Mar 31, 2018
BOARDâS
To the Members,
The Board of Directors of your Company is pleased to present the 27th Annual Report together with the Audited Accounts/Financial Statements of the Company for the year ended March 31, 2018.
The Company''s performance for the year under review as compared with the previous year is summarized below:
1 FINANCIAL RESULTS (Rupees In Lakhs)
Particular |
Standalone for year ended 31st March |
Consolidated for year ended 31 st March |
||
2018 |
2017 |
2018 |
2017 |
|
Revenue from operations |
26916.34 |
22639.50 |
28392.41 |
23212.51 |
Other Income |
723.40 |
537.91 |
750.68 |
589.17 |
Total Income |
27639.74 |
23177.41 |
29143.09 |
23801.68 |
Total Expenses |
27075.42 |
23204.58 |
29477.87 |
25316.79 |
Profit/(Loss) before Tax |
564.32 |
(27.17) |
(334.78) |
(1515.11) |
Less: Tex Expenses |
||||
(i) Current Year |
682.67 |
106.92 |
697.93 |
117.84 |
(ii) Deferred tax |
(368.55) |
(66.26) |
(549.14) |
(447.82) |
Profit/(Loss) of the year |
250.20 |
67.84 |
(483.57) |
(1185.13) |
Other Comprehensive Income |
||||
A. (i) Items that will not be reclassified to profit or loss |
15.87 |
12.47 |
15.87 |
12.47 |
(ii) Income tax relating to items that will not be reclassified to profit or loss |
(5.49) |
(4.32) |
(5.49) |
(4.32) |
B. (i) Items that will be reclassified to profit or loss |
- |
- |
- |
- |
(ii) lncome tax relating to items that will be reclassified to profit or loss |
- |
- |
- |
- |
Total Comprehensive Income |
271.56 |
(51.06) |
411.16 |
(1162.05) |
Pursuant to the Listing Regulations, the provisions of the IND-AS Accounting System are applicable to the Company effective Q1 of 2016-17. To that extent, the accounting methods are changed and adjustments have been carried-out wherever necessary. There have been no material changes and commitments affecting the financial position of the Company which have occurred between the end of the financial year of the Company to which the audited results relates to the date of this report.
Material Events Occurring after Balance Sheet date
There were no material changes and commitments affecting the financial position of your Company between the end of the financial year and the date of this report.
2. DIVIDEND
The Board has recommended a Dividend of Rs. 0.05/- per equity share of Rs. 1/- each for Financial Year 201718. The Dividend, if approved by the shareholders at the ensuing Annual General Meeting shall be paid to those shareholders whose name appears on the Register of Members as on Saturday, September 29, 2018 (if the shares held in physical form). In respect of shares held in electronic form, the dividend will be payable to the beneficial owners of the shares as on the closing hours of business on Saturday, September 22, 2018 as per details furnished by the Depositories for this purpose.
DIVIDEND HISTORY
Summary of dividend paid during the last five years is as under:
Financial Year |
Rate of Dividend (%) |
Dividend per share (in Rs.) |
2012-13 |
15.00 |
0.15 per equity share of Rs. 1 each |
2013-14 |
5.00 |
0.5 per equity share of Rs. 1 each |
2014-15 |
NIL |
NIL |
2015-16 |
NIL |
NIL |
2016-17 |
5.00 |
0.05 per equity share of Rs. 1 each (0.01 per equity share of Rs. 1 each as Interim Dividend & 0.04 per equity share of Rs. 1 each as final dividend) |
3. RESERVES
The Company has not transferred any amount to Reserve for the financial year ended March 31, 2018.
4. CASH FLOW STATEMENT
As required by Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, Cash Flow Statement for the financial year ended March 31, 2018 is enclosed with the Balance Sheet and Statement of Profit and Loss of the Company.
Consolidated Cash Flow Statement of your Company and its Subsidiaries is enclosed with the Consolidated Audited Accounts/Financial Statements.
5. STATE OF COMPANY''S AFFAIRS/REVIEW OF OPERATIONS
The Company''s main business is real estate. During the year under review, the profitability of Company has been impacted due to sluggish market demand, higher input, interest costs etc.
The total revenue of the Company stood at Rs. 27,639.74 Lakh as compared to Rs. 23,177.41 Lakh in the previous year. Profit after Tax (PAT) stood at Rs. 250.20 Lakh as compared to Loss of Rs. 67.84 Lakh in the previous year, (after taking the impact of INDAS) The consolidated revenues stood at Rs. 29,143.09 as against Rs. 23,801.68 Lakh in the previous year..
The earnings per share on an equity share having face value of Rs. 1/- stands at Rs. 0.21 per share as compared to Rs. 0.06 per share in the previous year.
The Company is taking effective steps to improve the performance of the Company through growth in revenue, managing cost, strategic marketing, increasing brand awareness and brand equity through advertisement campaign etc.
6. CORPORATE GOVERNANCE REPORT
The Directors adhere to the requirements set out by the Securities and Exchange Board of India''s Corporate Governance practices and have implemented all the stipulations prescribed. Secretarial compliances, reporting, intimations etc. under the Companies Act, 2013, listing agreement(s) and other applicable laws, rules and regulations are noted in the Board/ Committee Meetings from time to time. The Company has implemented several best corporate governance practices as prevalent globally. The Corporate Governance Report as stipulated under Regulation 34(3) and other applicable Regulations read with Part C of Schedule V of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 forms part of this Report.
The Managing Director and Chief Executive Officer''s declaration regarding compliance with the Code of Conduct forms part of this Annual Report.
7. MANAGEMENT DISCUSSION & ANALYSIS REPORT
The Management Discussion and Analysis Report as required under Regulation 34(2)(e) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 forms part of this Report.
8. CHANGE IN NATURE OF BUSINESS, IF ANY
During the year under review, there is no change in nature of the business of the Company.
9. MATERIAL CHANGES AND COMMITMENTS, IF ANY
During the year under review, there have been no material changes and commitments affecting the financial position of the Company.
10. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS.
There are no significant material orders passed by the Regulators/Courts/Tribunals which would impact the going concern status of the Company and its operations in future.
11. INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY
The Company has designed and implemented a process driven framework for Internal Financial Controls (âIFCâ) within the meaning of the explanation to Section 134(5)(e) of the Companies Act, 2013 read with Rule 8(5)(viii) of the Companies(Accounts) Rules, 2014, the Board is of the opinion that the Company has sound Internal Financial Control commensurate with the nature and size of its business operations and operating effectively and no material weakness exists. The Company has a process in place to continuously monitor the same and identify gaps, if any, and implement new and/or improved controls wherever the effect of such gaps would have a material effect on the Company''s operations. The Company has appointed independent audit firm as Internal Auditors to observe the Internal Control system. The Board of Directors of the Company have adopted various policies like Related Party Transactions Policy, Vigil Mechanism Policy, Policy to determine Material Subsidiaries and such other procedures for ensuring the orderly and efficient conduct of its business for safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information.
The Audit Committee of the Board of Directors actively reviews the adequacy and effectiveness of the internal control system and suggests improvements to strengthen the same. The Company has robust management information system, which is an integral part of the control mechanism.
12. SUBSIDIARY/JOINT VENTURES/ASSOCIATE COMPANIES AND CONSOLIDATED FINANCIAL STATEMENT.
As on March 31, 2018, the Company has 18 subsidiary companies and 05 Associate companies. There has been no change in the number of subsidiaries or in the nature of business of subsidiaries, during the year under review.
The Consolidated Financial Statement has been prepared in accordance with the Accounting Standards prescribed by the Companies Act, 2013 in this regard and the provisions of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 entered into with the Stock Exchange(s). The Audited Consolidated Financial Statement and Cash Flow Statement, comprising of the Company & its subsidiaries forms part of this Annual Report. The Company has not consolidated financial of its associate companies in accordance with Accounting Standard 23 on "Accounting for Investments in Associates in Consolidated Financial Statements", as there are long term constraints for transfer of funds and accounting of investments in shares of the Associate Companies.
In accordance with third proviso of the Section 136(1) of the Companies Act, 2013, the Annual Report of the Company, containing therein its standalone and the consolidated financial statements has been placed on Company''s website at www.vipulgroup.in. Further, as per fourth proviso of the said section, audited annual accounts of each of the subsidiary companies have also been placed on Company''s website at www.vipulgroup.in. Web link is http://www.vipulgroup.in/investors-relations#balance-sheets-of-subsidiary-companies.
Members interested in obtaining a copy of the audited annual accounts of the subsidiary companies may write to the Company at the Company''s Registered Office/Corporate Office.
Further, a statement containing the salient features on the performance and financial position of each of the subsidiary companies included in the consolidated financial statement is provided in Form AOC-1 and forms part of this Annual Report and also placed on the Company''s website at www.vipulgroup.in. Web link is:-
The Company has framed a policy for determining the Material Subsidiaries. The Company does not have any material subsidiary as on March 31, 2018. The Policy for determining material subsidiaries of the Company is available on the Company''s website at www.vipulgroup.in . Web-link is: -http://www.vipulgroup.in/assets/invester-pdf/notice-shareholders-stock-exchange/POLICY-ON-MATERIALITY-EVENTS.pdf .
13. DEPOSITS
During the financial year 2017-18, your Company has not invited or accepted any deposits from the public and as such, no amount on account of principal or interest on public deposits was outstanding as on the date of the Balance Sheet.
14A. SHARE CAPITAL
The paid up Equity Share Capital as on March 31, 2018, was Rs. 11.99 Crores (i.e. 119,984,480 Equity Shares of Rs. 1 each).
During the year under review:
(a) Issue of equity Shares With differential rights : Nil
(b) Issue of sweat equity shares: Nil
(c) Issue of employee stock options: Nil
(d) Provision of money by company for purchase of its own shares by employees or by trustees for the benefit of employees: Nil
V l|IUI
14B. DEBENTURES
During the year under review, the Company has issued 1500 (Fifteen Hundred) Zero Coupon, Secured, Unlisted, Unrated, Redeemable, Non-Convertible Debenture of face value of Rs. 10,00,000 (Rupees Ten Lakh) each aggregating to Rs. 150,00,00,000/- (Rupees One Hundred & Fifty Crore only) to Edelweiss Commodities Services Ltd. in the Month of August, 2017.
14C. TRANSFER TO INVESTOR EDUCATION AND PROTECTION FUND
In compliance with Section 124 of the Companies Act, 2013, the dividends pertaining to financial year 2009-10 which was lying unclaimed with the Company was transferred to the Investor Education and Protection Fund during the financial year 2017- 18. The details of unclaimed dividend transferred to the Investor Education and Protection Fund are detailed in the Corporate Governance Report forming part of the Annual Report.
14D. INVESTOR RELATIONS
Investor Relations have been cordial during the year. As per the Circular No. CIR/OIAE/2/2011 dated June 3, 2011 issued by the Securities and Exchange Board of India, Company is timely redressing the Investor Complaints through the SEBI complaints Redress System (SCORES). As a part of compliance, the Company has an Investor Grievance Committee to redress the issues relating to investors. The details of this Committee are provided in the Corporate Governance Report forming part of the Annual Report.
15. LISTING
The equity shares of your Company continues to be listed on BSE Limited and National Stock Exchange of India Limited.
16. COMPLIANCE OF THE SECRETARIAL STANDARDS ISSUED BY ICSI
The Board confirms that, during the period under review, the Company has complied with the applicable Secretarial Standards issued by the Institute of Company Secretaries of India (ICSI) as amended from time to time
17. EXTRACT OF THE ANNUAL RETURN
The extract of the Annual Return of the Company in Form MGT-9 is annexed herewith as "Annexure A" to this Report.
18. AUDITORS AND AUDITORS REPORT
18.1 Statutory Auditors
M/s. JSUS & Associates, Chartered Accountants (Firm Registration No. 329784E), Statutory Auditors of the Company hold office up to the conclusion of 31st Annual General Meeting, who were appointed in the 26th Annual General Meeting to hold office until the conclusion of 31st Annual General Meeting.
The requirements to place the matter relating to appointment of Statutory Auditors for ratification by members at every Annual General Meeting is done away with vide notification dated May 07, 2018 issued by the Ministry of Corporate Affairs, New Delhi. Accordingly, no resolution is proposed for ratification of appointment of Statutory Auditors, who were appointment in the Annual General Meeting held on September 22, 2017.
Independent Auditor''s Report
There are no adverse remarks, reservations and/or qualification made by Statutory Auditor in their Report on the Standalone Financial Statements of the Company. The notes to the financial statement as on March 31, 2018, referred to in Auditor''s Report are self-explanatory and therefore do not call for any further comments.
During the year under review, the Auditors had not reported any matter under Section 143(12) of the Companies Act, 2013; therefore no detail is required to be discussed under Section 134(3)(ca) of the Companies Act, 2013.
However, in Consolidated Financial Statements of the Company for the financial year ended March 31, 2018, the auditors have made qualified opinion in respect of the Financial Statements of Vipul SEZ Developers Pvt. Ltd, subsidiary company of Vipul Limited. The qualified opinion along with the board''s explanations thereon are as follows:
Qualified opinion : In absence of the confirmation of the advances given amounting to Rs. 33,50,000/-, we are unable to comment about the reliability of the same.
Management''s Reply: The Management is following up for recovery and favorable response is expected. Hence, the Management is of the opinion that no provision is required.
Qualified opinion: In the absence of the confirmation of fixed deposit (including accrued interest) amounting to Rs. 470,94,933.00, We are unable to comment upon the realisability of the same
Management''s Reply: The Management is following up for confirmation and favorable response is expected.
Qualified opinion: The licenses for the group housing development have expired during January 14 and January 16 respectively and the company has applied for renewal of these licenses under "the EDC Relief policyâ announced by govt. Haryana and accordingly the company has submitted a mortgage deed of certain portion of license land to DTCP. The renewal of these licenses are awaited. In the absence of such renewal licenses we are unable to comment about the future use of such land for which such license has been obtained. Management''s Reply: The Management is awaiting the renewal of the licences and is optimistic for approval for renewal of licenses. Qualified opinion: The external development Charges and infrastructural development charges along with the delayed payment surcharge, amounting to Rs.1,34,25,07,153/- (Previous year 1,23,92,10,153), have not been deposited and the statutory authority has taken step to invoke the Bank Guarantee issued by Axis Bank Ltd. Pending invocation of Bank guarantee, we are unable to comment about the impact of the same in the financial statement of the company.
Management''s Reply: The Management is of the opinion that no provision is required as all liabilities including delayed payment surcharge has already been provided in the financial statements. Any financial impact from Bank on invocation of the Bank Guarantee is not ascertainable till the time any such demand is raised by the Bank.
Qualified opinion: Rs.16,12,82,741/- shown in the books as Deposit lying with Department of Town and Country Planning, Govt. of Haryana is subject to confirmation.
Management''s Reply: The Management is of the opinion that no provision is required as these recoveries from Department of Town and Country Planning, Govt. of Haryana is based on various correspondence of the Government Body. The balance confirmation from Department of Town and Country Planning, Govt. of Haryana is awaited.
Qualified opinion: We are unable to comment on the inventories of land shown in balance sheet as original land deeds not provided for verification.
Management''s Reply: The Original Land deeds are available but could not be provided to the Auditors for verification due to miscommunication between the Company and the Statutory Auditors of the Company.
Qualified opinion: Company has not shown all its financial instruments in fair value as required under IND AS due to ongoing arbitration proceedings
Management''s Reply: The Company shall await the outcome of the Arbitration proceedings.
18.2 Cost Auditors
The Board of Directors on the recommendation of the Audit Committee, appointed M/s Vijender Sharma & Co., Cost Accountants, as Cost Auditors of the Company for the financial year 2018-19 at a remuneration of Rs. 80,000/- (Rupees Eighty Thousand Only) p.a. (exclusive of out of pocket expenses and applicable taxes). The Audit Committee has also received a Certificate from the Cost Auditors certifying their independence and arm''s length relationship with the Company.
The Cost Audit Report was received by the Board of Directors on August 21, 2017 for the Financial Year 2016-17. The due date for filing the Cost Audit Report of the Cost Auditor of the Company for the Financial Year ended March 31, 2017 was September 20, 2017. The Cost Audit Report was filed in XBRL mode on September 18, 2017. In terms of Rule 14 of the Companies (Audit and Auditors) Rules, 2014, the remuneration of cost auditors for financial year 2018-19 is placed for ratification by the Members in the ensuing Annual General Meeting.
18.3 Secretarial Auditors
The Secretarial Audit was carried out by M/s. AVA Associates, through its Partner Mr. Amitabh, practicing Company secretary (Membership No. 14190, COP No.5500) for the financial year 2017-18. The Report given by the Secretarial Auditors is annexed as "Annexure B" and forms an integral part of this Report. There has been no qualification, reservation or adverse remark or disclaimer in their Report. During the year under review, the Secretarial Auditors had not reported any matter under Section 143(12) of the Companies Act, 2013, therefore no detail is required to be disclosed under Section 134(3) (ca) of the Companies Act, 2013.
In terms of Section 204 of the Companies Act, 2013, on the recommendation of the Audit Committee, the Board of Directors had appointed M/s. AVA Associates, through its Partner Mr. Amitabh, practicing Company Secretary (Membership No. 14190, COP No.5500), as the Secretarial Auditors of the Company in relation to the financial year 2018-19. The Company has received their consent for appointment.
19. ENERGY CONSERVATION AND TECHNOLOGY ABSORPTION
The information relating to Conservation of Energy and Technology Absorption as required to be disclosed under Section 134(3) (m) read with Rule 8 of the Companies (Accounts Rules) 2014, is not applicable to the Company.
20. FOREIGN EXCHANGE EARNINGS AND OUTGO:
The particulars regarding foreign exchange earnings and outgo are as under:
(Rs. in Lacs) |
|||
S. No. |
Expenditure/earning in Foreign Currency |
Year ended 31.03.2018 |
Year ended 31.03.2017 |
i. |
Expenditure in Foreign Currency - Travelling - Professional Charges - Others |
5.84 41.46 Nil |
0.72 160.69 3.29 |
ii. |
Earning in Foreign Currency - Receipt from customers |
NIL |
NIL |
Activities Relating to Exports; Initiatives taken to increase exports; development of new export market for product & services and export plans are not applicable to the Company.
21. CORPORATE SOCIAL RESPONSIBILITY (CSR)
Vipul Limited continues to be a socially conscious business enterprise. It is the philosophy of the Company that the benefits of growth and prosperity should be continuously shared with the people at large. As part of initiatives under CSR, the Company has undertaken projects in the areas of promotion of education & healthcare, which are in accordance with the CSR policy of the Company and Schedule VII of the Companies Act, 2013.
The CSR committee comprises of Independent Directors namely Dr. Bidhubhusan Samal, Mr. Vikram Vasheshar Kochhar and Mr. Rajesh Kumar Batra. The CSR Committee is responsible for formulating and monitoring the CSR policy of the Company from time to time.
The CSR policy may be accessed on the Company''s website at www.vipulgroup.in. Web link is http://www.vipulgroup.in/assets/invester-pdf/notice-shareholders-stock-exchange/Vipul-CSR-Policy.pdf.The annual rep
report on Corporate Social Responsibility Activities is annexed herewith marked as ''''Annexure C" to this report.
22. DIRECTORS AND KEY MANAGERIAL PERSONNEL
As per the provisions of the Section 152 of the Companies Act, 2013 read with Companies (Appointment and Qualification of Directors) Rules, 2014 , Mr. Punit Beriwala retires by rotation at the ensuing Annual General Meeting and being eligible, offers himself for re-appointment. The board recommended his reappointment.
The Notice convening the Annual General Meeting includes the proposal for re-appointment of Mr. Punit Beriwala as a Director. A brief resume of Mr. Punit Beriwala has been provided as an Annexure to the Notice convening the Annual General Meeting. Specific information about the nature of Mr. Punit Beriwala''s expertise in specific functional areas and the names of the companies in which he holds directorship and membership / chairmanship of the Board committees have also been provided in the Notice convening the Annual General Meeting.
The Company has received declaration from all the Independent Directors of the Company confirming that they meet the criteria of independence as prescribed both under Section 149(6) of the Companies Act, 2013 and Regulation 16 & 25 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. None of Independent Directors is due for reappointment.
Further, Mr Vivek Choudhary, Company Secretary and Compliance Officer and a Key Managerial Personnel of the Company resigned from his position with effect from May 29, 2017.
23. BOARD EVALUATION
Pursuant to the provisions of the Companies Act, 2013 and Regulation 17(10) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Board of Directors has under taken an evaluation of its own performance, the performance of its Committees and of all the individual Directors based on various parameters relating to roles, responsibilities and obligations of the Board, effectiveness of its functioning, contribution of Directors at meetings and the functioning of its Committees. The directors express their satisfaction with the evaluation process.
24. CODE OF CONDUCT FOR THE PREVENTION OF INSIDER TRADING
The Board of Directors has adopted the Insider Trading Policy in accordance with the requirements of the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015. The Insider Trading Policy of the Company lays down guidelines and procedure to be followed, and disclosure to be made while dealing with shares of the Company, as well as the consequences of violation. The policy has been formulated to regulate, monitor and ensure reporting of deals of employees and maintain the highest ethical standards of dealing in Company securities.
The Insider Trading Policy of the Company covering code of practices and procedures for fair disclosure of unpublished price sensitive information and code of conduct for the prevention of insider trading is available on the Company''s website at www.vipulgroup.in. Web-link is:- http://www.vipulgroup.in/assets/invester-pdf/model-code-conduct/Code-of-Conduct-for-the-Prevention-of-Insider-Trading.pdf .
25. FAMILIARIZATION POLICY
The Independent Directors are eminent personalities having wide experience in the field of business, finance, legal, industry, commerce and administration. Their presence on the Board has been advantageous and fruitful in taking business decisions.
The Directors appointed by the Board are given induction and orientation with respect to the Company''s vision, strategic direction, core values, including ethics, corporate governance practices, financial matters and business operations. They are also provided with necessary documents, reports, internal policies and site visits to enable them to familiarize with the Company''s operations, its procedures and practices.
To familiarize the new inductees with the strategy, operations and functions of our Company, the Managing Director/Senior Managerial Personnel make presentations to the inductees about the Company''s strategy, operations, organization structure, facilities and risk management. Details of the familiarization program/policy of the independent directors are available on Company''s website at www.vipulgroup.in.Web link http://www.vipulgroup.in/assets/invester-pdf/notice-shareholders-stock-exchange/Vipul-Directors%20Familarization%20Policy.pdf.
26. BOARD MEETING
Five meetings of Board of Directors were held during the financial year 2017-18 i.e. on May 29, 2017, August 21, 2017, September 14, 2017, December 14, 2017 and February 13, 2018 and the gap between two consecutive meetings did not exceed one hundred and twenty days. In accordance with the provisions of Companies Act, 2013, a separate meeting of Independent Directors was held on February 13, 2018.
The necessary quorum was present throughout, for all meetings.
27. AUDIT COMMITTEE
The Audit Committee has been constituted in accordance with the provisions of Section 177 of the Companies Act, 2013 and Regulation 18 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulation, 2015.
The Audit Committee comprises of Independent Non-Executive Directors namely, Mr. Vikram Vasheshar Kochhar as Chairman, Dr. Bidhubhusan Samal and Mr. Rajesh Kumar Batra as members. The Committee has been reconstituted on May 29, 2017 by co-opting Mrs. Ameeta Verma Duggal as its member.
All the recommendations made by the Audit Committee were accepted by the Board of Directors.
28 VIGIL MECHANISM / WHISTLE BLOWER POLICY
The Company has formulated a Whistle Blower/Vigil Mechanism 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 Companies Act, 2013 and Regulation 22 of Securities and exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The said policy is available on Company''s website at www.vipulgroup.in. Web-link is: http://www.vipulgroup.in/assets/invester-pdf/notice-shareholders-stock-exchange7Vigil-Mechanism-Vipul-Group-2015-Financial-Year.pdf .
The Code provides for adequate safeguards against victimization of director(s)/employee(s) who avail of the mechanism and also provides for direct access to the Chairman of the Audit Committee in exceptional cases. It is affirmed that no person has been denied access to the Audit Committee.
29. NOMINATION, REMUNERATION AND PERFORMANCE EVALUATION POLICY
The Company''s policy on Directors'' appointment and remuneration including criteria for determining qualifications, positive attributes, independence of a Director and other matters provided under sub section (3) of Section 178 of the Companies Act 2013, is appended as "Annexure D" to this Report.
Neither the Managing Director nor any other Director receives any remuneration (except sitting fees) or commission from any of its subsidiaries.
30. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS
Particulars of the loan given, investment made, guarantee given and security provided along with the purpose for which the loan or guarantee or security is proposed to be utilized by the recipient are provided in the notes to the Financial Statements (standalone).
During the year, the Company has not granted any loan and advances in the nature of loans to any of its subsidiaries/associates.
31. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES
The Particulars of Related Party Transactions entered into by the Company during the year pursuant to Section 188 of the Companies Act, 2013 are given in "Annexure E" to this Report.
In line with the requirements of the Companies Act, 2013 and Securities and Exchange Board of India (Listing Obligations & Disclosure Requirements), Regulations, 2015, the Company has formulated a policy on Materiality of and dealing with related party transactions. The Policy can be accessed on the Company''s website www.vipulgroup.in. Web link is: http://www.vipulgroup.in/assets/invester-pdf/notice-shareholders-stock-exchange/POLICYONMATERIALIYTANDDEALINGWITHRELATEDPARTYTRANSACTIONS.pdf
All Related Party Transactions are placed before the Audit Committee of the Company for approval. Prior omnibus approval of the Audit Committee was obtained for the transactions which are of a foreseen and repetitive nature. The statement of transactions entered into pursuant to the omnibus approval so granted is placed before the Audit Committee for approval on a quarterly basis.
There was no material contracts or arrangements entered into by the Company with any of the related party, which requires Shareholders/Members approval.
32 PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES
Disclosure pertaining to Remuneration and other details as required under Section 197 (12) of the Companies Act, 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are appended herewith as "Annexure F(I)" to this Report.
In terms of the Provisions of Sections 197 (12) of the Companies Act, 2013 read with Rule 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, a statement showing the names and the other particulars of the employees drawing remuneration in excess of the limits set out in the said Rules is appended herewith as "Annexure F(II)" to this Report.
33. POLICY ON PREVENTION OF SEXUAL HARASSMENT AT WORKPLACE
The Company has in place a Prevention of Sexual Harassment Policy in line with the requirements of The Sexual Harassment of Women at Workplace (Prevention, Prohibition And Redressal) Act, 2013. An Internal Complaints Committee has been set up to redress complaints regarding sexual harassment.
All employees (permanent, contractual, temporary, trainees) are covered under this policy.
During the year under review, no complaints were received by internal committee, pursuant to the Sexual Harassment of Women at Workplace (Prevention, Prohibition And Redressal) Act, 2013.
A report under Section 21 of The Sexual Harassment of Women at Workplace (Prevention, Prohibition And Redressal) Act, 2013 read with Rule 14 of Sexual Harassment of Women at Workplace (Prevention, Prohibition And Redressal) Rules, 2013 on complaints was as under:-
(a) number of complaints of sexual harassment received in the year : NIL
(b) number of complaints disposed of during the year : NIL
(c) number of cases pending for more than ninety days : NIL
(d)number of workshops or awareness programme against sexual harassment carried out : NIL
(e) nature of action taken by the employer or District Officer : NA
34. RISK MANAGEMENT POLICY
The Company has a Risk Management Committee to frame, implement and monitor the risk management plan for the Company. The Committee is responsible for reviewing the risk management plan and ensuring its effectiveness. The Audit Committee has additional oversight in the area of financial risks and controls. The development and implementation of risk management policy has been covered in the Report on Corporate Governance and Management Discussion and Analysis Report, which forms part of this Annual Report. There is no major risk which may threaten the existence of the Company.
35. DIRECTORS'' RESPONSIBILITY STATEMENT
Pursuant to the requirement of clause (c) of sub-section (3) of Section 134 of the Companies Act, 2013, the Directors hereby confirm that:
a. in the preparation of the annual accounts for the year ended March 31, 2018, the applicable accounting standards had been followed along with proper explanation relating to material departures;
b. the directors had selected such accounting policies and applied them consistently and made judgment 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 March 31, 2018 and of the Profit of the Company for the year ended 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, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;
d. the Directors had prepared the annual accounts on a going concern basis; and
e. proper internal financial controls were in place and that the financial controls were adequate and were operating effectively; and
f. the Directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.
36. ACKNOWLEDGEMENT
The Board acknowledge with gratitude the co-operation and assistance provided to your Company by its bankers, financial institutions, government as well as non-government agencies. The Board wishes to place on record its appreciation to the contribution made by employees of the Company and its subsidiaries during the year under review. Your Directors thank the customers, clients, vendors and other business associates for their continued support. Your Directors are thankful to members for their continued patronage.
For & on behalf of the Board of Vipul Limited
sd/- sd/-
Punit Beriwala Vikram Vasheshar Kochhar
Managing Director Director
DIN:00231682 DIN:03098195
Place: Gurugram
Date: August 14, 2018
Mar 31, 2017
To the Members,
The Board of Directors of your Company is pleased to present the 26th Annual Report together with the Audited Accounts/Financial Statements of the Company for the year ended March 31, 2017.
Your Company''s performance for the year under review as compared with the previous year is summarized below:
1 FINANCIAL RESULTS _(Rupees In Lakhs)
Particular |
Standalone for year ended 31st March |
Consolidated for year ended 31 st March |
||
2017 |
2016 |
2017 |
2016 |
|
Income from operations |
22639.50 |
17867.85 |
23212.51 |
18490.53 |
Other Income |
537.90 |
1109.67 |
586.10 |
1139.00 |
Total Income |
23177.40 |
18977.52 |
23798.61 |
19629.53 |
Total Expenditure |
22644.90 |
18855.08 |
24862.53 |
20693.57 |
Profit/(Loss) before Tax |
532.50 |
122.44 |
(1063.92) |
(1064.05) |
Less: Provision for taxation |
||||
(i) Current Year |
106.92 |
- |
117.90 |
50.57 |
(ii) Earlier year adjustment |
- |
1.27 |
(0.06) |
1.23 |
(iii) Deferred tax |
187.22 |
6.05 |
(194.34) |
(126.47) |
Profit/(Loss) of the year |
238.36 |
115.12 |
(987.42) |
(989.38) |
Material Events Occurring after Balance Sheet date
There were no material changes and commitments affecting the financial position of your Company between the end of the financial year and the date of this report.
2. DIVIDEND
The Board of Directors has declared an Interim Dividend Rs. 0.01 per equity share (Paise One) on each fully paid 119,984,480 no. of equity shares of Rs. 1 (Rupees One) each of the Company amounting to Rs 1,199,844.80, for the financial year ending March 31, 2017. The dividend was paid to those members of the Company whose names appeared on the Register of Members of the Company as on Thursday, November 24, 2016.
The Board has recommended a Final Dividend of Rs. 0.04/- per equity share of Rs. 1/- each for Financial Year 2016-17. The Final Dividend, if approved by the shareholders at the ensuing Annual General Meeting shall be paid to those shareholders whose name appeared on the Register of Members as on Friday, September 22, 2017 (if the shares held in physical form). In respect of shares held in electronic form, the dividend will be payable to the beneficial owners of the shares as on the closing hours of business on Friday, September 15, 2017 as per details furnished by the Depositories for this purpose.
DIVIDEND HISTORY
Summary of dividend paid during the last five years is as under:
Financial Year |
Rate of Dividend (%) |
Dividend per share (in Rs.) |
2011-12 |
15.00 |
0.15 per equity share of Rs. 1 each |
2012-13 |
15.00 |
0.15 per equity share of Rs. 1 each |
2013-14 |
5.00 |
0.05 per equity share of Rs. 1 each |
2014-15 |
NIL |
NIL |
2015-16 |
NIL |
NIL |
3. TRANSFER TO RESERVES
On account of the negligible profit reported by the Company during the year under review, no amount is proposed to be carried to any general reserves.
4. CASH FLOW STATEMENT
As required by Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, Cash Flow Statement for the financial year ended March 31, 2017 is enclosed with the Balance Sheet and Statement of Profit and Loss of the Company.
Consolidated Cash Flow Statement of your Company and its Subsidiaries is enclosed with the Consolidated Audited Accounts/Financial Statements.
5. STATE OF COMPANY''S AFFAIRS/REVIEW OF OPERATIONS
The Company''s main business is real estate. During the year under review, the profitability of Company has been impacted due to sluggish market demand, higher input, interest costs etc.
The total revenue of the Company stood at Rs. 23177.41 Lakh as compared to Rs. 18977.52 Lakh in the previous year. Profit after Tax (PAT) stood at Rs. 238.36 Lakh as compared to Profit after Tax of Rs. 115.12 Lakh in the previous year, thereby registering a growth in PAT by 107.05%. The consolidated revenues stood at Rs. 23798.61 Lakh as against Rs. 19629.53 Lakh in the previous year..
The earnings per share on an equity share having face value of Rs. 1/- stands at Rs. 0.20 per share as compared to Rs. 0.10 per share in the previous year.
The Company is taking effective steps to improve the performance of the Company through growth in revenue, managing cost, strategic marketing, increasing brand awareness and brand equity through advertisement campaign etc.
6. CORPORATE GOVERNANCE AND MANAGEMENT DISCUSSION & ANALYSIS REPORT
The Company has been proactive in following the principles and practices of a good Corporate Governance and adhering to the Corporate Governance requirements as set out by Securities and Exchange Board of India. A separate section on Corporate Governance & a certificate from the Statutory Auditors confirming compliance with the Corporate Governance requirement; and Management Discussion & Analysis Report as stipulated in Schedule V of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, forms part of this Annual Report.
The Managing Director and Chief Executive Officer''s declaration regarding compliance with the Code of Conduct forms part of this Annual Report.
7. CHANGE IN NATURE OF BUSINESS, IF ANY
During the year under review, there is no change in nature of the business of the Company.
8. MATERIAL CHANGES AND COMMITMENTS, IF ANY
During the year under review, there have been no material changes and commitments affecting the financial position of the Company.
9. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS.
There are no significant material orders passed by the Regulators/Courts/Tribunals which would impact the going concern status of the Company and its operations in future.
10. INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY
The 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 and certified by Statutory as well as Internal Auditors. Significant audit observations, if any, and follow up actions thereon are reported to the Audit Committee. The findings of Internal Audit are reviewed by the top management and by the Audit Committee of the Board of Directors.
As required under Section 138 of the Companies Act, 2013 read with Rule 13 of the Companies (Accounts) Rules, 2014 (as amended), the Company has appointed M/s. Arora & Bansal, Chartered Accountants, as Internal Auditors of the Company for carrying out the internal audit for the financial year 2017-18.
The Statutory Auditors conduct audit covering a wide range of operational matters and ensure compliance with the specified standards.
Based on the deliberations with Statutory Auditors to ascertain their views on the financial statements including the Financial Reporting System and Compliance to Accounting Policies and Procedures, the Audit Committee was satisfied with the adequacy and effectiveness of the internal controls and systems followed by the Company.
As required by the Companies Act, 2013, your Company has implemented an Internal Financial Control (IFC) Framework. Section 134(5)(e) of the Companies Act, 2013 which requires the Directors to make an assertion in the Directors Responsibility Statement that your Company has laid down internal financial controls, which are in existence, adequate and operate effectively. Under Section 177(4)(vii) of the Companies Act, 2013, the Audit Committee evaluates the internal financial controls and makes presentation to the Board. The IFC implementation required all processes of your Company to be documented alongside the controls within the process. All processes were satisfactorily tested for both design and effectiveness during the year.
11. SUBSIDIARY/JOINT VENTURES/ASSOCIATE COMPANIES.
As on March 31, 2017, the Company has 18 subsidiary companies and 05 Associate companies. There has been no change in the number of subsidiaries or in the nature of business of subsidiaries, during the year under review.
The Consolidated Financial Statement has been prepared in accordance with the Accounting Standards prescribed by the Companies Act, 2013 in this regard and the provisions of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 entered into with the Stock Exchange(s). The Audited Consolidated Financial Statement and Cash Flow Statement, comprising of the Company & its subsidiaries forms part of this Annual Report. The Company has not consolidated financial of its associate companies in accordance with Accounting Standard 23 on "Accounting for Investments in Associates in Consolidated Financial Statements", as there are long term constraints for transfer of funds and accounting of investments in shares of the Associate Companies.
In accordance with third proviso of the Section 136(1) of the Companies Act, 2013, the Annual Report of the Company, containing therein its standalone and the consolidated financial statements has been placed on Company''s website at www.vipulgroup.in. Further, as per fourth proviso of the said section, audited annual accounts of each of the subsidiary companies have also been placed on Company''s website at www.vipulgroup.in. Web link is http://www.vipulgroup.in/balance-sheets-subsidiary-companies
Members interested in obtaining a copy of the audited annual accounts of the subsidiary companies may write to the Company at the Company''s registered office/corporate office.
Further, a statement containing the salient features on the performance and financial position of each of the subsidiary companies included in the consolidated financial statement is provided in Form AOC-1 and forms part of this Annual Report and also placed on the Company''s website at www.vipulgroup.in. Web link is .http://www.vipulgroup.in/sites/default/files/investor_document/AOC-1 FY2016-2017.pdf.
The Company has framed a policy for determining the Material Subsidiaries. The Company does not have any material subsidiary as on March 31, 2017. The Policy for determining material subsidiaries of the Company is available on the Company''s website at www.vipulgroup.in.
Web link is http://www.vipulgroup.in/sites/default/files/investor_document/Policy on Material Subsidiary.pdf.
12. DEPOSITS
During the financial year 2016-17, your Company has not invited or accepted any deposits from the public and as such, no amount on account of principal or interest on public deposits was outstanding as on the date of the Balance Sheet.
13A. SHARE CAPITAL
The paid up Equity Share Capital as on March 31, 2017, was Rs. 11.99 Crores (i.e. 119,984,480 Equity Shares of Rs. 1 each).
During the year under review:
(a) Issue of equity Shares With differential rights : Nil
(b) Issue of sweat equity shares: Nil
(c) Issue of employee stock options: Nil
(d) Provision of money by company for purchase of its own shares by employees or by trustees for the benefit of employees: Nil
13B. DEBENTURES
During the year under review, the Company has made early redemption of 470-Secured Redeemable Listed Non-Convertible Debentures of Rs. 10,00,000/- each aggregating to Rs. 47 Crore in the Month of September, 2016.
14. LISTING
The equity shares of your Company continues to be listed on BSE Limited and National Stock Exchange of India Limited.
15. SECRETARIAL STANDARDS
Your Company complies with the Secretarial Standard on Meetings of Directors (SS-1) and Secretarial Standard on General Meetings (SS-2).
Your Company will comply with the other Secretarial Standards issued by the Institute of Company Secretaries of India (ICSI) as and when they are made mandatory.
16. EXTRACT OF THE ANNUAL RETURN
The extract of the Annual Return of the Company in Form MGT-9 is annexed herewith as "Annexure A" to this Report.
17. AUDITORS AND AUDITORS REPORT
17.1 Statutory Auditors
M/s. L.B. JHA & Co., Chartered Accountants (Firm Registration No. 301088E) were first appointed as auditors at 11th Annual General Meeting (''AGM'') held on Monday, March 31, 2003. Currently, they are holding office of the auditors up to the conclusion of the ensuing AGM.
As per second proviso to Section 139(2) of the Companies Act, 2013, (the Act), a transition period of three years from the commencement of the Act was provided to appoint a new auditor if the existing auditor''s firm has completed two terms of five consecutive years.
Accordingly, as per the said requirements of the Act, M/s. JSUS & Associates, Chartered Accountants (Firm Registration No. 329784E) are proposed to be appointed as auditors for a period of 5 years commencing from the conclusion of this ensuing AgM till the conclusion of the 31st AGM to be held in the year 2022, subject to ratification by shareholders every year, as may be applicable, in place of M/s. L.B. jHa & Co., Chartered Accountants.
M/s. JSUS & Associates, Chartered Accountants, have consented to the said appointment, and confirmed that their appointment, if made, would be within the limits specified under Section 141 (3)(g) of the Act. They have further confirmed that they are not disqualified to be appointed as statutory auditor in terms of the provisions of the proviso to Section 139(1), Section 141(2) and Section 141(3) of the Act and the provisions of the Companies (Audit and Auditors) Rules, 2014.
The Audit Committee and the Board of Directors recommended the appointment of M/s. JSUS & Associates, Chartered Accountants, as Statutory Auditors of the Company from the conclusion of the ensuing AGM till the conclusion of 31st AGM to be held in the year 2022, to the shareholders of the Company.
Independent Auditor''s Report
There are no adverse remarks, reservations and/or qualification made by Statutory Auditor in their Report on the Standalone Financial Statements of the Company. The notes to the financial statement as on March 31, 2017, referred to in Auditor''s Report are self-explanatory and therefore do not call for any further comments.
During the year under review, the Auditors had not reported any matter under Section 143(12) of the Companies Act, 2013; therefore no detail is required to be discussed under Section 134(3)(ca) of the Companies Act, 2013.
However, in Consolidated Financial Statements of the Company for the financial year ended March 31, 2017, the auditors have made qualified opinion in respect of the Financial Statements of Vipul SEZ Developers Pvt. Ltd, subsidiary company of Vipul Limited. The qualified opinion along with the board''s explanations thereon are as follows:
Qualified opinion: In absence of the confirmation of the advances given amounting to Rs. 33,50,000/-, we are unable to comment about the reliability of the same.
Board''s Reply: The management is following up for recovery and favorable response is expected. Hence, the Board is of the opinion that no provision is required.
Qualified opinion: The licenses for the Group Housing Development have expired during january''14andjanuary'' 16 respectively and the Company has applied for renewal of these licenses under the âEDC Relief Policy" announced by Govt. Haryana. The renewal of these licenses are awaited. In the absence of such renewed license we are unable to comment about the future use of such land for which such license has been obtained.
Board''s Reply: The management is awaiting for approval for renewal of licenses.
Qualified opinion: The External Development Charges and Infrastructural Development charges along with the delayed payment surcharge, amounting to Rs. 1,23,92,10,153/-., have not been deposited and the Statutory Authority has taken step to invoke the Bank Guarantee issued by Axis Bank Ltd. Pending invocation of bank guarantee, we are unable to comment about the impact of the same in the Financial Statement of the company.
Board''s Reply: The Board is of the opinion that no provision is required as all liabilities including delayed payment surcharge has already been provided in the financial statements. Any financial impact from Bank on invocation of the Bank Guarantee is not ascertainable till the time any such demand is raised by the Bank.
Qualified opinion: Rs. 16,12,82,741/- shown in the books as Deposit lying with Department of Town and Country Planning, Govt. of Haryana is subject to confirmation.
Board''s Reply: The Board is of the opinion that no provision is required as these recoveries from Department of Town and Country Planning, Govt. of Haryana is based on various correspondence of the Government Body. The balance confirmation from Department of Town and Country Planning, Govt. of Haryana is awaited.
17.2 Cost Auditors
The Board of Directors on the recommendation of the Audit Committee, appointed M/s Vijender Sharma & Co., Cost Accountants, as Cost Auditors of the Company for the financial year 2017-18 at a remuneration of Rs. 80,000/- (Rupees Eighty Thousand Only) p.a. (exclusive of out of pocket expenses and applicable taxes). The Audit Committee has also received a Certificate from the Cost Auditors certifying their independence and arm''s length relationship with the Company.
The Cost Audit Report was received by the Board of Directors on August 12, 2016 for the Financial Year 2015-16. The due date for filing the Cost Audit Report of the Cost Auditor of the Company for the Financial Year ended March 31, 2016 was September 11, 2016. The Cost Audit Report was filed in XBrL mode on September 2, 2016.
In terms of Rule 14 of the Companies (Audit and Auditors) Rules, 2014, the remuneration of cost auditors for financial year 2017-18 is placed for ratification by the Members in the ensuing Annual General Meeting.
17.3 Secretarial Auditors
The Secretarial Audit was carried out by M/s. AVA Associates, Company Secretaries (PCS Registration No. 5500) through its partner Mr. Amitabh, for the financial year 2016-17. The Report given by the Secretarial Auditors is annexed as "Annexure B" and forms an integral part of this Report. There has been no qualification, reservation or adverse remark or disclaimer in their Report. During the year under review, the Secretarial Auditors had not reported any matter under Section 143(12) of the Companies Act, 2013, therefore no detail is required to be disclosed under Section 134(3) (ca) of the Companies Act, 2013.
In terms of Section 204 of the Companies Act, 2013, on the recommendation of the Audit Committee, the Board of Directors had appointed M/s. AVA Associates, Company Secretaries (PCS Registration No. 5500) through its partner Mr. Amitabh, as the Secretarial Auditors of the Company in relation to the financial year 2017-18. The Company has received their consent for appointment.
18. ENERGY CONSERVATION AND TECHNOLOGY ABSORPTION
The information relating to Conservation of Energy and Technology Absorption as required to be disclosed under Section 134(3) (m) read with Rule 8 of the Companies (Accounts Rules) 2014, is not applicable to the Company.
19. FOREIGN EXCHANGE EARNINGS AND OUTGO:
The particulars regarding foreign exchange earnings and outgo are as under:
(In R |
s) |
||
S. No |
Expenditure/earning in Foreign Currency |
Year ended 31.03.2017 |
Year ended 31.03.2016 |
i |
Expenditure in Foreign Currency - Travelling - Professional Charges - Others |
724,447 16,068,623 328,989 |
2,818,943 43,504,894 Nil |
ii |
Earning in Foreign Currency - Receipt from customers |
NIL |
3,528,669 |
Activities Relating to Exports; Initiatives taken to increase exports; development of new export market for product & services and export plans are not applicable to the Company.
20. CORPORATE SOCIAL RESPONSIBILITY (CSR)
Vipul Limited continues to be a socially conscious business enterprise. It is the philosophy of the Company that the benefits of growth and prosperity should be continuously shared with the people at large. As part of initiatives under CSR, the Company has undertaken projects in the areas of promotion of education & healthcare, which are in accordance with the CSR policy of the Company and Schedule VII of the Companies Act, 2013.
The CSR committee comprises of Independent Directors namely Dr. Bidhubhusan Samal, Mr. Vikram Vasheshar Kochhar and Mr. Rajesh Kumar Batra. The CSR Committee is responsible for formulating and monitoring the CSR policy of the Company from time to time.
The CSR policy may be accessed on the Company''s website at www.vipulgroup.in. Web link is http://www.vipulgroup.in/sites/default/files/investor_document/CSR Policy-Vipul.pdf. The annual report on Corporate Social Responsibility Activities is annexed herewith marked as "Annexure C" to this report.
Members of the Company may note that the Company had executed a Memorandum of Understanding (MOU) with âQuota International of DLF City" for financial participation for supporting operational welfare of Kadarpur Secondary School situated at Kadarpur, Gurugram, Haryana.
The Company has incurred expenditure to the tune of Rs 15.89 Lakhs during the period under review towards the CSR activities as against Rs. 2.69 Lakhs for the financial year ended March 31, 2017.
Further, to meet its CSR commitments, the Company has committed to spend Rs. 16.02 Lakhs (approx.) during the financial year 2017-18 as CSR expenditure through âQuota International of DLF City" as against the statutory obligation of Rs. 0.69 Lakhs for the Financial Year 2017-18.
21. DIRECTORS AND KEY MANAGERIAL PERSONNEL
During the year under review, the Company has re-appointed Mr. Punit Beriwala (DIN: 00231682) as Managing Director of the Company, for a period of three years with effect from April 1, 2017 i.e. up to March 31, 2020 on the terms and conditions including remuneration as recommended by Nomination and Remuneration Committee of the Company, after obtaining the approval of members of the Company by passing the special resolution through postal ballot notice/e-voting.
As per the provisions of the Companies Act, 2013, Mr. Punit Beriwala retires by rotation at the ensuing Annual General Meeting and being eligible, offers himself for re-appointment. His profile is provided in the Notice of Annual General Meeting. The board recommended his reappointment.
The Company has received declaration from all the Independent Directors of the Company confirming that they meet the criteria of independence as prescribed both under Section 149(6) of the Companies Act, 2013 and Regulation 16 & 25 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. None of Independent Directors is due for reappointment.
22. BOARD EVALUATION
Pursuant to the provisions of the Companies Act, 2013 and Regulation 17(10) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Board of Directors has under taken an evaluation of its own performance, the performance of its Committees and of all the individual Directors based on various parameters relating to roles, responsibilities and obligations of the Board, effectiveness of its functioning, contribution of Directors at meetings and the functioning of its Committees. The directors express their satisfaction with the evaluation process.
23. CODE OF CONDUCT FOR THE PREVENTION OF INSIDER TRADING
The Board of Directors has adopted the Insider Trading Policy in accordance with the requirements of the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015. The Insider Trading Policy of the Company lays down guidelines and procedure to be followed, and disclosure to be made while dealing with shares of the Company, as well as the consequences of violation. The policy has been formulated to regulate, monitor and ensure reporting of deals of employees and maintain the highest ethical standards of dealing in Company securities.
The Insider Trading Policy of the Company covering code of practices and procedures for fair disclosure of unpublished price sensitive information and code of conduct for the prevention of insider trading is available on the Company''s website at www.vipulgroup.in.
Web-link is:- http://www.vipulgroup.in/sites/default/files/investor_document/Code of Conduct for the Prevention ofInsiderTrading.pdf.
24. FAMILIARIZATION POLICY
The Independent Directors are eminent personalities having wide experience in the field of business, finance, legal, industry, commerce and administration. Their presence on the Board has been advantageous and fruitful in taking business decisions.
The Directors appointed by the Board are given induction and orientation with respect to the Company''s vision, strategic direction, core values, including ethics, corporate governance practices, financial matters and business operations. They are also provided with necessary documents, reports, internal policies and site visits to enable them to familiarize with the Company''s operations, its procedures and practices.
To familiarize the new inductees with the strategy, operations and functions of our Company, the Managing Director/Senior Managerial Personnel make presentations to the inductees about the Company''s strategy, operations, organization structure, facilities and risk management. Details of the familiarization program/policy of the independent directors are available on Company''s website at www.vipulgroup.in.
Web link is :http://www.vipulgroup.in/sites/default/files/investor_document/Familarization policy-Final.pdf.
25. BOARD MEETING
Five meetings of Board of Directors were held during the financial year 2016-17 i.e. on May 30, 2016, August 12, 2016, September 9, 2016, November 14, 2016 and February 13, 2017 and the gap between two consecutive meetings did not exceed one hundred and twenty days.
The necessary quorum was present throughout, for all meetings.
26. AUDIT COMMITTEE
The Audit Committee has been constituted in accordance with the provisions of Section 177 of the Companies Act, 2013 and Regulation 18 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulation, 2015.
The Audit Committee comprises of Independent Non-Executive Directors namely, Mr. Vikram Vasheshar Kochhar as Chairman, Dr. Bidhubhusan Samal and Mr. Rajesh Kumar Batra as members. The Committee has been reconstituted on May 29, 2017 by co-opting Mrs. Ameeta Verma Duggal as its member.
All the recommendations made by the Audit Committee were accepted by the Board of Directors.
27. VIGIL MECHANISM / WHISTLE BLOWER POLICY
The Company has formulated a Whistle Blower/Vigil Mechanism 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 Companies Act, 2013 and Regulation 22 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The said policy is available on Company''s website at www.vipulgroup.in. Web-link is: http://www.vipulgroup.in/sites/default/files/investor_document/Vigil_ Mechanism-VipulGroup 2015.pdf.
The Code provides for adequate safeguards against victimization of director(s)/employee(s) who avail of the mechanism and also provides for direct access to the Chairman of the Audit Committee in exceptional cases. It is affirmed that no person has been denied access to the Audit Committee.
28. NOMINATION, REMUNERATION AND PERFORMANCE EVALUATION POLICY
The Company''s policy on Directors'' appointment and remuneration including criteria for determining qualifications, positive attributes, independence of a Director and other matters provided under sub section (3) of Section 178 of the Companies Act 2013, is appended as "Annexure D" to this Report.
Neither the Managing Director nor any other Director receives any remuneration (except sitting fees) or commission from any of its subsidiaries.
29. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS
Particulars of the loan given, investment made, guarantee given and security provided along with the purpose for which the loan or guarantee or security is proposed to be utilized by the recipient are provided in the notes to the Financial Statements (standalone).
The Company has not granted any loan and advances in the nature of loans to any of its subsidiaries/associates.
30. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES
The Particulars of Related Party Transactions entered into by the Company during the year pursuant to Section 188 of the Companies Act, 2013 are given in "Annexure E" to this Report.
In line with the requirements of the Companies Act, 2013 and Securities and Exchange Board of India (Listing Obligations & Disclosure Requirements), Regulations, 2015, the Company has formulated a policy on Materiality of and dealing with related party transactions. The Policy can be accessed on the Company''s website www.vipulgroup.in. Web link is:http://www.vipulgroup.in/sites/default/files/investor_document/ policy on materiality of and dealing with related party transactions.pdf.
All Related Party Transactions are placed before the Audit Committee of the Company for approval. Prior omnibus approval of the Audit Committee was obtained for the transactions which are of a foreseen and repetitive nature. The statement of transactions entered into pursuant to the omnibus approval so granted is placed before the Audit Committee for approval on a quarterly basis.
There was no material contracts or arrangements entered into by the Company with any of the related party, which requires Shareholders/Members approval.
31 PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES
Disclosure pertaining to Remuneration and other details as required under Section 197 (12) of the Companies Act, 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are appended herewith as "Annexure F(I)" to this Report.
In terms of the Provisions of Sections 197 (12) of the Companies Act, 2013 read with Rule 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, a statement showing the names and the other particulars of the employees drawing remuneration in excess of the limits set out in the said Rules is appended herewith as "Annexure F(II)" to this Report.
32. POLICY ON PREVENTION OF SEXUAL HARASSMENT AT WORKPLACE
The Company has in place a Prevention of Sexual Harassment Policy in line with the requirements of The Sexual Harassment of Women at Workplace (Prevention, Prohibition And Redressal) Act, 2013. An Internal Complaints Committee has been set up to redress complaints regarding sexual harassment.
All employees (permanent, contractual, temporary, trainees) are covered under this policy.
During the year under review, no complaints were received by internal committee, pursuant to the Sexual Harassment of Women at Workplace (Prevention, Prohibition And Redressal) Act, 2013.
A report under Section 21 of The Sexual Harassment of Women at Workplace (Prevention, Prohibition And Redressal) Act, 2013 read with Rule 14 of Sexual Harassment of Women at Workplace (Prevention, Prohibition And Redressal) Rules, 2013 on complaints was as under:-
(a) number of complaints of sexual harassment received in the year : NIL
(b) number of complaints disposed off during the year : NIL
(c) number of cases pending for more than ninety days : NIL
(d)number of workshops or awareness programme against sexual harassment carried out : NIL
(e) nature of action taken by the employer or District Officer : NA
33. RISK MANAGEMENT POLICY
The Company has a Risk Management Committee to frame, implement and monitor the risk management plan for the Company. The Committee is responsible for reviewing the risk management plan and ensuring its effectiveness. The Audit Committee has additional oversight in the area of financial risks and controls. The development and implementation of risk management policy has been covered in the Report on Corporate Governance and Management Discussion and Analysis Report, which forms part of this Annual Report. There is no major risk which may threaten the existence of the Company.
34. DIRECTORS'' RESPONSIBILITY STATEMENT
Pursuant to the requirement of clause (c) of sub-section (3) of Section 134 of the Companies Act, 2013, the Directors hereby confirm that:
a. in the preparation of the annual accounts for the year ended March 31, 2017, the applicable accounting standards had been followed along with proper explanation relating to material departures;
b. the directors had selected such accounting policies and applied them consistently and made judgment 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 March 31, 2017 and of the Profit of the Company for the year ended 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, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;
d. the Directors had prepared the annual accounts on a going concern basis; and
e. proper internal financial controls were in place and that the financial controls were adequate and were operating effectively; and
f. the Directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.
35. ACKNOWLEDGEMENT
The Board acknowledge with gratitude the co-operation and assistance provided to your Company by its bankers, financial institutions, government as well as non-government agencies. The Board wishes to place on record its appreciation to the contribution made by employees of the Company and its subsidiaries during the year under review. Your Directors thank the customers, clients, vendors and other business associates for their continued support. Your Directors are thankful to members for their continued patronage.
For & on behalf of the Board of Vipul Limited
sd/- sd/-
Punit Beriwala Vikram Vasheshar Kochhar
Managing Director Director
DIN:00231682 DIN:03098195
Place: Gurugram
Date: August 21, 2017
Mar 31, 2015
The Board of Directors ("Board") of your Company is pleased to present
the 24th Annual Report together with the Audited Accounts/Financial
Statements of the Company for the year ended March 31, 2015.
Your Company's performance for the year under review as compared with
the previous year is summarized below:
1. FINANCIAL RESULTS
Rupees (In Lacs)
Particular Standalone Consolidated
for year ended 31st
March for year ended 31st
March
2015 2014 2015 2014
Income from operations 23,355.01 27,023.42 23,403.26 26 ,145.40
Other Income 200.79 512.19 324.08 606.22
Total Income 23,555.80 27,535.61 23,727.34 26,751.62
Total Expenditure 24,427.32 27,113.27 25,061.38 27,335.92
Profit/(Loss) before Tax (871.52) 422.34 (1,334.04) (584.30)
Less:
Provision for taxation
(i) Current Year - (151.00) (8.90) (255.83)
(ii) Earlier year
adjustment - - 2.90 0.93
(iii) Deferred tax (net) 213.95 45.76 215.72 45.50
Profit/(Loss) of the year (657.57) 317.10 (1124.32) (793.70)
2. DIVIDEND
The Board of Directors has not recommended any dividend on the Equity
Shares in view of the performance of the Company for the financial year
ended 31st March, 2015 (previous year: Rs.0.05 per equity share of Re 1
each).
DIVIDEND HISTORY
Summary of dividend paid during the last five years is as under::
Financial
Year Rate of
Dividend
(%) Dividend per share (in Rs)
2009-10 12.50 0.125 per equity share of Rs 1 each
2010-11 15.00 0.15 per equity share of Rs 1 each
2011-12 15.00 0.15 per equity share of Rs 1 each
2012-13 15.00 0.15 per equity share of Rs 1 each
2013-14 5.00 0.05 per equity share of Rs 1 each
3. TRANSFER TO RESERVES
On account of the loss reported by the Company during the year under
review, no amount is proposed to carry to any reserves.
4. CASH FLOW STATEMENT
As required by Clause 32 of the Listing Agreement, Cash Flow Statement
for the financial year ended March 31, 2015 is enclosed with the Balance
Sheet and Statement of Profit and Loss of the Company. Consolidated Cash
Flow Statement of your Company and its Subsidiaries is enclosed with
the Consolidated Audited Accounts/ Financial Statements.
5. STATE OF COMPANY'S AFFAIRS/REVIEW OF OPERATIONS
The Company's main business is real estate. During the year under
review, the Profitability of Company has been impacted due to sluggish
market demand, higher input & interest costs etc.
The total Income of the Company is stood at Rs 23,556 lac as compared
to Rs 27,536 lac in the previous year. Loss after tax stood at Rs
657.57 lac as compared to Profit after tax of Rs 317.10 lac in the
previous year. The consolidated Income stood at Rs 23,727 Lac as
against Rs 26,751 Lac in the previous year.
The earnings per share on an equity share having face value of Rs 1/-
stands at Rs (0.55) per share as compared to Rs 0.26 per share in the
previous year.
The Company is taking effective steps to improve the performance of the
Company through growth in revenue, managing cost, strategic marketing,
increasing Brand awareness and brand equity through advertisement
campaign etc.
6. CORPORATE GOVERNANCE AND MANAGEMENT DISCUSSION & ANALYSIS REPORT
The Company has been proactive in following the principles and
practices of a good Corporate Governance and adhering to the Corporate
Governance requirements as set out by Securities and Exchange Board of
India. A separate section on Corporate Governance and a certificate from
the Auditors confirming compliance with the Corporate Governance
requirements as stipulated in Clause 49 of the Listing Agreement(s)
entered into with the Stock Exchanges, forms part of this Annual
report.
The Managing Director's declaration regarding compliance with the Code
of Conduct forms part of the report on Corporate Governance.
7. CHANGE IN NATURE OF BUSINESS, IF ANY
During the year under review, there is no change in nature of the
business of the Company.
8. MATERIAL CHANGES AND COMMITMENTS, IF ANY
During the year under review, there have been no material changes and
commitments which affecting the financial position of the Company.
9. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS
There are no significant material orders passed by the
Regulators/Courts/Tribunals which would impacts the going concern
status of the Company and its operations in future.
10. INTERNAL CONTROLS SYSTEMS AND THEIR ADEQUACY
The 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 and verified by Statutory as well as Internal
Auditors. Significant audit observations, if any, and follow up actions
thereon are reported to the Audit Committee. Further to maintain its
objectives and independence, the Internal Auditors reports to the
Chairman of the Audit Committee of the Board.
As required under Section 138 of the Companies Act, 2013 read with Rule
13 of the Companies (Accounts) Rules, 2014 (as amended), the Company
has appointed M/s. Arora & Bansal, Chartered Accountants, as Internal
Auditor of the Company for carrying out the internal audit for the
financial year 2015-16.
11. SUBSIDIARY/JOINT VENTURES/ASSOCIATE COMPANIES.
As on March 31, 2015, the Company has 18 subsidiary companies and 05
Associate companies. There has been no change in the number of
subsidiaries or in the nature of business of subsidiaries, during the
year under review. However as a result of enactment of the Companies
Act, 2013, the changes among Associate companies, are as under:
Name of the Company Ceased/Added as
Associate
Vipul Infracon Pvt. Ltd Ceased
Green Villas Pvt. Ltd Ceased
S. Paul Leasing & Finance
Pvt. Ltd Ceased
Mudra Finance Limited Added as Associate
Whitfield Infrastructure
Development Pvt. Ltd Added as Associate
The Consolidated Financial Statement has been prepared in accordance
with the Accounting Standards prescribed by the Companies Act, 2013 in
this regard and the provisions of the Listing Agreements entered into
with the Stock Exchange(s). The Audited consolidated Financial
Statement and Cash Flow Statement, comprising of the Company & its
subsidiaries forms part of this Annual report.The Company has not
consolidated financial of its associate companies in accordance with
Accounting Standard 23 on "Accounting for Investments in Associates in
Consolidated Financial Statements", as there are long term constraints
for transfer of funds and accounting of investments in shares of the
Associates Companies. The Policy for determining material subsidiaries
of the Company is available on the Company's website at
www.vipulgroup.in. The URL of the same is
http://www.vipulgroup.in/sites/default/investor_
document/policyrelatedpartytransactions.pdf.
In accordance with third proviso of the Section 136(1) of the Companies
Act, 2013, the Annual Report of the Company, containing therein its
standalone and the consolidated financial statements has been placed on
Company's website at www.vipulgroup.in. Further, as per fourth proviso
of the said section, audited annual accounts of each of the subsidiary
companies have also been placed on Company's website at www.vipulgroup.
in. The URL of the same is
http://www.vipulgroup.in/financial-performance.
Members interested in obtaining a copy of the audited annual accounts
of the subsidiary companies may write to the Company at the Company's
registered office/corporate office.
Further, a statement containing the salient features on the performance
and financial position of each of the subsidiary companies included in
the consolidated financial statement is provided in Form AOC-1 and forms
part of this Annual Report and also placed on the Company's website at
www.vipulgroup.in.
12. DEPOSITS
During the financial year 2014-15, your Company has not invited or
accepted any deposits from the public and as such, no amount on account
of principal or interest on public deposits was outstanding as on the
date of the Balance Sheet.
13. SHARE CAPITAL
The paid up Equity Share Capital as on March 31, 2015, was Rs 11.99
Crores (i.e. 119,984,480 equity Shares of Rs 1 each).
During the year under review:
(a) Issue of equity Shares with differential rights : Nil
(b) Issue of sweat equity shares : Nil
(c) Issue of employee stock options : Nil
(d) Provision of money by company for purchase of
its own shares by employees or by trustees for the
beneit of employees : Nil
(e) Debentures : Nil
14. LISTING
The shares of your Company are presently listed on BSE Limited and
National Stock Exchange of India Limited.
15. EXTRACT OF THE ANNUAL RETURN
The extract of the Annual Return of the Company in Form MGT-9 is
annexed herewith as "Annexure A" to this Report.
16. AUDITORS AND AUDITORS REPORT 16.1 Statutory Auditors
At the Annual General Meeting held on September 24, 2014, M/s L.B. Jha
& Co., Chartered Accountants, were appointed as statutory auditors of
the Company to hold office till the conclusion of the Annual General
Meeting to be held in the calendar year 2017. In terms of the first
proviso to Section 139 of the Companies Act, 2013, the appointment of
the auditors shall be placed for ratification at every Annual General
Meeting. Accordingly, the appointment of M/s. L.B. Jha & Co., Chartered
Accountants, as statutory auditors of the Company, is placed for
ratification by the members. In this regard, the Company has received a
written consent and a certificate, to the effect that their appointment,
if made, would be in accordance with the Companies Act, 2013 and the
Rules framed thereunder and that they satisfy the criteria provided in
Section 141 of the Companies Act, 2013.
The members are requested to ratify the appointment of the Statutory
Auditors as aforesaid and ix their remuneration.
Independent Auditor's Report
There are no adverse remarks, reservations and/or qualification made by
Statutory Auditor in their Report on the Standalone Financial
Statements of the Company. The notes to the financial statement as on
March 31, 2015, referred to in Auditor's Report are self-explanatory
and therefore do not call for any further comments.
However,in consolidated financial statements for the financial year ended
March 31, 2015, the auditors have made qualified opinion in respect of
the Financial Statements of Vipul SEZ Developers Pvt. Ltd, subsidiary
company of Vipul Limited. The qualified opinion along with the
management's explanations thereon are as follows:
1. Qualified opinion: The registration is pending for land measuring
10.03125 acres, the consideration paid for such land is Rs.
21,534,376/-. In the absence of registration this has been reflected as
Advance for Land.
Explanation/Comment of Board: The company had filed a suits for specific
performance, some of which were decided in the favour of the Company
and some of them partly allowed with refund of the amounts with
interest. The Company has preferred appeal against the Orders in all
the cases which were partly allowed and the same are pending before the
learned court
2. Qualified opinion: In absence of the confirmation of the advances
given amounting to Rs. 24,884,376/- ( including Rs. 21,534,376/- as
stated in para above), we are unable to comment about the
realisaibility of the same.
Explanation/Comment of Board : The company has filed a suit for specific
performance and the same is pending before the learned court
3. Qualified opinion: The licenses for the Group Housing Development
have expired during January'14 and in the absence of such renewed
license we are unable to comment about the future use of such land for
which such license has been obtained.
Explanation/Comment of Board : In view of the status quo order imposed
by the Hon'ble High Court at Delhi, the dues towards Director, Town and
Country Planning cannot be paid and consequently the application for
renewal of license could not be made on time. The Company, in
compliance with the Direction/permission of the Arbitral Tribunal on
date has applied for renewal of License No. 7 along with the payment of
Renewal Fees and Infrastructure Development Charges .Further, the
Company is in the process of obtaining BG for IDW. In respect of
License No. 9 the same shall be applied in due course with the
Direction/permission of the Arbitral Tribunal.
4. Qualified opinion: The External Development Charges and
Infrastructural Development charges alongwith the delayed payment
surcharge, amounting to Rs. 1,064,653,327/-., have not been deposited
and the Statutory Authority has taken step to invoke the Bank Guarantee
issued by Axis Bank Ltd. Pending invocation of bank guarantee, we are
unable to comment about the impact of the same in the Financial
Statement of the company.
Explanation/Comment of Board: As External Development charges and
Infrastructural Development charges due to HUDA/Director, Town and
country Planning were not deposited due to status quo order of the
Hon'ble High court on the operations of the company, notices were
served for encashment of Bank Guarantees amounting to Rs. 24.635 crores
which Axis Bank Ltd has not encashed and is contesting on grounds that
the encashment notices have been received after the expiry of Bank
Guarantees.
5. Quailed opinion: Rs. 148,412,055/- shown in the books as Deposit
lying with Department of Town and Country Planning, Govt. of Haryana is
subject to confirmation Explanation/Comment of Board: The company has
filed an application with the relevant authorities for their confirmation
and the same shall be provided to the auditors as soon as it is
received.
16.2 Cost Auditors
The Ministry of Corporate Affairs vide its notification dated 31st
December, 2014 has notified amended Companies (Cost Records and Audit)
Amendment Rules, 2014. Under the said amended Rules, Construction
Industry has been clarified to include companies engaged in Real Estate
development including an industrial park or special economic zone and
as a result of which the Cost Audit has become applicable to the
Company for the financial year 2014-15 & onwards.
Accordingly, the Board of Directors on the recommendation of the Audit
Committee, appointed M/s Vijender Sharma & Co., Cost Accountants, as a
Cost Auditors of the Company for the financial year 2014-15 and 2015-
16.The Audit Committee has also received a Certificate from the Cost
Auditors certifying their independence and arm's length relationship
with the Company.
In terms of Rule 14 of the Companies (Audit and Auditors) Rules, 2014,
the remuneration of cost auditors for financial year 2014-15 and 2015-16
is placed for ratification by the Members in the ensuing Annual General
Meeting.
16.3 Secretarial Auditors
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. AVA Associates,
Company Secretaries as the Secretarial Auditor of the Company to
conduct the Secretarial Audit. The Secretarial Audit Report for the
financial year 2014-15 is annexed herewith marked as "Annexure B" to
this Report. The Secretarial Audit Report does not contain any
qualification, reservation or adverse remark.
The Board of Directors has appointed M/s. AVA Associates, Company
Secretaries, as Secretarial Auditor of the Company for the financial
year 2015-16.
17. ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
The information relating to Conservation of Energy and Technology
Absorption as required to be disclosed under Section 134(3) (m) read
with Rule 8 of the Companies (Accounts Rules) 2014, is not applicable
to the Company.
FOREIGN EXCHANGE EARNINGS AND OUTGO:
The particulars regarding foreign exchange earnings and outgo are as
under:
(Rupees in Lacs)
Particulars 31.03.2015 31.03.2014
Foreign Exchange Earning 16.18 31.42
Foreign Exchange Outgo 77.70 1.81
Activities Relating to Exports; Initiatives taken to Increase Exports;
Development of New Export Market for Product & Services and Export
Plans are not applicable to the Company.
18. CORPORATE SOCIAL RESPONSIBILITY (CSR)
Vipul Limited, has been socially conscious business enterprise. It is
the philosophy of the Company that the benefits of growth and prosperity
should be continuously shared with the people at large.
The Company provides education facilities with books and study material
to the children of labour and introduced the system of personal hygiene
and mid day meals at all sites. The Company ensures stringent safety
regulations, conducive work environment, clean drinking water, crèche
facilities for its workers at the various construction sites and the
Company has also set up health care centers at various construction
sites from time to time. Free medical campaigns were also carried out
along with basic information on health for the labours & their
families.
The Company also through its employees organized various social events
like 'Joy of Giving Week' and contribution were made through gunny bags
comprising old/new clothes, footwear, woolens, blankets, bed sheets,
foot items, umbrellas, school materials, books, games or monetary help,
daily necessities & utensils. The same were distributed to the under
privileged. However these activities are not constitutes the CSR
activities as prescribed under Schedule VII of the Companies Act, 2013
but the Company practices its corporate value through its commitment to
grow in a social and environmentally responsible way.
The CSR committee comprises Dr. Bidhubhusan Samal (Independent
Director), Mr. Anil Kumar Agarwal (Independent Director) and Mr. Rajesh
Kumar Batra (Independent Director). The CSR Committee is responsible
for formulating and monitoring the CSR policy of the Company.
The CSR policy may be accessed on the Company's website at
www.vipulgroup.in. The URL link of the policy is
http://www.vipulgroup.in/sites/default/iles/investor_document/CSR
Policy-Vipul.pdf. The annual report on Corporate Social Responsibility
Activities is annexed herewith marked as "Annexure C" to this report.
19. DIRECTORS AND KEY MANAGERIAL PERSONNEL
During the year under review, the Board of Directors in its meeting
held on February 10, 2015, based on recommendations of Nomination and
Remuneration Committee (NRC), appointed Ms. Ameeta Verma Duggal, having
DIN no. 02592003, as an Additional Director under Section 149 & 161 of
the Companies Act, 2013. Ms.Ameeta Verma Duggal holds the office as
Additional Director upto date of the ensuing Annual General Meeting,
and is eligible for appointment as Director of the Company. The Board
in its meeting held on August 12, 2015 also recommended her appointment
as an Independent Director of the Company, not liable to retire by
rotation, at ensuing Annual General Meeting of the Company for a
consecutive period of 5 years. The Company has received a requisite
notice under Section 160 of the Companies Act, 2013. A brief proile of
Ms. Ameeta Verma Duggal has been given in the Notice convening the
ensuing Annual General Meeting.
The Company has received declaration from all the Independent Directors
of the Company confirming that they meet the criteria of independence as
prescribed both under the Companies Act, 2013 and Clause 49 of the of
the Listing Agreement entered with the Stock Exchange(s). None of
Independent Directors are due for re- appointment.
During the year under review, Mr. Sumit Goel resigned as the Company
Secretary of the Company,and in his place, Mr. Vivek Chaudhary has been
appointed as the Company Secretary of the Company. Further Ms.
Guninder Singh was appointed as Chief Executive Officer (CEO) of the
Company with effect from April 1, 2015, in terms of Section 203 of the
Companies Act, 2013 read with relevant rules thereto.
Board Evaluation
Pursuant to the provisions of the Companies Act, 2013 and Clause 49 of
the Listing Agreement, the Board of Directors has undertaken an
evaluation of its own performance, the performance of its Committees
and of all the individual Directors based on various parameters
relating to roles, responsibilities and obligations of the Board,
effectiveness of its functioning, contribution of Directors at meetings
and the functioning of its Committees.
Familiarization Policy
The Independent Directors are eminent personalities having wide
experience in the field of business, finance, legal, industry, commerce
and administration. Their presence on the Board has been advantageous
and fruitful in taking business decisions.
The Directors appointed by the Board are given induction and
orientation with respect to the Company's vision, strategic direction,
core values, including ethics, corporate governance practices, financial
matters and business operations.
To familiarize the new inductees with the strategy, operations and
functions of our Company, the Managing Director/Senior Managerial
Personnel make presentations to the inductees about the Company's
strategy, operations, organization structure, facilities and risk
management. Details of the familiarization program/policy of the
independent directors are available on Company's website at
www.vipulgroup.in. The URL of the same is
http://www.vipulgroup.in/sites/default/iles/investor_
document/Familarization policy-Final.pdf.
20. BOARD MEETING
Four meeting of Board of Directors were held during the financial year
2014-15 i.e. on May 29, 2014, July 30, 2014, November 11, 2014 and
February 10, 2015 and the gap between two consecutive meetings did not
exceed One Hundred and Twenty days.
The necessary quorum was present throughout, for all meetings.
21. AUDIT COMMITTEE
The Audit Committee has been constituted in accordance with the
provisions of Section 177 of the Company Act, 2013 and Clause 49 of the
Listing Agreement.The Audit Committee comprises Independent
Non-Executive Directors namely Dr. Bidhubhusan Samal as Chairman, Mr.
Vikram Vasheshar Kochhar and Mr. Anil Kumar Agarwal as members. All the
recommendations made by the Audit Committee were accepted by the Board
of Directors.
22. VIGIL MECHANISM / WHISTLE BLOWER POLICY
The Company has formulated a Whistle Blower/Whistle Mechanism 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 Companies Act,
2013 and revised Clause 49 of the Listing Agreement entered with Stock
Exchange(s). The said policy is available on Company's website at www.
vipulgroup.in and the URL of the same is
http://www.vipulgroup.in/sites/default/iles/investor_document/Vigil_
Mechanism - Vipul Group 2015.pdf.
23. COMPANY'S POLICY ON DIRECTORS' APPOINTMENT AND REMUNERATION
The Company's policy on Directors' appointment and remuneration
including criteria for determining qualifications, positive attributes,
independence of a Director and other matters provided under sub-section
(3) of Section 178, is appended as Annexure "D" to this Report.
Neither the Managing Director nor any other Director receive any
remuneration or commission from any of its subsidiaries.
24. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS
Particulars of the loan given, investment made, guarantee given and
security provided along with the purpose for which the loan or
guarantee or security is proposed to be utilized by the recipient are
provided in the notes to the Financial Statements (standalone).
There was no default in the repayment of loans or payment of interest
thereon during the year under review. The particulars of
loans/advances in the nature of loans and investment in its own shares
by listed Companies, their subsidiaries, associates etc. required to be
disclosed pursuant to Clause 32 of the Listing Agreement are as under:
Name of the Subsidiary Company -High Class Projects Ltd; Balance as on
31.03.2015- Rs 490 Lac (Maximum outstanding during the year - Rs 490
Lac).
Further, apart from above, the Company has not granted any loan and
advances in the nature of loans to any of its subsidiaries/associates.
25. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES
The Particulars of Related Party Transactions entered into by the
Company during the year pursuant to Section 188 of the Companies Act,
2013 are given in Annexure "E" to this Report.
26. PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES
Disclosure pertaining to Remuneration and other details as required
under Section 197 (12) of the Companies Act, 2013 read with Rule 5(1)
of the Companies (Appointment and Remuneration of Managerial Personnel)
Rules, 2014 are appended herewith as "Annexure F(I)" to this Report.
In terms of the Provisions of Sections 197 (12) of the Companies Act,
2013 read with Rule 5(2) and 5(3) of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014, a statement showing
the names and the other particulars of the employees drawing
remuneration in excess of the limits set out in the said Rules is
appended herewith as "Annexure F(II)" to this Report.
27. POLICY ON PREVENTION OF SEXUAL HARASSMENT AT WORKPLACE
The Company has in place a Prevention of Sexual Harassment Policy in
line with the requirements of The Sexual Harassment of Women at
workplace (Prevention, Prohibition & Redressal) Act, 2013. An Internal
Complaints Committee has been set up to redress complaints received
regarding sexual harassment. All employees (Permanent, contractual,
temporary, trainees) are covered under this policy.
During the year under review, no complaints were received pursuant to
the Sexual Harassment of Women at workplace (Prevention, Prohibition &
Redressal) Act, 2013.
28. RISK MANAGEMENT SYSTEM
The Company has a Risk Management Committee to frame, implement and
monitor the risk management plan for the Company. The Committee is
responsible for reviewing the risk management plan and ensuring its
effectiveness. The Audit Committee has additional oversight in the area
of financial risks and controls. The development and implementation of
risk management policy has been covered in the Management Discussion
and Analysis, which forms part of this Annual report.
29. DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to the requirement of clause (c) of sub-section (3) of Section
134 of the Companies Act, 2013, the Directors hereby confirm that:
a. in the preparation of the annual accounts for the year ended March
31, 2015, the applicable accounting standards had been followed along
with proper explanation relating to material departures;
b. the directors had selected such accounting policies and applied
them consistently and made judgment 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 March 31, 2015 and of
the Loss of the Company for the year ended 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, 2013 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities;
d. the Directors had prepared the annual accounts on a going concern
basis; and
e. proper internal financial controls were in place and that the
financial controls were adequate and were operating effectively; and
f. the Directors had devised proper systems to ensure compliance with
the provisions of all applicable laws and that such systems were
adequate and operating effectively.
30. ACKNOWLEDGEMENT
The Board acknowledge with gratitude the co-operation and assistance
provided to your Company by its bankers, financial institutions,
government as well as non-government agencies. The Board wishes to
place on record its appreciation to the contribution made by employees
of the Company and its subsidiaries during the year under review. Your
Directors thank the customers, clients, vendors and other business
associates for the continued support. Your Directors are thankful to
members for their continued patronage.
For & on behalf of the Board of
Vipul Limited
Sd/- Sd/-
Punit Beriwala Vikram Vasheshar Kochhar
Place : Gurgaon Managing Director Director
Date : August 12,
2015 DIN: 00231682 DIN: 03098195
Mar 31, 2014
To the Members,
The Board of Directors of your Company are pleased to present the 23rd
Annual Report together with the Audited Accounts of the Company for the
year ended March 31, 2014.
Your Company''s performance during the year as compared with that during
the previous year is summarized below:
FINANCIAL RESULTS
Rupees (In Lacs)
Particulars Year Ended Year Ended
31.03.2014 31.03.2013
Income from operations 27023.42 40448.95
Other Income 512.19 236.00
Total Income 27535.61 40684.95
Total Expenditure 27113.27 38626.00
Profit before Tax 422.34 2058.95
Less: Tax Expenses:
(i) Current Year 151.00 550.00
(ii) Earlier year adjustment - (1.28)
(iii) Deferred tax (45.76) (163.59)
Profit for the Year 317.10 1673.82
DIVIDEND
The Directors of your Company are pleased to recommend dividend @ 5%
i.e. Rs. 0.05 on Rs. 1/- paid up for the year ended March 31, 2014 to
those members whose name appear on the Register of Members of the
Company as on the date of Book Closure in respect of the shares held in
the physical form and in respect of shares held in electronic form, to
those beneficial owners whose names appear in the list provided by the
Depository as on the date of Book Closure.
DIVIDEND hISTORY
Summary of dividend paid during the last five years is as under:
Financial Year Rate of Dividend (%) Dividend per Share (in Rs)
2008-09 12.50 0.25 per equity share of Rs 2 each
2009-10 12.50 0.125 per equity share of Rs 1 each
2010-11 15.00 0.15 per equity share of Rs 1 each
2011-12 15.00 0.15 per equity share of Rs 1 each
2012-13 15.00 0.15 per equity share of Rs 1 each
TRANSFER TO RESERVES
Your Company proposes to transfer Rs. 100 Lacs to General Reserve out
of the amount available for appropriations and accumulated Profit to the
extent of Rs. 7093.60 Lacs is proposed to be carried over to subsequent
year(s).
CASh FLOW STATEMENT
As required by Clause 32 of the Listing Agreement, Cash Flow Statement
for the year ended March 31, 2014 is enclosed with the Balance Sheet
and Profit & Loss Statement of the Company. Consolidated Cash Flow
Statement of your Company and its subsidiaries is enclosed with the
Consolidated Financial Statement.
PERFORMANCE AND OPERATIONS
The total income of the Company for the year ended 31st March, 2014,
reported an decrease of 32.32% falling to Rs. 27535.61 lacs from Rs.
40684.95 lacs in the previous year due to adverse economic scenario.
Profit before depreciation and taxation was Rs. 545.44 lacs and after
providing Rs. 123.10 lacs towards depreciation & amortisation expenses
and Rs. 105.24 lacs towards tax, the net Profit stood at Rs. 317.10
lacs. The earning per share (EPS), on an equity share having face
value of Rs. 1/- stands at Rs. 0.26/-.
APPOINTMENT
In terms of Section 149 of the Companies Act, 2013, an Independent
Director shall hold office for a term up to five consecutive years on the
Board of a Company and is eligible for reappointment for another terms
of five years on passing of a special resolution by the members of the
Company. The Board of Directors in their meeting held on July 30, 2014
has recommended the appointment of Mr. Anil Kumar Agarwal, Mr. Rajesh
Kumar Batra, Mr. Kapil Dutta, Mr. Vikram Vasheshar Kochhar and Dr.
Bidhubhusan Samal as a Non-Executive Independent Directors for a term
of consecutive five years each not liable to retire by rotation.
Further, Remuneration Committee (Now stands reconstitututed as
"Nomination and Remuneration Committee") in its meeting held on
Feburary 8,2014 has re-appointed Mr. Punit Beriwala as Managing
Director of the Company for a further period of three years w.e.f.
April 1, 2014 for which the Board has also accorded its unanimous
consent. Details of remuneration proposed to be paid are mentioned in
the notice of the ensuing Annual General Meeting.
The Board of Directors recommends their respective
appoiment/re-appointment(s).
AUDITORS
As per the provisions of Section 139 of the Act, no listed Company can
appoint or re-appoint an audit firm as auditor for more than two terms
of five consecutive years. Section 139 of the Act has also provided a
period of three years from the date of commencement of the Act to
comply with this requirement.
In view of the above, M/s. LB Jha & Co., being eligible for
re-appointment and based on the recommendation of the Audit Committee,
the Board of Directors has, at its meeting held on July 30, 2014,
proposed the appointment of M/s. LB Jha & Co. as the statutory auditors
of the Company for a period of three years to hold office from the
conclusion of this AGM till the conclusion of the twenty-sixth AGM of
the Company to be held in the year 2017 (subject to ratifcation of
their appointment at every AGM).
The Board of Directors of your Company recommends their re-appointment.
AUDITOR''S REPORT
The Notes to the Accounts, forming part of Balance Sheet as at March
31, 2014 and Profit & Loss Statement for the year ended on that date,
referred to in Auditor''s Report are self-explanatory and therefore do
not call for any further comments. There are no adverse remark and / or
qualification made by Statutory Auditor in their Report.
INTERNAL AUDITORS
As required under Section 138 of the Companies Act,2013 read with Rule
13 of the Companies (Accounts) Rules, 2014, the Company has appopinted
M/s. Arora & Bansal, Chartered Accountants, as Internal Auditor of the
Company for carraying out the internal audit for the financial year
2014-2015.
SECRETARIAL AUDITORS
As required under Section 204 of the Companies Act, 2013 read with
Companies (Appointment and Remuneration of Managerial Personnel) Rules,
2014, the Company has appointed M/s AVA Associates., Company
Secretaries, Delhi as Secretarial Auditors for carrying out the
secretarial audit for the financial year 2014-15.
FIXED DEPOSIT
During the financial year 2013-14, your Company has not invited or
accepted any deposits from the public and as such, no amount on account
of principle or interest on public deposits was outstanding as on the
date of the balance sheet.
SUBSIDIARY COMPANIES
The Company has 18 Subsidiaries as on March 31, 2014. There has been no
material change in the nature of the business of the subsidiaries. List
of Subsidiaries which have been consolidated at the year end is given
in the Notes to Accounts of the consolidated financials.
As required under the Listing Agreements entered into with the Stock
Exchanges, consolidated financial statements of the Company and all its
subsidiaries are attached. The consolidated financial statements have
been prepared in accordance with the relevant accounting standards as
prescribed under Section 211(3C) of the Companies Act, 1956. The
consolidated financial statements disclose the assets, liabilities,
income, expenses and other details of the Company and its subsidiaries.
Pursuant to the provision of Section 212(8) of the Companies Act, 1956,
the Ministry of Corporate Affairs vide its circular dated February 8,
2011 has granted general exemption from attaching the balance sheet,
statement of Profit and loss and other documents of the subsidiary
companies with the balance sheet of the Company. A statement containing
brief financial details of the Company''s subsidiaries for the financial
year ended March 31, 2014 is included in the annual report. The annual
accounts of these subsidiaries and the related information will be made
available to any member of the Company/its subsidiaries seeking such
information and are available for inspection by any member of the
Company/its subsidiaries at the Corporate office of the Company.
PARTICULARS OF EMPLOYEES
As required under the provisions of sub-Section (2A) of Section 217 of
the Companies Act, 1956 read with the Companies (Particulars of
Employees) Rules, 1975 as amended, particulars of the employees are set
in the Annexure to the Directors'' Report.
CORPORATE GOVERNANCE AND MANAGEMENT DISCUSSION & ANALYSIS REPORT
The Company has been proactive in following the principles and
practices of a good corporate governance. The Company has ensured that
the requirement of the Corporate Governance, as stipulated under Clause
49 of the Listing Agreement are duly complied with. Report on Corporate
Governance along with a certifcate from the Statutory Auditors of the
Company confirming such compliance and Management Discussion & Analysis
Report forms part of this Annual Report.
CORPORATE SOCIAL RESPONSIBILITY
Vipul Limited has been a socially conscious business enterprise. It is
the philosophy of Company that the benefits of growth and prosperity
should be continuously shared with the people at large.
The Company provides education facilities with books and study material
to the children of labours and introduced the system of personal
hygiene and mid day meals at all sites. The Company ensures stringent
safety regulations, conducive work environment, clean drinking water,
crèche facilities for its workers at the various construction sites and
the Company has also set up health care centres at various construction
sites from time to time. Free medical campaigns were also carried out
along with basic information on health for the labours & their
families.
Social events were also orgainsed through Vipul''s Employees like ''Joy
of Giving Week'' and contributuion were made through gunny bags
Comprising old/new clothes, footwear, woolens, blankets, bed sheets,
foot items, umbrellas, school materials, books, toys, games or monetary
help, daily necessities & utensils. The same were distributed to the
under privileged.
DIRECTORS'' RESPONSIBILITY STATEMENT
Pursuant to the requirements of Section 217(2AA) of the Companies Act,
1956, the Directors hereby confirm that:
1. In the preparation of annual accounts for the financial year ended
March 31, 2014, the applicable accounting standards had been followed
along with proper explanation relating to material departures.
2. The Directors had 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 of the Profit of the
Company for the year under review.
3. The Directors had taken proper and suffcient care for the
maintenance of adequate accounting records in accordance with the
provisions of Companies Act, 1956 for safeguarding the assets of the
Company and for preventing and detecting fraud and other
irregularities.
4. The Directors had prepared the annual accounts for the financial
year ended March 31, 2014 on a going concern basis.
CONSERVATION OF ENERGY AND TEChNOLOGY ABSORPTION
The information relating to Conservation of Energy and Technology
Absorption as required to be disclosed under Section 217(e) of the
Companies Act, 1956 read with Rule 2 of the Companies (Disclosure of
Particulars in the Report of Board of Directors) Rules, 1988, is not
applicable to the Company.
Activities Relating to Exports; Initiatives taken to Increase Exports;
Development of New Export Market for Products & Services and Export
Plans are not applicable to the Company.
LISTING INFORMATION
The equity shares of the Company are listed on Bombay Stock Exchange
and Madras Stock Exchange. The Shares of the Company are also permitted
to be traded on the National Stock Exchange.
The Annual listing fees for the financial year 2014-15 has been paid by
the Company to the Stock Exchange(s)
ACKNOWLEDGEMENT
The Board acknowledge with gratitude the co-operation and assistance
provided to your Company by its bankers, financial institutions,
government as well as non-government agencies. The Board wishes to
place on record its appreciation to the contribution made by employees
of the Company and its subsidiaries during the year under review. Your
Directors thank the customers, clients, vendors and other business
associates for the continued support. Your Directors are thankful to
shareholders for their continued patronage.
For & on behalf of Board
of Vipul Limited
Sd/- Sd/-
Place: Gurgaon Punit Beriwala Anil Kumar Agarwal
Date: July 30, 2014 Managing Director Director
DIN : 00231682 DIN : 00479628
Mar 31, 2013
To the Members,
The Board of Directors of your Company are pleased to present the 22nd
Annual Report together with the Audited Accounts of the Company for the
year ended March 31, 201 3.
Your Company''s performance during the year as compared with that during
the previous year is summarized below:
FINANCIAL RESULTS
Rupees (In Lacs)
Particulars Year Ended Year Ended
31.03.2013 31.03.2012
Income from operations 40448.95 42378.62
Other Income 236.00 212.77
Total Income 40684.95 42591.39
Total Expenditure 38626.00 39867.18
Profit before Tax 2058.95 2724.21
Less: Tax Expenses:
(i) Current Year 550.00 260.00
(ii) Earlier year adjustment (1-28) 1.20
(iii) Deferred tax (163.59) (155.79)
Profit for the Year 1673.82 2118.80
DIVIDEND
The Directors of your Company are pleased to recommend dividend @ 15 %
for the year ended March 31, 2013 to those members whose name appear on
the Register of Members of the Company as on the date of Book Closure
in respect of the shares held in the physical form and in respect of
shares held in electronic form, to those beneficial owners whose names
appear in the list provided by the Depository as on the date of Book
Closure.
TRANSFER TO RESERVES
Your Company proposes to transfer Rs. 2500 Lacs to General Reserve out
of the amount available for appropriations and accumulated profit to
the extent of Rs. 6946.68 Lacs is proposed to be carried over to
subsequent year(s).
CASH FLOW STATEMENT
As required by Clause 32 of the Listing Agreement, Cash Flow Statement
for the year ended March 31, 2013 is enclosed with the Balance Sheet
and Profit & Loss Statement of the Company. Consolidated Cash Flow
Statement of your Company and its subsidiaries is enclosed with the
Consolidated Financial Statement.
PERFORMANCE AND OPERATIONS
The total income of the Company for the year ended 31st March, 2013,
reported a decrease of 4.48% falling to Rs. 40684.95 lacs from Rs.
42591.39 lacs in the previous year.
Profit before depreciation and taxation was Rs. 2195.49 lacs and after
providing Rs. 136.54 lacs towards depreciation/amortisation expenses
and Rs. 385.13 lacs towards tax, the net profit amounts to Rs. 1673.82
lacs. The earning per share (EPS), on an equity share having face value
of Rs. 1/-, stands at Rs. 1.40/-.
DIRECTORATE
In accordance with the provisions of Companies Act, 1956 Mr. Kapil
Dutta and Mr. Rajesh Batra, Director(s) of the Company are retiring by
rotation and being eligible offers themselves for re- appointment.
A brief resume of Mr. Kapil Dutta and Mr. Rajesh Batra, proposed to be
re-appointed, nature of their expertise in specific functional areas
and name of Companies in which they holds Directorship and
Membership/Chairmanship of the Board or Committees, as stipulated under
Clause 49 of the Listing Agreement entered into with the Stock
Exchanges are provided in the Report on Corporate Governance forming
part of the Annual Report.
The Board of Directors recommends their respective re-appointment(s).
AUDITORS
The Statutory Auditors of the Company viz. M/s L.B. Jha & Co.,
Chartered Accountants, retire at the conclusion of the ensuing Annual
General Meeting and are eligible for re-appointment. The Company has
received a letter from M/s L.B. Jha & Co., to the effect that their
re-appointment, if made, would be within the prescribed limits as
specified under Section 224(1 B) of the Companies Act, 1 956 and they
are not disqualified for such re-appointment within the meaning of
Section 226 of the said Act.
The Board of Directors of your Company recommends their re-appointment.
AUDITOR''S REPORT
The Notes to the Accounts, forming part of Balance Sheet as at March
31, 2013 and Profit & Loss Statement for the year ended on that date,
referred to in Auditor''s Report are self-explanatory and therefore do
not call for any further comments. There are no adverse remark and / or
qualification made by Statutory Auditor in their Report.
FIXED DEPOSIT
During the financial year 2012-13, your Company has not invited or
accepted any deposits from the public within the meaning of Section 58A
of the Companies Act, 1956.
SUBSIDIARY COMPANIES
The Company has 18 Subsidiaries as on March 31, 2013. List of
Subsidiaries which have been consolidated at the year end is given in
the Notes to Accounts. These documents will be made available upon
request by any member of the Company interested in obtaining the same
and will also be kept for inspection at the registered office of your
Company and that of subsidiary Companies concerned. However, as
directed by the Central Government, the financial data in respect of
each of the subsidiaries i.e. information about capital, reserves,
total assets, total liabilities, details of investment, turnover,
profit before taxation, provision for taxation, profit after taxation
and proposed dividend, has been furnished in one sheet which is forming
part of this Annual Report. Further, pursuant to Accounting Standard
(AS) -21 issued by the Institute of Chartered Accountants of India,
your Company has presented the consolidated financial statements which
include the financial information relating to its subsidiaries and
forms part of the Annual Report.
PARTI CULARS OF EMPLOYEES
As required under the provisions of sub-section (2A) of Section 217 of
the Companies Act, 1956 read with the Companies (Particulars of
Employees) Rules, 1975 as amended, particulars of the employees are set
in the Annexure to the Directors'' Report.
CORPORATE GOVERNANCE AND MANAGEMENT Dl SCUSSI ON & ANALYSI S REPORT
The Company has been proactive in following the principles and
practices of a good corporate governance. The Company has ensured that
the requirement of the Corporate Governance, as stipulated under Clause
49 of the Listing Agreement are duly complied with. Report on Corporate
Governance along with a certificate from the Statutory Auditors of the
Company confirming such compliance and Management Discussion & Analysis
Report forms part of this Annual Report.
CORPORATE SOCI AL RESPONSI Bl LI TY
Vipul remain committed towards its corporate social responsibility
being a socially conscious business enterprise. The Company conducts
its business in a way that creates social, environmental and economic
benefits to the communities in which it operates and the Company has
always been earnest for contributing towards the betterment of the
society through various welfare initiative viz. providing education,
safety and welfare measures at the construction sites and healthcare
for the under privileged section of the society.
The Company provides education facilities with books and study material
to the children of laborer and introduced the system of personal
hygiene and mid day meals at all sites. The Company ensures stringent
safety regulations, conductive work environment, clean drinking water,
creche facilities for the children of its workers at the various
construction sites and the Company has also set up health care centre
at the construction sites. Free medical campaigns were also carried out
along with basic information on health for the laborer & their
families.
Social events were also organized through Vipul''s Employees like ''Joy
of Giving Week'' and contribution were made through gunny bags
Comprising old/new clothes, footwear, woolens, blankets, bed sheets,
foot items, umbrellas, school materials, books, toys, games or monetary
help, daily necessities & utensils. The same were distributed to the
under privileged.
DIRECTORS'' RESPONSI Bl LI TY STATEMENT
Pursuant to the requirements of Section 21 7(2AA) of the Companies Act,
1 956, the Directors hereby confirm that:
1. In the preparation of annual accounts for the financial year ended
March 31, 2013, theapplicable accounting standards had been followed
along with proper explanation relating to material departures.
2. The Directors had 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 of the profit of
the Company for the year under review.
3. The Directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of Companies Act, 1956 for safeguarding the assets of the
Company and for preventing and detecting fraud and other
irregularities.
4. The Directors had prepared the annual accounts for the financial
year ended March 31, 201 3 on a going concern basis.
CONSERVATI ON OF ENERGY AND TECHNOLOGY ABSORPTI ON
The information relating to Conservation of Energy and Technology
Absorption as required to be disclosed under Section 217(e) of the
Companies Act, 1956 read with Rule 2 of the Companies (Disclosure of
Particulars in the Report of Board of Directors) Rules, 1988, is not
applicable to the Company.
FOREI GN EXCHANGE EARNI NGS AND OUTGO
The particulars regarding foreign exchange earnings and outgo are as
under :
(Rupees in Lacs)
Particulars 31.03.2013 31.03.2012
Foreign Exchange Earnings 11.34 230.36
Foreign Exchange Outgo 4.77 6.40
Activities Relating to Exports; Initiatives taken to Increase Exports;
Development of New Export Market for Products & Services and Export
Plans are not applicable to the Company.
LISTING INFORMATION
The equity shares of the Company are listed on Bombay Stock Exchange
and Madras Stock Exchange. The Shares of the Company are also
permitted to be traded on the National Stock Exchange.
The Annual listing fees for the financial year 2013-14 has been paid by
the Company to the Stock Exchange(s)
ACKNOWLEDGEMENT
The Board acknowledge with gratitude the co-operation and assistance
provided to your company by its bankers, financial institutions,
government as well as non-government agencies. The Board wishes to
place on record its appreciation to the contribution made by employees
of the Company and its subsidiaries during the year under review. Your
Directors thank the customers, clients, vendors and other business
associates for the continued support. Your Directors are thankful to
shareholders and deposit holders for their continued patronage.
For & on behalf of Board of Vipul Limited
Sd/- Sd/-
Place: Gurgaon Punit Beriwala Rajesh Batra
Date: August
14, 2013 Managing Director Director
Mar 31, 2012
To the Members,
The Board of Directors of your Company are pleased to present the 21st
Annual Report together with the Audited Accounts of the Company for the
year ended March 31, 2012.
Your Company's performance during the year as compared with that during
the previous year is summarized below:
FINANCIAL RESULTS
Rupees (In Lacs)
Particulars Year Ended Year Ended
31.03.2012 31.03.2011
Income from operations 42378.62 34356.89
Other Income 212.77 180.06
Total Income 42591.39 34536.95
Total Expenditure 39867.18 31527.93
Profit before Tax 2724.21 3008.78
Less: Tax Expenses:
(i) Current Year 760.00 1045.00
(ii) Earlier year adjustment 1.19 (110.84)
(iii) Deferred tax (155.79) (0.92)
Profit for the Year 2118.81 2075.54
DIVIDEND
The Directors of your Company are pleased to recommend dividend @ 15 %
i.e. Rs. 0.15 per share of face value Rs. 1/- for the year ended March
31, 2012 to those members whose name appear on the Register of Members
of the Company as on the date of Book Closure in respect of the shares
held in the physical form and in respect of shares held in electronic
form, to those beneficial owners whose names appear in the list
provided by the Depository as on the date of Book Closure.
TRANSFER TO RESERVES
Your Company proposes to transfer Rs. 1500 Lacs to General Reserve out
of the amount available for appropriations and accumulated profit to
the extent of Rs. 7983.42 Lacs is proposed to be carried over to
subsequent year(s).
CASH FLOW STATEMENT
As required by Clause 32 of the Listing Agreement, Cash Flow Statement
for the year ended March 31, 2012 is enclosed with the Balance Sheet
and Profit & Loss Statement of the Company. Consolidated Cash Flow
Statement of your Company and its subsidiaries is enclosed with the
Consolidated Financial Statements.
PERFORMANCE AND OPERATIONS
The turnover of the Company for the year ended 31st March, 2012,
reported an increase of 23.32% rising to Rs. 42591.39 lacs from Rs.
34536.95 lacs in the previous year.
Profit before depreciation and taxation was Rs. 2863.57 lacs and after
providing Rs. 139.36 lacs towards depreciation and Rs. 605.41 lacs
towards tax, the net profit amounts to Rs. 2118.80 lacs. The earning
per share (EPS), on an equity share having face value of Rs. 1/-,
stands at Rs. 1.77/-.
DIRECTORATE
In accordance with the provisions of Companies Act, 1956 Dr. B. Samal &
Mr. Vikram Kochhar, Directors of the Company are retiring by rotation
and being eligible offers them self for re-appointment.
A brief resume of Dr. B. Samal & Mr. Vikram Kochhar, proposed to be
re-appointed, nature of their expertise in specific functional areas
and name of Companies in which they hold Directorship and Membership/
Chairmanship of the Board or Committees, as stipulated under Clause 49
of the Listing Agreement with the Stock Exchanges are provided in the
Report on Corporate Governance forming part of the Annual Report.
The Board of Directors recommends their respective re-appointment(s).
AUDITORS
The Statutory Auditors of the Company viz. M/s L.B. Jha & Co.,
Chartered Accountants, retire at the conclusion of the ensuing Annual
General Meeting and are eligible for re-appointment. The Company has
received a letter from M/s L.B. Jha & Co., to the effect that their
re-appointment, if made, would be within the prescribed limits as
specified under Section 224(1B) of the Companies Act, 1956 and they are
not disqualified for such re-appointment within the meaning of Section
226 of the said Act.
The Board of Directors of your Company recommends their re-appointment.
AUDITOR'S REPORT
The Notes to the Accounts, forming part of Balance Sheet as at March
31, 2012 and Profit & Loss Statement for the year ended on that date,
referred to in Auditor's Report are self-explanatory and therefore do
not call for any further comments. There are no adverse remark and / or
qualification made by Statutory Auditor in their Report.
FIXED DEPOSIT
During the financial year 2011-12, your Company has not invited or
accepted any deposits from the public within the meaning of Section 58A
of the Companies Act, 1956.
SUBSIDIARY COMPANIES
The Company has 17 Subsidiaries as on March 31, 2012. List of
Subsidiaries which have been consolidated at the year end is given in
the Notes to Accounts. The Board has passed a resolution in terms of
general exemption granted by the Government of india under Section
212(8) of the Companies Act 1956 vide circular no 5/12/2007-CL-III
dated 05.02.2011, for not attaching copy of the Balance Sheet, Profit &
Loss Statement, Reports of the Directors' and Auditor's of the
Subsidiaries with the Balance Sheet of the Company at its meeting held
on November 9, 2012. These documents will be made available upon
request by any member of the Company interested in obtaining the same
and will also be kept for inspection at the Corporate/Registered office
of your Company and that of subsidiary Companies concerned. However, as
directed by the Central Government, the financial data in respect of
each of the subsidiaries i.e. information about capital, reserves,
total assets, total liabilities, details of investment, turnover,
profit before taxation, provision for taxation, profit after taxation
and proposed dividend, has been furnished in one sheet which is forming
part of this Annual Report. Further, pursuant to Accounting Standard
(AS) -21 issued by the Institute of Chartered Accountants of India,
your Company has presented the consolidated financial statements which
include the financial information relating to its subsidiaries and
forms part of the Annual Report.
PARTICULARS OF EMPLOYEES
As required under the provisions of sub-section (2A) of Section 217 of
the Companies Act, 1956 read with the Companies (Particulars of
Employees) Rules, 1975 as amended, particulars of the employees are set
in the Annexure to the Directors' Report.
CORPORATE GOVERNANCE AND MANAGEMENT DISCUSSION & ANALYSIS REPORT
The Company has been proactive in following the principles and
practices of a good corporate governance. The Company has ensured that
the requirement of the Corporate Governance, as stipulated under Clause
49 of the Listing Agreement are duly complied with. Report on Corporate
Governance along with a certificate from the Statutory Auditors of the
Company confirming such compliance and Management Discussion & Analysis
Report forms part of this Annual Report.
CORPORATE SOCIAL RESPONSIBILITY
The Company conducts its business in a way that creates social,
environmental and economic benefits to the Society and the Company has
always been earnest for contributing towards the betterment of society
through various welfare initiatives viz. providing education, skill
development and healthcare for the under privileged section of the
society. Some of such CSR initiatives are highlighted hereunder:
- Creche for children of workers: While the Laborers were at work and
their children were safely taken care of at the mobile creche on the
site being maintained by the Company. We noticed that despite
restrictions, most women laborer brought their children to the site,
since there was nobody else to take care of them. The Company promoted
childcare facilities at its construction sites, citing benefits to
ensure greater productivity of the workers and safety of the children.
- Meals and study material for children - The Company also provides
meals, books and other study material to the children of laborer and
arranges a place of education with teachers for these children near
their place of stay and are provided with mid-day-meals.
- Periodical Medical assistance- The Company has set up a health
centre at all construction sites. Besides emergency medical services,
the company also offers preventive, promotive and curative health
service to its employee. All Vipul employees and laborer irrespective
of the nature of their work or location, undergo regular free periodic
medical health checkup.
- Arrangement of water supply and sanitation facilities. The company
also provides proper water supply and sanitation to laborer at all
construction sites.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to the requirements of Section 217(2AA) of the Companies Act,
1956, the Directors hereby confirm that:
1. In the preparation of annual accounts for the financial year ended
March 31, 2012, the applicable accounting standards had been followed
along with proper explanation relating to material departures.
2. The Directors had 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 of the profit of
the Company for the year under review.
3. The Directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of Companies Act, 1956 for safeguarding the assets of the
Company and for preventing and detecting fraud and other
irregularities.
4. The Directors had prepared the annual accounts for the financial
year ended March 31, 2012 on a going concern basis.
CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION
The information relating to Conservation of Energy and Technology
Absorption as required to be disclosed under Section 217(e) of the
Companies Act, 1956 read with Rule 2 of the Companies (Disclosure of
Particulars in the Report of Board of Directors) Rules, 1988, are not
applicable to the Company.
FOREIGN EXCHANGE EARNINGS AND OUTGO
The particulars regarding foreign exchange earning and outgo are as
under :
(Rupees in Lacs)
Particulars 31.03.2012 31.03.2011
Foreign Exchange Earnings 230.36 153.24
Foreign Exchange Outgo 6.40 2.04
Activities Relating to Exports; Initiatives taken to Increase Exports;
Development of New Export Market for Products & Services and Export
Plans are not applicable to the Company.
LISTING INFORMATION
The equity shares of the Company are listed on Bombay Stock Exchange
and Madras Stock Exchange. The Shares of the Company are also
permitted to be traded on National Stock Exchange.
The Annual listing fees for the financial year 2012-13 has been paid by
the Company to the Stock Exchange(s)
ACKNOWLEDGEMENT
Your Directors would like to express their sincere appreciation for the
co-operation and assistance received from shareholders, bankers,
regulatory bodies and other business constituents during the year under
review. Your Directors also wish to place on record their deep sense of
appreciation for the commitment displayed by all the executives,
officers, consultants and staff, resulting in the successful
performance during the year
For & on behalf of Board
For Vipul Limited
Sd/- Sd/-
Place: Gurgaon Punit Beriwala Rajesh Batra
Date: November 9, 2012 Managing Director Director
Mar 31, 2011
To the Members,
The Board of Directors of your Company are pleased to present the 20th
Annual Report together with the Audited Accounts of the Company for the
year ended March 31, 2011.
The Company's performance during the year as compared with that during
the previous year is summarized below:
FINANCIAL RESULTS
Rupees (In Lacs)
Particulars Year Ended Year Ended
31.03.2011 31.03.2010
Income from operations 34356.89 28021.03
Other Income 180.06 1384.88
Total Income 34536.95 29405.91
Total Expenditure 31527.93 26755.78
Profit before Tax 3009.02 2650.13
Less: Provision for taxation
(i) Current Year 1045.00 732.2
(ii) Earlier year adjustment (110.84) -
(iii) Deferred tax (0.92) 190.66
(iv) Wealth Tax 0.24 0.28
Profit available for
Appropriation 2075.54 1726.99
Less: (i) Proposed Dividend 179.98 149.98
(ii) Dividend Tax 29.20 24.91
Profit of the year
Carried to the Balance Sheet 1866.36 1552.10
DIVIDEND
The Directors of your Company are pleased to recommend dividend @ 15 %
i.e. Rs. 0.15 per share of face value Rs. 1/- for the year ended March
31, 2011 to those members whose name appearon the Registerof Members of
the Company as on the date of Book Closure in respect of the shares
held in the physical form and in respect of shares held in electronic
form, to those beneficial owners whose names appear in the list
provided by the Depository as on the date of Book Closure.
TRANSFER TO RESERVES
Your Company proposes to transfer Rs. 500 Lacs to General Reserve out
of the amount available for appropriations and accumulated profit to
the extent of Rs. 7573.79 Lacs is proposed to be carried over to
subsequent year.
CASH FLOW STATEMENT
As required by Clause 32 of the Listing Agreement, Cash Flow Statement
for the year ended March 31, 2011 is enclosed with the Balance Sheet
and Profit & Loss Account of the Company. Consolidated Cash Flow
Statement of your Company and its subsidiaries is enclosed with the
Consolidated Financial Statements.
PERFORMANCE AND OPERATIONS
With the revival of the economy, the Company has also been able to move
forward to achieve its targets. The Company's total income has
increased to Rs. 34537 Lacs from Rs. 29406 Lacs, an increase of 17.45%
over the last financial year. The profit after tax stood at Rs 2075
Lacs as compared to Rs. 1726 Lacs during the last year resulting in an
increase of 20%. The increase in profit has been due to decrease in
financing cost. The earning per share (EPS), on an equity share having
face value of Rs. 1/-, stands at Rs. 1.82/-.
- Located in Sushant Lok-I in Gurgaon
- Operational and occupied -100% sold
Sprawled over 2.76 Acre (Approx) this interesting interspersing of
green glass against a muted brown wall houses truly world class office
and retail spaces. Boasting a prime location at Sushant Lok, Gurgaon,
Vipul Square houses some prestigious Indian and Multi National
companies like Convergys, Shaw Wallace, GTA, Genesis PR, ORG Telecom,
Blue Dart etc.
- Located on Golf Course Road, Gurgaon
- Deck 3-tier basement parking
Ideally located on the Golf Course Road in Sector - 43, Vipul Tech
Square is spread across 5.56 acre and is divided into three commercial
buildings. Corporate address for Vipul Limited, Vipul Tech Square has
become a landmark in itself since its inception over the last two
years. One of the towers was done as "Built to Suit" for
DELL-2,85,000Sq.Ft.
- Located in Sector-54, Suncity, Gurgaon
- Mixed use development spread over an area of 3 acres
- Deck 3-tier basement parking
- Operational and occupied -100% sold
- Key clients include Nortel, NCR Corporation, Navisite, ICICI, Cairn
Energy and Salient Business Solutions Pvt Ltd.
A retail cum office complex spread over an area of 3 Acres, Vipul Plaza
is the business address for companies like Nortal, NCR, Navisite,
ICICI, Cairn Energy, Salient Business Solutions Pvt Ltd. and many
more. Striking exterior structure which is well complimented by
stunning interiors, Vipul Plaza boasts of a prime location on the Golf
Course Road, Gurgaon.
- Located on MG Road in Gurgaon
- Mixed use - Retail Commercial use development spread over an area
of 2.53 acres
- Deck 3-tier basement parking
- 3 levels of shopping area and 2 atriums with all shops facing the
atrium & Operational and occupied -100% sold
- Key clients include Converges, Deutsche Bank Home Finance and Space
Business Centre
Designed by Bose International, USA, Vipul Agora is strategically
located on the Mehrauli - Gurgaon Road. A retail cum commercial complex
spread over 2.6 Acres Approx , Vipul Agora is a symbol of innovative
architecture. Awe inspiring landscaping, impressive fagade and two
grand atriums are just a few elements that make Vipul Agora a prominent
landmark of the NCR.
- Located on Golf Course Road in Gurgaon
- Comprising 3BR, 4BR, 5BR / Penthouse apartments.
- Facilities include power back up, club house, gymnasium, swimming
pool, playing courts, billiards, kids play area etc.
Vipul Gardens is a plush group housing strategically located on the
Golf Course Road. Truly international in its layout and space
management, Vipul Gardens is a home for approx.300 families.
- Located on Golf Course Road in Gurgaon
- Comprising 3BR, 4BR, 5BR & Penthouse apartments.
- Facilities include club house, power back up, gymnasium, swimming
pool, playing courts, billiards and kids play area
Vipul Belmonte is considered as one of the top elite addresses of the
NCR, it is a luxury group housing on the Golf Course road. A heaven for
312 families it is set amidst lush greens and water bodies over an area
of approx 11.4 Acre
- Located on Main Sohna Road in Gurgaon
- Comprising 3BR, 3BR study, 4BR / Penthouse apartments.
- Facilities include power back up, gymnasium, 3 swimming pools,
playing courts, billiards and kids play area
- Possession completed for 1st and 2nd phase, 3rd phase in progress.
Vipul Greens is admired as an exquisite attraction on the Gurgaon Sohna
Road, Vipul Greens is an adobe, beautifully planned 17.10 acres of land
where every window opens to verdant landscaping. 2 exquisitely planned
apartments per floor with spacious living options. Currently 644
families are residing happily.
Vipul Floors, a part of the Ardee City, is a prestigious residential
complex of independent floors. Offering luxurious living that is an
expression of exuberant lifestyle and quite elegance, Vipul Floors is
presently home for 72 families.
TATVAM VILLAS, GURGAON TATVAM VILLAS spread over an area of 50 acres
(approx), is a part of 150 acres premium integrated township called
VIPUL WORLD on main Sohna Road, Gurgaon.
254 exclusive villas designed to match the taste of the discerning few,
these villas are modern & contemporary in design with all the features
to facilitate comfortable living, backed by plethora of modern
services.
VIPUL FLOORS Vipul Floors are a part of VipulWorld and are being built
on three levels (Ground, First & Second Floor). With lush green
landscaping, demarcated parking lots and a prime location with easy
access, Vipul World is fast taking shape of a world-class township
right in the heart of Gurgaon.
VIPUL GARDENS, DHARUHERA
An oasis of serenity and elegance, Vipul Gardens, Dharuhera on NH-8 is
an invitation to a life filled with outstanding beauty. Spread across
13.4 acres (approx) this entire condominium complex stands apart with
its very well planned architecture and state of the art landscaping.
VIPUL LAVANYA Lavanya Apartments offer you the ideal combination of
common sense & aesthetics, of intelligent planning and a design that
invokes a sense of community. Spread across over 10 acres (approx) in
Sector-81, right off NH-8 in New Gurgaon, Lavanya has excellent
connectivity and provides easy access to everything you may need. In a
nutshell, Lavanya offers a lot more than just a perfect address, it
offers you a great value for your money.
VIPUL GARDENS, BHUBANESWAR Vipul Gardens Bhubaneswar a luxury Group
Housing offers all the luxuries and amenities of contemporary living.
Every home in Vipul Gardens will be seamlessly connected to futuristic
facilities and services that are at par with the best in the world.
From leisure to entertainment to daily activities it will bring you a
splendid array of services. Be it the convenience of ample surface and
basement parking power back-up or the professional management of the
entire property at Vipul Gardens Bhubaneswar every moment will become
extraordinary.
VIPUL GREENS, BHUBANESWAR
Vipul Greens is a meticulously planned integrated complex spread across
approx. 4.65 acres. The premium residential complex is strategically
located off National Highway 5 at Ranasinghpur and also has the
provision of office and retail spaces. Vipul Greens is a Public Private
Partnership project with Orissa State Housing Board and has the State
Police Academy and the proposed AIIMS medical campus as its neighbors.
Overlooking a vast expanse of cashew plantations, Vipul Greens offers
lush green landscaping, excellent amenities and is well connected to
almost every important place in the temple city of India.
ONGOING PROJECTS: COMMERCIAL
Vipul Trade Centre is developed over an area of 4.06 Acres (approx) and
boasts of a prime location on Gurgaon - Sohna Road. Amidst affluent
commercial hubs and residential communities, this business address is
envisaged as the axis for some fortune 500 companies.
Vipul Business Park is an exceptional office complex located on the
Gurgaon-Sohna Road and will cater to the overall needs of today's
corporate houses. Spread over 3.65 Acres(approx) Vipul Business Park
will offer grand space that will enable the employees to work with
leisure and complete peace of mind.
VIPUL PLAZA, FARIDABAD
Vipul Plaza consists of Office Space, Food Courts and Retail space.
Vipul Plaza will provide a dynamic tenant mix from supermarkets,
laundries, pharmacies, boutiques and stylish restaurants to offices.
It's large parking space both surface and underground provides direct
access to all the stores and business. Vipul Plaza is easily accessed
through pedestrian and vehicular traffic flow.
DIRECTORATE
In accordance with the provisions of Companies Act, 1956 Mr. Anil Kumar
Agrawal, Director of the Company is retiring by rotation and being
eligible offers himself for re- appointment.
A brief resume of Mr. Anil Kumar Agrawal, proposed to be re-appointed,
nature of his expertise in specific functional areas and name of
Companies in which he holds Directorship and Membership/ Chairmanship
of the Board or Committees, as stipulated under Clause 49 of the
Listing Agreement with the Stock Exchanges are provided in the Report
on Corporate Governance forming part of the Annual Report.
Further, the Remuneration Committee in its meeting held on August 9,
2011 has reappointed Mr Punit Beriwalaas Managing Director of the
Company for a further period of three years w.e.f. April 1, 2011 for
which the Board has also accorded its unanimous consent. Details of
remu- neration proposed to be paid are mentioned in the notice of the
ensuing Annual General Meeting.
The Board of Directors recommends their re-appointment(s).
AUDITORS
The Statutory Auditors of the Company viz. M/s LB. Jha & Co., Chartered
Accountants, retire at the conclusion of the ensuing Annual General
Meeting and are eligible for re-appointment. The Company has received a
letter from M/s LB. Jha & Co., to the effect that their re-appointment,
if made, would be within the prescribed limits as specified under
Section 224(1 B) of the Companies Act, 1956 and they are not
disqualified for such re-appointment within the meaning of Section 226
of the said Act.
The Board of Directors of your Company recommends their re-appointment.
AUDITOR'S REPORT
The Notes to the Accounts, forming part of Balance Sheet as at March
31, 2011 and Profit & Loss Account for the year ended on that date,
referred to in Auditor's Report are self-explanatory and therefore do
not call for any fur- ther comments.
FIXED DEPOSIT
During the financial year 2010-11, your Company has not invited or
accepted any deposits from the public within the meaning of Section
58Aof the Companies Act, 1956.
SUBSIDIARY COMPANIES
The Company has 16 Subsidiaries as on March 31, 2011. List of
Subsidiaries which have been consolidated at the year end is given in
the Notes to Accounts. The Board has passed a resolution in terms of
general exemption granted by the Government of India under Section
212(8) of the Companies Act, 1956 vide circular no 5/12/2007- CL-III
dated 05.02.2011, for not attaching copy of the Balance sheets, Profit
& Loss Accounts, Reports of the Directors' and Auditor's of the
Subsidiaries with the Balance Sheet of the Company at its meeting held
on August 9, 2011. These documents will be made available upon request
by any member of the Company interested in obtaining the same and will
also be kept for inspection at the corporate/registered office of your
Company and that of subsidiary Companies concerned. However, as
directed by the Central Government, the financial data in respect of
each of the subsidiaries i.e. information about capital, reserves,
total assets, total liabilities, details of investment, turnover,
profit before taxation, provision for taxation, profit after taxation
and proposed dividend, has been furnished in one sheet which is forming
part of this Annual Report. Further, pursuant to Accounting Standard
(AS) -21 issued by the Institute of Chartered Accountants of India,
your Company has presented the consolidated financial statements which
include the financial information relating to its subsidiaries and
forms part of the Annual Report.
PARTICULARS OF EMPLOYEES
As required under the provisions of sub-section (2A) of Section 217 of
the Companies Act, 1956 read with the Companies (Particulars of
Employees) Rules, 1975 as amended, particulars of the employees are set
in the Annexure to the Directors' Report.
CORPORATE GOVERNANCE AND MANAGEMENT DISCUSSION & ANALYSIS REPORT
The Company has been proactive in following the principles and
practices of a good corporate governance. The Company has ensured that
the requirement of the Corporate Governance, as stipulated under Clause
49 of the Listing Agreement are duly complied with. Report on Corporate
Governance along with a certificate from the Statutory Auditors of the
Company confirming such compliance and Management Discussion & Analysis
Report forms part of this Annual Report.
CORPORATE SOCIAL RESPONSIBILITY
The Company had donated 2 acres of land to "Sankara" group, which is a
well-known name in eye care segment, where the construction of the
building has already started and the Company is hopeful that this
eye-hospital will create a niche for itself in years to come, providing
access to quality eye care and in-patient services for the residents of
Ludhiana and the State of Punjab at large.
Apart from that your Company also provides healthcare and education
facilities through hospitals/dispensaries, schools at its townships.
The Company also provides free books & stationary at its site to
promote Girls education. Further, the Company has also made
arrangement for their day boarding at various sites.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to the requirements of Section 217(2AA) of the Companies Act,
1956, the Directors hereby confirm that:
1. In the preparation of annual accounts for the financial yearended
March 31,2011, the applicable accounting standards had been followed
along with proper explanation relating to material departures.
2. The Directors had 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 of the profit of
the Company for the year under review.
3. The Directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of Companies Act, 1956 for safeguarding the assets of the
Company and for preventing and detecting fraud and other
irregularities.
4. The Directors had prepared the annual accounts for the financial
year ended March 31, 2011 on a going concern basis.
CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION
The information relating to Conservation of Energy and Technology
Absorption as required to be disclosed under
Section 217(e) of the Companies Act, 1956 read with Rule 2 of the
Companies (Disclosure of Particulars in the Report of Board of
Directors) Rules, 1988, is not applicable to the Company.
FOREIGN EXCHANGE EARNINGS AND OUTGO
The particulars regarding foreign exchange earning and outgo are as
under:
(Rupees in Lacs)
Particulars 31.03.2011 31.03.2010
Foreign Exchange Earnings 153.24 61.23
Foreign Exchange Outgo 2.04 4.50
Activities Relating to Exports; Initiatives taken to Increase Exports;
Development of New Export Market for Products & Services and Export
Plans are not applicable to the Company.
LISTING INFORMATION
The equity shares of the Company are listed on Bombay Stock Exchange
and Madras Stock Exchange. The Shares of the Company are permitted to
be traded on National Stock Exchange.
The Annual listing fees for the financial year 2011-12 has been paid by
the Company to the Stock Exchange(s)
ACKNOWLEDGEMENT
Your Directors would like to express their sincere appre- ciation for
the co-operation and assistance received from shareholders, bankers,
regulatory bodies and other busi- ness constituents during the year
under review. Your Di- rectors also wish to place on record their deep
sense of appreciation for the commitment displayed by all the ex-
ecutives, officers, consultants and staff, resulting in the successful
performance during the year.
By order of the Board of Directors
For Vipul Limited
Sd/- Sd/-
Place : Gurgaon Punit Beriwala Anil Kumar Agrawal
Date : August 9, 2011 Managing Director Director