वर्टिकल इंडस्ट्रीज निदेशकों की रिपोर्ट, वर्टिकल इंडस्ट्रीज निर्देशकों द्वारा रिपोर्ट

वर्टिकल इंडस्ट्रीज

बीएसई: 515099  |  NSE: N.A  |  ISIN: INE247Q01015  |  Ceramics & Granite

खोजें वर्टिकल इंडस्ट्रीज कनेक्शन Mar 13
निदेशकों की रिपोर्ट वर्षांत : Mar '14
The Members,
 The Directors herewith present the TWENTY FOURTH ANNUAL REPORT
 together with the Audited Accounts of the company for the financial
 year ended 31st March, 2014.
 The performance of the company for the financial year ended 31st March
 2014 is summarized below. (Ru pees In Lakhs)
 PARTICULARS                     2013-14                   2012-13
 Gross Revenue                    0.00                      0.00
 Other Income                     0.60                      1.12
 Total Expenditure                2.09                      16.9
 Profit/Loss before Financial 
 Charges,Depreciation and        -1.49                     -15.78
 Less : Financial Charges         0.00                      0.00
 Depreciation                     0.00                      0.00
 Profit/(Loss) before Tax (PBT ) -1.49                     -15.78
 Less : (Income Tax)              0.00                      0.00
 Add: Provision for Fringe        0.00                      0.00
 Benefit Tax
 Add: Provision for Deferred 
 Tax Liability / (Asset)          0.00                      0.00
 Profit/(Loss) after Tax         -1.49                     -15.78
 During the year, the Company has not undertaken any major commercial
 operations.  Profit/(loss) after tax stood at Rs. (1.49) Lacs. The loss
 is on account of statutory and other expenses.
 The management is exploring possibilities to re-structure the company
 in the larger interest of all the stake holders.
 Your Directors do not recommend any dividend for the financial year
 2013-2014, in view of the accumulated losses.
 The company has neither accepted nor renewed any deposits and as such
 no principal or interest was outstanding as on the date of Balance
 In accordance with the Provisions of Section 152 of the Companies Act,
 2013 Smt S.N.Lakshmi, retire at the ensuing Annual General Meeting and
 being eligible, has offered herself for re-appointment.
 The Company had, pursuant to the provisions of Clause 49 of the Listing
 Agreement entered with the Stock Exchanges, appointed Sri Y
 Mallikharjuna Rao, Sri A.Satyanarayana and Sri P.V.V. Subramanyam, as
 Independent Directors at various times, in compliance with the
 requirements of the said clause.
 As per the provisions of Section 149(4) which has come into force with
 effect from 1st April, 2014, every listed company is required to have
 at least one-third of the total number of Directors as Independent
 Directors. Further, Section 149(10) of the Act provides that an
 Independent Director shall hold office for a term up to five
 consecutive years on the Board of a company and is not liable to retire
 by rotation pursuant to Section 149(13) read with Section 152 of the
 The Securities and Exchange Board of India (SEBI) has amended Clause 49
 of the Listing Agreement which would be effective from October 1,2014
 inter alia stipulates the conditions for the appointment of Independent
 Directors by a listed company.
 The Nomination & Remuneration Committee has recommended the
 appointments of these Directors as Independent Directors to hold office
 for five consecutive years for a term with effect from the conclusion
 of this 24th Annual General Meeting till the conclusion of the 29th
 Annual General Meeting.
 The above Independent Directors have given a declaration to the Board
 that they meet the criteria of independence as provided under Section
 149 (6) of the Act. In the opinion of the Board, the above Independent
 Directors fulfill the conditions specified in the Act and the Rules
 made there under for appointment as Independent Directors and they are
 independent of the management.
 In compliance with the provisions of Section 149 read with Schedule IV
 of the Act, the appointment of the above Directors as Independent
 Directors is being placed before the Members in General Meeting for
 their approval.
 Their profile and the experience in specific functional areas and other
 directorships held by them as stipulated in clause 49 of the listing
 agreement is provided in the Additional Information Section forming
 part of Notice and Corporate Governance Report forming part of the
 Annual Report.
 Pursuant to the provisions of Section 139(2) of the Companies Act,
 2013, and based on the recommendation of Audit Committee, the Board has
 at its meeting held on 03.12.2014 recommended the re-appointment of
 M/s. P S Nagaraju & Co., Chartered Accountants, Hyderabad, the
 Statutory Auditors of the company to hold office from the conclusion of
 this Annual General Meeting for a period of 5 years in accordance with
 the act subject to the ratification of shareholders at every Annual
 General Meeting.
 M/s. P S Nagaraju & Co have furnished a certificate stating that their
 re-appointment, if made, will be within the limits laid down under
 Section 141 of the Companies Act, 2013.Accordingly, the appointment of
 M/s P S Nagaraju & Co., Chartered Accountants, Hyderabad, as the
 Statutory Auditors, is being proposed as an Ordinary Resolution
 The Board recommends their appointment as the Statutory Auditors of the
 There are no employees whose particulars are required to be furnished
 under Section 217(2A) of the Companies Act, 1956 read with Companies
 (Particulars of employees) Rules, 1975, and as amended from time to
 time as remuneration of none of the employees is in excess of Rs.5,
 00,000/- per month, if employed for the part of year or Rs.60, 00,000/-
 per annum during the financial year 2013-14.
 The Directors of your Company hereby report:
 (i) that in the preparation of Annual Accounts for the financial year
 ended 31st March, 2014, the applicable Accounting Standards have been
 followed along with the proper explanation relating to material
 departures, if any, there from;
 (ii) that the directors 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:
 (iii) that the directors 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
 (iv) that the directors have prepared the annual accounts on a going
 concern basis
 The details regarding Energy Conservation, Technology Absorption,
 Foreign Exchange Earnings and Outgo as required by section 217(1)(e) of
 the Companies Act, 1956 read with the Companies (Disclosure of the
 particulars in the report of the Board of Directors) Rules, 1988 are
 given as Annexure - A and forms part of this report.
 Your Company is into the business of processing Granite Slabs and
 Tiles. The products have a very restrictive export market, which is
 confined to some countries only, coupled with that the demand for
 granites is heading south globally. The competition in the
 International market has also increased to an alarming proportion.
 The business of the Company requires huge working capital, which is
 also no more available from the bankers.
 All these problems have struck down any chances of revival of the
 Company. However, the management of the Company is exploring the
 various possibilities of restructuring / reviving the Company in the
 best interest of the shareholders.
 The Company has implemented the procedures and adopted practices in
 conformity with the Code of Corporate Governance enunciated in Clause
 49 of the Listing Agreement with the Stock Exchanges. A separate report
 on Corporate Governance is annexed herewith, as a part of the Annual
 Report along with the Auditor Certificate on its compliance.
 Your Company''s shares are presently listed on the Bombay Stock Exchange
 Limited and it has paid the listing fees for the FY 2014 -15.
 The Board of Directors would like to place on record its appreciation
 towards all the stakeholders for their continued support.
                                             BY THE ORDER OF THE BOARD
                                           P. JANARDHAN REDDY CHAIRMAN
 Date: 03.12.2014
 Place: Hyderabad
स्रोत: रेलीगरे टेचनोवा

न्यूज़ फ़्लैश

  • MARKET CUES : FIIs ने कैश में `703.74 Cr की खरीदारी की
  • MARKET CUES : DIIs ने कैश में `665.69 Cr की बिकवाली की
  • MARKET CUES : FIIs ने F&O में `2590.19 Cr की खरीदारी की
  • MARKET CUES : इंडेक्स फ्यूचर्स में `1228.39 Cr की खरीदारी
  • MARKET CUES : इंडेक्स ऑप्शंस में `844.54 Cr की खरीदारी
  • MARKET CUES : स्टॉक फ्यूचर्स में `505.36 Cr की खरीदारी
  • MARKET CUES : स्टॉक ऑप्शंस में `11.90 Cr की खरीदारी
  • MPC MEET ON CREDIT POLICY : क्रेडिट पॉलिसी पर MPC बैठक का दूसरा दिन
  • MPC MEET ON CREDIT POLICY : कल जारी होगी क्रेडिट पॉलिसी
  • JEFFERIES ON GUJARAT GAS : Buy रेटिंग, लक्ष्य बढ़ाकर `415/Sh

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(August 06, 2018)

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