| The Members,
The Directors have great pleasure in presenting their Twenty Seventh
Annual Report together with the Audited Statement of Accounts for the
financial year ended 31st March, 2014
1. FINANCIAL RESULTS:
(Rupees in Lacs)
FOR THE YEAR FOR THE YEAR
PARTICULARS ENDED ENDED
31-Mar-14 31-Mar-13
1. FINANCIAL RESULTS
Sales (Incl. Exch. Difference) NIL 1009.76
other Income 0.98 1141.56
Profit before Interest & Depreciation (A) (6,590.30) (18830.82)
Less: I) Interest 4737.32 3,885.83
2) Depreciation 228.60 325.41
Total of Interest and Depreciation (B) 4965.92 4211.24
Misc items (C) 338.64 381.63
Profit before taxation (A-B-C) (11894.87) (23423.68)
Provision for & Deferred Taxation Nil 1417.02
Profit after taxation (11894.87) (25126.45)
Bal in P & L Account brought/forward (8874.61) 16251.84
(20769.48) (8874.61)
2. APPROPRIATIONS
Proposed Dividend (incl Tax) - -
Transfer to General Reserve
Balance carried forward (20769.48) (8874.61)
(20769.48) (8874.61)
2. DIVIDEND:
In view of loss during the year the management has decided not to
declare the dividend
3. LISTING ON NSE & BSE:
The shares of your company are listed on the Bombay Stock Exchange
Limited (BSE Code: 523200) and the National Stock Exchange of India
Limited (NSE Code: CLASSIC EQ)
4. FINANCE:
The Company's accounts where they were having limits with the Banks has
been declared NPA (Non Performing Assets) by the Bank for non
realization of export proceeds. The directors of the Company are trying
their best to realize the export proceeds at the earliest
5. DIRECTORS:
The Company has 4 Directors. The following is the list of Directors of
the Company:
Name of the Director Designation
Kumar C. Bhansali Chairman & Managing Director
Nirav Bhansali Whole Time Director
Madhukar G. Patankar Independent Non-Executive Director
NishikantJha Independent Non-Executive Director
6. AUDITORS:
M/s JMR & Associates Chartered Accountants will continue to hold the
office of Auditor as per Section 139 of the Companies Act 2013 from the
conclusion of this Annual General Meeting, until the conclusion of
Twenty-Eight Annual General Meeting to be held after this meeting,
subject to ratification at every Annual General Meeting and to fix
their remuneration for the financial year ending 31st March, 2014.
7. CORPORATE GOVERNANCE:
A separate section on Corporate Governance is included in the Annual
Report and the certificate from the company's auditors confirm the
compliance of conditions on Corporate Governance as stipulated in the
said clause 49 of the Listing Agreement annexed thereto.
8. FIXED DEPOSIT:
The company has not invited or accepted any deposit during the
financial year 2014- 2015 under review under Section 73 of the
Companies Act, 2013 read with the Companies (Acceptance of Deposits)
Rules, 2014.
10. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO:
The information pursuant to Section 134(3) (m) of the Companies Act,
2013 is given below:
A. CONSERVATION OF ENERGY
As the company is not covered in the list of industries required to
furnish information in Form A relating to conservation of energy, the
same is not given.
B. TECHNOLOGY ABSORPTION
Research and Development (R & D)
1. Specific areas in which the company carries out R & D:
The Company has been successful in manufacturing its own Laser Cutting
Machine for the Diamond factory. In the jewellery sector in house
design and manufacture of certain consumables are carried out.
2. Benefits derived as a result of the above R & D:
The Company achieves better productivity and cost reduction.
Reduction in Production leads time Reduction in rework and rejection in
the manufacturing process Total traceability of each piece during the
entire manufacturing process through in house software development
3. Future plan of Action:
The company will strive to improvise the manufacturing methodology to
effect further cost reduction and increase productivity.
4. Expenditure on R & D:
a. Capital NIL
b. Recurring NIL
c. Total R & D expenditure as included in the manufacturing cost
percentage of total turnover NIL
5. Efforts in brief made towards Technology absorption and innovation:
The company keeps abreast of global technical developments, innovations
and trends in its line of business and strives to constantly reduce
costs and improve the quality of its products.
6. Benefits derived as a result of the above efforts e.g. cost
reduction, product development and improvement; import substitution
etc. will be reflected in precision manufacturing of high quality
products and substantial
7. In case of imported technology (imported during the last 5 years
reckoned from the beginning of the financial year) following
information may be furnished:
The Company has not imported any technology.
C. FOREIGN EXCHANGE EARNINGS AND OUTGO:
Information regarding foreign exchange earnings and outgo is given
below:
Total Foreign Exchange used : NIL
Total Foreign Exchange earned : NIL
12. DIRECTORS' RESPONSIBILITY STATEMENT:
Pursuant to the requirement under section 134(3) (c) of the companies
act, 2013, with respect to Directors' Responsibility Statement, it is
hereby confirmed that:
- that in the preparation of the annual accounts, the applicable
accounting standards had been followed along with proper explanation
relating to material departures;
- that 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 and loss
of the company for that period
- that they have 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;
- that they have prepared the annual accounts on a going concern basis
and
- that in case of listed company, had laid down internal function
controls to be followed by the company and that such internal financial
controls are adequate and were operating effectively
- that they had devised proper systems to ensure compliance with the
provisions of all applicable laws and that such systems were adequate
and operating effectively
13. CAUTIONARY STATEMENT
Statements in this Directors Report and Management Discussion &
Analysis describing the Companies objectives, projections, estimates,
expectations or predictions may be forward-looking statements within
the meaning of applicable Securities laws and regulations Actual
results could differ materially from those expressed or implied due to
risk of uncertainties associated with our expectations with respect to,
but not limited to, changes in Government regulations, tax regimes,
economic developments within India and the countries in which the
Company conducts business, technological changes, exposure to market
risks, general economic and political conditions in India and which
have an impact on our business activities or investments, the monetary
and fiscal policies of India, inflation, deflation, unanticipated
turbulence in interest rates, foreign exchange rates, the performance
of the financial markets in India and globally and raw material
availability and prices, demand & pricing in the Company's principal
markets, and other incidental factors.
14. ACKNOWLEDGEMENT:
The Directors wish to convey their appreciation to all the employees of
the company for their personal efforts as well as for the excellent
contribution made by all employees of the Company through their
commitment, competence, co- operation and diligence to duty their
collective contribution in such trying times, which enabled the company
to meet the challenges set before it.
Your Directors would like to express their grateful appreciation for
the assistance and cooperation received from the banks during the year
under review. Your Directors also wish to place on record their deep
sense of appreciation for the continued support of customers and
suppliers of the company.
Your Directors thank the shareholders for their confidence in the
company.
BY THE ORDER OF THE BOARD
Registered Office: Mr. Kumar C. Bhansali
Off Premises No.701, 7th Floor, Chairman & Managing Director
Majestic Shopping Centre Premises
Co-op.Soc.ltd.
J.S.S. Rd., Mumbai 400 004 Mr. Nirav K. Bhansali
Dated: 30th May, 2014 Whole Time Director
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