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. () - Director Report

Company director report

The Board of Directors of Gemmia Oiltech (India) Limited are pleased to present theTwenty First Annual Report for the year ended March 31 2014 together with theAuditors’ Report and Audited Accounts for the Financial year 2013-14.


The comparative pictures of the financials of the Company for the last two years arepresented in the table below.

(In Rs.)

PARTICULARS 2013-14 2012-13
Net Income 1644 8136760
Expenditure 15427977 17552609
Profit before Depreciation Interest and Tax 12575208 (47139990)
Less: Interest and Finance Charges 2192954 3923956
Less: Depreciation 100658171 777904
Profit /(Loss) Before Tax (115426333) (9415849)
Less: Provision for Tax 124690 175923
Profit/(Loss) after Tax (115301643) (9239927)


On a standalone basis your Company has reported net revenue of Rs. 1644 as against Rs.8136760 of Revenues registered in the previous year. Total expenditure for the year wasRs. 115427977 as against Rs. 17552609 in the previous year.


A detailed business review is being given in the Management Discussion and AnalysisSection of the Annual Report.


Your Directors have not recommended dividend in view of the losses incurred by thecompany during the year.


1. Gemmia Worldwide S.A.


In accordance with the provisions of the Companies Act 2013 and the Articles ofAssociation of the CompanyMr. A. Srinivasan and Mr. K.Raman Directors retire by rotationand being eligible offer themselves for re-appointment.

Mr. M.Rajan Mr. A. Roche and Mr. V. Arunagiri were appointed as an Additional Directoron September 30 2013 November 14 2013 and February 14 2014 respectively.

The Company has received notice under Section 160 of the Companies Act 2013 proposingthe appointment of Mr. M. Rajan Mr. A. Roche and Mr. V. Arunagiri as Directors liable todetermination through retirement by rotation at the ensuing Annual General Meeting.


M/s. R. Ravindran & Associates (Registration No. 003222S) Chartered AccountantsChennai Statutory Auditors of the Company retire at the ensuing Annual General Meetingand to hold office from the conclusion of this Twenty First Annual General Meeting to theconclusion of the Twenty Third Annual General Meeting.

The Company has received a letter from the Statutory Auditors to the effect that theirreappointment if made would be within the prescribed limits under Section139 (1) and 141of the Companies Act 2013.


The Company has not received audited financials from its subsidiaries due to someunavoidable Circumstances. So Company has not attached the consolidated statement.


Particulars of the employees as required under Section 217(2A) of the Companies Act1956 read with the Companies (Particulars of the Employees) Rules 1975 are not applicablesince none of the employee of the Company is drawing in excess of the limits prescribedunder Section 217(2A) of the Companies Act 1956.


Your Company does not carry on any manufacturing activities and hence the disclosurerequirement in terms of Sections 217 (1) (e) of the Companies Act 1956 read withCompanies (Disclosure of Particulars in the Report of the Board of Directors) Rules 1988regarding Conservation of Energy and Technology do not apply to your Company.

During the year under review there was no Foreign Exchange earnings and outgo for yourCompany.


Pursuant to Clause 49 of the Listing Agreements with the Stock Exchanges a ManagementDiscussion and Analysis Corporate Governance Report Managing Director’s andAuditors’ Certificate regarding compliance of conditions of Corporate Governance aremade a part of the Annual Report.


Pursuant to the provisions of Section 217(2AA) of the Companies Act 1956 theDirectors confirm that:

(i) In the preparation of the annual accounts for the year ended 31stMarch2014theapplicable accounting standards issued by the Institute of Chartered Accountants of Indiaread with the requirements set out under Schedule VI to the Companies Act1956 theprovisions of Companies Act 2013 ( to the extent notified) have been followed and thereare no material departures from the same;

(ii) 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 as at 31st March 2014 and ofthe Loss of the Company for the year ended on that date;

(iii) The Directors have taken proper and sufficient care for the maintenance ofadequate accounting records in accordance with the provisions of the Companies Act 1956for safeguarding the assets of the Company and for preventing and detecting fraud andother irregularities; and

(iv) The Directors have prepared the annual accounts of the Company on a ‘goingconcern’ basis.


The Directors take this opportunity to thank the Shareholders Financial InstitutionsBanks Customers Suppliers and Regulatory & Governmental Authorities for theircontinued support to the Company. Further the Directors wish to place on record theirappreciation of Employees at all levels for their hard work dedication and commitment.

By Order of the Board
Sd/- Sd/-
Jude Jeyaprakash T. V. Balachandran
Executive Director Director
Place : Chennai
Date : December 4 2014