To The Members OF
Alchemist Corporation Limited
The Directors are pleased to present Annual Report and Audited Accounts for thefinancial year ended March 31 2014.
(Rs. in lakhs)
|PARTICULARS ||FOR THE YEAR ENDED 31.03.2014 ||PREVIOUS YEAR ENDED 31.03.2013 |
|Income (Sales & other Income) || || |
|Profit/(Loss) before Depreciation ||(13.09) ||(13.07) |
|Less: Depreciation ||1.28 ||1.43 |
|Prior Period Adjustment || ||9.96 |
|Share Allotment Money Pending allotment W/Off ||6.50 || |
|Less: Provision for Income tax/FBT || || |
|Profit/ (Loss) after tax ||(20.88) ||(24.46) |
The income of the Company for the period under review was NIL as against NIL in thelast year resulting into a loss of Rs. 20.88 Lakhs as against a loss of Rs.24.46 Lakhs inthe previous year mainly on account of Administrative Depreciation and salary costs.
Ms. Sheetal Jain Director of the Company retires by rotation and being eligible offerherself for re-appointment. Your Director recommends her re-appointment. Appointment ofMs. Sheetal Jain is in compliance with the provisions of Section 164(2) of the CompaniesAct 2013.
In view of financial losses during 2013-2014 Your Directors have not recommended anydividend for the year 2013-2014.
The Company has not accepted / invited any public deposits during the period underreview and hence provisions of Section 58A & 58AA of the Companies Act 1956 are notapplicable to your Company.
The Statutory Auditors M/s A A A M & co. Chartered Accountants New Delhi retiresat the conclusion of the forthcoming Annual General Meeting and is eligible forre-appointment. As per Section 139(2) of the Companies Act 2013 M/s. A A A M & Co.Audit firm shall be appointed as Statutory Auditors of the Company for two terms of 5consecutive years. Since M/s. AAAM & Co. were Auditors of the company for more than 10consecutive years and which complete the two terms of five consecutive years they areproposed to be appointed as Statutory Auditors for the next 3 consecutive years. TheCompany has received a certificate from M/s. A A A M & Co. to the effect that theirappointment if made would be within the limits prescribed under Section 141(3)(g) of theCompanies Act 2013. The Board of Directors recommends to the shareholders the appointmentof M/s. A A A M & Co. as Auditors of the Company up to the conclusion of the 24thAnnual General Meeting.
The observations/ qualifications of the Auditors in the Auditors Report are explainedand clarified wherever necessary in the appropriate Notes to the Accounts.
SECRETARIAL COMPLIANCE CERTIFICATE
In terms of the provisions of Section 383A of the companies Act 1956 read with theCompanies (Compliance Certificate) Rules 2001 the Company has obtained the necessarycompliance certificate Practicing Company Secretaries.
COMPLIANCE WITH THE ACCOUNTING STANDARDS
The Company prepares its accounts and other financial statements in accordance with therelevant Accounting principles and also complies with the Accounting Standards issues bythe Institute of Chartered Accountants of India
As required under the provisions of Section 212 of the Companies Act 1956 the AuditedStatement of Accounts together with Directors Report and Auditors Report of M/s KautilyaInfotech Limited and the statement pursuant to Section 212 of the Companies Act 1956 areattached and form part of the Annual Report.
CONSOLIDATED FINANCIAL STATEMENTS
Pursuant to Clause 32 and 50 of the Listing Agreement Your Company has preparedConsolidated Financial Statements as per the Accounting Standards applicable to theConsolidated Financial Statements issued by the Institute of Chartered Accountants ofIndia. Audited Consolidated Financial Statements along with the Auditors Report areannexed with this Report.
STOCK EXCHANGE LISTING:
The Equity Shares of your Company are listed at:
i) The Bombay Stock Exchange Limited Mumbai.
ii) The Delhi Stock Exchange Limited New Delhi
iii) The Jaipur Stock Exchange Jaipur
Your Company is committed to maintain the highest standards of Corporate Governance.Your Directors adhere to the requirements set out by the Securities and Exchange Board ofIndias Corporate Governance practices and have implemented all the stipulationsprescribed.
A separate report each on Corporate Governance Management Discussions and analysis isgiven elsewhere in the Annual Report are annexed hereto as part of Annual Report alongwith Auditors Certificate on its due compliance.
CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION FOREIGN EXCHANGE EARNING AND OUTGO
a) Conservation of Energy & Technology Absorption: Since the Company is notcarrying on any manufacturing activity during the year under review as well as in theprevious year issues relating to conservation of energy & technology absorption arenot quite relevant to its functioning.
b) Export Activities: There was no export activity in the Company during the yearreview as well as in the previous year
c) Foreign Exchange Earnings and outgo: There was no Foreign Exchange Earnings andoutgo during the year under review as well as in the previous year.
Details of Employees as per provisions of Section 217(2A) of the Companies Act 1956read with Companies (Particulars of Employees) Rules 1975 are given as follows: None ofthe employee during the year was getting remuneration of Rs 60 lakh and above per annum inthe year.
DIRECTORS RESPONSIBILITY STATEMENT:
Pursuant to Section 217(2AA) of the Companies (Amendment) Act 2000 the Directorsconfirm that: -
1. Applicable Accounting Standards have been followed in preparing the Annual Accountsand material departures if any have been properly explained.
2. The Directors have selected and applied accounting policies and applied themconsistently and have made judgments and estimates that are reasonable and prudent inrespect to the Industry so as to give a true and fair view of the state of affairs of theCompany and Profit and Loss account as at the date of Balance Sheet.
3. The Directors have taken proper and sufficient care for;
a) Maintenance of adequate accounting records in accordance with the Companies Act1956
b) Safeguarding the assets of the Company and
c) Preventing and detecting fraud and other irregularities.
APPRECIATION & ACKNOWLEDGEMENT:
Your Directors appreciate the valuable co-operation extended by the CompanysBankers monitoring agency & other Central and State Government departments for theircontinued support. Your Directors place on record their wholehearted appreciation for thesupport of your Companys employees . Your Directors also acknowledge with gratitudethe backing of its shareholders.
Managements Discussion and Analysis Report
The Annual report has a separate chapter on Managements Discussion & AnalysisReport.
By order of the Board of Directors
For Alchemist Corporation Limited
Place: New Delhi