The Directors of your company have pleasure in presenting the 25th
Annual Report together with Audited Accounts of the company for the
year ended 31st March 2014.
The financial results of the company are as under
Particulars (Rs in Lac)
Sales 1372.09 1183.23
Other income 11.03 0.00
Profit before Interest and Depreciation 5.54 4.99
Interest 0.21 0.00
Depreciation 2.27 2.24
Profit after Interest and Depreciation 3.06 2.75
Tax Expense 1.51 1.53
Profit after Tax 1.55 1.22
Transfer to Reserve and Surplus 1.55 1.22
Review of Operations
During the period under report, your company has achieved Sales and
Other income of Rs. 1383.12 Lac as compared to Rs. 1183.23 Lac during
the previous year with net profit of Rs. 1.55 Lac as compared to Profit
of Rs. 1.22 Lac in the previous year.
There are no material changes between the date of balance sheet and
that of the date of report.
Your directors do not recommend any dividend this year also.
The Company has only one type of equity share capital.
There is no holding and subsidiary company.
The company has not accepted any deposits during the year and there are
no unclaimed or overdue deposits.
Conservation of Energy and Technology Absorption and Foreign Exchange
The information under section 217 (1) e of The Companies Act, 1956 is
None of the employee of the company is in receipt of remuneration for
whole / part of the year exceeding the limit prescribed under section
217(2 A) of the Companies Act 1956. The company has continued to follow
the policy of creating healthy environment and work culture resulting
into harmonious inter- personnel relations. The relations with
employees remained cordial throughout the year.
Sh. Daya Nand Sahu (DIN=02216670) and Sh. Varinder Kumar Dhamija
(DIN=03500822 ) are non executive Directors of the Company. It is
proposed to appoint both of them as Independent Directors of the
Company from September 30, 2014 up to September 29, 2019. Board
recommends their appointment. Sh.Girish Kapoor (DIN=01870917) retires
by rotation and being eligible, offers himself for reappointment.
The securities of the company are listed at Stock Exchange at Bombay,
Delhi, Ludhiana and Vadodra. The Company has paid the Listing fees for
the financial year 2014-2015 to BSE Limited only.
M/s. Rajesh K Sharma and Associates, Chartered Accountants, Ludhiana
are statutory auditors of the company for the financial year 2013-14
and hold office up to the conclusion of ensuing Annual General Meeting.
It is proposed to reappoint them for a period of three years as per the
provisions of Chapter X of The Companies Act, 2013 to hold office from
the conclusion of this Annual General Meeting (AGM) till the conclusion
of twenty eighth AGM of the Company to be held in the year 2017. They
have given their consent to acts as Auditors of the Company and have
further confirmed that their appointment would be in conformity of the
provision of Section 139 of The Companies Act, 2013.The audit committee
has also recommended their appointment.
The observation of the Auditors in their report read with relevant
notes to accounts are self explanatory and therefore, do not require
Directors Responsibility Statement
Pursuant to the requirement under section 217 (2AA) of the Companies
Act 1956 with respect to Directors Responsibility Statement, it is
hereby confirmed that:
1. In the preparation of the annual accounts for the financial year
ended 31st March, 2014, the applicable accounting standards have been
followed along with proper explanation relating to material departures;
2. The Directors have selected such accounting policies and applied
them consistently and made judgment and estimates that were 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 or
loss of the company for the year under review;
3. The Directors have taken proper and sufficient care 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
4. The Directors have prepared the accounts for the financial year
ended 31st March, 2014 on a ''going concern'' basis.
The Company has complied with the provisions of Clause 49 of listing
agreement on Corporate Governance. The report on corporate governance
and auditor''s certificate regarding compliance with corporate
governance form part of the annual report.
Management Discussion and Analysis
Management Discussion and Analysis Report is attached herewith and it
forms part of the Directors Report.
Your Directors are pleased to place on record their sincere thanks to
the Banks for their co-operation and support to the company. Your
directors also express their deep appreciation for the devoted and
sincere services rendered by workers, staff and executive at all levels
of the operations of the company during the year and we are confident
that your company will continue to receive such co-operation from them
in future also.
By Order of the Board
For LWS Knitwear Limited
Date: 30.05.2014 Girish Kapoor
Place: Ludhiana (Managing Director)