Mar 31, 2015
The Members of
Skypak Service Specialists Limited
The Directors submit the 33 Annual Report of Skypak Service
Specialists Limited along with the audited financial statements for the
financial year ended 31st March, 2015:
1. Financial Results (Amt. in Rs)
Year Ended Year Ended
2015 2014
Total Income 14,96,803 96,28,472
Total Expenditure 20,28,943 1,01,09,459
Profit Before Interest and depreciation (5,2,140) (4,80,981)
Less: Depreciation - -
Interest - -
Tax - -
Net Profit/Loss After Tax (5,32,140) (4,80,981)
2. Dividend
In view of the carry forward losses incurred in the earlier years, your
Board of Directors express their inability to recommend any dividend
for the financial year ended 31st March 2015.
3. Company's performance
The total income of the company is Rs. 14,96,803/- as compared to
previous year Rs. 96,28,472/. The net loss after depreciation and
provision for tax for the year ended 31st March, 2015 is Rs.
(5.32.140) /- as compared to net loss of Rs. (4,80,981)/- in the
previous year.
4. Transfer to Reserve
The Company has transferred losses for year ended 31st March, 2015 thus
it proposes to carry Rs.
(5.32.140) /- to the Reserve of the company.
5. Particulars of Loans, Guarantee and Investment
There are no Loans, Guarantee and Investments covered under section
186of the Companies Act, 2013
6. Fixed Deposit
The company does not accepted or renewed any deposit from public.
7. Directors' Responsibility Statement
Pursuant to Section 134(5) of the Company's Act, 2013, the Board of
Directors, to the best of their knowledge and ability, confirm that:
(i) That in the preparation of the accounts for the financial year
ended 31st March, 2015; 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 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 and loss of the Company for the year under review;
(iii) That 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) That the Directors have prepared the accounts for the financial
year ended 31st March, 2015 on a 'going concern' basis.
(v) That the Directors have laid down internal financial controls to be
followed by the company and that such internal financial controls are
adequate and operating effectively;
(vi) That the Directors have devised proper systems to ensure
compliance with the provisions of all applicable laws and that such
systems are adequate and operating effectively.
8. Directors
Pursuant to the provisions of Section 152 of the Companies Act, 2013
and Rules made thereunder and the Articles of Association of the
Company, Mr.Dilip Kulkarni, Director of the Company, retire by rotation
at the ensuing Annual General Meeting and being eligible offered
himself for re-appointment.
A Brief note on Directors retiring by rotation and being eligible for
re-appointment annexed to the notice convening the Annual General
Meeting.
9. Number of Board Meeting
The Board met nine times during the financial year, the details of
which are given in the corporate governance report which forms the part
of Annual Report. The intervening gap between any two meetings was
within the period prescribed by Companies Act 2013.
10. Board Evaluation
Clause 49 of the Listing Agreement mandates that the Board shall
monitor and review the Board evaluation framework. The Companies Act,
2013 states that a formal annual evaluation needs to be made by the
board of its own performance and that of its committees and individual
directors. Schedule IV of the Companies Act 2013 states that the
performance evaluation of Independent directors shall be done by the
entire Board of Directors, excluding the director being evaluated.
The evaluation of all the Directors and the Board as a whole was
conducted based on the criteria and framework adopted by the Board. The
evaluation process has been explained in the Corporate Governance
report section in this Annual Report.
11. Training of Independent Directors
Every new independent director of the Board attended an orientation
program. To familiarize the new inductees with the strategy, operations
and functions of our Company, the executive directors / senior
managerial personnel make presentations to the inductees about the
Company's strategy, operations, product and service offerings, markets,
software delivery, organization structure, finance, human resources,
technology, quality, facilities and risk management.
The Company has organized the following workshops for the benefit of
Directors and Independent Directors:
(a) a program on how to review, verify and study the financial reports;
(b) a program on Corporate Governance;
(c) provisions under the Companies Act, 2013; and
(d) SEBI Insider Trading Regulation, 2015.
Further, at the time of appointment of an independent director, the
Company issues a formal letter of appointment outlining his/her role,
functions, duties and responsibilities as a director.
12. Policy of Directors' Appointment and Remuneration
The Company's policy on directors' appointment and remuneration and
other matters provided in Section 178(3) of the Act has been disclosed
in the corporate governance report, which forms part of the
directors' report.
The current policy is to have an appropriate mix of executive and
Independence of the Board and separate its function of governance and
management. As on 31st March, 2015, the Board consists of five members.
Out of which there are two Independent Directors, one Non-Executive
Director, and two Executive Directors out of which one is Women
Director.
13. Committee of the Board
Currently, the Board has following Committees:
1. Audit Committee
2. Nomination and Remuneration Committee
3. Stakeholders Relationship Committee
4. Risk Management Committee
A detailed note on the Board and its committees is provided under the
corporate governance report section in this Annual Report.
14. Declaration by Independent Directors
The Company has received necessary declaration from each independent
director under Section 149(7) of the Companies Act, 2013, that he/she
meets the criteria of independence laid down in Section 149(6) of the
Companies Act, 2013 and Clause 49 of the Listing Agreement.
Independent Directors Declaration
In the opinion of the Board, the independent directors are,
individually, person of integrity and possess relevant expertise and
experience.
The Independent Directors under section 149(6) of the Companies Act,
2013 declared that:
1. They are not a promoter of the Company or its holding, subsidiary or
associate company;
2. They are not directors in the company, its holding, subsidiary or
associate company.
3. The independent Directors have/had no pecuniary relationship with
company, its holding, subsidiary or associate company, or their
promoters, or directors, during the two immediately preceding financial
years or during the current financial year;
4. None of the relatives of the Independent Directors have or had
pecuniary relationship or transaction with the company, its holding,
subsidiary or associate company, or their promoters, or directors,
amounting to two per cent. or more of its gross turnover or total
income or fifty lakh rupees or such higher amount as may be prescribed,
whichever is lower, during the two immediately preceding financial
years or during the current financial year;
5. Independent Director, neither himself nor any of his relativesÂ
(i) holds or has held the position of a key managerial personnel or is
or has been employee of the company or its holding, subsidiary or
associate company in any of the three financial years immediately
preceding the financial year in which he is proposed to be appointed;
(ii) is or has been an employee or proprietor or a partner, in any of
the three financial years immediately preceding the financial year in
which he is proposed to be appointed, ofÂ
(A) a firm of auditors or company secretaries in practice or cost
auditors of the company or its holding, subsidiary or associate
company; or
(B) any legal or a consulting firm that has or had any transaction with
the company, its holding, subsidiary or associate company amounting to
ten per cent. or more of the gross turnover of such firm;
(iii) holds together with his relatives two per cent or more of the
total voting power of the company; or
(iv) is a Chief Executive or director, by whatever name called, of any
nonprofit organization that receives twenty-five per cent. or more of
its receipts from the company, any of its promoters, directors or its
holding, subsidiary or associate company or that holds two per cent or
more of the total voting power of the company; or
6. Independent director possesses such qualifications as may by
required by the Board.
7. The Company & The Independent Directors shall abide by the
provisions specified in schedule IV of the Companies Act, 2013.
15. Secretarial Audit
Pursuant to the provisions of Section 204 of the Act and the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014, the
Board of Directors has appointed Ramesh Chandra Mishra & Associates,
practicing Company Secretary for conducting secretarial audit of the
Company for the financial year 2014-2015.
The Secretarial Audit Report is annexed herewith as Annexure A. The
Secretarial Audit report does not contain any qualification,
reservation or adverse remark
16. Statutory Auditor
At the annual General Meeting held on 30th September, 2014 M/s. PAMS &
ASSOCIATES, Chartered Accountants (Firm Registration no: 316079E) were
appointed as statutory auditors of the company to hold office till the
conclusion of the Annual General Meeting to be held in the calendar
year 2017. In terms of the first proviso to section 139 of the
companies Act, 2013 the appointment of the auditors shall be placed for
ratification at every Annual General Meeting. Accordingly, the
appointment of M/s. PAMS & ASSOCIATES, as statutory auditor of the
Company, is placed for ratification by the shareholders. In this
regards the company has received certificate from the auditors to the
effect that if they are re-appointed, it would be in accordance with
the provision of section 141 of the Companies Act, 2013
17. 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.
18. Particulars of Contract and arrangements with related parties
All related party transaction 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.
19. Subsidiary Companies
The Company does not have any subsidiary.
20. Code of Conduct
The Board of Directors has approved a Code of Conduct which is
applicable to the Members of the Board and all employees in the course
of day to day business operations of the company. The Company believes
in "Zero Tolerance" against bribery, corruption and unethical
dealings / behaviors of any form and the Board has laid down the
directives to counter such acts.
21. Vigil Mechanism / Whistle Blower Policy
The Company has a vigil mechanism named Fraud and Risk Management
Policy to deal with instance of fraud and mismanagement, if any, in
staying true to our values of Strength, Performance and Passion and in
line with our vision of being one of the most respected companies in
India, the Company is committed to the high standards of Corporate
Governance and stakeholder responsibility.
The Company has a Fraud Risk and Management Policy to deal with
instances of fraud and mismanagement, if any. The FRM Policy ensures
that strict confidentiality is maintained whilst dealing with concerns
and also that no discrimination will be meted out to any person for a
genuinely raised concern. A high level Committee has been constituted
which looks into the complaints raised. The Committee reports to the
Audit Committee and the Board.
22. Prevention of Insider Trading
The Company has adopted a Code of Conduct for Prevention of Insider
Trading with a view to regulate trading in securities by the Directors
and designated employees of the Company. The Code requires
pre-clearance for dealing in the Company's shares and prohibits the
purchase or sale of Company shares by the Directors and the designated
employees while in possession of unpublished price sensitive
information in relation to the Company and during the period when the
Trading Window is closed. The Board is responsible for implementation
of the Code.
All Board of Directors and the designated employees have confirmed
compliance with the Code.
23. Significant and Material Orders
There are no significant and material orders passed by the regulators
or courts or tribunals impacting the going concern status and Company's
operations in future.
24. Investor Complaints and Compliance
All the investor complaints have been duly resolved and as on date no
complaints are outstanding.
25. Particulars of Employee
As per provisions of Section 197(12) of the Companies Act, 2013, read
with Rule 5(1) of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014, is appended as Annexure C to the
Board's report.
As per the Rule 5(2) and 5(3) of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014, none of the employee
employed in the company throughout the financial year or part thereof
in receipt of remuneration of Rs. 60 lakhs or more, or employed for
part of the year and in receipt of Rs. 5 lakhs or more a month.
Under Section 22 & 28 of the Sexual Harassment of Women at the
Workplace Act, 2013, there were no complaints filed against any person
or reported.
26. Corporate Social Responsibility
As per the Companies Act, 2013, all companies having net worth of 500
crore or more, or turnover of Rs. 1,000 crore or more or a net profit
of Rs.5 crore or more during any financial year are required to
constitute a corporate social responsibility (CSR) committee of the
Board of Directors comprising three or more directors, at least one of
whom should be an independent director and such Company shall spend at
least 2% of the average net profits of the Company's three immediately
preceding financial year.
The Company presently does not meet with any of the criteria stated
herein above.
27. Energy, Technology Absorption and Foreign Exchange
Information required under Section 134(3)(m) of the Act read with Rule
8(3) of the Companies (Accounts) Rules, 2014, with respect to
conservation of energy, technology absorption and foreign exchange
earnings/outgo is as follows:
(A) Conservation of Energy
i) Adequate Steps has been taken for energy conservation.
ii) Additional Investments and Proposals, if any, being implemented for
implemented for reduction of consumption of energy: On a periodic basis
necessary corrective steps have been taken for replacement of old
equipments.
iii) Impact of the measures as above for reduction of energy
consumption and consequential impact on the cost of production of
goods: Marginally there is a saving in the cost of production of goods
iv) Total energy consumption per unit of production: Not Identifiable
(B) TECHNOLOGY ABSORTION
Up gradation and modernization of the courier out with latest
technology available in the market.
28. Corporate Governance
Corporate Governance is an ethically driven business process that is
committed to values aimed at enhancing an organization's brand and
reputation. We comply with the directions of the SEBI and the Bombay
Stock Exchange Ltd, the code of corporate governance become applicable
to the company w.e.f 2002-03 and accordingly the company has been
adhering to the direction And guidelines as required. The report on the
code of corporate governance is annexed separately in this annual
Report as Annexure D.
29. Payment of Listing Fees
Your company shares are listed on Bombay Stock Exchange Ltd., the
listing fees for the year 2015-2016 have been paid to the stock
exchange. The company has been complying with all the conditions
require to be complied with in the listing agreement.
30. Acknowledgement
The Board appreciates and places on record the contribution made by the
employees during the year under review. The Board also places on record
their appreciation of the support of all stakeholders particularly
shareholders, customers, suppliers, and business partners
By the Order of the Board
Place: Mumbai Sd/-
Date: 30/05/2015 Devika Kulkarni
Executive Director
Mar 31, 2014
Dear members,
The Directors take pleasure in presenting the 32nd Annual Report of
the Company along with the Audited Accounts for the financial year
ended 31st March 2014.
STANDALONE SUMMARISED FINANCIAL RESULTS
(Rs. in Lacs)
Year Ended Year Ended
31.03.2014 31.03.2013
Total Income 9628478 9735386
Total Expenditure 10109459 10169547
Profit Before Interest (480981) (434162)
and depreciation
Less: Depreciation - -
Interest - -
Tax - -
Net Profit/ (Loss) After Tax (480981) (434162)
THE YEAR UNDER REVIEW
The total income of the company was Rs 9628478 as compared to previous
year Rs. 9735386. The net loss after depreciation and provision for
tax for the year ended 31st March, 2014 was Rs. 480981 as compared to
net loss of Rs. 434162 in the previous year
DIVIDEND
In order to conserve the resources of the Company, your Directors
express their inability to recommend any dividend for the financial
year ended 31st March, 2014.
DIRECTORS
Pursuant to section 149,152 and other applicable provisions of the
Companies Act, 2013 and rules made thereunder read with schedule IV of
the Companies Act, 2013 and subject to the approval of the Company in
Annual General Meeting, the Board of Directors at its meeting held on
30th September, 2014 appointed Avinash Tiwari, Mr. Amarendra
Mohapatra as Independent Directors of Company for five consecutive
years for the term upto 31st March, 2019.
A Brief note on Directors retiring by rotation and being eligible for
re-appointment as well as appointment of Independent Directors is
furnished in the Explanatory Statement annexed to the notice convening
the Annual General Meeting.
INDEPENDENT DIRECTORS DECLARATIONS
In the opinion of the Board, the independent directors are,
individually, person of integrity and possess relevant expertise and
experience.
The Independent Directors under section 149(6) of the Companies Act,
2013 declared that:
1. They are not a promoter of the Company or its holding, subsidiary
or associate company;
2. They are not related to promoters or directors in the company, its
holding, subsidiary or associate company.
3. The independent Directors have /had no pecuniary relationship with
company, its holding, subsidiary or associate company, or their
promoters, or directors, during the two immediately preceding
financial years or during the current financial year;
4. None of the relatives of the Independent Director has or had
pecuniary relationship or transaction with the company, its holding,
subsidiary or associate company, or their promoters, or directors,
amounting to two per cent or more of its gross turnover or total
income or fifty lakh rupees or such higher amount as may be
prescribed, whichever is lower, during the two immediately preceding
financial years or during the current financial year;
5. Independent Director, neither himself nor any of his relativesÂ
(i) holds or has held the position of a key managerial personnel or is
or has been employee of the company or its holding, subsidiary or
associate company in any of the three financial years immediately
preceding the financial year in which he is proposed to be appointed;
(ii) is or has been an employee or proprietor or a partner, in any of
the three financial years immediately preceding the financial year in
which he is proposed to be appointed, of--
(A) a firm of auditors or company secretaries in practice or cost
auditors of the company or its holding, subsidiary or associate
company; or
(B) any legal or a consulting firm that has or had any transaction
with the company, its holding, subsidiary or associate company
amounting to ten per cent. or more of the gross turnover of such firm;
(iii) Holds together with his relatives two per cent or more of the
total voting power of the company; or
(iv) is a Chief Executive or director, by whatever name called, of any
non-profit organization that receives twenty-five per cent or more of
its receipts from the company, any of its promoters, directors or its
holding, subsidiary or associate company or that holds two per cent or
more of the total voting power of the company; or
6. Independent director possesses such qualifications as may be
directed by the Board.
The Company & the Independent Directors shall abide by the provisions
specified in schedule IV of the Companies Act, 2013.
DIRECTORSÂ RESPONSIBILITY STATEMENT
Directors Responsibility Statement, it is hereby confirmed:
(i) That in the preparation of the accounts for the financial year
ended 31st March, 2014; 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 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 and loss of the Company for the year under review;
(iii) That 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) That the Directors have prepared the accounts for the financial
year ended 31st March, 2014 on a Âgoing concern basis.
(v) That the Directors have laid down internal financial controls to
be followed by the company and that such internal financial controls
are adequate and operating effectively;
(vi) That the Directors have devised proper systems to ensure
compliance with the provisions of all applicable laws and that such
systems are adequate and operating effectively.
NOMINATION AND REMUNERATION COMMITTEE
The said committee is formed in compliance to provisions of the new
Companies Act, 2013 and revised Clause 49 of the listing agreement.
This committee comprising of Directors namely Mr. Avinash Tiwari,
Amarendra Mohapatra and a Mrs. Devika Kulkarni
The Role of this Committee is :-
i) Formulating the criteria for determining the Qualifications,
positive attributes and Independence of Directors and recommend to the
Board a policy, relating to the remuneration of the Directors, Key
Managerial Personnel and other employees;
ii) Formation of criteria for evaluation of Independent Directors and
the Board;
iii) Devising the policy on Board diversity;
iv) Identifying persons who are qualified to become a Directors and
who may be appointed in senior management in accordance with the
criteria laid down and recommend to the Board their appointment and
removal.
v) Reviewing succession plans for senior management
vi) To review the overall compensation structure and policies of the
Company to attract, motivate and retain employees.
DETAILS RELATING TO LOANS AND INVESTMENTS
Details relating to section 186 of the Companies Act, 2013 with
regards to loans & investment made by the company are given in detail
in the AuditorÂs Report and the annexure thereto.
EXTRACT OF ANNUAL RETURNS
The Paid up capital of the Company: Rs. 3,08,74,700/- consisting of
30,87,470 equity shares of face value of Rs.10/- each
The Board of Directors of the company consists of 5 Directors namely
Mr. Dilip Mahabal Kulkarni, Mr. Devika Dilip Kulkarni, Mr. Hemant
Manilal Aarya, Mr. Amarendra Mohapatra & Mr. Avinash Tiwari. Out of
which 2 directors namely Mr. Avinash Tiwari And Mr. Amarendra
Mohapatra are Independent Directors.
The secured debt of the company is Nil.
The Promoters holding is consists of 1751805 equity shares of Rs.10/-
each amounting to 56.67 %.
There was no un-paid dividend during the year.
CORPORATE GOVERNANCE
A report on Corporate Governance and Management Discussion Analysis in
included as a part of the Annual Report along with a Certificate from
the Statutory Auditors of the Company regarding compliance of
conditions of Corporate Governance as stipulated under clause 49 of
the amended Listing Agreement.
SECRETARIAL COMPLIANCE CERTIFICATE:
In accordance with section 383A, of the Companies Act, 1956 and
Companies (Compliance Certificate) Rules, 2001, the company has
obtained a certificate from a secretary in whole time practice
confirming that the company has complied with all the provisions of
the Act and copy of such certificate annexed to this report.
DEPOSITS
Your Company has neither invited nor accepted any Deposits from public
so far.
AUDITOR
The existing statutory Auditor J. H. Ghumara & Co. expressed their
inability to continue as the statutory auditor of the Company for
reason of their other professional assignments.
To consider the appointment of auditor and considering the date of AGM
is on September 30, 2014. The Board is holding their meeting on
September 06, 2014, at a shorter notice to appoint M/s PAMS &
ASSOCIATES as statutory auditor of the Company.
Your Director has accepted the appointment of the new Auditor M/s PAMS
& ASSOCIATES PARTICULARS OF EMPLOYEES
During the financial year, there was no employees drawing remuneration
in excess of the monetary ceiling prescribed under Section 217(2A) of
Companies Act, 1956 read with Companies (Particulars of Employees)
Rules,1975, as amended.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS
The information required under the above heads in accordance with the
provisions of section 217(1)(e) of the Companies Act, 1956 read with
the Companies (Disclosure of Particulars in the Report of the Board of
Directors) Rules, 1988, are given in Annexure ÂAÂ to this Report.
DETAILS RELATING TO LOANS AND INVESTMENTS:
Details relating to section 186 of the Companies Act, 2013 with
regards to loans & investment made by the company are given in detail
in the AuditorÂs Report and the annexure thereto.
RELATED PARTY TRANSACTIONS:
Details of related party transactions as per section 188 of the
Companies Act, 2013 are given in the AuditorÂs report and annexure
thereto.
ACKNOWLEDGEMENTS
Your Directors express their warm appreciation to all the employees at
various units for their diligence and contribution made towards the
growth of the Company. The Board of Directors place on record their
appreciation for un-stinted support by the Bankers and financial
Institution and confidence given by the Customers, Supplier and
Shareholders at all levels towards the growth and development of the
Company.
For and on behalf of the Board
Sd/-
Mr. Dilip Kulkarni
Place: Mumbai
Date: 14th August, 2014 Chairman
Mar 31, 2012
The Directors are pleased to present the 30th Annual Report of the
Company together with the Audited Financial Statements for the year
ended 31st March, 2012.
SUMMARISED FINANCIAL RESULTS:
(Rs. in Lacs)
Year ended Year ended
31.3.2012 31.3.2011
Profit before Exceptional and
extra ordinary items (22,55,891) (37,03,174)
Profit before tax (22,55,891) (37,03,174)
Tax Provision - -
Profit after tax (22,55,891) (37,03,174)
Prior Period Income - -
Earnings Per Share
Basic (0.73) (1.20)
Diluted (0.73) (1.20)
THE YEAR UNDER REVIEW:
The Courier industry in general witnessed a downtrend in its operations
as a result of stiff competition from other service sectors and other
mode of communication. The overall performance of the company was not
satisfactory. There was a loss of Rs 22, 55,891 as compared to previous
year Rs. 37, 03,174.
INDUSTRIAL RELATIONS:
Industry relations continue to be cordial.
ENERGY, TECHNOLOGY AND FOREIGN EXCHANGE:
As required by the Companies (Disclosure of Particulars in the Report
of Board of Directors) Rules, 1988 the relevant information pertaining
to conservation of energy, technology absorption, foreign exchange
earnings and outgo are given herein below.
FIXED DEPOSITS
The Company neither has accepted nor renewed any fixed deposit during
the year under review.
AUDITORS'' REPORT
Relevant notes on accounts are self-explanatory and are as per Annexure
to the Auditors'' Report.
PERSONNEL
The Company has not paid any remuneration attracting the provisions
(Particulars of Employees) Rules, 1975 read along with section 217(2A)
of the Companies Act, 1956. Hence no information is required to be
appended to this report in this regard.
AUDITORS
M/s J.H Ghumara & Co, Chartered Accountants, retire as Auditors and
have expressed their willingness to hold office if re-appointed.
ACKNOWLEDGEMENTS
Your Directors convey their sincere thanks to the Government, Banks,
Shareholders and customers for their continued support extended to the
company at all times.
The Directors further express their deep appreciation to all employees
for commendable teamwork, high degree of professionalism and
enthusiastic effort displayed by them during the year
DIRECTORS'' RESPONSIBILITY STATEMENT
Pursuant to the requirement under section 217(2AA) of the Companies
Act, 1956, with respect to Directors'' Responsibility Statement, it is
hereby confirmed:
(i) That in the preparation of the accounts for the financial year
ended 31st March, 2012, 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 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 and loss of the Company for the year under review;
(iii) That the Directors have taken proper and sufficient care for the
maintenance of adequate account ting 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) That the Directors have prepared the accounts for the financial
year ended 31st March 2012 on a ''going concern'' basis.
On behalf of the Board of Directors.
Mr. Dilip
M. Kulkarni Mrs. Devika D. Kulkarni
Chairman Executive Director
Place: Mumbai
Dated: 27th August, 2012.
Mar 31, 2011
The Directors are pleased to present the 29th Annual Report of the
Company together with the Audited Financial Statements for the year
ended 31st March, 2011.
SUMMARISED FINANCIAL RESULTS:
(Rs. in Lacs)
Year ended Year ended
31.3.2011 31.3.2010
Profit before interest and depreciation (23..42) (70.86)
Less:
Interet 7.30 12.70
Depreciation 6.31 9.73
Profit before tax (37.03) (93.29)
Tax Provision
Profit after tax (37.03) (93.29)
Prior Period Income
Balance brought forward from
previous year (1950.51) (1857.21)
Profit available for appropriation (37.03)
Transfer to General Reserves
Balance in Profit & Loss Account (1987.54) (1950.51)
THE YEAR UNDER REVIEW
The Courier industry in general witnessed a downtrend in its operations
as a result of stiff competition from other service sectors and other
mode of communication. The overall performance of the company has been
satisfactory. The total income of the company was Rs 537.95 Lacs as
compared to previous year Rs.779.35 Lacs. The net loss after
depreciation and provision for tax for the year ended 31st March, 2011
was Rs.37.03 Lacs as compared to net loss of Rs.93.29 Lacs in the
previous year.
INDUSTRIAL RELATIONS:
Industry relations continue to be cordial.
ENERGY, TECHNOLOGY AND FOREIGN EXCHANGE::
As required by the Companies (Disclosure of Particulars in the Report
of Board of Directors) Rules, 1988 the relevant information pertaining
to conservation of energy, technology absorption, foreign exchange
earnings and outgo are given herein below.
FIXED DEPOSITS
The Company neither has accepted nor renewed any fixed deposit during
the year under review.
AUDITORS' REPORT
Relevant notes on accounts are self-explanatory and are as per Annexure
to the Auditors' Report.
PERSONNEL
The Company has not paid any remuneration attracting the provisions
(Particulars of Employees) Rules, 1975 read along with section 217(2A)
of the Companies Act, 1956. Hence no information is required to be
appended to this report in this regard.
AUDITORS
M/s J.H Ghumara & Co, Chartered Accountants, retire as Auditors and
have expressed their willingness to hold office if re-appointed.
ACKNOWLEDGEMENTS
Your Directors convey their sincere thanks to the Government, Banks,
Shareholders and customers for their continued support extended to the
company at all times.
The Directors further express their deep appreciation to all employees
for commendable teamwork, high degree of professionalism and
enthusiastic effort displayed by them during the year
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to the requirement under section 217(2AA) of the Companies
Act, 1956, with respect to Directors' Responsibility Statement, it is
hereby confirmed:
(i) That in the preparation of the accounts for the financial year
ended 31st March, 2011, 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 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 and loss of the Company for the year under review;
(iii) That the Directors have taken proper and sufficient care for the
maintenance of adequate account
ting 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) That the Directors have prepared the accounts for the financial
year ended 31st March 2011 on a 'going concern' basis.
On behalf of the Board of Directors.
Mr. Dilip M. Kulkarni Mrs. Devika D. Kulkarni
Director Director
Place : Mumbai
Dated : 10TH August, 2011.
Mar 31, 2010
The Directors are pleased to present the 28th Annual Report of the
Company together with the Audited Financial Statements for the year
ended 31st March, 2010.
SUMMARISED FINANCIAL RESULTS:
(Rs. in Lacs)
Year ended Year ended
31.3.2010 31.3.2009
Profit before interest
and depreciation (70.86) (283.31)
Less:
Interest 12.70 8.52
Depreciation 9.73 13.75
Profit before tax (93.29) (305.58)
Tax Provision - 5.04
Profit after tax (93.29) (310.62)
Prior Period Income - -
Balance brought forward
from previous year (1857.21) (1546.58)
Profit available for
appropriation Transfer
to General Reserves
Balance in Profit &
Loss Account (1950.51) (1857.21)
THE YEAR UNDER REVIEW
The Courier industry in general witnessed a downtrend in its operations
as a result of stiff competition from other service sectors and other
mode of communication. The overall performance of the company has been
satisfactory. The total income of the company was Rs 779.35 Lacs as
compared to previous year Rs.1417.41 Lacs. The net loss after
depreciation and provision for tax for the year ended 31st March, 2010
was Rs.93.29 Lacs as compared to net loss of Rs.310.62 Lacs in the
previous year.
INDUSTRIAL RELATIONS:
Industry relations continue to be cordial
ENERGY, TECHNOLOGY AND FOREIGN EXCHAGNE:
As required by the Companies (Disclosure of Particulars in the Report
of Board Of Directors) Rules, 1988 the relevant information pertaining
to conservation of energy, technology absorption, foreign exchange
earnings and outgo are given herein below.
FIXED DEPOSITS
The Company neither has accepted nor renewed any fixed deposit during
the year under review.
AUDITORS' REPORT
Relevant notes on accounts are self-explanatory and are as per Annexure
to the Auditors' Report.
PERSONNEL
The Company has not paid any remuneration attracting the provisions
(Particulars of Employees) Rules, 1975 read along with section 217(2A)
of the Companies Act, 1956. Hence no information is required to be
appended to this report in this regard.
AUDITORS
M/s J.H. Ghumara & Co, Chartered Accountants, retire as Auditors and
have expressed their willingness to hold office if re- appointed.
ACKNOWLEDGEMENTS
Your Directors convey their sincere thanks to the Government, Banks,
Shareholders and customers for their continued support extended to the
company at all times.
The Directors further express their deep appreciation to all employees
for commendable teamwork, high degree of professionalism and
enthusiastic effort displayed by them during the year
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the requirement under section 217(2AA) of the Companies
Act, 1956, with respect to Directors' Responsibility Statement, it is
hereby confirmed:
(i) That in the preparation of the accounts for the financial year
ended 31st 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 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 and loss of the Company for the year under review;
(iii) That 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) That the Directors have prepared the accounts for the financial
year ended 31st March 2010 on a 'going concern' basis.
On behalf of the Board of Directors.
Place : Mumbai
Dated : 02nd August, 2010. Mr. Dilip M.Kulkarni Mrs. Devika D.
Kulkarni
Chairman Directors
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