Your Directors have pleasure in presenting their Annual Report of the Company and theaccounts for the Financial Year ended March 31 2015.
The Company's financial performance for the year under review along with previous yearfigures is given hereunder:
(Amount in Rs.)
|Particulars ||2014-15 ||2013-14 |
|Income for the year ||82259561 ||12040041 |
|Profit before Financial Charges Depreciation and Taxation || |
|Out of which Provisions have been made for :- || || |
|Financial Charges ||4207 ||1966 |
|Depreciation ||19703 ||- |
|Provision for Taxation : || || |
|(i) Current Income Tax ||40000 ||10000 |
|(ii) Deferred Tax ||- ||- |
|Profit after Income Tax || |
No Dividend was declared for the current financial year in view of insufficient profitincurred by the Company during the year under review.
During the year under review company has increased its Authorised share capital from4.6 Lacs to 75 lacs as on 09.03.2015.
Further 476876 no. of shares of Rs. 10/- each at a premium of Rs. 55/- were allottedvide private placement as on 31.03.2015.
Mr. Mahendrabhai R. Shah Director of the Company has been appointed as ManagingDirector of the Company w.e.f. 20.05.2015 for a term of five years.
Mrs. Arunaben M Shah Director retires by rotation at the forthcoming Annual GeneralMeeting and being eligible offers herself for reappointment.
Mr. Ritesh M Sheth who was appointed as Additional Director on 18.02.2015 and whoseterm will be expired at the conclusion of the ensuing AGM. The Company has receivedrequisite notice in writing from a member proposing them for appointment as Directors.
EXTRACT OF ANNUAL RETURN
The extracts of Annual Return pursuant to the provisions of Section 92 read with Rule12 of the Companies (Management and administration) Rules 2014 is attached to thisReport.
NUMBER OF BOARD MEETINGS
The Company had 7 (Seven) Board meetings during the financial year 2014-2015.
DIRECTORS' RESPONSIBILITY STATEMENT
In accordance with the provisions of Section 134(5) of the Companies Act 2013 theBoard hereby submit its responsibility Statement:
(a) in the preparation of the annual accounts the applicable accounting standards hadbeen followed along with proper explanation relating to material departures;
(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 a true andfair view of the state of affairs of the company at the end of the financial year and ofthe profit / loss of the company for that period;
(c) the directors 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;
(d) the directors have prepared the annual accounts on a going concern basis;
(e) the directors have devised proper systems to ensure compliance with the provisionsof all applicable laws and that such systems were adequate and operating effectively.
DECLARATION OF INDEPENDENT DIRECTORS
The provisions of Section 149 pertaining to the appointment of Independent Directors donot apply to our Company.
PARTICULARS OF LOANS GUARANTEES OR INVESTMENTS
There were no loans guarantees or investments made by the Company under Section 186 ofthe Companies Act 2013 during the year under review and hence the said provision is notapplicable.
RELATED PARTIES TRANSACTIONS
There was no contract or arrangements made with related parties as defined underSection 188 of the Companies Act 2013 during the year under review.
The Auditors M/s. JIGNESH SATAPARA & CO. & Associates Chartered Accountantsbe and is hereby appointed as the Statutory Auditors of the Company to hold office fromthe conclusion of this Annual General Meeting till the conclusion of the Fourthconsecutive Annual General Meeting.
The Auditors' Report does not contain any qualification. Notes to Accounts and Auditorsremarks in their report are self-explanatory and do not call for any further comments.
TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCTION AND PROTECTION FUND
The provisions of Section 125? of the Companies Act 2013 do not apply as there was nodividend declared and paid last year.
CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO
The provisions of Section 134(m) of the Companies Act 2013 do not apply to ourCompany. There was no foreign exchange inflow or Outflow during the year under review.
The Company does not have any Risk Management Policy as the element of risk threateningthe Company's existence is very minimal.
The company has neither invited nor accepted any fixed deposit from the public duringthe year within the meaning of section 73 of companies Act 1956 and the Companies(Acceptance of Deposits) Rules 2014 as amended from time to time.
CORPORATE SOCIAL RESPONSIBILITY
The Company has not developed and implemented any Corporate Social Responsibilityinitiatives as the said provisions are not applicable.
MATERIAL CHANGES AFFECTING THE FINANCIAL POSITION OF THE COMPANY
After the closure of the year the company was converted from private limited to publiclimited with the members approval. Certificate of conversion was obtained as on10.06.2015.
Your Directors place on record their sincere thanks to bankers business associatesconsultants and various Government Authorities for their continued support extended toyour Companies activities during the year under review. Your Directors also acknowledgesgratefully the shareholders for their support and confidence reposed on your Company.
|PLACE: AHMEDABAD || |
FOR AND ON BEHALF OF THE BOARD OF DIRECTORS
|DATE: 05/09/2015 ||(DIRECTOR) ||(DIRECTOR) |