Mar 31, 2015
Dear Members,
The Directors are pleased to present their 21st Annual Report on the
affairs of the Company together with the Audited Statement of Accounts
for the year ended 31st March, 2015. A summary of the financial results
is given below :-
1. FINANCIAL HIGHLIGHTS
(Rs. In Lacs)
PARTICULARS YEAR ENDED
31/03/ 2015 31/03/ 2014
Turnover and other income 510.02 (92.62)
EBIDTA 270.65 (233.95)
Interest - -
Depreciation 6.34 9.74
Profit/(Loss) before Taxes 264.31 (243.69)
Exceptional items -- --
Tax expenses 0.58 --
Profit/(Loss) after Current tax 263.73 (243.69)
Deferred Tax 9.73 --
Profit/(Loss) after Tax 254.00 (243.69)
2. STATE OF COMPANY'S AFFAIRS
During the financial year under review, your Company's Operating Income
was Rs. 510.02 Lakhs as against the loss of Rs. 92.62 Lakhs in the
previous year. Other Income for the financial year 2014-15 stood at
Rs.19.32 Lakhs.
The Company has reported Net Profit of Rs. 254.00 Lacs as against Net
Loss of Rs. 243.69 Lacs in the previous year.
3. DIVIDEND
The Board has decided not to recommend any dividend for the financial
year 2014 - 15 to conserve funds for future plans.
4. TRANSFER TO RESERVES
For the financial year 2014-15 under review, the Company has generated
net profit of Rs. 254.00 Lacs and it is proposed to be retained in
Profit & Loss account under the head reserves and surplus.
5. SHARE CAPITAL
The paid up Equity Share Capital as on 31st March, 2015 was Rs.
5,97,90,000/-. During the year under review, the Company has not issued
any shares with differential rights as to dividend, voting or otherwise
or convertible debentures.
6. MATERIAL CHANGES AND COMMITMENT IF ANY AFFECTING THE FINANCIAL
POSITION OF THE COMPANY
No material changes and commitments affecting the Financial Position of
the Company have occurred during the period under review.
7. EXPANSION OF BUSINESS
The Company through its Board of Directors and management is taking
extra efforts to reach at higher level by setting a benchmark. The
Company also wishes to explore its business in future by keeping in
view the dynamism of global market.
DIRECTORS AND KEY MANAGERIAL PERSONNEL
In accordance with the provisions of the Companies Act, 2013 and the
Articles of Association of the Company, Ms. Aditi Aditya Dugar (DIN:
02300703) retires by rotation at the ensuing Annual General Meeting and
being eligible offers herself for re-appointment. Accordingly, her
re-appointment forms part of the Notice of the ensuing Annual General
Meeting.
During the period under review, Director, Mr. Sanjay Gajanan Pilankar
has resigned from the Board of Directors of the Company w.e.f. 10th
March, 2015 due to his pre-occupation with other business activities.
The Board places on record their appreciation and gratitude for and the
contributions made by Mr. Sanjay Gajanan Pilankar during his tenure as
a Member of the Board of Directors of the Company.
Ankush Jain (DIN: 06842589) was appointed as an Additional Director
designated as Non- Executive Independent Director on the Board of the
Company w.e.f. 10th March, 2015. In accordance with the requirements of
Section 149 and 152 of the Companies Act, 2013 and Clause 49 of the
Listing Agreement, his continuation as an Independent Director on the
Board of the Company shall be subject to approval by the Members of the
Company.
In accordance with provisions of Section 149 of the Companies Act, 2013
and the Listing Agreement with the Stock Exchanges, Mr. Ankush Jain
(DIN: 06842589) has given a declaration to the Company that he meets
the criteria of independence as mentioned in Section 149 (6) of the
Companies Act, 2013 read with Clause 49 of the Listing Agreement. The
details of the proposal for appointment of Independent Director are
mentioned in the statement under Section 102 of the Companies Act,
2013, annexed to the notice of the 21st Annual General Meeting of the
Company.
Mr.Prasad Sadanand Parkar (PAN NO: AHDPP9497L) has been ratified as
Chief Financial Officer of the Company in the Board Meeting held on
10th March, 2015.
The Company has received declarations from all the Independent
Directors of the Company confirming that they meet the criteria of
independence as prescribed both under the sub-section (7) of Section
149 of the Companies Act, 2013 and Clause 49 of the Listing Agreement
with the Stock Exchanges.
8. DIRECTORS' RESPONSIBILITY STATEMENT
As required by Section 134 (3) (c) read with Section 134(5) of the
Companies Act, 2013, your Board of Directors hereby state:
(a) that in the preparation of the Annual Accounts for the year ended
31st March, 2015, the applicable accounting standards have been
followed along with proper explanation relating to material departures,
if any;
(b) that such accounting policies as mentioned in the Notes to the
Financial Statements have been selected and applied them consistently
and 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, 2015 and of the Profit & Loss of the Company for the year
ended on that date;
(c) that the Directors have taken proper and sufficient care for
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 2013 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities;
(d) that the annual accounts have been prepared on a going concern
basis;
(e) that Directors has laid down internal financial controls to be
followed by the Company and such Internal Financial Controls are
adequate and operating effectively;
(f) that systems to ensure compliance with the provisions of all
applicable laws were in place and were adequate and operating
effectively.
9. DECLARATION BY DIRECTORS
The Company has received declaration from all the independent directors
under section 149(7) of the Companies Act, 2013 in respect of meeting
the criteria of independence provided under section 149(6) of the said
Act.
10. NUMBER OF BOARD MEETINGS AND AUDIT COMMITTEE MEETINGS
During the year, Seven (07) Board Meetings of the Company and Five (05)
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.
11. AUDITORS
M/s. Haren Sanghvi & Associates, Chartered Accountants (Firm
Registration Number 120743W), the Statutory Auditors of the Company,
hold office until the conclusion of the forthcoming Annual General
Meeting of the Company, and are eligible for re-appointment.
M/s. Haren Sanghvi & Associates, Chartered Accountants have granted
their consent for appointment as Statutory Auditors of the Company and
have confirmed their eligibility for being appointed as Statutory
Auditors of the Company in terms of requirements prescribed under
Companies Act, 2013. The Board of Directors of the Company recommends
the appointment of M/s. Haren Sanghvi & Associates, Chartered
Accountants as the Statutory Auditors of the Company for approval of
the Members at the forthcoming Annual General Meeting.
12. AUDITORS REPORT
The Report given by the Statutory Auditors for the Financial Statements
for the year ended 31st March, 2015 read with explanatory notes thereon
do not call for any explanation or comments from the Board under
Section 134(3) of the Companies Act, 2013. The Auditors Report to the
Shareholders does not contain any reservation, qualification or any
adverse remark.
13. SECRETARIAL AUDITOR AND SECRETARIAL AUDIT REPORT
Pursuant to the provisions of Section 204 of the Companies Act, 2013
and the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014, the Board has appointed M/s. Sonal Kothari &
Associates, Practicing Company Secretary, (C.P No. 8769) to conduct
Secretarial Audit of the Company for the Financial year 2014-15. The
Secretarial Audit Report for the financial year ended 31st March, 2015
is annexed herewith and marked as "Annexure I". The Secretarial Audit
Report does not contain any qualification, reservation or adverse
remark.
14. CORPORATE GOVERNANCE
Our Company does not fall under the purview of the revised Clause 49 of
the Listing Agreement. However the Company is voluntarily complying
with the provisions of Clause 49 of the Listing Agreement.
15. AUDIT COMMITTEE
The Board has well-qualified Audit Committee with majority of
Independent Directors including Chairman. They possess sound knowledge
on Accounts, Audit, Finance, Taxation, Internal Controls etc. The
details of the Composition of the Audit Committee are given in the
Corporate Governance Report.
During the year, there are no instances where the Board has not
accepted the recommendations of the Audit Committee.
16. NOMINATION & REMUNERATION POLICY
In terms of requirements prescribed under Section 178(3) of the
Companies Act, 2013, the Nomination and Remuneration Policy inter-alia
providing the terms for appointment and payment of remuneration to
Directors and Key Managerial Personnel is annexed to this Report as
"Annexure II"
17. MANAGEMENT REMUNERATION
The requisite details as per Rule 5 of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014 is annexed herewith
forming part of this report.
18. RISK MANAGEMENT POLICY
Your Company has in place a mechanism to identify, assess, monitor and
mitigate various risks to key business objectives. Major risks
identified by the businesses and functions are systematically addressed
through mitigating actions on a continuing basis. Your Company's
internal control systems are commensurate with the nature of its
business and the size and complexity of its operations. These are
routinely tested by Statutory as well as Internal Auditors. Significant
audit observations and follow up actions thereon are reported to the
Audit Committee.
19. CORPORATE SOCIAL RESPONSIBILITY (CSR)
The Company is not mandatorily required to contribute towards CSR
pursuant to the provisions of Section 135 of the Companies Act, 2013
read with rules framed thereunder.
However, the Board of Directors of the Company has constituted a CSR
Committee. The details of the Composition of the Corporate Social
Responsibility Committee are given in the Corporate Governance Report.
20. INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY
The Company has an Internal Control System, commensurate with the size,
scale and complexity of its operations.
Based on the report of Internal Audit function, corrective action are
undertaken in the respective areas and thereby strengthening the
internal controls. Significant audit observations and corrective
actions thereon are presented to the Audit Committee.
During the year under review, no material or serious observation has
been received from the Internal Auditors of the Company for
inefficiency or inadequacy of such controls.
21. VIGIL MECHANISM / WHISTLE BLOWER POLICY
In line with the best Corporate Governance practices, Company has put
in place a system through which the Directors and Employees may report
concerns about unethical behaviour, actual or suspected fraud or
violation of the Company's Code of Conduct & Ethics without fear of
reprisal. The Employees and Directors may report to the Compliance
Officer and have direct access to the Chairman of the Audit Committee.
The Company has formulated and published a Whistle Blower Policy to
provide Vigil Mechanism for employees including directors of the
Company to report genuine concerns. The provisions of this policy are
in line with the provisions of the Section 177(9) of the Act and the
revised Clause 49 of the Listing Agreement with stock exchanges. The
Whistle Blower Policy is placed on the website of the Company.
22. DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMAN AT WORKPLACE
(PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013
The Company has in place an Anti Sexual Harassment Policy in line with
the requirements of the Sexual Harassment of Woman at Workplace
(Prevention, Prohibition and Redressal) Act, 2013. All women employees
(permanent, contractual, temporary and trainee) are covered under this
Policy.
The following is a summary of Sexual Harassment complaints received and
disposed off during the year:
a) No. of Complaints received: Nil
b) No. of Complaints disposed off: Nil
The details and the composition of Anti - Sexual Harassment Committee
have been provided in Corporate Governance report.
23. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO
As Company is not engaged in Industrial Activity, the Company is not
required to comply with Conservation of Energy & Technology Absorption
Clause.
The details in respect of Foreign Exchange earnings/outgo during the
year under review is provided in "Annexure III".
24. PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES
Disclosures pertaining to remuneration and other details as required
under Section 197(12) of the Act read with Rule 5(1) of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014 are
provided in "Annexure IV".
25. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS
During the year under review, the Company has not given any loans and
guarantees. Details of Investments covered under the provisions of
Section 186 of the Companies Act, 2013 are given under Note No. 9
forming part of the Financial Statements.
26. RELATED PARTY TRANSACTIONS
All Transactions entered into with related parties as defined under the
Companies Act, 2013 and Clause 49 of the Listing Agreement during the
Financial Year were in the ordinary course of business and on an arm's
length pricing basis and do not attract the provisions of Section 188
of the Companies Act, 2013. There were no materially significant
transactions with the related parties during the financial year which
were in conflict with the interest of the Company and hence, enclosing
of Form AOC-2 is not required. Suitable disclosure as required by the
Accounting Standard (AS 18) has been made in the notes to Financial
Statements.
27. MANAGEMENT DISCUSSION AND ANALYSIS
Pursuant to Clause 49 of the Listing Agreement with the Stock
Exchanges, the Management Discussion & Analysis Report for the year
under review forms part of the Annual Report.
28. PUBLIC DEPOSITS
The Company has not accepted or renewed any amount falling within the
purview of provisions of Section 73 and 74 of the Companies Act, 2013
read with the Companies (Acceptance of Deposit) Rules, 2014 during the
year under review.
29. EXTRACT OF ANNUAL RETURN
Pursuant to the provisions of Section 134 (3) (a) of the Companies Act,
2013, Extract of the Annual Return for the financial year ended 31st
March, 2015 made under the provisions of Section 92 (3) of the Act in
Form MGT-9 is annexed herewith as "Annexure V".
30. PERFORMANCE EVALUATION OF BOARD
The Company has devised a policy for evaluation of Performance of the
Board of Directors, its Committees and individual Directors ("Policy").
The evaluation involves assessment of performance individually of each
of the Board Members and of the entire Board of Directors and its
Committees.
The performance evaluation criteria of the entire Board of Directors
inter alia comprises of the following key areas such as competencies
and experience, quality of agenda notes circulated for board meetings,
timelines for circulation of minutes, quality of recording board
discussions, information sharing and communication, corporate
governance process and disclosures.
The evaluation framework for assessing the performance of Committee(s)
of Board of Directors inter-alia comprises of the following key areas
such as composition of Members, deliverance of allocated
responsibilities and qualitative Assessment/Responsibility.
The performance evaluation process of individual Directors inter alia
comprises of the following key areas such as attendance at Board
Meetings and Committee Meetings, preparations of the Board and
Committee Meeting(s), Contribution in the Board room using expertise,
knowledge, experience and wisdom, independence of views and judgement,
ownership of value building. In terms of the Policy, a process of
evaluation was undertaken by the Board for its own performance and that
of its Committees and individual Directors. The evaluation process is
focused on various aspects of the functioning of the Board and
Committees. Separate exercise was carried out to evaluate the
performance of individual Directors on specified parameters. The
outcome of evaluation process was shared with the Board, Chairman of
respective Committees and individual Directors. Based on the outcome of
the evaluation, the Board and Committees have agreed on an action plan
for the identified areas. The details of programme for familiarisation
of Independent Directors with the Company, industry in which it
operates, their roles, rights, responsibilities is made available on
the website of the Company i.e., www.tavernier.com
31. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR
COURTS:
There are no significant/ material orders passed by the regulators or
courts or tribunals impacting the going concern status of your Company
and its operations in future.
ACKNOWLEDGEMENT
Your Directors would like to thank and place on record their
appreciation for the support and co-operation provided to your Company
by its Shareholders and in particular, regulatory authorities and its
bankers. Your Directors would also like to place on record their
appreciation for the efforts put in by employees of the Company during
the year
On behalf of the Board
Place: Mumbai Sudhir Milapchand Naheta
Date: 27th August, 2015 Chairman and Managing Director
Mar 31, 2014
Dear Members,
The Directors have pleasure in presenting their 20th Annual Report on
the business and operations of the Company for the year ended 31st
March, 2014.
1. FINANCIAL HIGHLIGHTS
(Rs. In Lacs)
PARTICULARS YEAR ENDED
31st March 2014 31st March 2013
Income from
Operations (98.11) 293.69
Other Income 5.49 31.80
Profit (Loss) before Depreciation (233.95) 95.61
Less : Depreciation (9.74) (9.63)
Profit/ (Loss) after Depreciation (243.69) 85.98
Less : Provision for Tax/Current Year Tax Nil 16.38
Less : Deferred Tax Nil Nil
Profit/ (Loss) after Tax (243.69) 69.60
Balance carried to Balance Sheet
(Profit/ (Loss) Account) (139.18) 104.52
Earnings Per Share (4.08) 1.16
2. OPERATIONS
During the year under review your Company has incurred a loss of Rs.
243.69 Lacs as against Net Profit of Rs. 69.60 Lacs in the previous
Financial Year.
3. DIVIDEND
The Board of Directors did not recommend any Dividend for the year
under review.
4. DIRECTORS
In terms of the provisions of Section 152(6) of the Companies Act,
2013, Mrs. Rajkumari Naheta retire from the Board of Directors of the
Company by rotation and being, eligible, has offered herself for
re-appointment at the ensuing Annual General Meeting.
In terms of provisions of Sections 149, 152 of the Companies Act, 2013
read with Clause 49 of the Listing Agreement, Mr. Pradeep Kumar
Jayantikumar Jhaveri, Mr. Shashi Krishna Balsekar and Mr. Sanjay
Gajanan Pilankar, Independent Directors of the Company are proposed to
be appointed at the forthcoming Annual General Meeting for a
consecutive period of five years upto 31st March, 2019 and they shall
not be liable to retire by rotation. The Notice convening the
forthcoming Annual General Meeting include the proposals for
appointment / re-appointment of aforesaid Directors. A brief resume of
the Directors seeking appointment / re- appointment at the ensuing
Annual General Meeting and other details as required to be disclosed in
terms of Clause 49 of the Listing Agreement forms part of the Notice of
the forthcoming Annual General Meeting. None of the Directors are
related inter-se to each other.
Mr. Sudhir M. Naheta was re-appointed as Managing Director of the
Company on 13th May, 2014 for a further period of 5 years we.f 3rd
March, 2014.The Board recommends his re- appointment for approval of
the Members at the forthcoming Annual General Meeting.
None of the Directors are disqualified for appointment/re-appointment
under Section 164(2) of the Companies Act, 2013.
5. AUDITORS AND AUDITORS REPORT
During the year, the Company had received intimation from M/s. Haren
Sanghvi & Associates, stating that M/s. Haren Sanghvi & Associates,
Chartered Accountants has been converted into a Partnership Firm from
Proprietorship Firm under the provisions of the Indian Partnership Act,
1932 with effect from 1st April, 2014. The Board of Directors of the
Company have taken due note of this change.
M/s. Haren Sanghvi & Associates, Chartered Accountants, the Statutory
Auditors of the Company hold office until conclusion of the forthcoming
Annual General Meeting and being eligible have offered themselves for
re- appointment as Statutory Auditors of the Company.
M/s. Haren Sanghvi & Associates, Chartered Accountants, Mumbai, have
accorded their consent for appointment as statutory auditors and have
also confirmed their eligibility for being appointed as statutory
auditors of the Company in terms of requirements prescribed under
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 and
explanations.
6. DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to Section 217 (2AA) of the Companies Act, 1956, the Directors
confirm that:
a) in the preparation of the Annual Accounts for the financial year
ended 31st March, 2014, the applicable Accounting Standards have been
followed along with proper explanation relating to material departures,
if any;
b) the Directors have selected such Accounting policies and applied
them consistently and 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, 2014 and of profit or loss of the Company
on that date;
c) the Directors had 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, and
d) the Directors have prepared the Annual Accounts for the financial
year ended 31st March, 2014 on a going concern basis.
7. CORPORATE GOVERNANCE
A report on Corporate Governance together with Auditors'' Certificate as
required under Clause 49 of the Listing Agreement forms part of this
Annual Report.
8. MANAGEMENT DISCUSSION AND ANALYSIS REPORT
The Management Discussion & Analysis Report as required under Clause 49
of the Listing Agreement is presented separately and forms part of this
Report.
9. PARTICULARS OF ENERGY CONSERVATION, TECHNOLOGY ABSORPTION,
EXPENDITURE ON RESEARCH AND DEVELOPMENT, FOREIGN EXCHANGE
INFLOW/OUTFLOW ETC
Information in accordance with the provisions of Section 217(1)(e) of
the Act read with the Companies (Disclosure of Particulars in the
Report of Board of Directors) Rules, 1988, regarding Conservation of
Energy, Technology Absorption and Foreign Exchange Earnings and Outgo
is given in Annexure "A".
10. PUBLIC DEPOSITS
Your Company has not accepted any deposits from the Public during the
year under review.
11. PARTICULARS OF EMPLOYEES
The Company has no employee in the category specified under Section
217(2A) of the Companies Act, 1956.
12. LISTING
The Shares of the Company are at present Listed at Bombay Stock
Exchange. The Company has paid the listing fees for the current
Financial Year to the Bombay Stock Exchange. The Company''s application
for delisting of its Shares at Delhi Stock Exchange is still pending
for consideration by the said Exchange.
13. COMMITTEES
a) Nomination and Remuneration Committee
In terms of Section 178 of the Companies Act, 2013, the Board of
Directors of the Company has constituted Nomination and Remuneration
committee comprising of 3 Non-Executive Independent Directors. Mr.
Pradeepkumar Jhaveri is the Chairman of this Committee. Mr. Sanjay
Pilankar and Mr. Shashi Krishna Balsekar are the other members of this
Committee.
b) Stakeholders Relationship Committee
In terms of Section 178 of the Companies Act, 2013 the existing
Shareholders Grievance Committee has been re-christened as Stakeholders
Relationship Committee was re-constituted on 12th August, 2013
comprising of 3 Non-Executive Independent Directors. Mr. Pradeepkumar
Jhaveri, is the Chairman of this Committee. Mr. Sanjay Pilankar and Mr.
Shashi Krishna Balsekar are the other members of this Committee.
c) Audit Committee
The Audit Committee was re-constituted on 12th August, 2013 comprising
of 3 Non-Executive Independent Directors namely Mr. Pradeepkumar
Jhaveri - Chairman, Mr. Sanjay Pilankar and Mr. Shashi Krishna Balsekar
as Members of this Committee.
14. ACKNOWLEDGEMENT
Your Directors would like to thank and place on record their
appreciation for the support and co-operation provided to your Company
by its Shareholders, and in particular, their employees, regulatory
authorities and its bankers. Your Directors would also like to place on
record their appreciation for the efforts put in by employees of the
Company during the year.
By Order of the Board of Directors
Sd/-
Sudhir M. Naheta
Managing Director
Place : Mumbai
Date : 27th August, 2014
Registered Office:
209, Embassy Centre, Nariman Point,
Marine Drive, Mumbai - 400021.
CIN : L51909MH1994PLC193901
Tel.:91-22-2204 0534 / 2202 3367 Fax: 91-22-2202 3891
Email: [email protected], [email protected]
website:- http://www.tavernier.com
Mar 31, 2013
The Directors have pleasure in presenting their 19th Annual Report on
the business and operations of the Company forthe year ended 31st
March, 2013.
1. FINANCIAL RESULTS:
(Rs. In Lacs)
PARTICULARS YEAR ENDED
31*March2013 31*March2012
Income from Operations 293.69 327.68
Other Income 31.80 35.15
Profit (Loss) before Depreciation 95.62 (22.24)
Less : Depreciation (9.63) (0.22)
Profit/ (Loss) after Depreciation 85.98 (22.46)
Less : Provision for Tax/Current
Year Tax 16.38 Nil
Less : Deferred Tax Nil (6.53)
Profit/ (Loss) after Tax 69.60 (15.93)
Add :Amount brought forward from
Previous Year 34.92 50.85
Amount available for appropriation 104.52 34.92
Appropriations
Proposed Dividend @Rs.1/-pershare Nil Nil
Interim Dividend paid Nil Nil
Corporate Dividend Tax Nil Nil
Transfer to General Reserve Nil Nil
Prior Period Items Nil 0.02
Balance carried to Balance Sheet
(Profit/ (Loss) Account) 104.52 34.92
Earnings Per Share 1.16 (0.27)
2. OPERATIONS:
During the year under review your Company achieved Operating Income ofRs.
293.69 Lacs as against Rs. 327.68 Lacs in the previous year. Other Income
earned during the year stood atRs. 31.80 lacs as againstRs. 35.15 Lacs in
the previous year.
The Company reported Net Profit of Rs. 69.60 Lacs as against Net Loss of
Rs. 15.93 Lacs in the previous year.
3. DIVIDEND
The Board of Directors do not recommend any Dividend for the year under
review.
4. DIRECTORS:
Shri Sanjay Gajanan Pilankar, Director of the Company retires by
rotation under Article 116 of Articles of Association of the Company
but being eligible offers himself for re-appointment.
Shri Shashi Krishna Balsekar was appointed as an Additional Director of
the Company w.e.f. 25th May 2013 in the Board meeting held on 25th May,
2013. He holds office upto the date of ensuing Annual General Meeting.
Notice has been received in writing from members proposing his
appointment as the Director of the Company.
Shri Uday Marathe, Independent Director of the Company tendered his
resignation from the Directorship of the Company w.e.f. 25th May 2013
and the Board of the Directors accepted his resignation with immediate
effect.
5. AUDITORS:
M/s. Haren Sanghvi & Associates, Chartered Accountants of the Company
will retire at the conclusion of the forthcoming Annual General Meeting
and being eligible offer themselves for re-appointment as
StatutoryAuditors of the Company. The Company has obtained a
certificate as per Section 224 <1B) of the Companies Act, 1956to the
effect that their re- appointment, if made, would be within the limits
prescribed therein.
6. AUDITORS''REPORT:
There are no adverse observations in the Auditors'' Report.
7. DONATIONS:
During the year under report no donations were made to Social/
Educational Institutions.
8. DIRECTORS'' RESPONSIBILITYSTATEMENT:
Pursuant to Section 217 (2AA) of the Companies Act, 1956,the Directors
confirm that:
a) In the presentation of the Annual Accounts, the applicable
Accounting Standards have been followed and that no material departures
have been made;
b) The Directors have selected such Accounting policies and applied
them consistently and 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 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, 1956for safeguarding the assets of the
Company and for preventing and detecting fraud and other
irregularities, and
d) The Directors have prepared the Annual Accounts on a going concern
basis.
9. STATEMENTS OF PARTICULARS UNDER COMPANIES (DISCLOSURE OF
PARTICULARS IN THE REPORT OF BOARD OF DIRECTORS) RULES, 1988
Information in accordance with the provisions of Section 217(1 )(e) of
the Act read with the Companies (Disclosure of Particulars in the
Report of Board of Directors) Rules, 1988, regarding Conservation of
Energy, Technology Absorption and Foreign Exchange Earnings and Outgo
is given in Annexure "A".
10. PUBLIC DEPOSITS
The Company has not accepted any Public Deposits during the year under
report.
11. PARTICULARS OF EMPLOYEES:
The Company has no employee in the category specified under Section
217(2A)of the Companies Act, 1956.
12. LISTING
The Shares of the Company are at present Listed at Bombay Stock
Exchange. The Company has paid the listing fees for the current
financial year to the Bombay Stock Exchange. The Company''s Application
for delisting of its Shares at Delhi Stock Exchange is still pending
for consideration by the said Exchange
13. ACKNOWLEDGEMENT
Your Directors wish to place on record their sincere thanks to the
various Central and State Government Departments for their extended
support and assistance to the Company. The Board of Directors would
like to sincerely thank all the Shareholders and Creditors for their
continued support and confidence in the Company.
FOR AND ON BEHALF OF THE BOARD
Place : Mumbai Sudhir M d/- Naheta
Date : 12th August, 2013 Managing Director
Mar 31, 2012
The Directors have pleasure in presenting their 18th Annual Report on
the business and operations of the Company for the year ended 31st
March 2012.
1. FINANCIAL RESULTS:
(Rs. In Lacs)
PARTICULARS YEAR ENDED
31st March 2012 31st March 2011
Income from Operations 327.68 1015.49
Other Income 35.15 50.69
Profit/(Loss) before Depreciation (22.24) 58.90
Less: Depreciation (0.22) (0.17)
Profit/(Loss) after Depreciation (22.46) 58.73
Less: Provision for Tax Nil 11.21
Less: Deferred Tax (6.53) Nil
Profit/(Loss) after Tax (15.93) 47.52
Add :Amount brought forward
from Previous Year 50.85 3.33
Amount available for appropriation 34.92 50.85
Appropriations
Proposed Dividendé Re. 1/-per share Nil Nil
Interim Dividend paid Nil Nil
Corporate Dividend Tax Nil Nil
Transfer to General Reserve Nil Nil
Prior Period Items 0.02 Nil
Balance carried to Balance Sheet 34.92 50.85
(Profit/ (Loss) Account)
Earnings Per Share (0.27) 0.79
2. OPERATIONS:
During the year under review your Company achieved Operating Income of
Rs. 327.68 Lacs as against Rs. 1015.49 Lacs in the previous year. Other
Income earned during the year stood at Rs. 35.15 Lacs as against Rs. 50.69
Lacs in the previous year.
The Company reported Net Loss of Rs. 15.93 Lacs as against Net Profit of
Rs. 47.52 Lacs in the previous year.
3. DIVIDEND:
The Board of Directors do not recommend any Dividend for the year under
review.
4. DIRECTORS:
Smt. Aditi Dugar, Executive Director of the Company retires by rotation
under Article 116 of Articles of Association of the Company but being
eligible offers herself for re-appointment.
Shri Sanjay Gajanan Pilankar and Shri Pradeepkumar Jayantikumar Jhaveri
were appointed as Additional Directors Of the Company w.e.f.19th May
2012 in the Board meeting held on 19th May 2012. They hold office upto
the date of ensuing Annual General Meeting. Notice has been received in
writing from members proposing their Appointment as the Directors of
the Company.
Shri Ashok Kumar Jain and Smt. Usha Ashok Jain resigned as Directors of
the Company w.e.f. 19th May 2012. The Board of Directors placed on
record sincere appreciation for their valuable services rendered to the
Company during their tenure as Directors of the Company.
5. AUDITORS :
M/s. Haren Sanghvi & Associates, Chartered Accountants of the Company
will retire at the conclusion of the forthcoming Annual General Meeting
and being eligible to offer themselves for reappointment as Statutory
Auditors of the Company. The Company has obtained a certificate as per
Section 224 (1B) of the Companies Act, 1956 to the effect that their
re- appointment, if made, would be within the limits prescribed
therein.
6. AUDITORS'REPORT:
There are no adverse observations in the Auditor's Report.
7. DONATIONS:
During the year under report no donations were made to Social/
Educational Institutions.
8. DIRECTOR'S RESPONSIBILITY STATEMENT :
Pursuant to Section 217 (2AA) of the Companies Act, 1956, The Directors
confirm that:
a) In the presentation of the Annual Accounts, the applicable
Accounting Standards have been followed and that no material departures
have been made;
b) 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 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, 1956 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities, and
d) The Directors have prepared the Annual Accounts on a going concern
basis.
9. STATEMENTS OF PARTICULARS UNDER COMPANIES (DISCLOSURE OF
PARTICULARS IN THE REPORT OF BOARD OF DIRECTORS) RULES, 1988:
Information in accordance with the provisions of Section 217(1)(e) of
the Act read with the Companies (Disclosure of Particulars in the
Report of Board of Directors) Rules, 1988, regarding Conservation of
Energy, Technology Absorption and Foreign Exchange Earnings and Outgo
is given in Annexure "A".
10. PUBLIC DEPOSITS:
The Company has not accepted any Public Deposits during the year under
report.
11. PARTICULARS OF EMPLOYEES:
The Company has no employee in the category specified under Section
217(2A) of the Companies Act, 1956.
12. LISTING:
The Shares of the Company are at present Listed at Bombay Stock
Exchange. The Company has paid the listing fees for the current
financial year to the Bombay Stock Exchange. The Company's Application
for delisting of its Shares at Delhi Stock Exchange is still pending
for consideration by the said Exchange.
13. ACKNOWLEDGEMENT.
Your Directors wish to place on record their sincere thanks to the
various Central and State Government Departments for their extended
support and assistance to the Company. The Board of Directors would
like to sincerely thank all the Shareholders and Creditors for their
continued support and confidence in the Company.
FOR AND ON BEHALF OF THE BOARD
Sd/-
Place: Mumbai Sudhir M. Naheta
Date: 10th August 2012 Managing Director
Mar 31, 2011
The Directors have pleasure in presenting their 17th Annual Report on
the business and operations of the Company for the year ended 31st
March, 2011.
1. FINANCIAL RESULTS :
(Rs. In Lacs)
PARTICULARS YEAR ENDED
31st March 2011 31st March 2010
Income from Operations 1015.49 305.89
Other Income 50.69 (49.18)
Profit (Loss) before Depreciation 58.89 (55.71)
Less : Depreciation 0.17 0.18
Profit/ (Loss) after Depreciation 58.73 (55.89)
Less : Provision for Tax 11.21 0.05
Profit/ (Loss) after Tax 47.52 (55.94)
Add :Amount brought forward from 3.33 59.27
Previous Year
Amount available for appropriation 50.85 3.33
Appropriations
Proposed Dividend @ Re.1/-per share Nil Nil
Interim Dividend paid Nil Nil
Corporate Dividend Tax Nil Nil
Transfer to General Reserve Nil Nil
Prior Period Items Nil Nil
Balance carried to Balance Sheet 50.85 3.33
(Profit/ (Loss) Account)
Earnings Per Share 0.79 (0.94)
2. OPERATIONS:
During the year under Report your Company achieved an Operating Income
of Rs. 1015.49 Lacs as against Rs.305.89 Lacs in the previous year.
Other Income earned during the year stood at Rs.50.69 lacs as against
Loss of Rs 49.18 lacs in the previous year. The Profit before
Depreciation was Rs.58.90 Lacs as against Loss of Rs. 55.71 Lacs in
the previous year. The profit after Depreciation and Tax was Rs. 47.52
lacs as against Loss of Rs.55.94 lacs for the year ended 31st March,
2011.
3. DIVIDEND
No Dividend is recommended for the year under review.
4. DIRECTORS :
Shri. Uday Marathe, Non Executive Independent Director of the Company
retires by rotation under Article 116 of Articles of Association of the
Company but being eligible offers himself for re-appointment.
5. AUDITORS:
M/s. Haren Sanghvi & Associates, Chartered Accountants of the Company
will retire at the conclusion of the forthcoming Annual General Meeting
and being eligible offers himself for reappointment as Statutory
Auditors of the Company. The Company has obtained a certificate as per
Section 224 (1B) of the Companies Act, 1956 to the effect that their
re- appointment, if made, would be within the limits prescribed
therein.
6. AUDITOR'S REPORT:
There are no adverse observations in the Auditor's Report.
7. DONATIONS:
During the year under report no donations were made to Social/
Educational Institutions.
8. DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to Section 217 (2AA) of the Companies Act, 1956, The Directors
confirm that:
a) in the presentation of the Annual Accounts, the applicable
Accounting Standards have been followed and that no material departures
have been made;
b) the Directors had selected such Accounting policies and applied them
consistently and 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 or loss
of the Company for that period;
c) the Directors had 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, and,
d) the Directors had prepared the Annual Accounts on a going concern
basis.
9. STATEMENTS OF PARTICULARS UNDER COMPANIES (DISCLOSURE OF
PARTICULARS IN THE REPORT OF BOARD OF DIRECTORS) RULES, 1988
Information in accordance with the provisions of Section 217(1)(e) of
the Act read with the Companies (Disclosure of Particulars in the
Report of Board of Directors) Rules, 1988, regarding Conservation of
Energy, Technology Absorption and Foreign Exchange Earnings and Outgo
is given in Annexure "A".
10. PUBLIC DEPOSITS
The Company has not accepted any Public Deposits during the year under
report.
11. PARTICULARS OF EMPLOYEES :
The Company has no employee in the category specified under Section
217(2A) of the Companies Act, 1956.
12. LISTING
The Shares of the Company are at present Listed at Bombay Stock
Exchange. The Company has paid the listing fees for the current
financial year to the Bombay Stock Exchange. The Company has made an
Application for delisting of its Shares at Delhi Stock Exchange.
13. ACKNOWLEDGEMENT
Your Directors wish to place on record their sincere thanks to the
various Central and State Government Departments for their extended
support and assistance to the Company. The Board of Directors would
like to sincerely thank all the Shareholders and Creditors for their
continued support and confidence in the Company.
FOR AND ON BEHALF OF THE BOARD
Sd/-
Sudhir M Naheta
Chairman & Managing Director
Place : Mumbai
Date : 30th August 2011
Mar 31, 2010
Being the Sixteenth year of our alliance, your Directors are pleased to
present the Sixteenth Annual Report of your Company and the Audited
Statement of Accounts for the financial year ended 31st March, 2010.
Operating Review And Future Outlook
Presently the company is involved in the trading of yarn. The company
booked a total turnover of Rs. 305.89 Lacs in the current year ended on
31st March, 2010 as compared to Rs. Nil in the previous year. During
the Current year the company earned a Loss after tax of Rs. 55.94 Lacs
as compared to Profit after tax of Rs. 2.35 Lacs for the previous year.
As the companys shares are listed on Bombay Stock Exchange Limited
having nationwide terminal, it is not required for the company to
continue listing of its scrips in other Stock Exchanges. An application
had been filed with Delhi Stock Exchange for De-listing of Equity
Shares but it is yet to be de-listed.
Financial Results
The financial results of your Company for the year under review are
summarized below:
(Rs. In Lacs)
PARTICULARS Year Ended Year Ended
31st March, 2010 31st March, 2009
PROFIT AND LOSS ACCOUNT
Income from Operations 305.89 Nil
Other Income (49.18) 16.12
Total Income 256.71 16.12
Total Expenses 312.42 15.85
Profit/(Loss) before
Depreciation (55.71) 0.27
Depreciation 0.18 0.30
Profit/ (Loss) before
Extraordinary
Item and prior period item (55.89) (0.03)
Profit/(Loss) after
Extraordinary Item
and prior period item (55.89) (0.03)
Less: Tax Expense 0.05 2.32
Profit/(Loss) after Tax (55.94) (2.35)
Earnings Per Share (0.94) (0.04)
Dividend
No Dividend is recommended for the year under review.
Board of Directors
During the year, 6 Non Executive Independent Directors appointed last
year out of which 2 were appointed as Directors at the last Annual
General Meeting and rest 4 were appointed as Additional Directors which
is detailed as below:
Name of Director being Date of Appointed as
Appointed Appointment
Mr. Sudhir NahetaA 30/10/2008 Managing Director
Mr. Ashwani Dewan * 07/11/1994 Director
Mrs. Rajkumari Sudhir
Naheta 30/10/2008 Director
Mrs. Aditi Aditya Dugar 30/10/2008 Director
Mr. Uday Shivram Marathe# 21/10/2009 Independent Additional
Director
Mr. Pramod Bharat Mulik @ 21/10/2009 Independent Additional
Director
Mrs. Anagha Amar
Ainapure# 21/10/2009 Independent Additional
Director
Mr. Amar Ashok
Ainapure# 21/10/2009 Independent Additional
Director
* Resigned w.e.f. 20th July 2010.
# Resigned w.e.f. 25th September 2009 and Appointed w.e.f. 21st October
2009. @ Appointed w.e.f. 21st October 2009 and Resigned w.e.f 20th
July 2010.
A Appointed as Managing Director w.e.f 3rd March 2009.
In accordance with the Section 255 of the Companies Act, 1956 read with
the Articles of Association of the Company, Mrs. Rajkumari Naheta
(Director) and Mrs. Aditi Dugar (Director), will be retiring by
rotation at the forthcoming Annual General Meeting and being eligible
offer themselves for re- appointment.
Mr. Uday Shivram Marathe, Mrs. Anagha Amar Ainapure and Mr. Amar Ashok
Ainapure were appointed as Additional Directors during the year w.e.f
21st October 2009. Further, Mr. Ashok Jain and Mrs. Usha Jain were
appointed as Additional Directors w.e.f 20th July, 2010. These
directors vacate the office as additional director at the forthcoming
Annual General Meeting. However, in terms of Section 257, the Company
has received notices in writing from some of its members signifying
their intention to appoint them as Directors.
Auditors Report
The Auditors Report to the Shareholders does not contain any
qualification. The Auditors of the company had in their report stated
their observations which are self-explanatory and/or are explained
suitably in the notes on accounts.
Auditors
The Auditors, M/s Haren Sanghvi & Associates, Chartered Accountants,
retire at this Annual General Meeting and being eligible offer
themselves for re-appointment. The Company has obtained a certificate
as per Section 224 (1B) of the Companies Act, 1956 to the effect that
their re- appointment, if made, would be within the limits prescribed
therein. You are requested to re-appoint the Auditors for the current
year to hold the office from the conclusion of the ensuing Annual
General Meeting until the conclusion of the next Annual General
Meeting.
Audit Committee
Audit Committee presently comprises of Mr.Uday Shivram Marathe
(Additional Director), Mrs. Rajkumari Sudhir Naheta (Director), and
Mrs. Anagha Amar Ainapure (Additional Director). The Chairman of Audit
Committee is Mr. Uday Shivram Marathe.
The composition of Audit Committee meets the requirement of Section
292A of the Companies Act, 1956 and those of Clause 49 of the Listing
Agreement. The terms of reference of the Audit Committee are as per the
guidelines mentioned in the Code of Corporate Governance which inter-
alia includes the monitoring of the financial reporting process;
ensuring adequate disclosure in the financial statements; reviewing the
internal control mechanism.
Shareholders Grievance & Transfer Committee
Shareholders Grievance & Transfer Committee, presently comprises of
Mr. Uday Shivram Marathe (Additional Director), Mrs. Anagha Amar
Ainapure (Additional Director) and Mrs. Aditi Aditya Dugar (Director).
The Chairman of the Committee is Mrs. Aditi Aditya Dugar.
Deposits
During the year under review, your company has not accepted any
deposits from the public within the meaning of Section 58A of the
Companies Act, 1956.
Listing
The company has paid the listing fees to the Bombay Stock Exchange upto
the current financial year.
Share Transfer Agent
The Share Transfer Agent for the Company is "Link Intime India Private
Limited", Mumbai.
Further any queries would continue to server, which is:
Link Intime India Private Limited C - 13, Pannalal Silk Mills
Compounds, LBS Marg, Bhandup(West) Mumbai - 400078
Corporate Governance
A comprehensive report on Corporate Governance as stipulated under
clause 49 of the Listing Agreement is attached to this Report. The
Practicing Company Secretary (P CS) certifying the compliance with the
conditions of clause 49 of the listing agreement is also annexed to the
report.
Management Discussion and Analysis
As required under Clause 49 of the Listing Agreement with the Stock
Exchanges, Management Discussion and Analysis Report forms part of this
report and is annexed herewith.
Particulars of Employees
The Company has no employees whose particulars are to be disclosed in
terms of Section 217(2A) of the Companies Act, 1956 read with the
Companies (Particulars of Employees) Rules, 1975
Directors Responsibility Statement
Pursuant to Section 217(2AA) of the Companies Act, 1956 ("the Act"), we
hereby state that:
i) in the preparation of the Annual Accounts for the financial year
ended 31st March, 2010 the
applicable accounting standards had been followed and there is no
material departure;
ii) such accounting policies were selected and applied consistently and
such judgments and
estimates were made as 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 of the loss for the year ended on that date;
iii) proper and sufficient care was taken 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) Your directors have prepared the annual accounts for the year ended
31st March,2010 on a going concern basis.
Conservation of Energy, Technology Absorption, Foreign Exchange
Earnings & Outgo:
1. Conservation of Energy: NIL
2. Technology Absorption: NIL
3. Foreign Exchange Earnings and Outgo: Current year Previous year
(as on 31.3.2010) (as on 31.3.2009)
Activities relating to export NIL NIL
Foreign Exchange used NIL NIL
Foreign Exchange earned NIL NIL
Acknowledgement
Your Directors wish to place on record their sincere thanks to the
various Central and State Government departments for their extended
support and assistance to the company. The Board of Directors would
like to sincerely thank all the shareholders and creditors for their
continued support and confidence in the company.
By Order of the Board
s/d -
Mr. Sudhir Naheta
Place: Mumbai Managing Director
Date : 5th August 2010
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