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HOME / MARKET TODAY / COMPANY SNAPSHOT / DIRECTOR'S SPEECH

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Last Updated on: 31 Jul 2014 12:25 Hrs
Malabar Trading Comp Director's Speech March 2013 
To , The Members of Malabar Trading Company Limited

The Directors have pleasure in presenting the Annual Report of the Company together with the Audited Statement of Accounts for the accounting period ended on 31st March, 2013.

FINANCIAL RESULTS

(Rs. In Lacs) Description For the Year For the Year ended 31.03.2013 ended 31.03.2012

Total Income 33.99 40.24

Total Expenditure 13.82 13.44

Operating Profit(PBDT) 20.17 26.8

Depreciation 0.25 0.49

Profit before Taxation 19.92 26.31

Add: Net Deferred Tax Assets/Reversal of DTL 0.00 0.00

Add: MAT Credit Entitlement 0.00 0.79

Less: Interest paid on Income Tax 0.00 0.00

Less: Provision for MAT 0.00 0.00

Less: Current Tax 6.41 5.02

Less: Deferred tax made/(reversed) 0.03 3.99

Profit after Taxation 13.48 18.09

Proposed Dividend 10.85 10.85

Provision for Dividend Tax 1.84 1.76

Net Profit after Tax and Dividend 0.79 5.48

Amount B/F from Last year 42.03 36.55

Balance C/F to Balance Sheet 42.82 42.03

During the year under review the company's Profit after Tax stood at Rs. 13.48 Lacs.

The Directors expects a further growth in the current year due to the new activities being taken up in the current year.

DIVIDEND

The Board has recommended 1% dividend on equity shares, i.e., Rs. 0.10 per share of the face value of Rs. 10/- each.

AUDITORS

M/s Katariya & Co., Chartered Accountants, retire as the auditors of the Company and have confirmed that their re-appointment, if made, would be within the limits specified under Section 224 (1B) of the Companies Act, 1956. Your directors recommend their re-appointment.

The comments by the Auditors in their Report are self explanatory and in the opinion of the Board, do not require any further clarifications.

DIRECTORS

Mr. Rajnath Shukla retired under Section 255 as a Director of the Company with effect from 20th November,

2012. Your Board places on record his sincere appreciation of the services rendered by him.

The Board has, with effect from 30th January, 2013, appointed Mr. Rajeev Agnihotri as Managing Director of the Company for a period of 3 years. However he ceased from Directorship w.e.f 7th May, 2013. Your Board places on record its sincere appreciation of the services rendered by him.

Mr. Motilal Laxkar ceased to be the Managing Director of the Company with effect from 30th January, 2013 & continued to be the Director of the Company and he resigned from directorship with effect from 19th March, 2013. Your Board places on record its sincere appreciation of the services rendered by him.

Mr. Keval Shah was appointed as an Additional Director w.e.f. 19th March, 2013. Notice in writing under section 257 of the Companies Act, 1956 have been received from members of the Company proposing the candidature of Mr. Shah.

The Board has appointed Mr. Viral Kapadia as an Additional Director designated as Managing Director of the Company w.e.f. 7th May, 2013 for a period of 3 years.

Mr. Vivek Agarwal retires by rotation at the forthcoming Annual General Meeting and being eligible offer himself for re-appointment. Directors commend their re-appointment.

AUDITORS' REPORT

Observations made in the Auditors' Report are self explanatory, and therefore, do not call for comments under section 217(3) of the Companies Act, 1956.

MANAGEMENT DISCUSSION & ANALYSIS REPORT

In terms of Clause 49 of the Listing Agreement with the Stock Exchanges, management Discussion & Analysis Report is appended to this Report.

CORPORATE GOVERNANCE

A separate section on Corporate Governance and certificate from the auditors of the Company regarding compliance of conditions of Corporate Governance pursuant to clause 49 of the Listing Agreement with the Stock Exchanges, forms part of the Annual Report.

INCREASE IN AUTHORISE SHARE CAPITAL

During the year under review, the Company had increased Authorised Share Capital of the Company from Rs. 11,00,00,000 to Rs. 31,00,00,000 by creation of 2,00,00,000 equity shares of INR 10 each aggregating to INR 20,00,00,000

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO

The Company is not manufacturing unit hence, information pertaining to conservation of energy and technology absorption is not applicable to the Company.

There are no transactions pertaining to Foreign exchange earning and outgo during the year under review.

PARTICULARS OF EMPLOYEES

The Company does not have any employee whose particulars are required to be given pursuant to the provisions of the section 217(2A) of the Companies Act, 1956, read with the Companies (Particulars of Employees) Rules,1975.

DIRECTORS RESPONSIBILITY STATEMENT

As required under Section 217(2AA), which was introduced by the Companies (amendment) Act, 2000 you're Directors confirm that:-

i. In the preparation of the annual accounts, the applicable accounting standards have been followed.

ii. The Directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as it gives a true & fair view of the state of affairs of the Company as on 31st March, 2013 and the profit & loss of the company for the year ended on 31st March, 2013.

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 safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

iv. The Directors have prepared the Annual Accounts on going concern basis.

ACKNOWLEDGEMENT

The Board of Directors wish to place on record their sincere appreciation and acknowledge with gratitude to the Company's valued clients and Bankers for their continued support. The Directors also record their appreciation of the Company's Employees at all their appreciation, commitment and hardwork, without which the results achieved by your company would not have been possible and look forward to their continued support.

For and on behalf of the Board, Managing Director Director

Place: Mumbai

Date: July 26, 2013

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Registered Office: Sharekhan Limited, 10th Floor, Beta Building, Lodha iThink Techno Campus, Off. JVLR, Opp. Kanjurmarg Railway Station, Kanjurmarg (East), Mumbai – 400042, Maharashtra. Tel: 022 - 61150000. Sharekhan Ltd.: SEBI Regn. Nos. BSE- INB/INF011073351 ; CD-INE011073351; NSE– INB/INF231073330 ; CD-INE231073330; MCX Stock Exchange- INB/INF261073333 ;
CD-INE261073330; DP-NSDL-IN-DP-NSDL-233-2003 ; CDSL-IN-DP-CDSL-271-2004 ; PMS-INP000000662 ; Mutual Fund-ARN 20669 ;
Commodity trading through Sharekhan Commodities Pvt. Ltd.: MCX-10080 ; (MCX/TCM/CORP/0425) ; NCDEX-00132 ; (NCDEX/TCM/CORP/0142) ; NCDEX SPOT-NCDEXSPOT/116/CO/11/20626;
For any complaints email at igc@sharekhan.com ;

Sharekhan Financial Services Pvt. Ltd: Corporate agents for ICICI Prudential Life Insurance Company Ltd. with corporate agency License no: ICI 8419765

Disclaimer: Client should read the Risk Disclosure Document issued by SEBI & relevant exchanges and Do’s & Don’ts by MCX & NCDEX and the T & C on www.sharekhan.com before investing.

Company Identification Number (CIN): Sharekhan Ltd: U99999MH1995PLC087498; Sharekhan Commodities Pvt Ltd: U67120MH2000PTC127261; Sharekhan Financial Services Pvt Ltd: U65920MH2004PTC149518; Sharekhan.Com India Pvt Ltd: U80904MH2000PTC126954; Sharekhan Insurance Broking Ltd: U67120MH2000PLC127257

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