| Dear Members,
The Directors hereby present the 53rd Annual Report of the Company
along with the audited statement of accounts for the year ended 31st
March, 2014.
FINANCIAL RESULTS: 2013-2014 2012-2013
Rupees Rupees
Profit before Tax (2,70,103) 11,52,05,383
Less: Provision for Current Tax - 2,11,00,000
Add: MAT Credit Entitlement - 2,08,75,770
Net Profit for the Year (2,70,103) 11,49,81,153
Less: Balance of Loss brought forward - (10,86,91,429)
Fund Available for Appropriation (2,70,103) 62,89,724
Add: Appropriations:
Dividend on 35000, 9.50% Non-Convertible
Cumulative Redeemable Preference Shares
for earlier years - 28,01,095
Dividend on 35000, 9.50% Non-Convertible
Redeemable Preference Shares for the Year. - 1,38,450
Corporate Dividend Tax on Preference Shares - 4,76,870
Proposed Dividend on Equity Shares - 53,39,500
Corporate Dividend Tax on Equity Shares - 9,07,448
Transfer to General Reserve - 1,25,00,000
Total Appropriation - 2,21,63,363
Balance carried to Balance Sheet (2,70,103) (1,58,73,639)
DIVIDEND:
Your directors regret their inability to recommend any dividend for the
year.
YEAR UNDER REVIEW:
The Board of the Company is in the process of evaluating alternative
business opportunities which the Company may choose to enter into in
the future.
DIRECTORS:
In accordance with the Articles of Association of the Company,
Dr.Anurag Kanoria, Director of the Company, retires by rotation and is
eligible for re-election.
DIRECTORS' RESPONSIBILITY STATEMENT:
Pursuant to the requirement under section 217 (2AA) of the Companies
Act, 1956 with respect to Directors' Responsibility Statement, it is
hereby confirmed:
(i) that applicable accounting standards have been followed alongwith
proper explanation to any material departure in the preparation of the
annual accounts for the financial year ended 31st March, 2014;
(ii) that the Directors have selected such accounting policies and
applied them consistently and made judgements 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 the end of the financial year and of
the profit or loss of the Company of the year under review;
(iii) that 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) that the Directors have prepared the annual accounts on a going
concern basis.
AUDITORS :
Messrs Singhi & Company, Chartered Accountants, Auditors of the
Company, retire, and being eligible, offer themselves for re
appointment.
AUDITORS' REPORT :
The observations made in the Auditors' Report are self-explanatory and
do not require further explanation/comment.
DEPOSITS :
There are no deposits outstanding nor has the Company accepted any
deposits from the public during the year.
INSURANCE :
All properties of the Company have been adequately insured.
PARTICULARS OF EMPLOYEES :
There is no employee covered by section 134 of the Companies Act, 2013
read with Companies (Particulars of employees) Rules, 1975 as amended.
CONSERVATION OF ENERGY :
Particulars in respect of conservation of energy, technology absorption
and foreign exchange earnings outgo as required under section 217(1)(e)
of the Companies Act, 1956 are given in a separate Annexure A attached
hereto which forms part of this Report.
CERTIFICATE OF COMPLIANCE :
A certificate of compliance from Shri Murlidhar R. Roongta, Company
Secretary, as required by virtue of the provision to section 383A(1) of
the Companies Act, 1956, to the effect that the Company has complied
with all the provisions of the Companies Act, is given in a separate
Annexure B attached hereto which forms part of this Report.
CORPORATE GOVERNANCE :
The shares of the Company are listed with the Bombay Stock Exchange.
The code of corporate governance as introduced by the Securities and
Exchange Board of India (SEBI) is not applicable to the Company as its
paid up share capital is below the stipulated figure laid down by SEBI
in this regard.
By Order of the Board of Directors
For BOMBAY WIRE ROPES LIMITED
Place : Mumbai, Raj Kumar Jhunjhunwala Dr. Anurag Kanoria
Dated : 30th June, 2014 Director Director |