 134 of the Companies Act, 2013, shall state
that:
a) In the preparation of the annual accounts, the applicable accounting
standards have been followed along with proper explanation by way of
notes to accounts relating to material departures;
b) the Directors have selected such accounting policies and applied
them consistently and made judgments and estimates that were reasonable
and prudent so as to give a true and fair view of the state of affairs
of the Company at the end of the financial year and of the profit or
loss of the Company for that 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;
e) Directors have prepared the accounts on a "going concern basis".
f) the directors had devised proper systems to ensure compliance with
the provisions of all applicable laws and that such systems were
adequate and operating effectively.
DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE
(PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013: Since there are no
women employees in the Company hence no comments.
DISCLOSURE UNDER SECTION 197(12) OF THE COMPANIES ACT, 2013 AND OTHER
DISCLOSURES AS PER RULE 5 OF COMPANIES (APPOINTMENT & REMUNERATION)
RULES, 2014:
Pursuant to Section 197(12) of the Companies Act, 2013 and Rule 5 of
Companies (Appointment & Remuneration) Rules, 2014, every Listed
Company mandates to disclose in the Board's Report the ratio of the
remuneration of each director to the permanent employee's remuneration.
However, since there is no permanent employee in the Company, no
disclosure under the said provision has been furnished.
BUSINESS RISK MANAGEMENT:
Since the Company does not have any significant business activities,
hence the Business Risk is at the Minimal Level. Hence, no major risk
factors are envisaged except for: Government Policies and Human
Resource Risk.
VIGIL MECHANISM
As the Company does not have any significant business activity, there
was no need to have a Vigil Mechanism Policy.
ACKNOWLEDGEMENT:
Your Directors would like to express their sincere appreciation for the
assistance and co-operation received from the Banks, Government
Authorities, Customers, and Shareholders during the year. Your
directors also wish to take on record their deep sense of appreciation
for the committed services of the employees at all levels, which has
made our Company successful in the business.
For and on Behalf of the Board
For, SEVEN HILL INDUSTRIES LIMITED
PLACE: NAVI MUMBAI
DATE: 01.09.2015
Sd/-
(VIPUL TRIVEDI)
CHAIRMAN
Mar 31, 2014
Dear Members
The Directors here by present the Twenty Fourth Annual Report on
business and operations of the Company together with the Audited
statements of Accounts for the financial year ended on 31st March 2014.
OPERATIONS REVIEW:
During the year under review due to sluggish market condition and
financial crisis company faces huge set back. So company not in
position to generate any revenue from the operation but due to some
fixed cost company posted Net Loss of Rs. 796697/-.
The management has taken measures as part of its continuous
improvements to strengthen operations and viability.
DIVIDEND:
Your Directors have not declared any dividend during the year under
review due to loss incurred.
FIXED DEPOSIT:
The Company has not accepted any deposit from the public pursuant to
the provisions of Section 58A of the Companies Act, 1956.
DIRECTORS:
Mr. DHEERAJ KUMAR SINGH was appointed as an Additional Director of the
Company on 31.10.2013 be and hereby appointed as director of the
Company and whose office liable to retire by rotation.
Mr. GULAB SINGH an Independent Director of the Company, who was
appointed as a Director liable to retire by rotation, be and is hereby
appointed as an Independent Director of the Company to hold office for
a period of 5 (five) consecutive years for a term from the conclusion
of this 24th Annual General Meeting up to the conclusion of the 29th
Annual General Meeting.
Mr. RAHUL SINGH who was appointed on 31.10.2013 as an Additional
Director of the Company and holds office up to the date of this Annual
General Meeting be and is hereby appointed as an Independent Director
of the Company to hold office for a period of 5 (five) consecutive
years for a term from the conclusion of this 24th Annual General
Meeting up to the conclusion of the 29th Annual General Meeting."
Mr. KETANBHAI SORATHIYA and MR. VIPUL TRIVEDI were resigned as a
Director of the Company with effect from 31.10.2013 and 06.02.2014.
CHANGE OF REGISTERED OFFICE OF THE COMPANY
During the year company shift its registered office from Kandivali (E),
Mumbai to Vashi (W), Navi Mumbai by passing special resolution through
portal ballet on 18.06.2013.
AUDITORS AND AUDITORS' REPORT:
M/s. Y. D. & Co., Chartered Accountants, Ludhiana, Statutory Auditors
of the Company, hold office until the conclusion of the ensuing Annual
General Meeting and are eligible for reappointment. The observations
made by the Auditors' in their Auditors' Report and the Notes on
Accounts referred to in the Auditors' Report are self- explanatory and
do not call for any further comments.
MANAGEMENT DISCUSSION AND ANALYSIS:
Management Discussion and Analysis forms part of the Annual Report to
the shareholders and it includes discussion on matters as required
under the provisions of Clause 49 of the listing agreement forming part
of this report is annexed herewith. The Audit Committee of the Company
has regularly reviewed internal Control System of the company.
PARTICULARS OF EMPLOYEES:
The statement showing particulars of employees under section 217(2A) of
the Companies Act, 1956, read with the companies (Particulars of
Employees) Rules, 1975, as amended, is not required to be given as
there were no employees coming within the purview of this section.
CORPORATE GOVERNANCE REPORT:
Your Company has been complying with the conditions of Corporate
Governance as stipulated in Clause 49 of the Listing Agreement. A
separate report on Corporate Governance along with Auditors'
Certificate on compliance with the Corporate Governance norms and
stipulated in Clause 49 of the Listing Agreement, forming part of this
report is annexed herewith.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO:
The details of conservation of energy, technology absorption etc. as
required to be given under Section 217(1)(e) of the Companies Act 1956,
are not applicable to our Company, as our Company has not carried out
in the manufacturing activities. The foreign exchange earnings on
account of the operation of the Company during the year was Rs. Nil.
DIRECTORS' RESPONSIBILITY STATEMENT:
Pursuant to the provisions of Section 217(2AA) of the Companies Act,
1956, the Directors of your Company confirm 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 have selected such accounting policies and applied
them consistently and made judgments and estimates that were reasonable
and prudent so as to give a true and fair view of the state of affairs
of the Company at the end of the financial year and of the profit or
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 the Companies Act, 1956 for safeguarding the assets of
the company and for preventing and detecting fraud and other
irregularities;
iv) Directors have prepared the accounts on a "going concern basis".
ACKNOWLEDGEMENT:
Your Directors would like to express their sincere appreciation for the
assistance and co-operation received from the Banks, Government
Authorities, Customers, and Shareholders during the year. Your
directors also wish to take on record their deep sense of appreciation
for the committed services of the employees at all levels, which has
made our Company successful in the business.
By Order of the Board
For,SEVEN HILL INDUSTRIES LIMITED
(DHEERAJ KUMAR SINGH)
CHAIRMAN
PLACE: NAVI MUMBAI
DATE: 25.08.2014
Mar 31, 2013
The Directors here by present the Twenty Third Annual Report on
business and operations of the Company together with the Audited
statements of Accounts for the financial year ended on 31st March 2013.
OPERATIONS REVIEW:
During the year under review due to sluggish market condition and
financial crisis company faces huge set back. So company not in
position to generate any revenue from the operation but due to some
fixed cost company posted Net Loss of Rs. 6,98,049/-.
The management has taken measures as part of its continuous
improvements to strengthen operations and viability.
DIVIDEND:
Your Directors have not declared any dividend during the year under
review due to loss incurred.
FIXED DEPOSIT:
The Company has not accepted any deposit from the public pursuant to
the provisions of Section 58A of the Companies Act, 1956.
DIRECTORS:
MR. VIPUL SHANTILAL TRIVEDI Director of the Company is retires by
rotation at the ensuing Annual General Meeting and being eligible,
offer himself for reappointment.
MR GULAB AWADHPAL SINGH and MR. RANJAN TABAJI GOPALE were appointed as
additional directors of the Company with effect from 06.05.2013 and are
eligible for re-appointment as director of the Company at the
forthcoming Annual General Meeting and whose period of office will be
liable to retire by rotation.
MR. ANAND JIVANLAL PARDESHI and MR. RANJAN TABAJI GOPALE ware resigned
as a Director of the Company with effect from 06.05.2013 and 19.08.2013
respectively.
AUDITORS AND AUDITORS'' REPORT:
M/s. Y. D. & Co., Chartered Accountants, Ludhiana, Statutory Auditors
of the Company, hold office until the conclusion of the ensuing Annual
General Meeting and are eligible for reappointment. The observations
made by the Auditors'' in their Auditors'' Report and the Notes on
Accounts referred to in the Auditors'' Report are self- explanatory and
do not call for any further comments.
MANAGEMENT DISCUSSION AND ANALYSIS:
Management Discussion and Analysis forms part of the Annual Report to
the shareholders and it includes discussion on matters as required
under the provisions of Clause 49 of the listing agreement forming part
of this report is annexed herewith. The Audit Committee of the Company
has regularly reviewed internal Control System of the company.
PARTICULARS OF EMPLOYEES:
The statement showing particulars of employees under section 217(2A) of
the Companies Act, 1956, read with the companies (Particulars of
Employees) Rules, 1975, as amended, is not required to be given as
there were no employees coming within the purview of this section.
CORPORATE GOVERNANCE REPORT:
Your Company has been complying with the conditions of Corporate
Governance as stipulated in Clause 49 of the Listing Agreement. A
separate report on Corporate Governance along with Auditors''
Certificate on compliance with the Corporate Governance norms and
stipulated in Clause 49 of the Listing Agreement, forming part of this
report is annexed herewith.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO:
The details of conservation of energy, technology absorption etc. as
required to be given under Section 217(1)(e) of the Companies Act 1956,
are not applicable to our Company, as our Company has not carried out
in the manufacturing activities. The foreign exchange earning on
account of the operation of the Company during the year was Rs. Nil.
DIRECTORS'' RESPONSIBILITY STATEMENT:
Pursuant to the provisions of Section 217(2AA) of the Companies Act,
1956, the Directors of your Company confirm 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 have selected such accounting policies and applied
them consistently and made judgments and estimates that were reasonable
and prudent so as to give a true and fair view of the state of affairs
of the Company at the end of the financial year and of the profit or
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 the Companies Act, 1956 for safeguarding the assets of
the company and for preventing and detecting fraud and other
irregularities;
iv) Directors have prepared the accounts on a "going concern basis".
ACKNOWLEDGEMENT:
Your Directors would like to express their sincere appreciation for the
assistance and co-operation received from the Banks, Government
Authorities, Customers, and Shareholders during the year. Your
directors also wish to take on record their deep sense of appreciation
for the committed services of the employees at all levels, which has
made our Company successful in the business.
For and on Behalf of the Board
For, SEVEN HILL INDUSTRIES LIMITED
PLACE: MUMBAI
DATE: 30.08.2013 Sd/-
(KETANBHAI SORATHIYA)
CHAIRMAN
Mar 31, 2011
To The Members of KOSIAN INDUSTRIES LTD
The Directors present their Annual Report and Audited Statement of
Accounts for the year ended 31st March 2011.
FINANCIAL RESULTS: (Rs In Lacs)
Financial Result 2010-2011 2009-2010
Profit /(Loss) before
Depreciation (16,55,686) 2,99,626
Less : Depreciation 2,31,777 2,31,779
Profit / (Loss) before Tax (18,87,463) 67,847
Less : Provisions for taxation 0 23,170
Profit / (Loss) After Tax (18,87,463) 44,677
Excess/(Short) Provision
for Tax 0 (2,27,871)
Add : Balance b/f from
Previous Year (4,72,217) (2,89,023)
Balance carried forward (23,59,681) (4,72,217)
BUSINESS OPERATIONS:
The company has incurred Loss of Rs. 18, 87,463/- after tax of the
Company during the year. As compared to Profit of Rs. 44,677/- of the
last year.
DIVIDEND:
Your Directors do not recommend any Dividend.
APPOINTMENT OF AUDITORS:
M/s. Y. D. & Co., Chartered Accountants, Ludhiana, are proposed to be
re-appointing as auditor of the company for the financial year
2011-2012. The auditors of the Company retire at the forthcoming Annual
General Meeting. The board will fix the remuneration of newly appointed
auditors of the company. The necessary certificate under section
224(1B) of the Companies Act, 1956 has been received from the auditor.
The Statutory Auditors of the Company have submitted auditor's report
on the accounts of the Company for the accounting year ended 31st
March, 2011 which is self-explanatory and needs no comments.
DIRECTORS:
During the year Mr. Ranbir Singh Malik, Mr. Indrajeet Arya, Mr. Kishor
Kumar Arya had resigned from the directorship w.e.f. 15.03.2011 and
S.P.S. Rathod resigned from the directorship of the company w.e.f
12.11.2010 due to their pre-occupation. Shri Vipul Thrived and Ketan
Sorthiya appointed as additional Directors of the Company w.e.f.
11.03.2011. Company has received notices from both the Director under
section 257 with the deposit amount. Mr. Anand Pardeshi, director,
retires by rotation at the ensuing Annual General Meeting and being
eligible offers himself for re-appointment.
PUBLIC DEPOSIT:
Your Company has not accepted any deposit within the meaning of section
58-A of the Companies Act, 1956.
PARTICULARS OF EMPLOYEES:
There are no employees of the Company whose particulars are required to
be reported under Section 217 (2A) of the Companies Act, 1956 and the
rules there under.
DIRECTORS' RESPONSIBILITY STATEMENT:
In Compliance with the provisions of Section 217(2AA) of the Companies
Act, 1956 the Directors of your Company confirm that:
1. In the preparation of the Annual Accounts, the applicable
accounting standards have been followed and no material departures have
been made from the same;
2. they have selected such accounting policies and applied them
consistently and made judgments and estimates that are responsible 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 Loss of the Company
for that year;
3. they have taken proper and sufficient care for the maintenance of
adequate accounting records in accordance with the provisions of the
Act for safeguarding the assets of the Company for preventing and
detecting fraud and other irregularities;
4. They have prepared the annual accounts on a going concern basis.
DISCLOSURE OF PARTICULARS WITH RESPECT TO FOREIGN EXCHANGE EARNINGS AND
OUTGO:
The information regarding Foreign Exchange Earnings and out go is as
follows:
A) Earnings in Foreign Exchange: Nil B) Outgo in Foreign Exchange: Nil
ACKNOWLEDGEMENTS:
Your Directors take this opportunity to thanks all the shareholders of
the Company for their continued support.
Date:30.05.2011 by Oder of the board of directors
Registered office: For, Kosian Industries Limited
202/B, Gayatri Darshan,
Thakur Complex, Kandivali (E)
Mumbai Maharastra, 400101 DIRECTOR
Mar 31, 2010
The Directors are pleased to present their 20th Annual Report on the
business and the operations of the Company and the statement of
accounts for the year ended on March 31, 2010.
1. FINANCIAL RESULTS:
Year Ended Year Ended
31.03.10 31.03.09
(Rs. in Lacs) (Rs. in Lacs)
Income 249.45 807.53
Profit Before Tax 0.68 2.44
Less : Provision for Taxation
Current Tax 0.23 0.43
- Deferred Tax 2.28 (0.65)
Prior Period Income Tax
Net Profit After Tax (1.83) 2.66
Dividend NIL NIL
Transfer to reserves NIL NIL
2. FINANCIAL OPERATIONS:
During the year under review, the Company had made sales of Rs.
7,227,500/- as against Rs. 57,164,619/- for the last year. During the
year 2009-10 the company made profit before tax of Rs.67,847/- as
against Rs.2,43,828/- in the previous year. Due to bad market
conditions the company could not make substantial profit.
3. FUTURE PROSPECTS:
Your Company through efficient management system, automation and
modernization is confident of minimizing the risks and increasing the
profits of the Company in coming years. The economy is now moving
towards positive directions, therefore, the company expects good result
in time to come.
4. FOREIGN EXCHANGE EARNINGS / OUTGO:
During the year under review, the Company does not have any inflow or
outflow of Foreign Exchange.
5. DEPOSITS:
The Company has not accepted any Fixed Deposits from the Public.
6. SUBSIDIARIES:
Since the Company has no subsidiaries, provision of section 212 of the
Companies Act, 1956 do not apply to the Company.
7. DIRECTORS:
In accordance with the provisions of the Companies Act, 1956, Mr.
Kishorkumar Arya is liable to retire by rotation at the forthcoming
Annual General Meeting and being eligible, has offered himselves for
re- appointment.
The Board recommends his reappointment.
8. DIRECTORS RESPONSIBILITY STATEMENT:
As required under section 217 (2AA) of the Companies Act, 1956 with
respect to Directors Responsibility Statement, It is hereby
confirmed:-
i. That in the preparation of the Annual Accounts, for the financial
year ended 31 st March 2010 the applicable Accounting Standards have
been followed along with proper explanation relating to material
departures.
ii. That the Directors 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 that period.
iii. That the Directors have taken proper and sufficient care for the
maintenances of adequate accounting records in accordance with the
provision of this Act for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities.
iv. That the Directors have prepared the accounts for the financial
year ended 31 st March 2010 on a going concern basis.
9. INTERNAL AUDIT AND CONTROL:
Present systems and controls are adequate for the business of the
company. The Audit Committee reviews the internal controls regularly
10. AUDITORS:
M/s. Jayesh Sanghrajka & Co., Chartered Accountants, Mumbai, appointed
as the Statutory Auditors of the Company at the last Annual General
Meeting retire at the forthcoming Annual General Meeting. They have
confirmed that if re-appointed, it will be within the limits of Section
224( IB) of the Companies Act, 1956.
11. AUDITORS REPORT
The notes to Auditors Reports are self explanatory and hence no
explanation is required from the Board as such.
12. MANAGEMENT DISCUSSION AND ANALYSIS:
Management Discussion and Analysis of Financial Condition and Results
of Operation of the Company for the year under review, as stipulated in
Clause 49 of the Listing Agreement with the Stock Exchanges, is given
as a separate statement in this Annual Report (Annexure I)
13. CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION:
The particulars under the companies (Disclosure of Particulars in the
Report of Board of Directors) Rules 1988, on conservation of energy and
technology absorption are not applicable.
14. PARTICULARS OF EMPLOYEES:
During the year under consideration, no employee of the Company was in
receipt of remuneration exceeding the sum prescribed under section
217(2A) of the Companies Act 1956, read with the Companies (particulars
of employees) Rules 1975. Thus furnishing of particulars under the
Companies (particulars of employees) Rules 1975 does not arise.
15. LISTING OF SHARES:
Equity shares of your Company are currently listed on with Bombay Stock
Exchange Limited and Delhi Stock Exchange Limited. The Company has been
paying the necessary listing fees to Bombay Stock Exchange regularly.
The Company has initiated the correspondence for delisting from Delhi
Stock Exchange Limited and therefore, not paying the listing fee for
the same.
16. DEMATERIALISATION OF SHARES:
Shares are under compulsory Demat form and the ISIN Number is INE 518D
01017.
17. COMPLIANCE CERTIFICATE:
Compliance Certificate as required under section 383A of the Companies
Act, 1956 prepared and issued by HS Associates, Company Secretaries in
Practice, is annexed in Annexure 2.
18. CORPORATE GOVERNANCE:
A separate section on Corporate Governance and a Certificate from the
Auditors of the Company regarding compliance of conditions of Corporate
Governance as stipulated under Clause 49 of the Listing Agreement with
the Stock Exchanges, form part of the Annual Report (Annexure 3).
19. CAUTIONARY STATEMENT:
The statements in this report including Managements Discussion &
Analysis report reflects Companys projections, estimates, expectations
or predictions & contains forward looking statement that involve risks
and uncertainty. The company undertakes no obligation to publicly
update or revise any forward looking statements, whether as a result of
new information, future events or otherwise. Actual results,
performance, or achievements could differ materially from those
expressed or implied in such forward looking statements. Readers are
cautioned not to place undue reliance on these forward looking
statements that speak only of the expectations as on the date.
20. ACKNOWLEDGMENT:
The Board of Directors wishes to express sincere thanks to all
stakeholders Bankers, auditors, employers, consultants, etc for
extending their support directly and/or indirectly in various
activities of the company.
FOR AND ON BEHALF OF THE BOARD
Sd/-
PLACE : MUMBAI INDERjEET ARYA
DATE : 2nd September, 2010 CHAIRMAN
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