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Indo Euro Indchem Ltd.

BSE: 524458 Sector: Industrials
NSE: N.A. ISIN Code: INE319N01019
BSE LIVE 13:18 | 14 Feb Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 7.25
PREVIOUS CLOSE 7.25
VOLUME 2000
52-Week high 7.25
52-Week low 6.89
P/E
Mkt Cap.(Rs cr) 6
Buy Price 0.00
Buy Qty 0.00
Sell Price 7.60
Sell Qty 2000.00
OPEN 7.25
CLOSE 7.25
VOLUME 2000
52-Week high 7.25
52-Week low 6.89
P/E
Mkt Cap.(Rs cr) 6
Buy Price 0.00
Buy Qty 0.00
Sell Price 7.60
Sell Qty 2000.00

Indo Euro Indchem Ltd. (INDOEUROINDCH) - Director Report

Company director report

DIRECTORS

TO

THE MEMBERS

INDO EURO INDCHEM LIMITED

MAHARASHTRA

Your Directors have pleasure in presenting the TWENTY FOURTH ANNUAL REPORT of theCompany together with the audited statement of accounts of the Company for the year endedon March 312014.

FINANCIAL HIGHLIGHTS:

For the year ended on 31.03.2014 For the year ended on 31.03.2013
Total Income 157765 81 47213696
Total Expenditure 17435927 44566743
Profit / (Loss) before Taxation (1659346) 2646953
Provision for Tax 932977 652961
Deferred Tax (901212) (668141)
Profit / (Loss) after Taxation 976961 2039135
Balance Carried to BS 976961 2039135

OPERATIONAL REVIEW:

The Sales for the period ended March 31 2014 were at Rs. 15639112/- as against Rs.46424875/-for the previous year ended March 31 2013. The Profit / (Loss) after tax forMarch 31 2014 is Rs. 976961/- as against profit of Rs. 2039135/- for the previous yearended March 31 2013.

LISTING OF EQUITY SHARES OF COMPANY ON BOMBAY STOCK EXCHANGE;

The Board is pleased to inform that the Bombay Stock Exchange has revoked thesuspension on the trading of shares of the Company. The Company has received the listingpermission from the Bombay Stock Exchange for trading of its shares on its stock exchangeand the trading in equity shares begins w.e.f 9th July 2013 on the BombayStock Exchange.

DIVIDEND:

In view of the revival of the company's operation your Directors have decided not torecommend any dividend on account for the year under operation.

MANAGEMENT DISCUSSION AND ANALYSIS:

As required by clause 49 of the Listing Agreement with the Stock Exchange a ManagementDiscussion and Analysis Report are appended.

DIRECTORS:

Mr. Akshit B. Lakhani and retire by rotation at the ensuing Annual General Meeting andbeing eligible offers himself for re-appointment. Your Directors recommend hisre-appointment.

The Company has two independent Directors appointed under the Listing Agreementnamely Mr. Paresh M. Valani and Mr. Dipakkumar P. Pandya who have diversebusiness/administrative experience and are making significant contribution to the Company.At present they are liable to retire by rotation. It is proposed to appoint them asIndependent Directors with a fixed tenure of upto five years each at the ensuing AnnualGeneral Meeting of the Company subject to approval of the shareholders in terms ofSection 149 of Companies Act 2013 (the Act). All above mentioned Independent Directorshave also given declarations that they meet the criteria of independence as provided insub-section 6 of Section 149 of the Act.

PERSONNEL:

There were no employees during the year or part of the year drawing remuneration whichfalls within the preview of the provisions of Section 217 (2A) of the Companies Act 1956.

AUDITORS:

The Auditors M/s V.S. Lalpuria & Co. Chartered Accountants Mumbai hold the officeuntil the conclusion of ensuing Annual General Meeting. Your company has receivedcertificate from the Auditors u/s. 139(2) of the Companies Act 2013 to the effect thattheir reappointment if made shall be in accordance with prescribed conditions and thesaid Auditors satisfy the criteria provided in Section 141 of the Companies Act 2013.

AUDITORS' REPORT:

The observation made in the Auditors' Report read together with relevant notes thereonare self-explanatory and hence do not call any further comments under Section 217 of theCompanies Act 1956.

Remarks by Auditor

1. (La) The Company is in process of completion of the records.
2. III The Register u/s 301 is not complete and upto date as on the date of the report.
3. VII The Company is strengthening its internal audit system and internal checks system to commensurate with the size of the Company.

FIXED DEPOSITS:

The Company has not invited / accepted / renewed any fixed deposits as per theprovisions of Section 58 A of the Companies Act 1956 from the public during the year underreview.

CORPORATE GOVERNANCE:

A separate report on the Corporate Governance and Management Discussion & Analysisis attached as a part of the Annual Report. The Auditors' Certificate regarding complianceof the conditions of Corporate Governance is also annexed.

DIRECTORS' RESPONSIBILITY STATEMENT:

In terms of Section 217 (2AA) of the Companies Act 1956 the directors would like tostate that:

i) In the preparation of the Annual Accounts the applicable accounting standards havebeen followed along with proper explanation relating to material departures;

ii) 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 of the Company for the year under review.

iii) The Directors have taken proper and sufficient care for the maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingthe assets of the Company and for preventing and detecting fraud and other irregularities;

iv) The Directors have prepared the Annual Accounts on a going concern basis.

CONSERVATION OF ENERGY ABSORPTION OF TECHNOLOGY & FOREIGN EXCHANGE EARNINGS ANDOUTGO:

Information relating to Conservation of Energy Technology absorption and ForeignExchange Earning and Outgo as stipulated under Section 217 (1) (e) of the Companies Act1956 read with the Companies (Disclosure of Particulars in the Report of Board ofDirectors) Rules 1988 is set out in the separate statement attached to this report &forms part of it.

ACKNOWLEDGEMENTS:

Your Company & its Directors wish to extend their sincerest thanks to the BankersState Government Customers Suppliers and Staff for their continuous co-operation &guidance.

By the Order of the Board of Directors
For lNDO EURO INDCHEM LIMITED
Sd/-
Mr. Vardhaman C. Shah
Date: May 302014 Chairman
Place: Mumbai (DIN No. 00334194)

ANNEXURE TO DIRECTORS' REPORT

Information as per Section 217 (1) (e) of the Companies Act 1956 read with theCompanies (Disclosure of Particulars in the Report of the Board of Directors) Rules 1988.

A. CONSERVATION OF ENERGY

The capacity of the plant utilized partially so there was no need to use Generator.

FORM FOR DISCLOSURE OF PARTICULARS WITH RESPECT TO CONSERVATION OF ENERGY.

Particulars 31.03.2014 31.03.2013
1. Electricity
a. Purchased Units - -
Total Amount in Rs. - -
Average Rate - -
b. Own Generation
Unit per litre of Diesel - -
Cost per unit - -
2 Coal Specify quality where used
Quantity (Tonnes) - -
Total Cost - -
Average Cost - -
3 Furnance oil
Quantity (Lits) - -
Total Amount - -
Average Rate - -

B. TECHNOLOGY ABSORPTION

Indigenous technology is used. Continuous efforts are being made to improve thequality.

C. FOREIGN EXCHANGE EARNING AND OUTGO:

Total Foreign Exchange Used: NIL
Total Foreign Exchange Earned: NIL

 

By the Order of the Board of Directors
For lNDO EURO INDCHEM LIMITED
Sd/-
Mr. Vardhaman C. Shah
Date: May 302014 Chairman
Place: Mumbai (DIN No. 00334194)