Mar 31, 2015
Dear Members,
The Directors have pleasure in presenting before you the 31st Annual
Report of the Company together with the Audited Statements of Accounts
for the year ended 31st March, 2015.
FINANCIAL RESULTS
The summarized performance of the Company for the years 2014-15 and
2013-14 is given below:
(Amt in Rs.)
S. No. Particulars 2014-15 2013-14
1. Total Income/Loss 886770 942839
2. Less: Total Expenses 983403 1132743
3. Profit Before Tax (96633) (189904)
4. Profit/Loss after Tax (93745) (190,345)
FINANCIAL PERFORMANCE
During the year under review, the Company's income is Rs. 8,86,770 as
against income of Rs. 9,42,839 in 2013- 14. The net profit after tax
during the year has been Rs. (93745) as against the net profit of Rs.
(190345) in the previous year.
RESERVE AND SURPLUS
The net loss of Rs. 93745 is being transferred to Reserve and Surplus
and total Reserve and surplus as on 31st March, 2015 stands Rs.
(2,41,85,146).
DIVIDEND
To plough back the profits in to the business activities, no dividend
is recommended for the Financial year 2014- 15.
SHARE CAPITAL
During the year, there is no change in the Capital Structure of the
Company.
CHANGE IN THE NATURE OF BUSINESS
During the year, the Company has not changed its nature of business.
MATERIAL CHANGES AND COMMITMENTS, IF ANY, AFFECTING THE FINANCIAL
POSITION OF THE COMPANY WHICH HAVE OCCURRED BETWEEN THE END OF THE
FINANCIAL YEAR OF THE COMPANY TO WHICH THE FINANCIAL STATEMENTS RELATE
AND THE DATE OF THE REPORT
There have been no material changes and commitments which can affect
the financial position of the Company occurred between the end of the
financial year of the Company and date of this report.
DETAILS IN RESPECT OF ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH
REFERENCE TO THE FINANCIAL STATEMENTS
The Company has a formal system of internal control testing which
examines both the design effectiveness and operational effectiveness to
ensure reliability of financial and operational information and all
statutory / regulatory compliances. The Company has a strong monitoring
and reporting process resulting in financial discipline and
accountability.
RISK MANAGEMENT POLICY
The Company has devised and implemented a mechanism for risk management
and has developed a Risk Management Policy. The Policy provides
identifying internal and external risks and implementing risk
mitigation steps.
PARTICULARS OF EMPLOYEES AND OTHER DISCLOSURE
The prescribed particulars of Employees 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 is
given herein below:
The information required pursuant to Section 197(12) read with Rule
5(2) of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014 in respect of Employees of the Company, will be
provided on request. In terms of Section 136 of the Act, the reports
and accounts are being sent to the members and others entitled thereto,
excluding the information on employees particulars mentioned in rule
5(2) of the said rule which is available for inspection by the Members
at the Registered Office of the Company during the business hours on
working days of the Company upto the date of ensuing Annual General
Meeting. If any Member is interest in inspecting the same, such Member
may write to the Compliance officer in advance.
DETAILS PERTAINING TO REMUNERATION 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
Sr. Name of Director/KMP Remuneration % increase in
No. and Designation of Director/ Remuneration
KMP for FY in FY2014-15**
2014-15 (In Rs.)
1. Mr. Ashok Marwah, Whole 360000 50
Time Director
Sr. Name of Director/KMP Ratio of Ratio of
No. and Designation Remuneration of Remuneration of
Director to Director to
Median Median
Remuneration of Remuneration of
employees Employees
1. Mr. Ashok Marwah, Whole N.A. N.A.
Time Director
The number of permanent employees as on 31st March 2015 was 1.
Average of remuneration of employees excluding KMPs - Nil
No employee's remuneration for the year 2014-15 exceeded the
remuneration of any of the Directors.
CompanyÂs performance has been provided in the Directors Report
which forms part of the Board Report.
Market Capitalisation was Rs. 0.32 crores of 2014-15 as against Rs. 1.44
of 2013-14 (the Market Capitalization has been calculated by taking
2803855 Equity shares being listed on the BSE Limited, however, total
equity shares of the Company is 2850000 Equity Shares )
The key parameter for the variable component of key managerial
personnel(s) is linked with Company performance and Individual
performance.
The remuneration of Directors, KMPs and other employees is in accordance
with the Remuneration Policy of the Company.
STATEMENT CONTAINING THE PARTICULARS OF EMPLOYEES IN ACCORDANCE WITH
SECTION 197 OF THE COMPANIES ACT, 2013 READ WITH RULE 5 OF THE COMPANIES
(APPOINTMENT AND REMUNERATION OF MANAGERIAL PERSONNEL) RULES, 2014 AND
FORMING PART OF DIRECTORSÂ REPORT FOR THE FINANCIAL YEAR ENDED MARCH
31, 2015 ÂNOT APPLICABLE
DEPOSITS
The Company has not accepted deposit from the public falling within the
ambit of Section 73 of the Companies Act, 2013 and The Companies
(Acceptance of Deposits) Rules, 2014. No amount of principal or interest
was outstanding as on the date of Balance Sheet.
NAME OF THE COMPANIES WHICH HAVE BEEN BECOME OR CEASED TO BE ITS
SUBSIDIARIES AND ASSOCIATE COMPANIES DURING THE YEAR
Since the Company has no subsidiaries as on 31st March, 2015, provision
of section 129 of the Companies Act, 2013 is not applicable.
STATUTORY AUDITORS
In accordance with the provisions of the Companies Act, 2013, the Board
of Directors of Your company has proposed the ratification of
appointment of M/s. Rupesh Mangal & Associates, Chartered Accountants
(FRN 025449N), as Statutory Auditors of the Company for the financial
year 2015-16.
AUDITORSÂ REPORT
The Notes on Financial Statements referred to in the Auditors? Report
are self-explanatory and therefore, in the opinion of the Directors, do
not call for further comments.
EXTRACT OF THE ANNUAL RETURN
The extract of the annual return in form no. MGT Â 9 has been annexed
to the Report, as Annexure.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
The particulars as required under the provisions of Section 314(3)(m) of
the Companies Act, 2013 read with Rule 8(3) of The Companies (Accounts)
Rules, 2014 in respect of Conservation of Energy and Technology
Absorption have not been furnished considering the nature of activities
undertaken by the Company during the year under review.
There was no foreign exchange earning & outgo during the financial year
under review.
CORPORATE SOCIAL RESPONSIBILITY (CSR)
During the year under review, the Company is not required to comply
with the provisions related to Corporate Social Responsibility on the
basis of its financial statement.
DIRECTORS & ITS COMMITTEES:
a) Changes in Directors and Key Managerial Personnel
During the year under review, Mr. Nihar Ranjan Mishra resigned from the
post of director and Appointment of Ms. Aarti as an Additional
Independent Director w.e.f. 18/03/2015.
Appointment of Mr. Pradeep Kumar as an Independent Director w.e.f.
28/03/2015.
b) Declaration by an Independent Director(s) and re- appointment, if
any
All Independent Directors have given declaration that they meet the
criteria of independence as laid down under Section 149(6) of the
Companies Act, and Listing Agreement.
c) Formal Annual Evaluation
Pursuant to the provisions of companies Act, 2013 and the Listing
Agreement, the Board has carried out annual performance evaluation of
its own performance, the directors individually as well the evaluation
of the working of its Audit, Nomination & Remuneration and Stakeholder
committee. The manner in which the evaluation has been carried out has
been explained in Corporate Governance Report.
NUMBER OF MEETINGS OF THE BOARD OF DIRECTORS
a. BOARD MEETINGS
During the year eight Board Meetings were convened and held on
06.05.2014, 28.05.2014, 13.08.2014, 30.08.2014, 13.11.2014, 13.02.2015,
18.03.2015 and 28.03.2015.
COMMITTEES OF THE BOARD.
(a) AUDIT COMMITTEE
The Board of Directors of the Company has duly constituted the Audit
Committee of the Company consisting three Directors out of which two
are Non Executive Director of the Company. All the Directors have good
knowledge of Finance, Accounts and Company Law.
During the year under review, the Committee was constituted on 28th
March, 2015. The Chairman of the Committee is Ms. Aarti.
All the Members on the Audit Committee have the requisite qualification
for appointment on the Committee and possess sound knowledge of
finance, accounting practices and internal controls.
The composition of the Audit Committee as at March 31, 2015:
1. Ms. Aarti - Independent Director
2. Mr. Atul Joshi - Non Executive and Non Independent Director
3. Mr. Pradeep Kumar - Independent Director
Meetings of Audit Committee:
28th March, 2015.
Sr. No. Name of the Director Designation Category
1. Ms. Aarti Chairman Independent Director
2. Mr. Atul Joshi Member Non Executive Director
3. Mr. Pradeep Kumar Member Independent Director
The Committee is governed by a Charter which is in line with the
regulatory requirements mandated by the Companies Act, 2013.
Some of the important functions performed by the Committee are:
* Oversight of the Company's financial reporting process and financial
information submitted to the Stock Exchanges, regulatory authorities or
the public.
* Reviewing with the Management the quarterly unaudited financial
statements and the Auditors' Limited Review Report thereon/ audited
annual financial statements and Auditors' Report thereon before
submission to the Board for approval.
* Review the Management Discussion & Analysis of financial and
operational performance.
* Discuss with the Statutory Auditors its judgement about the quality
and appropriateness of the Company's accounting principles with
reference to the Generally Accepted Accounting Principles in India
(IGAAP).
* Recommending to the Board, the appointment/re-appointment of
statutory/internal auditors and the fixation of audit fees.
* Review the investments made by the Company.
(b). STAKEHOLDERS' RELATIONSHIP COMMITTEE
In compliance with the provisions of Section 178 of the Companies Act,
2013 and the Listing Agreement, the Board has constituted".
During the year under review, the Committee was constituted on 28th
March, 2015. The Chairman of the Committee is Ms. Aarti.
The composition of the Shareholders Relationship Committee as at March
31, 2015:
1. Ms. Aarti - Independent Director
2. Mr. Atul Joshi - Non Executive and Non Independent Director.
3. Mr. Pradeep Kumar - Independent Director
Meetings of Shareholders Relationship Committee and their Attendance:
28th March, 2015.
Sr. No. Name of the Director Designation Category
1. Ms. Aarti Chairman Independent Director
2. Mr. Atul Joshi Member Non-Executive Director
The Committee is governed by a Charter which is in line with the
regulatory requirements mandated by the Companies Act, 2013 and the
Listing Agreement.
The terms of reference of the Committee are:
* Transfer/transmission of shares/debentures and such other securities
as may be issued by the Company from time to time;
* issue of duplicate share certificates for shares/debentures and other
securities reported lost, defaced or destroyed, as per the laid down
procedure;
* issue new certificates against subdivision of shares, renewal, split
or consolidation of share certificates / certificates relating to other
securities;
* issue and allot right shares / bonus shares pursuant to a Rights
Issue / Bonus Issue made by the Company, subject to such approvals as
may be required;
* to grant Employee Stock Options pursuant to approved Employees' Stock
Option Scheme(s), if any, and to allot shares pursuant to options
exercised;
* to issue and allot debentures, bonds and other securities, subject to
such approvals as may be required;
* to approve and monitor dematerialization of shares / debentures /
other securities and all matters incidental or related thereto;
* to authorize the Company Secretary and Head Compliance / other
Officers of the Share Department to attend to matters relating to
non-receipt of annual reports, notices, non-receipt of declared
dividend / interest, change of address for correspondence etc. and to
monitor action taken;
* monitoring expeditious redressal of investors / stakeholders
grievances;
* all other matters incidental or related to shares, debenture
(c) NOMINATION AND REMUNERATION COMMITTEE
In compliance with Section 178 of the Companies Act, 2013, the Board
has constituted as the "Nomination and Remuneration Committee".
During the year under review, the Committee was constituted on 28th
March, 2015 The Chairman of the Committee is Ms. Aarti.
Composition
The composition of Remuneration Committee of the Board comprises of
four Directors as at 31st March, 2015.
Sr. No. Name of the Director Designation Category
1. Ms. Aarti Chairman Independent Director
2. Mr. Atul Joshi Member Non Executive Director
The terms of reference of the Committee inter alia, include the
following:
* Succession planning of the Board of Directors and Senior Management
Employees;
* Identifying and selection of candidates for appointment as Directors
/ Independent Directors based on certain laid down criteria;
* Identifying potential individuals for appointment as Key Managerial
Personnel and to other Senior Management positions;
* Formulate and review from time to time the policy for selection and
appointment of Directors, Key Managerial Personnel and senior
management employees and their remuneration;
* Review the performance of the Board of Directors and Senior
Management Employees based on certain criteria as approved by the
Board.
REMUNERATION POLICY
The Company has not paid any remuneration to Directors during the year
under review.
INDEPENDENT DIRECTORS' MEETING
During the year under review, the Independent Directors met on March
30, 2015, inter alia, to discuss:
* Evaluation of the performance of Non-independent Directors and the
Board of Directors as a whole.
* Evaluation of the performance of the chairman of the Company, taking
into account the views of the Executive and Non-executive directors.
* Evaluation of the quality, content and timelines of flow of
information between the Management and the Board that is necessary for
the Board to effectively and reasonably perform its duties.
* All the Independent Directors were present at the Meeting.
SEXUAL HARASSMENT
The Company has zero tolerance for Sexual Harassment at workplace and
has adopted a Policy on prevention of Sexual Harassment in line with
the provisions of Sexual Harassment of Woman at Workplace (Prevention,
Prohibition and Redresssal) Act, 2013 and the Rules made thereunder.
There was no complaint on sexual harassment during the year under
review.
DISCLOSURES:
(a) Materially Significant related party transactions
There was no transaction of material nature with any of the related
party, which is in conflict with the interest of the company.
(b) Details of non compliance by the company, penalties, strictures
imposed on the company by the Stock Exchange or SEBI or any authority
on any matter related to capital markets during last 3 years.
There was no instance of levy of any penalties during the last three
years.
DETAILS OF ESTABLISHMENT OF VIGIL MECHANISM FOR DIRECTORS AND EMPLOYEES
During the year, as per Section 177(9) read with Rule 7(1) of The
Companies (Meeting of Board and its Powers) Rules, 2014, Company is
required to establish a Vigil Mechanism for its Directors and employees.
In order to ensure that the activities of the Company and its employees
are conducted in a fair and transparent manner by adoption of highest
standards of professionalism, honesty, integrity and ethical behavior
the company has adopted a vigil mechanism policy. This policy has been
posted on the website of Company.
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186
During the year, Company has not provided Loans, Guarantees and
Investments covered under the provisions of Section 186 of the
Companies Act, 2013.
PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES:
The Company has no material significant transactions with its related
parties which may have a potential conflict with the interest of the
Company at large. The details of transactions with the Company and
related parties are given for information under notes to Accounts.
MANAGERIAL REMUNERATION POLICY
Provisions relating to Managerial Remuneration as per Section 197 read
with Rule 5 of The Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014 The Board have on the recommendation
of the Nomination & Remuneration Committee framed a Policy for
Selection and appointment of Directors, Senior management and their
Remuneration.
The Company has paid remuneration of Rs.20, 000 p.m/ - (Rupees Twenty
Thousand Only) to Executive cum Whole-Time Director. No remuneration
has been paid by the company to Non-Executive Directors (in form of
sitting fees and other expenses) during the year under review.
SECRETARIAL AUDIT REPORT
Provisions relating to Secretarial Audit as per Section 204 read with
Rule 9 of The Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014, the Company have appointed M/s. K.K. Mishra &
Associates, Company Secretaries, to undertake the Secretarial audit of
the Company for the Financial Year 2014-15.
The Secretarial Audit Report as given by the Secretarial Auditor is
being attached as annexure to the board Report.
With respect to the observation given in the audit report, due to
slowdown in the Business, the company had not appointed the Key
Managerial Personnel, (Company secretary and CFO) and thus, some amount
of lack in making proper compliances were happened.
DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR
COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANY'S
OPERATIONS IN FUTURE
No significant and material orders have been passed by the regulators
or courts or tribunals, impacting the going concern status and
company's operations in future.
AUDIT OBSERVATIONS
Auditors' observations are suitably explained in notes to the Accounts
and are self-explanatory.
HUMAN RESOURCES
There are no employees as on date on the rolls of the Company who are
in receipt of Remuneration which requires disclosures under Section 217
(2A) of the Companies Act, 1956 and Companies (Particulars of
Employees) Rules, 1975.
During the year under review, relationship with the employees is
cordial.
DIRECTORS' RESPONSIBILITY STATEMENT
The Directors' Responsibility Statement referred to in clause (c) of
sub-section (3) of Section 134 of the Companies Act, 2013, shall state
that -
(a) In the preparation of the annual accounts, 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 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 and
loss of the company for that period;
(c) The directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act 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) The directors, in the case of a listed company, had laid down
internal financial controls to be followed by the company and that such
internal financial controls are adequate and were operating
effectively. - NOT APPLICABLE
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.
ACKNOWLEDGEMENT
Directors take this opportunity to express their thanks to various
departments of the Central and State Government, Bankers, Material
Suppliers, Customers and Shareholders for their continued support and
guidance.
The Directors wish to place on record their appreciation for the
dedicated efforts put in by the employees of the Company at all levels.
By Order of the Board of Directors
VISHVAS PROJECTS LIMITED
Sd/- Sd/-
Place: New Delhi Ashok Marwah Atul Joshi
Date: 01/09/2015 Director Director
DIN: 01787560 DIN: 03051663
C-123, Ganesh Nagar RZ-65A, Gali No.9
Tilak Nagar, Delhi-110018. Tughlakabad,Extn.
TaraApartment,
Delhi-110019.
Mar 31, 2014
Dear Members,
The Directors are pleased to present the 30th Annual Report and the
Audited Accounts for the year ended 31st March, 2014.
1. FINANCIALS
S. No. Particulars 2013-14 2012-13
1. Total Income/Loss 942,839 440,598
2. Less: Total Expenses 11,32,743 2,30,75,996
3 Profit Before Tax (189,904) (2,26,35,398)
4. Current Tax - -
5 Profit/Loss after Tax (190,345) (2,26,42,296)
2. OPERATIONS
During the year under review, your Company achieved total income of
Rs. 942,839 during the current year, as against Rs. 440,598 during the
previous year. Net Profit before taxation for the financial year ended
on 31st March, 2014 is Rs. (189,904) as against previous year is Rs.
(2,26,35,398).
3. DIRECTORS
In accordance with the provisions of the Articles of Association of
the Company Mr. Atul Joshi is due to retire by rotation and being
eligible, offer himself for appointment.
4. DIVIDEND
In consideration of future prospects of the Company, your Board of
Directors has decided to plough back the profits into the business
operations of the Company
5. PUBLIC DEPOSIT
The Company has not accepted any deposits during the year under
review.
6. AUDITORS
The Statutory Auditors M/s. Rupesh Mangal & Associates, Chartered
Accountants (Firm Registration Number 021412N), holds office until the
conclusion of the ensuing Annual General Meeting.
The Company has received undertaking from them to the effect that
their appointment, if made, would be in accordance with the Act and
that they are not disqualified for such re-appointment.
A Board of directors of the company has recommended their appointment
in the ensuing Annual General Meeting.
7. AUDITOR''S REPORT
The observation made in the Auditors'' Report read together with
relevant notes thereon are self explanatory and hence, do not call for
any further comments under Section 217 of the Companies Act, 1956.
8. INDUSTRIAL RELATIONS
During the year under review, your Company enjoyed cordial
relationship with workers and employees at all levels.
9. SUBSIDIARY COMPANIES
The Company does not have any subsidiary.
10. CONSOLIDATED FINANCIAL STATEMENTS
Since there is no subsidiary of the Company at present, hence no
consolidated financial statements have been prepared.
11. DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the provisions of Section 217(2AA) of the Companies Act,
1956 the Directors confirm:
a) In the preparation of the annual accounts, the applicable
accounting standards had been followed along with proper explanation
relating to material departures.
b) The Directors have selected such accounting policies and applied
them consistently and made judgments and estimates that were
reasonable and prudent so as to give a true and fair view of the state
of affairs of the Company as at 31st March, 2014 and of the Profit or
Loss of the company for that period.
c) That the Directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act, in safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities.
d) The Directors have prepared the annual accounts on a going concern
basis.
e) 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
12. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNING AND OUTGO
The provisions of Section 217(1) (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.
Therefore, the information relating to conservation of energy or
technology absorption etc. is not given. There has been no foreign
exchange earnings and outgo during the year under Report.
13. PARTICULARS OF EMPLOYEES
The provisions of section 217(2A) of the Companies Act, 1956 are not
applicable as no Employee was in receipt of remuneration to the extent
laid down therein
14. PERSONNEL
The Management-Employees relations remained very cordial throughout
the year. Your Directors wish to place on record their appreciation of
sincere and devoted services rendered by all the workers and staff at
all levels.
15. ACKNOWLEDGEMENTS
Your Company and its Directors wish to extend their sincerest thanks
to the Members of the Company, Bankers, State Government, Local
Bodies, Customers, Suppliers, Executives, Staff and workers at all
levels for their continuous co-operation and assistance.
By Order of the Board
For VISHVAS PROJECTS LIMITED
Place: New Delhi Sd/- Sd/-
Date: 30th August, 2014 Ashok Marwah Atul Joshi
DIN: 0178756 DIN: 03051663
Mar 31, 2012
Dear Shareholders,
The Directors have pleasure in presenting the 28th Annual Report
together with the Audited Accounts of the Company for the year ended
31st March 2012.
FINANCIAL RESULTS
YEAR ENDED YEAR ENDED
31ST MARCH, 2012 31ST MARCH, 2011
(RS. IN LACS) (RS. IN LACS)
Gross Income 5.20 3.25
Profit/Loss before
Interest, Dep. and Tax 0.19 0.16
Depreciation 0.06 0.06
Profit/(Loss) 0.80 0.70
DIVIDEND
In view of the carry forward losses, your Directors regret their
inability to recommend any dividend.
DIRECTORS
In accordance with the provisions of the Articles of Association of the
Company Mr. Atul Joshi is due to retire by rotation and being eligible,
offer himself for re-appointment.
DIRECTORS RESPONSIBILITY STATEMENT
In accordance with Section 217 (2AA) of the Companies Act, 1956, your
Directors state that:
- In the preparation of the Annual Accounts, the applicable accounting
standards have been followed along with proper explanation relating to
material departures.
- The Directors have adopted such accounting policies and applied them
consistently and made judgments and estimates that are reasonable and
prudent so as to give a true and fair view of the state of affairs of
the Company at the end of the financial year ended 31st March,2012 and
of the Profit of the Company for that period.
- The Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies
PUBLIC DEPOSIT
The Company does not have any public deposits.
SUBSIDIARY COMPANIES
The Company does not have any Subsidiary Company.
AUDITORS
M/s Gaurav Ashok Jain & Associates, Chartered Accountants, New Delhi,
retire at the conclusion of this Annual General Meeting. The Company
has received notice from the expressing their inability for
re-appointment as the statutory auditors of the Company. M/s Rupesh
Mangal and Associates, Chartered Accountants being eligible for
appointment, have expressed their willingness to be appointed, as
statutory auditors of the Company. The auditor forwarded their
certificate stating that their re-appointment, if made will be within
the limit specified in that behalf in Sub Section (1B) of section 224
of the Companies Act, 1956. The Board hereby recommends their
appointment to the Shareholders of the Company.
PARTICULARS OF EMPLOYEES
Particulars of employee pursuant to section 217 (2A) of the Companies
Act, 1956, read with companies particulars of employees rules, 1975, as
amended, and forming part of this director report are Nil.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNING AND OUTGO
Particulars as required under Section 217(1)(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 annexed hereto as
Annexure Â1, forming part of the report.
During the year under review, the Company did not have any foreign
exchange earning or outgo.
LISTING WITH STOCK EXCHANGES
As per the requirement of Clause 49 of the Listing Agreement with Stock
Exchange, the company hereby declares that the listing for its shares
continued throughout the year with "Bombay Stock Exchange Ltd. Phiroze
Jeejeebhoy Towers, Dalal Street, Mumbai  400 001.
FIXED DEPOSITS
The Company has not accepted any fixed deposits during the year
therefore the provisions of Section 58A of the Companies Act, 1956 are
not applicable to the Company.
FOREIGN EXCHANGE EARNING AND OUTGO -- NIL
ACKNOWLEDGEMENT
Your Directors wish to place on record their appreciation of the
continued support from its Bankers, Government Authorities, Business
Constituents, shareholders & employees.
By Order of the Board
For Vishvas Projects Ltd.
Place: - New Delhi
Dated: -05-09-2012. Sd/- Sd/-
(Atul Joshi ) (Ashok Marwah)
Director Director
Mar 31, 2009
The Directors have pleasure in presenting the 25rd Annual report
together with the Audited Accounts of the company for the year ended
31st March 2009.
FINANCIAL RESULTS
YEAR ENDED YEAR ENDED
31st MARCH, 2009 31st MARCH, 2008
(RS. IN LACS) (RS. IN LACS)
Gross Income 14.63 354.09
Profit/Loss before Interest,
Dep. and Tax 0.18 0.34
Depreciation 0.06 0.06
ProfiV(Loss) 0.06 0.10
DIVIDEND
In view of the carryforward losses, your Directors regret their
inability to recommend any dividend.
DIRECTORS
In accordance with the provisions of the Articles of Association of the
Company Mr. Nihar Ranjan Mishra is due to retire by rotation and being
eligible, offer himself for re-appointment.
DIRECTORS RESPONSIBILITY STATEMENT
In accordance with Section 217 (2AA) of the Companies Act, 1956, your
Directors state that:
- In the preparation of the Annual Accounts, the applicable accounting
standards have been followed along with proper explanation relating to
material departures.
- The Directors have adopted such accounting policies and applied them
consistently and made judgments and estimates that are reasonable and
prudent so as to give a true and fair view of the state of affairs of
the Company at the end of the financial year ended 31st March ,2008 and
of the Profit of the Company for+ that period.
- The Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the Companies and for preventing and detecting fraud and
irregularities.
- The Directors have prepared the Annual Accounts on a going concern
basis.
PUBLIC DEPOSIT
The company does not have any public deposits.
SUBSIDIARY COMPANIES
The Company does not have any subsidiary Company.
AUDITORS
M/s Mehra Goel & Company, Chartered Accountants, New Delhi retire at
the conclusion of this Annual General Meeting, being eligible for
reappointment, have expressed their willingness to be re-appointed, as
statutory auditors of the Company.
PARTICULARS OF EMPLOYEES
Particulars of employee pursuant to section 217 (2A) of the Companies
Act, 1956, read with companies particulars of employees rules, 1975, as
amended, and forming part of this director report are Nil.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNING AND OUTGO
Particulars as required under Section 217(1)(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 annexed hereto as
Annexure 1, forming part of the report. During the year under review,
the Company did not have any foreign exchange earning or outgo.
LISTING WITH STOCK EXCHANGES
As per the requirement of Clause 49 of the Listing Agreement with Stock
Exchange, the company hereby declares that the listing for its shares
continued throughout the year with "Bombay Stock Exchange Ltd. Phiroze
Jeejeebhoy Towers, Dalai Street, Mumbai 400 001.
FIXED DEPOSITS
The Company has not accepted any fixed deposits during the year
therefore the provisions of Section 58A of the Companies Act, 1956 are
not applicable to the Company.
FOREIGN EXCHANGE EARNING AND OUTGO NIL
ACKNOWLEDGEMENT
Your Directors wish to place on record their appreciation of the
continued support from its Bankers, Government Authorities, Business
Constituents, shareholders & employees.
By Order of the Board For
Vishvas Projects Ltd.
Dated:-05.09.2009
(Ashok Marwah)
Place New Delhi Director
Place:- New Delhi
Mar 31, 2008
The Directors have pleasure in presenting the 24th Annual report
together with the Audited Accounts of the company for the year ended
31st March 2008.
FINANCIAL RESULTS
YEAR ENDED YEAR ENDED
31ST MARCH, 2008 31ST MARCH,
2007
(RS. IN LACS) (RS. IN LACS)
Gross Income 354.09 322.54
Profit/Loss before Interest,
Dep. and Tax 0.34 62.99
Depreciation 0.06 0.02
Profit/(Loss) 0.10 62.75
DIVIDEND
In view of the carryforward losses, your Directors regret their
inability to recommend any dividend.
DIRECTORS
In accordance with the provisions of the Articles of Association of the
Company Mr. Satyender Kumar is due to retire by rotation and being
eligible, offer himself for re-appointment.
DIRECTORS RESPONSIBILITY STATEMENT
In accordance with Section 217 (2AA) of the Companies Act, 1956, your
Directors state that:
- In the preparation of the Annual Accounts, the applicable accounting
standards have been followed along with proper explanation relating to
material departures.
- The Directors have adopted such accounting policies and applied them
consistently and made judgments and estimates that are reasonable and
prudent so as to give a true and fair view of the state of affairs of
the Company at the end of the financial year ended 31 * March,2008 and
of the Profit of the Company for that period.
- The Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the Companies and for preventing and detecting fraud and
irregularities.
- The Directors have prepared the Annual Accounts on a going concern
basis.
PUBLIC DEPOSIT
The company does not have any public deposits.
SUBSIDIARY COMPANIES
The Company does not have any subsidiary Company.
AUDITORS
M/s Mehra Goel & Company, Chartered Accountants, New Delhi retire at
the conclusion of this Annual General Meeting, being eligible for
reappointment, have expressed their willingness to be re-appointed, as
statutory auditors of the Company.
PARTICULARS OF EMPLOYEES
Particulars of employee pursuant to section 217 (2A) of the Companies
Act, 1956, read with companies particulars of employees rules, 1975, as
amended, and forming part of this director report are Nil.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNING AND OUTGO
Particulars as required under Section 217(1)(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 annexed hereto as
Annexure 1, forming part of the report. During the year under review,
the Company did not have any foreign exchange earning or outgo.
LISTING WITH STOCK EXCHANGES
As per the requirement of Clause 49 of the Listing Agreement with Stock
Exchange, the company hereby declares that the listing for its shares
continued throughout the year with "Bombay Stock Exchange Ltd.
PhirozeJeejeebhoy Towers, Dalai Street, Mumbai 400001.
FIXED DEPOSITS
The Company has not accepted any fixed deposits during the year
therefore the provisions of Section 58A of the Companies Act, 1956 are
not applicable to the Company.
FOREIGN EXCHANGE EARNING AND OUTGO - NIL
ACKNOWLEDGEMENT
Your Directors wish to place on record their appreciation of the
continued support from its Bankers, Government Authorities, Business
Constituents, shareholders & employees.
By Order of the Board
For Vishvas Projects Ltd.
Dated:-05.09.2008
(Ashok Marwah)
Place:-New Delhi Director
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