Mar 31, 2015
To,
The Members,
The Directors have pleasure in presenting the Annual Report together
with the Audited statement of Accounts of the Company for the year
ended 31st March, 2015.
OPERATION DURING THE YEAR
The company's operational activity was satisfactory.
FINANCIAL RESULTS
Your Company financial performance during the year 2014-15 is
summarized below:
(Rs. In Lacs)
Particulars 2014-2015 2013-2014
Turnover 67,55,231 42,19,300
Expenses 62,15,098 40,63,047
Profit Before Tax 5,40,133 1,56,253
Provision for Taxation 1,66,901 51,563
Profit After Tax 3,73,232 1,04,690
OPERATIONS
The Company's net profit for the Financial Year ended March 31, 2015
stood at Rs. 3.73 lacs as against a net profit of Rs.1.04 lacs in the
previous year.
DIVIDEND
Considering the insufficiency of profit, the Board of directors
expresses their inability to recommend any dividend on equity shares
for the year ended March 31, 2015.
RESERVES
The company's profit of Rs. 3.73 lacs for the current year has been
carried to the reserves.
PUBLIC DEPOSITS
During the year, the Company has not accepted any deposit.
AUDITORS
M/s Vishvesh A. Shah & Co., Chartered Accountants, the Statutory
Auditors of the Company resigned on May 20, 2015 due to their
pre-occupations. The Board appointed M/s S K Kumar & Company, Chartered
Accountants as Statutory Auditors to audit the books of accounts for
the FY 2014-2015. The Company has received confirmation that their
appointment, if made, would be within the prescribed limit specified
under relevant sections of the Companies Act and that they are not
disqualified for such appointment. Further, the members have confirmed
the appointment of M/s S K Kumar & Co. vide Postal Ballot. Your
Directors recommend appointment of M/s. S K Kumar & Company as the
Statutory Auditors of the Company for the current financial year and
fixation of their remuneration.
AUDITORS
Statutory Auditors
The Auditors' Report on the financial statement for the current year is
self-explanatory, therefore does not require any further explanation.
Secretarial Auditor
M/s Ramesh Chandra Bagdi & Associates were appointed as Secretarial
Auditor to conduct the Secretarial Audit of the Company for the
Financial Year 2014-2015 pursuant to section 204 of the Companies Act,
2013 and rules made thereunder.
The Secretarial Audit Report for the FY 2014-2015, forms part of the
Annual Report.
DIRECTORS
In accordance with the Companies Act, Naveen Pujari is liable to retire
by rotation at the ensuing Annual General Meeting and being eligible
offers himself for appointment.
Mr. Arslan Khan who has been appointed as Director and CFO, his term
expires at the ensuing Annual General Meeting. Members are requested to
confirm his appointment.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE
EARNINGS AND OUTGO
The information on conservation of energy, technology absorption and
foreign exchange earnings and outgo stipulated under Section 134(3)(m)
of the Companies Act, 2013 read with Rule, 8 of The Companies
(Accounts) Rules, 2014, is annexed.
VIGIL MEGHANISM
The Company has established a Vigil Mechanism that enables the
Directors and Employees to report genuine concerns. The Vigil Mechanism
provides for (a) adequate safeguards against victimization of persons
who use the Vigil Mechanism; and (b) direct access to the Chairperson
of the Audit Committee of the Board of Directors of the Company in
appropriate or exceptional cases.
PARTICULARS OF EMPLOYEES
The Company does not have any employee/Director who is in receipt of
remuneration aggregating to the sum prescribed in Section 197 of the
Companies Act, 2013 ("the Act") read with Rule 5 of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014
CORPORATE SOCIAL RESPONSIBILITY
CSR Provisions does not apply to the company.
RELATED PARTY TRANSACTIONS
No transactions were carried out between any of the related parties in
the year under review.
RISK MANAGEMENT
The Company has devised and implemented a mechanism for risk management
and has developed a Risk Management Policy. The Policy provides for
creating a Risk Register, identifying internal and external risks and
implementing risk mitigation steps.
FAMILIARIZATION PROGRAMME FOR INDEPENDENT DIRECTORS
The Company proactively keeps its Directors informed of the activities
of the Company, its management and operations and provides an overall
industry perspective as well as issues being faced by the industry.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to Section 134 of the Companies Act, 2013 the Directors state
that:
(a) In the preparation of the annual accounts, the applicable
accounting standards have been followed along with proper explanation
relating to material departures;
(b) Appropriate accounting policies have been selected and applied
consistently and have 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 March 31, 2015 and of the profit and loss of the
Company for the year ended March 31, 2015;
(c) 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;
(d) The annual accounts have been prepared on a going concern basis;
(e) Proper internal financial controls were followed by the Company and
such internal financial controls are adequate and were operating
effectively;
(f) Proper systems are devised to ensure compliance with the provisions
of all applicable laws and that such systems are adequate and operating
effectively.
CORPORATE GOVERNANCE
SEBI has vide its circular has amended the provisions of Listing
Agreement pertaining to applicability of Clause 49. Vide the said
circular, compliance with the provisions of Clause 49 of the Listing
Agreement is not mandatory.
The Company and has adopted most of the provisions of Clause 49 of the
Listing agreement. The said report on Corporate Governance of the
Company regarding the compliance of conditions of Corporate Governance
and also the Management Discussion and Analysis Report are annexed to
this report.
DECLARATION BY INDEPENDENT DIRECTOR
Pursuant to Section 149(6) of the Companies Act, 2013 and Clause 49 of
the Listing Agreement, the Independent Directors of the Company have
given the declaration to the Company that they qualify the criteria of
independence as required under the Act.
BOARD EVALUATION
Pursuant to the provisions of Companies Act, 2013 and clause 49 of the
Listing Agreement, the Board has carried out annual performance
evaluation of its own performance, the directors individually as well
the evaluation of the working of its Audit, Nomination & Remuneration
and Stakeholder committee, including the Chairman of the Board who were
evaluated on parameters such as level of engagement and contribution
and independence of judgment thereby safeguarding the interest of the
Company. The performance evaluation of the Independent Directors was
carried out by the entire Board. The performance evaluation of the
Chairman and the Non Independent Directors was carried out by the
Independent Directors. The Directors expressed their satisfaction with
the evaluation process.
EXTRACT OF ANNUAL RETURN
The details forming part of the extract of the Annual Return in form
MGT 9 is annexed herewith.
ACKNOWLEDGEMENTS
Your Directors takes opportunity to show gratitude towards the
assistance and co-operation received from Shareholders, Bankers and
Regulatory Bodies.
For and on Behalf of the Board of Directors of
Tirupati Tyres Limited
Date: September 01, 2015 Director Director
Mar 31, 2014
Dear Members
The Directors'' present the Annual report on the business and operations
of your Company for the year 2013-14.
FINANCIAL RESULTS AND OPERATIONAL REVIEW:
Year Ended Year Ended
Particulars 31.03.2014 31.03.2013
(Amt in Rs.) (Amt in Rs.)
Gross Sales/Income 4219300 2911000
Less Total Expenses 4063047 2757475
Profit/(Loss) before Tax 156253 153525
Taxes/Deferred Taxes 51563 50663
Profit/(Loss) After Taxes 104690 102862
PARTICULARS OF EMPLOYEES:
There are no employees drawing the remuneration in excess of ceiling
prescribed under provisions of Companies (Particulars of Employees)
Rules, 1975 read with Section 217(2A) of the Companies Act, 1956 as
amended from time to time. Hence no information is required to be
appended to this report in this regard.
DIRECTORS:
Mr. Radheshyam Poddar, Director of the Company is liable to retire by
rotation at the ensuing Annual General Meeting and being eligible,
offer himself for re-appointment.
RESPONSIBILITY STATEMENT:
As required u/s 217(2AA) of the Companies Amendment Act, 2000 your
Director confirms that in the preparation of the annual accounts.
1. The applicable accounting standards have been followed along with
proper explanation relating to material departures.
2. Such accounting policies have been selected and applied
consistently and reasonable and prudent judgments and estimates 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 and the profit/loss of the
company for that period.
3. Proper and sufficient care has been taken for the maintenance of
the adequate accounting records in accordance with provisions of this
act for safeguarding the assets of the company and for preventing and
detecting fraud and other irregularities.
4. The annual accounts have been prepared on a going concern basis.
CORPORATE GOVERNANCE:
A comprehensive report on corporate governance as stipulated under
Clause 49 of the Listing Agreement is attached to this Report.
The Company has obtained a certificate from the Statutory Auditors
regarding compliance of conditions of Corporate Governance as
stipulated in Clause 49 of the Listing Agreement and the same is
annexed at the end of Corporate Governance Report.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE:
As required under rule3 of the companies (Disclosure of Particulars in
the report of Board of Directors) Rules 1998, the particulars relating
to the conservation of energy, Technology absorption, and the foreign
exchange earnings and outgo are also Nil.
APPOINTMENT OF AUDITORS:
M/s. Vishves A.Shah & Co., Chartered Accountants, Ahmedabad Auditors of
the Company, hold office until the conclusion of the ensuing Annual
General Meeting. The Company has received letters from them to the
effect that their appointment, if made, would be within the prescribed
limits under Section 139 of the Companies Act, 2013.
PUBLIC DEPOSITS
The Company has not accepted any deposits from the public during the
year under review. Your Company is listed with the Ludhiana Stock
Exchange.
SEGMENT:
Your Company is engaged in a single segment only.
ACKNOWLEDGEMENT:
The management is grateful to the government authorities, Bankers,
Vendors for their continued assistance and co-operation. The directors
also wish to place on record the confidence of members in the company.
DATE : 22.04.2014 BY ORDER OF THE BOARD OF
PLACE : AHMEDABAD DIRECTORS
Sd/-
(CHAIRMAN)
Mar 31, 2013
Dear Members
The Directors'' present the Annual report on the business and operations
of your Company for the year 2012-13.
FINANCIAL RESULTS AND OPERATIONAL REVIEW:
Year Ended Year Ended
Particulars 31.03.2013 31.03.2012
(Amt in Rs.) (Amt in Rs.)
Gross Sales/Income 2911000 175500
Less Depreciation 94525 94525
Profit/(Loss) before Tax 153525 41,075
Taxes/Deferred Taxes 50663 13555
Profit/(Loss) After Taxes 102862 27520
P& L Balance b/f (13799192) (13671137)
Profit/ (Loss) carried to Balance Sheet (13696330) (13799192)
PARTICULARS OF EMPLOYEES:
There are no employees drawing the remuneration in excess of ceiling
prescribed under provisions of Companies (Particulars of Employees)
Rules, 1975 read with Section 217(2A) of the Companies Act, 1956 as
amended from time to time. Hence no information is required to be
appended to this report in this regard.
DIRECTORS:
Mr. Bhuban Dutta, Director of the Company is liable to retire by
rotation at the ensuing Annual General Meeting and being eligible,
offer himself for re- appointment.
RESPONSIBILITY STATEMENT:
As required u/s 217(2AA) of the Companies Act, 1956 your Director
confirms that in the preparation of the annual accounts.
The applicable accounting standards have been followed along with
proper explanation relating to material departures.
Such accounting policies have been selected and applied consistently
and reasonable and prudent judgments and estimates 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 and the profit/loss of the company for that
period.
Proper and sufficient care has been taken for the maintenance of the
adequate accounting records in accordance with provisions of this act
for safeguarding the assets of the company and for preventing and
detecting fraud and other irregularities.
The annual accounts have been prepared on a going concern basis.
CORPORATE GOVERNANCE:
A comprehensive report on corporate governance as stipulated under
Clause 49 of the Listing Agreement is attached to this Report.
The Company has obtained a certificate from the Statutory Auditors
regarding compliance of conditions of Corporate Governance as
stipulated in Clause 49 of the Listing Agreement and the same is
annexed at the end of Corporate Governance Report.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE:
As required under rule3 of the companies (Disclosure of Particulars in
the report of Board of Directors) Rules 1998, the particulars relating
to the conservation of energy, Technology absorption, and the foreign
exchange earnings and outgo are also Nil.
APPOINTMENT OF AUDITORS:
M/s. Sandeep Manuja & Associates, Chartered Accountants, Ludhiana
Auditors of the Company, hold office until the conclusion of the
ensuing Annual General Meeting. The Company has received letters from
them to the effect that their appointment, if made, would be within the
prescribed limits under Section 224(1- B) of the Companies Act, 1956.
PUBLIC DEPOSITS
The Company has not accepted any deposits from the public during the
year under review. Your Company is listed with the Ludhiana Stock
Exchange.
SEGMENT:
Your Company is engaged in a single segment only.
ACKNOWLEDGEMENT:
The management is grateful to the government authorities, Bankers,
Vendors for their continued assistance and co-operation. The directors
also wish to place on record the confidence of members in the company.
For & on behalf of the Board of Director
Date: 29/05/2013
Place: Ludhiana
Sd/- Sd/- Sd/-
Radheshyam Poddar H. K. Choudhary Bhuban Dutta
Director Director Director
Mar 31, 2012
Dear Members
The Directors'' present the Annual report on the business and operations
of your Company for the year 2011-12.
FINANCIAL RESULTS AND OPERATIONAL REVIEW:
Year Ended Year Ended
Particulars 31.03.2012 31.03.2011
(Amt in Rs.) (Amt in Rs.)
Gross Sales/Income 175,500 -
Less Depreciation 94525 94525
Profit/(Loss) before Tax 41075 (155575)
Taxes/Deferred Taxes - -
Profit/(Loss) After Taxes 27,520 (155575)
P& L Balance b/f (13826712) (13671137)
Profit/ (Loss) carried to
Balance Sheet (13,799,192) (13826712)
PARTICULARS OF EMPLOYEES:
There are no employees drawing the remuneration in excess of ceiling
prescribed under provisions of Companies (Particulars of Employees)
Rules, 1975 read with Section 217(2A) of the Companies Act, 1956 as
amended from time to time. Hence no information is required to be
appended to this report in this regard.
DIRECTORS:
Mr. Hari Kumar Choudhary, Director of the Company is liable to retire
by rotation at the ensuing Annual General Meeting and being eligible,
offer himself for re-appointment.
RESPONSIBILITY STATEMENT:
As required u/s 217(2AA) of the Companies Act, 1956 your Director
confirms that in the preparation of the annual accounts.
The applicable accounting standards have been followed along with
proper explanation relating to material departures.
Such accounting policies have been selected and applied consistently
and reasonable and prudent judgments and estimates 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 and the profit/loss of the company for that
period.
Proper and sufficient care has been taken for the maintenance of the
adequate accounting records in accordance with provisions of this act
for safeguarding the assets of the company and for preventing and
detecting fraud and other irregularities.
The annual accounts have been prepared on a going concern basis.
CORPORATE GOVERNANCE:
A comprehensive report on corporate governance as stipulated under
Clause 49 of the Listing Agreement is attached to this Report.
The Company has obtained a certificate from the Statutory Auditors
regarding compliance of conditions of Corporate Governance as
stipulated in Clause 49 of the Listing Agreement and the same is
annexed at the end of Corporate Governance Report.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE:
As required under rule3 of the companies (Disclosure of Particulars in
the report of Board of Directors) Rules 1998, the particulars relating
to the conservation of energy, Technology absorption, and the foreign
exchange earnings and outgo are also Nil.
APPOINTMENT OF AUDITORS:
M/s. Sandeep Manuja & Associates, Chartered Accountants, Ludhiana
Auditors of the Company, hold office until the conclusion of the
ensuing Annual General Meeting. The Company has received letters from
them to the effect that their appointment, if made, would be within the
prescribed limits under Section 224(1- B) of the Companies Act, 1956.
PUBLIC DEPOSITS
The Company has not accepted any deposits from the public during the
year under review. Your Company is listed with the Ludhiana Stock
Exchange.
SEGMENT:
Your Company is engaged in a single segment only.
ACKNOWLEDGEMENT:
The management is grateful to the government authorities, Bankers,
Vendors for their continued assistance and co-operation. The directors
also wish to place on record the confidence of members in the company.
For & on behalf of the Board of Director
Date: 03/09/2012
Place: Ludhiana
Sd/- Sd/- Sd/-
Radheshyam Poddar H. K. Choudhary Bhuban Dutta
Director Director Director
Mar 31, 2011
Dear Members
The Directors'' present the Annual report on the business and operations
of your Company for the year 2010-11.
FINANCIAL RESULTS AND OPERATIONAL REVIEW:
Year Ended Year Ended
Particulars 31.03.2011 31.03.2010
(Amt in Rs.) (Amt in Rs.)
Profit Before depreciation & tax (61050) -
Less Depreciation 94525 94525
Profit/(Loss) before Tax (155575) (94525)
Taxes/Deferred Taxes - -
Profit/(Loss) After Taxes (155575) (94525)
P& L Balance b/f - -
Profit/ (Loss) carried to Balance Sheet (155575) (94525)
PARTICULARS OF EMPLOYEES:
There are no employees drawing the remuneration in excess of ceiling
prescribed under provisions of Companies (Particulars of Employees)
Rules, 1975 read with Section 217(2A) of the Companies Act, 1956 as
amended from time to time. Hence no information is required to be
appended to this report in this regard.
DIRECTORS:
Mr. Bhuban Dutta Director of the Company is liable to retire by
rotation at the ensuing Annual General Meeting and being eligible,
offer himself for re- appointment.
RESPONSIBILITY STATEMENT:
As required u/s 217(2AA) of the Companies Act, 1956 your Director
confirms that in the preparation of the annual accounts.
The applicable accounting standards have been followed along with
proper explanation relating to material departures.
Such accounting policies have been selected and applied consistently
and reasonable and prudent judgments and estimates 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 and the profit/loss of the company for that
period.
Proper and sufficient care has been taken for the maintenance of the
adequate accounting records in accordance with provisions of this act
for safeguarding the assets of the company and for preventing and
detecting fraud and other irregularities.
The annual accounts have been prepared on a going concern basis.
CORPORATE GOVERNANCE:
A comprehensive report on corporate governance as stipulated under
Clause 49 of the Listing Agreement is attached to this Report.
The Company has obtained a certificate from the Statutory Auditors
regarding compliance of conditions of Corporate Governance as
stipulated in Clause 49 of the Listing Agreement and the same is
annexed at the end of Corporate Governance Report.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE:
As required under rule3 of the companies (Disclosure of Particulars in
the report of Board of Directors) Rules 1998, the particulars relating
to the conservation of energy, Technology absorption, and the foreign
exchange earnings and outgo are also Nil.
APPOINTMENT OF AUDITORS:
M/s. SANJEEV BIMLA & ASSOCIATES, Chartered Accountants, Ludhiana
Auditors of the Company, hold office until the conclusion of the
ensuing Annual General Meeting. The Company has received letters from
them to the effect that their appointment, if made, would be within the
prescribed limits under Section 224(1-B) of the Companies Act, 1956.
PUBLIC DEPOSITS
The Company has not accepted any deposits from the public during the
year under review. Your Company is listed with the Ludhiana Stock
Exchange.
SEGMENT:
Your Company is engaged in a single segment only.
ACKNOWLEDGEMENT:
The management is grateful to the government authorities, Bankers,
Vendors for their continued assistance and co-operation. The directors
also wish to place on record the confidence of members in the company.
For & on behalf of the Board of Director
Date: 01/09/2011
Place: Ludhiana
Sd/- Sd/-
Director Director
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