Mar 31, 2023
The Board of Directors ("Board") of TCC Concept Limited ("Company") with immense pleasure present their report on the business and operations of your Company for the financial year 2022-23. This Report is being presented along with the audited financial statements for the year.
The financial summary for year ended is as follows: |
(Rs. In Lakhs) |
|
For the current year ended 31st March, 2023 |
For the previous year ended 31st March, 2022 |
|
Revenue from operations |
120.00 |
0.00 |
Other Income |
4.48 |
12.24 |
Total Income |
124.48 |
12.24 |
Expenditure |
14.96 |
12.31 |
Profit / (Loss) for the year Before Tax |
109.52 |
(0.07) |
Less: Provision for Taxation |
27.86 |
(0.05) |
Net Profit/(Loss) After tax |
81.66 |
(0.02) |
⢠NUMBER OF MEETINGS OF THE BOARD
During the year, 15 meetings of the Board were held on 25.05.2022, 26.05.2022, 09.08.2022,
28.09.2022, 01.10.2022, 11.11.2022, 02.12.2022, 16.12.2022, 20.12.2022, 01.02.2022, 13.02.2023,
20.02.2023, 22.02.2022, 01.03.2023 and 30.03.2023
⢠STATE OF COMPANY''S AFFAIRS
During the year under review, the Company has achieved turnover of Rs. 120 Lakh as against no turnover in the previous year. After deducting total expenditure aggregating to Rs. 14.96 Lakh, the Company has earned profit after tax of Rs. 81.66 Lakh as against loss of Rs. 0.02 Lakh of the previous year.
⢠THE AMOUNTS, IF ANY, WHICH IT PROPOSES TO CARRY TO ANY RESERVES
The amount which is carried to any reserves, if any, is duly disclosed in Balance Sheet and Notes to Balance Sheet as part of Financial Statements.
⢠MATERIAL CHANGES AND COMMITMENTS
No material changes and commitments affecting the financial position of the Company occurred between the ends of the financial year to which this financial statement relate on the date of this report.
⢠PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS
Details of loans, guarantees and investments under the provisions of section 186 of the Companies Act, 2013, are disclosed in Balance Sheet and Notes to Balance Sheet as part of Financial Statements.
⢠STATEMENT INDICATING DEVELOPMENT AND IMPLEMENTATION OF RISK MANAGEMENT POLICY OF THE COMPANY
The Company does not have any Risk Management Policy as the elements of risk threatening the Company''s existence are very minimal.
⢠CHANGE IN THE NATURE OF BUSINESS
In the FY 2022-23, the Company has changed its object clause, the new object of the Company is as follows:
1. To carry on business of rendering real estate services, real estate broker and agent including but not limited to searching and identifying all type of properties namely commercial as well as residential as per the requirements of the client(s)/ customer(s) and also develop, license, offer on subscription basis technologies to facilitate / perform real estate services and
2. To carry on business of lead generation, appraisal of properties and asset hiring and renting on lease or commission basis including but not limited to leasing and subleasing of commercial and residential properties/ unit(s), IT park, furniture and fixtures, etc.
⢠DIRECTORS AND KEY MANAGERIAL PERSON
Following changes took place on the board of the company during the year:
Sr. No. |
Name |
Designation |
Appointment/Cessation/ Change in Designation |
Date |
1 |
Ms. Anita Ramchandani |
Company Secretary |
Cessation |
01-10-2022 |
2 |
Mr. Umesh Kumar Sahay |
Additional Director |
Appointment |
02-12-2022 |
3 |
Mr. Anish Shah |
Managing Director |
Cessation |
16-12-2022 |
4 |
Mr. Keyur Parikh |
Director |
Cessation |
16-12-2022 |
5 |
Mr. Nitin Lilachandbhai Bhavsar |
CFO |
Cessation |
16-12-2022 |
6 |
Ms. Aashini Shah |
Director |
Cessation |
16-12-2022 |
7 |
Mr. Umesh Kumar Sahay |
Managing Director |
Change in Designation |
16-12-2022 |
8 |
Mr. Abhishek Narbaria |
Additional Director |
Appointment |
16-12-2022 |
9 |
Mr. Nikhil Dilipbhai Bhuta |
Additional director |
Appointment |
16-12-2022 |
10 |
Ms. Gayathri Srinivasan Iyer |
Additional Director |
Appointment |
16-12-2022 |
11 |
Mr. Rajesh Chandrakant Vaishnav |
Additional Director |
Appointment |
16-12-2022 |
12 |
Ms. Divya Reejwani |
Company Secretary |
Appointment |
20-12-2022 |
⢠DETAILS IN RESPECT OF FRAUDS REPORTED BY AUDITORS UNDER SUB-SECTION (12) OF SECTION 143 OTHER THAN THOSE WHICH ARE REPORTABLE TO THE CENTRAL GOVERNMENT
The Auditors has not reported any frauds under sub-section (12) of section 143 other than those which are reportable to the central government.
The company has not accepted any deposit during the financial year.
⢠SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS IMPACTING THE GOING CONCERN STATUS AND COMPANY''S OPERATION IN FUTURE
During the year, no significant and material orders passed by the regulators or courts or tribunals impacting the going concern status and company''s operations in future.
⢠ADEQUACY OF INTERNAL FINANCIAL CONTROLS
The Company has a proper and adequate system of internal financial controls to ensure that all assets are safeguarded and protected against loss from unauthorized use or disposition, and that transactions are authorized, recorded, and reported correctly. The internal control system is supplemented by extensive programme of audit, review by management, and documented policies, guidelines and procedures.
⢠INTERNAL COMPLAINTS COMMITTEE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE
The company has complied with provisions relating to the constitution of Internal Complaints Committee under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.
⢠THE DETAILS OF APPLICATION MADE OR ANY PROCEEDING PENDING UNDER THE INSOLVENCY AND BANKRUPTCY CODE, 2016 DURING THE YEAR
No application made or no any proceeding pending under the Insolvency and Bankruptcy Code, 2016 during the year.
⢠DIFFERENCE BETWEEN AMOUNT OF THE VALUATION DONE AT THE TIME OF ONE TIME SETTLEMENT AND THE VALUATION DONE WHILE TAKING LOAN FROM THE BANKS OR FINANCIAL INSTITUTIONS ALONG WITH THE REASONS THEREOF
The disclosure is not applicable on the Company.
⢠RELATED PARTY TRANSACTIONS
The Company has not entered into any related party transaction as provided in sub-section (1) of section 188 of the Companies Act, 2013 which is not in its ordinary course of business or not on arms length basis. Hence, in accordance of proviso four of sub-section (1) of section 188 of the Companies Act, 2013, the sub-section (1) of section 188 of the Companies Act, 2013 is not applicable for the financial year.
The Board regrets to declare any dividend.
The copy of Annual Return referred to in sub-section (3) of section 92 of the Companies Act, 2013 is placed on website of the Company. The web-link of the Annual Return is www.aaswatrading.in
⢠PARTICULARS OF EMPLOYEE AND RELATED DISCLOSURES
Disclosure pursuant to Rule 5 (2) of Companies (Appointment & Remuneration of Managerial Personnel) Rules, 2014 during the year.
Sl. No. |
Name |
Designati on |
Remunerati on |
Nature of employme nt, whether contractual or otherwise |
qualificatio ns and experience of the employee |
date of comme ncemen t |
percen tage of equity shares held |
relative of any director or manage r |
1 |
Ms. Anita Ramchan dani |
Company Secretary |
2,63,266 |
Regular |
CS |
20-01 2022 |
Nil |
No |
2 |
Mr. Nitin Lilachand bhai Bhavsar |
CFO |
1,22,765 |
Regular |
Graduate |
01-02 2015 |
Nil |
No |
3 |
Ms. Divya Reejwani |
Company Secretary |
67,942 |
Regular |
FCS, LL.B, M.Com |
20-12 2022 |
Nil |
No |
⢠PARTICULARS OF REMUNERATION
Details pertaining to remuneration as required under section 197(12) of the Companies Act, 2013 read with rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014: The percentage increase in remuneration of each Director, Chief Financial Officer and Company Secretary during the financial year 2022-23, ratio of the remuneration of each Director to the median remuneration of the employees of the Company for the financial year 2022-23 and the comparison of remuneration of each Key Managerial Personnel (KMP) against the performance of the Company are as under:
Sr. No. |
Name of Director/ KMP and Designation |
Remuneration of Director/ KMP for financial year 2022-23 |
% Increase/ (Decrease) in Remuneration in the Financial Year 2022-23 |
Ratio of remuneration of each Director/ to median remuneration of employees |
1 |
Ms. Anita Ramchandani |
2,63,266 |
0% |
NA |
2 |
Mr. Nitin Lilachandbhai Bhavsar |
1,22,765 |
0% |
NA |
3 |
Ms. Divya Reejwani |
67,942 |
NA |
NA |
(a) The median remuneration of employees of the Company during the financial year was Rs. 25,839 per month or Rs. 3,10,068 per year, calculated on the basis of monthly salary, as employees worked for part of the year.
(b) In the financial year, there was no increase in the median remuneration of employees;
(c) There were one permanent employees on the rolls of Company as on March 31, 2023;
(d) In the Financial year, no increment made in the salaries of employees including managerial personnel. Hence, the comparison between percentile increase in the managerial remuneration and percentile increase in the salaries of employees and their justification is not applicable.
⢠EXPLANATION OR COMMENT BY THE BOARD ON EVERY QUALIFICATION, RESERVATION OR ADVERSE REMARK OR DISCLAIMER MADE BY AUDITOR IN ITS REPORT
The Statutory Auditor has not made any qualification, reservation or adverse remark or disclaimer in its report.
⢠EXPLANATION OR COMMENT BY THE BOARD ON EVERY QUALIFICATION, RESERVATION OR ADVERSE REMARK OR DISCLAIMER MADE BY COMPANY SECRETARY IN PRACTICE IN ITS SECRETARIAL AUDIT REPORT
The Secretarial Auditor has not made any qualification, reservation or adverse remark or disclaimer in its report. The Secretarial Audit report is annexed herewith as Annexure-1 to the Report.
⢠DECLARATION BY INDEPENDENT DIRECTOR
The Company has received necessary declaration from each independent director under sub-section (7) of section 149 of the Companies Act, 2013 that they meets the criteria of independence as provided in sub-section (6) of section 149 of the Companies Act, 2013.
⢠POLICY ON DIRECTOR''S APPOINTMENT AND REMUNERATION
The policy on director''s appointment and remuneration including criteria for determining qualifications, positive attributes, independence of a director and other matters provided under sub-section (3) of section 178 is available on web-link www.aaswatrading.in
⢠CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO
Consider the business activities of the Company the requirement relating to providing the particulars relating to conservation of energy and technology absorption stipulated in Rule 8 of the Companies (Accounts) Rules 2014 required to be furnished u/s.134 (3)(m) of the Companies Act, 2013 is not applicable. Particulars of foreign currency earnings and outgo during the year: Nil
⢠DETAILS OF POLICY DEVELOPED AND IMPLEMENTED BY THE COMPANY ON ITS CORPORATE SOCIAL RESPONSIBILITY INITIATIVES
The Company has not developed and implemented any Corporate Social Responsibility initiatives as the said provisions are not applicable.
⢠SUBSIDIARIES, JOINT VENTURES AND ASSOCIATE COMPANIES
The Company has no Subsidiaries, Joint Venture and Associate Companies during financial year 2022-23.
⢠OPINION OF THE BOARD WITH REGARD TO INTEGRITY, EXPERTISE AND EXPERIENCE OF THE INDEPENDENT DIRECTOR
In the opinion of the Board all the Independent Directors including Independent Directors appointed during the year, if any, are person of integrity and has expertise and experience in relevant field. Further, all the independent directors has cleared proficiency self-assessment test conducted by the Indian Institute of Corporate Affairs.
⢠ANNUAL EVALUATION OF PERFORMANCE OF THE BOARD, ITS COMMITTEES AND INDIVIDUAL DIRECTORS
The Board of Directors of the Company has initiated and put in place evaluation of performance of the board, its committees and individual directors. The result of the evaluation is satisfactory and adequate and meets the requirement of the Company.
⢠MAINTAINANCE OF COST RECORDS
The Company is not required to maintain cost records as specified by the Central Government under sub-section (1) of section 148 of the Companies Act, 2013.
⢠DISCLOSURE ON AUDIT COMMITTEE
Composition of Audit Committee under section 177 of the Companies Act, 2013 is as follows:
Sr. No |
Name |
Designation |
1 |
Ms. Gayathri Shrinivasan Iyer |
Chairperson |
2 |
Mr. Nikhil Dilipbhai Bhuta |
Member |
3 |
Mr. Rajesh Chandrakant Vaishnav |
Member |
⢠DIRECTOR''S RESPONSIBILITY STATEMENT
In accordance with the provisions of sub-section (5) of section 134 of the Companies Act, 2013 the Board hereby state that-
(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 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 counting 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;
(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; and
(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.
⢠CORPORATE GOVERNANCE REPORT
Regulations 17, 17A, 18, 19, 20, 21, 22, 23, 24, 24A, 25, 26, 27 and clauses (b) to (i) and (t) of subregulation (2) of regulation 46 and para C, D and E of Schedule V of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 does not apply to your Company as on 31st March, 2023 and hence provisions relating to report on corporate governance are not applicable.
⢠COMPLIANCE CERTIFICATE BY CHIEF FINANCIAL OFFICER
Compliance Certificate by the Chief Executive Officer and the Chief Financial Officer pursuant to regulation 17(8) and Part B of Schedule II of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 does not apply to your Company as on 31st March, 2023.
⢠DECLARATION AFFIRMING COMPLIANCE OF CODE OF CONDUCT
The Company has received confirmations from all the Board of Directors as well as Senior Management. Executives regarding compliance of the Code of Conduct during the year under review. A declaration by the Managing Director affirming compliance of Board Members and Senior Management Personnel to the Code is attached to this report as Annexure-2.
⢠COMPLIANCE CERTIFICATE BY PRACTISING COMPANY SECRETARY
Compliance Certificate regarding compliance of conditions of Corporate Governance by the Auditors or Practicing Company Secretary pursuant to Part E of Schedule V of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 does not apply to your Company as on 31st March, 2023.
⢠MANAGEMENT DISCUSSION AND ANALYSIS
Management Discussion and Analysis pursuant to Part B of Schedule V of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 is attached to this report as Annexure-3.
Mar 31, 2014
Dear Members,
The Directors have pleasure in presenting the 29th Annual Report
together with the Audited Annual. Accounts for the Financial Year ended
31st March, 2014.
FINANCIAL RESULTS:-
Your company''s performance during financial year 2013-2014 is
summarized below:-
Particulars 2013-2014 2012-2013
Profit before Depreciation & Tax 4,57,978 4,91,506
Less: Depreciation 13,301 ---
Profit before Tax 4,44,677 4,91,506
Lees: Provision for Taxation
(a) Current Tax 1,39,600 1,52,400
(b) Excess provision of Income Tax 1,139 1,696
written Back
Profit after Tax 3,06,216 3,40,803
Add: Balance brought forward from previous year 92,47,549 89,06,746
Balance carried to Balance Sheet 95,53,765 92,47,549
DIVIDEND:-
In view of requirement of surplus funds for future business activities,
the Directors do not recommend any Dividend on Equity Shares for the
year ended on 31st March, 2014.
OPERATIONS:-
During the year under review your company has continued its activity of
trading in cotton fabrics. Inspite of severe competition and pressure
on margin, the Company was able to post, a higher turnover of Rs.260.38
Lacs as compared to Rs.255.06 Lacs in previous year. The company posted
net profit of Rs.3.06 Lacs in the current year. Your directors are
putting in their best efforts to improve the performance of the Company
in the coming years.
LISTING AGREEMENT:-
The Equity Shares of the Company are listed on stock exchanges at
Ahmedabad and Mumbai. The Company has already paid listing fees to both
the exchanges.
DIRECTORS:-
Shri Anish A. Shah has been appointed as a Managing Director of the
Company with effect from 01.06.2014 for a period of three (03) years
without any remuneration.
In compliance with the provisions of Section 149 read with Schedule IV
of the Companies Act, 2013, the appointment of Mr. Keyur J. Parikh and.
Mr. Mayur J. Parikh as Independent Directors is being placed for
approval of the Members at the ensuing Annual General Meeting.
DIRECTORS'' RESPONSIBILITY STATEMENT:-
Pursuant to Section 217 (2AA) of the Companies Act, 1956, on the basis
of the information placed before them, the Directors confirm that:
a) in the preparation of the Annual Accounts, the applicable Accounting
Standards have been followed along with proper explanations relating to
material departures, if any;
b) appropriate accounting policies have been selected and applied
consistently, and the judgments and estimates that have been made are
reasonable and prudent so as to give a true and fair view of the state
of affairs of the Company as at 31st march, 2014 and of the profit of
the Company for the said year;
c) proper and sufficient care has been taken for the maintenance of
adequate accounting records in accordance with the provisions of
Companies Act, 1956 for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities;
d) the Annual Accounts have been prepared on a going concern basis.
AUDITORS
Dhirubhai Shah & Dash'', Chartered Accountants, (earlier known as
Dhirubhai Shah & Co.) Ahmedabad (Firm Registration No. 102511W) retires
at the ensuing. Annual General Meeting and being eligible for
re-appointment, have indicated their willingness to act as such. You
are requested to reappoint them as Statutory Auditors to hold the
office till the conclusion of next Annual General Meeting and fix their
remuneration.
SECRETARIAL AUDIT:-
The Secretarial Compliance Report pursuant to Section 383A of the
Companies Act, 1956, forming part of this annual report is attached
herewith.
AUDIT COMMITTEE:-
With effect from 01.04.2014 under Section 177 of the Companies Act,
2013, every listed company is required to form an Audit Committee
consisting minimum of 03 Directors with Independent Directors forming
majority. To comply with the same, the Board of Directors at their
meeting held on 29th May, 2014 has constituted an Audit Committee
comprising of three Directors viz; Mr. Keyur Parikh, Mr. Mayur Parikh
and Mr. Anish Shah. Mr. Keyur Parikh is the Chairman of Audit
Committee.
PARTICULARS REGARDING EMPLOYEES:-
The Company does not have any employee covered under the provision of
Section 217 (2A) of the Companies Act, 1956, read with Companies
(Particulars of Employees) Rules, 1975.
INFORMATION REGARDING CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND
FOREIGN EXCHANGE EARNINGS AND OUTGO:-Your
Company is not engaged in any manufacturing activity and as such has no
particulars to disclose under the Companies (Disclosure of Particulars
in the Report of Board of Directors) Rules, 1968, as regards
conservation of energy and technology absorption. Further, during the
year under review, your company has neither earned nor made any payment
in foreign exchange.
DEPOSITS:-
During the year under review, the Company has not accepted any deposits
from the public.
ACKNOWLEDGMENTS:-
Your Directors would like to thank its employees for rendering diligent
services to the Company.
Your Directors would take this opportunity to express their gratitude
to the customers, vendors, investors and Banks for their continued
support. Your. Directors would also like to thank statutory authorities
for their support and look forward to their continued support and
guidance in future.
For and on Behalf of the Board
Chairman
Regd. Office: 32,
Milanpark Society,
Nr. Jawahar Chowk, Maninagar,
Ahmedabad - 380 008
E Mail - [email protected]
Ph.:- 079-25462907
Date: 28/05120/
Place: Ahmedabad
Mar 31, 2013
The members
Aaswa Trading and Exports Limited
The directors have pleasure in presenting the twenty eighth annual
report together with audited annual accounts for the financial year
ended on 31st March, 2013.
FINANCIAL RESULTS
Your company''s performance during financial year 2012-2013 is
summarised below: 31/03/2013 31/03/2012
RS. RS.
Profit before depreciation and tax 4,93,203 4,44,296
Less; Depreciation - 20
Profit before tax 4,93,203 4,44,276
Less : Provision for current tax 1,52,400 1,37,300
Profit after tax 3,40,803 3,06,976
Add : Surplus brought forward from
previous year 89,06,746 85,99,770
Balance carried to Balance Sheet 92,47,549 89,06,746
DIVIDEND
In view of the requirement of surplus funds for future business
activities, your directors do not recommend any dividend on equity
shares for the year ended on 31st March, 2013.
OPERATIONS
During the year, under review, your company has continued its activity
of trading in cotton fabrics. Inspite of severe competition and
pressure on margin, the company was able to post a higher turnover of
Rs.255.06 lacs as compared to Rs.249.23 lacs in the previous year. The
company posted net profit of Rs.3.41 lacs as compared to Rs.3.07 lacs
of previous year. Your directors are putting in their best efforts to
improve the performance of the company in the coming years.
LISTING AGREEMENT
The equity shares of the company are listed on stock exchanges at
Ahmedabad and Mumbai. The company has already paid listing fees to
both the stock exchanges.
DIRECTORS
At the ensuing annual general meeting Mr. Anish A, Shah is to retire by
rotation and being eligible offers himself for re-appointment.
DIRECTOR''S RESPONSIBILITY STATEMENT
Pursuant to section 217(2AA) of the Companies Act, 1956 on the basis of
information placed before them the directors confirm that:
(i) in the preparation of the annual accounts, the applicable
accounting standards have been followed alongwith proper explanation
relating to material departures; if any;
(ii) appropriate accounting policies have been selected and applied
consistently, and the judgements and estimates that have been made are
reasonable and prudent so as to give a true and fair view of the state
of affairs of the company as at March 31, 2013 and of the profit of the
company for the said year;
(iii) proper and sufficient care has been taken 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) the annual accounts have been prepared on a going concern basis.
AUDITORS
Dhirubhai Shah & Company, Chartered Accountants, Ahmedabad, retire at
the ensuing annual general meeting and being eligible for
re-appointment, have indicated their willingness to act as such. You
are requested to appoint them as statutory auditors to hold office till
the conclusion of next annual general meeting and fix their
remuneration.
SECRETARIAL AUDST
The secretarial compliance report pursuant to section 383A of the
Companies Act, 1956, forming part of this annual report is attached
herewith.
INFORMATION REGARDING CONSERVATION OF ENERGY. TECHNOLOGY AND FOREIGN
EXCHANGE
Your company is not engaged in any manufacturing activity and as such
has no particulars to disclose under the Companies (Disclosure of
Particulars in the Report of Board of Directors) Rules, 1988, as
regards conservation of energy and technology absorption. Further,
during the year under review, your company has neither earned nor made
any payment in foreign exchange,
PARTICULARS REGARDING EMPLOYEES
The company does not have any employee covered under the provisions of
section 217 (2A) of The Companies Act,1956, read with the Companies
(Particulars of Employees) Rules, 1975.
DEPOSITS
During the year under review, the company has not accepted any deposit
from the public.
ACKNOWLEDGEMENTS
Your directors would like to thank its employees for rendering diligent
services to the company.
Your directors would take this opportunity to express their gratitude
to the customers, vendors, investors and banks for their continued
support. Your directors would also like to thank statutory authorities
for their support and look forward to their continued support and
guidance in future.
PLACE :AHMEDABAD FOR AND ON BEHALF OF THE BOARD
DATE : 30/05/2013 CHAIRMAN
Mar 31, 2012
To The members of Aasva Trading and Exports Limited
The directors have pleasure in presenting the twenty seventh annual
report together with audited annual accounts for the financial year
ended on 31st March, 2012.
FINANCIAL RESULTS
Your company's performance during financial year 2011-2012 is
summarized below:
31/03/2012 31/03/2011
Rs. Rs.
Profit before
depreciation and tax 4,44,296 5,78,251
Less: Depreciation 20 24
Profit before tax 4,44,276 5,78,227
Less : Provision for tax 1,37,300 1,81,000
Profit after tax 3,06,976 3,97,227
Add : Surplus brought
forward from previous year 85,99,770 82,02,543
Balance carried to Balance
Sheet 89,06,746 85,99,770
DIVIDEND
In view of the requirement of funds for future business activities,
your directors do not recommend any dividend on equity shares for the
year ended on 31st March, 2012.
OPERATIONS
During the year, under review, your company has continued its activity
of trading in cotton fabrics. The sales turnover was declined to
Rs.249.23 lacs as compared to Rs.405.36 lacs, due tough competition in
the textile market and margin pressure. The company posted net profit
of Rs.3.07 lacs as compared to Rs.3.97 lacs of previous year. Your
directors are putting in their best efforts to improve the performance
of the company in the coming years.
LISTING AGREEMENT
The equity shares of the company are listed on stock exchanges at
Ahmedabad and Mumbai. The company has already paid listing fees to
both the stock exchanges. .
DIRECTORS
At the ensuing annual general meeting Mr. Mayur J. Parikh is to retire
by rotation and being eligible offers himself for re-appointment.
DIRECTOR'S RESPONSIBILITY STATEMENT
Pursuant to section 217(2AA) of the Companies Act, 1956 on the basis of
information placed before them the directors confirm that:
(i) in the preparation of the annual accounts, the applicable
accounting standards have been followed along with proper explanation
relating to material departures; if any;
(ii) appropriate accounting policies have been selected and applied
consistently, and the judgments and estimates that have been made
are reasonable and prudent so as to give a true and fair view of the
state of affairs of the company as at March 31, 2012 and of the profit
of the company for the said year; .
(iii) proper and sufficient care has been taken 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) the annual accounts have been prepared on a going concern basis.
AUDITORS
Dhirubhai Shah & Company, Chartered Accountants, Ahmedabad, retire at
the ensuing annual general meeting and being eligible for
re-appointment, have indicated their willingness to act as such. You
are requested to appoint them as statutory auditors to hold office till
the conclusion of next annual general meeting and fix their
remuneration.
SECRETARIAL AUDIT
The secretarial compliance report pursuant to section 383A of the
Companies Act, 1956, forms part of this annual report is attached
herewith.
NS FORMATION REGARDING CONSERVATION OF ENERGY, TECHNOLOGY AND FOREIGN
EXCHANGE
Your company is not engaged !n any manufacturing activity and as such
has no particulars to disclose under the Companies (Disclosure of
Particulars in the Report of Board of Directors) Rules, 1988, as
regards conservation of energy and technology absorption. Further,
during the year under review, your company has neither earned nor
made any payment in foreign exchange.
PARTICULARS REGARDING EMPLOYEES
The company does not have any employee covered under the provisions of
section 217 (2A) of The Companies Act, 1956, read with the Companies
(Particulars of Employees) Rules, 1975. .
DEPOSITS
During the year under review, the company has not accepted any deposit
from the public.
ACKNOWLEDGEMENTS
Your directors would like to thank its employees for rendering diligent
services to the company.
Your directors would take this opportunity to express their gratitude
to the customers, vendors, investors and banks for their continued
support. Your directors would also like to thank statutory authorities
for their support and look forward to their continued support and
guidance in future.
PLACE AHMEDABAD FOR AND ON BEHALF Of THE BOARD
DATE 30/05/2012 CHAIRMAN
Mar 31, 2010
The directors have pleasure in presenting the twenty fifth annual
report together with audited annual accounts for the financial year
ended on 31st March, 2010.
FINANCIAL RESULTS
Your companys performance during financial year 2009-2010 is
summarised below:
31/03/2010 31/03/2009
RS. RS.
Sales and other income 3,98,43,818 3,85,75,304
Profit before depreciation
and tax 5,23,628 7,16,245
Less : Depreciation 30 38
Profit before tax 5,23,598 7,16,207
Less / Add: Provision for
current taxes 1,62,200 1,06,000
Provision for tax on
fringe benefit tax - 163
Excess (Short) provision for
taxation written off
1,50,812 (772)
Profit after tax 5,12,210 6,09,272
Add : Balance brought
forward from previous year 76,90,333 70,81,061
Balance carried to Balance Sheet 82,02,543 76,90,333
DIVIDEND
In view of the requirement of funds for future business activities,
your directors do not recommend any dividend on equity shares for the
year ended on 31st March, 2010.
OPERATIONS
During the year, under review, your company has continued its activity
of trading in cotton fabrics. The company posted net profit of Rs.5.12
lacs as compared to Rs.6.09 lacs of previous year. Your directors are
putting in their best efforts to improve the performance of the company
in the coming years.
LISTING AGREEMENT
The equity shares of the company are listed on stock exchanges at
Ahmedabad, Mumbai. The company has already paid fisting fees to both
the stock exchanges.
DIRECTORS
At the ensuing annual general meeting Mr. Anish A. Shah is to retire by
rotation and being eligible offers himself for re-appointment.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to section 217(2AA) of the Companies Act, 1956 on the basis of
information placed before them the directors confirm that:
(i) in the preparation of the annual accounts, the applicable
accounting standards have been followed along with proper explanation
relating to material departures; if any;
(ii) appropriate accounting policies have been selected and applied
consistently, and the judgements and estimates that have been made are
reasonable and prudent so as to give a true and fair view of the state
of affairs of the company as at March 31, 2010 and of the profit of the
company for the said year;
(iii) i proper and sufficient care has been taken 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) the annual accounts have been prepared on a going concern basis.
AUDITORS
The retiring statutory auditors Dhirubhai Shah & Company, Chartered
Accountants, Ahmedabad, retire at the ensuing annual general meeting
and being eligible for re-appointment, have indicated their willingness
to act as such. You are requested to appoint them as statutory auditors
to hold office till the conclusion of next annual general meeting and
fix their remuneration.
The relevant notes forming part of accounts are self- explanatory and
give full information and explanation in respect of the observations
made by the auditors in their report.
SECRETARIAL AUDIT
The secretarial compliance report pursuant to section 383A of the
Companies Act, 1956, forms part of this annual report and is attached
herewith.
INFORMATION REGARDING CONSERVATION OF ENERGY, TECHNOLOGY AND FOREIGN
EXCHANGE
Your company is not engaged in any manufacturing activity and as such
has no particulars to disclose under the Companies (Disclosure of
Particulars in the Report of Board of Directors) Rules, 1988, as
regards conservation of energy and technology absorption. Further,
during the year under review, your company has neither earned nor made
any payment in foreign exchange.
PARTICULARS REGARDING EMPLOYEES
The company does not have any employee covered under the provisions of
section 217 (2A) of The Companies Act, 1956. read with the Companies
(Particulars of Employees) Rules, 1975.
DEPOSITS
During the year under review, the company has not accepted any deposit
from the public.
APPRECIATION
Your directors would like to thank all its employees for rendering
diligent services to the company. The deep sense of belonging and hard
work of the employees has enabled the company to face up to the
challenges in the competitive environment.
ACKNOWLEDGEMENTS
Your directors would take this opportunity to express their gratitude
to the customers, vendors, investors and banks for their continued
support. Your directors would also like to thank statutory authorities
for their support and look forward to their continued support and
guidance in future.
PLACE :AHMEDABAD FOR AND ON BEHALF OF; THE BOARD
DATE : 31/05/2010 Mr.Anish A. Shah
CHAIRMAN
Mar 31, 2009
The directors have pleasure in presenting the twenty fourth annual
report together with audited annuaaccounts for the financial year
ended on 31st March, 2009.
FINANCIAL RESULTS
Your companys performance during financial year 2008-2009 is
summarised below:
31/03/2009 31/03/2008
RS. RS.
Sales and other income 3,85,75,304 3,62,42,646
Profit before depreciation and tax 7,16,245 7,26,886
Less : Depreciation 38 48
Profit before tax 7,16,207 7,26,838
Less: Provision for current taxes 1,06,000 83,000
Provision for tax on fringe benefit tax 163 451
Short provision for taxation Written off 772 -
Profit after tax 6,09,272 6,43,87
Add : Balance brought forward from
previous year 70,81,061 64,37,674
Balance carried to Balance Sheet 76,90,333 70,81.061
DIVIDEND
In view of the requirement of funds for future business activities,
your directors do not recommend any dividend on equity shares for the
year ended on 31st March, 2009.
OPERATIONS
During the year, under review, your company has continued its activity
of trading in cotton fabrics. The company rested net profit of Rs.6.09
lacs as compared to Rs.6.43 lacs of previous year. Your directors are
putting in their best efforts to improve the performance of the company
in the coming years.
LISTING AGREEMENT
The equity shares of the company are listed on stock exchanges at
Ahmedabad. Mumhafe The company has already paid listing fees to both
the stock exchanges.
DIRECTORS
At the eosuûog annual general meeting Mr. Mayur J. Parikh is to retire
by rotation am* being eligible offers himself for re-appointment
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to section 217(2AA) of the Companies Act, 1956 on the basis of
information placed before them the directors confirm that:
(i) in the preparation of the annual accounts, the applicable
accounting standards have been followed alongwith proper explanation
relating to material departures; if any;
(ii) appropriate accounting policies have been selected and applied
consistently, and the judgements and estimates that have been made are
reasonable and prudent so as to give a true and fair view of the state
of affairs of the company as at March 31. 2009 and of the profit of the
company for the said year;
(iii) proper, and sufficient care has been taken 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) the annual accounts have been prepared on a going concern basis.
AUDITORS
The retiring statutory auditors Dhirubhai Shah & Company, Chartered
Accountants, Ahmedabad, retire at the ensuing annual general meeting
and being eligible for re-appointment, have indicated their willingness
to act as such. You are requested to appoint them as statutory auditors
to hold office till the conclusion of next annual general meeting and
fix their remuneration.
The relevant notes forming part of accounts are self- explanatory and
give full information and explanation in respect of the observations
made by the auditors in their report.
SECRETARIAL AUDIT
The secretarial compliance report-p"rcv?r>t to section 383A of the
Companies Act, 1956, forms part of this annual report and is attached
herewith.
INFORMATION REGARDING CONSERVATION OF ENERGY. TECHNOLOGY AND FOREIGN
EXCHANGE
Your company is not engaged in any manufacturing activity and as such
has no particulars to disclose under the Companies (Disclosure of
Particulars in the Report of Board of Directors) Rules, 1988, as
regards conservation of energy and technology absorption. Further,
during the year under review, your company has neither earned nor made
any payment in foreign exchange.
PARTICULARS REGARDING EMPLOYEES
The conipKjny aoes not have any employee covered under the provisions
of section 217 (2A) of The Companies Act. 1956. read with the Companies
(Particulars of Employees) Rules. 1975.
DEPOSITS
During the year under review, the company has not accepted any deposit
from the public.
APPRECIATION
Your directors would like to thank all its employees for renderir-g
diligent services to the company. The deep sense of belonging and hard
work of the employees has enabled the company to face up to the
challenges in the competitive environment.
ACKNOWLEDGEMENTS
Your directors would take this opportunity to express their gratitude
to the customers, vendors, investors and banks for their continued
support. Your directors would also like to thank statutory authorities
for their support and look forward to their continued support and
guidance in future.
PLACE : AHMEDABAD FOR AND ON BEHALF OF THE BOARD
DATE : 30/06/2009 CHAIRMAN