Your Directors have great pleasure in presenting their Twenty Seventh Annual Reporttogether with the Audited Statement of Accounts for the financial year ended 31stMarch 2014
1. FINANCIAL RESULTS:
(Rupees in Lacs)
|PARTICULARS || ||FOR THE YEAR ENDED 31-Mar-14 ||FOR THE YEAR ENDED 31-Mar-13 |
|1. FINANCIAL RESULTS || || || |
|Sales (Incl. Exch. Difference) || ||NIL ||1009.76 |
|Other Income || ||0.98 ||1141.56 |
|Profit before Interest & Depreciation ||(A) ||(6590.30) ||(18830.82) |
|Less: I) Interest || ||4737.32 ||3885.83 |
|2) Depreciation || ||228.60 ||325.41 |
|Total of Interest and Depreciation ||(B) ||4965.92 ||4211.24 |
|Misc items (C) || ||338.64 ||381.63 |
|Profit before taxation (A-B-C) || ||(11894.87) ||(23423.68) |
|Provision for & Deferred Taxation || ||NIL ||1417.02 |
|Profit after taxation || ||(11894.87) ||(25126.45) |
|Bal in P & L Account brought/forward || ||(8874.61) ||16251.84 |
| || ||(20769.48) ||(8874.61) |
|2. APPROPRIATIONS || || || |
|Proposed Dividend (incl Tax) || ||- ||- |
|Transfer to General Reserve Balance carried forward || ||(20769.48) ||(8874.61) |
| || ||(20769.48) ||(8874.61) |
In view of loss during the year the management has decided not to declare the dividend
3. LISTING ON NSE & BSE:
The shares of your company are listed on the Bombay Stock Exchange Limited (BSE Code:523200) and the National Stock Exchange of India Limited (NSE Code: CLASSIC EQ)
The Company's accounts where they were having limits with the Banks has been declaredNPA (Non Performing Assets) by the Bank for non realization of export proceeds. Thedirectors of the Company are trying their best to realize the export proceeds at theearliest
The Company has 4 Directors. The following is the list of Directors of the Company:
|Name of the Director ||Designation |
|Kumar C. Bhansali ||Chairman & Managing Director |
|Nirav Bhansali ||Whole Time Director |
|Madhukar G. Patankar ||Independent Non-Executive Director |
|Nishikant Jha ||Independent Non-Executive Director |
M/s JMR & Associates Chartered Accountants will continue to hold the office ofAuditor as per Section 139 of the Companies Act 2013 from the conclusion of this AnnualGeneral Meeting until the conclusion of Twenty-Eight Annual General Meeting to be heldafter this meeting subject to ratification at every Annual General Meeting and to fixtheir remuneration for the financial year ending 31st March 2014.
7. CORPORATE GOVERNANCE:
A separate section on Corporate Governance is included in the Annual Report and thecertificate from the company's auditors confirm the compliance of conditions on CorporateGovernance as stipulated in the said clause 49 of the Listing Agreement annexed thereto.
8. FIXED DEPOSIT:
The company has not invited or accepted any deposit during the financial year 2014-2015 under review under Section 73 of the Companies Act 2013 read with the Companies(Acceptance of Deposits) Rules 2014.
10. CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS ANDOUTGO:
The information pursuant to Section 134(3) (m) of the Companies Act 2013 is givenbelow:
A. CONSERVATION OF ENERGY
As the company is not covered in the list of industries required to furnish informationin Form A relating to conservation of energy the same is not given.
B. TECHNOLOGY ABSORPTION
Research and Development (R & D)
1. Specific areas in which the company carries out R & D:
The Company has been successful in manufacturing its own Laser Cutting Machine for theDiamond factory. In the jewellery sector in house design and manufacture of certainconsumables are carried out.
2. Benefits derived as a result of the above R & D:
The Company achieves better productivity and cost reduction. Reduction in Productionleads time
Reduction in rework and rejection in the manufacturing process
Total traceability of each piece during the entire manufacturing process through inhouse software development
3. Future plan of Action:
The company will strive to improvise the manufacturing methodology to effect furthercost reduction and increase productivity.
|4. Expenditure on R & D: || |
|a. Capital ||NIL |
|b. Recurring ||NIL |
c. Total R & D expenditure as included in the manufacturing cost percentage oftotal turnover NIL
5. Efforts in brief made towards Technology absorption and innovation:
The company keeps abreast of global technical developments innovations and trends inits line of business and strives to constantly reduce costs and improve the quality of itsproducts.
6. Benefits derived as a result of the above efforts e.g. cost reduction productdevelopment and improvement; import substitution etc. will be reflected in precisionmanufacturing of high quality products and substantial -cost reduction.- ' -
7. In case of imported technology (imported during the last 5 years reckoned from thebeginning of the financial year) following information may be furnished:
The Company has not imported any technology.
C. FOREIGN EXCHANGE EARNINGS AND OUTGO:
Information regarding foreign exchange earnings and outgo is given below:
|Total Foreign Exchange used ||: NIL |
|Total Foreign Exchange earned ||: NIL |
12. DIRECTORS' RESPONSIBILITY STATEMENT:
Pursuant to the requirement under section 134(3) (c) of the companies act 2013 withrespect to Directors' Responsibility Statement it is hereby confirmed that:
that in the preparation of the annual accounts the applicable accountingstandards had been followed along with proper explanation relating to material departures;
that they have selected such accounting policies and applied them consistentlyand made judgments 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 and ofthe profit and loss of the company for that period
that they have 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;
that they have prepared the annual accounts on a going concern basis and
that in case of listed company had laid down internal function controls to befollowed by the company and that such internal financial controls are adequate and wereoperating effectively
that they had devised proper systems to ensure compliance with the provisions ofall applicable laws and that such systems were adequate and operating effectively
13. CAUTIONARY STATEMENT:
Statements in this Directors Report and Management Discussion & Analysis describingthe Companies objectives projections estimates expectations or predictions may beforward-looking statements within the meaning of applicable Securities laws andregulations. Actual results could differ materially from those expressed or implied due torisk of uncertainties associated with our expectations with respect to but not limitedto changes in Government regulations tax regimes economic developments within India andthe countries in which the Company conducts business technological changes exposure tomarket risks general economic and political conditions in India and which have an impacton our business activities or investments the monetary and fiscal policies of Indiainflation deflation unanticipated turbulence in interest rates foreign exchange ratesthe performance of the financial markets in India and globally and raw materialavailability and prices demand & pricing in the Company's principal markets andother incidental factors.
The Directors wish to convey their appreciation to all the employees of the company fortheir personal efforts as well as for the excellent contribution made by all employees ofthe Company through their commitment competence cooperation and diligence to duty theircollective contribution in such trying times which enabled the company to meet thechallenges set before it.
Your Directors would like to express their grateful appreciation for the assistance andcooperation received from the banks during the year under review. Your Directors also wishto place on record their deep sense of appreciation for the continued support of customersand suppliers of the company.
Your Directors thank the shareholders for their confidence in the company.
| ||BY THE ORDER OF THE BOARD |
|Registered Office: ||Mr. Kumar C. Bhansali |
|Off Premises No.701 7th Floor ||Chairman & Managing Director |
|Majestic Shopping Centre Premises Co-op.Soc.ltd. |
|J.S.S. Rd. Mumbai 400 004 ||Mr. Nirav K. Bhansali |
|Dated: 30th May 2014 ||Whole Time Director |