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Your Directors are pleased to present the 39th Annual Reports together with the Audited Accounts of the Company for the year ended on 31st March 2019.
|(Rs. in lacs)||(Rs. in lacs)|
|Revenue from Operations||1731.17||2377.92|
|Net Profit Before Taxation||158.97||231.82|
|Net Profit after taxation||115.51||138.28|
|Balance of Profit & Loss Account B/F||1354.28||1296.06|
|Transfer to General Reserve||0.00||0.00|
|Tax on Dividend paid||0.00||13.51|
|Taxes of earlier Years||0.49||0.19|
|Balance of Profit & Loss Account C/F||1469.30||1354.28|
OPERATION / PERFORMANCE:
During the year turnover of your Company decreased in the comparison of previous year due to recession in global demand of glass beads, handicrafts etc.
Based on the Companys performance during the year 2018-19, the Board of Directors decided not to recommend declaration of dividend.
TRANSFER TO RESERVES
No amount has been transferred to reserve. The closing balance of the retained earnings of the Company for F.Y. 2018 - 2019, after all appropriation and adjustments was 1469.30 lacs.
DIRECTORS RESPONSIBILITY STATEMENT :
Pursuant to provisions of Section 134(5) of the Companies Act, 2013, the Directors hereby state and confirm -
(a) in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures;
(b) the directors had selected such accounting policies and applied them consistently except as required by accounting standards and other applicable law(s) and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial year and of the profit and loss of the company for that period;
(c) the directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;
(d) the directors had prepared the annual accounts on a going concern basis; and
(e) the directors 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 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, including audit of internal financial controls over financial reporting by the statutory auditors, and the reviews performed by management and the relevant board committees, including the audit committee, the board is of the opinion that the Companys internal financial controls were adequate and effective during FY 2018-19.
ADOPTION OF IND AS:
The company has adopted Ind AS from the financial year 2017-18.
PENDING PETITION WITH NCLT:
The Special Leave Petition vide no. 25165-25166/2007 filed by Shri Ajit Kumar Gupta and others against Honble CLB order dt. 04.07.2007 and 03.08.2007 in the matter of C.P. No. 14/99, CP No. 14/111/1999, 15/111/1999 and 1/111/2001 had been disposed off by Honble Supreme Court on 11.04.2018. The company had already complied and executed above order of Honble CLB by 05.09.2007 and nothing is pending to be complied by the company and accordingly disclosed in Annual Report made thereafter. However Mr. Raj Kumar Gupta, ex-director of the company, who had not challenged CLB orders now filed an Execution Petition No. 42/2018 before Honble NCLT to get property of the company situated at Expo Mart, Greater NOIDA , which was neither part of CLB Petition No. 14/1999 nor mentioned in the list of properties to be transferred to 1st Petitioner (Mr. Raj Kumar Gupta group) in CLB final order dt. 04.07.2007 and modified order dt. 03.08.2007. Mr. Raj Kumar Gupta Ex-director of the company had already made an application to get this property before Honble Supreme Court in SLP No. 935-936/2010 and Honble Supreme Court finally dismissed the SLP with all pending applications. The present Execution Petition 42/2018 filed by Mr. Raj Kumar Gupta before Honble NCLT Allahabad is pending.. The Management does not reasonable expect that the Execution Petition, when ultimately concluded and determined, will have a material and adverse effect on the Companys results of operations or financial condition.