| DEAR MEMBERS,
The Directors have pleasure in presenting their Report and Audited
Accounts of the Company for the year ended March 31,2015.
1. Financial Results:
Turnover:
Current Period (In Rs. ) Previous Year (In Rs.)
86,736,217 20,52,00,518
During the financial year 2014-15 the turnover of the company is lesser
as compare to the previous year. The financials for the financial year
2014-15 is as follows:-
PARTICULARS Current Period Previous Period
31.03.2015 31.03.2014
I . Revenue From Operations 86,736,217 205,200,518
II. Cost of Sales 98,494,141 268,534,186
III . Gross profit (I-II) (11,757,923) (63,333,668)
IV. Operating expenses:
(1) Selling and marketing 2,771,006 4,483,383
expenses
(2) Administrative expenses 14,024,681 374,410,400
(3) Depreciation and 326,889,822 141,583,529
amortization of assets
(4) Foreign currency exchange - -
gains(losses), net
Total Operating Expenses 343,685,509 520,477,312
V. (1) Results from operating (355,443,432) (583,810,980)
activities (III - IV)
(2) Gains / (Loss) on sale of 107,945
long-term investments
(3) Other Income 1,647,898 24,189,835
(4) Other expenses: -
(i) finance costs 11,137 179,525
(ii) Others - -
(5) Long Term Investment - 722,615,680
Written off
VI. Income before (353,806,671) (1,282,308,405)
income tax
(1) Current Income Tax - -
(2) Deferred Tax Liability / - -
(Asset)
VII. Net Profit After Tax (353,806,671) (1,282,308,405)
(3) Others - -
VIII. Profit for the (353,806,671) (1,282,308,405)
period (VI-VII)
2. Dividend:
Considering the losses from last few years the directors of company has
not recommended any dividend for the current Period.
3. Term Deposits:
During the Period under review, your Company has not accepted any
deposit under Section 58A of the Companies Act, 1956 read with
Companies (Acceptance of Deposits) Rules, 1975.
4. Information under Section 196-202 of Companies Act, 2013 and Rule
3-10 of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014
None of the employees was in receipt of remuneration exceeding the
limit specified under section 196-202 of Companies Act, 2013
5. Directors
Pursuant to Section 152 of the Companies Act, 2013 (the 'Act') and
under Article (Article No. if any) of the Company's Articles of
Association, Mr. Sunil Jawaharlal Mandloi retires by rotation at the
ensuing 21st Annual General Meeting and, being eligible, offers himself
for re-appointment.
Mrs. Shailbala Sunil Mandloi has been appointed as a Non Executive
Independent director of the company, Pursuant to Sections 149, 150 and
152 of the Act, read with Companies (Appointment and qualification of
Directors) Rules, 2014 along with NOTE IV of the Act (including any
statutory modification(s) or re-enactment thereof for the time being in
force), the Independent Directors can hold office for a term of five
consecutive years on the Board of Directors of your Company.
During the year:
Mr. Ratan Lal Tamakhuwala the Director of the Company has been resigned
from the Directorship of the company with effect from 27th March,2015.
6. Director's Responsibility Statement:
Pursuant to in terms of clause (c) of sub-section 3 of section 134 of
the Companies Act, 2013, the Directors, based on the representations
received from the Management, confirm:
That in the preparation of the annual accounts, the applicable
accounting standards have been followed.
That 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 March 2015 and the profit / Loss of the
Company for that period.
That we 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 That we have
prepared the annual accounts on a going concern basis.
7. Auditors
The Board has proposed the appointment of M/S Arup & Associates,
Chartered as a Statutory Auditor of the Company until the conclusion of
Next Annual General Meeting of the company at a remuneration as the
Board of Directors may determine. "subject to the approval of the
shareholders in the Annual General Meeting of the company;
8. Conservation of Energy, Research and Development, Technology,
Absorption and Foreign Exchange Earning & Outgo
The information required under the Companies Act, 2013 with respect to
conservation of energy, technology absorption and foreign exchange
earnings/outgo is appended hereto as Annexure : "A" and it forms part
of this Report.
9. Employee Relations
The employee relations in the Company continued to be positive.
Information as per Section 217(2A) of the Companies Act, 1956 (the
'Act') read with the Companies (Particulars of Employees) Rules, 1975
forms part of this Report. As per the provisions of Section
219(1)(b)(iv) of the Act, the Report and Accounts are being sent to the
shareholders of the Company excluding the statement on particulars of
employees under Section 217(2A) of the Act. Any shareholder interested
in obtaining a copy of the said statement may write to the Secretarial
Department at the Registered Office of the Company.
10. Subsidiaries
To Closure of the Subsidiaries companies an application is to be made
U/s 560 of the companies Act to the Registrar of Companies, to strike
off the name of the Subsidiary Companies.
11. Trade Relations
Your Directors wish to record appreciation of the continued unstinted
support and co-operation from its Customers, suppliers of
goods/services, clearing and forwarding agents and all others
associated with it. Your Company will continue to build and maintain
strong association with its business partners.
Your Company also has a Policy on Prevention of Sexual Harassment which
is reviewed by the Internal Complaints Committee at regular intervals.
Your Company recognizes its responsibility and continues to provide a
safe working environment for women, free from sexual harassment and
discrimination and to boost their confidence, morale and performance.
12. Corporate Governance
As per clause 49 of the Listing Agreements entered into with the Stock
Exchanges, Corporate Governance Report with auditors' certificate
thereon and Management Discussion and Analysis are attached and form
part of this report.
As per clause 55 of the Listing Agreements entered into with the Stock
Exchanges, a Business Responsibility Report is attached and forms part
of the annual report.
13. Acknowledgements
The Directors thank the Company's customers, vendors, investors,
business associates, bankers for their support to the company. The
Directors appreciate and value the contributions made by every member
of the "Greenearth" family across the country.
For and On Behalf of the Board of Directors
SD/-
M. M. Damani
Managing Director
Place: Kolkata
Date: May 30, 2015
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