| The Members,
GRAVITY (INDIA) LIMITED
The Directors have pleasure in presenting their Twenty Seventh Report
and Audited Accounts of the Company for the year ended 31st March, 2014
1. FINANCIAL RESULTS: (Rupees in lakhs)
FINANCIAL RESULTS 2013-2014 2012-2013
Income from operations and Other 2770.00 3289.63
Income
Profit before Interest & Depreciation 58.75 64.13
Less: Interest paid 1.98 0.56
Less: Depreciation 52.82 54.36
Profit after Interest & Depreciation 3.95 9.21
Less: Provision for taxation 1.73 12.03
Profit after taxation 2.22 -2.82
Add: Balance brought forward 98.83 101.65
Profit available for appropriation 101.05 98.83
Provision Reversed 0 0
Balance carried forward 101.05 98.83
Total Appropriation 101.05 98.83
2. SHARE CAPITAL
The Authorised Share Capital of the Company is divided into 150 Lakhs
Equity Shares of Rs.10/- each, aggregating to Rs.15 Crore. The Issued,
Subscribed and Paid up Capital is Rs.90,019,500 (Nine Crores Nineteen
Thousand Five Hundred only) divided into 9,001,950 Equity Shares of Rs.
10/- each as on 31st March 2014.
3. RESERVES:
Reserves & Surplus were Rs. 2,97,87,247/- at the end of the financial
year. During the year, the Company has not transferred any amount to
General Reserve.
4. OPERATIONS:
During the year under review, the sales turnover of the Company is Rs.
2765.35 Lakhs. The Net Profit of the Company for the year is Rs. 2.22
Lakhs.
5. DIVIDEND:
On account of the ongoing global recession and the need to increase the
reserves of the Company, the Board has not recommended any dividend for
the year under review.
6. DIRECTORS:
In pursuance of the Clause 49 of the Listing Agreement, the Company is
required to have certain mandatory committees. In addition to those,
the Company has certain non-mandatory Committee of the Board of
Directors. The details of the Committee of Directors as on 31st March,
2014 are as follows:
Name of the Current Constitution of the
Committee Committee
Audit Committee 1. Mrs. Prabhavati Shetty
2. Mr. Dakshaben R Thakkar
3. Mr. Vipul Kumar Prajapati
Nomination & 1. Mrs. Prabhavati Shetty
Remuneration 2. Mr. Dakshaben R Thakkar
Committee
3. Mr. Vipul Kumar Prajapati
Stakeholders 1. Mrs. Dakshaben R
Grievance Thakkar
Committee
2. Mr. Rasiklal D Thakkar
3. Mr. Vipul Kumar Prajapati
7. FIXED DEPOSITS:
The Company has not accepted any fixed deposits during the financial
year.
8. LISTING OF COMPANY'S SHARES:
Your Company's Equity Shares continue to be listed on The Stock
Exchange, Mumbai in the Indo Next(S) Group. The annual listing fee for
the year 2014-2015 has been paid to The Stock Exchange, Mumbai.
9. DIRECTORS' RESPONSIBILITY STATEMENT:
Pursuant to Section 217 (2AA) of the Companies Act, 1956, the Board of
Directors of the Company hereby state & confirm that:
i. In preparation of the annual accounts for the year ended March 31st,
2014, the applicable accounting standards had been followed, along with
a proper explanation relating to material departures, if any.
ii. Your Directors have selected such accounting policies and applied
them consistently and made judgments and estimates that are reasonable
and prudent so as to give true and fair view of the state of affairs of
the Company at the end of the financial year and of the Profit of the
Company after making taxation expenses for the year ended March 31st,
2014.
iii. Your Directors have taken proper and suffcient 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 defecting fraud and other
irregularities.
iv. Your Directors have prepared the annual accounts for the year ended
March 31st, 2014 on a going concern basis.
10. AUDITORS:
M/s J. C. Kabra & Associates, Chartered Accountants, Mumbai who are the
Auditors of the Company and hold office until the conclusion of the
forthcoming Annual General Meeting, are recommended for re-appointment.
Pursuant to the provisions of Section 139 of the Companies Act, 2013,
and the Rules framed thereunder, it is proposed to appoint M/s J. C.
Kabra& Associates, Chartered Accountants as Statutory Auditors of the
Company from the conclusion of the forthcoming AGM till conclusion of
the 30th AGM to be held in the year 2017, subject to ratifcation of
their appointment at every AGM.
11. AUDITOR'S REPORT
Observations made in the Auditor's Report are self explanatory and
therefore do not call for any further comments.
12. CORPORATE GOVERNANCE:
A separate section on Corporate Governance is included in the Annual
Report as Annexure I. and forms a part of this Report
The certifcate from the Company's Auditors confirming the compliance of
conditions of Corporate Governance as stipulated in the clause 49 of
the listing agreement with the Stock Exchanges is annexed thereto.
13. MANAGEMENT DISCUSSION & ANALYSIS REPORT
The Management Discussion & Analysis Report as required under the
Listing Agreement with the Stock Exchange is annexed as Annexure II
forming part of this report.
14. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE:
(a) CONSERVATION OF ENERGY:
During the year under review, your Company has taken necessary steps to
conserve the energy and improve the effciency of machines Your Company
has also taken steps like reduction in daily A.C. running time,
switching off lights and air conditioning during lunch breaks, to
conserve energy.
(b) TECHNOLOGY ABSORBTION:
Your Company has advanced machines like sulzer and hence no updations
were undertaken during the year under review.
(c) FOREIGN EXCHANGE:
As your Company has no offices abroad nor does it have any business
activities outside India, there were no foreign exchange earnings or
outflow, during the year under review.
15. PARTICULARS OF EMPLOYEES UNDER SECTION 217(2A):
There are no employees whose particulars are required to be shown in
terms of the provisions of Section 217 (2A) of the Companies Act, 1956
read with and the rules framed there under.
16. EMPLOYEE RELATIONS:
Relations with the employees remained cordial. TheDirectors wish to
place on record their appreciation for the co-operation received from
the employees at all levels.
17. ACKNOWLEDGEMENTS:
The Directors wish to express their gratitude to the shareholders,
bankers, customers & vendor's for the confdence reposed in the
Company's management. The Directors also convey their appreciation to
the employees at all levels for their enormous personal efforts as well
as collective contribution.
For and on behalf of the Board of Directors
(Rasiklal D. Thakkar)
Director
Place: Mumbai
Date: 26th August, 2014
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