Mar 31, 2015
Dear Members,
The Directors have pleasure in presenting the THIRTY FIRST ANNUAL
REPORT together with the Audited Accounts of the Company for the
Financial Year ended 31st March, 2015.
FINANCIAL RESULTS:
(Rs In Lakhs)
For the For the
Particulars Year ended Year ended
2015 2014
Sales 6.91 4.66
Other Income 0.02 -
Total Income 6.93 4.66
Expenditure 12.62 13.78
Gross Profit / (Loss) (5.69) (9.12)
Less: Depreciation - -
Less: Finance Cost - 1.09
Loss for the year before tax (5.69) (10.21)
Income tax - -
Deferred Tax - -
Profit / (Loss) after tax (5.69) (10.21)
OPERATIONS:
The Company has recorded a nominal turnover when compared to the last
fiscal, as the Company has decided to change the existing line of
business and exploring on the new activity.
The Company is planning to enter into new segment this fiscal.
DIVIDEND:
Due to inadequate profits your Directors do not recommend any dividend
for the Financial Year 2014-15
DIRECTORS
Mr. Lalit Kumar Gupta, Managing Directors of your Company retire by
rotation at the ensuing Annual General Meeting and being eligible,
offers himself for reappointment.
The Board of Directors of the Company, on the recommendation of the
Nomination and Remuneration Committee, co-opted Smt. LAKSHMI NEKKANTI
SATYASRI (DIN : 07223878), as an Additional Director of the Company
with effect from 30th June, 2015, subject to the approval of the
members, at the ensuing Annual General Meeting.
The Company has received requisite notice in writing from the members
along with requisite fees proposing Smt Lakshmi Nekkanti Satyasri for
appointment as Director
The company has received declarations from all the Independent
Directors of the Company confirming that they meet with the criteria of
independence as prescribed both under sub-section (6) of section 149 of
the companies Act, 2013 and under Clause 49 of the Listing Agreement
with the Stock Exchanges. .
FIXED DEPOSITS
The Company has neither accepted nor renewed any deposits falling
within the provisions of Section 73 and 76 of the Companies Act, 2013
read with the Companies (Acceptance of Deposits) Rules, 2014 from the
its member and public during the Financial Year.
DIRECTORS' RESPONSIBILITY STATEMENT:
Pursuant to Section 134 (5) of the Companies Act, 2013, your Directors
confirm that to the best of their knowledge and belief and according to
the information and explanation obtained by them,
i. In the preparation of the annual accounts, the applicable
accounting standards have been followed along with proper explanation
relating to material departures;
ii. Such accounting policies as mentioned in the notes to the
financial statements have been selected and applied consistently and
judgments and estimates that are reasonable and prudent made so as to
give a true and fair view of the state of affairs of the Company at the
end of the financial year 2014-15 and of the profit or loss of the
Company for that period;
iii. Proper and sufficient care has been taken 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;
iv. The annual accounts for the year 2014-15 have been prepared on a
going concern basis.
v. That proper internal financial controls were in place and that the
financial controls were adequate and were operating effectively.
vi. That system to ensure compliance with the provisions of all
applicable laws were in place and were adequate and operating
effectively.
VIGIL MECHANISM / WHISTLE BLOWER POLICY
Pursuant to the provisions of section 177 (9) and read with all other
applicable provisions of the Companies Act, 2013 and the Companies
(meetings of board and its powers) Rules, 2014 (including any statutory
modification(s) or re-enactment thereof for the time being in force)
and Clause 49 of the Listing Agreement, The Company has a Whistle
Blower Policy framed to deal with instance of fraud and mismanagement,
if any in the Group. The details of the Policy are explained in the
Corporate Governance Report and also posted on the website of the
Company
RISK MANAGEMENT
Pursuant to the provisions of section 134 (3) (n) and read with all
other applicable provisions of the Companies Act, 2013 and the
Companies (Accounts) Rules, 2014 (including any statutory
modification(s) or re-enactment thereof for the time being in force)
and Clause 49 of the Listing Agreement the Risk management is Not
applicable to the Company
AUDITORS:
Pursuant to the provisions of Section 139(2) of the Companies Act,
2013, the Statutory Auditor M/s. Rakesh S Jain & Associates, Chartered
Accountant, Hyderabad, as the Statutory Auditors of the Company to hold
office from conclusion of this Annual General Meeting for a period of 2
years in accordance with the Act, subject to the ratification of
shareholders at every Annual General Meeting. The Company is in
receipt of confirmation from the Statutory Auditor that in the event of
his re- appointment as Statutory Auditor at the ensuing Annual General
Meeting, such appointment will be in accordance with the limits
specified in Section 141 of the Companies Act, 2013.
The Notes on Financial Statements referred to in the Auditors' Report
are self-explanatory and do not call for any further comments. There
are no qualifications in the report of the statutory auditors for the
year 2014-15.
RELATED PARTY TRANSACTIONS
All 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. Prior omnibus approval of the Audit
Committee is obtained as per Clause 49 of the Listing Agreement for the
transactions which are of a foreseen and repetitive nature. The Company
has developed a Policy on Related Party Transactions for the purpose of
identification and monitoring of such transactions.
The Policy on Related Party Transactions as approved by the Board is
uploaded on the website of the Company. The particulars of contracts or
arrangements with related parties referred to in sub-section (1) of
Section 188 of the Companies Act, 2013 is referred in Notes to
Accounts.
INTERNAL AUDITOR:
The Board of Directors based on the recommendation of the Audit
Committee has re-appointed M/s. VNS Srinivasa Rao, Chartered
Accountants, Hyderabad, as the Internal Auditors of your Company. The
Internal Auditors are submitting their reports on quarterly basis.
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS
The Company has not provided any loan to any person or body corporate
or given any guarantee or provided security in connection with such
loan or made any investment in the securities of anybody corporate
pursuant to Section 186 of the Companies Act, 2013. The Company has
given advance against salary to some employees in terms of the
applicable policies of the Company.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO:
A Statement of particulars of the conservation of energy, technology
absorption and foreign exchange earnings and outgoings is given as
required under the Companies (Disclosure of Particulars in the Report
of the Board of Directors) Rules, 1988, is enclosed as Annexure A.
MANAGEMENT DISCUSSION & ANALYSIS
Pursuant to the provision of clause 49 of the listing agreement a
report on Management Discussion & Analysis is set out as an Annexure B.
SECRETARIAL AUDIT
Pursuant to the provisions of Section 204 of the Companies Act, 2013
and The Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014, the Company has appointed K.Malleshwari Company
Secretaries in Practice to undertake the Secretarial Audit of the
Company. The Secretarial Audit Report is annexed herewith as "Annexure
C" to this report.
CORPORATE GOVERNANCE:
The Company has been making every endeavor to bring more transparency
in the conduct of business. As per the requirements of Listing
Agreement with the Stock Exchanges, a compliance report on corporate
Governance for the year 2014-2015 and a certificate from the Auditors
of the Company are furnished as a part of this Annual Report "Annexure
D".
EXTRACT OF ANNUAL RETURN
The details forming part of the extract of the Annual Return in Form
MGT - 9 is annexed herewith as "Annexure E" to this report.
PARTICULARS OF EMPLOYEES:
The information required pursuant to Section 197 read with Rule 5 (1)
of The Companies (Appointment and Remuneration of Managerial Personnel)
Rules, 2014 in respect of employees of the Company is herewith annexed
as 'Annexure F' to this report and Rule 5 (2) Of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014, No
employee of your company is in receipt of remuneration exceeding Rs.5,
00,000 per month or Rs. 60, 00,000 per annum during the Financial Year
LISTING FEE:
Your Company's shares are presently listed and traded on the BSE
Limited; Your Company is regular in paying the listing fee to the BSE
Limited.
BOARD MEETINGS:
The Company has conducted 6 board meetings during the year on following
dates with a gap not exceeding 4 months between any two meetings
30.05.2014, 14.08.2014, 29.09.2014, 13.11.2014, 13.02.2015, 31.03.2015
ACKNOWLEDGEMENTS:
Your Directors place on record their appreciation and gratitude for the
continuous support and assistance extended by all the Statutory
Authorities. The Board also extends its heartfelt gratitude to the
Creditors and Shareholders for the confidence reposed by them in the
Company. Your Directors also place on record their sincere appreciation
for the continued contributions made by the employees at all levels.
By order of the Board
FOR SOURCE INDUSTRIES (INDIA) LIMITED
Sd/-
LALIT KUMAR GUPTA
Managing Director
Place: Hyderabad
Date: 12th August 2015
Mar 31, 2014
Dear members,
The Directors have pleasure in presenting the THIRTIETH ANNUAL REPORT
together with the Audited Accounts of the Company for the Financial
Year ended 31st March, 2014.
FINANCIAL RESULTS:
(Rs In Lakhs)
For the For the
Particulars Year ended Year ended
2013-2014 2012-2013
Sales 4.66 231.96
Other Income - 0.05
Increase/(decrease) in finished goods/WIP - -
Expenditure 13.78 216.94
Gross Profit / (Loss) (9.12) 15.07
Less: Depreciation - -
Less: Finance Cost 1.09 2.66
Loss for the year before tax (10.21) 12.41
Income tax - -
Deferred Tax - -
Profit / (Loss) after tax (10.21) 12.41
REVIEW OF OPERATIONS:
The Company has recorded a nominal turnover when compared to the last
fiscal, as the Company has decided to change the existing line of
business and exploring on the new activity.
The Company is planning to enter into new segment this fiscal.
DIVIDEND:
Due to inadequate profits your Directors do not recommend any dividend
for the Financial Year 2013-14
FIXED DEPOSITS
The Company has neither accepted nor renewed any deposits falling
within the provisions of Section 73 and 76 of the Companies Act, 2013
read with the Companies (Acceptance of Deposits) Rules, 2014 from the
its member and public during the Financial Year.
DIRECTORS
Sri Gajanand Gupta, Directors of your Company retires by rotation at
the ensuing Annual General Meeting and being eligible, offers
themselves for reappointment.
Sri Lalit Kumar Gupta is appointed as Managing Director of the company
for a period of 3 years in the meeting held on 1st April, 2014
Pursuant to the provision of Section 149 and applicable provision of
the Companies Act, 2013 read with rules thereon all independent
directors of the company are seeking fresh appointment for 5
consecutive years commencing from ensuing Annual General Meeting.
DIRECTORS'' RESPONSIBILITY STATEMENT:
The Directors of your Company hereby report:
(i) that in the preparation of Annual Accounts for the Financial Year
ended 31st March, 2014, the applicable accounting standards have been
followed along with the proper explanation relating to material
departures, if any, there from;
(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 ended 31st
March, 2014 and of the profit and loss of the Company for that period;
(iii) that the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities;
(iv) that the Directors have prepared the annual accounts on a going
concern basis. PARTICULARS OF EMPLOYEES:
PARTICULARS OF EMPLOYEES:
There are no employees drawing remuneration exceeding the limits as
specified under the provisions of Section 217 (2A) of the Companies
Act, 1956, read with the Companies (Particulars of Employees) Rules,
2011 as amended from time to time.
AUDITORS:
Pursuant to the provisions of Section 139(2) of the Companies Act,
2013, the Statutory Auditor M/s. Rakesh Jain & Associates, Chartered
Accountant, Hyderabad, as the Statutory Auditors of the Company to hold
office from conclusion of this Annual General Meeting for a period of 3
years in accordance with the Act, subject to the ratification of
shareholders at every Annual General Meeting.. The Company is in
receipt of confirmation from the Statutory Auditor that in the event of
his re-appointment as Statutory Auditor at the ensuing Annual General
Meeting, such appointment will be in accordance with the limits
specified in Section 141 of the Companies Act, 2013.
The Notes on Financial Statements referred to in the Auditors'' Report
are self-explanatory and do not call for any further comments. There
are no qualifications in the report of the statutory auditors for the
year 2013-14.
INTERNAL AUDITOR:
The Board of Directors based on the recommendation of the Audit
Committee has appointed M/s. VNS Srinivas Rao Chartered Accountant,
Hyderabad, as the Internal Auditor of your Company. The Internal
Auditors are submitting their reports on quarterly basis.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO:
A Statement of particulars of the Conservation of energy, Technology
Absorption and Foreign Exchange Earnings and Out go is given as
required under Section 217(1) (e) of the Companies Act, 1956 read with
Companies (Disclosure of particulars in the Report of Board of
Directors) Rules, 1988 are given in the Annexure- A
MANAGEMENT DISCUSSION & ANALYSIS
Pursuant to the provision of clause 49 of the listing agreement a
report on Management Discussion & Analysis is set out as an Annexure- B
CORPORATE GOVERNANCE:
Report on Corporate Governance including Auditor''s Certificate on
Compliance with the code of Corporate Governance under Clause 49 of the
listing agreement is enclosed to this report as Annexure- C
SUBSIDIARY COMPANY:
A Statement pursuant to section 129 of the Companies Act, 2013. Along
with the balance sheet and profit & Loss account of our subsidiary are
attached to the annual report Annexure- D
LISTING FEE:
Your Company''s shares are presently listed and traded on the BSE
Limited; Your Company is regular in paying the listing fee to the BSE
Limited.
ACKNOWLEDGEMENTS:
Your Directors wish to place on record their sincere appreciation and
gratitude for the continuous support and assistance extended by all the
Statutory Authorities. The Board also extends its heartfelt gratitude
to the Creditors and Shareholders for the confidence reposed by them in
the Company. Your Directors also place on record their appreciation for
the continued contributions made by the employees at all levels.
For Source Industries (India) Limited)
Sd/- Sd/-
Place: Hyderabad LALIT KUMAR GUPTA RITIESH KUMAR GUPTA
Date: 14.08.2014 Managing Director Director
Mar 31, 2012
To The Members,
The Directors have pleasure in presenting the TWENTY EIGHTH ANNUAL
REPORT together with the Audited Accounts of the Company for the
Financial Year ended 31st March, 2012.
FINANCIAL RESULTS:
(Rs In Lakhs)
For the For the
Particulars Year ended Year ended
2011-2012 2010-2011
Sales 559.52 662.30
Other Income 24.20 31.98
Increase/(decrease) in finished goods/WIP 0.33 1.26
Expenditure 567.46 708.64
Gross Profit/(Loss) 15.93 (15.62)
Less: Depreciation 78.31 78.31
Less: Interest
Loss for the year before tax (62.40) (93.93)
Income tax
Deferred Tax 22.17 21.61
Profit / (Loss) after tax 40.23 72.32
REVIEW OF OPERATIONS:
During the financial year under review the Company has not carried out
the commercial productions in the textile segments and is working on
various options to restart operations keeping in mind the changes
happened in the industry of manufacturing of Acrylic Mink Blankets.
Whereas the Infrastructure Segment has recorded good turnover and has
good future in coming years and is hopeful of getting new contracts in
near future
DIVIDEND:
Due to absence of profits your Directors do not recommend any dividend
for the Financial Year 2011-12
FIXED DEPOSITS
The Company has neither accepted nor renewed any deposits falling
within the provisions of Section 58A of the Companies Act, 1956 read
with the Companies (Acceptance of Deposits) Rules, 1975 from the public
during the Financial Year.
DIRECTORS
Sri Gajanand Gupta and Sri Shyam Singh Mathur Directors of the Company
retires by rotation at the ensuing Annual General Meeting and being
eligible, offers themselves for reappointment.
Relevant resolutions are proposed for your consideration.
DIRECTORS' RESPONSIBILITY STATEMENT:
The Directors of your Company hereby report:
(i) that in the preparation of Annual Accounts for the Financial Year
ended 31st March, 2012, the applicable accounting standards have been
followed along with the proper explanation relating to material
departures, if any, there from;
(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 ended 31st
March, 2012 and of the profit and loss of the Company for that period;
(iii) that the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities;
(iv) that the Directors have prepared the annual accounts on a going
concern basis.
PARTICULARS OF EMPLOYEES:
There are no employees drawing remuneration exceeding the limits as
specified under the provisions of Section 217 (2A) of the Companies
Act, 1956, read with the Companies (Particulars of Employees) Rules,
1975 as amended from time to time.
AUDITORS:
The Company has received a notice under section 225 of the Companies
Act, 1956 from a member proposing for the appointment of M / s Rakesh S
Jain & Associates, Chartered Accountants, Hyderabad as Statutory
Auditors in place of M/s. Laxminiwas & Jain, Chartered Accountants,
Hyderabad the retiring auditors and who upon their appointment shall
hold the office from the conclusion of ensuing Annual General Meeting
till the conclusion of next Annual General Meeting at such remuneration
as decided by the Board of Directors
The Company has received a certificate from M/s Rakesh S Jain &
Associates, Chartered Accountant to the effect that their appointment,
if made will be in accordance with the provisions of Section 224(1B) of
the Companies Act, 1956.
EXPLANATION TO AUDITORS' OBSERVATIONS:
The Directors of your Company give the following explanations in
respect of the qualifications made in the Auditor's Report.
1. With regard to Clause (i) regarding non confirmation /
reconciliation of balances of loan and advances and bank balances,
attention of members is drawn that the Company is under the process
Reconciliation.
2. With regard to interest on Unsecured Loans in Clause f (ii) and
clause (6) of the Auditors Report, attention of members is drawn that
these amounts are contributed as part of restructuring scheme wherein
it will converted into equity shares
3. With regard to Impairment loss on the assets in Clause f (iii) of
the Auditors Report, attention of members is drawn that Company expects
substantial reduction in value of its assets than the carrying amount
but in absence of technical reports from experts no provision is made
on account of such impairment in value of assets.
4. With regard to point no 9 (a) in the annexure to Auditors Report,
attention of members is drawn that the Company is under the process of
transferring the funds into Investor Education Fund.
SUBSIDIARY COMPANY:
During the Financial year 2010 -11 your Company has acquired 100%
Equity share Capital of M/s Akshralay Enterprises Limited, Consequent
to which said Akshralay Enterprises Limited has become a Wholly Owned
Subsidiary of your Company.
A Statement pursuant to section 212 of the Companies Act, 1956. Along
with the balance sheet and profit & Loss account of our subsidiary are
attached to the annual report.
EXTENSION FOR CONDUCTING ANNUAL GENERAL MEETING
The Board of Director in the meeting held on 14th August 2012 has made
an application with Registrar of Companies, Andhra Pradesh for seeking
the extension for 3 Months for conducting the 28th Annual General
Meeting of the Company and the ROC has approved the 3 months extension.
CHANGE OF NAME AND OBJECT OF THE COMPANY
During the Financial year under review the company has changed the name
from M/s Tirumala Seung Han Textiles Limited to M/s Source Industries
(India) Limited and has altered the objects clause of the Company and
has received the necessary approvals
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO:
A Statement of particulars of the Conservation of energy, Technology
Absorption and Foreign Exchange Earnings and Out go is given as
required under Section 217(1) (e) of the Companies Act, 1956 read with
Companies (Disclosure of particulars in the Report of Board of
Directors) Rules, 1988 are given in the Annexure-A
MANAGEMENT DISCUSSION & ANALYSIS
Pursuant to the provision of clause 49 of the listing agreement a
report on Management Discussion & Analysis is set out as an Annexure-B
CORPORATE GOVERNANCE:
Report on Corporate Governance including Auditor's Certificate on
Compliance with the code of Corporate Governance under Clause 49 of the
listing agreement is enclosed as Annexure-C to this report.
LISTING FEE:
Your Company's shares are presently listed on the Ahmedabad Stock
Exchange Limited, BSE Limited; Kolkata Stock Exchange Limited. Your
Company is regular in paying the listing fee to the BSE Limited.
ACKNOWLEDGEMENTS:
Your Directors wish to place on record their sincere appreciation and
gratitude for the continuous support and assistance extended by all the
Statutory Authorities. The Board also extends its heartfelt gratitude
to the Creditors and Shareholders for the confidence reposed by them in
the Company. Your Directors also place on record their appreciation
for the continued contributions made by the employees at all levels.
For and on behalf of the Board
Sd/- Sd/-
LALIT KUMAR GUPTA RITIESH KUMAR GUPTA
Managing Director Director
PLACE: Hyderabad
Date : 20.10.2012
Mar 31, 2010
The Directors have pleasure in presenting the TWENTY SIXTH ANNUAL
REPORT together with the Audited Accounts of the Company for the
Financial Year ended 31st March, 2010.
FINANCIAL RESULTS:
(Rs In Lakhs)
Particulars For the For the
Year ended Year ended
2009-2010 2008-2009
Sales 7.06 1.64
Other Income 91.80 21.84
Extraordinary Item
Increase/(decrease) in finished goods/WIP (7.06) (6.14)
Expenditure (14.81) (32.52)
Gross Profit/(Loss) 76.99 (15.18)
Less: Depreciation (78.62) (80.17)
Less Interest - (0.03)
Profit for the year (1.63) (95.38)
Less: Prior Period Expenses
Profit/(Loss) for the year before tax (1.63) (95.38)
Income tax
Deferred Tax 20.58 8.59
Profit / (Loss) after tax 18.94 (86.79)
Balance of profit / (Loss) brought forward (647.03) (560.24)
Surplus (Loss) transferred to Balance Sheet(628.09) (647.03)
REVIEW OF OPERATIONS:
During the financial year under review the Company has not carried out
the commercial production.
INDUSTRY OUTLOOK:
Board of Directors are considering various options to carryout the
operations keeping in mind the changes happened in the industry of
manufacturing of Acrylic Mink Blankets.
DIVIDEND:
Due to absence of profits your Directors do not recommend any dividend
for the Financial Year 2009-10.
FIXED DEPOSITS
The Company has neither accepted nor renewed any deposits falling
within the provisions of Section 58A of the Companies Act, 1956 read
with the Companies (Acceptance of Deposits) Rules, 1975 from the public
during the Financial Year.
DIRECTORS
Sri Ritesh Kumar Gupta, Director of your Company retires by rotation at
the ensuing Annual General Meeting and being eligible, offers himself
for reappointment.
DIRECTORS RESPONSIBILITY STATEMENT:
The Directors of your Company hereby report:
(i) that in the preparation of Annual Accounts for the Financial Year
ended 31st March, 2010, the applicable accounting standards have been
followed along with the proper explanation relating to material
departures, if any, there from;
(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 ended 31st
March, 2010 and of the profit and loss of the Company for that period;
(iii) that the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities;
(iv) that the Directors have prepared the annual accounts on a going
concern basis.
PARTICULARS OF EMPLOYEES:
There are no employees drawing remuneration exceeding the limits as
specified under the provisions of Section 217 (2A) of the Companies
Act, 1956, read with the Companies (Particulars of Employees) Rules,
1975.
AUDITORS:
M/s. Laxshminiwas & Jain, Chartered Accountants, the statutory auditors
of the Company retire at the conclusion of ensuing Annual General
Meeting and being eligible, offer themselves for re-appointment.
EXPLANATION TO AUDITORS OBSERVATIONS:
The Directors of your Company gives the following explanations in
respect of the qualifications made in the Auditors Report.
1. With regard to Clause f (i) and f (ii) regarding non provision of
amounts for long pending debtors and loans and advances, Directors are
hopeful of recovering the same and hence no provision is made.
2. With regard to Clause f (iii), the Note No II (6) in Schedule 16 is
self explanatory.
3. With regard to interest on Unsecured Loans in Clause f (iv) of the
Auditors Report, attention of members is drawn to point no: II (8)
respectively in the Notes to Accounts which are self explanatory.
4. With regard to Impairment loss on the assets in Clause f (v) of the
Auditors Report, attention of members is drawn to point no: II (10)
respectively in the Notes to Accounts which are self explanatory.
5. With regard to point no (1) (a) in the annexure to Auditors
Report, attention of members is drawn to the fact that due to
inadequate staff the fixed assets register was not updated.
6. With regard to point no (7) in the annexure to Auditors Report,
attention of members is drawn to the fact that due to continuous
financial crisis the Company could not appoint internal auditors.
7. With regard to point no (9) (a) in the annexure to Auditors Report,
attention of members is drawn to the fact that due to the subsisting
financial crisis the Company was not in a position to clear the same.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO:
A Statement of particulars of the Conservation of energy, Technology
Absorption and Foreign Exchange Earnings and Out go is given as
required under Section 217(1) (e) of the Companies Act, 1956 read with
Companies (Disclosure of particulars in the Report of Board of
Directors) Rules, 1988 are given in the AnnexureÃA
MANAGEMENT DISCUSSION & ANALYSIS
Pursuant to the provision of clause 49 of the listing agreement a
report on Management Discussion & Analysis is set out as an Annexure-B
CORPORATE GOVERNANCE:
Report on Corporate Governance including Auditors Certificate on
Compliance with the code of Corporate Governance under Clause 49 of the
listing agreement is enclosed as Annexure - C to this report.
LISTING FEE:
Your Companys shares are presently listed on the Ahmedabad Stock
Exchange Limited, Bombay Stock Exchange Limited, Calcutta Stock
Exchange Association Limited your Company is regular in paying the
listing fee to the Bombay Stock Exchange Limited.
ACKNOWLEDGEMENTS:
Your Directors wish to place on record their sincere appreciation and
gratitude for the continuous support and assistance extended by all the
Statutory Authorities. The Board also extends its heartfelt gratitude
to the Creditors and Shareholders for the confidence reposed by them in
the Company. Your Directors also place on record their appreciation for
the continued contributions made by the employees at all levels.
FOR AND ON BEHALF OF THE BOARD
Sd/-
GAJANAND GUPTA
Chairman
PLACE: Hyderabad
Date : 05-08-2010
Disclaimer: This is 3rd Party content/feed, viewers are requested to use their discretion and conduct proper diligence before investing, GoodReturns does not take any liability on the genuineness and correctness of the information in this article