Your Directors have the pleasure in presenting their 39th Annual Report onthe business and operations of the Company and the Accounts for the Financial Year ended31st March 2017.
1. FINANCIAL HIGHLIGHTS:
The financial highlights for the year ended are as under:
(Amount in Rs.)
|Particulars ||2016-17 ||2015-16 |
|Total Revenue ||322974 ||2004631 |
|Less : Expenses ||954198 ||627891 |
|Profit before Tax ||(631224) ||1376740 |
|Less: Provision for Tax ||(1081) ||Nil |
|Profit/(Loss) after Tax ||(632305) ||1376740 |
|Earnings per share; || || |
|Basic ||(12.65) ||27.53 |
|Diluted ||(12.65) ||27.53 |
2. CHANGE IN THE NATURE OF BUSINESS:
There is no change in the nature of the business of the Company done during the year.
3. MATERIAL CHANGES AND COMMITMENTS IF ANY AFFECTING THE FINANCIAL POSITION OF THECOMPANY WHICH HAVE OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR OF THE COMPANY TO WHICHTHE FINANCIAL STATEMENTS RELATE AND THE DATE OF THE REPORT.
No material changes and commitments affecting the financial positions of the Companyhave occurred between the end of the financial year of the Company to which the financialstatements relate and the date of the report.
The Directors do not recommend any dividend for the financial year ended 31stMarch 2017.
The Company has not accepted nor does it continue to hold any public deposits ascontemplated under Chapter V of the Companies Act 2013.
There are no changes in the list of Directors of the Company as compared to previousyear.
Mr. F. D. Neterwala (DIN- 00008332) Director of the Company is liable to retire byrotation and being eligible for re-appointment at the forthcoming Annual General Meetingof the Company has offered himself for re-appointment. Mr. F. D. Neterwala holds 6500Equity Shares of the Company.
7. MEETINGS OF BOARD OF DIRECTORS:
A calendar of Meetings is prepared and circulated in advance to the Directors. Duringthe year the Board of Directors duly meet 4 (Four) times on 6th May 2016 1stAugust 2016 10th November 2016 and 31st January 2017 which wereduly convened and held. The intervening gap between the Meetings was within the periodprescribed under the Companies Act 2013.
8. PARTICULARS OF EMPLOYEES:
Details as required under Section 134 of the Companies Act 2013 read with Rule 5 (2)of Chapter XIII of the Companies (Appointment and Remuneration of Managerial Personals)Rules 2014 is not provided since there is no employee drawing more than Rs.6000000/-p.a. as remuneration or Rs.500000/- p.m. as remuneration.
9. RELATED PARTY TRANSACTIONS:
There are no materially significant related party transaction made by the companyduring the year other than as disclosed in the notes to accounts and Form AOC-2 is notapplicable to the Company.
10. PARTICULARS OF LOANS GUARANTEES OR INVESTMENTS UNDER SECTION 186 OF THE COMPANIESACT 2013:
The Company has not given any loans or guarantees covered under the provisions ofSection 186 of the Companies Act 2013. The Details of the Investments made by the Companyare given in the notes to the financial statements.
M/s. P. G. Bhagwat Chartered Accountants (Firm Registration No. 101118W) wereappointed as Statutory Auditors in the 38thAnnual General Meeting of theCompany for one year.
As required under the provisions of the Section 139(1) of the Companies Act 2013 theCompany has received a written consent from M/s. P. G. Bhagwat Chartered Accountants totheir appointment and a Certificate to the effect that their appointment if made wouldbe in accordance with the Companies Act 2013 and the Rules framed thereunder and thatthey satisfy the criteria provided in section 141 of the Companies Act 2013.
12. AUDITORS REPORT:
The Auditors Report does not contain any qualification. Notes to Accounts andAuditors remarks in their report are self-explanatory and do not call for any furthercomments.
13. EXTRACT OF ANNUAL RETURN:
As required pursuant to Section 92(3) of the Companies Act 2013 and Rule 12(1) of theCompanies (Management and Administration) Rules 2014 an extract of annual return in MGT-9as a part of this Annual Report as ANNEXURE-I.
14. ENERGY TECHNOLOGY AND FOREIGN EXCHANGE:
As required under Section 134 of the Companies Act 2013 read with the Companies(Accounts) Rules 2014 your Company has no activity relating to the conservation ofenergy or technology absorption. During the FY 2016-17 the Company did not earn anyincome or incur any expenditure in foreign currency.
15. DIRECTORS RESPONSIBILITY STATEMENT:
Pursuant to the requirement under Section 134 of the Companies Act 2013 with respectto Directors Responsibility Statement it is hereby conformed that:
(a) In the preparation of the annual accounts for the financial year ended March 312017 the applicable accounting standards had been followed along with proper explanationrelating to material departures; (b) The Directors had selected such accounting policiesand applied them consistently and made judgments and estimates that are reasonable andprudent so as to give a true and fair view of the state of affairs of the Company at theend of the financial year March 31 2017 and of the profit and loss of the company forthat period;
(c ) The Directors had 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; (d)The Directors had prepared the annual accounts on a going concern basis; and (e) TheDirectors had laid down internal financial controls to be followed by the Company and thatsuch internal financial controls are adequate and operating effectively; (f) The Directorshad devised proper systems to ensure compliance with the provisions of all applicable lawsand that such systems were adequate and operating effectively.
The relations between the management and the staff were cordial during the period underreview. The company also wishes to put on record the appreciation of the work done bystaff.
|On Behalf of the Board of Directors || |
|For Rose Investments Limited || |
|Sd/- ||Sd/- |
|Mrs. S. F. Vakil ||Mr. F. D. Neterwala |
|Director ||Director |
|(DIN: 00002519) ||(DIN: 00008332) |
|Place: Mumbai || |
|Date: May 3 2017 || |