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Monica Electronics Ltd.

BSE: 523544 Sector: Consumer
NSE: MONICAELEC ISIN Code: INE568C01014
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Monica Electronics Ltd. (MONICAELEC) - Director Report

Company director report

DIRECTORS REPORT

TO THE MEMBERS

The directors submit their report and accounts for the financial year 2013-14

OPERATIONS

During the year ended March 31 2014 the sales and other income were ` 500914/- asagainst ` 2923/- in the previous year ended March 31 2013. The loss for the period underreview was ` 910645/- as against loss of ` 258355/- in the previous year.

DIVIDEND

The directors do not recommend any dividend.

DIRECTORS' RESPONSIBILITIES STATEMENT

i) The financial accounts are prepared in conformity with the accounting standardsissued by the Institute of Chartered Accountants of India and requirements of theCompanies Act 1956 to the extent applicable to the company.

ii) The accounting policies used in preparation of financial statements have beenconsistently applied. The estimates and judgments relating to the financial statementshave been made on a prudent and reasonable basis such financial statements reflect in atrue and fair manner the state of affairs of the company at the year ended on 31.3.2014and loss of the company for the year ended 31.3.2014.

iii) Proper and sufficient care for the maintenance of adequate accounting records inaccordance with the provisions of the Companies Act 1956 has been taken for safe-guarding the assets of the company and preventing and detecting fraud and otherirregularities to the best of our knowledge and ability.

iv) The annual accounts have been prepared on a going concern and on accrual basis.

DIRECTORS

In accordance with the provisions of the Companies Act 1956 and Articles ofAssociation of the company Mr. B. P. Yadav Director retires by rotation and beingeligible offers himself for re-appointment.

Mr. Rajeev Saxena was appointed as an additional director of the company. He holdsoffice till the annual general meeting. The company has received a notice from ashareholder along with the required deposit signifying his intention to proposed the nameof Mr. Rajeev Saxena as a director of the company. The directors recommend the resolutionfor shareholders; approval.

The company has received declaration from independent directors confirming that theyfulfill the criteria of independence as prescribed under sub-section (6) of section 149 ofthe Companies Act 2013.

AUDITORS' REPORT

Auditors' observations have been explained in annexure 'B' which forms part of thisreport.

AUDITORS

The auditors M/s. Agarwal Seth & Co. Chartered Accountants retire at theconclusion of the forthcoming annual general meeting. M/s Agarwal Seth & Co. haveexpressed their willingness to continue as auditors of the company if appointed. Theyhave further confirmed that the said appointment if made would be within the prescribedlimits under section 141(3)(g) of the Companies Act 2013 and that they are notdisqualified for re-appointment. The Board of Directors recommend the re-appointment ofM/s Agarwal Seth & Co. as statutory auditors of the company.

PARTICULARS OF EMPLOYEES CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGNEARNINGS AND OUTGO

The company does not have any employee whose remuneration falls under the limitsprescribed under section 217(2A) of the Companies Act 1956 read with the Companies(Particulars of Employees) Rules 1975. The information under section 217 (1) (e) of thesaid act read with the Companies (Disclosure of particulars in the Report of the Board ofDirectors) Rules 1988 is set out in annexure 'A' and forms part of this report.

ACKNOWLEDGMENT

Your directors wish to thank and deeply acknowledge the valuable assistance;co-operation and support extended by the Central and State government authorities andbanks during the year under review. The Board also gratefully acknowledges the support andgoodwill extended by the shareholders of the company.

For and on behalf of the Board of Directors

Rajeev Saxena

Director

B. P. Yadav

Director

Date: Aug 04 2014

Place: New Delhi

ANNEXURE 'A' TO DIRECTORS' REPORT

1. CONSERVATION OF ENERGY

a. Energy conservation measures taken

The operations of the company remained closed during the year and no energy wasconsumed. Hence no measures were taken.

b. Additional investments and proposals if any being implemented for reduction ofenergy.

There being no energy consumption in view of closed manufacturing operations noadditional measures and proposals implemented for reduction of energy used.

c. Impact of (a) and (b) above for reduction of energy consumption and consequentimpact on the cost of production.

Not applicable.

2. RESEARCH AND DEVELOPMENT

a. Specific areas in which R&D carried out by the company.

The operations of the company being closed no R&D activity was carried out.

b. Benefits derived as a result of above R&D

Not Applicable

c. Future plan of action.

Not Applicable

d. Expenditure on R&D

Not Applicable

3. TECHNOLOGY ABSORPTION ADAPTATION AND INNOVATION.

a. Efforts made towards technology absorption adaptation and innovation.

The operations of the company being closed no R&D activity was carried out.

b. Benefits derived as a result of above efforts.

Not Applicable

c. Particulars relating to improved technology.

Not Applicable

4. FOREIGN EXCHANGE EARNINGS AND OUTGO

a. Activities relating to exports:

As the manufacturing operations of the company remained closed no initiatives forexport were undertaken.

b. Foreign Exchange Earnings and Outgo

i) Earnings Nil
ii) Outgo by way of import of raw material and other expenditure Nil

ANNEXURE 'B TO DIRECTORS' REPORT

MANAGEMENT'S COMMENTS IN RESPECT OF REMARKS OF AUDITORS UNDER SECTION 217(3) OF THECOMPANIES ACT 1956

OBSERVATION

Advances recoverable include an amount of `. 232.40 lacs due from corporate companiesfor which no provision has been made. However as per analysis of their net worth as perfinancial statements available the amounts are doubtful of recovery.

RESPONSE

Since the confirmations of balance have being obtained no provision has been made forthe advances.

OBSERVATION

Advances recoverable include a sum of `. 3 lacs being fixed deposits with banks held inthe names of ex-employees of the company and are pledged with District Court New Delhi.

RESPONSE

Efforts are being made to realize the remaining amount. Interest accrued on above hasnot been provided in view of uncertainty regarding its realisation.

OBSERVATION

Balances grouped under Advances received from customers and Advances recoverable areunder reconciliation and subject to confirmation from respective parties.

RESPONSE

The company has started the reconciliation and process of obtaining confirmation fromthe respective parties. The final adjustment if any shall be made on reconciliation ofthe same.

OBSERVATION

The accounts have been prepared as a going concern in spite of the fact that due tolabour problem the company has closed down its manufacturing operations and its entire networth has been eroded.

RESPONSE

Though the company has closed down its existing manufacturing operations the company'sBoard has not yet decided not to start the any operations yet.