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Directors Report of Popular Estate Management Ltd.
Mar 31, 2024
Your directors are presenting herewith their 30th (Thirtieth) Annual Report together with the Audited Statements of Accounts for the period ended 31st March, 2024.
FINANCIAL RESULTS: (In Rs.)
|
Particulars |
Current Year Ended on |
Current Year Ended on |
|
31/03/2024 |
31/03/2023 |
|
|
Income from operations |
0.00 |
0.00 |
|
Other Income |
0.00 |
123.00 |
|
Depreciation & amortization |
18,26,505.00 |
26,21,994.00 |
|
Expenses other than Depreciation |
49,77,174.00 |
63,52,753.00 |
|
Preliminary Exp. Written off |
0.00 |
0.00 |
|
Net Profit/(Loss) Before Tax |
(68,03,679.00) |
(89,74,624.00) |
|
Current Tax |
0.00 |
0.00 |
|
Deferred Tax |
0.00 |
0.00 |
|
Profit/(Loss) After Tax |
(68,03,679.00) |
(89,74,624.00) |
|
Proposed Dividend |
0.00 |
0.00 |
|
Provision for dividend distribution Tax |
0.00 |
0.00 |
|
Profit/(Loss) after Tax & Dividend |
(68,03,679.00) |
(89,74,624.00) |
|
Bal. Brought Forward |
29,46,16,818.00 |
30,35,91,442.00 |
|
Less : Income Tax paid for previous year |
0.00 |
0.00 |
|
Less : Short Provision of Taxes of earlier years |
0.00 |
0.00 |
|
Balance Carried to Balance Sheet |
28,78,13,139.00 |
29,46,16,818.00 |
DIVIDEND:
The Board of Directors has not recommended any dividend for the year 2023-24. (Previous year: NIL). PRESENT OPERATIONS AND FUTURE PROSPECTS:
During the year under review, the Company has not generated any revenue from operations against Nil of the previous year. The net loss after tax for the year under review has been Rs. 68,03,679 as against loss of Rs. 89,74,624/- during the previous financial year. Your Directors are continuously looking for the new avenues for future growth of the Company and expect more growth in future period.
A detailed analysis of the financial results is given in the Management Discussion and Analysis Report, which forms part of this report.
RESERVES AND SURPLUS:
The Company had reserves and surplus of Rs. 28,78,13,139/- in the present financial year as against the reserve and surplus of Rs. 29,46,16,818/- during the previous financial year.
I. APPOINTMENT & RESIGNATION OF DIRECTORS:
During the financial year 2023-24 there were no changes in the composition of board of directors of the company. At present, the structure of Board of Directors is as follows:
|
Sr. No. |
CATEGORY |
NAME OF DIRECTORS |
|
Promoter and Executive Director |
||
|
1. |
Director, CFO & Manager |
Vikram Chhaganlal Patel |
|
2 |
Director |
Shri Het D Patel |
|
Woman Director |
||
|
3. |
Woman Director |
Smt. Saritaben Natwarbhai Patel |
|
Independent Directors |
||
|
6. |
Independent Director |
Shri Sureshbhai Natwarlal Patel |
|
8. |
Independent Director |
Shri Rameshbhai Revabhai Patel |
|
9. |
Independent Director |
Mehul Patel |
II. RE-APPOINTMENT OF DIRECTOR RETIRING BY ROTATION:
Pursuant to Section 152 of Companies Act, 2013, Mr. Vikram Chhaganlal Patel (DIN: 00166707), will retire by rotation at ensuing Annual General Meeting and being eligible, seeks re-appointment as the Director of the company and his brief profile is given in this report as notes to the notice.
COMPANY SECRETARY AND COMPLIANCE OFFICER:
During the year under review, Mrs. Urvi Meet Shah who is a member of ICSI having membership no. ACS 73067 has been appointed as Company Secretary and Compliance Officer of the Company w.e.f. 1st February, 2024 in place of Mrs. Sonali Panchal (Membership No. ACS 23824), Company Secretary and Compliance officer who resigned w.e.f. 4th January, 2024.
CHIEF FINANCIAL OFFICER (CFO) AND MANAGER:
Mr. Vikram Chhaganlal Patel (DIN: 00166707 & PAN: AGUPP0288P) has been CFO and Manager of the company.
SUBSIDIARY, JOINT VENTURE AND ASSOCIATE COMPANY:
The company has no subsidiary company, joint venture company or associate company.
DEPOSIT:
During the year under review your company has not accepted deposit from public as envisaged by Chapter V of the Companies Act, 2013.
PARTICULARS OF CONTRACTS AND ARRANGEMENTS WITH RELATED PARTIES:
During the year, the company has not entered into any materially significant related party transactions which may have potential conflict with the interest of the Company and stakeholders at large. Suitable disclosures as required are provided in AS-18 which is forming part of the notes to the financial statement.
POLICY ON DIRECTORS APPOINTMENT AND REMUNERATION:
The requisite details as required by Section 134(3) (e), Section 178(3) & (4) and SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 are annexed as Annexure A to this Report.
CHANGE IN THE NATURE OF BUSINESS:
There is no change in the nature of the business of the company during the year.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS/ OUTGO:
As required by the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 the relevant data pertaining to conservation of energy, technology absorption are not applicable and hence, not given. Moreover, the Company has no Foreign Exchange earnings and outgo.
PARTICULARS OF EMPLOYEES:
There are no employees drawing the remuneration in excess of limits prescribed under Rule 5 of Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.
Further the following details form part of Annexure B and Annexure C to the Board''s Report:
i) Pursuant to Rule 5 (2) of Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 statement containing the names and other particulars of top ten employees in terms of remuneration drawn by them- Annexure B
ii) Disclosure under Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014- Annexure C
MATERIAL CHANGES AND COMMITMENTS, IF ANY, AFFECTING THE FINANCIAL POSITION OF THE COMPANY WHICH HAS OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR OF THE COMPANY TO WHICH THE FINANCIAL STATEMENTS RELATE AND THE DATE OF THE REPORT:
During the year under review, no material changes and commitments occurred which affect the financial position of the company.
SIGNIFICANT & MATERIAL ORDERS PASSED BY THE REGULATORS:
The company had also made an application for revocation of suspension of trading in equity shares of the company.
Accordingly, the company has been granted in-principle approval for revocation of suspension in trading of securities of company on 29/03/2023 and the company has also received post approval for revocation of suspension in trading of equity shares of company on 21/06/2023 and the suspension of trading in equity shares was revoked and trading in shares was started w.e.f. 30/06/2023.
CHANGES IN SHARES CAPITAL:
The company has not made any changes in the share capital of the company during the year under review.
INSURANCE:
All the assets of the company are adequately insured and the company has developed proper system for taking insurance on all its insurable assets in order to mitigate the risk.
AUDITORS:
I. STATUTORY AUDITORS & AUDITORS'' REPORT:
The statutory auditors namely, M/s. H.S. Jani & Associates, Chartered Accountants, (FRN: 127515W) has been appointed as a Statutory Auditor of the company since 27th August, 2021 for a period of 5 years to hold office until the conclusion of the 31st Annual General Meeting of the company in calendar year 2025.
Ministry of Corporate Affairs, vide notification dated 7th May, 2018 has come with the amendment in Companies (Audit and Auditors) Amendment Rules, 2018 regarding non requirement of ratification of Auditor at every Annual General Meeting after his appointment as a Statutory Auditor of the Company. Therefore, ratification of appointment of auditor is not proposed in the ensuing Annual General Meeting.
AUDITORS'' REPORT:
The auditors'' report does not contain any qualification, reservation or adverse remark(s) on the financial statements for the year ended 31/03/2024. The notes of accounts referred to in the auditors'' report are self explanatory and therefore do not require any further comments.
II. INTERNAL CONTROL AUDITOR AND SYSTEM:
Pursuant to the provisions of section 138 of the Companies Act and rules made there under, the company has proper system of Internal Control and it has also appointed internal auditor to look after the matters of internal control.
Adequate internal control systems commensurate with the nature of the Company''s business and size and complexity of its operations are in place and have been operating satisfactorily. Internal control systems comprising of policies and procedures are designed to ensure reliability of financial reporting, timely feedback on achievement of operational and strategic goals, compliance with policies, procedure, applicable laws and regulations. Internal control systems are designed to ensure that all assets and resources are acquired economically, used efficiently and adequately protected.
III. SECRETARIAL AUDITOR AND SECRETARIAL AUDIT REPORT:
Pursuant to the provisions of section 204 of the Act and The Companies [Appointment and Remuneration of Managerial Personnel] Rules, 2014, the Company has appointed M/s. Ronak Doshi & Associates, Practicing Company Secretary, Ahmedabad to undertake Secretarial Audit for the financial year ended on 31st March, 2024. Secretarial Audit Report is attached to this report as Form MR-3 as Annexure D. The Board has duly reviewed the Secretarial Auditor''s Report and the observations and comments, appearing in the report are self-explanatory and do not call for any further explanation/clarification by the Board of Directors as provided under section 134 of the Act.
EXTRACT OF ANNUAL RETURN:
Pursuant to Section 92 (3) of the Companies Act, 2013 read with rules 12(1) of the Companies (Management and Administration) Rules, 2014, an extract of annual return in Form MGT-9 is not required to be annexed herewith in Board report of the company. However, the company is having website i.e.: http://www.popularestatemanagement.in and copy of annual return of company will be published on the website once it will be filed.
CORPORATE SOCIAL RESPONSIBILITY (CSR):
During the year under review, the company is outside the purview of Section 135 of Companies Act, 2013 related to Corporate Social Responsibility.
ENVIRONMENT, HEALTH AND SAFETY:
The Company accords the highest priority to Environment, Health and Safety. The management is constantly reviewing the safety standards of the employees and the management believes in the concept of sustainable development.
INDUSTRIAL RELATIONS:
Industrial Relations during the year under review continued to be cordial.
ACCOUNTING STANDARDS AND FINANCIAL REPORTING:
The Company incorporates the accounting standards as and when issued by the Institute of Chartered Accountants of India. The company complied with the Stock Exchange and legal requirement concerning the Financial Statements at the time of preparing them for the Annual Report. Moreover, the Balance sheet of the Company has been converted and presented as per Indian Accounting Standards - IND AS.
MANAGING THE RISKS OF FRAUD. CORRUPTION AND UNETHICAL BUSINESS PRACTICES:
i. Vigil Mechanism / Whistle Blower Policy:
The Company has established vigil mechanism and framed whistle blower policy for Directors and employees to report concerns about unethical behavior, actual or suspected fraud or violation of Company''s Code of Conduct or Ethics Policy.
ii. Business Conduct Policy:
The Company has framed "Business Conduct Policy". Every employee is required to review and sign the policy at the time of joining and an undertaking shall be given for adherence to the Policy. The objective of the Policy is to conduct the business in an honest, transparent and in an ethical manner. The policy provides for anti-bribery and avoidance of other corruption practices by the employees of the Company.
TRANSFER OF AMOUNTS TO INVESTOR EDUCATION AND PROTECTION FUND:
The company is not paying any dividend since last many years and hence, there is no money lying with the Company which is to be required transferred to Investor Education and Protection Fund (IEPF).
CORPORATE GOVERNANCE AND MANAGEMENT''S DISCUSSION AND ANALYSIS REPORT:
In terms of Regulation 34(3) and 53(f) of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 the Corporate Governance Report, the Management Discussion & Analysis Statement, and the Auditors'' Certificate regarding Compliance of Conditions of Corporate Governance are part of this Annual Report.
DEMATERIALISATION OF EQUITY SHARES:
As per direction of the SEBI and Bombay Stock Exchange Limited, the shares of the Company are under compulsory Demat form. The Company has established connectivity with both the Depositories i.e. National Securities Depository Limited and Central Depository Services (India) Limited and the Demat activation number allotted to the Company is ISIN: INE370C01015. Presently, shares are held in electronic and physical mode (87.28% of shares in Demat, 12.72% in physical mode).
LISTING:
The equity shares of the company are listed in the Bombay Stock Exchange Limited which has the connectivity in most of the cities across the country. However, the trading of shares was suspended due to penal reasons w.e.f. 11/06/2021 and the management had filed application for revocation of
suspension of trading in shares with BSE on 10th June, 2022 and the same is approved by BSE on 21/06/2023 and the trading in equity shares has activated w.e.f. 30/06/2023.
NUMBER OF MEETINGS OF THE BOARD OF DIRECTORS:
The Board of Directors duly met at regular intervals during the mentioned financial year and in respect of which meetings proper notices were given and the proceedings were properly recorded and signed in the Minutes Book maintained for the purpose. The details regarding the meetings of board of directors and the attendance of the directors in the same is mentioned in Corporate Governance Report.
NUMBER OF MEETINGS OF THE AUDIT COMMITTEE:
The Audit Committee duly met at regular intervals during the mentioned financial year and in respect of which meetings proper notices were given and the proceedings were properly recorded and signed in the Minutes Book maintained for the purpose. The details regarding the meetings of Audit Committee and the attendance of the committee members in the same is mentioned in Corporate Governance Report.
NUMBER OF MEETINGS OF THE NOMINATION AND REMUNERATION COMMITTEE:
The Nomination and Remuneration Committee duly met at regular intervals during the mentioned financial year and in respect of which meetings proper notices were given and the proceedings were properly recorded and signed in the Minutes Book maintained for the purpose. The details regarding the meetings of Nomination and Remuneration Committee and the attendance of the committee members in the same is mentioned in Corporate Governance Report.
NUMBER OF MEETINGS OF THE STAKEHOLDER RELATIONSHIP COMMITTEE:
The Stakeholder relationship Committee duly met at regular intervals during the mentioned financial year and in respect of which meetings proper notices were given and the proceedings were properly recorded and signed in the Minutes Book maintained for the purpose. The details regarding the meetings of stakeholder relationship Committee and the attendance of the committee members in the same is mentioned in Corporate Governance Report.
DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION. PROHIBITION AND REDRESSAL ACT, 2013):
The Company has implemented an Anti Sexual Harassment Policy in line with the requirements of the Sexual Harassment of Women at the Workplace (Prevention, Prohibition & Redressal) Act, 2013. Internal Complaints Committee (ICC) has been set up to redress complaints received regarding sexual harassment. All employees (permanent, contractual, temporary, trainees) are covered under this policy.
DIRECTORS RESPONSIBILITY STATEMENT:
In accordance with the provision of section 134(5) the Board confirms and submits the Director''s Responsibility Statement:-
a) In 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 or loss of the company for that period;
c) The Directors had taken proper and sufficient care for the maintenance of adequate accounting records 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.
f) The Directors had devised proper system to ensure compliance with the provision of all applicable laws and that such systems were adequate and operating effectively.
DECLARATION BY INDEPENDENT DIRECTORS:-
Pursuant to the provisions of sub-section (7) of Section 149 of the Companies Act, 2013, the company has received individual declarations from all the Independent Directors mentioned below, confirming that they fulfil the criteria of independence as specified in Section 149(6) of the Companies Act,2013.
1. Mr. Rameshbhai Revabhai Patel
2. Mr. Sureshbhai Natverlal Patel
3. Mr. Mehul Bhagawatprasad Patel.
PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS UNDER SECTION 186:
During the period under report, the Company has not provided any loans, guarantee or security to any person or Body Corporate under Section 186 of the Companies Act, 2013.
BOARD EVALUATION:
Pursuant to the provisions of the Companies Act, 2013 and SEBI (LODR), 2015, the Board has carried out an annual performance evaluation of its own performance, the directors individually, as well as, the evaluation of the working of its Audit, Nomination and Remuneration, Stakeholders'' Relationship Committees. The performance of the Board was evaluated by the Board after seeking feedback from all the Directors on the basis of the parameters/criteria, such as, degree of fulfillment of key responsibility by the Board, Board Structures and Composition, establishment and delineation of responsibilities to the Committees, effectiveness of Board processes, information and functioning, Board culture and dynamics and, Quality of relationship between the Board and the Management. The performance of the committees viz. Audit Committee, Nomination & Remuneration Committee, and Stakeholders Relationship Committee was evaluated by the Board after seeking feedback from Committee members on the basis of parameters/criteria such as degree of fulfillment of key responsibilities, adequacy of committee composition, effectiveness of meetings, committee dynamics and, quality of relationship of the committee with the Board and the Management.
RISK MANAGEMENT:
The company has developed and implemented a risk management system which identifies major risks which may threaten the existence of the Company. The same has also been adopted by your Board and is also subject to its review from time to time. Risk mitigation process and measures have been also formulated and clearly spelled out.
ACKNOWLEDGMENT:
Your Directors wish to place on record their sincere appreciation to the financial institutions, Company''s bankers and customers, vendors and investors for their continued support during the year. Your Directors are also pleased to record their appreciation for the dedication and contribution made by employees at all levels who through their competence and hard work have enabled your Company achieve good performance year after year and look forward to their support in future as well.
Regd. Office: By Order of the Board
81, 8th Floor, A-Wing, For, Popular Estate Management Limited
"New York Tower", Opp. Muktidham Derasar,
Thaltej, S. G. Highway, Ahmedabad-380054
Sd/- Sd/-
VIKRAM CHHAGANLAL PATEL HET D PATEL
DIRECTOR, CFO & MANAGER DIRECTOR
DIN: 00166707 DIN: 06986909
Date:24/08/2024
Mar 31, 2015
Dear Members,
The directors are presenting herewith their Twenty first Annual Report
together with the Audited Statements of Accounts for the period ended
31st March, 2015.
FINANCIAL RESULTS:
Particulars Current Year Previous Year
Ended on Ended on
31/03/2015 31/03/2014
Income from operations 0.00 2,91,00,000.00
Other Income 7,76,375.00 0.00
Depreciation & amortization 52,65,603.00 30,02,052.00
Expenses other than 70,92,177.00 83,43,812.00
Depreciation
Preliminary Exp. Written off 0.00 0.00
Net Profit/(Loss) Before Tax (1,15,81,405).00 1,77,54,136.00
Compensation received for 19,99,71,400.00 0.00
relinquishment of
right to sue
Current Tax 0.00 38,50,000.00
Differed Tax (7,92,887).00 (1,75,881).00
Wealth Tax 95,110.00 1,10,000.00
Profit/(Loss) After Tax 18,90,87,772.00 1,39,70,017.00
Proposed Dividend 0.00 0.00
Provision for dividend 0.00 0.00
distribution Tax
Profit/(Loss) after Tax & 18,90,87,772.00 1,39,70,017.00
Dividend
Bal. Brought Forward 14,27,58,435.00 12,84,08,639.00
Less : Income Tax paid for 0.00 0.00
previous year
Less : Short Provision of 0.00 0.00
Taxes of earlier years
Balance Carried to 33,25,61,207.00 14,30,93,656.00
Balance Sheet
DIVIDEND:
In order to conserve the resources, your directors do not recommend any
dividend for the year 2014-15.
PRESENT OPERATIONS AND FUTURE PROSPECTS:
During the year under review, the Company has not generated any revenue
from operation as against Rs. 2,91,00,000 during the previous financial
year. The net profit after tax for the year under review has been Rs.
18,90,87,772 as against Rs. 1,39,70,017 during the previous financial
year which shows tremendous growth of 1253.53% against the previous
year. However, the net profit generated was not from operations but it
was compensation received for relinquishment of right to sue. Your
Directors are continuously looking for the new avenues for future
growth of the Company and expect more growth in future period.
The Company has entered into Development Agreements with various
parties for the development of different projects on their respective
land.
A detailed analysis of the financial results is given in the Management
Discussion and Analysis Report, which forms part of this report.
BOARD OF DIRECTORS:
1. Mr. Dashrathbhai B Patel (DIN: 00235328), whole-time Director of
the Company retires by rotation and, being eligible, offers himself for
re-appointment.
2. Mr. Rameshbhai R Patel (DIN: 07074253), Independent Director and
Mrs. Saritaben N Patel (DIN: 07074237), woman Promoter Director were
appointed on the Board as an Additional Director on 21st January, 2015
and will be confirmed as Directors in the pursuing Annual General
Meeting subject to approval of the shareholders in the Annual General
Meeting.
3. Independent Directors:
The Independent Directors have submitted their declarations of
independence, as required pursuant to the provisions of section 149(7)
of the Act, stating that they meet the criteria of independence as
provided in
SUBSIDIARY, JOINT VENTURE AND ASSOCIATE COMPANY:
The company has no subsidiary company, Joint Venture Company or
Associates Company.
PUBLIC DEPOSIT:
During the year under review your Company has not accepted deposit form
public as envisaged by Chapter V of the Companies Act, 2013.
CHANGE IN THE NATURE OF BUSINESS:
There is no Change in the nature of the business of the Company done
during the year.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS/ OUTGO:
As required by the Companies (Disclosure of Particulars in the Report
of Board of Directors) Rules, 1988 the relevant data pertaining to
conservation of energy, technology absorption are not applicable and
hence, not given. Moreover, the Company has no Foreign Exchange
earnings and outgo.
PARTICULARS OF EMPLOYEES:
There are no employees drawing the remuneration in excess of limits
prescribed under Rule 5 of Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014.
MATERIAL CHANGES AND COMMITMENTS, IF ANY, AFFECTING THE FINANCIAL
POSITION OF THE COMPANY WHICH HAS OCCURRED BETWEEN THE END OF THE
FINANCIAL YEAR OF THE COMPANY TO WHICH THE FINANCIAL STATEMENTS RELATE
AND THE DATE OF THE REPORT:
No such material changes and commitments, affecting the financial
position of the company have occurred and hence no comments required.
SIGNIFICANT & MATERIAL ORDERS PASSED BY THE REGULATORS:
During the year no significant and material orders passed by the
regulators or courts or tribunals impacting the going concern status
and company's operations in future.
CHANGES IN SHARES CAPITAL:
The Company has not made any changes in the share capital of the
company during the year under review.
INSURANCE:
All the assets of the company are adequately insured and the Company
has developed proper system for taking insurance on all its insurable
assets in order to mitigate the risk.
COMPLIANCE OFFICER:
At Present, Mr. Dashrathbhai B Patel has been appointed as Compliance
Officer of the Company till the vacancy is fulfilled. The Company is in
search of a member of ICSI for the post of Company Secretary and
Compliance Officer.
I. STATUTORY AUDITORS & AUDITORS' REPORT:
The Company has received certificate u/s. 139 of the Companies Act,
2013 from M/s. Patel Jesalpura & Co., Chartered Accountants, (FRN
120802W), signifying that the appointment if made at the ensuing Annual
General Meeting will be within the limits specified. It is therefore
proposed to appoint M/s. Patel Jesalpura & Co., Chartered Accountants,
(FRN 120802W) as the statutory Auditors of the Company.
Auditors' Report:
Information / explanation on remarks contained In Auditor's Report in
Para 2 of report on other legal and regulatory requirements to the
Auditors Report as per Section 217(3).
The directors hereby submit their explanations to the
remark/qualification made by the auditors in their report for the year
2014-15. The Para No. 7 (c) of report on other legal and regulatory
requirements to the Auditors Report and reply are as under:
Para 7 (c) of report on other legal and regulatory requirements to the
Auditors Report:
2. According to the information and explanation given to us, there are
no dues of sales tax, customs duty, wealth tax, service tax, excise
duty and cess which have not been deposit on account of any dispute
except Income Tax as per details mentioned in Para 7 (c) of the
Auditor's Report.
Explanation to Para 7 (c) of report on other legal and regulatory
requirements to the Auditors Report:
The directors are in bona fide belief that the company has no dues and
liability towards the Income Tax Department. The dues of Income Tax for
the Assessment year 2008-09, 2009-10, 2011-12 and 2012-13 are matter of
technical dispute and the matter are pending before honorable CIT (A)
(Chief Commissioner of Income Tax-Appeals) and ITAT (Income Tax
Appellate Tribunal ) respectively.
All other comments in the Auditors Report with Notes on Accounts
referred to the Auditor's Report are self explanatory and, therefore do
not call for any further explanation.
II INTERNAL CONTORL SYSTEM:
Pursuant to the provisions of section 138 of the Companies Act and
rules made there under, the company has proper system of Internal
Control and it has also appointed internal auditor to look after the
matters of internal control.
III. SECRETARIAL AUDITOR AND SECRETARIAL AUDIT REPORT:
Pursuant to the provisions of section 204 of the Act and The Companies
[Appointment and Remuneration of Managerial Personnel] Rules, 2014, the
Company has appointed M/s. Ronak Doshi & Associates, Practicing Company
Secretary to undertake Secretarial Audit for the financial year ended
on 31st March, 2015. Secretarial Audit Report is attached to this
report as Form MR-3". The Board has duly reviewed the Secretarial
Auditor's Report and the observations and comments, appearing in the
report are self-explanatory and do not call for any further explanation
/ clarification by the Board of Directors as provided under section 134
of the Act.
CORPORATE SOCIAL RESPONSIBILITY (CSR):
The CSR Committee of Board: As prescribed by the Companies Act, 2013,
the Company has constituted a Corporate Social Responsibility Committee
on 25th March, 2014 including Shri Suresh N Patel as Chairman of the
Committee and two other members namely, Shri. Ramanbhai B Patel and Shri
Purshottam M Pandya. The Committee is reviewing from time to time the
Company's CSR Policy and the Committee is searching for the proper
avenues to fulfill the Social Responsibility of the Company by
Utilization of the fund of CSR. As part of its initiatives under
Corporate Social Responsibility [CSR], the Company has contributed for
education and for eradicating poverty for the year under review. As in
the Financial Year 2014-15, the Company has earned the net Profit for
which CSR is applicable, it is planning to spend the unspent amount of
CSR in the year 2015-16.
ENVIRONMENT, HEALTH AND SAFETY:
The Company accords the highest priority to Environment, Health and
Safety. The management is constantly reviewing the safety standards of
the employees and the management believes in the concept of sustainable
development.
MANAGING THE RISKS OF FRAUD. CORRUPTION AND UNETHICAL BUSINESS
PRACTICES:
i. Vigil Mechanism / Whistle Blower Policy:
The Company has established vigil mechanism and framed whistle blower
policy for Directors and employees to report concerns about unethical
behavior, actual or suspected fraud or violation of Company's Code of
Conduct or Ethics Policy.
ii. Business Conduct Policy:
The Company has framed "Business Conduct Policy". Every employee is
required to review and sign the policy at the time of joining and an
undertaking shall be given for adherence to the Policy. The objective
of the Policy is to conduct the business in an honest, transparent and
in an ethical manner. The policy provides for anti-bribery and
avoidance of other corruption practices by the employees of the
Company.
AUDIT COMMITTEE:
Audit Committee constituted by the company comprising two independent
Non-Executive Directors viz. Shri. Purshottam M. Pandya, Chairman
(having financial and accounting knowledge) and Shri. Suresh Patel, as
well as Mr. Ramanbhai B Patel, Promoter and Executive Director as
members. The constitution of Audit Committee meets with the
requirements under Section 177 of the Companies Act, 1956 and Clause 49
of the Listing agreement of the Stock Exchanges as well.
The Committee periodically discussed the Financial Reporting process,
reviewed the Financial Statements, and discussed the quality of the
applied accounting principles and significant judgment that affected
the Company's Financial Statements. Before presenting the audited
accounts to the members of the Board, the Audit Committee recommended
the appointment of the statutory auditors, subject to the Board's
approval. The audit Committee reviewed with adequacy of internal
control systems with the management, statutory and internal auditors.
INDUSTRIAL RELATIONS:
Industrial Relations during the year under review continued to be
cordial.
TRANSFER OF AMOUNTS TO INVESTOR EDUCATION AND PROTECTION FUND:
Your Company has transferred fund for dividend declared in the year
2007-08 lying in Escrow Account of Axis Bank. The same is required to
be transferred to Investor Education and Protection Fund (IEPF) on 1st
October, 2015 and it will be transferred to IEPF Account.
ACCOUNTING STANDARDS AND FINANCIAL REPORTING:
The Company incorporates the accounting standards as and when issued by
the Institute of chartered Accountants of India. The Company Complied
with the Stock Exchange and legal requirement concerning the Financial
Statements at the time of preparing them for the Annual Report.
CORPORATE GOVERNANCE:
Your Company follows the principles of effective Corporate Governance.
The Company has complied with the mandatory provisions of Corporate
Governance as prescribed in the revised Clause 49 of the Listing
Agreement executed with the Stock Exchange(s).
A separate section on Corporate Governance is included in the Annual
Report and Certificate from Company's Auditors confirming the
compliance with the code of Corporate Governance as enumerated in
Clause-49 of the listing agreement with the Stock Exchange is annexed
hereto.
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 executed with
the Stock Exchange, is presented in a separate section forming part of
the Annual Report.
DEMATERIALISATION OF EQUITY SHARES:
As per direction of the SEBI and Bombay Stock Exchange Limited, the
shares of the Company are under compulsory demat form. The Company has
established connectivity with both the Depositories i.e. National
Securities Depository Limited and Central Depository Services (India)
Limited and the demat activation number allotted to the Company is
ISIN: INE 370C01015. Presently shares are held in electronic and
physical mode (87.21% of shares in demat, 12.79% in physical mode).
LISTING:
The equity shares of the company are listed in the Bombay Stock
Exchange Limited which has the connectivity in most of the cities
across the country.
NUMBER OF MEETINGS OF THE BOARD OF DIRECTORS:
The Board of Directors duly met at regular intervals during the
mentioned financial year and in respect of which meetings proper
notices were given and the proceedings were properly recorded and
signed in the Minutes Book maintained for the purpose. The details
regarding the meetings of board of directors and the attendance of the
directors in the same is mentioned in Corporate Governance Report.
NUMBER OF MEETINGS OF THE AUDIT COMMITTEE:
The Audit Committee duly met at regular intervals during the mentioned
financial year and in respect of which meetings proper notices were
given and the proceedings were properly recorded and signed in the
Minutes Book maintained for the purpose. The details regarding the
meetings of Audit Committee and the attendance of the directors in the
same is mentioned in Corporate Governance Report.
NUMBER OF MEETINGS OF THE NOMINATION AND REMUNERATION COMMITTEE:
The Nomination and Remuneration Committee duly met at regular intervals
during the mentioned financial year and in respect of which meetings
proper notices were given and the proceedings were properly recorded
and signed in the Minutes Book maintained for the purpose. The details
regarding the meetings of Nomination and Remuneration Committee and the
attendance of the directors in the same is mentioned in Corporate
Governance Report.
DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE
(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 Workplace
(Prevention, Prohibition & Redressal) Act, 2013. Internal Complaints
Committee (ICC) has been set up to redress complaints received
regarding sexual harassment. All employees (permanent, contractual,
temporary, trainees) are covered under this policy.
DIRECTORS RESPONSIBILITY STATEMENT:
In accordance with the provision of section 134(5) the Board confirms
and submits the Director's Responsibility Statement:-
a) in 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 or loss
of the company for that period;
c) the Directors had taken proper and sufficient care for the
maintenance of adequate accounting records 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.
f) the directors had devised proper system to ensure compliance with the
provision of all applicable laws and that such systems were adequate and
operating effectively.
PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS UNDER SECTION 186:
During the period under report, the Company has not provided guarantee
to any person or Body Corporate. It has also given Loans to any person
or Body Corporate during the year, which is covered under Section 186
of the Companies, Act, 2013.
EXTRACT OF ANNUAL RETURN:
Pursuant to Section 134(3)(a) of the Companies Act, 2013 read with
rules 12(1) of the Companies (Management and Administration) Rules,
2014, the extract of annual return is annexed herewith as MGT-9 and
forming part of the report.
RISK MANAGEMENT POLICY:
The Company has developed and implemented a risk management policy
which identifies major risks which may threaten the existence of the
Company. The same has also been adopted by your Board and is also
subject to its review from time to time. Risk mitigation process and
measures have been also formulated and clearly spelled out in the said
policy.
PARTICULARS OF CONTRACTS AND ARRANGEMENTS WITH RELATED PARTIES:
The Particulars of contracts or arrangements with related parties are
given in the prescribed Form AOC-2 appended herewith as Annexure-A.
ACKNOWLEDGMENT:
Your Directors wish to place on record their sincere appreciation to
the financial institutions, Company's bankers and customers, vendors
and investors for their continued support during the year.
Your Directors are also pleased to record their appreciation for the
dedication and contribution made by employees at all levels who through
their competence and hard work have enabled your Company achieve good
performance year after year and look forward to their support in future
as well.
Regd. Office: By Order of the Board
81, 8th Floor, A-Wing, For, Popular Estate Management Limited
"New York Tower"
Opp. Muktidham Derasar,
Thaltej, S. G. Highway, Sd/- Sd/-
Ahmedabad-380054 Ramanbhai B Patel Dashrathbhai B Patel
Chairman and Managing Whole-time Director
Director
Date: 27th August,2015 DIN: 00118530 DIN: 00235328
Mar 31, 2014
The Members,
Popular Estate Management Limited,
Ahmedabad
The directors have pleasure in presenting herewith their Twentieth
Annual Report together with the Audited Statements of Accounts for the
period ended 31st March, 2014.
FINANCIAL RESULTS :
Particulars Current Previous
Year Ended Year Ended
on 31/03/2014 on 31/03/2013
Income from operations 2,91,00,000.00 0.00
Other Income 0.00 471.00
Depreciation 30,02,052.00 30,27,267.00
Expenses other 83,43,812.00 9,07,90,854.00
than Depreciation
Preliminary Exp. 0.00 0.00
Written off
Net Profit/(Loss) 1,77,54,136.00 (9,38,17,650).00
Before Tax
Current Tax 38,50,000.00 0.00
Differed Tax (1,75,881).00 16,94,293.00
Wealth Tax 1,10,000.00 0.00
Profit/(Loss) 1,39,70,017.00 (9,55,11,943).00
After Tax
Proposed Dividend 0.00 0.00
Provision for dividend 0.00 0.00
distribution Tax
Profit/(Loss) 1,39,70,017.00 (9,55,11,943).00
after Tax & Dividend
Bal. Brought Forward 12,84,08,639.00 22,39,20,582.00
Less : Income Tax paid 0.00 0.00
for previous year
Less : Short Provision 0.00 0.00
of Taxes of earlier years
Balance Carried to 14,23,78,656.00 12,84,08,639.00
Balance Sheet
DIVIDEND :
In order to conserve the resources, your directors do not recommend any
dividend for the year 2013-14.
BOARD OF DIRECTORS :
1. Mr. Dashrathbhai B Patel, whole-time Director of the Company retires
by rotation and, being eligible, offers himself for re-appointment.
2. Mr. Chhaganbhai B Patel, Whole-Time Director of the Company and Mr.
Purshottam H Pandya, Independent Director of the Company has resigned
from the Board on 27th November, 2013.
3. In accordance with the provisions of Section 149, 152 and other
applicable provisions of the Companies Act, 2013 and Rules made
thereunder, it is proposed to appoint Mr. Purshottam M Pandya and Mr.
Suresh N Patel, who are currently non-executive independent directors
of the company and who meet the criteria for independence as provided
in Section 149(6) of the Companies Act, 2013, as independent directors
for a period of 5 years from the date of the ensuing Annual General
Meeting.
REVIEW OF FINANCIAL PERFORMANCE, OPERATIONS AND FUTURE PROSPECTS :
During the year under report, the company has made profit before Tax of
Rs.177.54 Lac during the year and
the operations for the year under review have resulted into net profit
after tax of Rs. 139.70 Lac. The directors
are hoping for better performance in coming years.
The Company has entered into Development Agreements with various
parties for the development of different projects on their respective
land.
A detailed analysis of the financial results is given in the Management
Discussion and Analysis Report, which forms part of this report.
PUBLIC DEPOSIT :
The Company has not accepted any public deposits as defined under
section 58A of the Companies Act, 1956 read with Companies (Acceptance
of Deposits) Rules, 1975, as amended, during the year under review.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS / OUTGO :
The information relating to conservation of Energy, Technology
Absorption, Foreign Exchange Earning / Outgo as required under 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 are not applicable and hence, not given.
PARTICULARS OF EMPLOYEES :
Provisions of Section 217(2A) of the Companies Act, 1956 read with the
Companies (Particulars Employees) Rules, 1975 are not applicable to the
Company, since none of the employees of the Company was in receipt of
total remuneration exceeding of Rs.60,00,000/- p.a. or Rs.5,00,000/- p.
m. for part of the year during the financial year under review.
COMPANY SECRETARY AND COMPLIANCE OFFICER :
In accordance with the provisions of Section 383A of the Companies Act,
1956, Shri Ronak D Doshi, a member of The Institute of Company
Secretaries of India (ICSI) has resigned from the post of Company
Secretary and Compliance Officer with effect from 27th November, 2013.
At Present, Mr. Dashrathbhai B Patel has been appointed as Compliance
Officer of the Company till the vacancy is fulfilled. The Company is in
search of a new member of ICSI for the post of Company Secretary and
Compliance Officer.
AUDIT COMMITTEE :
Audit Committee constituted by the company comprising two independent
Non-Executive Directors viz. Shri. Purshottam M. Pandya, Chairman
(having financial and accounting knowledge) and Shri. Suresh Patel, as
well as Mr. Ramanbhai B Patel, Promoter and Executive Director as
members. The constitution of Audit Committee meets with the
requirements under Section 292A of the Companies Act, 1956 and Clause
49 of the Listing agreement of the Stock Exchanges as well.
The Committee periodically discussed the Financial Reporting process,
reviewed the Financial Statements, and discussed the quality of the
applied accounting principles and significant judgment that affected
the Company''s Financial Statements. Before presenting the audited
accounts to the members of the Board, the Audit Committee recommended
the appointment of the statutory auditors, subject to the Board''s
approval. The audit Committee reviewed with adequacy of internal
control systems with the management, statutory and internal auditors.
ACCOUNTING STANDARDS AND FINANCIAL REPORTING :
The Company incorporates the accounting standards as and when issued by
the Institute of chartered Accountants of India. The Company Complied
with the Stock Exchange and legal requirement concerning the Financial
Statements at the time of preparing them for the Annual Report.
CORPORATE GOVERNANCE :
Your Company follows the principles of effective Corporate Governance.
The Company has complied with the mandatory provisions of Corporate
Governance as prescribed in the revised Clause 49 of the Listing
Agreement executed with the Stock Exchange(s).
A separate section on Corporate Governance is included in the Annual
Report and Certificate from Company''s Auditors confirming the
compliance with the code of Corporate Governance as enumerated in
Clause-49 of the listing agreement with the Stock Exchange is annexed
hereto.
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 executed with the Stock Exchange, is presented in a
separate section forming part of the Annual Report.
DEMATERIALISATION OF EQUITY SHARES :
As per direction of the SEBI and Bombay Stock Exchange Limited, the
shares of the Company are under compulsory demat form. The Company has
established connectivity with both the Depositories i.e. National
Securities Depository Limited and Central Depository Services (India)
Limited and the demat activation number allotted to the Company is
ISIN: INE 370C01015. Presently shares are held in electronic and
physical mode (87.20% of shares in demat, 12.80% in physical mode).
LISTING :
The equity shares of the company are listed in the Bombay Stock
Exchange Limited which has the connectivity in most of the cities
across the country.
AUDITORS :
M/s. Patel & Jesalpura., Chartered Accountants, Ahmedabad retire at the
conclusion of this ensuing Annual General Meeting. The Company has
received a certificate under Section 224 (1) (B) of the Companies Act,
1956 to the effect that their re-appointment, if made, will be in
accordance to the limit specified in the said Section. You are
requested to consider their re-appointment as Auditors of the Company
for the Current Year.
AUDITORS REPORT :
Information / explanation on remarks contained In Auditor''s Report in
Para 2 of report on other legal and regulatory requirements to the
Auditors Report as per Section 217(3).
The directors hereby submit their explanations to the
remark/qualification made by the auditors in their report for the year
2013-14. The Para No. 9 (c) of report on other legal and regulatory
requirements to the Auditors Report and reply are as under:
Para 9 (c) of report on other legal and regulatory requirements to the
Auditors Report:
2. According to the information and explanation given to us, there are
no dues of sales tax, customs duty, wealth tax, service tax, excise
duty and cess which have not been deposit on account of any dispute
except Income Tax as per details mentioned in Para 9 (c) of the
Auditor''s Report.
Explanation to Para 9 (c) of report on other legal and regulatory
requirements to the Auditors Report:
The directors are in bona fide belief that the company has no dues and
liability towards the Income Tax Department. The dues of Income Tax for
the Assessment year 2011-12 and 2012-13 are matter of technical dispute
and the matter are pending before honorable CIT (A) (Chief commissioner
of Income Tax- Appeals) and ITAT (Income Tax Appellate Tribunal )
respectively.
All other comments in the Auditors Report with Notes on Accounts
referred to the Auditor''s Report are self explanatory and, therefore
do not call for any further explanation.
DIRECTORS'' RESPONSIBILITY STATEMENT :
Pursuant to the requirement under Section 217 (2AA) of the Companies
Act, 1956 with respect to Directors'' Responsibilities Statement, it
is hereby confirmed:
(i) That in the preparation of the Annual Accounts for the Financial
Year ended 31st March, 2014 the applicable accounting standards had
been followed along with proper explanation relating to material
departures;
(ii) That the Directors had selected such accounting policies and
applied them consistently and made judgments 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;
(iii) That the Directors had 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;
(iv) That the Directors had prepared the accounts for the Financial
Year ended 31st March, 2014, on a ''going concern'' basis.
CORPORATE SOCIAL RESPOSIBILITY :
During the year the Board constituted a Corporate Social Responsibility
Committee comprising of three nonexecutive directors which stood as
follows as on 31st March, 2014:
Mr. Suresh N Patel (Non-executive and Independent director) - Chairman
Mr. Purshottam M Pandya (Non-executive and Independent director) -
Member Mr. Ramanbhai B Patel (Executive director and Promoter) - Member
The terms of reference and scope of work is same as prescribed in
Section 135 of the Companies Act, 2013, and the Rules thereunder.
INSURANCE :
The company has made necessary arrangements for adequately insuring its
insurable interests.
INDUSTRIAL RELATIONS :
The directors are happy to note that the industrial relations continued
to remain cordial during the year. The directors express their
appreciation towards the staffs and executive staffs for their
coordination and hope for a continued harmonious relations.
ACKNOWLEDGEMENT :
Your directors would like to express their grateful appreciation for
the assistance and co-operation received from the Government, Banks and
Business associates during the year under review. The Directors also
express their gratitude to the shareholders for the confidence reposed
towards the Company. Your Directors wish to place on record their deep
sense of appreciation to all the employees for their commendable team
work and enthusiastic contribution during the year.
Regd. Office : By Order of the Board
81, 8th Floor, A-Wing, For, Popular Estate Management Limited
"New York Tower"
Opp. Muktidham Derasar,
Thaltej, S. G. Highway,
Ahmedabad-380054
Sd/- Sd/-
Date : 21st May 2014 Dashrathbhai B Patel Purshottam M Pandya
Whole-Time Director Director
Mar 31, 2013
To, The Members of Popular Estate Management Limited, Ahmedabad
The directors have pleasure in presenting herewith their Nineteenth
Annual Report together with the Audited Statements of Accounts for the
period ended 31st March, 2013.
FINANCIAL RESULTS :
Particulars Current Year
Ended Previous Year
Ended
on 31/03/2013 on 31/03/2012
Income from operations 0.00 0.00
Other Income 471.00 1,66,27,346.000
Depreciation 30,27,267.00 25,06,241.00
Expenses other than Depreciation 9,07,90,854.00 76,58,207.00
Preliminary Exp. Written off 0.00 0.00
Net Profit/(Loss) Before Tax (9,38,17,650).00 18,67,15,898.00
Current Tax 0.00 15,25,000.00
Differed Tax 16,94,293.00 0.00
Profit/(Loss) After Tax (9,55,11,943).00 18,51,90,898.00
Proposed Dividend 0.00 0.00
Provision for dividend
distribution Tax 0.00 0.00
Profit/(Loss) after Tax
& Dividend (9,55,11,943).00 18,51,90,898.00
Bal. Brought Forward 22,39,20,582.00 3,94,38,871.00
Less : Income Tax paid
for previous year 0.00 0.00
Less : Short Provision of
Taxes of earlier years 0.00 7,09,187.00
Balance Carried to Balance Sheet 12,84,08,639.00 22,39,20,582.00
DIVIDEND :
In order to conserve the resources, your directors do not recommend any
dividend for the year 2012-13.
BOARD OF DIRECTORS :
In accordance with provisions of Section 256 of the Companies Act,
1956, Shri. Ramanbhai B. Patel, and Shri. Purshottam M Pandya retires
by rotation and being eligible offers themselves for re-appointment.
REVIEW OF FINANCIAL PERFORMANCE, OPERATIONS AND FUTURE PROSPECTS :
During the year under report, the company has made loss before Tax of
Rs.938.18 Lac during the year and the operations for the year under
review have resulted into net loss of Rs. 955.12 Lac. The directors are
hoping better performance in coming years.
The Company has entered into Development Agreements with various
parties for the development of different projects on their respective
land.
A detailed analysis of the financial results is given in the Management
Discussion and Analysis Report, which forms part of this report.
PUBLIC DEPOSIT :
The Company has not accepted any public deposits as defined under
section 58A of the Companies Act, 1956 read with Companies (Acceptance
of Deposits) Rules, 1975, as amended, during the year under review.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS / OUTGO:
The information relating to conservation of Energy, Technology
Absorption, Foreign Exchange Earning / Outgo as required under 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 are not applicable and hence, not given.
PARTICULARS OF EMPLOYEES :
Provisions of Section 217(2A) of the Companies Act, 1956 read with the
Companies (Particulars Employees) Rules, 1975 are not applicable to the
Company, since none of the employees of the Company was in receipt of
total remuneration exceeding of Rs.60,00,000/- p.a. or Rs.5,00,000/- p.
m. for part of the year during the financial year under review.
COMPANY SECRETARY AND COMPLIANCE OFFICER :
In accordance with the provisions of Section 383A of the Companies Act,
1956. Shri Ronak D Doshi, a member of The Institute of Company
Secretaries of India (ICSI) has been working as a Company Secretary cum
Compliance officer.
AUDIT COMMITTEE :
Audit Committee constituted by the company comprising three independent
Non-Executive Directors viz. Shri. Purshottam M. Pandya, Chairman
(having financial and accounting knowledge), Shri. Purshottam H. Pandya
and Shri. Suresh Patel, members. The constitution of Audit Committee
meets with the requirements under Section 292A of the Companies Act,
1956 and Clause 49 of the Listing agreement of the Stock Exchanges as
well.
The Committee periodically discussed the Financial Reporting process,
reviewed the Financial Statements, and discussed the quality of the
applied accounting principles and significant judgment that affected
the Company''s Financial Statements. Before presenting the audited
accounts to the members of the Board, the Audit Committee recommended
the appointment of the statutory auditors, subject to the Board''s
approval. The audit Committee reviewed with adequacy of internal
control systems with the management, statutory and internal auditors.
ACCOUNTING STANDARDS AND FINANCIAL REPORTING :
The Company incorporates the accounting standards as and when issued by
the Institute of chartered Accountants of India. The Company Complied
with the Stock Exchange and legal requirement concerning the Financial
Statements at the time of preparing them for the Annual Report.
CORPORATE GOVERNANCE :
Your Company follows the principles of effective Corporate Governance.
The Company has complied with the mandatory provisions of Corporate
Governance as prescribed in the revised Clause 49 of the Listing
Agreement executed with the Stock Exchange(s).
A separate section on Corporate Governance is included in the Annual
Report and Certificate from Company''s Auditors confirming the
compliance with the code of Corporate Governance as enumerated in
Clause-49 of the listing agreement with the Stock Exchange is annexed
hereto.
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 executed
with the Stock Exchange, is presented in a separate section forming
part of the Annual Report.
DEMATERIALISATION OF EQUITY SHARES :
As per direction of the SEBI and Bombay Stock Exchange Limited, the
shares of the Company are under compulsory demat form. The Company has
established connectivity with both the Depositories i.e. National
Securities Depository Limited and Central Depository Services (India)
Limited and the demat activation number allotted to the Company is
ISIN: INE 370C01015. Presently shares are held in electronic and
physical mode (83.32% of shares in demat, 16.68% in physical mode).
LISTING :
The equity shares of the company are listed in the Bombay Stock
Exchange Limited which has the connectivity in most of the cities
across the country.
AUDITORS :
M/s. Patel & Jesalpura., Chartered Accountants, Ahmedabad retire at the
conclusion of this ensuing Annual General Meeting. The Company has
received a certificate under Section 224 (1) (B) of the Companies Act,
1956 to the effect that their re-appointment, if made, will be in
accordance to the limit specified in the said Section. You are
requested to consider their re-appointment as Auditors of the Company
for the Current Year.
AUDITORS REPORT :
Information / explanation on remarks contained In Auditor''s Report in
Para 2 of report on other legal and regulatory requirements to the
Auditors Report as per Section 217(3).
The directors hereby submit their explanations to the
remark/qualification made by the auditors in their report for the year
2012-13. The Para No. 2 of report on other legal and regulatory
requirements to the Auditors Report and reply are as under:
Para 2 of report on other legal and regulatory requirements to the
Auditors Report:
2. The Company has not made provision for Wealth Tax and hence to that
extent the Loss is understated and Current Liabilities are understated.
In absence of necessary details the amount is not quantifiable.
Explanation to Para 2 of report on other legal and regulatory
requirements to the Auditors Report:
The directors are in bona fide belief that the commercial land which
forms part of stock in trade (being one of the productive assets) for
the purpose of business carried out by the company or a property in the
nature of commercial establishment are all excluded from the purview of
wealth tax. Basically the wealth tax is levied on non-productive assets
and hence, the provision for wealth tax has not been made. However, the
directors will obtain legal opinion from well known tax advisor firm in
the coming year.
All other comments in the Auditors Report with Notes on Accounts
referred to the Auditor''s Report are self explanatory and, therefore
do not call for any further explanation.
DIRECTORS'' RESPONSIBILITY STATEMENT :
Pursuant to the requirement under Section 217 (2AA) of the Companies
Act, 1956 with respect to Directors'' Responsibilities Statement, it
is hereby confirmed:
(i) that in the preparation of the Annual Accounts for the Financial
Year ended 31st March, 2013 the applicable accounting standards had
been followed along with proper explanation relating to material
departures;
(ii) that the Directors had selected such accounting policies and
applied them consistently and made judgments 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;
(iii) that the Directors had 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;
(iv) that the Directors had prepared the accounts for the Financial
Year ended 31st March, 2013, on a ''going concern'' basis.
INSURANCE :
The company has made necessary arrangements for adequately insuring its
insurable interests.
INDUSTRIAL RELATIONS :
The directors are happy to note that the industrial relations continued
to remain cordial during the year. The directors express their
appreciation towards the staffs and executive staffs for their
coordination and hope for a continued harmonious relations.
ACKNOWLEDGEMENT :
Your directors would like to express their grateful appreciation for
the assistance and co-operation received from the Government, Banks and
Business associates during the year under review. The Directors also
express their gratitude to the shareholders for the confidence reposed
towards the Company. Your Directors wish to place on record their deep
sense of appreciation to all the employees for their commendable team
work and enthusiastic contribution during the year.
Regd. Office: On Behalf of the Board
81, 8th Floor, A-Wing, For, Popular Estate Management Limited
"New York Tower"
Opp. Muktidham Derasar,
Thaltej, S. G. Highway,
Ahmedabad -380054. Sd/-
Ramanbhai B. Patel
Date : 27th May, 2013 Chairman & Managing Director
Mar 31, 2012
To , The Members of Popular Estate Management Limited, Ahmedabad
The directors have pleasure in presenting herewith their Eighteenth
Annual Report together with the Audited Statements of Accounts for the
period ended 31st March, 2012.
FINANCIAL RESULTS :
Particulars Current
Year Ended Previous
Year Ended
on 31/03/2012 on 31/03/2011
Income from operations 0.00 0.00
Other Income 1,66,27,346.00 0.00
Depreciation 25,06,241.00 22,63,327.00
Employee Benefit, finance
and other exp. 76,58,207.00 50,84,390.00
Preliminary Exp. Written off 0.00 6,20,716.00
Net Profit/(Loss) Before Tax 18,67,15,898.00 (73,47,716.77)
Current Tax 15,25,000.00 0.00
Profit/(Loss) After Tax 18,51,90,898.00 (73,47,716.77)
Proposed Dividend 0.00 0.00
Provision for dividend distribution Tax 0.00 0.00
Profit/(Loss) after Tax & Dividend 18,51,90,898.00 (73,47,716.77)
Bal. Brought Forward 3,94,38,871.00 4,67,86,588.00
Less : Income Tax paid for previous year 0.00 0.00
Less : Dividend Tax paid of previous year 0.00 0.00
Balance Carried to Balance Sheet 22,39,20,582.00 3,94,38,870.96
DIVIDEND :
In order to conserve the resources, your directors do not recommend any
dividend for the year 2011-12.
BOARD OF DIRECTORS :
In accordance with provisions of Section 256 of the Companies Act,
1956, Shri. Dashrathbhai B. Patel, and Shri. Suresh N Patel retires by
rotation and being eligible offers themselves for re-appointment.
There is no other appointment or cessation of any director during the
year under view.
REVIEW OF FINANCIAL PERFORMANCE, OPERATIONS AND FUTURE PROSPECTS :
During the year under report, the company has earned income of Rs.
1851.91 Lac as compared to Loss of Rs. 73.48 Lac during the previous
year and the operations for the year under review have resulted into
net Income of Rs. 1851.91 Lac. Your company performed well in the
business and the directors are hoping better performance during the
current year.
The Company has entered into Development Agreements with various
parties for the development of different projects on their respective
land.
A detailed analysis of the financial results is given in the Management
Discussion and Analysis Report, which forms part of this report.
PUBLIC DEPOSIT :
The Company has not accepted any deposits as defined under section 58A
of the Companies Act, 1956 read with Companies (Acceptance of Deposits)
Rules, 1975, as amended, during the year under review.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS / OUTGO :
The information relating to conservation of Energy, Technology
Absorption, Foreign Exchange Earning / Outgo as required under 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 are not applicable and hence, not given.
PARTICULARS OF EMPLOYEES :
Provisions of Section 217(2A) of the Companies Act, 1956 read with the
Companies (Particulars Employees) Rules, 1975 are not applicable to the
Company, since none of the employees of the Company was in receipt of
total remuneration exceeding of 60,00,000/- p.a. or 5,00,000/- p. m.
for part of the year during the financial year under review.
COMPANY SECRETARY AND COMPLIANCE OFFICER :
In accordance with the provisions of Section 383A of the Companies Act,
1956. Shri Ronak D Doshi, a member of The Institute of Company
Secretaries of India (ICSI) has been working as a Company Secretary cum
Compliance officer.
AUDIT COMMITTEE :
Audit Committee re-constituted by the company comprising three
independent Non-Executive Directors viz. Shri. Purshottam M. Pandya,
Chairman (having financial and accounting knowledge), Shri. Purshottam
H. Pandya and Shri. Suresh Patel, members. The constitution of Audit
Committee meets with the requirements under Section 292A of the
Companies Act, 1956 and Clause 49 of the Listing agreement of the Stock
Exchanges as well.
The Committee periodically discussed the Financial Reporting process,
reviewed the Financial Statements, and discussed the quality of the
applied accounting principles and significant judgment that affected
the Company's Financial Statements. Before presenting the audited
accounts to the members of the Board, the Audit Committee recommended
the appointment of the statutory auditors, subject to the Board's
approval. The audit Committee reviewed with adequacy of internal
control systems with the management, statutory and internal auditors.
ACCOUNTING STANDARDS AND FINANCIAL REPORTING :
The Company incorporates the accounting standards as and when issued by
the Institute of chartered Accountants of India. The Company Complied
with the Stock Exchange and legal requirement concerning the Financial
Statements at the time of preparing them for the Annual Report.
CORPORATE GOVERNANCE :
Your Company follows the principles of effective Corporate Governance.
The Company has complied with the mandatory provisions of Corporate
Governance as prescribed in the revised Clause 49 of the Listing
Agreement executed with the Stock Exchange(s).
A separate section on Corporate Governance is included in the Annual
Report and Certificate from Company's Auditors confirming the
compliance with the code of Corporate Governance as enumerated in
Clause-49 of the listing agreement with the Stock Exchange is annexed
hereto.
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 executed with
the Stock Exchange, is presented in a separate section forming part of
the Annual Report.
DEMATERIALISATION OF EQUITY SHARES :
As per direction of the SEBI and Bombay Stock Exchange Limited, the
shares of the Company are under compulsory demat form. The Company has
established connectivity with both the Depositories i.e. National
Securities Depository Limited and Central Depository Services (India)
Limited and the demat activation number allotted to the Company is
ISIN: INE 370C01015. Presently shares are held in electronic and
physical mode (81.43% of shares in demat, 18.57% in physical mode).
LISTING :
The equity shares of the company are listed in the Bombay Stock
Exchange Limited which has the connectivity in most of the cities
across the country.
AUDITORS :
M/s. Patel & Jesalpura., Chartered Accountants, Ahmedabad retire at the
conclusion of this ensuing Annual General Meeting. The Company has
received a certificate under Section 224 (1) (B) of the Companies Act,
1956 to the effect that their re-appointment, if made, will be in
accordance to the limit specified in the said Section. You are
requested to consider their re-appointment as Auditors of the Company
for the Current Year.
AUDITORS REPORT :
The comments in the Auditors Report with Notes on Accounts referred to
the Auditor's Report are self explanatory and, therefore do not call
for any further explanation.
APPOINTMENT OF COST AUDITOR :
The company is in process of appointing a Cost Accountant to obtain
from them Compliance Report for the financial year 2011-12 and 2012-13
pursuant to the requirement of Companies (Cost Accounting Records)
Rules 2011.
DIRECTORS' RESPONSIBILITY STATEMENT :
Pursuant to the requirement under Section 217 (2AA) of the Companies
Act, 1956 with respect to Directors' Responsibilities Statement, it is
hereby confirmed:
(i) that in the preparation of the Annual Accounts for the Financial
Year ended 31st March, 2012 the applicable accounting standards had
been followed along with proper explanation relating to material
departures;
(ii) that the Directors had selected such accounting policies and
applied them consistently and made judgments 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;
(iii) that the Directors had 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;
(iv) that the Directors had prepared the accounts for the Financial
Year ended 31st March, 2012, on a 'going concern' basis.
INSURANCE :
The company has made necessary arrangements for adequately insuring its
insurable interests.
INDUSTRIAL RELATIONS :
The directors are happy to note that the industrial relations continued
to remain cordial during the year. The directors express their
appreciation towards the staffs and executive staffs for their
coordination and hope for a continued harmonious relations.
ACKNOWLEDGEMENT :
Your directors would like to express their grateful appreciation for
the assistance and co-operation received from the Government, Banks and
Business associates during the year under review. The Directors also
express their gratitude to the shareholders for the confidence reposed
towards the Company. Your Directors wish to place on record their deep
sense of appreciation to all the employees for their commendable team
work and enthusiastic contribution during the year.
Regd. Office : By Order of the Board
81, 8th Floor, A-Wing, For, Popular Estate Management Limited
"New York Tower"
Opp. Muktidham Derasar,
Thaltej, S. G. Highway,
Ahmedabad-380054
Sd/-
Date : 27th May, 2012 Ramanbhai B. Patel
Chairman & Managing Director
Mar 31, 2010
The directors have pleasure in presenting herewith their Sixteenth
Annual Report together with the Audited Statements of Accounts for the
period ended 31st March, 2010.
FINANCIAL RESULTS :
Particulars Current Year Ended Previous Year Ended
on 31/03/2010 on 31/03/2009
Income 94,71,150.00 3,87,27,804.00
Depreciation 18,75,057.31 13,99,466.00
Administrative & other Exp. 33,22,107.76 32,24,401.01
Preliminary Exp. Written off 6,20,716.00 6,20,716.00
Net Profit Before Tax 36,53,268.53 3,30,79,363.99
Provision for Taxation 55,00,000.00 38,00,000.00
Provision for Fringe Benefit Tax 0.00 1,00,000.00
Profit After Tax 31,03,268.93 2,91,79,363.99
Proposed Dividend 0.00 1,26,00,180.00
Provision for dividend
distribution Tax 0.00 21,41,400.00
Profit after Tax & Dividend 31,03,268.93 1,44,37,783.99
Bal. Brought Forward 4,38,30,653.80 3,04,03,431.81
Less : Income Tax paid for
previous year 1,47,335.00 9,67,734.00
Less : Dividend Tax paid of
previous year 0.00 42,828.00
Balance Carried to Balance
Sheet 4,67,86,587.73 4,38,30,653.80
DIVIDEND :
In order to conserve the resources of the company, your directors do
not recommend any dividend for the year 2009-10.
BOARD OF DIRECTORS :
In accordance with provisions of Section 256 of the Companies Act,
1956, Shri. Dashrathbhai B. Patel and Shri. Purshottambhai M. Pandya
retires by rotation and being eligible offers themselves for
re-appointment.
Shri Prathmesh C. Patel & Shri Bharatbhai N. Patel have been resigned
to act as director of the company w.e.f.06/03/2010 and Shri Mrugesh V
Patel also has been resigned from the post of his directorship in the
company vide Board resolution passed on 30/11/2009.
Shri Purshottam H. Pandya has been appointed as additional director in
the Board meeting held on 30/11/ 2009.
REVIEW OF FINANCIAL PERFORMANCE, OPERATIONS AND FUTURE PROSPECTS :
During the year under report, the company has earned gross Income of
Rs. 94.71 Lac as compared to Rs. 387.28 Lac during the previous year
and the operations for the year under review have resulted into net
Profit of Rs. 31.03 Lac. Your company could achieve sustained growth in
business due to continued pursuit of our strategy to work with
innovation ideas, and developing new areas of its activities. Directors
are hoping even better performance during the current year.
The Company has entered into Development Agreements with various
parties for the development of different projects on their respective
land.
A detailed analysis of the financial results is given in the Management
Discussion and Analysis Report, which forms part of this report.
PUBLIC DEPOSIT :
The Company has not accepted any deposits as defined under section 58A
of the Companies Act, 1956 read with Companies (Acceptance of Deposits)
Rules, 1975, as amended, during the year under review.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS / OUTGO:
The information relating to conservation of Energy, Technology
Absorption, Foreign Exchange Earning / Outgo as required under 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 are not applicable and hence, not given.
PARTICULARS OF EMPLOYEES :
Provisions of Section 217(2A) of the Companies Act, 1956 read with the
Companies (Particulars Employees) Rules, 1975 are not applicable to the
Company, since none of the employees of the Company was in receipt of
total remuneration exceeding of 24,00,000/- p.a. or 2,00,000/- p. m.
for part of the year during the financial year under review.
COMPANY SECRETARY AND COMPLIANCE OFFICER :
In accordance with the provisions of Section 383A of the Companies Act,
1956. Shri Ronak D Doshi, a member of The Institute of Company
Secretaries of India (ICSI) has been appointed as l Company Secretary
cum Compliance officer during the year under review.
AUDIT COMMITTEE :
Audit Committee re-constituted by the company comprising three
independent Non-Executive Directors viz. Shri. Purshottam M. Pandya,
Chairman (having financial and accounting knowledge), Shri. Purshottam
H. Pandya and Shri. Suresh Patel, members. The constitution of Audit
Committee meets with the requirements under Section 292A of the
Companies Act, 1956 and Clause 49 of the Listing agreement of the Stock
Exchanges as well.
The Committee periodically discussed the Financial Reporting process,
reviewed the Financial Statements, and discussed the quality of the
applied accounting principles and significant judgment that affected
the Companys Financial Statements. Before presenting the audited
accounts to the members of the Board, the Audit Committee recommended
the appointment of the statutory auditors, subject to the Boards
approval. The audit Committee reviewed with adequacy of internal
control systems with the management, statutory and internal auditors.
ACCOUNTING STANDARDS AND FINANCIAL REPORTING :
The Company incorporates the accounting standards as and when issued by
the Institute of chartered Accountants of India. The Company Complied
with the Stock Exchange and legal requirement concerning the Financial
Statements at the time of preparing them for the Annual Report.
CORPORATE GOVERNANCE:
Your Company follows the principles of effective Corporate Governance.
The Company has complied with the mandatory provisions of Corporate
Governance as prescribed in the revised Clause 49 of the Listing
Agreement executed with the Stock Exchange(s).
A separate section on Corporate Governance is included in the Annual
Report and Certificate from Companys Auditors confirming the
compliance with the code of Corporate Governance as enumerated in
Clause-49 of the listing agreement with the Stock Exchange is annexed
hereto.
MANAGEMENTS DISCUSSION AND ANALYSIS REPORT :
Managements Discussion and Analysis Report for the year under review,
as stipulated under Clause 49 of the Listing Agreement executed with
the Stock Exchange, is presented in a separate section forming part of
the Annual Report.
DEMATERIALISATION OF EQUiTY SHARES :
As per direction of the SEBI and Bombay Stock Exchange Limited, the
shares of the Company are under compulsory demat form. The Company has
established connectivity with both the Depositories i.e. National
Securities Depository Limited and Central Depository Services (India)
Limited and the demat activation number allotted to the Company is
ISIN: 1NE 370C01015. Presently shares are held in electronic and
physical mode (80.43% of shares in demat, 19.57% in physical mode).
LISTING :
The equity shares of the company are listed in the Bombay Stock
Exchange Limited which has the connectivity in most of the cities
across the country.
AUDITORS :
M/S. Surendrakumar Jain & Co., Chartered Accountants, Ahmedabad retire
at the conclusion of this ensuing Annual General Meeting. T,ie Company
has received a certificate under Section 224 (1) (B) of the Companies
Act, 1956 to the effect that their re-appointment, if made, will be in
accordance to the limit specified in the said Section. You are
requested to consider their re-appointment as Auditors of the Company
for the Current Year.
AUDITORS REPORT :
The comments in the Auditors Report with Notes on Accounts referred to
the Auditors Report are self explanatory and, therefore do not call
for any further explanation.
DIRECTORS RESPONSIBILITY STATEMENT :
Pursuant to the requirement under Section 217 (2AA) of the Companies
Act, 1956 with respect to Directors Responsibilities Statement, it is
hereby confirmed:
(i) that in the preparation of the Annual Accounts for the Financial
Year ended 31s March, 2010 the applicable accounting standards had been
followed along with proper explanation relating to material departures;
(ii) that the Directors had selected such accounting policies and
applied them consistently and made judgments 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;
(iii) that the Directors had 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;
(iv) that the Directors had prepared the accounts for the Financial
Year ended 31st March, 2010, on a going concern basis.
ACKNOWLEDGEMENT :
Your directors would like to express their grateful appreciation for
the assistance and co-operation received from the Government, Banks and
Business associates during the year under review. The Directors also
express their gratitude to the shareholders for the confidence reposed
towards the Company. Your Directors wish to place on record their deep
sense of appreciation to all the employees for their commendable team
work and enthusiastic contribution during the year.
Regd. Office : By Order of the Board
B/53, 5th Floor, A-Wing, For, Popular Estate Management Limited
"New York Tower" (Previously Known as Pioneer Technoparks Limited)
Opp. Muktidham Derasar,
Thaltej, S. G. Highway,
Ahmedabad-380054
Date: 27th May, 2010 Sd/-
Ramanbhai B. Patel
Chairman & Managing Director
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