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લાભ કંસ્ટ્રક્શન ડિરેક્ટર્સ રિપોર્ટ, લાભ કંસ્ટ્રક્શન ડિરેક્ટર્સ દ્વારા રિપોર્ટ

લાભ કંસ્ટ્રક્શન

બીએસઈ: 530339  |  ઍનઍસઈ : LABHCONST  |  ISIN: INE962A01013  |  Construction & Contracting - Civil

શોધો લાભ કંસ્ટ્રક્શન કનેક્શન � Mar 13
ડિરેક્ટર્સ રિપોર્ટ વર્ષાન્ત : Mar '14
Dear members,
 
 The Directors have pleasure in placing before you the Annual Report
 and Audited Statement of Accounts for the financial year ended on 31st
 March, 2014
 
 FINANCIAL RESULTS:	                              (Amount in Rs)
 
 Particulars	                             2013-14	     2012-13
 
 Revenue from Operations	                   140000.00	   835000.00
 
 Other Income	                          1321852.00	  3934588.00
 
 Total Expenditure	                  4158587.00	  5567467.00
 
 Profit/(Loss) before Tax	        (2696735.00)	 (797879.00)
 
 Exceptional Items	                      111.00	    50837.00
 
 Tax Expenses	                         (100104.00)	(1328273.00)
 
 Profit/(Loss) After Tax	                (2596520.00)	 (581231.00)
 
 OPERATIONS:
 
 During the year under review, the Company has reported total income of
 Rs. 14.62 lacs against the total income of Rs. 47.70 lacs during the
 previous year. Hence, the Company has reduced its total income in the
 financial year under review compared to previous financial year. The
 Company has incurred loss of Rs.25.97 Lacs during the year under
 review as against Net Profit Rs. 5.81 lacs during the previous year.
 
 DIVIDEND:
 
 Due to Losses of the Company, Your Directors do not recommended any
 dividend on Equity Shares of the Company. FIXED DEPOSITS:
 
 The Company has not accepted/renewed any public deposits during the
 year under review.
 
 STATUS OF SICKNESS WITH BIFR/AAIFR:
 
 The members are aware that the Company had applied to Hon''ble Board
 for Industrial and Financial Reconstruction (BIFR) to declare the
 Company as a sick unit and at present Company''s application is pending
 with Appellate Authorities for Industrial and Financial Reconstruction
 (AAIFR), New Delhi. Final Decision of the Application is still pending
 as on date of this report with the said authority. The Management of
 the Company is very much hopeful for favorable decision.
 
 CORPORATE GOVERNANCE REPORT:
 
 Pursuant to clause 49 of the Standard Listing Agreement Report on
 Corporate Governance is enclosed herewith as a part of Directors''
 Report for the year under review.
 
 DIRECTORS:
 
 Mr. Harshad B Vaghela retires by rotation at the ensuing Annual
 General Meeting and being eligible, offer himself for reappointment.
 Pursuant to provisions of Sections 149, 150, 152 and other applicable
 provisions of the Companies Act, 2013 and Rules made thereunder, your
 Directors are seeking appointment of Mr. Rajesh Dhansukhlal Girishas
 and Mr. Harin Kanchan Shah as an Independent Directors of the Company
 for five consecutive years upto 31st March, 2019. Details of Directors
 being appointed/re-appointed are given in the Explanatory Statement to
 the Notice convening the Annual General Meeting. The Board of
 Directors recommends their appointment/re-appointment for the approval
 of the shareholders at the ensuing Annual General Meeting.
 
 AUDITORS:
 
 M/s. Gattani & Associates, Chartered Accountants, Ahmedabad, the
 Auditors of the Company, retire at the ensuing Annual General Meeting
 and being eligible, offer themselves for re-appointment (Subject to
 ratification at every Annual General Meeting). The Auditors have
 furnished a certificate to the effect that, if reappointed, their
 appointment shall be within the limits prescribed under the Companies
 Act, 2013.
 
 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 that:
 
 (i) in the preparation of the annual accounts, the applicable
 accounting standards have been followed;
 
 (ii) 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 March 31, 2014 and of the loss of the
 Company for that period;
 
 (iii) 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 the safeguarding the assets
 of the Company and for preventing and detecting fraud and other
 irregularities; and
 
 (iv) the Directors have prepared the annual accounts of the Company on
 a ''going concern'' basis.
 
 COMMENT ON AUDITORS REPORT
 
 Company has not complied with the following Accounting Standards:
 
 i. Non- provision for depletion in value of Investments of Rs 64.99
 lacs (PY Rs 64.99 lacs), held in the companies whose net worth has
 eroded, in terms of requirement of AS 13. In view of this loss for the
 year is understated and investments are overstated by that amount
 (refer note 13A).
 
 ii. No provision being made for Retirement benefits payable to
 employees including Gratuity and leave encashment in terms of
 requirement of AS 15 resulting into overstatement of profit for the
 year and understatement of current liabilities to that extent. In view
 of non-availability of the relevant information, quantification of
 impact thereof could not be ascertained (refer note 2.XI).
 
 iii. The company has neither identified nor provided for loss on
 impairment of assets as per the requirement of AS 28, resulting into
 overstatement of fixed assets and understatement of profit for the
 year. However due to non availability of required information, impact
 of same could not be quantified (refer note 2.IV).
 
 Further Company has not complied with the following:
 
 Note 5.I.b, regarding the balances of Secured loans being subject to
 confirmation and reconciliation. In view of the non-availability of
 the relevant information, consequential impact thereof, on the state
 of affairs of the company remains to be ascertained,
 
 Note 5.II.b, regarding the balances stated under unsecured loans being
 subject to confirmation and reconciliation. In view of the
 non-availability of the relevant information, consequential impact
 thereof, on the state of affairs of the company remains to be
 ascertained,
 
 Note 6 & 9, regarding various long term liabilities to refund booking
 advances paid by members who cancelled their bookings as well as those
 in the nature of payable in respect of supplies, expenses being
 subject to confirmation and reconciliation. In view of the
 non-availability of the relevant information, consequential impact
 thereof, on the state of affairs of the company remains to be
 ascertained,
 
 Note 14, regarding non provision of doubtful advances and deposits out
 of long outstanding advances and deposits of Rs 620.24 lacs (PY Rs
 620.52 lacs). However in view of non-availability of complete
 information in that respect, we are neither able to express our
 opinion on realisability thereof nor able to quantify its impact on
 the affairs of the company,
 
 Note 15.a, regarding non-provision for doubtful debts out of long
 outstanding debtors of Rs 57.87 lacs (PY 54.21 lacs), in respect of
 the projects already completed. However in view of non-availability of
 complete information in that respect, we are neither able to express
 our opinion on realisability thereof nor able to quantify its impact
 on the affairs of the company,
 
 Note 15.b, regarding non-provision of Rs.6.50 lacs (PY Rs 6.50 lacs)
 out of Cash balance looted in the year 199596 and not recovered so
 far, due to which profit for the year and other non- current assets
 both are overstated by that amount,
 
 Note 25, regarding non provision of certain liabilities in the
 accounts. In view of the non-availability of the relevant information,
 consequential impact thereof, on the state of affairs of the company
 remains to be ascertained, Note 25, regarding financial as well as
 other impact on the state of affairs of the company due to delayed/
 defective execution of contractual assignment as well as consequences
 of delayed payment of statutory dues and those to Secured lenders. In
 view of the non-availability of the relevant information,
 consequential impact thereof, on the state of affairs of the company
 remains to be ascertained.
 
 REPLY OF COMMENT ON AUDITORS REPORT:
 
 Answer to (i): The management is hopeful of recovery from losses in
 its investments.
 
 Answer to (ii): The Company is a SICK UNIT and Major staff is
 retrenched. Management proposes to meet the liability as and when it
 arises. Liabilities likely to arise in future shall not be
 substantial.
 
 Answer to (iii): The Company''s operation was totally suspended from
 Stock Exchange due to Impact in case of some of the assets shall be
 set off against positive impact. In case of others net liability shall
 not be substantial. Further:
 
 Answer to (Note 5.I.b): The Company is not working since last few
 years however referring to the secured loan acquired by the company
 from G.S.F.C, since the loan account of the company with the aforesaid
 institution has been classified as NPA account the management is
 unable to get the confirmation for the same. The management has given
 the aforesaid institution a proposal for settling the same and is
 hopeful that the same shall be resolved at earliest.
 
 Answer to (Note 5.II.b) The Company have been in process to the
 respective unsecured loans. The management is hopeful of
 resolving/settling the same at earliest.
 
 Answer to Note 6 & 9: Due recession in the real estate market the
 company suffered a major setback in its core business and as a result
 suffered from a severe liquidity crisis owing to which the company has
 been unable to launch any new projects or refund the aforesaid booking
 advances paid by members as well as amounts payable in respect of
 various supplies, expenses. The management is hopeful of resolving the
 same at earliest.
 
 Answer to Note 14: The Company under contracts entered into by the
 company with the Delhi Development Authority (DDA) and the Central
 Government Employee Housing Welfare Organization (CGEWHO). As issues
 have been raised by both the institutions regarding the payables to
 the company the matters pertaining to both are under arbitration in
 the court of law. Hence the management shall be unable to ascertain
 the realisability until the outcome of the arbitration in the
 respective court of law.
 
 Answer to Note 15.a: Recovery from the members is due and steps have
 been initiated by the management for the same. Recoveries have already
 started flowing in and the management is hopeful of clearing the same
 at earliest.
 
 Answer to Note 15.b: The management would like to state that in case
 of the aforesaid that the Company had appealed before the Hon''ble ITAT
 ''A'' Bench, Ahmedabad comprising of Justice H.L. Karwa, J.M. and A. N.
 Pahuja, A.M. and accordingly the tribunal has decreed order on 16th
 March 2009 in favor of the assessee i.e. Labh Construction and
 Industries Ltd. and upon the tribunal''s direction the learned
 Assistant Commissioner of Income Tax, OSD(1), Range-4, Ahmedabad has
 quashed the income assessed u/s. 158BD rws. 158BC dated 31/05/2005.
 Answer to Note 25: As the company had been classified as sick unit by
 the Hon''ble BIFR, the company has been protected from the aforesaid
 liabilities. However these liabilities are contingent upon the outcome
 of the litigations pending with the respective courts of law.
 
 PARTICULARS OF EMPLOYEES:
 
 None of the employees is drawing remuneration which is more than the
 specified limit prescribed u/s. 217(2A) of the Companies Act, 1956
 read with Companies (Particulars of Employees) Rules, 1975. Hence, the
 information in terms of Section 217(2A) of the Companies Act, 1956
 read with Companies (Particulars of Employees) Rules, 1975 are not
 required to be given.
 
 INSURANCE:
 
 All fixed assets and movable assets of the Company are adequately
 insured.
 
 CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
 EARNINGS AND OUTGO:
 
 1) Conservation of Energy and Technology Absorption :NA
 
 The year under review, there are no manufacturing activities
 undertaken by the Company. The main activity of the Company is land
 development and construction activities and it is of such a nature
 that, it requires minimum energy. In view of the aforesaid fact, there
 was no scope for your Company to make any efforts for energy
 conservation, research and development and technology absorption.
 Hence the particulars required to be furnished in respect of the same
 are not given.
 
 2) Foreign Exchange Earnings: NIL Foreign Exchange Outgo : NIL
 
 ACKNOWLEDGMENT:
 
 Your Directors wish to place on record their deep sense of
 appreciation for the commitment displayed by all the employees of the
 Company resulting in successful performance during the year under
 review. Your Directors also take this opportunity to place on record
 the co-operation, assistance and continued support extended by the
 Banks, Government Authorities, Vendors and Shareholders during the
 year under review.
 
                                     On behalf of the Board of Directors 
                                  For Labh Construction & Industries Ltd
                                                   
                                                   Jayprakash J. Magtani
 Place : Ahmedabad	                              Managing Director
 Date : 13/08/2014	                                  DIN: 01639309
 Reg. Off:
 Shantanu, 104,
 Sardar Patel Nagar,
 Ellisbridge, Ahmedabad 380 006
સ્તોત્ર: રેલીગેર ટેકનોવા


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