The Directors have pleasure in presenting the Twenty-Sixth Annual
Report together with Audited Statements of Accounts for the year ended
31st March, 2014.
PARTICULARS AS AT 31/03/2014 AS AT 31/03/2013
(In Rs.) (In Lacs) (In Rs.) (In Lacs)
Sales 451.56 4339.52
Other Income 3.21 0
Profit/(Loss) before Taxation -4.61 1.067
Provision of Current Tax 0 0.33
Net Profit after Tax -4.61 0.35
Balance Carried to Balance Sheet -639.91 -669.32
There were no profits during the year and thus your directors could not
recommend payment of dividend to you.
REVIEW OF OPERATIONS:
The turnover of the Company during the current financial year is Rs.
451.56 lacs as compared to Rs. 4339.52 lacs in the previous year, which
registered a decrease of 89.59%. The profit before interest,
depreciation and tax in the year 2012-13 was Rs. 1.06 lacs and in the
year 2013-14 the Company booked loss of Rs. 4.61 Lacs. The future
outlook of the Company''s business is dealt within the management
discussion and analysis.
INCREASE IN SHARE CAPITAL:
The Authorized Capital of the Company was increased to Rs. 10,00,00,000
/- divided into 1,00,00,000 equity shares of Rs. 10/- each and further
the company made the allotment of Rs. 36936100/- divided into 36,93,610
equity shares of Rs. 10 /- on the preferential basis to non promoter
group. The Company has made the application with BSE for the listing of
those shares and is awaiting for the approval of the same.
COMPLIANCE OF CODE OF CORPORATE GOVERNANCE:
Pursuant to Clause 49 of the Listing Agreement, a Report on Corporate
Governance is given as Annexure ''A'' to this Report.
The Company has not accepted any loans or deposits from the public in
terms of Section 58A of the Companies Act, 1956 and Rules framed under
the Companies (Acceptance of Deposits) Rules, 1975.
RESEARCH AND DEVELOPMENT:
The company doesn''t have any research & development activity to be
Mr. Sanjeev Kumar, Director of the Company has resigned from the Board
w.e.f 03.09.2014. Mrs. Nirmala D Bansal (DIN: 06965900) was appointed
as the Director of the Company w.e.f 03.09.14 Pursuant to section 149
of the Companies Act, 2013 (Act) the tenure of the Independent
Directors is upto five consecutive years from the commencement of the
The Board recommends to appoint Mr. Prabhu Chettiyar (DIN:05206201) as
the Director of the Company for the period of 5 years after the Act
came into effect & appointed Mr. Harsh V Mehrotra (DIN: 06965318) as
the Independent Director and Mr. Nirav M Shah (DIN: 03088022) as the
M/s. Nitin Mittal & Co., Chartered Accountant, were the statutory
auditors of the company for the financial year ended 31st, March, 2014.
Your company is pleased to inform that the relations with employees
including workmen at all levels continue to be warm and cordial.
DIRECTORS'' RESPONSIBILITY STATEMENT:
In terms of Sec 217 (2AA) of the Companies Act, 1956, your Directors
1. That in the preparation of the Annual Accounts, the applicable
accounting standards had been followed along with proper explanation
relating to material departure.
2. That the directors had selected such accounting policies and
applied them consistently and made judgments and estimates that are
reasonable and prudent so as to give a true and fair view of the state
of affairs of the Company at the end of the financial year and of the
loss of the company for that period.
3. That the directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities.
4. That the directors had prepared the annual accounts on a going
COMPANIES (DISCLOSURE OF PARTICULARS IN THE REPORT OF BOARD OF
DIRECTORS) RULES, 1988: Information in accordance with the provisions
of Section 217(1)(e) of the Companies Act, 1956, read with Companies
(Disclosure of particulars in the report of Board of Directors) Rules,
1988 regarding conservation of energy, technology absorption and
foreign exchange earnings and outgo is given below:
Our Company is committed to the conversation of the resources. There is
no wastage of energy and the working groups formed by the company for
this purpose, continuously monitor the consumption of various forms of
energy and evaluate the option available for energy conservation.
Investments will be made, when required, for any activity identified as
a source for helping us to achieve further energy savings. The Company
is not using any foreign technology.
The Board of Directors would like to record their appreciation of the
continued support and co-operation received from the Government of
India, Government of Maharashtra and the Financial Institutions. The
Directors would also like to thank all the esteemed Customers, Dealers,
Suppliers, and Auditors of the Company.
The Directors also wish to place on record their sincere appreciation
of the employees at all levels for their dedicated contribution towards
the growth of the Company.
FOR AND ON BEHALF OF THE BOARD OF DIRECTORS
FOR MAHAVIR INDUSTRIES LIMITED