To, The Members of Hazoor Multi Projects Limited,
The Directors have pleasure in presenting their Twentieth Annual
Report of the company together with the Audited statement of Accounts
for the year ended March 31, 2012.
The salient features of the Company''s standalone and consolidated
financial results for the year under review are as follows:
(Rs. In Lacs)
31.03.2012 31.03.2011 31.03.2012 31.03.2011
Operations NIL NIL 174.52 NIL
Other Income 0.05 91.15 3.53 00.82
Total Income 0.05 91.15 178.05 00.82
(Loss) (before (20.14) 58.04 (0.65) (153.39)
and Finance 0.96 0.64 0.98 0.64
Less: Depreciation 17.39 8.92 17.39 9.18
before tax (38.50) 48.48 (19.02) (163.21)
Less: Tax Expenses 36.55 9.05 36.55 9.05
(Loss) after tax (75.05) 39.42 (55.57) (172.27)
Share oj Profit from NIL NIL
Profit / (Loss) for
the year (75.05) 39.2 (55.57) (172.27)
Equity Share 1015.00 1,015.00 1,015.00 1,015.00
In order to conserve resources for future growth, your Directors do not
recommend any dividend for the year under review.
Annual Report 2011-2012 ridiuui mum riujccii Liuiiicu
During the year under review, the total income of your company was
higher at Rs.0.45 Lacs as against Rs. 91.15 Lacs in the previous year.
The company has made Standalone operating loss before interest,
depreciation and tax ofRs. 20.14 lacs against operating profit ofRs.
58.04 lacs in the previous year.
The consolidated revenue of the company was Rs. 178.05 lacs as against
Rs. 00.82 lacs in the previous year. The Consolidated Operating loss
before interest, depreciation and tax is Rs. 0.65 lacs in the current
year as against the operating loss of Rs.153.39 lacs in the previous
year. The Consolidated Net loss was Rs.55.57 lacs as against Rs. 172.27
lacs in the previous year.
CHANGES IN SHARE CAPITAL:
During the year, Company has not made any allotment of Equity or
The observations made by the Auditors in their Report are Self
Explanatory and need no
further elaboration u/s 217(3) of the Companies Act, 1956.
In accordance with Accounting Standard AS-21 & AS-27 prescribed by the
Chartered Accountants of India, the Consolidated Accounts of the
Company and its
Subsidiaries and Joint Ventures along with Auditors Report thereon is
annexed to this report.
Your company has not invited or renewed deposits from the public/
accordance with Section 58 A of the Companies Act, 1956.
MANAGEMENT DISCUSSION AND ANALYSIS (MD&A)
The details of the operations and future outlook of the Company are
given in the MD& A
as per Annexure I
Your Company attaches considerable significance to good Corporate
Governance as an important step towards building investor confidence,
improve investors'' protection and maximize long term shareholder value.
Pursuant to Clause 49 of the Listing Agreements with the Stock
Exchanges, a compliance report on Corporate Governance has been annexed
hereto as Annexure II. A certificate from the practicing Company
Secretary confirming compliance with the conditions of the Clause 49 of
the Listing Agreement(s) is also attached.
The Company is in compliance with the requirements and disclosures that
have to be made in this regard. The Auditors'' Certificate on compliance
with Corporate Governance requirements by the Company forms part of the
said report. In terms of sub-clause (v) of Clause 49 of the Listing
Agreement, a certificate from CEO/CFO, inter alia, confirming the
correctness of the financial statements, adequacy of internal control
Annual Report 2011-2012 2
reporting of matters to the Audit and Compliance Committee in terms of
the said Clause, is also enclosed as a part of the said Report.
During the year under review, Hazoor Aambey Valley Developers Private
Limited (100%) and Hazoor Township Developers Private Limited (55%j
Subsidiary Companies are non- material, non-listed subsidiary companies
as defined under Clause 49 of the Listing • Agreement entered into with
the Stock Exchanges. A statement pursuant to Section 212 of the
Companies Act, 1956 relating to Subsidiary Companies is attached to the
Pursuant to the provision of Section 212(8) of the Companies Act, 1956,
the Ministry of Corporate Affairs vide its General Circular No: 2/2011
dated 8th February, 2011 has granted general exemption from attaching
the Balance Sheet, Profit & Loss Account, Report of the Board of
Directors and the Report of the Auditors of the Subsidiary Companies
with the Balance Sheet of the Company. A statement containing brief
financial details of the company''s subsidiaries for the financial year
ended March 31, 2012 is included in the Annual Report. Annual Accounts
of the subsidiary companies and the related detailed information will
be made available to the members for inspection at its registered
office. The company shall furnish a copy of details of annual accounts
of subsidiaries to any member on demand.
The Company''s subsidiary Hazoor Township Developers (HTD) is developing
a Real estate housing project under a Joint Venture (A.O.P.) viz.
HAZOOR HOMES in the mid of City, near Sinhagad Road, Pune. The
Housing Project will be comprising of affordable apartments and
convenient shopping catering to middle income group and it is at a
initial stage of implementation.
As per the Articles of Association of the company, Mr. Ashish Garg and
Mr. V. I. Gary retire by rotation at this Annual General Meeting and
being eligible are proposed to be re-appointed. Profiles of these
Directors, as required by Clause 49 of the Listing Agreements are given
in the Section on ''Corporate Governance''.
DIRECTORS'' RESPONSIBILITY STATEMENT:
Pursuant to Section 217 (2AA) of the Companies Act 1956, it is hereby
i) that in the preparation of the Annual accounts, the applicable
accounting standards have been followed and there has been no material
ii) that the selected accounting policies were applied consistently and
the Directors made judgments and estimate that are reasonable and
prudent so as to give a true and fair view of the state of affairs of
the company as at 31 March, 2012 and of the profit or loss of the
company for the year ended on that day;
Hi) that proper and sufficient care has been taken for the maintenance
of the adequate accounting records in accordance with the provisions of
the Companies Act, 1956, for safeguarding the assets of the company and
or preventing and detecting fraud and other irregularities; and
iv) that the Annual accounts have been prepared on a going concern
Hazoor Multi Projects Limited AUDITORS:
M/s Ajmera Ajmera & Associates, the auditor of the company retires as
statutory auditors at the conclusion of this Annual General Meeting and
offers themselves for re- appointment. A certificate from them has been
received to the effect that their re- appointment as statutory
auditors, if made, would be within the limits prescribed u/s 224(1B) of
the Companies Act, 1956.
GENERAL SHAREHOLDER''S INFORMATION:
Detailed information in this regard is provided in this section
Information as Annexure III.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS & OUTGO:
Additional information required under provision of the Section 217 (1)
(e) of the Companies Act, 1956, with the companies (Disclosure of
particulars in the report of Board of Directors) Rules, 1988, regarding
a). Conservation of Energy bj. Technology Absorption is not applicable
as the Company is not carrying out any manufacturing operations. There
were no Foreign Exchange Earnings and outgo during the year.
The professional pool of directors continue to be the biggest asset of
the Company. Your Company aims at creating a corporate culture that
respects people, develops and trains them to deliver high quality
performance and rewards talent and performance with growth
opportunities. The Board of the Company comprises of highly qualified
and experienced professionals from various faculties like engineering,
finance, legal, and management. Employee relations continue to be
cordial. During the year under review ,there was no employee employed
throughout the financial year who was in receipt of remuneration in
excess of the limits prescribed under section 217 (2A) of the Companies
Act, 1956, read with companies (Particulars of Employee) Rules, 1975.
Pursuant to an intimation from the promoters, the names of the
promoters and entities comprising ''Group as defined under the
erstwhile Monopolies and restrictive Trade Practices (MRTP) Act, 1969
are disclosed in the Annual Report for the purpose of the erstwhile
SEBI (Substantial Acquisition of Shares and Takeovers) Regulations,
CORPORATE SOCIAL RESPONSIBILITY INITIATIVES (CSR):
As a socially responsible organization, Hazoor Group has contributed
not only to the economic well being of the communities it interacts
with but has also enhanced their social well being. The Company has
been sponsoring time and again, the spiritual discourses and meditation
camps conducted by Gurujee Rajendraji an internationally acclaimed
spiritual guru for the benefit of the community at large. The company
also organizes poor feeding camps from time to time.
Your Directors wish to place on record their sincere appreciation and
thanks for the valuable co-operation and support received from the
Registrar of Companies, Maharashtra, Regional Director, Western Region,
Ministry of Company Affairs,
Hazoor Multi Projects Limited Company''s bankers, financial
institutions, business associates, suppliers, consultants, customers,
contractors and shareholders at large and look forward to the same in
greater measure in the coming years. The Directors also wish to place
on record their appreciation of the unstained efforts and contributions
made by the Management Team and the employees of the Company at all
For and on behalf of the Board
Place: Mumbai Paresh Sampat
Date: August 31, 2012 Non-Executive Chairman
Hazoor Multi Projects Limited