Your Directors have pleasure in presenting their 24th Annual Report on the business andoperations of the company and the accounts for the financial year ended March 31 2017.
|Particulars ||2016-17 ||2015-16 |
|Total Revenue ||- ||- |
|Profit/(Loss) before Interest & Depreciation ||(131800) ||(127525) |
|Less: Interest and Depreciation ||- ||- |
|Profit/(Loss) After Depreciation & Tax ||(131800) ||(127525) |
|Profit/(Loss) before Tax ||(131800) ||(127525) |
|Less: Tax ||- ||- |
|Net (Loss) ||(131800) ||(127525) |
|Deficit Carried to Balance Sheet ||(131800) ||(127525) |
Review of Operations and State of Company's affairs
During the period under review the Company have made a Net Turnover of Rs. NIL andposted a Loss of Rs.131800/- compared to previous year loss of Rs. 127525/-
As you are aware that the Assets of unit have been auctioned by the both the securedcreditors and all the liabilities included secured and unsecured have fully discharged andhas no liabilities whatsoever it on the unit. In order to turn the operations of the unitprofitably the Directors are in touch with overseas buyers to supply a product mixincluding Comfort Travel Support Running and Jogging walking Knitted Socks bysourcing from Bangladesh and China in addition to local markets. The Company is alsoexamining to export Coolmax a specialized cotton and Lycra and confident of takingforward.
Amount transferred to reserves:
No Amount has been proposed to transfer to Reserves.
No Dividend has been proposed (recommended) during the current year.
PARTICULARS OF TECHNOLOGY ABSORPTION FOREIGN EXCHANGE EARNING AND OUTGO
The information required under section 134 of the Companies Act 2013 read with theCompanies (Disclosure of Particulars in the report of Board of Directors) rules 1988 isas follows:
|Technology Absorption ||: N.A |
|Foreign Exchange earnings ||: Nil |
|Foreign Exchange Outgo ||: Nil |
Number of Meetings of the Board held during the financial year ended 3!st March 2017.During the period from April 1 2016 to March 31 2017 Board Meetings were held on30.04.2016 06.08.2016 31.10.2016 05.01.2017.
The Company has not invited/accepted any deposits from the public in terms of Section73 of the Companies Act 2013 during the Financial Year ended 311' March 2017.
Issue of Equity Shares with Differential Rights Sweat Equity ESOS etc
The Company is having only Equity Shares and no any other types of Shares.
Disclosure in respect of voting rights not exercised directly by the employees inrespect of company's (share capital & shares to which the scheme debenture) rulesrelates
No any shares exercised by the employees in the company.
Particulars of Loans Guarantees or Investments under Section 186
The company does not have any Loans Guarantees or Investments which are required to bereported under Section 186 of the Companies Act 2013 read with Companies (Meetings ofBoard and its Powers) Rules 2014.
Particulars of Contracts or Arrangements with Related Parties Referred to in SubSection(1) of Section 188
During the year there are no contracts or arrangements with related parties referred toin Sub Section (1) of section 188 of Companies Act 2013 which are required to be reportedin the director's report under section 188 of Companies Act 2013.
Details of Directors or Key Managerial Personnel who were appointed or have resignedduring the Year
During the year no Directors or Key Managerial Personnel have been appointed or haveresigned.
Directors Responsibility Statement under Section 134 of the Companies Act 2013
Pursuant to the requirement under Section 134 of the Companies Act 2013 with respectto the Directors' Responsibility Statement the Board of Directors of the Company herebyconfirms:
1) That in the preparation of the annual accounts the applicable accounting standardshad been followed along with proper explanation relating to material departures:
2) That the Directors had selected such accounting policies and applied themconsistently and made judgments and estimates that are reasonable and prudent so as togive a true and fair view of the state of affairs of the company at the end of thefinancial year and of the profit and loss of the company for that period;
3) That the Directors had taken proper and sufficient care for the maintenance ofadequate accounting records in accordance with the provisions of the Companies Act 2013for safeguarding the assets of the company and for preventing and detecting fraud andother irregularities;
4) The directors had devised proper systems to ensure compliance with the provisions ofall applicable laws and that such systems were adequate and operating effectively.
Explanations or Comments:
No any observations.
Details in respect of adequacy of Internal Financial Controls:
The Company is having the adequate Internal Financial Controls
Separate section containing a report on performance and subsidiaries associates &JVs included in the Consolidated FS of the Co:
Disclosures under sexual harassment of women at work place (Prevention Prohibition andRedrcssal Act 2013)
Pursuant to the provisions of Sec. 139 of the Comnpanies Act 2013 dealing with thecompulsory rotation of auditors M/s. C. Ramachandram & Co. would vacate office asthe Statutory Auditors of the Copany at the conclusion of the ensuing Annual GeneralMeeting.
Pursuant to the provisions of Sec. 139 of the Companies Act 2013 read with theCompanies (Audit and Auditors) Rules 2014 and on the recommendation of the AuditCommittee it is proposed to appoint M/s. Lakshmi & Associates Chartered AccountantsHyderabad (Firm Registration No.0124K2S) as the Statutory Auditors of the Company to holdoffice from the conclusion of the 24the Annual General Meeting until the conclusion of the29th Annual General Meeting of the Company. Necessary resolution for the appointment ofM/s. Lakshmi & Associates Chartered Accountants Hyderabad as the Statutory Auditorsis included in the Notice of the Annual General Meeting.
M/s. C. Ramachandram & Co. Chartered Accountants (ICAI Regn. No.002864S) haveissued Auditors Report for the Financial Year ended 31 st March 2017 and there are noqualifications in Auditors' Report.
The names of companies which have become or ceased to be Company's Subsidiaries jointventures or associate companies during the year
During the Financial Year no company is ceased as Company's Subsidiary joint ventureor associate company.
Material Changes and Commitments
The company does not have any operations.
Development and Implementation of Risk Management:
Change in the nature of business
There is no change in the nature of business of the Company.
Details of Significant Orders Passed by the regulators courts and tribunal:
No any orders passed by any courts.
Your Directors also thank the Shareholders Suppliers Service Providers Consultantsand other Stakeholders for the confidence reposed in your Company and their continuedpatronage.
| ||BY THE ORDER OK THE BOARD |
| ||For GOLDWON TEXTILES LIMITED |
| ||For and on behalf of the board |
|Place: Hyderabad ||S.S.R. KISHEN |
|Date: 04.09.2017 ||Chairman and Managing Director |
| ||DIN:01061990 |
ANNEXURE TO THE DIRECTORS' REPORT
Particulars required under the companies (Disclosure of particulars in the report ofBoard of Directors) Rules 1988.
Since there was no activity in the unit during the year under review there are noparticulars under this item.