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Directors Report of Regent Enterprises Ltd.
Mar 31, 2025
Your Directors feels pleasure to present the 31st Annual Report of the company along with the Audited Financial
Statements for the Financial Year ended March 31, 2025 in terms of the Companies Act, 2013 and rules &
regulations made there under & Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 as amended from time to time.
The Financial Statements have been prepared according to the relevant accounting standards as applicable to the
company.
1. FINANCIAL PERFORMANCE
The financial highlights of the financial Year ended on March 31, 2025 are as follows:
|
Sr. No. |
Particulars |
Current Year Ended |
Current Year Ended |
|
I |
Revenue from operations |
7,49,24,83,987 |
6,72,67,25,982 |
|
II |
Other Income |
2,09,755 |
10,41,112 |
|
III |
Total Revenue (I II) |
7,49,26,93,742 |
6,72,77,67,094 |
|
IV |
Expenses: |
||
|
Purchase of Stock-in-Trade |
7,28,96,33,730 |
6,54,35,45,261 |
|
|
Changes in inventories of finished goods, work-in¬ |
(1,84,90,134) |
(1,68,37,102) |
|
|
Employee Benefit Expense |
2,20,71,120 |
2,19,48,008 |
|
|
Financial Costs |
95,988 |
72,238 |
|
|
Other Expenses |
14,01,68,042 |
16,56,77,215 |
|
|
Total Expenses |
7,43,34,78,746 |
6,72,13,78,335 |
|
|
V |
Earnings before Interest , Tax depreciation and |
5,92,14,996 |
1,33,61,474 |
|
VI |
Depreciation and Amortization expenses |
53,29,526 |
42,51,110 |
|
Profit before tax and Extra ordinary items (V - VI) |
5,38,85,470 |
91,10,364 |
|
|
Prior Period Expenses |
(11,46,235) |
(6,49,030) |
|
|
Extraordinary items |
(3,63,75,894) |
61,50,000 |
|
|
VII |
Profit/(loss before Tax) (EBT) |
1,63,63,341 |
1,46,11,334 |
|
VIII |
Tax Expenses: |
||
|
(1) Current tax |
59,00,000 |
26,42,618 |
|
|
(2) Current Tax Expenses for Prior Years |
12,48,116 |
69,72,716 |
|
|
(3) Deferred tax |
(10,36,032) |
(14,78,228) |
|
|
IX |
Profit/(Loss) after Tax (VII-VIII) (PAT) |
1,02,51,257 |
64,74,229 |
|
X |
Other Comprehensive Income (i ) Item that will not be reclassified to profit or loss (ii) Item that will be reclassified to profit or loss |
||
|
XI |
Total Comprehensive Income for the Period ( IX X) |
1,02,51,257 |
64,74,229 |
2. DIVIDEND
The Company has earned the profit of Rs. 1,02,51,257/- during the financial year 2024-25 and for the future
growth and development of the company''s business your Directors do not recommend any dividend for the
financial year 2024-25.
3. COMPANY''S PERFORMANCE
During the year, revenue from operations for the financial year 2024-25 is 7,49,24,83,987/- which is higher
as compared to the previous year which was Rs. 6,72,67,25,982/-
Earning(Loss) before Tax (EBT) for the financial year 2024-25 is amounted to 1,63,63,341/- as compared to Rs.
1,46,11,334/- in the previous year 2023-24.
Profit(Loss) after Tax (PAT) for the year 2024-25 is 1,02,51,257/- as compared to Rs. 64,74,229/- for the
previous year 2023-24.
There was no any changes in the nature of business of the company during the year under review.
4. DEPOSIT
During the year under review, the Company has not accepted any money by way of deposit from the open public
and members as per the provisions of Section 73 of the Companies Act, 2013 and Companies (Acceptance of
Deposits) Rules, 2014 as amended from time to time.
5. TRANSFER TO RESERVE
During the financial year ended 31st March 2025, the company has not transferred any amount to the specific
reserve of the Company.
6. MATERIAL CHANGES AND COMMITMENT, IF ANY, AFFECTING THE FINANCIAL POSITION OF THE
COMPANY OCCURRED BETWEEN THE END OF 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 this financial statements relates and on the date of the report.
7. DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR
TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANY''S OPERATION IN FUTURE.
There were no significant and material orders passed by the Regulators/Courts/Tribunals that would impact the
going concern status of the Company and its future operations.
8. DETAILS OF SUBSIDIARY/JOINT VENTURES/ASSOCIATES COMPANIES
The company has no subsidiary/Joint Ventures/Associates Companies as at the end of financial year under
review.
9. THE STATE OF THE COMPANY''S AFFAIRS
i) Further Issue of Capital:-
There is no change in the authorized, issued and paid-up capital of the Company during the financial year 2024¬
25.
ii) Change in accounting year:-
There is no change in the accounting year.
iii) Manpower training and executive development programs: -
There were no such activities taken place during the year 2024-25.
10. MANAGEMENT''S DISCUSSION AND ANALYSIS REPORT
The Management''s Discussion and Analysis Report for the year 2024-25, as stipulated under Regulation 34 of
SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, is presented in a separate section
forms part of the Annual Report as - Annexure I to the Director''s report.
11. AUDITORS AND AUDITOR''S REPORT
Statutory Auditors
M/s Pipara & Co LLP, Chartered Accountants (FRN: 107929W/W100219), was appointed as statutory auditors
of the company in the 27th Annual General Meeting of the Company held in the year 2021 for a period of five years
and the tenure of said firm will be concluded in the forthcoming 31st Annual General Meeting.
The notes on accounts referred to in the auditor''s report are self-explanatory and there are no qualifications,
reservations or adverse remarks in the Report and therefore do not need any further comment.
The board of directors in their meeting, on recommendation of Audit Committee, has approved the re¬
appointment of M/s Pipara & Co LLP, Chartered Accountants (FRN: 107929W/W100219), as statutory auditors
of the company for the second and final terms of 5 years subject to the approval by members of the company
in the forthcoming the 31st Annual General Meeting and the said firm will hold the office till the conclusion of 36th
Annual General Meeting to be held in the year 2030 and the said firm have also confirmed that they are not
disqualified from being re-appointed as Statutory Auditors of the Company.
Secretarial Auditors
The board has appointed M/s. Sharma Vijay & Associates, Practicing Company Secretaries (C.O.P :19035) to carry
out secretarial audit under the provisions of Section 204 of the Companies Act, 2013, for the financial year 2024¬
25.
The report of Secretarial Auditor is annexed to this report as Annexure II.
Further pursuant to the provisions of regulations 24A of SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015 as amended on December 12, 2024 vide SEBI (Listing Obligations and Disclosure
Requirements) (Third Amendment) Regulations, 2024, the listed companies are required to appoint a peer
reviewed Company Secretary (Company Secretary in practice, who is either practicing individually or as a sole
proprietor or as a partner of a Peer Reviewed Practice Unit, holding a valid certificate of peer review issued by
the Institute of Company Secretaries of India) as Secretarial Auditor of the company for a period of 5(five) years
with the approval by its shareholders in the Annual General Meeting.
Accordingly, to comply the same and based on the recommendation of the audit committee, the board of directors
of the company in their meeting held on 29.05.2025 has proposed the appointment of M/s. Sharma Vijay &
Associates, Hisar having Peer Review No. 2166/2022 as Secretarial Auditors of the company for a period of
5(Five) years in this 31st Annual General Meeting till the 36th Annual General Meeting to be held in the year 2030
and the same has been consented by the said firm.
The secretarial auditor''s report are self-explanatory and there are no qualifications, reservations or adverse
remarks in the report and therefore do not need any further comment.
12. DIRECTORS'' RESPONSIBILITY STATEMENT
Pursuant to Section 134(5) of the Companies Act, 2013, the Board of Directors, to the best of their
knowledge and ability, confirm that:
⢠in the preparation of the annual accounts, the applicable accounting standards have been followed and
there are no material departures;
⢠we have 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 March 31, 2025, and of the profit of the Company for that period;
⢠we have taken proper and sufficient care for the maintenance of adequate accounting records in
accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and
detecting fraud and other irregularities;
⢠we have prepared the annual accounts on a going concern basis;
⢠we have laid down internal financial controls to be followed by the Company and such internal financial
controls are adequate and operating effectively;
⢠We have devised proper systems to ensure compliance with the provisions of all applicable laws and that
such systems were adequate and operating effectively.
⢠r iu i i nr nioi O i i 11.
Based on the framework of internal financial controls and compliance systems established and maintained by the
company, work performed by the internal, statutory and secretarial auditors and external consultants and the
reviews performed by management and the relevant Board committees, including the audit committee, the board
is of the opinion that the Company''s internal financial controls were adequate and effective during the financial
year 2024-25.
13. DIRECTORS AND KEY MANAGERIAL PERSONNEL
During the year under review, there was no change in the board of the company and Mr. Vikas Kumar, Whole
Time Director, Mr. Ameet M Ganatra , Chief Financial Officer and Mrs. Mamta Sharma, Company Secretary
continue as Key Managerial Personnel of the company.
In accordance with the provisions of Section 152 of the Companies Act, 2013 and in terms of the Articles of
Association of the company, Mr. Vikas Kumar, is liable to retire by rotation and being eligible, offers himself for
the re-appointment at the ensuing Annual General Meeting.
14. NUMBER OF BOARD MEETINGS
4 meetings of the Board were held during the Financial Year 2024-25. The maximum gap between any two
meetings was less than one hundred and twenty days, as stipulated under section 173 of Companies Act, 2013
and Regulation 17 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and
Secretarial Standards For details of the meetings of the Board, please refer to the Corporate Governance Report
as Annexure-III, which forms part of this report.
15. BOARD OF EVALUATION
The Board of Directors has carried out an annual evaluation of its own performance, Board committees and
individual Directors pursuant to the provisions of the Act and the Corporate Governance requirements as
prescribed by Securities and Exchange Board of India (âSEBIâ] under SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015.
The performance of the board was evaluated by the board after seeking inputs from all the directors on the basis
of the criteria such as the board composition and structure, effectiveness of Board processes, information and
functioning, etc.
The Board and the Nomination and Remuneration Committee (âNRCâ) reviewed the performance of the
individual directors on the basis of the criteria such as the contribution of the individual director to the board and
committee meetings like preparedness on the issues to be discussed, meaningful and constructive contribution
and inputs in meetings, etc.
In a separate meeting of independent Directors, performance of non-independent Directors was evaluated and
performance of the Board as a whole was evaluated, taking into account the views of executive Directors and
non-executive Directors. The same was discussed in the Board meeting that followed the meeting of the
independent Directors, at which the performance of the Board, its committees and individual Directors was also
discussed.
16. INDEPENDENT DIRECTOR''S MEETING
During the year under review, the performance evaluation of every director was executed by Independent
Directors in their meeting held on May 15, 2024.
17. INTERNAL FINANCIAL CONTROL SYSTEM AND ITS ADEQUACY
The details in respect of internal financial control and their adequacy are included in the Management Discussion
& Analysis Report which forms part of this report. The company regularly gets its accounts audited by the
internal auditor. However the company has maintain the feature of recording audit trail of each and every
transaction, creating an edit log of each change made in books of account along with the date when such changes
were made and non disabling of Audit Trail in the accounting software maintaining for keeping its books of
account in electronic mode during the financial year 2024-25.
18. CORPORATE GOVERNANCE REPORT
The company has been complied the mandatory and the non mandatory requirements of Corporate Governance
as stipulated under regulation 27 and schedule II of SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015. A separate report on Corporate Governance along with Secretarial Auditorsâ Certificate on
compliance with the Corporate Governance norms has been annexed to this report as Annexure-III.
19. WEBLINK OF ANNUAL RETURN
Pursuant to the provisions of Section 92(3] of the Companies Act, 2013 and Rule 12(1) of the Companies
(Management and Administration] Rules, 2014, as amended, the Annual Return of the Company for the financial
year 2023-24 is placed on the website of the company and may be accessed on the company''s website at
www.regententerprises.in.
20. COMPLIANCE OF SECRETARIAL STANDARDS
The Company has complied all the applicable Secretarial Standards issued by âThe Institute of Company
Secretaries of Indiaâ on Meetings of Board of Directors and General Meetings and any other as applicable.
21. PARTICULARS OF EMPLOYEES
In terms of the provisions of section 197 of Companies Act, 2013, read the Companies (Appointment and
Remuneration of Managerial Personnel] Rules, 2014, as amended from time to time, none of the employee is
drawing remuneration more than the limits prescribed/specified under the said rules during the financial year
2024-25. In terms of Rule 5(2] of Companies (Appointment and Remuneration of Managerial Personnel] Rules,
2014 as amended, the details as required therein is enclosed as Annexure IV.
22. INTER CORPORATE LOANS, GUARANTEES AND INVESTMENTS
During the year under review, company has not given any Inter Corporate Loans, Guarantees and Investments
covered under section 186 of the Companies Act, 2013.
23. RELATED PARTY TRANSCATIONS
During the year under review, None of the transactions which are material in nature and not on the market
prevailing prices and not on arm''s length basis and are not in its ordinary course of business has been taken
place. However the details of transactions with related parties have been disclosed in the notes of Financial
Statements in term of relevant Indian Accounting Standard which are self explanatory. Hence no further
information''s are required to be given in the form AOC -2.
Further in terms of the Section 188 Companies Act 2013 and Companies (Meetings of Board and its Powers]
Rules, 2014 and further in terms of regulation 23 of the SEBI (Listing Obligations and Disclosure Requirements]
Regulations, 2015, the policy on materiality of related party transactions and dealing with related party
transactions as approved by the board has been placed on the website of the company at
http://www.regententerprises.in.
24. VIGIL MECHANISM/ WHISTLE BLOWER POLICY
In terms of the provisions of Section 177(9] & (10] of the Companies Act, 2013 and regulation 22 of SEBI (Listing
Obligations and Disclosure Requirements] Regulations, 2015, a Vigil Mechanism for directors and employees to
report genuine concerns has been established. The Vigil Mechanism Policy has been uploaded on the website of
the company at http://www.regententerprises.in.
25. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND
OUTGO:
The details of conservation of energy, technology absorption etc. as required to be given under Section 134(3]
(m] of the Companies Act, 2013, and the foreign exchange earnings on account of the operation of the company
during the financial year 2024-25 are disclosed in Annexure-V to this report.
26. CORPORATE SOCIAL RESPONSIBILITY POLICY
The company has been formulated the Corporate Social Responsibility Policy and placed on the website of the
company. However for the financial year 2024-25, the company does not fulfill the criteria to be fallen under
section 135 of the Companies Act, 2013. Hence the company was not required to spent on CSR during the year.
The details of constitution of CSR committee have been mentioned in the annexures of the directors report.
27. DECLARATION OF INDEPENDENT DIRECTORS
All the Independent directors viz. Mrs. Bhawna Sharma and Mr. Neeraj Singh have submitted their disclosure to
the board that they fulfill all the requirements as to qualify for their continuity of appointment as an
Independent Director under provisions of section 149 the Companies Act, 2013 as well as Regulations 16 & 17 of
the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Further in terms of Schedule V of Regulation 34 of the Securities and Exchange Board of India (Listing Obligations
and Disclosure Requirements) Regulations, 2015, a certificate from a company secretary in practice that none of
the directors on the board of the company have been debarred or disqualified from being appointed or
continuing as directors of companies by the Board/Ministry of Corporate Affairs or any such statutory authority
of all directors as on March 31, 2025 is being Annexed herewith.
Further in terms of Rule 6 of Companies (Appointment and Qualification of Directors) Rules, 2014 and
notification no. G.S.R. 804(E) dated 22nd October, 2019, Mr. Neeraj Singh and Mrs. Bhawna Sharma, Independent
Directors of the company have renewed their registration with Indian Institute of Corporate Affairs (Institute) for
a further one year validity period during the year.
28. FAMILIARISATION PROGRAMME AND TRAINING TO INDEPENDENT DIRECTORS
During the year under review, the company has conducted the familiarization programmes for the Independent
Directors in terms of the provisions of regulation 25 of SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, on various contents including their roles, rights, responsibilities in the company, nature of the
industry in which the company operates, business model of the company and other related matters. The details of
the same has been placed on the website of the company i.e. www.regententerprises.in.
29. COMPANY''S POLICY RELATING TO DIRECTORS APPOINTMENT, PAYMENT OF REMUNERATION AND
DISCHARGEOF THEIR DUTIES.
The company''s policy relating to appointment of directors, payment of managerial remuneration, directors
qualification, positive attributes, independence of directors and other related matters as provided under Section
178(3) of the Companies Act, 2013 and Remuneration Policy for Directors and Key Managerial Personnel are
placed on the website of the company i.e. www.regententerprises.in.
30. PREVENTION OF SEXUAL HARASSMENT AT WORKPLACE
As per the requirement of The Sexual Harassment of Women at Workplace (Prevention, Prohibition & Redressal)
Act, 2013 and rules made there under, your Company has constituted Internal Complaints Committee (ICC)
which is responsible for Redressal of complaints related to sexual harassment.
Your Directors declared and confirm that, during the year under review, there is no case filed under Sexual
Harassment of Women at workplace (Prevention, Prohibition & Redressal) Act, 2013.
31. GENERAL DISCLOSURES
No disclosure or reporting is required in respect of the following items as there were no transactions on these
items during the year under review:
1. Details relating to deposits covered under Chapter V of the Companies Act, 2013.
2. Issue of equity shares with differential rights as to dividend, voting or otherwise.
3. Issue of shares (including sweat equity shares) to employees of the Company under any scheme save and
except ESOS referred to in this Report.
4. Neither the Managing Director nor the Whole-time Directors of the Company receive any remuneration or
commission from any of its subsidiaries.
5. In terms of section 143 (12) of the Companies Act, 2013 it is hereby confirmed that there are no frauds
reported by auditors other than those which are reportable to the Central Government.
6. In terms of sub-section (1] of section 148 of the Companies Act, 2013, the maintenance of cost records as
specified by the Central Government is not required by the Company as the company has no any manufacturing
activities and accordingly such accounts and records are not made and maintained by the company.
7. There is no any application made or any proceeding pending under the Insolvency and Bankruptcy Code,
2016 (31 of 2016) during the year under review
8. There is no such case of one time settlement and the valuation while taking loan from the Banks or
Financial Institutions.
ACKNOWLEDGEMENT
The Directors would like to express their sincere thanks and appreciation for the assistance and co-operation
received from the Banks, Government Authorities, Dealers, Distributors, Customers and Shareholders during the
year.
The Directors also wish to take on record their deep sense of appreciation for the committed services of the
employees at all levels, which has made our Company successful in the business.
By order of the Board
For Regent Enterprises Limited
Sd/- Sd/-
Sachin Jain Vikas Kumar
Date: May 29, 2025 Director Whole Time Director
Place: Ghaziabad D I N : 07865427 DIN: 05308192
Mar 31, 2024
The Directors feels pleasure to present the 30th Annual Report of the company along with the Audited Financial Statements for the Financial Year ended March 31, 2024 in terms of the Companies Act, 2013 and rules & regulations made there under & Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended from time to time.
The Financial Statements have been prepared according to the relevant accounting standards as applicable to the company.
The financial highlights of the financial Year ended on March 31, 2024 are as follows:
|
Amount in Rs. |
|||
|
Sr.No. |
Particulars |
Current Year Ended March 31, 2024 |
Previous Year Ended March 31, 2023 |
|
I |
Revenue from operations |
6,72,67,25,982 |
7,418,473,234 |
|
II |
Other Income |
10,41,112 |
65,023,663 |
|
III |
Total Revenue (I II) |
6,72,77,67,094 |
7,483,496,897 |
|
IV |
Expenses: |
||
|
Purchase of Stock-in-Trade |
6,54,35,45,261 |
7,191,894,509 |
|
|
Changes in inventories of finished goods, work-in progress and Stock-in-Trade |
(1,68,37,102) |
89,642,950 |
|
|
Employee Benefit Expense |
2,19,48,008 |
20,852,206 |
|
|
Financial Costs |
72,238 |
110,686 |
|
|
Other Expenses |
17,26,49,930 |
189,831,905 |
|
|
Total Expenses |
6,72,13,78,335 |
7,492,332,256 |
|
|
V |
Earnings before Interest , Tax depreciation and Amortization(EBITDA) (III - IV) |
63,88,759 |
(8,835,359) |
|
VI |
Depreciation and Amortization expenses |
42,51,110 |
87,15,102 |
|
Profit before tax and Extra ordinary items (V - VI) |
21,37,649 |
(1,75,50,461) |
|
|
Exceptional Items |
- |
(33,61,721) |
|
|
Extraordinary items |
61,50,000 |
- |
|
|
VII |
Profit/(loss before Tax) (EBT) |
82,87,649 |
(14,188,740) |
|
VIII |
Tax Expenses: |
||
|
(1) Current tax |
26,42,618 |
- |
|
|
(2) Deferred tax |
(14,78,228) |
(1,523,076) |
|
|
(3) Earlier Year Adjustment |
6,49,030 |
(1,313,407) |
|
|
IX |
Profit/(Loss) after Tax (VII-VIII) (PAT) |
64,74,229 |
(11,352,257) |
|
X |
Other Comprehensive Income (i ) Item that will not be reclassified to profit or loss (ii) Item that will be reclassified to profit or loss |
||
|
XI |
Total Comprehensive Income for the Period( IX X) |
64,74,229 |
(11,352,257) |
The Company has earned the profit of Rs. 64,74,229/- during the financial year 2023-24 and for the future growth and development of the company''s business your Directors do not recommend any dividend for the financial year 2023-24.
During the year, revenue from operations for the Financial Year 2023-24 is Rs. 6,72,67,25,982/- which is lower as compared to the previous year which was Rs. 7,418,473,234/-.
Earning(Loss) before Tax (EBT) for the financial year 2023-24 is amounted to Rs. 82,87,649/- as compared to loss of Rs. (14,188,740)/- in the year 2022-23.
Profit(Loss) after Tax (PAT) for the year 2023-24 is Rs. 64,74,229/- whereas it was a loss of Rs. (11,352,257)/-for the year 2022-23.
There was no any changes in the nature of business of the company during the year under review.
During the year under review, the Company has not accepted any money by way of deposit from the open public and members as per the provisions of Section 73 of the Companies Act, 2013 and Companies (Acceptance of Deposits) Rules, 2014 as amended from time to time.
During the Financial Year ended 31st March 2024, the company has not transferred any amount to the General Reserve of the Company.
6. MATERIAL CHANGES AND COMMITMENT, IF ANY, AFFECTING THE FINANCIAL POSITION OF THE COMPANY OCCURRED BETWEEN THE END OF 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 this financial statements relates and on the date of the report.
7. DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANY''S OPERATION IN FUTURE.
There were no significant and material orders passed by the Regulators/Courts/Tribunals that would impact the going concern status of the Company and its future operations.
8. DETAILS OF SUBSIDIARY/JOINT VENTURES/ASSOCIATES COMPANIES
The company has no subsidiary/Joint Ventures/Associates Companies as at the end of financial year under Review.
9. THE STATE OF THE COMPANY''S AFFAIRS
i) Further Issue of Capital:-
There is no change in the authorized, issued and paid-up capital of the Company during the financial year 2023-24.
ii) Change in accounting year:-There is no change in the accounting year.
iii) Manpower training and executive development programs:-There were no such activities taken place during the year 2023-24.
10. MANAGEMENT''S DISCUSSION AND ANALYSIS REPORT
The Management''s Discussion and Analysis Report for the year 2023-24, as stipulated under Regulation 34 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, is presented in a separate Section forms part of the Annual Report as - Annexure I to the Director''s report.
11. AUDITORS AND AUDITOR''S REPORTStatutory Auditors
M/s Pipara & Co LLP, Chartered Accountants (FRN: 107929W/W100219], was appointed as Statutory Auditors of the Company in the 27th Annual General Meeting of the Company held in the year 2021 for a period of five years.
However M/s Pipara & Co LLP, Chartered Accountants (FRN: 107929W/W100219], have also confirmed that they are not disqualified from being continue as Auditors of the Company for the financial year 2024-25.
The notes on accounts referred to in the Auditor''s Report are self-explanatory and there are no qualifications, reservations or adverse remarks in the Report and therefore do not need any further comment.
Secretarial Auditor and Secretarial Audit Report.
The Board has appointed M/s. Sharma Vijay & Associates, Practicing Company Secretaries (C.O.P :19035) to carry out Secretarial Audit under the provisions of Section 204 of the Companies Act, 2013, for the financial year 2023-24.
The report of Secretarial Auditor is annexed to this report as Annexure II.
Further the board in their meeting held on 15.05.2024 has re-appointed M/s. Sharma Vijay & Associates, Practicing Company Secretaries (C.O.P No. :19035) having Peer Review No. 2166/2022 as Secretarial Auditor of the company to conduct the secretarial audit of the company for the financial year 2024-25 and the same has been consented by the said firm.
Explanation or comments on Secretarial Audit Report
The Secretarial Auditor''s Report are self-explanatory and there are no qualifications, reservations or adverse remarks in the Report and therefore do not need any further comment.
12. DIRECTORS'' RESPONSIBILITY STATEMENT
Pursuant to Section 134(5] of the Companies Act, 2013, the Board of Directors, to the best of their knowledge and ability, confirm that:
⢠in the preparation of the annual accounts, the applicable accounting standards have been followed and there are no material departures;
⢠we have 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 March 31, 2024, and of the profit of the Company for that period;
⢠we have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;
⢠we have prepared the annual accounts on a going concern basis;
⢠we have laid down internal financial controls to be followed by the Company and such internal financial controls are adequate and operating effectively;
⢠We have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.
Based on the framework of internal financial controls and compliance systems established and maintained by the
Company, work performed by the internal, statutory and secretarial auditors and external consultants and the reviews performed by management and the relevant Board committees, including the audit committee, the Board is of the opinion that the Company''s internal financial controls were adequate and effective during the financial year 2023-24.
13. DIRECTORS AND KEY MANAGERIAL PERSONNEL
During the year under review, there was no change in the board of the company. However Mrs. Veenu Jain has completed her second and final tenure of appointment as Independent Woman Director on 31.03.2024 and the board has appointed Mrs. Bhawna Sharma (DIN:10560431) as an Additional Director in the category of Non Executive Independent Woman Director w.e.f. 01.04.2024 and recommend to the members of the company for their final approval for a period of five years i.e. from 01.04.2024 to 31.03.2029 and Mr. Vikas Kumar, Whole Time Director, Mr. Ameet M Ganatra , Chief Financial Officer and Mrs. Mamta Sharma, Company Secretary continue as Key Managerial Personnel of the company.
In accordance with the provisions of Section 152 of the Companies Act, 2013 and in terms of the Articles of Association of the Company, Mr. Sachin Jain, is liable to retire by rotation and being eligible, offers himself for the re-appointment at the ensuing Annual General Meeting.
6 meetings of the Board were held during the Financial Year 2023-24. The maximum gap between any two meetings was less than one hundred and twenty days, as stipulated under section 173 of Companies Act, 2013 and Regulation 17 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Secretarial Standards For details of the meetings of the Board, please refer to the Corporate Governance Report as Annexure-III, which forms part of this report.
The Board of Directors has carried out an annual evaluation of its own performance, Board committees and individual Directors pursuant to the provisions of the Act and the Corporate Governance requirements as prescribed by Securities and Exchange Board of India (âSEBIâ) under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The performance of the Board was evaluated by the Board after seeking inputs from all the Directors on the basis of the criteria such as the Board composition and structure, effectiveness of Board processes, information and functioning, etc.
The Board and the Nomination and Remuneration Committee (âNRCâ] reviewed the performance of the individual Directors on the basis of the criteria such as the contribution of the individual Director to the Board and committee meetings like preparedness on the issues to be discussed, meaningful and constructive contribution and inputs in meetings, etc.
In a separate meeting of independent Directors, performance of non-independent Directors, performance of the Board as a whole was evaluated, taking into account the views of executive Directors and non-executive Directors. The same was discussed in the Board meeting that followed the meeting of the independent Directors, at which the performance of the Board, its committees and individual Directors was also discussed.
16. INDEPENDENT DIRECTOR''S MEETING
During the year under review, the Performance evaluation of every Director was done by Independent Directors in their Meeting held on May 25, 2023.
17. INTERNAL FINANCIAL CONTROL SYSTEM AND ITS ADEQUACY
The details in respect of internal financial control and their adequacy are included in the Management Discussion & Analysis Report which forms part of this report. The Company regularly gets its accounts audited by the internal auditor. However in term of Companies (Accounts) Amendment Rules, 2021 and Companies (Accounts) Second Amendment Rules, 2022, the company has implemented the feature of recording audit trail of each and every transaction, creating an edit log of each change made in books of account along with the date when such changes were made and non disabling of Audit Trail in the accounting software maintaining for keeping its books of account in electronic mode during the financial year 2023-24.
18. CORPORATE GOVERNANCE REPORT
The company has been complied the mandatory and the non mandatory requirements of Corporate Governance as stipulated under Regulation 27 and schedule II of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. A separate report on Corporate Governance along with Secretarial Auditors'' Certificate on compliance with the Corporate Governance norms has been annexed to this report as Annexure-III.
Pursuant to the provisions of Section 92(3) of the Companies Act, 2013 and Rule 12(1) of the Companies (Management and Administration) Rules, 2014, as amended, the Annual Return of the Company for the financial year 2023-24 is placed on the website of the Company and may be accessed on the Company''s website at www.regententerprises.in.
20. COMPLIANCE OF SECRETARIAL STANDARDS
The Company has complied all the applicable Secretarial Standards issued by âThe Institute of Company Secretaries of Indiaâ on Meetings of Board of Directors and General Meetings and any other as applicable.
In terms of the provisions of section 197 of Companies Act, 2013, read the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, as amended from time to time, none of the employee is drawing remuneration more than the limits prescribed/specified under the said rules during the financial year 2023-24. In terms of Rule 5(2) of Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 as amended, the details as required therein is enclosed as Annexure IV.
22. INTER CORPORATE LOANS, GUARANTEES AND INVESTMENTS
During the year under review, company has not given any Inter Corporate Loans, Guarantees and Investments covered under section 186 of the Companies Act, 2013.
23. RELATED PARTY TRANSCATIONS
During the year under review, None of the transactions which are material in nature and not on the market prevailing prices and not on arm''s length basis and are not in its ordinary course of business has been taken place. However the details of transactions with related parties have been disclosed in the notes of Financial Statements in term of relevant Indian Accounting Standard which are self explanatory. Hence no further information''s are required to be given in the Form AOC -2.
Further in terms of the Section 188 Companies Act 2013 and Companies (Meetings of Board and its Powers) Rules, 2014 and further in terms of Regulation 23 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, The Policy on materiality of related party transactions and dealing with related party transactions as approved by the Board has been placed on the website of the Company at http://www.regententerprises.in.
24. VIGIL MECHANISM/ WHISTLE BLOWER POLICY
In terms of the provisions of Section 177(9) & (10) of the Companies Act, 2013 and regulation 22 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, a Vigil Mechanism for Directors and employees to report genuine concerns has been established. The Vigil Mechanism Policy has been uploaded on the website of the Company at http://www.regententerprises.in.
25. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO:
The details of conservation of energy, technology absorption etc. as required to be given under Section 134(3] (m) of the Companies Act, 2013, and the foreign exchange earnings on account of the operation of the Company during the financial year 2023-24 are disclosed in Annexure-V to this report.
26. CORPORATE SOCIAL RESPONSIBILITY POLICY
The company has been formulated the Corporate Social Responsibility Policy and placed on the website of the company. However for the financial year 2023-24, the company does not fulfill the criteria to be fallen under section 135 of the Companies Act, 2013. Hence the company was not required to spent on CSR during the year. The details of constitution of CSR committee have been mentioned in the annexures of the directors report.
27. DECLARATION OF INDEPENDENT DIRECTORS
All the Independent directors viz. Mrs. Bhawna Sharma and Mr. Neeraj Singh have submitted their disclosure to the Board that they fulfill all the requirements as to qualify for their continuity of appointment as an Independent Director under provisions of section 149 the Companies Act, 2013 as well as Regulations 16 & 17 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Further in terms of Schedule V of Regulation 34 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, effective from 01.04.2019, a certificate from a company secretary in practice that none of the directors on the board of the company have been debarred or disqualified from being appointed or continuing as directors of companies by the Board/Ministry of Corporate Affairs or any such statutory authority of all directors as on March 31, 2024 is being Annexed herewith.
Further in terms of Rule 6 of Companies (Appointment and Qualification of Directors) Rules, 2014 and notification no. G.S.R. 804(E) dated 22nd October, 2019, Mr. Neeraj Singh, Independent Director has renewed his registration with Indian Institute of Corporate Affairs (Institute) for a further one year validity period during the year and Mrs. Bhawna Sharma, Independent Woman Director has already registered herself with Indian Institute of Corporate Affairs (Institute) for a period of one year.
28. FAMILIARISATION PROGRAMME AND TRAINING TO INDEPENDENT DIRECTORS
During the year under review, the company has conducted the familiarization programmes for the Independent Directors in terms of the provisions of regulation 25 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, on various contents including their roles, rights, responsibilities in the Company, nature of the industry in which the Company operates, business model of the Company and other related matters. The details of the same has been placed on the website of the company i.e. www.regententerprises.in.
29. COMPANY''S POLICY RELATING TO DIRECTORS APPOINTMENT, PAYMENT OF REMUNERATION AND DISCHARGEOF THEIR DUTIES.
The Company''s policy relating to appointment of Directors, payment of Managerial Remuneration, Directors qualification, positive attributes, independence of Directors and other related matters as provided under Section 178(3) of the Companies Act, 2013 and Remuneration Policy for Directors and Key Managerial Personnel are placed on the website of the company i.e. www.regententerprises.in.
30. PREVENTION OF SEXUAL HARASSMENT AT WORKPLACE
As per the requirement of The Sexual Harassment of Women at Workplace (Prevention, Prohibition & Redressal) Act, 2013 and rules made there under, your Company has constituted Internal Complaints Committee (ICC) which is responsible for Redressal of complaints related to sexual harassment.
Your Directors declared and confirm that, during the year under review, there is no case filed under Sexual Harassment of Women at workplace (Prevention, Prohibition & Redressal) Act, 2013.
No disclosure or reporting is required in respect of the following items as there were no transactions on these items during the year under review:
1. Details relating to deposits covered under Chapter V of the Companies Act, 2013.
2. Issue of equity shares with differential rights as to dividend, voting or otherwise.
3. Issue of shares (including sweat equity shares) to employees of the Company under any scheme save and except ESOS referred to in this Report.
4. Neither the Managing Director nor the Whole-time Directors of the Company receive any remuneration or commission from any of its subsidiaries.
5. In terms of section 143 (12) of the Companies Act, 2013 it is hereby confirmed that there are no frauds reported by auditors other than those which are reportable to the Central Government.
6. In terms of sub-section (1) of section 148 of the Companies Act, 2013, the maintenance of cost records as specified by the Central Government is not required by the Company as the company has no any manufacturing activities and accordingly such accounts and records are not made and maintained by the company.
7. There is no any application made or any proceeding pending under the Insolvency and Bankruptcy Code, 2016 (31 of 2016) during the year under review
8. There is no such case of one time settlement and the valuation while taking loan from the Banks or Financial Institutions.
The Directors would like to express their sincere thanks and appreciation for the assistance and co-operation received from the Banks, Government Authorities, Dealers, Distributors, Customers and Shareholders during the year.
The Directors also wish to take on record their deep sense of appreciation for the committed services of the employees at all levels, which has made our Company successful in the business.
Mar 31, 2015
Dear members,
The Directors submit annual report of Regent Enterprises Limited
(formerly known as Spine Traders Limited) along with the audited
financial statements for the financial year ended March 31,2015.
1. Financial Result (Amount in Rs.)
Sr Particulars Year Ended Year Ended
No March 31, March 31,
22015 22014
Revenue from
I operations 28,262,231 -
II Other Income 293,169 -
Total Revenue (I
III II) 28,555,400 -
IV Expenses:
Cost of materials
consumed - -
Purchase of Stock-
in-Trade 27,565,834
Changes in
inventories of
finished goods,
work-in-progress
and Stock-in-Trade 0 0
Employee Benefit
Expense 120,000 -
Financial Costs 5,191 670
Depreciation
and Amortization
Expense 1,127,080 1,307,438
Other Expenses 464,574 208,134
Total Expenses
(IV) 29,282,679 1,516,242
Profit before tax
V (III - IV) (727,280) (1,516,242)
VI Tax expense:
(1) Current tax
(2) Deferred tax - 212,553
Profit(Loss) after
VII Tax (V-VI) (727,280) (1,728,795)
2. Dividend
Based on the Company's performance, the directors place on record their
deep sense of concern that due to loss incurred director unable to
declare any dividend to its shareholders.
3. Company's Performance
Revenue from operation for the financial year 2014-15 was Rs.
28,262,231. Earnings before interest, tax and depreciation was amounted
to (Rs. 727,280). Profit After Tax (PAT) for the year was (RS. 727,280).
4. Fixed Deposit
Company has not accepted any deposits from the open public and members
as per the prohibition under section 73 of the Companies Act, 2013
5. Transfer to Reserve
The Company does not transfer any amount to the reserve during the year
under review.
6. Material changes and commitment, if any, affecting the financial
position of the Company occurred between the end of financial year to
which this financial statements relate and the date of the report
No material changes and commitments affecting position of the Company
occurred during the financial year to which this financial statement
relates on the date of the report.
7. Change in Nature of Business, If any
The Board of Directors of company decided to diversify its business in
the field of purchase, sell, import, export, process and otherwise sell
on commission basis raw materials and finished products of edible and
non-edible oils, solvents, oil cakes, de-oiled cakes etc., consumables
and non consumable products and other related activities so all
necessary approvals have been taken and amendments have been made in
object clause of Memorandum of Association of the Company. The name of
the Company is also changed from Spine Traders Limited to Regent
Enterprises Limited through postal ballot and e-voting and approval of
Registrar of Companies, NCT of Delhi & Haryana is received on 22nd June,
2015.
8. Details of significant and material orders passed by the regulators
or courts or tribunals impacting the going concern status and company's
operation in Future
There are no significant and material orders passed by the
Regulators/Courts that would impact the going concern status of the
company and its future operations.
9. Details of Subsidiary/Joint Ventures/ Associates Companies
Company has no subsidiary/Joint Ventures/ Associates Companies.
10. The state of the Company's Affairs
i) Further Issue of Capital
There is no change in the authorised, issued and paid-up capital of the
company during the financial year 2014-15.
ii) Change in accounting year
There is no change in the accounting year.
iii) Manpower training and executive development programs
There were no such activities taken place during the year 2014-15.
11. Auditor and Auditors' Report
M/s. Y. D. & Co., Chartered Accountants, holds office until the
conclusion of ensuing Annual General Meeting (AGM) and has expressed
their unwillingness to be reappointed as the Statutory Auditors of the
Company.
Further, your Company has received a written consent and a certificate
from M/s Rajan K. Gupta & Co., Chartered Accountants (Registration No.
005945C) to the effect that their appointment, if made, would satisfy
the criteria provided in sections 139 and 141 of the Companies Act, 2013
read with Companies (Audit & Auditors) Rules 2014.
Hence, the Board hereby recommends the appointment of M/s Rajan K. Gupta
& Co., Chartered Accountants (Registration No. 005945C) as Statutory
Auditors of the Company from the conclusion of this Annual General
Meeting until the conclusion of the next Annual General Meeting to
be held in the year 2016.
12. Directors' Responsibility Statement
Pursuant to Section 134(5) of the Companies Act, 2013, the board of
directors, to the best of their knowledge and ability, confirm that:
* in the preparation of the annual accounts, the applicable accounting
standards have been followed and there are no material departures;
* they have 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 of the
Company for that period;
* they have taken proper and sufficient care for the maintenance of
adequate accounting records in accordance with the provisions of the Act
for safeguarding the assets of the Company and for preventing and
detecting fraud and other irregularities;
*they have prepared the annual accounts on a going concern basis;
*they have laid down internal financial controls to be followed by the
Company and such internal financial controls are adequate and operating
effectively;
* they have devised proper systems to ensure compliance with the
provisions of all applicable laws and that such systems were adequate
and operating effectively.
Based on the framework of internal financial controls and compliance
systems established and maintained by the Company, work performed by
the internal, statutory and secretarial auditors and external
consultants and the reviews performed by management and the relevant
board committees, including the audit committee, the board is of the
opinion that the Company's internal financial controls were adequate
and effective during the financial year 2014-15.
13. Directors and Key Managerial Personnel
Mr. Pargat Singh and Mr. Harleen Singh Kathuria director of the company
stepped down from the Board of the Company on February 10 and February
20, 2015 respectively due to resignation under section 168 of the
Companies Act, 2013. They were associated with the company for around
2 years as director of the company. Under their leadership Spine Traders
transformed to modern day company. The Board places on records its
appreciation of the invaluable contribution and guidance provided by
them.
Mr. Ramanlal Trivedi, Director of the company stepped down from the
Board of the Company on 13th August 2015 under section 168 of the
Company Act, 2013. The Board places on records its appreciation of the
invaluable contribution and guidance provided by him.
Pursuant to the provisions of section 161 of the Companies Act, 2013 Mr.
Vikas Kumar and Mrs. Veenu Jain were appointed as additional directors
of the company on February 10, 2015 and on 13th August, 2015
respectively. Both Mr. Vikas Kumar and Mrs. Veenu Jain have submitted a
declaration that each of them meets the criteria of independence as
provided in Section 149(6) of the Act.
14. Number of Board Meetings
8 meetings of the board were held during the year. For details of the
meetings of the board, please refer to the corporate governance report
(Annexure-II), which forms part of the report.
15. Board Evaluation
The board of directors has carried out an annual evaluation of its own
performance, Board committees and individual directors pursuant to the
provisions of the Act and the corporate governance requirements as
prescribed by Securities and Exchange Board of India ("SEBI") under
Clause 49 of the Listing Agreements ("Clause 49").
The performance of the Board was evaluated by the Board after seeking
inputs from all the directors on the basis of the criteria such as the
Board composition and structure, effectiveness of board processes,
information and functioning, etc.
The performance of the committees was evaluated by the board after
seeking inputs from the committee members on the basis of the criteria
such as the composition of committees, effectiveness of committee
meetings, etc.
The Board and the Nomination and Remuneration Committee ("NRC") reviewed
the performance of the individual directors on the basis of the criteria
such as the contribution of the individual director to the Board and
committee meetings like preparedness on the issues to be discussed,
meaningful and constructive contribution and inputs in meetings, etc. In
addition, the Chairman was also evaluated on the key aspects of his
role.
In a separate meeting of independent Directors, performance of
non-independent directors, performance of the board as a whole and
performance of the Chairman was evaluated, taking into account the views
of executive directors and non-executive directors. The same was
discussed in the board meeting that followed the meeting of the
independent Directors, at which the performance of the Board, its
committees and individual directors was also discussed.
16. Particulars of Employees
The statement showing particulars of employees under section 197 of the
Companies Act, 2013, read with rule 5(1) of the Companies (Appointment
and Remuneration of Managerial Personnel) Rules, 2014 as amended, is not
required to be given as there were no employees coming within the
purview of this section.
17. Internal financial control system and their adequacy
The details in respect of internal financial control and their adequacy
are included in the Management Discussion & Analysis (Annexure-I),
which forms part of this report.
18. Auditors' report and Secretarial Auditors' report
The Auditors' report and secretarial auditors' report does not contain
any qualification, reservation or adverse remarks. Report of the
secretarial auditor is given as an annexure (IV) which forms part of
this report.
19. Risk Management
The Board of the Company has formed a risk management committee to
frame, implement and monitor the risk management plan for the Company.
The committee is responsible for reviewing the risk management plan and
ensuring its effectiveness. The audit committee has additional oversight
in the area of financial risks and controls. Major risks identified by
the businesses and functions are systematically addressed through
mitigation actions on a continuing basis.
20. Extract of Annual Return
As provided under section 92(3) of the Act, the extract of annual return
is given in Annexure-III in the prescribed form MGT-9, which forms part
of this report.
21. Particulars of loan, guarantee and investments
The particular of loans, guarantees and investments have been disclosed
in the financial statements.
22. Transactions with related parties
None of the transactions pursuant to section 188 of the Companies Act,
2013 was taken place during the financial year ended on March 31,2015.
23. Conservation Of Energy, Technology Absorption and Foreign Exchange
Earnings and Outgo:
The details of conservation of energy, technology absorption etc. as
required to be given under Section 134(3) (m) of the Companies Act, 2013
are not applicable to our Company, as our Company has not carried out in
the manufacturing activities. The foreign exchange earnings on account
of the operation of the Company during the year were Rs. Nil.
24. Corporate Governance Report
Your Company has been complying with the conditions of Corporate
Governance as stipulated in Clause 49 of the Listing Agreement. A
separate report on Corporate Governance along with Auditors' Certificate
on compliance with the Corporate Governance norms and stipulated in
Clause 49 of the Listing Agreement, forming part of this report is
annexed herewith (Annexure-II).
25. Corporate Social Responsibility
The Company is not covered by the section 135 of the Companies Act, 2013
as the company has not prescribed income as mentioned in the above
pursuant law of the Companies Act, 2013.
26. Declaration of Independent Directors
The Independent Directors have submitted their disclosures to the board
that they fulfill the entire requirement as stipulated in section 149
(6) of the Companies Act, 2013. During the current year Independent
directors are yet to be appointed after the approval of the members in
annual general meeting of the company.
27. 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 qualification, positive attributes,
independence of directors and other related matters as provided under
Section 178(3) of the Act is furnished in the Annexure, which forms part
of this report Annexure-V(A). Policy for selection of Directors,
determining Directors' Independence, Remuneration Policy for Directors
and Key Managerial Personnel is annexed as Annexure-V (B).
28. Acknowledgement
The Directors would like to express their sincere appreciation for the
assistance and co-operation received from the Banks, Government
Authorities, Customers, and Shareholders during the year.
The directors also wish to take on record their deep sense of
appreciation for the committed services of the employees at all levels,
which has made our Company successful in the business.
By order of the Board
For Regent Enterprises Limited
Mahendra Atamarambhai Solanko Vikas
Kumar
Director Director
(DIN-00059589) (DIN-005308192)
Place: New Delhi
Date: 02nd September, 2015
Registered Office:
E-205 (LGF),
Greater Kailash-II,
New Delhi-110048
Mar 31, 2013
Dear Shareholders,
The Directors here by present the Annual Report on business and
operations of the Company together with the Audited statements of
Accounts for the financial year ended on 31st March 2013.
OPERATIONS REVIEW:
During the year under review due to financial crisis company has not
carried out any business activities and faces huge set back. So company
not in position to generate any revenue from the operation but due to
some fixed cost company posted Net Loss of Rs. 1923642. The management
has taken measures as part of its continuous improvements to strengthen
operations and viability.
DIVIDEND:
Your Directors place on record their deep sense of concern that due to
loss incurred director unable to declare any dividend to its
shareholders.
FIXED DEPOSIT:
The Company has not accepted any deposit from the public pursuant to
the provisions of Section 58A of the Companies Act, 1956.
DIRECTORS:
Mr Mahendra Atamarambhai Solanki Director of the Company is retires by
rotation at the ensuing Annual General Meeting and being eligible,
offer himself for reappointment.
Mr Harleen Singh Kathuria and Mr. Pargat Singh were appointed as
additional directors of the Company with effect from 10.04.2013 and are
eligible for re-appointment as directors of the Company at the
forthcoming Annual General Meeting and whose period of office will be
liable to retire by rotation.
Mr Ajeet Kumar and Mr Rajiv Bansal were ceased as a Director of the
Company with effect from 10.04.2013 and 03.07.2013 accordingly due to
resignation. The management appreciated the services given by him
during the tenure of the office as a Director.
AUDITORS AND AUDITORS'' REPORT:
M/s. Y. D. & Co., Chartered Accountants, Ludhiana, Statutory Auditors
of the Company, hold office until the conclusion of the ensuing Annual
General Meeting and are eligible for reappointment.
The observations made by the Auditors'' in their Auditors'' Report and
the Notes on Accounts referred to in the Auditors'' Report are
self-explanatory and do not call for any further comments.
CHANGE OF NAME
The name of the Company has been changed to SPINE TRADERS LIMITED in
terms of Certificate dated 28th day of September, 2012 issued by the
Registrar of Companies, National Capital Territory of Delhi and
Haryana, pursuant to approval of the shareholders in Extra Ordinary
General Meeting held on vide Special Resolution dated 24th day of
August 2012, the name of the company was changed from CHANDRIKA TRADERS
LIMITED to SPINE TRADERS LIMITED.
MANAGEMENT DISCUSSION AND ANALYSIS:
Management Discussion and Analysis forms part of the Annual Report to
the shareholders and it includes discussion on matters as required
under the provisions of Clause 49 of the listing agreement forming part
of this report is annexed herewith.
PARTICULARS OF EMPLOYEES:
The statement showing particulars of employees under section 217(2A) of
the Companies Act, 1956, read with the companies (Particulars of
Employees) Rules, 1975, as amended, is not required to be given as
there were no employees coming within the purview of this section.
CORPORATE GOVERNANCE REPORT:
Your Company has been complying with the conditions of Corporate
Governance as stipulated in Clause 49 of the Listing Agreement. A
separate report on Corporate Governance along with Auditors''
Certificate on compliance with the Corporate Governance norms and
stipulated in Clause 49 of the Listing Agreement, forming part of this
report is annexed herewith.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO:
The details of conservation of energy, technology absorption etc. as
required to be given under Section 217(1)(e) of the Companies Act 1956,
are not applicable to our Company, as our Company has not carried out
in the manufacturing activities. The foreign exchange earning on
account of the operation of the Company during the year was Rs. Nil.
DIRECTORS'' RESPONSIBILITY STATEMENT:
Pursuant to the provisions of Section 217(2AA) of the Companies Act,
1956, the Directors of your Company confirm that:
i) In the preparation of the annual accounts, the applicable accounting
standards have been followed along with proper explanation relating to
material departures;
ii) the Directors have 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 that period;
iii) 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
irregularities;
iv) Directors have prepared the accounts on a "going concern basis".
ACKNOWLEDGEMENT:
Your Directors would like to express their sincere appreciation for the
assistance and co-operation received from the Banks, Government
Authorities, Customers, and Shareholders during the year. Your
directors also wish to take on record their deep sense of appreciation
for the committed services of the employees at all levels, which has
made our Company successful in the business.
For and on Behalf of the Board
For, SPINE TRADERS LIMITED
PLACE: NEW DELHI
DATE: 30.08.2013
(MAHENDRA SOLANKI)
CHAIRMAN
Mar 31, 2011
The Directors hereby present their twenty-seventh Annual Report on the
business and operations of the Company together with the Audited
Financial Accounts for the year ended 31st March 2011.
FINANCIAL RESULTS
The financial results of the Company for the year under report are
given below:
Particulars Year ended
31st March, 2011 Year ended
31st March, 2010
(Rs in lacs) (Rs in lacs)
1. Operative & Other Income 5.05 34.92
2. Depreciation 12.10 17.99
3. Profit/loss before tax -18.10 -13.13
4. Profit after tax -13.16 7.18
5. Add previous year's balance - 1.46 -7.35
6. Add excess provisions of
the previous year 0 - 1.30
7. Balance carried to balance sheet - 14.63 - 1.46
FINANCIAL REVIEW
Your Company is a private sector Non Banking Financial Company
primarily involved in the business of investment in securities. Since
the capital market in India and abroad has passed through a difficult
phase it has affected the operations of your company also.
MANAGEMENT DISCUSSION & ANALYSIS (MD&A)
BUSINESS REVIEW
The company earned its income mainly from making investments/ trading
in securities. The Board has earlier decided to start the project of
Trading, Export and Commission Agent in India and Abroad but so far it
could not become operational.
OPPORTUNITIES
The economic development is the main agenda of the Government and that
will provide very positive environment for making investment in
securities market and we are hopeful for better performance of the
company in the coming years.
RISKS AND CONCERNS
Your Company is exposed to business and environmental risks in which it
operates including interest rate volatility, economic cycles, market
risks and credit policy of government and capital market at the world
level. We are managing these risks by maintaining a conservative
financial profile and by following prudent business and management
practices.
ADEQUATE INTERNAL CONTROL
Your Company has a proper and adequate system of internal controls to
ensure that all activities are monitored and controlled against any
unauthorized use or disposition of assets and that the transactions are
authorized, recorded and reported correctly.
PROJECT OF TRADING, EXPORT AND COMMISSION AGENT
In order to avail the opportunities of fast economic growth in our
country the Board has decided to start the Project of Trading, Export
and Commission Agent for about Rs 65 crores and raised Rs 20 crores
through preferential allotment. However, company could not raise Rs 45
crores from public issue/ADR/GDR etc. due to market conditions and the
project could not be started except the giving of some advances. Money
raised through preferential allotment has been given as advance for
goods and invested in securities. As and when market conditions improve
the Board will review the project.
DIVIDEND
Keeping in view the performance we are unable to recommend dividend for
the year under review.
DIRECTORS
Sh. Ajeet Kumar was appointed Additional Directors w.e.f. 19.01.2011
and his appointment is up to the date of Annual General Meeting.
Pursuant to Section 257 of the Companies Act, 1956 Company has received
request for his appointment as Director and item has been included in
the Notice of Annual General Meeting for your approval.
Sh. Dinesh Pareekh, Director resigned w.e.f.14.10.2010 and Sh. Alok
Kumar, Director resigned w.e.f.19.01.2011.The Board places on record
the appreciation of the services rendered by Sh. Dinesh Pareekh and Sh.
Alok Kumar during the tenure of their Directorship of the company.
Sh. Rajiv Bansal, Director retires by rotation at the Annual General
Meeting and being eligible has offered himself for re- appointment.
CORPORATE GOVERNANCE
The Company has in place a system of Corporate Governance. A separate
report on Corporate Governance forming part of the Annual Report of the
Company is annexed hereto. A certificate from the Statutory Auditors
regarding compliance of conditions of Corporate Governance as
stipulated under Corporate Governance Clause of the Listing Agreement
is annexed to the report on Corporate Governance. As on now there is no
Chief Financial Officer in the company.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to the provisions of Section 217(2AA) of the Companies Act,
1956, the Directors confirm that:
i) In the preparation of the annual accounts, the applicable accounting
standards have been followed;
ii) Appropriate accounting policies have been selected and applied
consistently and have 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 as at March 31,2011 and of the profits of the Company
for the period from April, 2010 to 31st March, 2011;
iii) Proper and sufficient care has been taken for the maintenance of
adequate accounting records in accordance with the provisions of the
Companies Act, 1956 for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities;
iv) The annual accounts have been prepared on a going concern basis.
FIXED DEPOSITS
During the period under review, the Company has not accepted any
deposits within the meaning of Section 58A of the Companies Act, 1956
and the Rules made there under.
AUDITORS
M/s Mehra & Co., Chartered Accountants, Auditors of the Company, retire
at the conclusion of the forthcoming Annual General Meeting and they
have offered themselves for re-appointment. The Company has obtained
necessary certificate u/s. 224 (1B) of the Act from M/s Mehra & Co.,
Chartered Accountants.
AUDITORS' REPORT
The Auditors' Report on the Accounts of the Company for the period
under review is self à explanatory and requires no comments.
PARTICULARS OF EMPLOYEES
During the period under review, no employee received salary more than
Rs. 24.00 lac per annum or Rs.2.00 lac per month. Accordingly no
particulars of employees are being given pursuant to the provisions of
Section 217(2A) of the Companies Act, 1956.
CONSEVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
Information under Section 217(1) (e) of the Companies Act, 1956 read
with Companies (Disclosure of Particulars in the Report of Board of
Directors) Rules, 1988 are not applicable because there are no
manufacturing activities in the Company. However the Company has taken
every possible measure to conserve the use of energy in the office. The
Company has neither earned nor spent any foreign exchange during the
year.
ACKNOWLEDGEMENT
Your Directors are pleased to place on record their sincere gratitude
to the Government, Bankers and business constituents for their
continued and valuable co-operation and support to the Company. The
Board also takes this opportunity to express their appreciation for the
devoted and sincere services rendered by the employees of the Company
during the year.
For and on behalf of the Board
Sd/- Sd/-
Place : New Delhi (Anindo Banerji) (Rajiv Bansal)
Date : 27.08.2011 Mg Director Director
Mar 31, 2010
The Directors hereby present their twenty-sixth Annual Report on the
business and operations of the Company together with the Audited
Financial Accounts for the year ended 31s1 March 2010.
FINANCIAL RESULTS
The financial results of the Company for the year under report are
given below:
Particulars I Year ended 31"
March, 2010 Year ended 31"
March, 2009
(Rs In lac) (Rs In lac)
1. Operative & Other Income 34.92 262.79
2. Depreciation 17.99 31.55
3. Profit/loss before tax -13.13 -46.60
4. Profit after tax -7-18 -81.50
5. Add previous years balance -7.35 74.15
6. Add excess provisions of the
previous year -1.30 -13.61
7. Balance carried to balance
sheet - 1.46 -7.35
FINANCIAL REVIEW
Your Company is a private sector Non Banking Financial Company
primarily involved in the business of investment in securities. Since
the capital market in India and abroad has passed through a difficult
phase it has affected the operations of your company also. However
keeping in view the uncertainties of capital market the Board has
decided to start the business of Trading, Export and Commission Agent
in India and Abroad. We are hopeful for better performance in the
current year.
MANAGEMENT DISCUSSION & ANALYSIS (MD&A)
BUSINESS REVIEW
The company earned its income mainly from making investments/ trading
in securities. The performance was affected due to recessionary trend
in the economy. However the Board has also decided to start the project
of Trading, Export and Commission Agent in India and Abroad. Now we are
hopeful for better performance.
OPPORTUNITIES
The economic development is the main agenda of the Government and that
will provide very positive environment for making investment in
securities market and for the business of Trading, Export and
Commission Agent.
RISKS AND CONCERNS
Your Company is exposed to business and environmental risks in which it
operates including interest rate volatility, economic cycles, market
risks and credit policy of government and capital market at the world
level. We are managing these risks by maintaining a conservative
financial profile and by following prudent business and management
practices.
ADEQUATE INTERNAL CONTROL
Your Company has a proper and adequate system of internal controls to
ensure that all activities are monitored and controlled against any
unauthorized use or disposition of assets and that the transactions are
authorized, recorded and reported correctly.
HUMAN RESOURCE DEVELOPMENT
Since the Board has decided to start the project of Trading, Export and
Commission Agent we are planning to appoint suitable persons in the
company.
PROJECT OF TRADING, EXPORT AND COMMISSION AGENT
In order to avail the opportunities of fast economic growth in our
country the Board has decided to start the Project of Trading, Export
and Commission Agent for about Rs 65 crores. Managing Director to
execute this project has been appointed. We are also taking the
approval of shareholders for raising Rs 20 crores through preferential
allotment and Rs 45 crores public issue/ADR/GDR etc. The Board is
hopeful to start the actual implementation of the project shortly.
CHANGE OF NAME AND MAIN OBJECTS CLAUSE
In the last Annual General Meeting the shareholders have approved the
change of name and main objects of the Company. In the mean time
possibilities were also being explored to start some other business in
the long term interest of the shareholders. It has took some time and
now the project of Trading, Export and Commission Agent has been
finalized. For this project the existing name and object clause is more
suitable. It has, therefore, been decided not to change the name and
main objects of the company. It is for the information of shareholders.
DIVIDEND
Keeping in view the performance we are unable to recommend dividend for
the year under review.
DIRECTORS
Sh. Anindo Banerji and Sh. Sarabjeet Singh were appointed Additional
Directors w.e.f. 16.6.2010 and their appointment is upto the date of
Annual General Meeting. Pursuant to Section 257 of the Companies Act,
1956 Company has received requests for their appointment as Director
and items have been included in the Notice of Annual General Meeting
for your approval. The Board has appointed Sh. Anindo Banerji as
Managing Director for the implementation of the project of Trading,
Export and Commission Agent and raising resources for the project.
Sh Ajai Kumar resigned from the Directorship of the company w.e.f.
16.6.2010 and the Board places on record the appreciation of the
services rendered by Sh. Ajai Kumar during the tenure of his
Directorship of the company.
Sh. Alok Kumar, Director retires by rotation at the Annual General
Meeting and being eligible has offered himself for re- appointment.
CORPORATE GOVERNANCE
The Company has in place a system of Corporate Governance. A separate
report on Corporate Governance forming part of the Annual Report of the
Company is annexed hereto. A certificate from the Statutory Auditors
regarding compliance of conditions of Corporate Governance as
stipulated under Corporate Governance Clause of the Listing Agreement
is annexed to the report on Corporate Governance. As on now there is no
Chief Financial Officer in the company.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the provisions of Section 217(2AA) of the Companies Act,
1956, the Directors confirm that:
i) In the preparation of the annual accounts, the applicable accounting
standards have been followed;
ii) Appropriate accounting policies have been selected and applied
consistently and have 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 as at March
31,2010 and of the profits of the Company for the period from April,
2009 to 31st March, 2010; iii) Proper and sufficient care has been
taken for the maintenance of adequate accounting records in accordance
with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the Company and for preventing and detecting
fraud and other irregularities; iv) The annual accounts have been
prepared on a going concern basis.
FIXED DEPOSITS
During the period under review, the Company has not accepted any
deposits within the meaning of Section 58A of the Companies Act, 1956
and the Rules made there under.
AUDITORS
M/s Mehra & Co., Chartered Accountants, Auditors of the Company, retire
at the conclusion of the forthcoming Annual General Meeting and they
have offered themselves for re-appointment. The Company has obtained
necessary certificate u/s. 224 (1B) of the Act from M/s Mehra & Co.,
Chartered Accountants.
AUDITORS REPORT
The Auditors Report on the Accounts of the Company for the period
under review is self - explanatory and requires no comments.
PARTICULARS OF EMPLOYEES
During the period under review, no employee received salary more than
Rs. 24.00 lac per annum or Rs.2.00 lac per month. Accordingly no
particulars of employees are being given pursuant to the provisions of
Section 217(2A) of the Companies Act, 1956.
CONSEVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
Information under Section 217(1) (e) of the Companies Act, 1956 read
with Companies (Disclosure of Particulars in the Report of Board of
Directors) Rules, 1988 are not applicable because there are no
manufacturing activities in the Company. However the Company has taken
every possible measure to conserve the use of energy in the offices.
The Company has neither earned nor spent any foreign exchange during
the year.
ACKNOWLEDGEMENT
Your Directors are pleased to place on record their sincere gratitude
to the Government, Bankers and business constituents for their
continued and valuable co-operation and support to the Company. The
Board also takes this opportunity to express their appreciation for the
devoted and sincere services rendered by the employees of the Company
during the year.
For and on behalf of the Board
Sd/- Sd/-
Place : New Delhi (Anindo Banerji) (Dinesh Pareek)
Date : 16.06.2010 Mg Director Director
Mar 31, 2009
The Directors hereby present their twenty-sixth Annual Report on the
business and operations of the Company together with the Audited
Financial Accounts for the year ended 31st March 2009.
FINANCIAL RESULTS
The financial results of the Company for the year under report are
given below:
Particulars Year ended Year ended
31st March, 2009 31st March, 2008
(Rs in lac) (Rs in lac)
1. Operative & Other Income 262.79 58.23
2. Depreciation 31.55 13.43
3. Profit/loss before tax -46.60 21.48
4. Profit after tax -81.50 19.79
5. Add previous years balance 74.15 70.03
6. Add excess provisions of the previous year -13.61 -15.67
7. Balance carried to balance sheet -7.35 4.12
MANAGEMENT DISCUSSION & ANALYSIS (MD&A)
FINANCIAL REVIEW
Your Company is a private sector Non Banking Financial Company
primarily involved in the business of investment in securities. Since
the capital market in India and abroad has passed through a difficult
phase it has affected the operations of your company also. However we
are hopeful for better performance in the current year.
BUSINESS REVIEW
The company earned its income mainly from making investments/ trading
in securities. The performance was affected due to recessionary trend
in the economy and now we are hopeful for better performance.
OPPORTUNITIES
The economic development is the main agenda of the Government and that
will provide very positive environment for making investment in
securities market.
RISKS AND CONCERNS
Your Company is exposed to business and environmental risks in which it
operates including interest rate volatility, economic cycles, market
risks and credit policy of government and capital market at the world
level. We are managing these risks by maintaining a conservative
financial profile and by following prudent business and management
practices.
ADEQUATE INTERNAL CONTROL
Your Company has a proper and adequate system of internal controls to
ensure that all activities are monitored and controlled against any
unauthorized use or disposition of assets and that the transactions are
authorized, recorded and reported correctly.
HUMAN RESOURCE DEVELOPMENT
After completing the process of amalgamation we are planning to appoint
suitable persons in the company.
TRADING APPROVAL BY BOMBAY STOCK EXCHANGE LIMITED
We are happy to inform you that after amalgamation of M/s Akhand Bharat
Agro Limited and M/s AMGF Intercom Ltd. with your company trading was
allowed by the Bombay Stock Exchange Limited on 22.05.2009. The
amalgamation has given benefit to the shareholders of AMGF Intercorp
Ltd. as that company was listed at Delhi Stock Exchange and U P Stock
Exchange where there was no trading due to own reasons of the Stock
Exchanges. It has also benefited the shareholders of Akhand Bharat Agro
Ltd. which was an unlisted company. Further amalgamation has increased
the size of company and we are hopeful for better performance of the
emerged entity.
We are in the process of getting the trading approval from Delhi Stock
Exchange Association Ltd.
DIVIDEND
Keeping in view the performance we are unable to recommend dividend for
the year under review.
DIRECTORS
As per the Scheme of Amalgamation there was change of management and
promoters through the Scheme of Amalgamation and the Directors of
transferor companies i.e. M/s Akhand Bharat Agro Limited and M/s AMGF
Intercorp Ltd. became the Directors of the company and the Directors of
Transferee Company ceased to be Directors of the company. The Board
places on record the appreciation of the services rendered by the
erstwhile Directors of the Company during their tenure as Directors of
the company.
Sh Ajeet Kumar resigned from the Directorship of the company w.e.f.
24.08.2009 and the Board places on record the appreciation of the
services rendered by Sh. Ajeet Kumar during the tenure of his
Directorship of the company.
Sh. Ajai Kumar, Director and Sh. Rajiv Bansal, Director retire by
rotation at the Annual General Meeting and being eligible have offered
themselves for re-appointment.
CORPORATE GOVERNANCE
The Company has in place a system of Corporate Governance. A separate
report on Corporate Governance forming part of the Annual Report of the
Company is annexed hereto. A certificate from the Statutory Auditors
regarding compliance of conditions of Corporate Governance as
stipulated under Corporate Governance Clause of the Listing Agreement
is annexed to the report on Corporate Governance. As on now there is no
Chief Financial Officer in the company.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the provisions of Section 217(2AA) of the Companies Act,
1956, the Directors confirm that:
i) In the preparation of the annual accounts, the applicable accounting
standards have been followed;
ii) Appropriate accounting policies have been selected and applied
consistently, and have 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 as at March 31,2009 and of the profits of the Company
for the period from April, 2008 to 31st March, 2009; iii) Proper and
sufficient care has been taken for the maintenance of adequate
accounting records in accordance with the provisions of the Companies
Act, 1956 for safeguarding the assets of the Company and for preventing
and detecting fraud and other irregularities; iv) The annual accounts
have been prepared on a going concern basis.
FIXED DEPOSITS
During the period under review, the Company has not accepted any
deposits within the meaning of Section 58A of the Companies Act, 1956
and the Rules made there under.
AUDITORS
M/s RTPS & Co., Chartered Accountants, Auditors of the Company, retire
at the conclusion of the forthcoming Annual General Meeting and they
have not offered themselves for re-appointment. M/s Mehra & Co. are
proposed to be appointed as Statutory Auditors subject to the approval
of shareholders. The Company has obtained necessary certificate u/s.
224 (1B) of the Act from M/s Mehra & Co., Chartered Accountants.
AUDITORS REPORT
The Auditors Report on the Accounts of the Company for the period
under review is self - explanatory and requires no comments.
PARTICULARS OF EMPLOYEES
During the period under review, no employee received salary more than
Rs. 24.00 lac per annum or Rs.2.00 lac per month. Accordingly no
particulars of employees are being given pursuant to the provisions of
Section 217(2A) of the Companies Act, 1956.
CONSEVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
Information under Section 217(1) (e) of the Companies Act, 1956 read
with Companies (Disclosure of Particulars in the Report of Board of
Directors) Rules, 1988 are not applicable because there are no
manufacturing activities in the Company. However the Company has taken
every possible measure to conserve the use of energy in the offices.
The Company has neither earned nor spent any foreign exchange during
the year.
ACKNOWLEDGEMENT
Your Directors are pleased to place on record their sincere gratitude
to the Government, Bankers and business constituents for their
continued and valuable co-operation and support to the Company. The
Board also takes this opportunity to express their appreciation for the
devoted and sincere services rendered by the employees of the Company
during the year.
For and on behalf of the Board
Sd/- Sd/-
Place : New Delhi (Ajai Kumar) (Dinesh Pareek)
Date : 03.09.2009 Director Director
Mar 31, 2002
The Directors have pleasure in presenting the Annual Report together
with the audited statements of the accounts of the company for the year
ended 31st Match 2002.
Financial Results:
During the year ended 31st March 2002,your company has earned a net
profit of Rs. 14757.26 after the deduction of tax .
Dividend:
In view of insufficiency of the profits, your directors are not
recommending any dividend.
Directors:
Mr. J.P.Jain, Directors retire by rotation and being eligible for
reappointment offer themselves for reappointment,
Directors Resposnsiblity:
Pursuant to the provisions of Section 217(2AA) of the Companies Act
2000, the Directors confirm that:
i) In the preparation of the Annual accounts, the applicable accounting
standards have been followed alongwith proper explanation relating to
material departures;
ii) Appropriates accounting policies have been selected and applied
consistently and have made judgements and estimates that are reasonable
and prudent so as to give a true and fair view of the state affairs of
the company as at March 31,2002 and of the profit of the company for
the said period;
iii) Proper and sufficient care has been taken for the maintenance of
adequate accounting records in accordance with the provisions of the
companies act ,1956 for safeguarding the assets of the company and for
preventing and detecting fraud and other irregularities;
iv) The annual accounts have been prepared on a going concern basis.
Listing Of Securities:
The Securities of the company are listed on the following stock
exchanges ;
- The Delhi Stock Exchange Assn. Ltd.
- The Stock Exchange Mumbai,Mumbai
The company is yet to pay the listing fee of Delhi Stock Exchange .
Fixed Deposits:
During the period under review,the company has not accepted any
deposits with in the meaning section 58A of Companies Act, 1956 and
rule made thereunder.
Auditors And Auditors Report:
M/s Jatinder Singh & Associates,Chartered Accountants,retire at the
conclusion of the forthcoming Annual General Meeting and being eligible
,offer themselves for reappointment . In respect of Auditors
observation ,the notes on accounts are self explanatory and no comments
are required .
Particulars Of Employees:
During the period no employee was in receipt of remuneration exceeding
the limits specified u/s 217(2A) of the Companies Act, 1956.
Conservation Of Energy, Technology , Absorption And Foreign Exchange
Earning And Outgo:
Information under section 217(l)(e) of the companies Act 1956 read with
companies (Disclosure of particulars in the report of Board Of
Directors)Rule, l988 is not applicable, The company has neither earned
nor spent any foreign exchange during the year.
Acknowlegement:
Your directors acknowledge with gratitude the direct and indirect
support received by the management from all concerned.
For And On Behalf Of The Board
-sd- -sd-
(Sukhbir Singh) (J.P. Jain )
Director Director
Place : New Mumbai
Date : 03-09-2002
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