You are here » Home » Companies » Company Overview » Mipco Seamless Rings (Gujarat) Ltd

Mipco Seamless Rings (Gujarat) Ltd.

BSE: 505797 Sector: Auto
NSE: N.A. ISIN Code: INE860N01012
BSE LIVE 12:35 | 03 Oct Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 11.00
PREVIOUS CLOSE 10.90
VOLUME 5
52-Week high 12.50
52-Week low 10.45
P/E
Mkt Cap.(Rs cr) 4
Buy Price 0.00
Buy Qty 0.00
Sell Price 10.36
Sell Qty 19.00
OPEN 11.00
CLOSE 10.90
VOLUME 5
52-Week high 12.50
52-Week low 10.45
P/E
Mkt Cap.(Rs cr) 4
Buy Price 0.00
Buy Qty 0.00
Sell Price 10.36
Sell Qty 19.00

Mipco Seamless Rings (Gujarat) Ltd. (MIPCOSEAMLRING) - Director Report

Company director report

DIRECTORS

Dear Members

The Directors present their 34th Annual Report for financial year 2013-14.As per Ministry of Corporate Affairs' General Circular 08/2014 No. 1/19/2013-CL-V datedApril 4 2014 the Financial Statements and other reports required to be attached to theAnnual Report for financial year 2013-14 are governed by the relevant provisions.Schedules. Rules of the Companies Act 1956.

FINANCIAL RESULTS:

(Rs. in Lakhs)

Year ended 31.03.2014 Year ended 31.03.2013
Revenue from operations 0 0
Other income 0 0
PBDIT (7.86) (9.62)
Interest and finance charges 0 0
Depreciation 0 0
Net profit/(Loss) before tax (7.86) (9.62)
Less: Provision for Tax: 0 0
Net profit/(Loss) after tax (7.86) (9.62)
Add: Balance Brought forward from previous year (1329.58) (1319.96)
Loss carried to Balance Sheet (1337.44) (1329.58)

OPERATIONS:

The Company has closed its manufacturing operations for the last few years. The newmanagement proposes to undertake business in telecom software in near future which isdeferred due to ongoing paucity of funds and market conditions in the trade.

DIVIDEND:

Your Directors have not recommended any dividend under review since the Company hasnot been carrying any business for last few years.

FIXED DEPOSITS:

During the year under review the Company has not accepted any deposit under sections58A and 58AA of the Companies Act 1956 read with the Companies (Acceptance of Deposits)Rules 1975.

SHARE CAPITAL:

There is no change in Authorised and Paid-up share capital during the year underreview.

DIRECTORS:

During the period no changes were made in constitution of Board of Directors of theCompany. The Board consists of Executive and Non-executive Directors including IndependentDirector as per Clause 49 of the Listing Agreement. The Board has proposed tore-appointment of Mr. Surya Chilukuri and Mr. Sudhir Manubhai Patel Directors of theCompany who retire by rotation. The Board has also proposed to appoint Mr. Ravi KumarChennupati as an Independent Director for 5 consecutive years w.e.f the date of AnnualGeneral Meeting under the provisions of section 149 of the Companies act 2013.

SCHEME OF ARRENGEMENT:

As informed earlier the Company was under process of merger with Corpus Software (P)Ltd and the scheme of arrangement was filed before respective Hon'ble High Courts. Howeverin view of SEBI Circular No. CIR/CFD/DIL/5/2013 dated February 04 2013 read with SEBICircular No. CIR/CFD/D1L/8/2013 dated May 21 2013 the Company decided to file Scheme ofArrangement with Securities and Exchange Board of India through Bombay Stock ExchangeLimited (BSE) the designated Stock Exchange in spite of having in-principle approvalfrom BSE as a matter of abundant caution and good corporate governance practice. Howeverin view of SEBl's observations the scheme of arrangement is kept in abeyance.

CORPORATE GOVERNANCE:

Your Company has complied with the requirements of the Code of Corporate Governance inaccordance with Clause 49 of the Listing Agreement with Bombay Stock Exchange Limited. Aseparate report on Corporate Governance along with Auditors' certificate on its complianceis being attached as annexure -I to this Report along with a report of ManagementDiscussion and Analysis as prescribed by the Listing Agreement.

DIRECTOR'S RESPONSIBILITY STATEMENT:

Your Directors placed the following responsibility statement as required under theprovisions of Section 217(2AA) of the Companies Act. 1956:

1. That the preparation of Annual Accounts the applicable accounting standards hadbeen followed along with proper explanation relating to the material departures.

2. Such accounting policies have been applied consistently and made judgments andestimates made are reasonable and prudent so as to give a true and fair view of the stateof affairs of the Company for the financial year ended 31st March 2014 and ofloss of the Company for that year.

3. Proper and sufficient care has been taken for maintenance of the adequate accountingrecords in accordance with provisions of this Act for safeguarding the assets of theCompany and preventing and detecting fraud and other irregularities;

4. The annual accounts for the financial year ended 31st March 2014 havebeen prepared on going concern basis since the Directors are considering and evaluatingways and means to restructure operations by taking into account appropriate businessstrategies and financial viabilities.

SUBSIDIARY COMPANIES:

The Company does not have any subsidiaries companies under review. Since the statementin terms of section 212 is not required to be attached.

AUDITOR'S AND AUDITOR'S REPORT:

M/s. Ganesh Venkat & Co. Chartered Accountants (ICAI Firm Registration No.005293S; M.No. 025104) Hyderabad Statutory Auditors of the Company retire at ensuingAnnual General Meeting and are being eligible have offered themselves for reappointmentand the Company has received written consent along with a certificate under 141 of theCompanies Act. 2013 expressing their eligibility to be appointed as Statutory Auditors ofthe Company. Further comments in their report and notes forming part of financialstatements are self explanatory and are not required any comments.

ENERGY CONSERVATION TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO:

The following information is required to be given under section 217(I)(e) of theCompanies Act 1956.

Consumption of Energy and Technology absorption: NIL Foreign Exchange Earnings: NILForeign Exchange outgo: NIL

EMPLOYEE'S DETAILS UNDER SECTION 217(2A) OF THE COMPANIES ACT 1956.

During the financial year none of the employees were paid remuneration of Rs.6000000/- per annum or more and for any part of the year Rs. 500000/- per month ormore.

ACKNOWLEDGEMENTS:

Your Directors take this opportunity to thank the customers shareholders suppliersbankers financial institutions and Central and State Government for their consistentsupport to the Company.

Place: Hyderabad For and on behalf of the Board
Date: 04th August 2014
Sd/-
Sachendra Tummala
Managing Director