| Dear Members,
The Directors have pleasure in presenting the 26th Annual Report
together with the Audited Financial Statement along with the Report of
the Auditors for the year ended on 31st March 2014.
Financial Results and Profitability:
FINANCIAL RESULTS 2013-2014 2012-13
Total Income 41.64 1642.00
Total Expenditure 63.04 1619.20
Profit/(Loss) before Depreciation & Tax -16.69 22.79
Less: Depreciation 4.69 6.76
Profit/(Loss) before tax -21.39 16.04
Provision for tax 1.30 5.11
Profit/(Loss) after Tax -22.70 10.93
Profit bought forward 0.00 0.00
Profit available for appropriation 0.00 0.00
Appropriations:
Balance Carried forward -22.70 10.93
Paid up Equity Share Capital 3838.01 3838.01
Reserves and Surplus 3430.73 3453.43
- Operation
Your directors report that the company has achieved a sales turnover of
Rs.8.41 Lacs as against Rs. 1631.88 Lacs in the previous year. The
company made a loss of Rs.22.70Lacs. After providing a sum of Rs. 4.69
Lacs towards depreciation, Income Tax provision of Rs 1.30 Lacs, the
operation resulted in Net loss of Rs. 22.70 Lacs as against profit of
Rs. 10.93 Lacs in the previous year.
- Amount proposed to be carried to reserves:
The Net Profit of the company has decreased to Rs. (22.70) Lacs during
the year thus no sum is appropriated to the reserves.
- Conservation of energy, technology adsorptions and foreign exchange
earnings and outgo:
In accordance with the provisions of Section 134(3) of The Companies
Act 2013, read with Companies (Disclosures of Particulars in the report
of Board of Directors) Rules, 1988 are as per annexure to the report.
- Deposits:
The company has neither accepted nor renewed any Public Deposits
pursuant to the Section 73 of the Companies Act, 2013
- Directors :
Mr. Vikram Parikh Director of the company will retire by rotation in
the Annual General Meeting, and being eligible offer themselves for
reappointment. Mr. Shankar Bhagat and Mr. Amulbhai Patel have been
appointed as Independent directors for a period of Five (5) years upto
31st March 2019.
- Auditors:
The Statutory Auditors of the Company M/s R.H. Modi & Company,
Chartered Accountants are retiring at conclusion of this Annual General
Meeting, being eligible they offers themselves for reappointment for a
period of 3 years till 2017. The Auditors have confirmed that, if
appointed, their appointment will be within the limits as laid down
under section 139 of the Companies Act, 2013.
Notes forming part of the accounts, which are specifically referred to
by the Auditors in their Report are self explanatory and therefore do
not call for any further comments.
- Subsidiaries:
The company had Minal International FZE as 100% subsidiary as on 31st
March 2014. The consolidated financial statements presented by the
company include financial information of its subsidiaries prepared in
compliance with the applicable accounting standards. A statement under
section 212 of the companies Act 1956 in respect of the subsidiary
company is enclosed herewith for information of members.
- Employee Particulars:
There are no employees covered under the Companies (Particulars of
Employees) Rules, 1975 and hence no information is required to be
furnished.
- Director's Responsibility Statement:
Pursuant to Section 134 of The Companies Act, 2013, the directors
confirm that, to the best to their knowledge and belief:
(I) that in preparation of the annual accounts, the applicable
accounting standards had been followed along with proper explanation
relating to material departures;
(ii) that the directors had selected such accounting policies and
applied them consistently and made judgments and estimated 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 the period.
(iii) that 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 the detecting fraud and other irregularities;
(iv) that the directors had prepared the annual accounts on a going
concern basis.
(v) That 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.
For and on behalf of the Board of Directors
of Minal Industries Limited
J. B. Parikh
Chairman
Place: Vadodara
Date : 30/05/2014
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