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Magna Industries and Exports Directors Report, Magna Ind Reports by Directors
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Magna Industries and Exports
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Download Annual Report PDF Format 2014 | 2011 | 2010
Directors Report Year End : Mar '14    « Mar 13
Dear Members,
 
 The Directors have pleasure in presenting before you the 25 th Annual
 Report of the Company together with the Audited Statement of Accounts
 for the financial year ended 31st March, 2014.
 
                                                          [Rs. In Lacs]
 
 PARTICULARS                                  Year ended     Year ended
                                             31st March,    31st March,
                                                    2014           2013
 
 Revenue from operations and Other Income        2533.52       3,096.94
 
 Profit/ (Loss) before Interest,
 Depreciation and Taxation                         93.28          86.87
 
 Less: Finance Charges                              2.74           2.75
 
 Less: Depriciation                                 2.66           2.69
 
 Profit /(Loss) before Taxation                    87.87          81.42
 
 Less: Provision for Taxation
 
     * Current Year Taxation                       26.32          25.60
 
     * Deferred Tax                                 0.00           0.00
 
 Net Profit (Loss) after Taxation                  61.55          55.92
 
 Balance brought forward                          162.27         106.35
 
 Balance Carried to Balance Sheet(Loss)           223.82         162.27
 
 OPERATIONAL HIGHLIGHTS
 
 During the year under review, the Company achieved turnover of Rs.
 2,533.52 Lacs. The Company earned Net Profit after Tax amounting to
 Rs.61.55 Lacs as against Net Profit after Tax amounting to Rs. 55.92
 Lacs for the corresponding previous financial year.
 
 DIVIDEND
 
 The Board of Directors of the Company do not recommend dividend for the
 financial year ended 31st March, 2014.
 
 DIRECTORS
 
 Mr. Amit Bhangar, Director of the Company retires by rotation at this
 Annual General Meeting and being eligible, offer himself for
 re-appointment.
 
 In accordance with Section 149(4) and other applicable provisions, if
 any, read with Schedule IV of the Companies Act, 2013, the Company has
 to appoint 1/3rd of the total Directors as Independent Directors, for a
 maximum period of 5 years and who are not liable to retire by rotation.
 
 Accordingly, the Board of Directors proposes to appoint the existing
 Independent Directors i.e. Mr.  Rajesh Pandey, Mr. Rajendra Mokashi and
 Mr. Asim Kumar Saha as Independent Directors of the Company under
 Section 149 of the Companies Act, 2013 for term up to 1 (one) year,
 respectively, in ensuing Annual General Meeting.
 
 The Company has received declarations from the Independent Directors of
 the Company confirming that they meet with the criteria of independence
 as prescribed both under sub-section (6) of Section 149 of the
 Companies Act, 2013 and under Clause 49 of the Listing Agreement with
 the Stock Exchange.
 
 AUDITORS
 
 M/s. P. Bohra & Co., Chartered Accountants, Mumbai, Auditors of the
 Company retires at the conclusion of this Annual General Meeting. They
 are eligible for reappointment and indicated their willingness to act
 as an Auditor, if appointed and the appointment shall be in the limits
 prescribed under the provision of Section 224(1B) the Companies Act,
 1956.
 
 Auditors'' Report:
 
 The observations of the auditors in their report are self-explanatory
 and therefore, in the opinion of the Directors, do not call for further
 comments.
 
 PARTICULARS OF EMPLOYEES
 
 The information required under sub-section (2A) of Section 217 of the
 Companies Act, 1956 read with Companies (Particulars of Employees)
 Rules, 1975 duly amended by the Companies (Particulars of Employees)
 Rules, 2011 for the year ended 31stMarch, 2014 is not applicable to the
 Company as none of the employees is drawing remuneration more than the
 limits presently specified under the said rules.
 
 CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
 EARNING/OUTGO
 
 The operations of the company are not energy-intensive. However,
 adequate measures have been taken to reduce energy consumption by using
 energy efficient computers and equipments with the latest technologies.
 Your Company constantly evaluates new technologies and invests in them
 to make its infrastructure more energy-efficient.
 
 During the year under review, the Company has entered into foreign
 currency transactions and details thereof given in the Note ''7'' of the
 notes to the account for financial results.
 
 PUBLIC DEPOSITS
 
 During the period under review, the Company did not accept deposits in
 terms of Section 58A of the Companies Act, 1956 and pursuant to the
 provision of the Non-Banking Financial Companies (Reserve Bank)
 Directions, 1997.
 
 DIRECTORS'' RESPONSIBILITY STATEMENT PURSUANT TO SECTION 217(2AA)
 
 Your Directors hereby report that:
 
 (a) in the preparation of annual accounts, the applicable accounting
 standards have been followed;
 
 (b) appropriate accounting policies have been selected and applied
 consistently and judgements and estimates made that are responsible and
 prudent so as to give true and fair view of the state of affairs of the
 Company at the end of the financial year ended 31st March 2014;
 
 (c) Proper and sufficient care has been taken for the maintenance of
 adequate accounting records in accordance with the provisions of the
 Companies Act, 1956, for safeguarding the assets of the company and for
 preventing and detecting fraud and other irregularities;
 
 (d) annual accounts have been prepared on a going concern basis.
 
 RENAME THE EXISTING REMUNERATION COMMITTEE & SHAREHOLDERS GRIEVANCE
 COMMITTEE AS PER COMPANIES ACT, 2013:
 
 The existing Remuneration Committee of the company be renamed as
 Nomination And Remuneration Committee and further the scope of the said
 committee be expanded as per the requirements of provisions of section
 178 (2) and section 178 (3) of the Companies Act, 2013.
 
 The existing Shareholders Grievance Committee of the company be renamed
 as Stakeholders Relationship Committee which will resolve the
 grievances of the security holders of the company as per the
 requirements of provisions of section 178 (6) of the Companies Act,
 2013.
 
 MANAGEMENT''S DISCUSSION AND ANALYSIS REPORT
 
 Management''s Discussion and Analysis Report for the year under review,
 as stipulated under Clause 49 of the Listing Agreement with the Stock
 Exchange in India, is presented in a separate section forming part of
 the Annual Report.
 
 CORPORATE GOVERNANCE AND COMPLIANCE
 
 The Company is committed to maintain the highest standards of Corporate
 Governance and adhere to the Corporate Governance requirements set out
 by SEBI. The Company has also implemented several best Corporate
 Governance practices as generally prevalent.
 
 The Report on Corporate Governance as stipulated under Clause 49 of the
 Listing Agreement forms part of the Annual Report.
 
 The requisite Certificate from the Statutory Auditors confirming
 compliance with the conditions of Corporate Governance as stipulated
 under the aforesaid Clause 49 is attached to this Report.
 
 ACKNOWLEDGEMENT
 
 The Board of Directors takes the opportunity to thank the Bankers and
 Government for the Co- operations and support by them from time to time
 in the operation of the company during the year.  The Board also places
 on record its deep appreciation for the contribution made by the
 employees at all levels.
 
                                                   By Order of the Board
 
                                                   Mohanlal Bhangar
                                                   Chairman
 
 Place: Mumbai                                     Satish Bhangar
 Date:05/09/2014                                   Managing Director
Source : Dion Global Solutions Limited
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