You are here » Home » Companies » Company Overview » Banaras Beads Ltd

Banaras Beads Ltd.

BSE: 526849 Sector: Industrials
NSE: BANARBEADS ISIN Code: INE655B01011
BSE 00:00 | 12 Dec 28.00 0
(0.00%)
OPEN

28.00

HIGH

30.60

LOW

28.00

NSE 00:00 | 13 Dec 28.80 0
(0.00%)
OPEN

28.80

HIGH

28.80

LOW

28.80

OPEN 28.00
PREVIOUS CLOSE 28.00
VOLUME 6
52-Week high 61.80
52-Week low 25.20
P/E 10.98
Mkt Cap.(Rs cr) 19
Buy Price 28.00
Buy Qty 3.00
Sell Price 30.00
Sell Qty 19.00
OPEN 28.00
CLOSE 28.00
VOLUME 6
52-Week high 61.80
52-Week low 25.20
P/E 10.98
Mkt Cap.(Rs cr) 19
Buy Price 28.00
Buy Qty 3.00
Sell Price 30.00
Sell Qty 19.00

Banaras Beads Ltd. (BANARBEADS) - Director Report

Company director report

Dear Shareholders

Your Directors are pleased to present the 39th Annual Reports together with theAudited Accounts of the Company for the year ended on 31st March' 2019.

FINANCIAL RESULTS:
2018-2019 2017-2018
(Rs. in lacs) (Rs. in lacs)
Revenue from Operations 1731.17 2377.92
Net Profit Before Taxation 158.97 231.82
Net Profit after taxation 115.51 138.28
Balance of Profit & Loss Account B/F 1354.28 1296.06
APPROPRIATIONS:
Transfer to General Reserve 0.00 0.00
Dividend Paid 0.00 66.36
Tax on Dividend paid 0.00 13.51
Taxes of earlier Years 0.49 0.19
Balance of Profit & Loss Account C/F 1469.30 1354.28

OPERATION / PERFORMANCE:

During the year turnover of your Company decreased in the comparison of previous yeardue to recession in global demand of glass beads handicrafts etc.

DIVIDENDS:

Based on the Company's performance during the year 2018-19 the Board of Directorsdecided not to recommend declaration of dividend.

TRANSFER TO RESERVES

No amount has been transferred to reserve. The closing balance of the retained earningsof the Company for F.Y. 2018 - 2019 after all appropriation and adjustments was 1469.30lacs.

DIRECTORS RESPONSIBILITY STATEMENT :

Pursuant to provisions of Section 134(5) of the Companies Act 2013 the Directorshereby state and confirm -

(a) in the preparation of the annual accounts the applicable accountingstandards had been followed along with proper explanation relating to material departures;

(b) the directors had selected such accounting policies and applied themconsistently except as required by accounting standards and other applicable law(s) andmade judgments and estimates that are reasonable and prudent so as to give a true and fairview of the state of affairs of the company at the end of the financial year and of theprofit and loss of the company for that period;

(c) the directors had taken proper and sufficient care for the maintenance ofadequate accounting records in accordance with the provisions of this Act for safeguardingthe assets of the company and for preventing and detecting fraud and other irregularities;

(d) the directors had prepared the annual accounts on a going concern basis; and

(e) the directors had laid down internal financial controls to be followed bythe company and that such internal financial controls are adequate and were operatingeffectively.

(f)the directors had devised proper systems to ensure compliance with theprovisions of all applicable laws and that such systems were adequate and operatingeffectively. Based on the framework of internal financial controls and compliance systemsestablished and maintained by the Company work performed by the internal statutory andsecretarial auditors and external consultants including audit of internal financialcontrols over financial reporting by the statutory auditors and the reviews performed bymanagement and the relevant board committees including the audit committee the board isof the opinion that the Company's internal financial controls were adequate and effectiveduring FY 2018-19.

ADOPTION OF IND AS:

The company has adopted Ind AS from the financial year 2017-18.

PENDING PETITION WITH NCLT:

The Special Leave Petition vide no. 25165-25166/2007 filed by Shri Ajit Kumar Gupta andothers against Hon'ble CLB order dt. 04.07.2007 and 03.08.2007 in the matter of C.P. No.14/99 CP No. 14/111/1999 15/111/1999 and 1/111/2001 had been disposed off by Hon'bleSupreme Court on 11.04.2018. The company had already complied and executed above order ofHon'ble CLB by 05.09.2007 and nothing is pending to be complied by the company andaccordingly disclosed in Annual Report made thereafter. However Mr. Raj Kumar Guptaex-director of the company who had not challenged CLB orders now filed an ExecutionPetition No. 42/2018 before Hon'ble NCLT to get property of the company situated at ExpoMart Greater NOIDA which was neither part of CLB Petition No. 14/1999 nor mentioned inthe list of properties to be transferred to 1st Petitioner (Mr. Raj Kumar Gupta group) inCLB final order dt. 04.07.2007 and modified order dt. 03.08.2007. Mr. Raj Kumar GuptaEx-director of the company had already made an application to get this property beforeHon'ble Supreme Court in SLP No. 935-936/2010 and Hon'ble Supreme Court finally dismissedthe SLP with all pending applications. The present Execution Petition 42/2018 filed by Mr.Raj Kumar Gupta before Hon'ble NCLT Allahabad is pending.. The Management does notreasonable expect that the Execution Petition when ultimately concluded and determinedwill have a material and adverse effect on the Company's results of operations orfinancial condition.