The Directors have pleasure in presenting the 28th Annual Report and the AuditedStatement of Accounts for the year ended 31st March 2014.
|Sr. No. ||Particulars ||Year Ended 31.03.2014 ||Year Ended 31.03.2013 |
|1. ||Net Sales / Income ||45.99 ||90.62 |
|2. ||Total Expenditure || || |
| ||i) Employee Benefit Cost ||5.13 ||4.72 |
| ||ii) Financial Cost ||- ||- |
| ||iii) Depreciation ||1.90 ||2.17 |
| ||iv) Other Expenditure ||6.18 ||13.08 |
| ||Total ||13.21 ||19.97 |
|3. ||Profit Before Tax (1-2) ||32.78 ||70.65 |
|4. ||Provision for Taxation || || |
| ||i) Current Tax ||(5.51) ||(13.51) |
| ||ii) Deferred Tax Asset/ (Liability) ||(1.69) ||0.02 |
|5. ||Profit After Tax (3+4) ||25.58 ||57.16 |
|6. ||Excess/(Short) Provision for Tax of earlier years ||- ||- |
|7. ||Net Profit ||25.58 ||57.16 |
|8. ||Balance carried from previous year ||1.04 ||4.67 |
|9. ||Amount available for Appropriation(7+8) ||26.62 ||61.83 |
|10. ||Appropriations: || || |
| || Proposed Dividend ||(16.00) ||(40.00) |
| || Dividend Distribution Tax ||(2.72) ||(6.79) |
| || Transferred to General Reserve ||- ||(14.00) |
| || Transferred to Statutory Reserve ||(5.12) ||- |
|11. ||Balance carried to Balance Sheet ||2.78 ||1.04 |
|12. ||Basic & Diluted EPS (Rs.) ||0.06 ||0.14 |
|13. ||Non Promoter Shareholding || || |
| ||- Number of shares ||19600000 ||19600000 |
| ||- Percentage of shareholding ||49.00% ||49.00% |
We are pleased to announce that the Board of Directors has recommended dividend of Re.0.04 per equity share of Re. 1/- each (i.e. 4%) aggregating Rs.1600000 (excludingdividend distribution tax as applicable) for the year ended on 31st March 2014.
OPERATIONS AND FUTURE PROSPECTS:
During the period under review the profit after tax (PAT) stood at 25.58 Lacs (PreviousYear Rs. 57.16 Lacs) a decline of 55.25% as compared to last financial year. We as aneconomy have gone through the worst economic crisis in the last six years. Now with astrong government in place and also the beginning of a new positive cycle for thecorporate and industrial sector we are very hopeful that a new bull market has startedwhich should last for at least four years. We are extremely well positioned to takeadvantage of this bull market. We are thus very positive for the next year results.
Thank you shareholders for your continued support and trust in Ashirwad and itsmanagement team which we cherish and value from the bottom of our hearts.
Rajesh Poddar (DIN : 00164011) retires by rotation at the ensuing Annual GeneralMeeting and being eligible offers himself for reappointment.
Mr. Sanjiv Rungta (DIN : 00381643) Mr. Nirmal Jain (DIN : 00894735) and Mr.Piyush Shah (DIN : 02333557) reappointment as Independent Directors for a term of 5 yearsat the ensuing Annual General Meeting.
DIRECTORS RESPONSIBILITY STATEMENT:
The Directors state that: -
i. In the preparation of the annual accounts the applicable accounting standards havebeen followed and that there are no material departures.
ii. The Directors had selected such accounting policies and applied them consistentlyand made judgment and estimates that are reasonable and prudent so as to give a true andfair view of the state of affairs of the Company at the end of the financial year coveredunder this Report and of the profit of the Company for the year.
iii. The Directors had taken proper and sufficient care for the maintenance of adequateaccounting records in accordance with the provisions of this Act for safeguarding theassets of the Company and for preventing and detecting fraud and other irregularities.
iv. The Directors had prepared the annual accounts on a going concern basis.
The Company has not accepted/ renewed any Deposits from the Public under section 58A ofthe Companies Act 1956.
There are no employees drawing remuneration exceeding the limits prescribed underSection 217 (2A) of the Companies Act 1956 read with Companies (Particulars of employees)Rules 1975.
M/s. Sanjay Raja Jain & Co. Chartered Accountants Mumbai will retire at theensuring meeting and being eligible offers themselves for re-appointment.
CONSERVATIONOFENERGYTECHNOLOGYABSORPTION FOREIGN EXCHANGE EARNING AND OUTGO:
In view of the nature of activities of the Company Rules 2A and 2B of the Companies(Disclosure of Particulars in the Report of Board of Directors) Rules 1988 concerningconservation of energy and technology absorption respectively are not applicable to theCompany.
There were no foreign exchange earnings or outgo during the year under review.
COMPLIANCE CERTIFICATE UNDER PROVISO TO SUBSECTION (1) OF SECTION 383A OF THE COMPANIESACT 1956:
Compliance Certificate issued under sub-Companies Act 1956 by the Practicing CompanySecretary for your company is attached to this report.
Your Company continues to be listed on the Stock Exchange Mumbai where theCompanys Shares are being traded. The Company has paid Listing Fees for the year2013-2014.
MANAGEMENT DISCUSSION AND ANALYSIS: BUSINESS ENVIRONMENT:
It has again been a year of reversal for our company and tough majors were required tobuck the trend. Your company has in the past survived the worst reversals and is positivethat this time too it will overcome the downtrend and bounce back in to reckoning. Yourcompany has however managed to declare dividents even though it is sailing through roughtimes.
STRENGTHS & OPPORTUNITIES:
Your company effectively overcame the difficulties in finance and investment market.Since we have a change in our government your company is expecting the upcoming fiscalpolicies to be encouraging. Your company highly values its human resources. Furtherkeeping in view the support offerd by financial institutions your company is keen toachieve an established name and goodwill in the market.
RISKS AND OPPORTUNITIES:
Risk is an integral part of business process. Proper risk management can be highlybeneficial for any company. The company will attempt to soften the impact of risks throughcontinuous monitoring timely action and control measures.
The company is looking forward o the following objectives in the coming year:
(I) To effectively position in the company so as to meet the needs of changing economicscene in India.
(II) To earn national recognition by providing qualitative service in time and inconformity with the best practices.
(III) To enhances size and value of business activities of the company.
(IV) To achieve optimal return on capital employed.
Your company offers unique insights delivering independent information opinions andsolutions that help it to make better informed business and investment decisions andimprove the return on investment. The future prospect continues to remain positive withfocus on strengthening risk management systems and demand for good quality and independentresearch.
FINANCIAL AND OPERATIONAL PERFORMANCE:
The accompanying financial statements have been prepared in accordance with therequirements of Companies Act 1956 and Generally Accepted section(1)ofsection383AoftheAccounting Principles and Accounting Standards prevailing in India. The grossincome of the company during the year has decreased to Rs. 45.99 Lacs (compared to 90.62Lacs during the previous year. The net profit in current year has decreased to Rs. 25.58Lacs from Rs. 57.16 Lacs as earned in the previous financial year.
Statement in this Management Discussion and Analysis describing the Companysobjectives projections estimates expectations or predictions may be"forward-looking statements" within the meaning of application securities lawsand regulations. Actual results could differ materially from those expressed or implied.Important factors that could make a difference to the Companys operations includeraw material availability and prices cyclical demand and pricing in the Companysprincipal markets changes in Government regulations tax regimes economic developmentswithin India and the countries in which the company conducts business and other incidentalfactors.
Corporate Governance Certificateof Report the company along with Secretary in practicepursuant to clause 49 of the Listing Agreement with the stock Exchange has been includedin the report. Your company believes that Corporate Governance is a voluntary code ofself-discipline. In line with this policy the Board of Directors strongly believes thatit is very important that the Company follows healthy Corporate Governance practices andreports to the shareholders the progress made on the various measures undertaken.Therefore your directors have been reporting the initiatives on Corporate Governancemeasures adopted by your Company.
We record our gratitude to the Banks and others for their assistance and cooperationduring the year. We also wish to place on record our appreciation for the dedicatedservices of the employees of the Company. We are equally thankful to our esteemedinvestors for their co-operation extended to and confidence reposed in the management.
|Registered Office: ||By Order of the Board |
|303 Tantia Jogani Industrial Estate ||For Ashirwad Capital Limited |
|J. R. Boricha Marg Lower Parel || |
|Mumbai 400 011. || |
|Date: May 30 2014 ||Ramprasad Poddar |
|Place: Mumbai ||Chairman |