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Aplab Ltd.

BSE: 517096 | NSE: APLAB | Series: NA | ISIN: INE273A01015 | SECTOR: Telecommunications - Equipment

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Jan 24, 16:00
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Jan 29, 15:31
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50
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    31.00

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Aplab is not traded on NSE in the last 30 days

Annual Report

For Year :
2015 2014 2013 2012 2011 2010 2009 2008 2007

Director’s Report

Dear Members, The Directors present their 50th Annual Report of the Company together with the Audited Statements of Accounts for the year ended 31st March, 2015 1. FINANCIAL RESULTS The Company''s financial performance for the year under review along with previous years figures are given hereunder: (Rs. in Lacs) Particulars Year ended Year ended 31.03.2015 31.03.2014 Net Sales /Income from Business Operations 7429.37 9515.97 Other Income 71.15 103.43 Total Income 7500.52 9619.40 Interest 1062.58 1022.22 Profit /(Loss) before Depreciation (1266.72) 336.68 Depreciation 173.43 278.12 Profit /(Loss) after depreciation and Interest (1440.15) 58.56 Current Income Tax - - Deferred Tax - - Net Profit (Loss) after Tax (1440.15) 58.56 Dividend (including Interim if any and final ) - - Net Profit /(Loss) after dividend and Tax (1440.15) 58.56 Amount transferred to General Reserve - Balance carried to Balance Sheet (1440.15) 58.56 Earning in Rupee per share (Basic) (28.80) 1.17 Earning in Rupee per Share(Diluted) (28.80) 1.17 2. REVIEW OF BUSINESS OPERATIONS AND FUTURE PROSPECTS Your Directors wish to present the details of Business operations done during the year under review: During the year under review the Company could achieve reduced turnover of Rs. 7429.37 Lacs against Rs. 9515.97 Lacs of previous year and incurred loss of Rs.1440.15 Lacs against profit of Rs. 58.56 Lacs of previous year. The reduction in turnover of 22% of previous year is due to the continuous stress on liquidity. In the current year growth is expected in sale of banking automation, measuring instruments and power supplies. 3. DIVIDEND No Dividend is recommended for the current financial year due to loss incurred by the Company. (Previous Year - Nil) 4. TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCATION AND PROTECTION FUND In terms of Section 125 of the Companies Act, 2013, any unclaimed or unpaid Dividend relating to the financial year 2007-08 is due for remittance to the Investor Education and Protection Fund established by the Central Government on 17/07/2015. 5. MATERIAL CHANGES AND COMMITMENT IF ANY AFFECTING THE FINANCIAL POSITION OF THE COMPANY OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR TO WHICH THESE FINANCIAL STATEMENTS RELATE AND THE DATE OF THE REPORT No material changes and commitments affecting the financial position of the Company occurred between the end of the financial year to which these financial statements relate on the date of this report. 6. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO The information pertaining to conservation of energy, technology absorption, Foreign exchange Earnings and outgo as required under Section 134 (3)(m) of the Companies Act, 2013 read with Rule 8(3) of the Companies (Accounts) Rules, 2014 is furnished in Annexure to the Directors'' Report and is attached to this report. 7. STATEMENT CONCERNING DEVELOPMENT AND IMPLEMENTATION OF RISK MANAGEMENT POLICY OF THE COMPANY During the year under review your company has formed Risk Management Committee to identify and evaluate elements of business risks. 8. DETAILS OF POLICY DEVELOPED AND IMPLEMENTED BY THE COMPANY ON ITS CORPORATE SOCIAL RESPONSIBILITY INITIATIVES Due to the losses incurred presently during the year under review, Corporate Social Responsibility could not be implemented. However on improved performances, the same will be implemented. 9. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS MADE UNDER SECTION 186 OF THE COMPANIES ACT, 2013 The particulars of Loans, Guarantees or Investments made under Section 186 is furnished in Notes to Financial Statement no. 26 under item No. 9 and is attached to this report. 10. PARTICULARS OF CONTRACTS OR ARRANGEMENTS MADE WITH RELATED PARTIES The particulars of Contracts or Arrangements made with related parties made pursuant to Section 186 is furnished in Notes to Financial Statement No. 26 and is attached to this report. 11. EXPLANATION OR COMMENTS ON QUALIFICATIONS, RESERVATIONS OR ADVERSE REMARKS OR DISCLAIMERS MADE BY THE AUDITORS AND THE PRACTICING COMPANY SECRETARY IN THEIR REPORTS There were no adverse comments, qualifications or reservations or adverse remarks by the Statutory Auditors nor practicing Company Secretary in the Secretarial Audit Report. The Secretarial Audit Report in terms of Section 204 is annexed as Annexure-A to this report. 12. COMPANY''S POLICY RELATING TO DIRECTORS APPOINTMENT, PAYMENT OF REMUNERATION AND DISCHARGE OF THEIR DUTIES The Company''s Policy relating to appointment of Directors, payment of Managerial remuneration, Directors'' qualifications, positive attributes, independence of Directors and other related matters as provided under Section 178(3) of the Companies Act, 2013 is in process, due to inadequate profit, the present Executive Director is not drawing any remuneration. 13. ANNUAL RETURN The extracts of Annual Return pursuant to the provisions of Section 92 read with Rule 12 of the companies (Management and administration) Rules, 2014 is furnished in Annexure-B and is attached to this Report. 14. NUMBER OF BOARD MEETINGS CONDUCTED DURING THE YEAR UNDER REVIEW The Company had 5 (Five) Board meetings during the financial year under review. 15. DIRECTORS RESPONSIBILITY STATEMENT In accordance with the provisions of Section 134(5) of the Companies Act, 2013 the Board hereby submit its responsibility Statement: (a) in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures; (b) 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 profit and loss of the company for that period; (c) 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; (d) the directors had prepared the annual accounts on a going concern basis; and (e) the directors, in the case of a listed company, had laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and were operating effectively. - Not applicable to Private Limited Company. Internal financial control means the policies and procedures adopted by the Company for ensuring the orderly and efficient conduct of its business including adherence to Company''s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records and the timely preparation of reliable financial information. (f)the directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively. 16. SUBSIDIARIES, JOINT VENTURES AND ASSOCIATE COMPANIES The details of financial performance of Subsidiary Company Sprylogic Technologies Limited, recorded turnover of Rs. 233.68 Lacs during the year as against Rs.210.38 Lacs in the previous year. The operations during the year have resulted into a profit before tax of Rs. 26.41 Lacs as against profit before tax of Rs.37.05 Lacs during the previous year. 17. DEPOSITS The Company has neither accepted nor renewed any deposits during the year under review. 18. DIRECTORS In accordance with the provisions of the Companies Act, 2013, Mrs. Amrita P Deodhar (DIN:00538573) is liable to retire by rotation at the forthcoming Annual General Meeting and being eligible offer herself for re-appointment. Mr. Nishith P. Deodhar, Managing Director (DIN: 01614848), Mr. Amit Goenka, Director (DIN: 00017707) and Mr. Mukund Galgali (DIN: 01998552) have resigned from the Board during the year. Mr. PS. Deodhar was appointed as Managing Director designated as Chairman & Managing Director during the year. 19. DECLARATION OF INDEPENDENT DIRECTORS The Independent Directors have submitted their disclosures to the Board that they fulfill all the requirements as stipulated in Section 149(6) of the Companies Act, 2013 so as to qualify themselves to be appointed as Independent Directors under the provisions of the Companies Act, 2013 and the relevant rules. 20. STATUTORY AUDITORS The Statutory Auditors, M/s Shahade & Associates, Chartered Accountants (ICAI Registration No. 109840W), retire at the forthcoming Annual General Meeting. They have furnished a certificate confirming their eligibility for re-appointment under provisions of Section 141 of the Companies Act, 2013 and expressed their willingness to be re-appointed. You are requested to appoint the Auditors for the current year and fix their remuneration. 21. DISCLOSURE OF COMPOSITION OF AUDIT COMMITTEE AND PROVIDING VIGIL MECHANISM The Audit Committee consists of the following members a. Mr. A.G Joshi (DIN: 00019927) b. Mr. Jayant Deo (DIN: 00568381) c. Dr. S.K. Hajela (DIN: 01001987) The above composition of the Audit Committee consists of independent Directors viz., Mr. A.G Joshi (DIN: 00019927), Mr. Jayant Deo (DIN: 00568381) and Dr. S.K. Hajela (DIN: 01001987) who form the majority. The Company has established a vigil mechanism and oversees through the committee, the genuine concerns expressed by the employees and other Directors. The Company has also provided adequate safeguards against victimization of employees and Directors who express their concerns. The Company has also provided direct access to the chairman of the Audit Committee on reporting issues concerning the interests of co employees and the Company. 22. SHARES a. BUY BACK OF SECURITIES The Company has not bought back any of its securities during the year under review. b. SWEAT EQUITY The Company has not issued any Sweat Equity Shares during the year under review. c. BONUS SHARES No Bonus Shares were issued during the year under review. d. EMPLOYEES STOCK OPTION PLAN The Company has not provided any Stock Option Scheme to the employees. 23. DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORK PLACE (PREVENTION, PROHIBITION AND REDRESSAL ACT, 2013) The Company has in place an Anti Sexual Harassment Policy in line with the requirements of the Sexual Harassment of Women at the work place (Prevention, Prohibition and Redressal) Act, 2013. All employees (permanent, contractual, temporary, trainees) are covered under this policy. No sexual harassment complaints were received during the year 2014-15. 24. ACKNOWLEDGEMENTS Your Directors place on record their sincere thanks to bankers, business associates, consultants, and various Government Authorities for their continued support extended to your Company''s activities during the year under review. Your Directors also acknowledges gratefully the shareholders for their support and confidence reposed on your Company. For and on behalf of the Board of Directors Date: May 23, 2015 P.S. Deodhar (DIN:00393117) Place: Thane Chairman & Managing Director

Director’s Report