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Indo Bonito Multinational Ltd.

BSE: 531084 Sector: Consumer
NSE: N.A. ISIN Code: INE457B01012
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Indo Bonito Multinational Ltd. (INDOBONITO) - Director Report

Company director report

Directors

To,

The Shareholders,

Your Directors have pleasure in presenting to you this 19th Annual Report ofyour Company together with the Audited Accounts for the Financial Year ended on 31stMarch, 2013.

Financial Results

Your Company's financial performance during the year has been encouraging andsummarized below:

PARTICULARS For Year ended 31st March, 2013 For Year ended 31st March, 2012
REVENUE FROM OPERATIONS
Revenue from Operation 232,208,486 55,880,287
Other Income 1,200,000 3,470,000
TOTAL REVENUE 232,208,486 59,350,287
EXPENSES:
Cost of Material Consumed - -
Purchase of Stock in Trade 181,593,101 46,722,903
Changes in Inventory of Finished Goods 1,084,056 84,1
Work in Progress and Stock in Trade - -
Employee Benefit Expenses 2,937,572 4,171,356
Finance Costs 25,822,153 45,074,970
Depreciation and Amortization Expenses 11,367,852 12,027,852
Other Expenses 1,648,229 5,195,186
TOTAL EXPENSES 224,452,963 113,276,392
PROFIT/ LOSS BEFORE EXCEPTIONAL & EXTRAORDINARY 89,55,523 (53,926,105)
Exceptional Items - (25,346,418)
PROFIT/ LOSS BEFORE EXTRAORDINARY ITEMS AND TAX 89,55,523 (79,272,523)
Extraordinary Items - -
PROFIT / (LOSS) BEFORE TAX 8,954,975 (79,272,523)
TAX EXPENSE
Current Tax 2,803,121 -
Earlier Year Tax - -
Deferred Tax - -
PROFIT/(LOSS) FOR THE PERIOD 6,152,402 (79,272,523)

Review of Operations

During the year under review, the Company's Net Income from operations stood at Rs.232,208,400/- as compared to Rs. 55,880,287/-in the previous year. Profit After Taxationfor the year under review stood at Rs. 6,152,301/- as against loss of Rs.(79,272,523)/- inthe previous year.

Dividend

Keeping in mind the capital requirement for future growth of the Company and toconserve higher resources for operations of the Company, your Directors do not recommenddividend for the Financial Year ended 31st March, 2013.

Share Capital

The Authorized Share capital of the Company remains unchanged during the Financial Yearunder review. Public Deposits

During the year under review, the Company has not accepted/renewed any deposits fromthe public within the meaning of Section 58A and 58AA of the Companies Act, 1956.Management Discussion and Analysis Management Discussion and Analysis Report for the yearunder review, as stipulated under clause 49 of the Listing Agreement with the StockExchange, is presented in a separate section forming part of the Annual Report.

Directors

During the current year, Mr. Shivara Timmaryappa was appointed as an AdditionalDirector of the Company in the meeting of the Board of Directors held on 2ndNovember, 2012. Mr. Shivara Timmaryappa , additional Director, would hold office till theensuing Annual General Meeting. The Company has received notice in writing from membersproposing his candidature, for the office of Director.

Mr. Marimuthu Rajangam, Director of the Company, who is liable to retire by rotation atthe ensuing Annual General Meeting and being eligible, has offered himself forre-appointment.

Brief resume of the Directors proposed to be appointed / re-appointed as stipulatedunder clause 49 of the Listing Agreement with the Stock Exchange are given in the noticeconvening this Annual General Meeting.

The above appointments/ re-appointments form part of the notice convening the AnnualGeneral Meeting and the resolutions are recommended for your approval.

Directors' Responsibility Statement

Pursuant to the requirement under section 217(2AA) of the Companies Act, 1956 withrespect to the Directors Responsibility Statement, your directors state that:

• in the preparation of the annual accounts for the year ended 31stMarch, 2013, the applicable Accounting Standards read with requirements set out underSchedule VI to the Companies Act, 1956, have been followed and there are no materialdepartures from the same.

• the selected accounting policies were applied consistently and the Directorsmade judgments and estimates that are reasonable and prudent so as to give a true and fairview of the state of affairs of the Company as at 31st March, 2013 and ofprofit the Company for the year ended as on that date;

• proper and sufficient care has been taken for the maintenance of adequateaccounting records in accordance with the provisions of the Companies Act, 1956, tosafeguard the assets of the Company and to prevent and detect fraud and otherirregularities;

• the annual accounts have been prepared on a going concern basis.

Auditors

M/ s. S. U. Radhakrishnani & Co., Chartered Accountants, the Statutory Auditors ofthe Company, hold office upto the conclusion of ensuing Annual General Meeting and areeligible for re-appointment. The Company has received a letter from them to the effectthat their appointment, if made, would be within the limits prescribed under Section224(1B) of the Companies Act, 1956.

Your Directors recommend their re-appointment as Statutory Auditors of the Company tohold office from the conclusion of ensuing Annual General Meeting upto the conclusion ofthe next Annual General Meeting of the Company and to audit financial accounts for thefinancial year ending on 31st March, 2014.

Auditors' Observations

Observations of the Auditors, read together with the relevant Notes to the Accounts andAccounting Policies are self explanatory.

Subsidiary Companies

The Company does not have any subsidiary Company.

Corporate Governance

Pursuant to Clause 49 of the Listing Agreement, a detailed report on CorporateGovernance duly certified regarding compliances of its conditions by the StatutoryAuditors M/ s. S. U. Radhakrishnani & Co., Chartered Accountants, is forming part ofthis Annual Report and separately attached.

Personnel

The employer employee relations remained cordial throughout the year. The Board placeson record its sincere appreciation for the valuable contribution made by employees acrossall levels of the organization.

During the year under consideration, there were no employees, whose particulars arerequired to be furnished under the provisions of Section 217(2A) of the Companies Acts1956 read with the rules thereunder.

Energy Conservation, Technology Absorption and Foreign Exchange Earnings and Outgo

Particulars required to be disclosed under the Companies (Disclosure of Particulars inthe Report of the Board of Directors) Rules, 1988 are set out in Annexure "A" tothis report.

Acknowledgements

Your Directors wish to express their sincere gratitude to the Union Government and theGovernment of various States, as also to all the Government agencies, banks, financialinstitutions, customers, vendors and other related organizations, who, through theircontinued support and cooperation, have contributed towards the Company's growth andprogress during the year under review.

Your Directors also wish to place on record their deep sense of appreciation forinvestors, shareholders and employees of the Company for their continued support towardsconduct and operations of the Company.

By Order of the Board of Directors
For Indo Bonito Multinational Limited
Director
Date 2nd September,2013
Place: - Mumbai

Annexure "A" to the Report of the Directors

Particulars as per the Companies (Disclosure of Particulars in the report of the Boardof Directors) Rules, 1988 and forming part of the Directors' Report for the Year ended 31stMarch 2013.

A. Conservation of Energy Technology Absorption, Research & Development andresultant benefits:

Your Company believes in continual improvement through up-gradation of technology andadoption of latest manufacturing techniques. Your Company constantly upgrades /refurbishes its equipment's to offer best quality products and minimise operating cost toimprove the productivity & profitability.

Form 'A'

A) Power and Fuel Consumption UOM 2012-2013 2011-2012
1) Electricity
a) Purchased
Unit (KWh) NIL NIL
Total Cost (Rs. in Lacs) NIL NIL
Cost / Unit (Rs.) NIL NIL
b) Own Generation
i) Through Diesel Generator Unit NIL NIL
ii) Through Steam Turbine Generation Units NIL NIL
iii) Through Wind Mill
Unit (KWh) NIL NIL
Total Cost (Rs. in Lacs) NIL NIL
Cost / Unit (Rs.) NIL NIL
2) Coal
Quantity Tonnes NIL NIL
Total Cost (Rs. in Lacs) NIL NIL
Average Rate (Rs.) NIL NIL
3) Furnace Oil
Quantity K. Ltrs NIL NIL
Total Cost (Rs. in Lacs) NIL NIL
Average Rate (Rs.) NIL NIL
4) Others/Internal Generation
Quantity K. Ltrs NIL NIL
Total Cost (Rs. in Lacs) NIL NIL
Rate/ Unit (Rs.) NIL NIL

B. Technology Absorption, Research & Development and resultant benefits:

Your Company believes in continual improvement through up-gradation of technology andadoption of latest manufacturing techniques. Your Company constantly upgrades /refurbishes its equipment's to offer best quality products and minimise operating cost toimprove the productivity & profitability.

C. Foreign Exchange Earnings & Outgo

(Rs. in Lacs)

Particulars 2012- 2013 2011-2012
Exports as a % of Total income Nil Nil
Total Foreign Exchange earned Nil Nil
Total Foreign Exchange outgo Nil Nil

 

For and on behalf of the Board
For Indo Bonito Multinational Limited
Director
Date 2nd September,2013
Place: - Mumbai