| The Shareholders,
The Directors have pleasure in presenting the Twenty Fourth Annual
Report of the company with the audited statement of accounts for the
year ended 31st March, 2014.
- Financial results
For the Year ended on For the Yearended on
31.03.2014 31.03.2013
Total Income 1,85,75,262 1,09,06,669
Total Expenditure 1,09,55,411 5,2,54,934
Profit/(Loss) before taxation 76,19,851 3,0,89,554
Provision for Tax (19,24,653) -
Profit/(Loss) after Taxation 56,95,198 30,89,554
Balance b/f from Previous Year (3,39,03,653) (3,69,93,207)
Balance carried forward to
Balance Sheet (2,82,08,455) (3,39,03,653)
s- Working Results:
During the year, the company has earned profit of Rs.56,95,198
(Previous Year profit of Rs. 30,89,554). We have amicably settled the
dues owed by the company to M/s Bank of Baroda and there are no dues
pending as of date.
- Dividend:
In view of past losses, directors have not proposed declassification of
dividend for the year.
- Fixed Deposits:
The Company has not accepted any deposits from the public during the
year under review.
- Particulars of Employees:
Details of remuneration paid to employees as required by Section
217(2A) of the Companies Act, 1956, are not applicable, since the
Company has not employed any person drawing salary of more than Rs.
60,00,000/- per annum or Rs. 5,00,000/- per month.
- Management Discussion & Analysis:
As required by clause 49 of the Listing Agreement with the Stock
Exchange, a Management Discussion and Analysis Report are appended.
- Director's Responsibility Statement:
In compliance of Section 217(2AA) as incorporated by the Companies
(Amendment) Act, 2000, your Directors confirm that:
- In the preparation of annual accounts, the applicable accounting
standards have been followed and that there were no material
departures.
- The accounting policies selected by them have been applied
consistently and judgements and estimates that are reasonable and
prudent have been made so as to give a true and fair view of the state
of affairs of the company as at 31st March, 2014 and of the profit of
the Company for the year ended on that date.
- They 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 irregularities.
- The annual accounts have prepared on a going concern basis.
- Conservation of energy, technology absorption & foreign exchange
earnings and outgo:
Information pursuant to Section 217(1)(e) of the Companies Act, 1956
read with the Companies (Disclosure of particulars in the Report of the
Board of Directors) Rules, 1988 has not been furnished as the same is
not applicable to the Company during the year.
- Auditors:
The Board accordingly considered the matter and decided to seek the
approval of the members at the ensuing Annual General Meeting for
re-appointment of M/s S. Shah & Associates as auditors of the Company
to hold office from the conclusion of this Annual General Meeting to
the conclusion of the next Annual General Meeting.
The written consent from the Auditor has been received along with a
certificate that their appointment if made, shall be in accordance with
the prescribed conditions and the said auditors satisfy the criteria
provided in Section 141 of the Act.
- Directors:
In accordance with the provisions of the Companies Act, 1956, Mr.
Avinash Vora Director, retires by rotation at the ensuing Annual
General Meeting and being eligible offers himself for re-appointment.
The Company has two independent Directors, appointed under the Listing
Agreement, namely Mr. Pradeep Joshi and Mr. Pradeep Kumar, who have
diverse business/administrative experience and are making significant
contribution to the Company. At present, they are liable to retire by
rotation. It is proposed to appoint them as Independent Directors, with
a fixed tenure of upto five years each at the ensuing Annual General
Meeting of the Company, subject to approval of the shareholders, in
terms of Section 149 of Companies Act, 2013 (the Act). The Company has
received separate notices under Section 160 of the Act from members
signifying their Candidature as Directors along with requisite deposit
as prescribed thereunder. All abovementioned Independent Directors have
also given declarations that they meet the criteria of independence as
provided in sub-section 6 of Section 149 of the Act.
- Corporate Governance:
A separate report on the Corporate Governance and Management Discussion
& Analysis is attached as a part of the Annual Report. The Auditors'
Certificate regarding compliance of the conditions of Corporate
Governance is also annexed.
- Secretarial Audit Report:
The Company has obtained compliance certificate from practicing company
secretary Mr. Anish Gupta & Associates under section 383A of the
Companies Act, 1956 and is being form part of the Balance Sheet.
- Appreciation:
Your Board of Directors wishes to express its deep appreciation and
gratitude to the bankers, shareholders and clients for their sustained
support, without which the continuing progress of the company would not
have been possible.
For AVI PHOTOCHEM LIMITED
Sd/-
Date:14th August,2014 Avinash Vora
Place: Thane Chairman
(DIN No. 02454059) |