FOR THE FINANCIAL YEAR 2016-17 To
BOMBAY TALKIES LIMITED
Your directors have pleasure in presenting herewith their 33rd Annual Reporttogether with the Audited Statements of Accounts of the Company for the year ended 31stMarch 2017.
FINANCIAL HIGHLIGHTS :
The financial highlights of the company for the year ended 31st March 2017 aresummarized as below:
| || ||(In Rupees) |
|Particulars ||Year ended 31st March 2017 ||Year ended 31st March 2016 |
|Income for the year ||17356650.00 ||18370950.00 |
|Expenditure for the year excluding Depreciation and Amortization Exp. ||17846801.00 ||18468136.75 |
|Profit or Loss before Depreciation and Amortization Exp. ||(490151.00) ||(97186.75) |
|Less: Depreciation and Amortization Exp. ||109615.00 ||109615.00 |
|Profit or Loss after Depreciation and Amortization Exp. But before Tax ||(599766.00) ||(206801.75) |
|Less: Tax Expense ||- ||(25690.89) |
|Profit/(Loss) after tax ||(599766.00) ||(233492.64) |
|Add: Balance Profit/(Loss) B/F from the previous Year ||1363314.39 ||1596807.03 |
|Balance Profit / (Loss) C/F to the next year ||763548.39 ||1363314.39 |
Your Directors have not recommended any dividend for the Financial Year ended March 312017.
No amount was transferred to the reserves during the financial year ended 31st March2017.
NUMBER OF MEETINGS OF THE BOARD OF DIRECTORS :
The Board of Directors meet 5 (five) times during the financial year 2016 - 2017. Thenecessary quorum was present for all the meetings.
STATE OF COMPANY'S AFFAIRS :
During the year under review the Company has incurred a net Loss of Rs. (599766/-)in comparison to last year's profit of Rs. (233492.64). Barring unforeseen events yourDirectors expect to achieve good results in the coming years.
CHANGE IN THE NATURE OF BUSINESS :
There is no change in the nature of the business of the company during the financialyear ended 31st March 2017.
MATERIAL CHANGES AND COMMITMENTS :
No material changes and commitments affecting the financial position of the Companyoccurred between the end of the financial year to which this financial statement relatesand the date of this report.
PARTICULARS OF LOANS. GUARANTEES OR INVESTMENTS UNDER SECTION 186 :
The company has not given any Loans & Guarantees or provided any security and hasnot made any investment during the financial year 2016-2017. Thus the provisions ofSection 186 of the Companies Act 2013 is not applicable to the company.
EXTRACT OF ANNUAL RETURN :
The extract of Annual Return in form no.MGT-9 as required under Section 92(3) of theCompanies Act 2013 for the financial year ending March 31 2017 is annexed hereto andforms part of this report.
PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES UNDER SECTION 188 :
The company has not entered into any related party transactions which fall undersection 188(1) of the Companies Act 2013 during the year under review. Therefore theprovisions of Section 188(1) of the Companies Act 2013 were not attracted and disclosurein Form AOC-2 is not required.
PARTICULARS REGARDING CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION FOREIGN EXCHANGEEARNINGS/OUTGO:
In accordance with the provisions of Section 134 (3)(m) of the Companies Act 2013 readwith Rule 8 (3) of Accounts of Company Rules 2014 there is no energy conservationtechnology .absorption etc. during the Financial Year 2016-2017. There is no foreignexchange earnings and outgo during the year.
RISK MANAGEMENT POLICY :
Risk Management is an integral part of the Company's business strategy. The Board setsand approves the strategic plans and objectives for risk management and risk philosophy.The Board of Directors has adopted a Risk Management Policy.
ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO FINANCIAL STATEMENTS;
The Board has adopted the policies and procedures for ensuring the orderly andefficient conduct of its business including adherence to the Company's policies thesafeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial disclosures.
CHANGES IN DIRECTORS AND KEY MANAGERIAL PERSONNEL
a) There has been change in the constitution of Board of Directors of the companyduring the year under review i.e. the structure of the Board is -
|Din No. ||Name of the Director ||Date of Appointment ||Date of Resignation |
|00517067 ||MAHENDRAKUMAR BASUDEO JHAJHARIA ||15/03/2017 ||- |
|00416828 ||SANJIV AGARWAL ||15/03/2017 ||- |
|06642157 ||DHARMESH KOTAK ||15/04/2017 ||- |
|07854193 ||ANAYSHA PATEL ||15/06/2017 ||- |
|07857458 ||NIKHIL MUNNA LODH ||15/06/2017 ||- |
b. Retirement by rotation: Mr. Mahendrakumar Jhajharia Director and SanjivAgarwal Director retires by rotation at this AGM and is eligible for reappointment. Heis proposed to be reappointed as a Director at this AGM.
a) In view of the applicable provisions of the Companies Act 2013 the Company is notmandatorily required to appoint any whole time KMPs.
The Company has not accepted any deposits during the year under review.
DETAILS OF SUBSIDIARY/JOINT VENTURES/ASSOCIATE COMPANIES :
The Company does not have any Subsidiary Joint Venture or an Associate Company.
DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS ORTRIBUNALS : '
No significant and material order has been passed by the regulators courts tribunalsimpacting the going concern status and company's operations in future.
BOARD'S COMMENT ON THE AUDITORS' REPORT :
The observations of the Statutory Auditors when read together with the relevant notesto the accounts and accounting policies are self explanatory. The Auditors' Report doesnot contain any qualification reservation or adverse remark.
APPOINTMENT OF STATUTORY AUDITOR :
Ritesh Burad & Co Chartered Accountants existing Auditors of the Company wereappointed for a period of two years by the Board of Directors of the company in meetingheld on 28th October 2016. Their appointment for the second year to audit theaccounts for the financial year beginning on 1st April 2016 to 31st March2017 requires ratification by the members. They are eligible and available forre-appointment.
DIRECTORS RESPONSIBILITY STATEMENT :
In accordance with the provisions of Section 134(5) of the Companies Act 2013 yourdirectors confirm that
a) In the preparation of the annual accounts for financial year ended 31st March 2017the applicable accounting standards have been followed and there is no material departuresfrom the same;
b) The Directors have selected such accounting policies and applied them consistentlyand made judgments and estimates that are reasonable and prudent so as to give true andfair view of the state of affairs of the Company at the end of the financial year and ofthe profit and loss of the Company for that year;
c) The Directors have taken proper and sufficient care for the maintenance of adequateaccounting records in accordance with the provisions of the Act for safeguarding theassets of the Company and for preventing and detecting fraud and other irregularities;
d) The Directors have prepared the annual accounts for the financial year ended 31stMarch 2017 on a going concern basis;
e) The directors had devised proper systems to ensure compliance with the provisions ofall applicable laws and that such system were adequate and operating effectively.
Your Directors express their appreciation and gratitude for the continued co-operationsupport and assistance provided by all the valued channel partners DistributorSuppliers Bankers Shareholders the Central Government and State Government.
| || |
For Order of the Board of Directors
| ||Mahendrakumar Jhajharia ||Sanjiv Agarwal |
|Place : Mumbai ||Din No. 00517067 ||Din No. 00416828 |
|Dated : 25th August 2017. ||Director ||Director |