You are here » Home » Companies » Company Overview » Kapil Cotex Ltd

Kapil Cotex Ltd.

BSE: 512036 Sector: Industrials
NSE: N.A. ISIN Code: INE393H01016
BSE LIVE 11:54 | 01 Jun Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 145.00
PREVIOUS CLOSE 145.00
VOLUME 1
52-Week high 145.00
52-Week low 145.00
P/E
Mkt Cap.(Rs cr) 15
Buy Price 0.00
Buy Qty 0.00
Sell Price 145.00
Sell Qty 289.00
OPEN 145.00
CLOSE 145.00
VOLUME 1
52-Week high 145.00
52-Week low 145.00
P/E
Mkt Cap.(Rs cr) 15
Buy Price 0.00
Buy Qty 0.00
Sell Price 145.00
Sell Qty 289.00

Kapil Cotex Ltd. (KAPILCOTEX) - Director Report

Company director report

To

The Members

Kapil Cotex Limited

The Directors have pleasure in submitting their 33rd ANNUAL REPORT alongwith the Audited Balance Sheet and Profit & Loss Account for the year ended 31stMarch 2016.

FINANCIAL RESULTS

Current Year ended 31.03.2016 Previous Year ended 31.03.2015
(Rs.) (Rs.)
Income
Revenue from operations 0 0
Other Income 1126256 721038
Total Revenue 1126256 721038
Less : Total Expenses (Excluding 789028 401043
Depreciation)
Profit Before Depreciation & Taxation 337228 319995
# (-) Depreciation 36893 55290
Profit Before Taxation & Extra- Ordinary Items 300335 264705
Less: Extra Ordinary Items 252810 NIL
Profit Before Taxation 47525 264705
(-) Provision for Taxation (i) Current Tax 15500 20800
(ii) Deferred Tax 1136 4251
(iii) Income Tax Provision earlier year 13296 14000
Profit for the year 44185 253654

OPERATIONAL REVIEW:

Gross revenues for the year ended 31st March 2016 is Rs. 1126256/- asagainst Rs. 721038/- in the previous year. Profit before depreciation and taxation isRs. 337228/- as against Rs. 319995/- in the previous year. The net profit of theCompany for the year under review was placed is Rs. 44185/- as against Rs. 253654/- inthe previous year.

DIVIDEND

However with the view to conserve the resources of company the directors are notrecommending any dividend.

SHARE CAPITAL

The paid up equity capital as on March 31 2016 was Rs. 10400000/-. During the yearunder review the Company has not issued any shares.

MATERIAL CHANGES AND COMMITMENTS

There have not been any material changes and commitments affecting the financialposition of the Company between the end of the financial year of the Company as on March31 2016 and the date of this report i.e. May 30 2016.

GENERAL

During the financial year 2015-16 your Company has not accepted any deposit within themeaning of Sections 73 and 74 of the Companies Act 2013 and rules made there under.

No significant or material orders were passed by the Regulators or Courts or Tribunalswhich impact the going concern status and Company's operations in future.

The Company has in place policy as per the provisions of the Sexual Harassment of Womenat Workplace (Prevention Prohibition and Redressal) Act 2013. During the year companyhas no women employees during the year.

DIRECTOR & KMP

Mr. Prakash Rathi retires by rotation and being eligible offers himself forre-appointment. The Directors recommend Mr. Prakash Rathi for reappointment.

There has two Change in the constitution of Board during the year Ms. Pankti Che tanBhansali appointed as an additional director on 31/03/2015 & regularize on annualgeneral meeting held on 30/09/2015 and Mr. Prakash Aroor Narayan Subba Rao has appointedas an additional director on 14/08/2015 & regularize on annual general meeting held on30/09/2015.

DECLARATION OF INDEPENDENT DIRECTORS

The Independent Directors have submitted their disclosures to the Board that theyfulfill all the requirements as stipulated in Section 149(6) of the Companies Act 2013 soas to qualify themselves to be appointed as Independent Directors under the provisions ofthe Companies Act 2013 and the relevant rules.

Board Evaluation

Pursuant to the provisions of the Companies Act 2013 the Board has carried out anevaluation of its own performance the directors individually as well as the evaluation ofthe working of its Audit

DIRECTOR'S RESPONSIBILITY STATEMENT:

In terms of Section 134 (5) of the Companies Act 2013 the directors would like tostate that:

i) In the preparation of the annual accounts the applicable accounting standards havebeen followed.

ii) The directors have selected such accounting policies and applied them consistentlyand made judgments and estimates that were 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 yearand of the profit or loss 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 this 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.

v) The directors had laid down internal financial controls to be followed by thecompany and that such internal financial controls are adequate and were operatingeffectively.

vi) The directors had devised proper system to ensure compliance with the provisions ofall applicable laws and that such system were adequate and operating effectively.

SUBSIDIARY COMPANIES:

The Company does not have any subsidiary.

Meetings

A calendar of Meetings is prepared and circulated in advance to the Directors.

During the year Five Board Meetings were convened and held and the intervening gapbetween the Meetings was within the period prescribed under the Companies Act 2013.

SN Date of Meeting Board Strength No. of Directors Present
1. 31/05/2015 5 3
2. 14/08/2015 6 4
3. 07/11/2015 6 4
4. 03/02/2016 6 4

RELATED PARTY 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.

PARTICULARS OF LOANS GUARANTEES OR INVESTMENTS:

The company has not given any loans or guarantees covered under the provisions ofsection 186 of the Companies Act 2013.

The detail of the investments made by company is given in the notes to the financialstatements.

INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY:

The Company has an Internal Control System commensurate with the size scale andcomplexity of its operations. To maintain its objectivity and independence the InternalAudit function reports to the Chairman of the Audit Committee of the Board & to theChairman & Director.

The Accounts Department monitors and evaluates the efficacy and adequacy of internalcontrol system in the Company its compliance with operating systems accountingprocedures and policies.

Based on the report of internal audit function corrective action is taken and therebystrengthens the controls. Significant audit observations and recommendations along withcorrective actions thereon are presented to the Audit Committee of the Board.

NOMINATION AND REMUNERATION COMMITTEE

The Nomination and Remuneration Committee has been constituted as per the section178(1) of the Companies Act 2013.

AUDIT COMMITTEE

The Company's Audit Committee has been constituted as per section 177 of the CompaniesAct 2013. Or

The Company's Audit Committee has been constituted as per section 177 of the CompaniesAct 2013. Four meetings of the Audit Committee were held during the financial year2015-16.

STAKEHOLDERS RELATIONSHIP COMMITTEE:

The Company's Stakeholders Relationship Committee has been constituted as per section177 of the Companies Act 2013. Two meetings of the Stakeholders Relationship Committeewere held during the financial year 2015-16

VIGIL MECHANISM / WHISTLE BLOWER POLICY:

The Company has a vigil mechanism named Fraud and Risk Management Policy to deal withinstance of fraud and mismanagement if any.

In staying true to our values of Strength Performance and Passion and in line with ourvision of being one of the most respected companies in India the Company is committed tothe high standards of Corporate Governance and stakeholder responsibility.

The Company has a Fraud Risk and Management Policy to deal with instances of fraud andmismanagement if any.

The FRM Policy ensures that strict confidentiality is maintained whilst dealing withconcerns and also that no discrimination will be meted out to any person for a genuinelyraised concern.

A high level Committee has been constituted which looks into the complaints raised. TheCommittee reports to the Audit Committee and the Board.

BUSINESS RISK MANAGEMENT:

Pursuant to section 134 (3) (n) of the Companies Act 2013 the company has constituteda business risk management committee. The details of the committee and its terms ofreference are set out in the corporate governance report forming part of the Boardsreport.

At present the company has not identified any element of risk which may threaten theexistence of the company.

AUDITORS & REPORT thereon

M/s G. S. TOSHNIWAL & ASSOCIATES Chartered Accountants Mumbai is appointed asStatutory Auditors for a period of 2 years in the Annual General Meeting held on 30thSeptember 2015

Their continuance of appointment and payment of remuneration are to be confirmed andapproved in the ensuing Annual General Meeting.

There are no qualifications or adverse remarks in the Auditors' Report which requireany clarification/ explanation. The Notes on financial statements are self-explanatoryand needs no further explanation.

INTERNAL AUDITOR

As per section 138 of the Companies Act 2013 the Company has appointed M/s. R. K.Somani & Associates Chartered Accountants internal auditors for the year to2016-2017 to conduct the internal audit and to ensure adequacy of the Internal controlsadherence to Company's policies and ensure statutory and other compliance throughperiodical checks and internal audit.

COST AUDITORS

As per Section 148 read with Companies (Audit & Auditors) Rules applicable to costauditors the company was not liable to appoint Cost auditors for the financial year2016-17.

SECRETARIAL AUDIT:

Pursuant to provisions of section 204 of the Companies Act 2013 and The Companies(Appointment and Remuneration of Managerial Personnel) Rules 2014 the Company hasappointed M/s Deepak Rane a Company Secretaries in practice to undertake the SecretarialAudit of the Company. The Secretarial Audit report is annexed herewith

EXTRACT OF ANNUAL RETURN

Pursuant to the provisions of Section 92(3) of the Companies Act 2013 read with Rule12(1) of the Companies (Management and Administration) Rules 2014 the extract of AnnualReturn of the Company for the financial year ended on March 31 2015 in Form MGT-9 isannexed herewith.

CORPORATE SOCIAL RESPONSIBILITY INITIATIVES

The company does not meet the criteria of Section 135 of Companies Act 2013 read withthe Companies (Corporate Social Responsibility Policy) Rules 2014 so there is norequirement to constitute Corporate Social Responsibility Committee.