To,
The Members,
Your Directors have the pleasure in presenting their 39th Annual Report on
the business and operations of the Company and the Accounts for the Financial Year ended
31st March, 2017.
1. FINANCIAL HIGHLIGHTS:
The financial highlights for the year ended are as under:
(Amount in Rs.)
Particulars |
2016-17 |
2015-16 |
Total Revenue |
3,22,974 |
20,04,631 |
Less : Expenses |
9,54,198 |
6,27,891 |
Profit before Tax |
(6,31,224) |
13,76,740 |
Less: Provision for Tax |
(1081) |
Nil |
Profit/(Loss) after Tax |
(6,32,305) |
13,76,740 |
Earnings per share; |
|
|
Basic |
(12.65) |
27.53 |
Diluted |
(12.65) |
27.53 |
2. CHANGE IN THE NATURE OF BUSINESS:
There is no change in the nature of the business of the Company done during the year.
3. MATERIAL CHANGES AND COMMITMENTS, IF ANY, AFFECTING THE FINANCIAL POSITION OF THE
COMPANY WHICH HAVE OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR OF THE COMPANY TO WHICH
THE FINANCIAL STATEMENTS RELATE AND THE DATE OF THE REPORT.
No material changes and commitments affecting the financial positions of the Company
have occurred between the end of the financial year of the Company to which the financial
statements relate and the date of the report.
4. DIVIDEND:
The Directors do not recommend any dividend for the financial year ended 31st
March, 2017.
5. DEPOSITS:
The Company has not accepted nor does it continue to hold any public deposits as
contemplated under Chapter V of the Companies Act, 2013.
6. DIRECTORS:
There are no changes in the list of Directors of the Company as compared to previous
year.
Mr. F. D. Neterwala (DIN- 00008332), Director of the Company is liable to retire by
rotation and being eligible for re-appointment at the forthcoming Annual General Meeting
of the Company has offered himself for re-appointment. Mr. F. D. Neterwala holds 6,500
Equity Shares of the Company.
7. MEETINGS OF BOARD OF DIRECTORS:
A calendar of Meetings is prepared and circulated in advance to the Directors. During
the year the Board of Directors duly meet 4 (Four) times on 6th May, 2016, 1st
August, 2016, 10th November, 2016 and 31st January, 2017, which were
duly convened and held. The intervening gap between the Meetings was within the period
prescribed under the Companies Act, 2013.
8. PARTICULARS OF EMPLOYEES:
Details as required under Section 134 of the Companies Act, 2013 read with Rule 5 (2)
of Chapter XIII of the Companies (Appointment and Remuneration of Managerial Personals)
Rules, 2014, is not provided since there is no employee drawing more than Rs.60,00,000/-
p.a. as remuneration or Rs.5,00,000/- p.m. as remuneration.
9. RELATED PARTY TRANSACTIONS:
There are no materially significant related party transaction made by the company
during the year other than as disclosed in the notes to accounts and Form AOC-2 is not
applicable to the Company.
10. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186 OF THE COMPANIES
ACT, 2013:
The Company has not given any loans or guarantees covered under the provisions of
Section 186 of the Companies Act, 2013. The Details of the Investments made by the Company
are given in the notes to the financial statements.
11. AUDITORS:
M/s. P. G. Bhagwat, Chartered Accountants (Firm Registration No. 101118W) were
appointed as Statutory Auditors in the 38thAnnual General Meeting of the
Company for one year.
As required under the provisions of the Section 139(1) of the Companies Act, 2013, the
Company has received a written consent from M/s. P. G. Bhagwat, Chartered Accountants to
their appointment and a Certificate, to the effect that their appointment, if made, would
be in accordance with the Companies Act, 2013 and the Rules framed thereunder and that
they satisfy the criteria provided in section 141 of the Companies Act, 2013.
12. AUDITORS REPORT:
The Auditors Report does not contain any qualification. Notes to Accounts and
Auditors remarks in their report are self-explanatory and do not call for any further
comments.
13. EXTRACT OF ANNUAL RETURN:
As required pursuant to Section 92(3) of the Companies Act, 2013 and Rule 12(1) of the
Companies (Management and Administration) Rules, 2014, an extract of annual return in MGT-9
as a part of this Annual Report as ANNEXURE-I.
14. ENERGY, TECHNOLOGY AND FOREIGN EXCHANGE:
As required under Section 134 of the Companies Act, 2013 read with the Companies
(Accounts) Rules, 2014, your Company has no activity relating to the conservation of
energy or technology absorption. During the FY 2016-17, the Company did not earn any
income or incur any expenditure in foreign currency.
15. DIRECTORS RESPONSIBILITY STATEMENT:
Pursuant to the requirement under Section 134 of the Companies Act, 2013, with respect
to Directors Responsibility Statement, it is hereby conformed that:
(a) In the preparation of the annual accounts, for the financial year ended March 31,
2017, 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 March 31, 2017 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
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; (d)
The Directors had prepared the annual accounts on a going concern basis; and (e) The
Directors had laid down internal financial controls to be followed by the Company and that
such internal financial controls are adequate and operating effectively; (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.
16. ACKNOWLEDGMENTS:
The relations between the management and the staff were cordial during the period under
review. The company also wishes to put on record the appreciation of the work done by
staff.
On Behalf of the Board of Directors |
|
For Rose Investments Limited |
|
Sd/- |
Sd/- |
Mrs. S. F. Vakil |
Mr. F. D. Neterwala |
Director |
Director |
(DIN: 00002519) |
(DIN: 00008332) |
Place: Mumbai |
|
Date: May 3, 2017 |
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