Mar 31, 2014
Dear Members,
The Directors present their 73rd Annual Report on the affairs of the
Company for the year ended 31st March, 2014 together with the Audited
Statement of Accounts.
1. FINANCIAL HIGHLIGHTS
(In Rs.)
Current Year Previous Year
(31-03-2014) (31-03-2013)
WORKING RESULTS
Total Revenue 7,24,863 14,96,022
Total Expenses 2,32,094 6,86,625
Profit before Tax 4,92,769 8,09,397
Tax Expenses :
Current Tax 90,000 2,25,000
MAT Credit entitlement (90,000) -
Short/(Excess) Tax Provisions
of earlier years 10,257 (23,72,410)
Profit for the Year 4,82,512 29,56,807
2. DIVIDEND
The Directors have recommended a dividend of Rs .1/- per share i.e. @
10% (same as previous year) on 2,40,000 Equity Shares of Rs. 10/- each
for the financial year ended 31st March 2014. The dividend, if approved
by the members at the forthcoming Annual General Meeting, shall be paid
to the eligible members within 5 days of the approval by the
shareholders at the Annual General Meeting.
The Board recommends the above dividend for declaration by the members.
3. OPERATIONS REVIEW
Total Revenue for the year was at Rs. 7,24,863/- as against Rs.
14,96,022/- for FY2013. Total Expenses for FY2014 were Rs. 2,32,094/-
as against Rs. 6,86,625/- for FY2013. The Company has PBIT of Rs.
4,92,769/- for FY2014 as compared to Rs. 8,09,397/- for FY2013.
A discussion of operations for the year ended 31st March 2014 is given
in the Management Discussion and Analysis section.
4. DIRECTORS
The following changes took place during the year:
Mr. V.C. Vadodaria, Director of the Company expired on 28th November,
2013. Consequently Late Mr. V.C. Vadodaria has ceased to be Director of
the Company w.e.f. 28th November, 2013. Mr. Sunil Adukia was appointed
as a Director in the resulting casual vacancy w.e.f. 30th December,
2013.
Ms. Nandini Piramal retires by rotation at the ensuing Annual General
Meeting and is eligible for re-appointment which your Board recommends.
As of the date of this Report, Mr. Chandrakant M. Hattangdi and Mr.
Chandrakant Khetan, are Independent Directors as per clause 49 of the
Listing Agreement and were appointed under the Companies Act 1956 as
Directors liable to retire by rotation. In order to give effect to the
applicable provisions of sections 149 and 152 of the Act, it is
proposed that these Directors be appointed as Independent Directors, to
hold office for five consecutive years, for a term up to March 31,2019.
The Company has received declarations from both the Independent
Directors confirming that they meet the criteria of independence as
prescribed under the applicable provisions of section 149 of the Act
and under Clause 49 of the Listing Agreement with the Stock Exchanges.
5. DIRECTORS'' RESPONSIBILITY STATEMENT
As required Under Section 217(2AA) of the Companies Act, 1956, ("the
Act") we hereby state:
(i) That in the preparation of the annual accounts, the applicable
accounting standards have been followed along with proper explanation
relating to material departures, if any;
(ii) That the Directors have selected such accounting policies and
applied them consistently and made judgements and estimates that are
reasonable and prudent so as to give a true and fair view of the state
of affairs of the Company as at 31st March, 2014 and its Profit for the
year ended on that date;
(iii) That the Directors 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 and
for preventing and detecting fraud and other irregularities;
(iv) That the Directors have prepared the annual accounts on a going
concern basis.
6. COMPLIANCE CERTIFICATE
As required by proviso to sub-section (1) of Section 383A of the
Companies Act, 1956, the Compliance Certificate from Mr. Surendra
Kanstiya, Practising Company Secretary is attached to this Report.
7. CONSERVATION OF ENERGY. TECHNOLOGY ABSORPTION. FOREIGN EXCHANGE
EARNINGS & OUTGO
(a) The nature of the activities of the Company during the year under
review has been such that disclosure of the particulars required with
respect to the conservation of energy and technology absorption in
terms of section 217(1) (e) of the Companies Act, 1956 read with the
Companies (Disclosure of Particulars) Rules, 1988 are not applicable.
(b) Foreign Exchange Earnings & Outgo: Nil
8. CORPORATE GOVERNANCE
The Report on Corporate Governance as stipulated under Clause 49 of the
Listing Agreement forms part of the Annual Report. The requisite
Certificate from Mr. Surendra Kanstiya, Practicing Company Secretary,
confirming compliance with the conditions of Corporate Governance as
stipulated under the aforesaid Clause 49 forms part of this report.
9. HUMAN RESOURCES
There were no employees who were in receipt of remuneration exceeding
the limits laid down under Section 217(2A) of the Companies Act, 1956,
read with the Companies (Particulars of Employees) Rules, 1975.
10. AUDITORS
M/s. Kulkarni & Khanolkar, Chartered Accountants, Mumbai, the Auditors
of the Company hold office till the conclusion of the ensuing Annual
General Meeting and are eligible for re-appointment. In accordance with
the provisions of section 139, 142 and other applicable provisions of
the Companies Act, 2013 and of the Companies (Audit and Auditors)
Rules, 2014, it is proposed to re-appoint them as the Auditors of the
Company for a period of three consecutive years commencing from the
conclusion of this Annual General Meeting, until the conclusion of the
76th Annual General Meeting of the Company in the calendar year 2017.
11. ACKNOWLEDGEMENTS
We take this opportunity to thank the employees for their dedicated
service and contribution to the Company.
We also thank our banks, business associates and our shareholders for
their continued support to the Company.
For and on behalf of the Board
Place: Mumbai Khushru B. Jijina Sunil Adukia
Date: 27th May, 2014 Director Director
Mar 31, 2013
TO THE SHAREHOLDERS
The Directors present their 72nd Annual Report on the affairs-of the
Company for the year ended 31st March, 2013 together with the
Audited Statement of Accounts.
1. FINANCIAL HIGHLIGHTS
(Rs. in Lacs)
Current Year Previous Year
(31-03-2013) (31-03-2012)
WORKING RESULTS
Total Revenue 14.96 1.44
Total Expenses 6.87 675.74
Profit / (Loss) before Tax 8.10 ( 674.31)
Tax Expenses :
Current Tax 2.25 -
Short/(Excess) Tax Provisions
of earlier years (23.72) (12.99)
Profit/(Loss) for the Year 29.57 ( 661.32)
2. DIVIDEND
The Directors have recommended a Dividend of Re.l/- per share (previous
year Re.l/- per share) on 2,40,000 Equity Shares of Rs.10/- each which
will be paid to eligible members within 5 days of the approval by the
shareholders at the forthcoming Annual General Meeting.
3. WORKING OF THE COMPANY
The Directors are making efforts to improve the performance of the
Company in the current year.
4. PARTICULARS OF EMPLOYEES
There was no employee during the year in receipt of remuneration as
prescribed under Section 217(2A) of the Companies Act, 1956.
5. DIRECTORS
In accordance with the provisions of the Companies Act, 1956, Mr.
Chandrakant Khetan and Mr. V.C Vadodana retire by rotation at the
ensuing Annual General Meeting and are eligible for re-appointment.
The Audit Committee constituted by the Board consist of Mr. Khushru B.
Mr. C.M. Hattangdi and Mr. Chandrakant Khetan,
6- DIRECTORS'' RESPONSIBILITY STATEMENT
As required Under Section 217(2AA) of the Companies Act, 1956, ("the
Ac") we hereby state:
(i) That in the preparation of the annual accounts, the applicable
accounting standards have been followed along with proper explanation
relating to material departures, if any;
(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 as at 31st March, 2013 and its Profit for the
year ended on that date;
(iii)That the Directors 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 and
for preventing and detecting fraud and other irregularities;
(iv)That the Directors have prepared the annual accounts on a going
concern basis.
10. AUDITORS
The Auditors, M/s. Kulkami & Khanolkar, Chartered Accountants, Mumbai
retire as Auditors of the Company at the ensuing Annual General Meeting
and are eligible for re-appomtment.
For and on behalf of the Board
Place: Mumbai
Date: 23rd May, 2013
Mar 31, 2010
The Directors present their 69th Annual Report on the affairs of the
Company for the year ended 31st March, 2010 together with the Audited
Statement of Accounts (Standalone).
Current Year Previous Year
(31-03-2010) (31-03-2009)
(Rs.) (Rs.)
1. WORKING RESULTS
The years working after meeting all 9,56,51,189 (6,57,30,832)
expenses resulted in Profit
after tax of:
Add : Extra-Ordinary Items :
Prior Period Tax adjustments 7,43,446 ( 4,14,049)
Balance of Profit brought forward 6,00,372 6,70,26,041
Disposable Profit 9,69,95,007 8,81,160
Total Profit amounting to Rs. 9,69,95,007/- is appropriated as under:
APPROPRIATION
Proposed dividend 2,40,000 2,40,000
Tax on Proposed Dividend 39,862 40,788
Balance carried to Balance Sheet 9,67,15,145 6,00,372
9,69,95,007 8,81,160
2. DIVIDEND
The Directors have recommended a Dividend of Re.l/- per share (previous
year Re.l/- per share) on 2,40,000 Equity Shares of Rs.10/- each which
will be paid to eligible members, after approval at the ensuing Annual
General Meeting.
3. WORKING OF THE COMPANY
The Directors are making efforts to improve the performance of the
Company in the current year.
4. SUBSIDIARY COMPANIES
The Balance Sheet as on 31st March, 2010 and the Profit and Loss
Account for the year ended on that date of subsidiary companies,
namely, Savoy Finance & Investments Pvt. Limited and Nandini Piramal
Investments Private Limited and statement under Section 212 of the
Companies Act, 1956 are annexed.
5. PARTICULARS OF EMPLOYEES
There was no employee during the year in receipt of remuneration as
prescribed under Section 217(2A)of the Companies Act, 1956.
6. DIRECTORS
In accordance with the provisions of the Companies Act, 1956, Mr. CM.
Hattangdi and Mr. Chandrakant Khetan retire by rotation at the ensuing
Annual General Meeting and are eligible for re-appointment.
The Audit Committee constituted by the Board consist of Mr. Khushru B.
Jijina, Mr. CM. Hattangdi and Mr. Chandrakant Khetan.
7. DIRECTORS RESPONSIBILITY STATEMENT
As required Under Section 217(2AA) of the Companies Act, 1956, ("the
Act") we hereby state :
(i) That in the preparation of the annual accounts, the applicable
accounting standards have been followed along with proper explanation
relating to material departures, if any;
(ii) That the Directors have selected such accounting policies and
applied them consistently and made judgements and estimates that are
reasonable and prudent so as to give a true and fair view of the state
of affairs of the Company as at 31st March, 2010 and its Profit for the
year ended on that date;
(iii)That the Directors 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 and
for preventing and detecting fraud and other irregularities;
(iv)That the Directors have prepared the annual accounts on a going
concern basis.
8. CHANGE IN SHARE TRANSFER AGENT
M/s. Link Intime India Pvt.Limited., (Link Intime) has been appears
Share Transfer Agent of the Company with effect from 1 st Febravary
9. "GROUP" as defined in MRTP Act, 1969
As per the intimation from the Promoters, the persons and entities
Group as defined in Monopolies and Restrictive Trade Practice:
(MRTP) which exercises, or is established to be in a position
control, directly or indirectly, over the Company, include the
following.
1. Mr. Ajay G. Piramal;
2. Dr. (Mrs.) Swati A. Piramal;
3. Mrs. Lalita G. Piramal;
4. Ms. Nandini Piramal;
5. Mr. Anand Piramal;
6. Adelwise Investments Pvt. Ltd
7. Ajay G. Piramal (HUF)
8. Akshar Fincom Pvt. Ltd
9. Alpex Holdings Pvt. Ltd
10. Alpex International Ltd
11. Alpex Power Pvt. Ltd
12. BMK Laboratories Pvt. Ltd
13. Cavaal Fininvest Pvt. Ltd.
14. Glass Engineers Pvt. Ltd.
15. Gopikishan Piramal Pvt. Ltd
16. Gopikisan Piramal (HUF)
17. INDIAREIT Fund Advisors Pvt. Ltd
18. India Venture Fund Advisors Pvt. Ltd
19. Nandini Piramal Investment Pvt. Ltd
20. Nicholas Piramal Pharma Pvt. Ltd.
21. Paramount Pharma Pvt. Ltd
22. PEL Management Services Pvt. Ltd.
23. PGL Holdings Pvt. Ltd.
24. PHL Fininvest Private Ltd
25. PHL Holdings Pvt. Ltd
26. Piramal Capital Pvt. Ltd
27. Piramal Diagnostic Services Pvt. Ltd
28. Piramal Enterprises Ltd
29. Piramal International Pvt. Ltd
30. Piramal Management Services Pvt. Ltd.
31. Piramal Pharmaceutical Development Services Pvt. Ltd
32. Piramal Texturising Pvt. Ltd.
33. Piramal Water Pvt. Ltd
34. Propiedades Realties Pvt. Ltd
35. Savoy Finance & Investment Pvt. Ltd
36. The Ajay G- Piramal Foundation
37. The Shri Gopikrishna Trust 3 8. The Shri Govinda Trust
39. The Shri Hari Trust
40. The Shri Krishna Trust
41. Vulcan Investments Pvt. Ltd.
42. Piramal Healthcare Ltd.
43. Piramal Glass Ltd.
44. Piramal Life Sciences Ltd.
The above disclosure has been made, inter-alia, for the purpose of
Regulation 3(1 )(e) of SEBI (Substantial Acquisitions of Shares and
Takeovers) Regulations, 1997
10. SECRETARIAL COMPLIANCE CERTIFICATE
As required by proviso to sub-section (1) of Section 383A of the
Companies Act, 1956, the Secretarial Compliance Certificate from Mr.
Surendra Kanstiya, Practising Company Secretary is attached to this
Report.
11. AUDITORS
The Auditors, M/s. Kulkarni & Khanolkar, Chartered Accountants, Mumbai,
retire as Auditors of the Company at the ensuing Annual General Meeting
and are eligible for re-appointment.
For and on behalf of the Board
KHUSHRU JIJINA V.C. VADODARIA
DIRECTOR DIRECTOR
Mumbai
Dated : 27th May, 2010.
Mar 31, 2009
The Directors present their 68th Annual Report on the affairs of the
Company for the year ended 31st March, 2009 together with the Audited
Statement of Accounts.
Current Year Previous Year
(31-03-2009) (31-03-2008)
(Rs.) (Rs.)
1. WORKING RESULTS
The years working after meeting
all expenses resulted in (6,57,30,832) (1,08,90,547)
(Loss) (after tax) of:
Less : Extra-Ordinary Items:
Prior Period Tax adjustments (4,14,049) 2,15,48,802
Balance of Profit brought forward 6,70,26,041 5,66,48,574
Disposible Profit 8,81,160 6,73,06,829
Total Profit amounting to Rs.8,81,160/- is appropriated as under :
APPROPRIATION
Proposed dividend 2,40,000 2,40,000
Tax on Proposed Dividend 40,788 40,788
Balance carried to Balance Sheet 6,00,372 6,70,26,041
8,81,160 6,73,06,829
2. DIVIDEND
The Directors have recommended a Dividend of Re. 17- per share
(previous year Re.l/- per share) on 2,40,000 Equity Shares of Rs.10/-
each which will be paid to eligible members, after approval at the
ensuing Annual General Meeting.
3. WORKING OF THE COMPANY
The Directors are making efforts to improve the performance of the
Company in the current year.
4. SUBSIDIARY COMPANIES
The Balance Sheet as on 31st March, 2009 and the Profit and Loss
Account for the year ended on that date of subsidiary companies,
namely, Savoy Finance & Investments Pvt. Limited and Nandini Piramal
Investments Private Limited and statement under Section 212 of the
Companies Act, 1956 are annexed.
5. PARTICULARS OF EMPLOYEES
There was no employee during the year in receipt of remuneration as
prescribed under Section 217(2A)of the Companies Act, 1956.
6. DIRECTORS
Mr. N. Santhanam and Mr. Vijay Shah, Directors retiring by rotation
have expressed their desire not to seek re-appointment at the ensuing
AGM due to their other pre-occupations and in their place it is
proposed to appoint Ms. Nandini Piramal and Mr. Khushru Jijina
respectively as Directors of the Company for which the Company has
received joint notices from members of the Company, proposing their
candidature.
The Board places on record its appreciation of the valuable
contributions made by Mr. N. Santhanam and Mr. Vijay Shah during their
tenure as Directors of the Company.
The Audit Committee at present comprises of Mr. N.Santhanam, Mr. CM.
Hattangdi and Mr. Chandrakant Khetan. Pursuant to the relinquishment of
office by Mr. N. Santhanam, it is proposed to appoint Mr. Khushru
Jijina as member of the Audit Committee, if appointed as Director of
the Company.
7. DIRECTORS RESPONSIBILITY STATEMENT
As required Under Section 217(2AA) of the Companies Act, 1956, ("the
Act") we hereby state :
(i) That in the preparation of the annual accounts, the applicable
accounting standards have been followed along with proper explanation
relating to material departures, if any;
(ii) That the Directors have selected such accounting policies and
applied them consistently and made judgements and estimates that are
reasonable and prudent so as to give a true and fair view of the state
of affairs of the Company as at 31st March, 2009 and its Loss for the
year ended on that date:
(iii)That the Directors 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 and
for preventing and detecting fraud and other irregularities;
(iv)That the Directors have prepared the annual accounts on a going
concern basis.
8. SECRETARIAL COMPLIANCE CERTIFICATE
As required by proviso to sub-section (1) of Section 383 A of the
Companies Act, 1956, the Secretarial Compliance Certificate from Mr.
Surendra Kanstiya, Practising Company Secretary is attached to this
Report.
9. AUDITORS
The Auditors, M/s. Kulkarni & Khanolkar, Chartered Accountants, Mumbai,
retire as Auditors of the Company at the ensuing Annual General Meeting
and are eligible for re-appointment.
For and on behalf of the Board
N.SANTHANAM V.C. VADODARIA
DIRECTOR DIRECTOR
Mumbai
Dated : 30th June, 2009.
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