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Magna Industries & Exports Ltd.

BSE: 523872 Sector: Others
NSE: N.A. ISIN Code: INE113F01012
BSE LIVE 15:02 | 06 Feb Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 2.30
PREVIOUS CLOSE 2.27
VOLUME 100
52-Week high 2.30
52-Week low 1.90
P/E 6.22
Mkt Cap.(Rs cr) 3
Buy Price 2.30
Buy Qty 900.00
Sell Price 0.00
Sell Qty 0.00
OPEN 2.30
CLOSE 2.27
VOLUME 100
52-Week high 2.30
52-Week low 1.90
P/E 6.22
Mkt Cap.(Rs cr) 3
Buy Price 2.30
Buy Qty 900.00
Sell Price 0.00
Sell Qty 0.00

Magna Industries & Exports Ltd. (MAGNAINDS) - Director Report

Company director report

Directors

To

The Members

Magna Industries and Exports Limited

Your Directors have pleasure in presenting before you the 25th Annual Reportof the Company together with the Audited Statement of Accounts for the financial yearended 31st March 2014.

[Rs. In Lacs]

PARTICULARS Year ended 31st March 2014 Year ended 31st March 2013
Revenue from operations and Other Income 2533.52 3096.94
Profit/ (Loss) before Interest Depreciation and Taxation 93.28 86.87
Less: Finance Charges 2.74 2.75
Less: Depriciation 2.66 2.69
Profit /(Loss) before Taxation 87.87 81.42
Less: Provision for Taxation
- Current Year Taxation 26.32 25.60
- Deferred Tax 0.00 0.00
Net Profit (Loss) after Taxation 61.55 55.92
Balance brought forward 162.27 106.35
Balance Carried to Balance Sheet(Loss) 223.82 162.27

OPERATIONAL HIGHLIGHTS

During the year under review the Company achieved turnover of Rs. 2533.52 Lacs. TheCompany earned Net Profit after Tax amounting to Rs.61.55 Lacs as against Net Profit afterTax amounting to Rs. 55.92 Lacs for the corresponding previous financial year.

DIVIDEND

The Board of Directors of the Company do not recommend dividend for the financial yearended 31st

March 2014.

DIRECTORS

Mr. Amit Bhangar Director of the Company retires by rotation at this Annual GeneralMeeting and being eligible offer himself for re-appointment.

In accordance with Section 149(4) and other applicable provisions if any read withSchedule IV of the Companies Act 2013 the Company has to appoint 1/3rd of thetotal Directors as Independent Directors for a maximum period of 5 years and who are notliable to retire by rotation.

Accordingly the Board of Directors proposes to appoint the existing IndependentDirectors i.e. Mr. Rajesh Pandey Mr. Rajendra Mokashi and Mr. Asim Kumar Saha asIndependent Directors of the Company under Section 149 of the Companies Act 2013 for termup to 1 (one) year respectively in ensuing Annual General Meeting.

The Company has received declarations from the Independent Directors of the Companyconfirming that they meet with the criteria of independence as prescribed both undersub-section (6) of Section 149 of the Companies Act 2013 and under Clause 49 of theListing Agreement with the Stock Exchange.

AUDITORS

M/s. P. Bohra & Co. Chartered Accountants Mumbai Auditors of the Company retiresat the conclusion of this Annual General Meeting. They are eligible for reappointment andindicated their willingness to act as an Auditor if appointed and the appointment shallbe in the limits prescribed under the provision of Section 224(1B) the Companies Act1956.

AuditorsRs. Report:

The observations of the auditors in their report are self-explanatory and therefore inthe opinion of the Directors do not call for further comments.

PARTICULARS OF EMPLOYEES

The information required under sub-section (2A) of Section 217 of the Companies Act1956 read with Companies (Particulars of Employees) Rules 1975 duly amended by theCompanies (Particulars of Employees) Rules 2011 for the year ended 31stMarch2014 is not applicable to the Company as none of the employees is drawing remunerationmore than the limits presently specified under the said rules.

CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING/OUTGO

The operations of the company are not energy-intensive. However adequate measures havebeen taken to reduce energy consumption by using energy efficient computers and equipmentswith the latest technologies. Your Company constantly evaluates new technologies andinvests in them to make its infrastructure more energy-efficient.

During the year under review the Company has entered into foreign currencytransactions and details thereof given in the Note Rs.7Rs. of the notes to the account forfinancial results.

PUBLIC DEPOSITS

During the period under review the Company did not accept deposits in terms of Section58A of the Companies Act 1956 and pursuant to the provision of the Non-Banking FinancialCompanies (Reserve Bank) Directions 1997.

DIRECTORSRs. RESPONSIBILITY STATEMENT PURSUANT TO SECTION 217(2AA)

Your Directors hereby report that:

(a) in the preparation of annual accounts the applicable accounting standards havebeen followed;

(b) appropriate accounting policies have been selected and applied consistently andjudgements and estimates made that are responsible and prudent so as to give true and fairview of the state of affairs of the Company at the end of the financial year ended 31stMarch 2014;

(c) Proper and sufficient care has been taken for the maintenance of adequateaccounting records in accordance with the provisions of the Companies Act 1956 forsafeguarding the assets of the company and for preventing and detecting fraud and otherirregularities;

(d) annual accounts have been prepared on a going concern basis.

RENAME THE EXISTING REMUNERATION COMMITTEE & SHAREHOLDERS GRIEVANCE COMMITTEE ASPER COMPANIES ACT 2013:

The existing Remuneration Committee of the company be renamed as Nomination AndRemuneration Committee and further the scope of the said committee be expanded as per therequirements of provisions of section 178 (2) and section 178 (3) of the Companies Act2013.

The existing Shareholders Grievance Committee of the company be renamed as StakeholdersRelationship Committee which will resolve the grievances of the security holders of thecompany as per the requirements of provisions of section 178 (6) of the Companies Act2013.

MANAGEMENTRs.S DISCUSSION AND ANALYSIS REPORT

ManagementRs.s Discussion and Analysis Report for the year under review as stipulatedunder Clause 49 of the Listing Agreement with the Stock Exchange in India is presented ina separate section forming part of the Annual Report.

CORPORATE GOVERNANCE AND COMPLIANCE

The Company is committed to maintain the highest standards of Corporate Governance andadhere to the Corporate Governance requirements set out by SEBI. The Company has alsoimplemented several best Corporate Governance practices as generally prevalent.

The Report on Corporate Governance as stipulated under Clause 49 of the ListingAgreement forms part of the Annual Report.

The requisite Certificate from the Statutory Auditors confirming compliance with theconditions of Corporate Governance as stipulated under the aforesaid Clause 49 is attachedto this Report.

ACKNOWLEDGEMENT

The Board of Directors takes the opportunity to thank the Bankers and Government forthe Cooperations and support by them from time to time in the operation of the companyduring the year. The Board also places on record its deep appreciation for thecontribution made by the employees at all levels.

By Order of the Board
Mohanlal Bhangar
Chairman
Place: Mumbai Satish Bhangar
Date:05/09/2014 Managing Director