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Maa Jagdambe Tradelinks Ltd.

BSE: 511082 Sector: Financials
NSE: N.A. ISIN Code: INE403N01029
BSE LIVE 10:11 | 26 Aug Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 70.45
PREVIOUS CLOSE 74.15
VOLUME 1
52-Week high 70.45
52-Week low 0.00
P/E 7045.00
Mkt Cap.(Rs cr) 553
Buy Price 0.00
Buy Qty 0.00
Sell Price 70.45
Sell Qty 19447.00
OPEN 70.45
CLOSE 74.15
VOLUME 1
52-Week high 70.45
52-Week low 0.00
P/E 7045.00
Mkt Cap.(Rs cr) 553
Buy Price 0.00
Buy Qty 0.00
Sell Price 70.45
Sell Qty 19447.00

Maa Jagdambe Tradelinks Ltd. (MAAJAGDAMBE) - Director Report

Company director report

DIRECTORS REPORT

To

The Members of Maa Jagdambe Tradelinks Limited

Dear Shareholders

We have pleasure in presenting the Twenty-Ninth Annual Report together with the AuditedStatement of Account of your company for the year ended 31st March 2014.

1. FINANCIAL RESULTS:

Particular Year ended 31st March 2014 Year ended 31st March 2013
Rupees Rupees
Total Income / (Loss) From Operation 282062267 12456381
Less: Expenses 274653835 12436033
Profit / (Loss) before Tax 7408431 20348
Less: Provision for Taxation 1500000 36966
Profit / (Loss) after Tax 5908431 (16618)

2. OPERATIONS

During the year under review your Company has performed reasonably well and hasachieved higher income from operation of Rs.28.21 Crore as compared to Rs.1.25 Croreachieved during the previous year and has earned net profit after tax of Rs.59.08 Lakh ascompared to loss of Rs.0.17 Lakh during the previous year. However your Directors arehopeful of even better performance during the current year.

3. DIVIDEND

To deploy the resources in the more meaningful manner your directors abstain fromdeclaring any dividend for the year.

4. DEPOSITS

The company has not accepted any deposit from the public within the meaning of Section58A of Companies Act 1956 and the rules made there under during the year.

5. DIRECTORS

During the year Mr. Kamlesh Mishra Mr. Jayprakash Joshi (DIN 02421506) and Mr. AlokParasrampuria (DIN 00426515) resigned from the Board of Directors and accordingly ceasedto be Directors of your Company with effect from February 14 2014. The Board places onrecord its appreciation for the valuable services rendered by them during their tenure asDirectors of the Company.

Mr. Kailash Bhageria (DIN 01798209) was appointed as an Additional Director of theCompany by the Board of Directors with effect from February 14 2014 in terms of Section260 of the Companies Act 1956 [corresponding to Section 161(1) of the Companies Act2013] and whose term of office expires at the Annual General Meeting and in respect ofwhom the Company has received a notice in writing from a member proposing his candidaturefor the office of Director of the Company whose period of office is liable todetermination by retirement of directors by rotation. Further he is appointed asWhole-time Director of the Company for a period of 3 years he shall not exceed the maximumlimits for payment of managerial remuneration specified in the Act 2013.

Mr. Pawan Kumar Choudhary (DIN 03125806) was appointed as an Additional Director of theCompany by the Board of Directors with effect from February 14 2014 in terms of Section260 of the Companies Act 1956 [corresponding to Section 161(1) of the Companies Act2013] and whose term of office expires at the Annual General Meeting and in respect ofwhom the Company has received a notice in writing from a member proposing his candidaturefor the office of Director of the Company whose period of office shall not be liable todetermination by retirement of directors by rotation. Further he is appointed asWhole-time Director of the Company for a period of 3 years and he shall not exceed themaximum limits for payment of managerial remuneration specified in the Act 2013.

In Accordance with Articles of Associations of the Company Mr. Hemant Parasrampuria(DIN 01058549) Director of the Company retires by rotation and does not offer himself forre-appointment. The Board has decided not to fill up the vacancy so caused on the Board.

Mr. Vikash Jindal (DIN 06485239) Mr. Ravikant Modi (DIN 06479629) and Mr. Vimal KumarAgrawal (DIN 03592756) Independent Directors as per Clause 49 of the Listing Agreementwith Stock Exchange are proposed to be appointed as Independent Directors for fiveconsecutive years for a term from April 01 2014 up to March 31 2019 in accordance withSection 149 of the Companies Act 2013. Notices have been received from members proposingthe aforesaid three Directors as candidates for the office of Director of the Company. Inthe opinion of the Board aforesaid persons fulfill the conditions specified in theCompanies Act 2013 and rules made thereunder for their appointment as IndependentDirectors of the Company and are independent of the management. The Board considers thattheir continued association would be of immense benefit to the Company. Accordingly theBoard recommends appointment of Mr. Vikash Jindal Mr. Ravikant Modi and Mr. Vimal KumarAgrawal as Independent Directors for the approval by the shareholders of the Company.

6. DIRECTOR RESPONSIBILITY STATEMENT

Pursuant to the requirement under section 217 (2AA) of the Companies Act 1956 withrespect to the Directors’ Responsibility Statement it is hereby confirmed that:

i) in the preparation of the annual accounts for the year ended March 31 2014 theapplicable accounting standards read with requirements set out under Schedule VI to theCompanies Act 1956 have been followed and no material departures from the same;

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 state of affairs of the Company as at March 31 2014 and of the profit of theCompany for the year ended on that date;

iii) the Directors have taken proper and sufficient care for the maintenance ofadequate accounting records in accordance with the provisions of the Companies Act 1956for safeguarding the assets of the company and for preventing and detecting fraud andother irregularities; and

iv) the Directors have prepared the annual accounts of the Company on a ‘goingconcern’ basis.

7. AUDITORS:

Observations of the auditors are self-explanatory and do not require further comments.

M/s. Satya Prakash Natani & Co. Chartered Accountants retire as Auditors of theCompany at the conclusion of the ensuing Annual General Meeting and being eligible haveoffered themselves for re-appointment.

8. AUDIT COMMITTEE

The Company has constituted an Audit Committee of Directors as required under section292A of the Companies Act 1956 and corporate governance requirement of the listingagreement. Some of the terms of reference of audit committee are to review the financialreporting process and to examine accountancy Taxation and disclosure aspect ofsignificant transactions.

9. CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION:

Section 217(1)(e) read with the Companies (Disclosure of Particulars in the Report ofthe Board of Directors) Rules 1988 require disclosure of the particulars regardingconservation of Energy and Technology absorption. The Company on a continuous basisundertakes programmes of conserving energy. The Company also continued its efforts towardsimproving the efficiency of its operations.

10. FOREIGN EXCHANGE EARNINGS & OUTGO

The Company has neither incurred any expenditure nor earned any income in foreignexchange.

11. CORPORATE GOVERNANCE

In terms of clause 49 of the Listing Agreement with the Stock Exchanges a report on thecorporate Governance is appended as annexure to this report.

12. PARTICULARS OF EMPLOYEES

As there were no employees drawing remuneration more than the limit prescribed undersection 217(2A) of the Companies Act 1956 read with the Companies (Particulars of theemployees) Rules 1975 as amended from time to time statement under section 217(2A) isnot annexed.

13. ACKNOWLEDGMENT

Your company and its Directors wish to take this opportunity to offers their sincerethanks to various departments of the Central / State Government Financial InstitutionsBanks and Investors for their valuable support and assistance.

By order of the Board of Directors
MAA JAGDAMBE TRADELINKS LIMITED
Sd/-
KAILASH BHAGERIA
Place: Mumbai (DIN 01798209)
Date: 31-05-2014. CHAIRMAN