Your Directors are pleased to present their Twenty First Annual Report for the Ninemonth period ended 31-03-2016.
FINANCIAL RESULTS :
| ||2015-16 ||2014-15 |
| ||(Rs.in Lacs) ||(Rs. in Lacs) |
| || ||(9 Months ) |
|Turnover ||490.44 ||297.33 |
|Increase / Decrease in Stock || || |
|Total Revenues ||490.44 ||297.33 |
|Profit /Loss before Interest and Depreciation ||138.12 ||70.73 |
|Interest ||17.56 ||19.83 |
|Profit/Loss before Depreciation ||138.12 ||70.73 |
|Depreciation ||85.13 ||50.68 |
|Net Profit/Loss before taxation ||52.99 ||20.00 |
|Provision for taxation ||8.89 ||5.98 |
|Profit/Loss after tax ||38.80 ||13.99 |
OPERATIONS AND FUTURE PROSPECTS:
The operations of the company have improved year on year and is expected to furtherimprove in the current year with commencement of operations of the expansion of theBangalore facility.
M/s S. Janardhan & Associates Chartered Accountants Bangalore the auditors ofthe company retire at this Annual General Meeting and are eligible for re appointment.
MANAGEMENT CLARIFICATIONS TO AUDITORS REPORT :
With regard to the qualifications made by the Auditors in para (vii) of their AnnexureReport your directors wish to mention as follows.
a) The liability to the principals are under dispute. If the liability is determined intheir favour the TDS amounts will be remitted.
Dues from M/s.Vasanth Color Laboratories: The Company has had a carry forward non-fundbased transaction with Vasanth Color Laboratories Ltd which is being repaid during thecurrent financial year
Board of Directors : The Company is exempted from the provisions of Clause 49 of theListing Agreement regarding minimum number of independent directors on the Board as well aAudit Committee.
Fixed Deposits : The Company has not accepted any fixed deposits from the public duringthe year.
Directors responsibility statement pursuant to Sec.217 (2AA) of the Companies Act2013.
1. In the preparation of the annual accounts the applicable accounting standards havebeen followed and there are no material departures.
2. 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 the state of affairs of the company at the end of the financial year 2015 -16 and of the loss of the company for the same period.
3. The Directors have taken proper and sufficient care for the maintenance of adequateaccounting records in accordance with the provisions of this Act for safeguarding theassets of the Company and for preventing and detecting fraud and other irregularities.
4. The Directors have prepared the annual accounts on a going concern basis.Particulars of Employees under Section 217 (2A) :
During the year there were no employees who were in receipt of remuneration in excessof the limits prescribed under the above section.
Information under Sec.217 (1)(e) of the Companies Act 2013
|Conservation of Energy ||: ||These are not applicable to to the Company |
|Technology Absorption ||: || |
|Foreign Exchange Earnings ||: - Nil - || |
|Foreign Exchange out go ||-Nil- || |
MANAGEMENT DISCUSSION AND ANALYSIS.
A report on the Management discussion and analysis as required under clause 51 of theListing Agreement is attached herewith (Annexure I)
A report on the corporate governance is attached herewith as required by the amendedclause 49 of the listing agreement (Annexure - II).
The required shareholder information is furnished in Annexure - III to this report.
The Directors wish to place on record their appreciation for the continued supportreceived from their customers bankers and employees of the Company.
By order of the Board
|sd/- ||sd/- |
|Rangavasanth.B ||Anitha Vasanth |
|Chairman and Managing ||Whole Time Director |
|Director || |
Place : Bangalore
Dated : 18th May 2016