Click it and Unblock the Notifications
డైరెక్టర్ల నివేదిక Aseem Global Ltd.
Mar 31, 2014
Dear Shareholders,
The Directors have pleasure in presenting the 31st Annual Report together with Audited Accounts and Auditor''s Report on the business and operations of the Company for the financial year ended March 31, 2014.
FINANCIAL HIGHLIGHTS
A summarized position of the profits/losses and taxation for the year under review as compared to the previous years is given below:
(Rs in crores)
Year Year Year Particulars 2013-14 2012-13 2011-12
Total Income 369.78 345.68 264.31 (including Exceptional Items)
Less: Operating, Administrative 362.90 340.70 260.44 & other Exp.
Earning before interest and 6.88 4.98 3.87 depreciation
Less: i) Interest 4.15 2.73 2.74
ii) Depreciation 0,51 0,23 0.15
Profit before Tax 2.22 2.02 0.98
Less: provision for Tax
i) Current (0.85) (0.72) (0.20)
ii) MATcredit entitlement - - 0.01
iii) Deferred tax assets 0.02 0.00 0.01 credit/(charge)
iv) Provision for tax - 0.07 - relating to prior years
Profit after Tax
Add: Balance of Profit as per 1.35 1.37 0.80 last Balance 5heet
Balance available for 4.53 5.31 6.06 appropriation
Less: Appropriation
i) Proposed Dividend - Final 0.10 0.10 0.10
ii) Tax on Dividend 0.02 0.02 0.02
iii) Transfer to General Reserves 1.00 2.00 2.00
Balance carried over to 3.41 3.19 3.94 Balance Sheet
EPS (of Rs 10/- each) 1.28 1.29 0.75
NetWorth 25.01 23.78 22.53
Year Year Particulars 2010-11 2009-10
Total Income 441,64 365.88 (including Exceptional Items)
Less: Operating, Administrative & other Exp. 436.68 361.02
4.Earning before interest and depreciation 4.96 4.86
Less: i) Interest 2.17 1.13
ii) Depreciation 0.20 0.17
Profit before Tax 2.59 3,56
Less: provision for Tax
I) Current (0.97) (1.34)
ii)MATcredit entitlement - -
iii) Deferred tax assets credit/(charge) 0.03 0.01
iv) Provision for tax relating to prior years - -
Profit after Tax
Add: Balance of Profit as per last Balance Sheet 1.65 2.19
Balance available for appropriation 5.84 5.55
Less: Appropriation
i)Proposed Dividend - Final 0.62 0.31
ii)Tax on Dividend 0.10 0.05
iii)Transfer to General Reserves 0.50 1.00
Balance carried over to Balance Sheet 4.62 4.19
EPS (of Rs 10/- each) 2.13 7.00
NetWorth 21.21 9.43
PERFORMANCE HIGHLIGHTS
In the competitive and challenging business environment, the overall performance of your Company''s net profit after tax has reduced to Rs. 1.35 crores fromRs. 1.37 Crores, as achieved during the Financial year 2013-14.The lower net profit has been due to increase expenses on account of volatile market conditions and also due to sharp depreciation of Indian currency vis-a-vis the foreign Currencies. The Company reported the net revenue ofRs. 369.78 crores, an increase of 6.97% over F/y 2013. The earning per share (Basic & Diluted) as on March 31, 2014 stood at Rs.1.28.
DIVIDEND
Having regard to the overall performance of the Company and the positive outlook for the future, the Board of directors recommended a final dividend of Rs. 0.10 per equity share of Rs. 10 each for the year ended on March 31, 2014. The dividend payout, if approved, will result in outflow of Rs.12, 37,854/- inclusive of Rs. 1, 79,814/- as Dividend Distribution Tax (previous year . Rs. 12,29,680/-). The final dividend, if approved, will be paid within 30 days of declaration.
MANUFACTURING UNIT
The Company has commenced commercial production in its Manufacturing Unit at Abu Road, Rajasthan for manufacturing of non-ferrous metal alloys w.e.f. September 26, 2012.
Phase 1 has been started with the production capacity of 4800 metric ton of copper, brass, zinc, & aluminum ingots. We have also started ZAMC activity like ZAM C2, ZAMC3, ZAMAC5 & special alloys on the order basis and also establishing a process for copper & copper alloys on order basis. By the beginning of next fiscal, the Company has planned to start phase II with the additional capacity of another 4800 metric ton.
DIRECTORS
In accordance with the provisions of the Companies Act, 2013, and the Company''s Article of Association, Mr. Mudit Rastogi retire by rotation and are eligible for - reappointment.
A brief profile of Mr. Mudit Rastogi are provided in the report on Corporate Governance forming part of the Annual Report.
DIRECTORS RESPONSBIL1TY STATEMENT .
Pursuant to Section 217(2AA) of the Companies Act, 1956, the Directors, based on the representations received from the Operating Management, Confirm that-
i. in the preparation of the Annual Accounts for the Financial year 2013-14, the applicable Accounting Standards have been followed and that there are no material departures;
ii. they have, in the selection of the Accounting Policies, consulted the Statutory Auditors and have 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 of the Company for that period;
iii. they have taken proper and sufficient care to the best of their knowledge and ability for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act 1956,for safeguarding 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. they have prepared the annual accounts on a going concern basis.
AUDITORS
M/s K. N. Gutgutia & Co., Chartered Accountants, who are the statutory auditors of the Company hold office until the conclusion of the ensuing Annual General Meeting and are eligible for re -appointment. Pursuant to provisions of Section 139 of the Companies Act, 2013 and rules framed there under, it is proposed to appoint K.N.Gutgutia as statutory auditors of the Company from the conclusion of the ensuing AGM till the conclusion of the 34th AGM to be held in the year 2017, subject to . annual ratification by members at Annual General Meeting.
ACCOUNTS & AUDIT
The Audit Report as given by M/s K. N. Gutgutia & Co., Chartered Accountants, is annexed to the Financial Statements of the company. The observations of Auditors in their report are self explanatory and do not require elucidation. There were no qualification remarks in the audit report.
CASH FLOW ANALYSIS
The Cash Flow Statement for the year, under reference in terms of Clause 32 of the Listing Agreement entered by the Company with the Stock Exchanges, is annexed with the Annual Accounts of the Company.
PUBLIC DEPOSITS
The Company has invited and accepted fixed deposits within the meaning of Companies (Acceptance of Deposits) Rules, 1975 from the public during the year. The Total amount due to the depositors as at the end of the financial year is Rs. 6.88 Crores.
The Company has maintained Liquid Assets as per Rule 3Aof the Companies (Acceptance of Deposits) Rules, 1975.
ISO 9001:2008 CERTIFICATION
The implementation of ISO 9001:2008 was found up to mark in the Surveillance Audit conducted by the Certifying Authority.
PARTICULARS OF EMPLOYEES
During the year under review, no employee, whether employed for the whole or part of the year, was drawing remuneration exceeding the limits as laid down u/s. 217 (2A) of the Companies Act, 1956, read with Companies (Particulars of Employees) Rules, 1975 as amended. Hence the details required under5ection 217 (2A) are not given.
CORPORATE GOVERNANCE
In Compliance with the requirements of Clause 49 of the Listing Agreement with the Stock Exchange, a separate report on Corporate Governance along with auditors certificate on its compliance as attached as Annexure -1 and forms integral Part of this Report.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
The Management Discussion and Analysis of financial condition and results of operation of the Company for the year under review, as required under clause 49 of the Listing Agreement with the stock exchanges, is given separately under the head "Management Discussion & Analysis Report" in Annual Report.
ENERGY CONSERVATION, TECHNOLOGY ABSORPTION
Details of energy conservation and research and development activities undertaken by the company along with the information in accordance with the provision of section 217(l)(e) of the companies Act, 1956, read with the companies '' (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1988, are given in Annexure ''A'' to the Directors'' Report.
DEPOSITORY SYSTEMS
As on March 31, 2014, 99.01 of the Company''s paid-up capital representing 10476515 Equity Shares is in dematerialized form with both the depositories as compared to 98.52 % representing 10423945 equity shares for the previous year ending March 31, 2014.
The Company has established connectivity with both depositories - National Securities Depository Limited (N5DL) and Central Depository Services (India) Limited (CDSL) through RTA i.e. M/s. Skyline Financial Services Pvt. Ltd.
The Company has paid custodial fees for the financial year 2013-14 to NSDL and CDSL on the basis of numbers of beneficial accounts maintained by them as on March 31, 2014.
BUSINESS GOALS
In view of the growth opportunities in domestic market and proactively observing the cost pressure of the market, your company has made extensive growth better production, increased operational efficiency and improved trading techniques _ Your Company has a conservative estimate of growth of its business of 15.20% during the financial year 2015-16. The Company is coming in the positions to utilize the opportunities for business expansion in the coming years. The Manufacturing Unit & two more branches are showing the path of future growth and success of the Company. The Company is planning to increase its total number of business units by opening new branches.
The Company is fully equipped with the capacity to meet the demand of its customers for the current year and finalized plan for capacity expansion to meet future demand of the industry.
ACKNOWLEDGEMENT
The Directors thank the Company''s employees, customers, vendors, investors, bankers and other business associates for their continuing support to the Company.
The Directors wish to express their gratitude for the assistance and co -operation received from Oriental Bank of Commerce and other Government and semi Government authorities Corporations and Institution, SEB1, Stock Exchanges, Custodian, Regulatory/Statutory Authorities, and Registrars Si Share Transfer Agent for their co-operation.
The Directors also thank all the shareholders and investors for reposing continued confidence in the Company.
The Directors also wish to place on record their deep sense of appreciation for the devoted services of all the employees of '' the Company and their great efforts for the progress of the Company.
For & on behalf of Board of Directors of ASEEM GLOBAL LIMITED
Sd/- Place: Delhi Tanuj Rastogi Date:01/09/2014 Chairman & Managing Director
The Directors have pleasure in presenting the 31st Annual Report together with Audited Accounts and Auditor''s Report on the business and operations of the Company for the financial year ended March 31, 2014.
FINANCIAL HIGHLIGHTS
A summarized position of the profits/losses and taxation for the year under review as compared to the previous years is given below:
(Rs in crores)
Year Year Year Particulars 2013-14 2012-13 2011-12
Total Income 369.78 345.68 264.31 (including Exceptional Items)
Less: Operating, Administrative 362.90 340.70 260.44 & other Exp.
Earning before interest and 6.88 4.98 3.87 depreciation
Less: i) Interest 4.15 2.73 2.74
ii) Depreciation 0,51 0,23 0.15
Profit before Tax 2.22 2.02 0.98
Less: provision for Tax
i) Current (0.85) (0.72) (0.20)
ii) MATcredit entitlement - - 0.01
iii) Deferred tax assets 0.02 0.00 0.01 credit/(charge)
iv) Provision for tax - 0.07 - relating to prior years
Profit after Tax
Add: Balance of Profit as per 1.35 1.37 0.80 last Balance 5heet
Balance available for 4.53 5.31 6.06 appropriation
Less: Appropriation
i) Proposed Dividend - Final 0.10 0.10 0.10
ii) Tax on Dividend 0.02 0.02 0.02
iii) Transfer to General Reserves 1.00 2.00 2.00
Balance carried over to 3.41 3.19 3.94 Balance Sheet
EPS (of Rs 10/- each) 1.28 1.29 0.75
NetWorth 25.01 23.78 22.53
Year Year Particulars 2010-11 2009-10
Total Income 441,64 365.88 (including Exceptional Items)
Less: Operating, Administrative & other Exp. 436.68 361.02
4.Earning before interest and depreciation 4.96 4.86
Less: i) Interest 2.17 1.13
ii) Depreciation 0.20 0.17
Profit before Tax 2.59 3,56
Less: provision for Tax
I) Current (0.97) (1.34)
ii)MATcredit entitlement - -
iii) Deferred tax assets credit/(charge) 0.03 0.01
iv) Provision for tax relating to prior years - -
Profit after Tax
Add: Balance of Profit as per last Balance Sheet 1.65 2.19
Balance available for appropriation 5.84 5.55
Less: Appropriation
i)Proposed Dividend - Final 0.62 0.31
ii)Tax on Dividend 0.10 0.05
iii)Transfer to General Reserves 0.50 1.00
Balance carried over to Balance Sheet 4.62 4.19
EPS (of Rs 10/- each) 2.13 7.00
NetWorth 21.21 9.43
PERFORMANCE HIGHLIGHTS
In the competitive and challenging business environment, the overall performance of your Company''s net profit after tax has reduced to Rs. 1.35 crores fromRs. 1.37 Crores, as achieved during the Financial year 2013-14.The lower net profit has been due to increase expenses on account of volatile market conditions and also due to sharp depreciation of Indian currency vis-a-vis the foreign Currencies. The Company reported the net revenue ofRs. 369.78 crores, an increase of 6.97% over F/y 2013. The earning per share (Basic & Diluted) as on March 31, 2014 stood at Rs.1.28.
DIVIDEND
Having regard to the overall performance of the Company and the positive outlook for the future, the Board of directors recommended a final dividend of Rs. 0.10 per equity share of Rs. 10 each for the year ended on March 31, 2014. The dividend payout, if approved, will result in outflow of Rs.12, 37,854/- inclusive of Rs. 1, 79,814/- as Dividend Distribution Tax (previous year . Rs. 12,29,680/-). The final dividend, if approved, will be paid within 30 days of declaration.
MANUFACTURING UNIT
The Company has commenced commercial production in its Manufacturing Unit at Abu Road, Rajasthan for manufacturing of non-ferrous metal alloys w.e.f. September 26, 2012.
Phase 1 has been started with the production capacity of 4800 metric ton of copper, brass, zinc, & aluminum ingots. We have also started ZAMC activity like ZAM C2, ZAMC3, ZAMAC5 & special alloys on the order basis and also establishing a process for copper & copper alloys on order basis. By the beginning of next fiscal, the Company has planned to start phase II with the additional capacity of another 4800 metric ton.
DIRECTORS
In accordance with the provisions of the Companies Act, 2013, and the Company''s Article of Association, Mr. Mudit Rastogi retire by rotation and are eligible for - reappointment.
A brief profile of Mr. Mudit Rastogi are provided in the report on Corporate Governance forming part of the Annual Report.
DIRECTORS RESPONSBIL1TY STATEMENT .
Pursuant to Section 217(2AA) of the Companies Act, 1956, the Directors, based on the representations received from the Operating Management, Confirm that-
i. in the preparation of the Annual Accounts for the Financial year 2013-14, the applicable Accounting Standards have been followed and that there are no material departures;
ii. they have, in the selection of the Accounting Policies, consulted the Statutory Auditors and have 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 of the Company for that period;
iii. they have taken proper and sufficient care to the best of their knowledge and ability for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act 1956,for safeguarding 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. they have prepared the annual accounts on a going concern basis.
AUDITORS
M/s K. N. Gutgutia & Co., Chartered Accountants, who are the statutory auditors of the Company hold office until the conclusion of the ensuing Annual General Meeting and are eligible for re -appointment. Pursuant to provisions of Section 139 of the Companies Act, 2013 and rules framed there under, it is proposed to appoint K.N.Gutgutia as statutory auditors of the Company from the conclusion of the ensuing AGM till the conclusion of the 34th AGM to be held in the year 2017, subject to . annual ratification by members at Annual General Meeting.
ACCOUNTS & AUDIT
The Audit Report as given by M/s K. N. Gutgutia & Co., Chartered Accountants, is annexed to the Financial Statements of the company. The observations of Auditors in their report are self explanatory and do not require elucidation. There were no qualification remarks in the audit report.
CASH FLOW ANALYSIS
The Cash Flow Statement for the year, under reference in terms of Clause 32 of the Listing Agreement entered by the Company with the Stock Exchanges, is annexed with the Annual Accounts of the Company.
PUBLIC DEPOSITS
The Company has invited and accepted fixed deposits within the meaning of Companies (Acceptance of Deposits) Rules, 1975 from the public during the year. The Total amount due to the depositors as at the end of the financial year is Rs. 6.88 Crores.
The Company has maintained Liquid Assets as per Rule 3Aof the Companies (Acceptance of Deposits) Rules, 1975.
ISO 9001:2008 CERTIFICATION
The implementation of ISO 9001:2008 was found up to mark in the Surveillance Audit conducted by the Certifying Authority.
PARTICULARS OF EMPLOYEES
During the year under review, no employee, whether employed for the whole or part of the year, was drawing remuneration exceeding the limits as laid down u/s. 217 (2A) of the Companies Act, 1956, read with Companies (Particulars of Employees) Rules, 1975 as amended. Hence the details required under5ection 217 (2A) are not given.
CORPORATE GOVERNANCE
In Compliance with the requirements of Clause 49 of the Listing Agreement with the Stock Exchange, a separate report on Corporate Governance along with auditors certificate on its compliance as attached as Annexure -1 and forms integral Part of this Report.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
The Management Discussion and Analysis of financial condition and results of operation of the Company for the year under review, as required under clause 49 of the Listing Agreement with the stock exchanges, is given separately under the head "Management Discussion & Analysis Report" in Annual Report.
ENERGY CONSERVATION, TECHNOLOGY ABSORPTION
Details of energy conservation and research and development activities undertaken by the company along with the information in accordance with the provision of section 217(l)(e) of the companies Act, 1956, read with the companies '' (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1988, are given in Annexure ''A'' to the Directors'' Report.
DEPOSITORY SYSTEMS
As on March 31, 2014, 99.01 of the Company''s paid-up capital representing 10476515 Equity Shares is in dematerialized form with both the depositories as compared to 98.52 % representing 10423945 equity shares for the previous year ending March 31, 2014.
The Company has established connectivity with both depositories - National Securities Depository Limited (N5DL) and Central Depository Services (India) Limited (CDSL) through RTA i.e. M/s. Skyline Financial Services Pvt. Ltd.
The Company has paid custodial fees for the financial year 2013-14 to NSDL and CDSL on the basis of numbers of beneficial accounts maintained by them as on March 31, 2014.
BUSINESS GOALS
In view of the growth opportunities in domestic market and proactively observing the cost pressure of the market, your company has made extensive growth better production, increased operational efficiency and improved trading techniques _ Your Company has a conservative estimate of growth of its business of 15.20% during the financial year 2015-16. The Company is coming in the positions to utilize the opportunities for business expansion in the coming years. The Manufacturing Unit & two more branches are showing the path of future growth and success of the Company. The Company is planning to increase its total number of business units by opening new branches.
The Company is fully equipped with the capacity to meet the demand of its customers for the current year and finalized plan for capacity expansion to meet future demand of the industry.
ACKNOWLEDGEMENT
The Directors thank the Company''s employees, customers, vendors, investors, bankers and other business associates for their continuing support to the Company.
The Directors wish to express their gratitude for the assistance and co -operation received from Oriental Bank of Commerce and other Government and semi Government authorities Corporations and Institution, SEB1, Stock Exchanges, Custodian, Regulatory/Statutory Authorities, and Registrars Si Share Transfer Agent for their co-operation.
The Directors also thank all the shareholders and investors for reposing continued confidence in the Company.
The Directors also wish to place on record their deep sense of appreciation for the devoted services of all the employees of '' the Company and their great efforts for the progress of the Company.
For & on behalf of Board of Directors of ASEEM GLOBAL LIMITED
Sd/- Place: Delhi Tanuj Rastogi Date:01/09/2014 Chairman & Managing Director
Mar 31, 2013
Dear Shareholders,
The Directors have pleasure in presenting the 30th Annual Report together with Audited Accounts and Auditor''s Report on the business and operations of the Company for the financial year ended March 31, 2013.
FINANCIAL HIGHLIGHTS
A summarized position of the profits/losses and taxation for the year under review as compared to the previous years is given below: .
(Rs. in crores)
Year Year Year Year Year Particulars 2012-13 2011-12 2010-11 2009-10 2008-09
Total Income 345.61 264.31 441.64 365.88 123.31
(including Exceptional Items)
Less: Operating, 340.63 260.44 436.68 361.02 121.79
Administrative & other Exp. Earning before interest and 4.98 3.87 4.96 4.86 1.52 depreciation
Less: i) Interest 2.73 2.74 2.17 1.13 0.16
ii) Depreciation 0.23 0.15 0.20 0.17 0.03
Profit before Tax 2.02 0.98 2.59 3.56 1.33
Less: provision for Tax
i) Current (0.72) (0.20) (0.97) (1.34) (0.17)
ii) MATcredit - 0.01 - - 0.03 entitlement
iii) Deferred tax assets 0.00 0.01 0.03 0.01 (0.01) credit/(charge)
iv) Provision for tax 0.07 - - - - relating to prior years
Profit after Tax
Add: Balance of Profit as per 1.37 0.80 1.65 2.19 1.18
last Balance Sheet
Balance available for 5.31 6.06 5.84 5.55 5.50 appropriation
Less: Appropriation
i) Proposed Dividend - Final 0.10 0.10 0.62 0.31 0.15
ii) Tax on Dividend 0.02 0.02 0.10 0.05 0.02
iii)Transfer to General 2.00 2.00 0.50 1.00 -
Reserves
Balance carried over to 3.19 3.94 4.62 4.19 5.33
Balance Sheet
EPS (of Rs. 10/- each) 1.29 0.75 2.13 7.00 8.05
Networth 23.78 22.53 21.21 9.43 7.62
PERFORMANCE HIGHLIGHTS
In the competitive and challenging business environment, the overall performance of your Company during the year 2012-13 was very good. The Members would be happy to know that the profit after tax for the current fiscal was higher by 71.25% at Rs.1.37 Crores, compared to the previous year, driven by higher sales and other income. The Company reported the net revenue of Rs. 345.61 crores, an increase of 30.78% over F/y 2012. The earning per share (Basic & Diluted) as on March 31, 2013 stood atRs. 1.29.
DIVIDEND
Having regard to the overall performance of the Company and the positive outlook for the future, the Board of directors recommended a final dividend of Rs. 0.10 per equity share of Rs.10 each for the year ended on March 31, 2013. The dividend payout, if approved, will result in outflow of Rs. 12,37,854/- inclusive of Rs.1,79,814/- as Dividend Distribution Tax (previous year Rs. 12,29,680/-). The final dividend, if approved, will be paid within 30 days of declaration.
MANUFACTURING UNIT
The Company has commenced commercial production in its Manufacturing Unit at Abu Road, Rajasthan for manufacturing of non-ferrous metal alloys w.e.f. September 26, 2012.
Phase I has been started with the production capacity of 4800 metric ton of copper, brass, zinc and aluminium ingots. By the beginning of next fiscal, the Company has planned to start phase II with the additional capacity of another 4800 metric ton.
DIRECTORS
In accordance with the provisions of the Companies Act, 1956, read with Article of Association of the Company, Mrs. Rajni Sharma and Mr. Yogesh Sharma, Directors of the Company, will retire at the ensuing Annual General Meeting and being eligible offer themselves for re-appointment.
A brief profile of Mrs. Rajni Sharma and Mr. Yogesh Sharma are provided in the report on Corporate Governance forming part of the Annual Report.
DIRECTORS RESPONSBILITY STATEMENT
Pursuant to Section 217(2AA) of the Companies Act, 1956, we hereby state:
i. that in the preparation of the Annual Accounts, the applicable mandatory Accounting Standards have been followed and that there are no material departures;
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 as at March 31, 2013 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 the Companies Act,1956 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.
AUDITORS
M/s K. N. Gutgutia & Co., Chartered Accountants, Delhi, the Statutory Auditors of the Company, will retire at the ensuing Annual General Meeting and, being eligible, offer themselves for re-appointment. The Company has received a certificate from them that their re-appointment, if made, would be within prescribed limits under Section 224 (IB) of the Companies Act, 1956. Your directors recommend their re-appointment as Statutory Auditors to hold office until the conclusion of the next Annual General Meeting of the Company.
ACCOUNTS & AUDIT
The Audit Report as given by M/s K. N. Gutgutia & Co., Chartered Accountants, is annexed to the Financial Statements of the company. The observations of Auditors in their report are self explanatory and do not require elucidation. There were no qualification remarks in the audit report.
CASH FLOW ANALYSIS
The Cash Flow Statement for the year, under reference in terms of Clause 32 of the Listing Agreement entered by the Company with the Stock Exchanges, is annexed with the Annual Accounts of the Company.
PUBLIC DEPOSITS
The Company has invited and accepted fixed deposits within the meaning of Companies (Acceptance of Deposits) Rules, 1975 from the public during the year. The Total amount due to the depositors as at the end of the financial year is Rs. 7.47 Crores. The Company has maintained Liquid Assets as per Rule 3Aof the Companies (Acceptance of Deposits) Rules, 1975.
ISO 9001:2008 CERTIFICATION
The implementation of ISO 9001:2008 was found up to mark in the Surveillance Audit conducted by the Certifying Authority.
PARTICULARS OF EMPLOYEES
During the year under review, no employee, whether employed for the whole or part of the year, was drawing remuneration exceeding the limits as laid down u/s. 217 (2A) of the Companies Act, 1956, read with Companies (Particulars of Employees) Rules, 1975 as amended. Hence the details required under Section 217 (2A) are not given.
CORPORATE GOVERNANCE
The Company has complied with all the recommendations of Corporate Governance as stipulated in Clause 49 of the Listing Agreement.
A separate report on Corporate Governance forms part of the Annual Report of the Company. A certificate from the Auditors of the Company regarding compliance with the conditions of Corporate Governance as stipulated under Corporate Governance Clause of the Listing Agreement(s) is annexed to the Report on Corporate Governance.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
The Management Discussion and Analysis of financial condition and results of operation of the Company for the year under review, as required under clause 49 of the Listing Agreement with the stock exchanges, is given separately under the head "Management Discussion & Analysis Report" in Annual Report.
ENERGY CONSERVATION, TECHNOLOGY ABSORPTION
Details of energy conservation and research and development activities undertaken by the company along with the information in accordance with the provision of section 217(l)(e) of the companies Act, 1956, read with the companies (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1988, are given in Annexure ''A'' to the Directors'' Report.
DEPOSITORY SYSTEMS
As on March 31, 2013, 98.52% of the Company''s paid-up capital representing 10423945 Equity Shares is in dematerialized form with both the depositories as compared to 76.95 % representing 8138296 equity shares for the previous year ending March 31, 2012.
The Company has established connectivity with both depositories - National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL) through RTA i.e. M/s. Skyline Financial Services Pvt. Ltd.
The Company has paid custodial fees for the financial year 2012-13 to N.SDL and CDSL on the basis of numbers of beneficial accounts maintained by them as on March 31,2013.
BUSINESS GOALS
Your Company is confident of achieving the future growth through better production, increased operational efficiency and improved trading techniques. Your Company has a conservative estimate of growth of its business of 20-25% during the financial year 2013-14. The Company is coming in the positions to utilize the opportunities for business expansion in the coming years. The Manufacturing Unit & two more branches are showing the path of future growth and success of the Company. The Company is planning to increase its total number of business units by opening new branches.
ACKNOWLEDGEMENT
The Directors thank the Company''s employees, customers, vendors, investors, bankers and other business associates for their continuing support to the Company.
The Directors also thank the Governments of India, State Governments in India and concerned Government departments/Agencies, SEBI, Stock Exchanges, Custodian, Regulatory/Statutory Authorities, and Registrars & Share Transfer Agent for their co-operation.
The Directors appreciate and value the contributions made by every member of the Aseem Global Ltd..
For & on behalf of Board of Directors of
ASEEM GLOBAL LIMITED
Sd/-
Place: Delhi [Ira Rastogi]
Date: September 2,2013 Managing Director
The Directors have pleasure in presenting the 30th Annual Report together with Audited Accounts and Auditor''s Report on the business and operations of the Company for the financial year ended March 31, 2013.
FINANCIAL HIGHLIGHTS
A summarized position of the profits/losses and taxation for the year under review as compared to the previous years is given below: .
(Rs. in crores)
Year Year Year Year Year Particulars 2012-13 2011-12 2010-11 2009-10 2008-09
Total Income 345.61 264.31 441.64 365.88 123.31
(including Exceptional Items)
Less: Operating, 340.63 260.44 436.68 361.02 121.79
Administrative & other Exp. Earning before interest and 4.98 3.87 4.96 4.86 1.52 depreciation
Less: i) Interest 2.73 2.74 2.17 1.13 0.16
ii) Depreciation 0.23 0.15 0.20 0.17 0.03
Profit before Tax 2.02 0.98 2.59 3.56 1.33
Less: provision for Tax
i) Current (0.72) (0.20) (0.97) (1.34) (0.17)
ii) MATcredit - 0.01 - - 0.03 entitlement
iii) Deferred tax assets 0.00 0.01 0.03 0.01 (0.01) credit/(charge)
iv) Provision for tax 0.07 - - - - relating to prior years
Profit after Tax
Add: Balance of Profit as per 1.37 0.80 1.65 2.19 1.18
last Balance Sheet
Balance available for 5.31 6.06 5.84 5.55 5.50 appropriation
Less: Appropriation
i) Proposed Dividend - Final 0.10 0.10 0.62 0.31 0.15
ii) Tax on Dividend 0.02 0.02 0.10 0.05 0.02
iii)Transfer to General 2.00 2.00 0.50 1.00 -
Reserves
Balance carried over to 3.19 3.94 4.62 4.19 5.33
Balance Sheet
EPS (of Rs. 10/- each) 1.29 0.75 2.13 7.00 8.05
Networth 23.78 22.53 21.21 9.43 7.62
PERFORMANCE HIGHLIGHTS
In the competitive and challenging business environment, the overall performance of your Company during the year 2012-13 was very good. The Members would be happy to know that the profit after tax for the current fiscal was higher by 71.25% at Rs.1.37 Crores, compared to the previous year, driven by higher sales and other income. The Company reported the net revenue of Rs. 345.61 crores, an increase of 30.78% over F/y 2012. The earning per share (Basic & Diluted) as on March 31, 2013 stood atRs. 1.29.
DIVIDEND
Having regard to the overall performance of the Company and the positive outlook for the future, the Board of directors recommended a final dividend of Rs. 0.10 per equity share of Rs.10 each for the year ended on March 31, 2013. The dividend payout, if approved, will result in outflow of Rs. 12,37,854/- inclusive of Rs.1,79,814/- as Dividend Distribution Tax (previous year Rs. 12,29,680/-). The final dividend, if approved, will be paid within 30 days of declaration.
MANUFACTURING UNIT
The Company has commenced commercial production in its Manufacturing Unit at Abu Road, Rajasthan for manufacturing of non-ferrous metal alloys w.e.f. September 26, 2012.
Phase I has been started with the production capacity of 4800 metric ton of copper, brass, zinc and aluminium ingots. By the beginning of next fiscal, the Company has planned to start phase II with the additional capacity of another 4800 metric ton.
DIRECTORS
In accordance with the provisions of the Companies Act, 1956, read with Article of Association of the Company, Mrs. Rajni Sharma and Mr. Yogesh Sharma, Directors of the Company, will retire at the ensuing Annual General Meeting and being eligible offer themselves for re-appointment.
A brief profile of Mrs. Rajni Sharma and Mr. Yogesh Sharma are provided in the report on Corporate Governance forming part of the Annual Report.
DIRECTORS RESPONSBILITY STATEMENT
Pursuant to Section 217(2AA) of the Companies Act, 1956, we hereby state:
i. that in the preparation of the Annual Accounts, the applicable mandatory Accounting Standards have been followed and that there are no material departures;
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 as at March 31, 2013 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 the Companies Act,1956 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.
AUDITORS
M/s K. N. Gutgutia & Co., Chartered Accountants, Delhi, the Statutory Auditors of the Company, will retire at the ensuing Annual General Meeting and, being eligible, offer themselves for re-appointment. The Company has received a certificate from them that their re-appointment, if made, would be within prescribed limits under Section 224 (IB) of the Companies Act, 1956. Your directors recommend their re-appointment as Statutory Auditors to hold office until the conclusion of the next Annual General Meeting of the Company.
ACCOUNTS & AUDIT
The Audit Report as given by M/s K. N. Gutgutia & Co., Chartered Accountants, is annexed to the Financial Statements of the company. The observations of Auditors in their report are self explanatory and do not require elucidation. There were no qualification remarks in the audit report.
CASH FLOW ANALYSIS
The Cash Flow Statement for the year, under reference in terms of Clause 32 of the Listing Agreement entered by the Company with the Stock Exchanges, is annexed with the Annual Accounts of the Company.
PUBLIC DEPOSITS
The Company has invited and accepted fixed deposits within the meaning of Companies (Acceptance of Deposits) Rules, 1975 from the public during the year. The Total amount due to the depositors as at the end of the financial year is Rs. 7.47 Crores. The Company has maintained Liquid Assets as per Rule 3Aof the Companies (Acceptance of Deposits) Rules, 1975.
ISO 9001:2008 CERTIFICATION
The implementation of ISO 9001:2008 was found up to mark in the Surveillance Audit conducted by the Certifying Authority.
PARTICULARS OF EMPLOYEES
During the year under review, no employee, whether employed for the whole or part of the year, was drawing remuneration exceeding the limits as laid down u/s. 217 (2A) of the Companies Act, 1956, read with Companies (Particulars of Employees) Rules, 1975 as amended. Hence the details required under Section 217 (2A) are not given.
CORPORATE GOVERNANCE
The Company has complied with all the recommendations of Corporate Governance as stipulated in Clause 49 of the Listing Agreement.
A separate report on Corporate Governance forms part of the Annual Report of the Company. A certificate from the Auditors of the Company regarding compliance with the conditions of Corporate Governance as stipulated under Corporate Governance Clause of the Listing Agreement(s) is annexed to the Report on Corporate Governance.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
The Management Discussion and Analysis of financial condition and results of operation of the Company for the year under review, as required under clause 49 of the Listing Agreement with the stock exchanges, is given separately under the head "Management Discussion & Analysis Report" in Annual Report.
ENERGY CONSERVATION, TECHNOLOGY ABSORPTION
Details of energy conservation and research and development activities undertaken by the company along with the information in accordance with the provision of section 217(l)(e) of the companies Act, 1956, read with the companies (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1988, are given in Annexure ''A'' to the Directors'' Report.
DEPOSITORY SYSTEMS
As on March 31, 2013, 98.52% of the Company''s paid-up capital representing 10423945 Equity Shares is in dematerialized form with both the depositories as compared to 76.95 % representing 8138296 equity shares for the previous year ending March 31, 2012.
The Company has established connectivity with both depositories - National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL) through RTA i.e. M/s. Skyline Financial Services Pvt. Ltd.
The Company has paid custodial fees for the financial year 2012-13 to N.SDL and CDSL on the basis of numbers of beneficial accounts maintained by them as on March 31,2013.
BUSINESS GOALS
Your Company is confident of achieving the future growth through better production, increased operational efficiency and improved trading techniques. Your Company has a conservative estimate of growth of its business of 20-25% during the financial year 2013-14. The Company is coming in the positions to utilize the opportunities for business expansion in the coming years. The Manufacturing Unit & two more branches are showing the path of future growth and success of the Company. The Company is planning to increase its total number of business units by opening new branches.
ACKNOWLEDGEMENT
The Directors thank the Company''s employees, customers, vendors, investors, bankers and other business associates for their continuing support to the Company.
The Directors also thank the Governments of India, State Governments in India and concerned Government departments/Agencies, SEBI, Stock Exchanges, Custodian, Regulatory/Statutory Authorities, and Registrars & Share Transfer Agent for their co-operation.
The Directors appreciate and value the contributions made by every member of the Aseem Global Ltd..
For & on behalf of Board of Directors of
ASEEM GLOBAL LIMITED
Sd/-
Place: Delhi [Ira Rastogi]
Date: September 2,2013 Managing Director
Mar 31, 2012
The Directors have pleasure in presenting the 29th Annual Report tog
ether with Audited Accounts and Auditor's Report on the business and
operations of the Company for the financial year ended March 31, 2012.
FINANCIAL HIGHLIGHTS
A summarized position of the profits/losses and taxation for the year under review as compared to the previous year is given below:
(Rs.in crores)
Current year Previous year Particulars (2011-12) (2010-11)
Total Income 264.31 441.64 (including Exceptional Items)
Less: Operating, Administrative & other Exp. 260.44 436.68
Earning before interest and depreciation 3.87 4.96
Less: i) Interest 2.74 2.17
ii) Depreciation 0.15 0.20
Profit before Tax 0.98 2.59
Less: provision for Tax
I) Current (0.20) (0.96)
ii) MAT credit entitlement 0.01 -
ii) Deferred tax assets credit/ (charge) 0.01 0.03
Profit after Tax 0.80 1.66
Add: Balance of Profit as per last Balance Sheet 4.61 4.18
Add: Reversal of Dividend (F/y 2010-11) 0.65 -
Balance available for appropriation 6.06 5.84
Less: Appropriation
i) Proposed Dividend - Final 0.10 0.62
ii) Tax on Dividend 0.02 0.10
iii) Transfer to General Reserves 2.00 0.50
Balance carried over to Balance Sheet 3.94 4.62
DIVIDEND
The Board of directors in its meeting held on August 14, 2012 has proposed final dividend of Rs. 0.10 per equity share ofRs. 10 each for the year ended on March 31, 2012. The dividend payout, if approved, will result in outflow ofRs. 12,29,680/- inclusive ofRs. 1,71,640/-as Dividend Distribution Tax (previous yearRs. 72,57,480/-). The final dividend, if approved, will be paid within 30 days of declaration.
BUSINESS REVIEW
During the year under consideration, the net profit after tax has reduced toRs. 0.80 crores fromRs. 1.66 crores as achieved during t he f/y 2010-11. The lower net profit has been due to fall in turnover on account volatile market conditions and also due to sharp depreciation of Indian currency vis-a-vis the foreign currencies. The sharp fluctuations in the prices of non- ferrous metal overseas has also resulted in lower net profits.
EQUITY SHARE CAPITAL
During the year under review, the Company has allotted 4356611 equity shares by way of Bonus to the existing shareholders of the company in the ratio of 7 shares for every 10 shares held on J anuary 13, 2012 by way of Capitalization of surplus to the tune of Rs. 4,35,66,110/- (Rupees Four crores Thirty Five Lacs Sixty Six Thousand One Hundred Ten only). The current paid- up capital of the Company isRs. 10,58,03,980/-.
LISTING ON BOMBAY STOCK EXCHANGE
Your Company is now a Bombay Stock Exchange (BSE) listed company. The trading of shares at BSE has been commenced w.e.f. July 16, 2012 vide BSE's trading notice dated July 12, 2012.
DIRECTORS
In accordance with the provisions of the Companies Act, 1956, read with Article of Association of the Company, Mrs. Motia Sharma and Mr. Rajeev Kumar Goel, Directors of the Company, will retire at the ensuing Annual General Meeting and being eligible offer themselves for re -appointment.
A brief profile of Mrs. Motia Sharma and Mr. Rajeev Kumar Goel are provided in the report on Corporate Governance forming part of the Annual Report.
DIRECTORS RESPONSBILITY STATEMENT
Pursuant to Section 217(2AA) of the Companies Act, 1956, we hereby state:
i. that in the preparation of the Annual Accounts, the applicable mandatory Accounting Standards have been followed and that there are no material departures; ( 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 as at March 31, 2012 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 the Companies Act,1956 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.
AUDITORS
M/s K. N. Gutgutia & Co., Chartered Accountants, Delhi, the Statutory Auditors of the Company , will retire at the ensuing Annual General Meeting and, being eligible, offer themselves for re-appointment. The Company has received a certificate from them that their re-appointment, if made, would be within prescribed limits under Section 224 (1B) of the Companies Act, 1956. Your directors recommend their re-appointment as Statutory Auditors to hold office until the conclusion of the next Annual General Meeting of the Company.
ACCOUNTS & AUDIT
The Audit Report as given by M/s K. N. Gutgutia & Co., Chartered Accountants, is annexed to the Balance Sheet of the company. The observations of Auditors in their reportare self explanatory and do not require elucidation. There were no qualification remarks in the audit report.
CASH FLOW ANALYSIS
The Cash Flow Statement for the year, under reference in terms of Clause 32 of the Listing Agreement entered by the Company with the Stock Exchanges, is annexed with the Annual Accounts of the Company.
PUBLIC DEPOSITS
The Company has invited and accepted fixed deposits within the meaning of Companies (Acceptance of Deposits) Rules, 1975 from the public during the year. The Total amount due to the depositors as at the end of the financial year is Rs. 7.41 Crores. The Company has maintained Liquid Assets as per Rule 3Aof the Companies (Acceptance of Deposits) Rules, 1975.
ISO 9001:2008 CERTIFICATION
The implementation of ISO 9001:200 8 was found up to mark in the Surveillance Audit conducted by the Certifying Authority on January 12, 2012.
PARTICULARS OF EMPLOYEES
During the year under review, no employee, whether employed for the whole or part of the year, was drawing remuneration exceeding the limits as laid down u/s. 217 (2A) of the Companies Act, 1956, read with Companies (Particulars of Employees) Rules, 1975 as amended. Hence the details required under Section 217 (2A) are not given.
CORPORATE GOVERNANCE
The Company has complied with all the recommendations of Corporate Governance as stipulated in Clause 49 of the Listing Agreement.
A separate report on Corporate Governance forms part of the Annual Report of the Company. A certificate from the Auditors of the Company regardin g compliance with the conditions of Corporate Governance as stipulated under Corporate Governance Clause of the Listing Agreement(s) is annexed to the Report on Corporate Governance.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
The Management Discussion and Analysis of financial condition and results of operation of the Company for the year under review, as required under clause 49 of the Listing Agreement with the stock exchanges, is given separately under the head "Management Discussion & Analysis Report" in Annual Report.
ENERGY CONSERVATION, TECHNOLOGY ABSORPTION
The Company has no activities relating to conservation of Energy and Technology Absorption and hence no particulars in terms of Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 are being made in this respect.
DEPOSITORY SYSTEMS
As on March 31, 2012,76.92% of the Company's paid -up capital representing 8138296 Equity Shares (out of total paid-up capital 10580398 equity shares) is in dematerialized form with both the depositories as compared to 76.88 % representing 4785106 equity shares (out of total paid-up capital 6223787 equity shares) for the previous year ending March 31, 2011.
The Company has established connectivity with both depositories - National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL) through RTA i.e. M/s. Skyline Financial Services Pvt. Ltd.
The Company has paid custodial fees for the financial year 2012-13 to NSDL and CDSL on the basis of numbers of beneficial accounts maintained by them as on March 31, 2012.
ACKNOWLEDGEMENT
The Directors thank the Company's employees, customers, vendors, investors, bankers and other business associates for their continuing support to the Company.
The Directors also thank the Governments of India, State Governments in India and concerned Government departments/Agencies, SEBI, Stock Exchanges, Custodian, Regulatory/Statutory Authorities, and Registrars & Share Transfer Agent for their co-operation.
The Directors appreciate and value the contributions made by every member of the Aseem Global Ltd..
For & on behalf of Board of Directors of
ASEEM GLOBAL LIMITED
Sd/- Place: Delhi [Ira Rastogi]
Date : August 14, 2012 Managing Director
FINANCIAL HIGHLIGHTS
A summarized position of the profits/losses and taxation for the year under review as compared to the previous year is given below:
(Rs.in crores)
Current year Previous year Particulars (2011-12) (2010-11)
Total Income 264.31 441.64 (including Exceptional Items)
Less: Operating, Administrative & other Exp. 260.44 436.68
Earning before interest and depreciation 3.87 4.96
Less: i) Interest 2.74 2.17
ii) Depreciation 0.15 0.20
Profit before Tax 0.98 2.59
Less: provision for Tax
I) Current (0.20) (0.96)
ii) MAT credit entitlement 0.01 -
ii) Deferred tax assets credit/ (charge) 0.01 0.03
Profit after Tax 0.80 1.66
Add: Balance of Profit as per last Balance Sheet 4.61 4.18
Add: Reversal of Dividend (F/y 2010-11) 0.65 -
Balance available for appropriation 6.06 5.84
Less: Appropriation
i) Proposed Dividend - Final 0.10 0.62
ii) Tax on Dividend 0.02 0.10
iii) Transfer to General Reserves 2.00 0.50
Balance carried over to Balance Sheet 3.94 4.62
DIVIDEND
The Board of directors in its meeting held on August 14, 2012 has proposed final dividend of Rs. 0.10 per equity share ofRs. 10 each for the year ended on March 31, 2012. The dividend payout, if approved, will result in outflow ofRs. 12,29,680/- inclusive ofRs. 1,71,640/-as Dividend Distribution Tax (previous yearRs. 72,57,480/-). The final dividend, if approved, will be paid within 30 days of declaration.
BUSINESS REVIEW
During the year under consideration, the net profit after tax has reduced toRs. 0.80 crores fromRs. 1.66 crores as achieved during t he f/y 2010-11. The lower net profit has been due to fall in turnover on account volatile market conditions and also due to sharp depreciation of Indian currency vis-a-vis the foreign currencies. The sharp fluctuations in the prices of non- ferrous metal overseas has also resulted in lower net profits.
EQUITY SHARE CAPITAL
During the year under review, the Company has allotted 4356611 equity shares by way of Bonus to the existing shareholders of the company in the ratio of 7 shares for every 10 shares held on J anuary 13, 2012 by way of Capitalization of surplus to the tune of Rs. 4,35,66,110/- (Rupees Four crores Thirty Five Lacs Sixty Six Thousand One Hundred Ten only). The current paid- up capital of the Company isRs. 10,58,03,980/-.
LISTING ON BOMBAY STOCK EXCHANGE
Your Company is now a Bombay Stock Exchange (BSE) listed company. The trading of shares at BSE has been commenced w.e.f. July 16, 2012 vide BSE's trading notice dated July 12, 2012.
DIRECTORS
In accordance with the provisions of the Companies Act, 1956, read with Article of Association of the Company, Mrs. Motia Sharma and Mr. Rajeev Kumar Goel, Directors of the Company, will retire at the ensuing Annual General Meeting and being eligible offer themselves for re -appointment.
A brief profile of Mrs. Motia Sharma and Mr. Rajeev Kumar Goel are provided in the report on Corporate Governance forming part of the Annual Report.
DIRECTORS RESPONSBILITY STATEMENT
Pursuant to Section 217(2AA) of the Companies Act, 1956, we hereby state:
i. that in the preparation of the Annual Accounts, the applicable mandatory Accounting Standards have been followed and that there are no material departures; ( 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 as at March 31, 2012 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 the Companies Act,1956 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.
AUDITORS
M/s K. N. Gutgutia & Co., Chartered Accountants, Delhi, the Statutory Auditors of the Company , will retire at the ensuing Annual General Meeting and, being eligible, offer themselves for re-appointment. The Company has received a certificate from them that their re-appointment, if made, would be within prescribed limits under Section 224 (1B) of the Companies Act, 1956. Your directors recommend their re-appointment as Statutory Auditors to hold office until the conclusion of the next Annual General Meeting of the Company.
ACCOUNTS & AUDIT
The Audit Report as given by M/s K. N. Gutgutia & Co., Chartered Accountants, is annexed to the Balance Sheet of the company. The observations of Auditors in their reportare self explanatory and do not require elucidation. There were no qualification remarks in the audit report.
CASH FLOW ANALYSIS
The Cash Flow Statement for the year, under reference in terms of Clause 32 of the Listing Agreement entered by the Company with the Stock Exchanges, is annexed with the Annual Accounts of the Company.
PUBLIC DEPOSITS
The Company has invited and accepted fixed deposits within the meaning of Companies (Acceptance of Deposits) Rules, 1975 from the public during the year. The Total amount due to the depositors as at the end of the financial year is Rs. 7.41 Crores. The Company has maintained Liquid Assets as per Rule 3Aof the Companies (Acceptance of Deposits) Rules, 1975.
ISO 9001:2008 CERTIFICATION
The implementation of ISO 9001:200 8 was found up to mark in the Surveillance Audit conducted by the Certifying Authority on January 12, 2012.
PARTICULARS OF EMPLOYEES
During the year under review, no employee, whether employed for the whole or part of the year, was drawing remuneration exceeding the limits as laid down u/s. 217 (2A) of the Companies Act, 1956, read with Companies (Particulars of Employees) Rules, 1975 as amended. Hence the details required under Section 217 (2A) are not given.
CORPORATE GOVERNANCE
The Company has complied with all the recommendations of Corporate Governance as stipulated in Clause 49 of the Listing Agreement.
A separate report on Corporate Governance forms part of the Annual Report of the Company. A certificate from the Auditors of the Company regardin g compliance with the conditions of Corporate Governance as stipulated under Corporate Governance Clause of the Listing Agreement(s) is annexed to the Report on Corporate Governance.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
The Management Discussion and Analysis of financial condition and results of operation of the Company for the year under review, as required under clause 49 of the Listing Agreement with the stock exchanges, is given separately under the head "Management Discussion & Analysis Report" in Annual Report.
ENERGY CONSERVATION, TECHNOLOGY ABSORPTION
The Company has no activities relating to conservation of Energy and Technology Absorption and hence no particulars in terms of Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 are being made in this respect.
DEPOSITORY SYSTEMS
As on March 31, 2012,76.92% of the Company's paid -up capital representing 8138296 Equity Shares (out of total paid-up capital 10580398 equity shares) is in dematerialized form with both the depositories as compared to 76.88 % representing 4785106 equity shares (out of total paid-up capital 6223787 equity shares) for the previous year ending March 31, 2011.
The Company has established connectivity with both depositories - National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL) through RTA i.e. M/s. Skyline Financial Services Pvt. Ltd.
The Company has paid custodial fees for the financial year 2012-13 to NSDL and CDSL on the basis of numbers of beneficial accounts maintained by them as on March 31, 2012.
ACKNOWLEDGEMENT
The Directors thank the Company's employees, customers, vendors, investors, bankers and other business associates for their continuing support to the Company.
The Directors also thank the Governments of India, State Governments in India and concerned Government departments/Agencies, SEBI, Stock Exchanges, Custodian, Regulatory/Statutory Authorities, and Registrars & Share Transfer Agent for their co-operation.
The Directors appreciate and value the contributions made by every member of the Aseem Global Ltd..
For & on behalf of Board of Directors of
ASEEM GLOBAL LIMITED
Sd/- Place: Delhi [Ira Rastogi]
Date : August 14, 2012 Managing Director
Mar 31, 2011
The Members of Aseem Global Limited
The Directors have pleasure in presenting the Twenty Eight Annual Report together with Audited Accounts for the financial year ended March 31, 2011.
1. Financial Highlights:
(Rs. in crore) (Rs. in crore) Particulars 2010-11 2009-10 Increase/ Decrease (%)
Turnover 441.21 365.73 20.64%
Net Profit before Tax (PBT) 2.65 3.56 25.56%
Provision for Taxation (0.97) (1.34)
Net Profit after Tax 1.65 2.19 24.66%
Earning Per Share (Rs.) 3.62 7.00 48.28%
2. Dividend
Your Directors have proposed a dividend of Re 1.00 per equity share of Rs. 10 each. The dividend payout, if approved, will result in outflow of Rs.72, 57,480/- inclusive of Rs.10, 33,693/- as Dividend Distribution Tax.
3. Business Review
During the year under review, Company earned a net profit (before tax) of 2.65 Crore which is less than the net profit before tax from the previous year. The lower net profit is due to the volatile market conditions not favorable to the Company and the fluctuation in the prices of metals overseas. The Turnover of the company jumped from Rs. 365.73 Crore in the last year to Rs 441.21 crore.
4. Subsidiary Company
Your Company has no subsidiary as on date. The Company has disposed of its entire stake in Aseem Global UK Limited (erstwhile 100% subsidiary).
5. Directors
Mr. Shrey Gupta was appointed as an additional director on 10th November, 2010 . But before his appointment as a regular director, he resigned from the directorship w.e.f. 1st June, 2011. The Board records its appreciation for the valuable services and guidance rendered by Mr. Shrey Gup ta as the director of the Company.
In accordance with the provisions of the Companies Act, 1956, read with Article of Association of the Company, Ms. Ira Rastogi, Mr. Mudit Kumar and Mr. Yogesh Sharma Directors retire at the ensuing Annual General Meeting and being eligible offer themselves for re-appoin tment.
A brief profile of Ms. Ira Rastogi, Mr. Mudit Kumar and Mr. Yogesh Sharma are provided in the report on Corporate Governance.
6. Directors Responsibility Statement
Your Directors hereby report:
(i) That, in the preparation of annual accounts, the applicable Accounting Standards ha s been followed.
(ii) That the Directors have selected such accounting policies and applied them consistently and made judgm ents 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 31st March 2011 and of profit and loss account for the period ended 31st March, 2011.
(iii) That 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 and for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities.
(iv) That, the Directors have prepared the annual accounts ongoing concern ba sis.
7. Preferential Allotment
During th e year u nder review, the company has raised Rs. 10.85cr. through the preferential allotment of equity shares to the Promoter and Non-Promoter group. The said funds were fully utilized for the purpose as stated in the Explana tory statement of the Notice for the approval of members at the Annual General Meeting held on 20.08.2010.
8. Corporate Governance
The Company has complied with all the recommendations of Corporate Governance as stipulated in Clause 49 of the Listing Agreement.
A separate report on Corporate Governance forms part of the Annual Report of the Company. A certificate from the Auditors of the Company regarding compliance with the conditions of Corporate Governance as stipulated under Corporate Governance Clause of the Listing Agreement(s) is annexed to the Report on Corporate Governance.
A Management Discussion and Analysis also accompanies this report.
9. Auditors
M/s K. N. Gutgutia & Co., Chartered Accountants retire at the ensuing Annual General Meeting and, being eligible, offer themselves for re-appointment. The Company has received a certificate from them that their re-appointment, if made, would be within prescribed limits under Section 224 (1B) of the Companies Act, 1956.
10. Audit Report
The Audit Report as given by M/s K. N. Gutgutia & Co., Chartered Accountants, is annexed to the Balance Sheet of the company .T here were no qualification remarks in the audit report.
11. Particulars of Employees
Th e particulars of employees as required to be disclosed in accordance with the provisions of Section 217 (2A) of the Act read with the Companies (Particulars of Employees)) Rules, 1975 (as amended) are not being provided as no employee is drawing remuneration more than the prescribed limit.
12. Conservation of Energy and Technological Absorption
The Company has no activities relating to conservation of Energy and Technology Absorption and hence no particulars in terms of Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 are being made i n this respect.
13. Public Deposits
The Company has invited and accepted fixed deposits within the meanin g of Companies (Acceptance of Deposits) Rules, 1975 from the public during the year. There is no amount due to the depositors remaining unclaimed or unpaid. The Total amount due to the depositors as at the end of the financial year is Rs. 4.08Crores. The Company has maintained Liquid Assets as per Rule 3Aof the Companies (Acceptance of Deposits) Rules, 1975.
14. ISO 9001:2008 Certification
The implementation of ISO 9001:2008 was found up to mark in the Surveillance Audit conducted by the Certifying Authority on 25.03.2011.
15. Listing
As you are aware, your Company has made preferential allotment of equity shares to p romoter and Non-Promoter gro up. DSE has granted approval for listing of these shares. Your Company has made an Application for Direct Listing of its shares at Bombay Stock Exchange to provide a trading platform to its shareholders; the same l s pending at their end. The Company has paid listing fee for the year 2011-12.
16. Foreign Exchange earning and outgo
Amount (Rs. Lakh)
Particulars
Foreign Exchange Fluctuation: Gain (Loss) 91.20
Value of import (on CIF basis) 15,433.40
Forex Expenditure 4.49
17. Secretarial Compliance Certificate
The co mpany has obtained Compliance Certificate as prescribed under section 383A (1) of the Companies Act, 1956, from M/s S . K. Jh a & Associates , Company Secretaries.The certificate is being attached to the report.
18. Acknowledgement
Your Directors wish to place on record their appreciation for the Co-operation extended to the Company by the employees, customs, banks , govt. agencies and the investors at large.
For and on behalf of the Board
Sd/-
Place: Delhi Ira Rastogi
Date: 09.08.2011 Chairperson
The Directors have pleasure in presenting the Twenty Eight Annual Report together with Audited Accounts for the financial year ended March 31, 2011.
1. Financial Highlights:
(Rs. in crore) (Rs. in crore) Particulars 2010-11 2009-10 Increase/ Decrease (%)
Turnover 441.21 365.73 20.64%
Net Profit before Tax (PBT) 2.65 3.56 25.56%
Provision for Taxation (0.97) (1.34)
Net Profit after Tax 1.65 2.19 24.66%
Earning Per Share (Rs.) 3.62 7.00 48.28%
2. Dividend
Your Directors have proposed a dividend of Re 1.00 per equity share of Rs. 10 each. The dividend payout, if approved, will result in outflow of Rs.72, 57,480/- inclusive of Rs.10, 33,693/- as Dividend Distribution Tax.
3. Business Review
During the year under review, Company earned a net profit (before tax) of 2.65 Crore which is less than the net profit before tax from the previous year. The lower net profit is due to the volatile market conditions not favorable to the Company and the fluctuation in the prices of metals overseas. The Turnover of the company jumped from Rs. 365.73 Crore in the last year to Rs 441.21 crore.
4. Subsidiary Company
Your Company has no subsidiary as on date. The Company has disposed of its entire stake in Aseem Global UK Limited (erstwhile 100% subsidiary).
5. Directors
Mr. Shrey Gupta was appointed as an additional director on 10th November, 2010 . But before his appointment as a regular director, he resigned from the directorship w.e.f. 1st June, 2011. The Board records its appreciation for the valuable services and guidance rendered by Mr. Shrey Gup ta as the director of the Company.
In accordance with the provisions of the Companies Act, 1956, read with Article of Association of the Company, Ms. Ira Rastogi, Mr. Mudit Kumar and Mr. Yogesh Sharma Directors retire at the ensuing Annual General Meeting and being eligible offer themselves for re-appoin tment.
A brief profile of Ms. Ira Rastogi, Mr. Mudit Kumar and Mr. Yogesh Sharma are provided in the report on Corporate Governance.
6. Directors Responsibility Statement
Your Directors hereby report:
(i) That, in the preparation of annual accounts, the applicable Accounting Standards ha s been followed.
(ii) That the Directors have selected such accounting policies and applied them consistently and made judgm ents 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 31st March 2011 and of profit and loss account for the period ended 31st March, 2011.
(iii) That 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 and for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities.
(iv) That, the Directors have prepared the annual accounts ongoing concern ba sis.
7. Preferential Allotment
During th e year u nder review, the company has raised Rs. 10.85cr. through the preferential allotment of equity shares to the Promoter and Non-Promoter group. The said funds were fully utilized for the purpose as stated in the Explana tory statement of the Notice for the approval of members at the Annual General Meeting held on 20.08.2010.
8. Corporate Governance
The Company has complied with all the recommendations of Corporate Governance as stipulated in Clause 49 of the Listing Agreement.
A separate report on Corporate Governance forms part of the Annual Report of the Company. A certificate from the Auditors of the Company regarding compliance with the conditions of Corporate Governance as stipulated under Corporate Governance Clause of the Listing Agreement(s) is annexed to the Report on Corporate Governance.
A Management Discussion and Analysis also accompanies this report.
9. Auditors
M/s K. N. Gutgutia & Co., Chartered Accountants retire at the ensuing Annual General Meeting and, being eligible, offer themselves for re-appointment. The Company has received a certificate from them that their re-appointment, if made, would be within prescribed limits under Section 224 (1B) of the Companies Act, 1956.
10. Audit Report
The Audit Report as given by M/s K. N. Gutgutia & Co., Chartered Accountants, is annexed to the Balance Sheet of the company .T here were no qualification remarks in the audit report.
11. Particulars of Employees
Th e particulars of employees as required to be disclosed in accordance with the provisions of Section 217 (2A) of the Act read with the Companies (Particulars of Employees)) Rules, 1975 (as amended) are not being provided as no employee is drawing remuneration more than the prescribed limit.
12. Conservation of Energy and Technological Absorption
The Company has no activities relating to conservation of Energy and Technology Absorption and hence no particulars in terms of Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 are being made i n this respect.
13. Public Deposits
The Company has invited and accepted fixed deposits within the meanin g of Companies (Acceptance of Deposits) Rules, 1975 from the public during the year. There is no amount due to the depositors remaining unclaimed or unpaid. The Total amount due to the depositors as at the end of the financial year is Rs. 4.08Crores. The Company has maintained Liquid Assets as per Rule 3Aof the Companies (Acceptance of Deposits) Rules, 1975.
14. ISO 9001:2008 Certification
The implementation of ISO 9001:2008 was found up to mark in the Surveillance Audit conducted by the Certifying Authority on 25.03.2011.
15. Listing
As you are aware, your Company has made preferential allotment of equity shares to p romoter and Non-Promoter gro up. DSE has granted approval for listing of these shares. Your Company has made an Application for Direct Listing of its shares at Bombay Stock Exchange to provide a trading platform to its shareholders; the same l s pending at their end. The Company has paid listing fee for the year 2011-12.
16. Foreign Exchange earning and outgo
Amount (Rs. Lakh)
Particulars
Foreign Exchange Fluctuation: Gain (Loss) 91.20
Value of import (on CIF basis) 15,433.40
Forex Expenditure 4.49
17. Secretarial Compliance Certificate
The co mpany has obtained Compliance Certificate as prescribed under section 383A (1) of the Companies Act, 1956, from M/s S . K. Jh a & Associates , Company Secretaries.The certificate is being attached to the report.
18. Acknowledgement
Your Directors wish to place on record their appreciation for the Co-operation extended to the Company by the employees, customs, banks , govt. agencies and the investors at large.
For and on behalf of the Board
Sd/-
Place: Delhi Ira Rastogi
Date: 09.08.2011 Chairperson
Mar 31, 2010
To The Members of Aseem Global Limited
The Directors have pleasure in presenting the Twenty Seventh Annual Report together with Audited Accounts for the financial year ended March 31, 2010.
1. Financial Highlights:
(Rs. in crore)
Particulars 2009-10 2008-09 Increase(%)
Turnover 365.73 122.43 198.73%
Net Profit before Tax (PBT) 3.56 1.37 159.85%
Provision for Taxation 1.37 0.15 -
Net Profit after Tax 2.19 1.22 79.51%
Earning Per Share (Rs.) 7.00 3.90 79.49%
2. Dividend
Your Directors have proposed a dividend of Re 1.00 per equity share of Rs. 10 each. The dividend payout , if approved, will result in outflow of Rs.36,42,609/- inclusive of Rs.5,18,822/- as Dividend Distribution Tax.
3. Business Review
During the year under review, the performance of the company has been reasonably good. Members would be happy to know that the company earned a net profit (before tax) of Rs3.56 Crore which is nearly 259% of Rs.1.37 Crore being the net profit before tax for the previous year. The Turnover of the company jumped from Rs122.43 Crore in the last year to Rs365.73 Crore witnessing a robust growth of more than two times.
4. Subsidiary Company
Aseem Global UK Limited has ceased to be a subsidiary of your company, during the financial year as the said company has issued further capital which has reduced the shareholding of Aseem Global Limited to less than 51%. The Management of the Company intends to divert its holding in this company shortly.
5. Directors
Mr. Yogesh Sharma, Motia Sharma, Rajni Sharma and Rajeev Kumar Goel were appointed as Additional Directors of the company on 31st December, 2009. As per Article of Association of the company, the appointment of the above requires approval of the Members at the ensuing General Meeting as they hold such office until the conclusion of the ensuing Annual General Meeting.
In accordance with the provisions of the Companies Act, 1956, read with Article of Association of the Company, Mr. Tanuj Rastogi, Director retire at the ensuing Annual General Meeting and being eligible offer himself for re-appointment.
A brief profile of Mr. Tanuj Rastogi, Mr. Yogesh Sharma, Motia Sharma, Rajni Sharma and Rajeev Kumar Goel are provided in the report on Corporate Governance.
6. Directors Responsibility Statement
Your Directors hereby report:
That, in the preparation of annual accounts, the applicable Accounting Standards have been followed.
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 as at 31st March 2010 and of profit and loss account for the period ended 31st March, 2010. That 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 and for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities.
That, the Directors have prepared the annual accounts on going concern basis.
7. Preferential Allotment
Your company is planning to raise nearly a sum of Rs. 11 Crores through preferential allotment of equity shares from the existing promoters as well as from other strategic business partners. The condition of primary market for the purpose is not conducive at the moment, and hence the management has decided for this preferential offer.
The proceeds of the preferential offer shall be partly utilized to strengthen the working capital of the company and also for future growth and expansion of the business of the company. In addition to the above the company is also planning to enter into manufacturing of Non-ferrous metal alloys in a small way.
8. Corporate Governance
During the Financial Year 2009-10, the paid up capital of the company went upto Rs. 3.12 Crores which is more than Rs.3 Crores hence, requirement of complying Clause 49 became applicable to your company. The Company has complied with all the recommendations of Corporate Governance as stipulated in Clause 49 of the Listing Ag reement.
A separate report on Corporate Governance forms part of the Annual Report of the Company. A certificate from the Auditors of the Company regarding compliance with the conditions of Corporate Governance as stipulated under Corporate Governance Clause of the Listing Agreement(s) is annexed to the Report on Corporate Governance. A Management Discussion and Analysis also accompanies this report.
9. Auditors
M/s K. N. Gutgutia & Co., Chartered Accountants retire at the ensuing Annual General Meeting and, being eligible, offer themselves for re-appointment. The Company has received a certificate from them that their re-appointment, if made, would be within prescribed limits under Section 224 (1B) of the Companies Act, 1956.
10.Audit Report
The Audit Report as given by M/s K. N. Gutgutia & Co., Chartered Accountants, is annexed to the Balance Sheet of the company. There was one qualification remark pointed out by auditor in their audit report regarding payment of statutory dues outstanding for more than six months, payable to income-tax authority. The Company has made payment on 29th May, 2010 subsequently by which the total undisputed statutory dues outstanding for a period exceeding six months stands reduced to NIL. The company shall pay the balance income tax outstanding on or before the due date of filing Income tax return.
11.Particulars of Employees
The particulars of employees as required to be disclosed in accordance with the provisions of Section 217 (2A) of the Act read with the Companies (Particulars of Employees)) Rules, 1975 (as amended) are not being provided as no employee is drawing remuneration more than the prescribed limit.
12.Conservation of Energy and Technological Absorption
The Company has no activities relating to conservation of Energy and Technology Absorption and hence no particulars in terms of Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 are being made in this respect.
13.Public Deposits
The Company has invited and accepted fixed deposits within the meaning of Companies (Acceptance of Deposits) Rules, 1975 from the public during the year. There is no amount due to the depositors remaining unclaimed or unpaid.
14.Finance
Your company has taken a cash credit/ letter of credit/letter of guarantee facility to the tune of Rs.2.75 Crore from Oriental Bank of Commerce during the financial year ending 2009.The bank has raised a cash credit limit to the tune of Rs. 7.00 crore which is fund based and Rs.15 Lacs which is non-fund based during the year ended 31st March, 2010.
15.ISO 9001:2008 Certification
The Board is pleased to inform you that, your company is now an ISO 9001:2008 company by upgrade of its ISO certification from existing ISO 9001:2000. This upgrading is based on the successful implementation of Quality Management System (QMS) by the company as per new standards. The implementation was found up to mark in the Surveillance Audit conducted by the Certifying Authority on 30.12.2009.
16.Listing
As you are aware, the equity shares of your company are listed with Delhi Stock Exchange. New Bonus issue of shares (16,53,787) are still pending for listing at DSE. DSE is also in the process of commencing its trading terminal very soon. The Company has paid listing fee for the year 2009-10.
17.Foreign Exchange earning and outgo
Particulars Amount
Rs. Lakh
Foreign Exchange Fluctuation: Gain (Loss) 75.85
Value of import (on CIF basis) 25,628.36
Export Sales 132.80
Forex Expenditure 04.28
18.Secretarial Compliance Certificate
The company has obtained Compliance Certificate as prescribed under section 383A (1) of the Companies Act, 1956, from M/s S. K. Jha & Associates, Company Secretaries. The certificate is being attached to the report.
19.Acknowledgement
Your Directors wish to place on record their appreciation for the Co-operation extended to the Company by the employees, customs, banks, govt. agencies and the investors at large.
For and on behalf of the Board
Place: Delhi Ira Rastogi
Date : 22.07.2010 Chairperson
The Directors have pleasure in presenting the Twenty Seventh Annual Report together with Audited Accounts for the financial year ended March 31, 2010.
1. Financial Highlights:
(Rs. in crore)
Particulars 2009-10 2008-09 Increase(%)
Turnover 365.73 122.43 198.73%
Net Profit before Tax (PBT) 3.56 1.37 159.85%
Provision for Taxation 1.37 0.15 -
Net Profit after Tax 2.19 1.22 79.51%
Earning Per Share (Rs.) 7.00 3.90 79.49%
2. Dividend
Your Directors have proposed a dividend of Re 1.00 per equity share of Rs. 10 each. The dividend payout , if approved, will result in outflow of Rs.36,42,609/- inclusive of Rs.5,18,822/- as Dividend Distribution Tax.
3. Business Review
During the year under review, the performance of the company has been reasonably good. Members would be happy to know that the company earned a net profit (before tax) of Rs3.56 Crore which is nearly 259% of Rs.1.37 Crore being the net profit before tax for the previous year. The Turnover of the company jumped from Rs122.43 Crore in the last year to Rs365.73 Crore witnessing a robust growth of more than two times.
4. Subsidiary Company
Aseem Global UK Limited has ceased to be a subsidiary of your company, during the financial year as the said company has issued further capital which has reduced the shareholding of Aseem Global Limited to less than 51%. The Management of the Company intends to divert its holding in this company shortly.
5. Directors
Mr. Yogesh Sharma, Motia Sharma, Rajni Sharma and Rajeev Kumar Goel were appointed as Additional Directors of the company on 31st December, 2009. As per Article of Association of the company, the appointment of the above requires approval of the Members at the ensuing General Meeting as they hold such office until the conclusion of the ensuing Annual General Meeting.
In accordance with the provisions of the Companies Act, 1956, read with Article of Association of the Company, Mr. Tanuj Rastogi, Director retire at the ensuing Annual General Meeting and being eligible offer himself for re-appointment.
A brief profile of Mr. Tanuj Rastogi, Mr. Yogesh Sharma, Motia Sharma, Rajni Sharma and Rajeev Kumar Goel are provided in the report on Corporate Governance.
6. Directors Responsibility Statement
Your Directors hereby report:
That, in the preparation of annual accounts, the applicable Accounting Standards have been followed.
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 as at 31st March 2010 and of profit and loss account for the period ended 31st March, 2010. That 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 and for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities.
That, the Directors have prepared the annual accounts on going concern basis.
7. Preferential Allotment
Your company is planning to raise nearly a sum of Rs. 11 Crores through preferential allotment of equity shares from the existing promoters as well as from other strategic business partners. The condition of primary market for the purpose is not conducive at the moment, and hence the management has decided for this preferential offer.
The proceeds of the preferential offer shall be partly utilized to strengthen the working capital of the company and also for future growth and expansion of the business of the company. In addition to the above the company is also planning to enter into manufacturing of Non-ferrous metal alloys in a small way.
8. Corporate Governance
During the Financial Year 2009-10, the paid up capital of the company went upto Rs. 3.12 Crores which is more than Rs.3 Crores hence, requirement of complying Clause 49 became applicable to your company. The Company has complied with all the recommendations of Corporate Governance as stipulated in Clause 49 of the Listing Ag reement.
A separate report on Corporate Governance forms part of the Annual Report of the Company. A certificate from the Auditors of the Company regarding compliance with the conditions of Corporate Governance as stipulated under Corporate Governance Clause of the Listing Agreement(s) is annexed to the Report on Corporate Governance. A Management Discussion and Analysis also accompanies this report.
9. Auditors
M/s K. N. Gutgutia & Co., Chartered Accountants retire at the ensuing Annual General Meeting and, being eligible, offer themselves for re-appointment. The Company has received a certificate from them that their re-appointment, if made, would be within prescribed limits under Section 224 (1B) of the Companies Act, 1956.
10.Audit Report
The Audit Report as given by M/s K. N. Gutgutia & Co., Chartered Accountants, is annexed to the Balance Sheet of the company. There was one qualification remark pointed out by auditor in their audit report regarding payment of statutory dues outstanding for more than six months, payable to income-tax authority. The Company has made payment on 29th May, 2010 subsequently by which the total undisputed statutory dues outstanding for a period exceeding six months stands reduced to NIL. The company shall pay the balance income tax outstanding on or before the due date of filing Income tax return.
11.Particulars of Employees
The particulars of employees as required to be disclosed in accordance with the provisions of Section 217 (2A) of the Act read with the Companies (Particulars of Employees)) Rules, 1975 (as amended) are not being provided as no employee is drawing remuneration more than the prescribed limit.
12.Conservation of Energy and Technological Absorption
The Company has no activities relating to conservation of Energy and Technology Absorption and hence no particulars in terms of Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 are being made in this respect.
13.Public Deposits
The Company has invited and accepted fixed deposits within the meaning of Companies (Acceptance of Deposits) Rules, 1975 from the public during the year. There is no amount due to the depositors remaining unclaimed or unpaid.
14.Finance
Your company has taken a cash credit/ letter of credit/letter of guarantee facility to the tune of Rs.2.75 Crore from Oriental Bank of Commerce during the financial year ending 2009.The bank has raised a cash credit limit to the tune of Rs. 7.00 crore which is fund based and Rs.15 Lacs which is non-fund based during the year ended 31st March, 2010.
15.ISO 9001:2008 Certification
The Board is pleased to inform you that, your company is now an ISO 9001:2008 company by upgrade of its ISO certification from existing ISO 9001:2000. This upgrading is based on the successful implementation of Quality Management System (QMS) by the company as per new standards. The implementation was found up to mark in the Surveillance Audit conducted by the Certifying Authority on 30.12.2009.
16.Listing
As you are aware, the equity shares of your company are listed with Delhi Stock Exchange. New Bonus issue of shares (16,53,787) are still pending for listing at DSE. DSE is also in the process of commencing its trading terminal very soon. The Company has paid listing fee for the year 2009-10.
17.Foreign Exchange earning and outgo
Particulars Amount
Rs. Lakh
Foreign Exchange Fluctuation: Gain (Loss) 75.85
Value of import (on CIF basis) 25,628.36
Export Sales 132.80
Forex Expenditure 04.28
18.Secretarial Compliance Certificate
The company has obtained Compliance Certificate as prescribed under section 383A (1) of the Companies Act, 1956, from M/s S. K. Jha & Associates, Company Secretaries. The certificate is being attached to the report.
19.Acknowledgement
Your Directors wish to place on record their appreciation for the Co-operation extended to the Company by the employees, customs, banks, govt. agencies and the investors at large.
For and on behalf of the Board
Place: Delhi Ira Rastogi
Date : 22.07.2010 Chairperson
Mar 31, 2009
To The Members of Aseem Global Limited
While presenting the 26th Annual Report, your Directors have reason to smile. Where the Financial Year 2008- 09 will be remembered for the economic recession all over the world and the mega fall of giants in different industries over the globe, at the same time your company achieved a turnover of approximately Rs.122 Crore as against 28.76 Crore in the last Financial Year.
1. Financial Highlights:
(Rs. in crore)
Particulars 2008-09 2007-08 Increase(%)
Turnover 122.43 28.76 325.36%
Net Profit
before Tax (PBT) 1.37 0.87 57.47%
Provision for
Taxation 0.15 (0.05) -
Net Profit
After Tax 1.22 0.92 32.61%
Earning Per
Share (Rs.) 8.30 06.28 32.16%
2. Dividend
Your Directors have proposed a dividend of Re 1.00 per equity share of Rs. 10 each. The dividend payout , if approved, will result in outflow of Rs.17,19,827/- inclusive of Rs.2,49,827/- as Dividend Distribution Tax.
3. Business Review
The Financial Year 2008-09 will be remembered for the world wide economic recession. Amongst the other industries, metal industry also witnessed the downfall of major giants. Even in such an adverse situation, your company managed to continue the increase in its turnover in multiple rates. Though, due to very low margin of profit and foreign exchange losses, the increase in profit was not in the same proportion, however the profit increased by 57% against the last years profit which is satisfactory.
During the period under review, the company earned a net profit (before tax) of Rs1,37,11,755.20, which is more than 157% of Rs.8697270.75 being the net profit before tax for the last year. The Turnover of the company jumped from 287621085.47 in the last year to 122,42,71,258.77 witnessing a robust growth of more than three times.
4. Wholly Owned Subsidiary Company in London, UK
Your company established a wholly owned subsidiary company ASEEM GLOBAL UK LIMITED in London, UK on 6th August, 2008. The paid up capital of the said company is 125000 GBP divided into 125000 Ordinary Shares of 1 GBP each. The objective of this company is to reach the European and nearby markets.
5. Finance
Your company has taken a cash credit/ letter of credit/letter of guarantee facility to the tune of Rs.2.75 Crore from Oriental Bank of Commerce. The rate of interest payable on such facility is PLR 2%p.a charged on monthly rest. The said facility was given by the bank upon creating a charge over the Stock of goods and the personal guarantee given by the Directors of your company.
6. ISO 9001:2000 Certification
You would be proud to know that, your company successfully obtained ISO 9001:2000 certifications. This is an international recognition to our customers' focused policy and quality management in relation to our trade in non-ferrous metals.
7. Listing
As you are aware, the equity shares of your company are listed with Delhi Stock Exchange. During the year, DSE revoked the suspension of trading of equities of your company upon the up to date compliance of listing agreement by the company.
The Delhi Stock Exchange has also listed the 1225000 Bonus Equity Shares which were pending for listing since its issue in March, 2001. These shares are now available for Dematerialization with NSDL and CDSL.
8. Directors
Mrs. Ira Rastogi -Managing Director
Mrs. Ira Rastogi was appointed as a Managing Director of the company in its 25th Annual General Meeting and she continues to be as such for a maximum period of 5 years from the date of her appointment as Managing Director. She is a BA Honors degree holder in Political science and a FTDC certified trader in foreign export and imports. She has a rich experience in foreign trade through her exposure to various business cultures around Middle East. Along with being the promoter of the company, she is also the chairman to company and advises the management of the company on developing and implementing new strategy within the company. Considering her contribution to the company, your Board of Directors recommends an increment in her remuneration as in item No.05 of the Notice of 26th Annual General Meeting.
Mr. Tanuj Rastogi Director
Mr. Tanuj Rastogi was also appointed as a whole time director in the 25th Annual General Meeting of the company. He graduated with a degree in Banking and International Finance from Cass Business School, London in May 2006.
At a very young age, he possesses the ability to carry the company to a new high. He is personally looking after the matters relating to global trade. He is also acting as a Director of Aseem Global UK Limited, a wholly owned subsidiary of your company. Considering his contribution to the company, your Board of Directors recommends an increment in his remuneration as in item No.06 of the Notice of 26th Annual General Meeting.
Mr. Mudit Kumar Director
Mr. Mudit, who is serving your company, as a director for over 5 years does not need any introduction. With his great abilities and experience in the field of Marketing of Non Ferrous Metals, he is playing major role in domestic market making for the products of the company.
Mr. Mudit Kumar is retiring by rotation and being eligible offer himself for reappointment.
Considering his contribution to the company, your Board of Directors also recommends an increment in his remuneration as in item No.07 of the Notice of 26th Annual General Meeting.
Mr. Atul Kr Verma Director
Mr. Atul Kumar Verma has been in the Board of Director for last two years. During this two years' period, he has contributed a lot to the company. Being, MBA (Finance), and holding Diploma in Export Management from IIFT and having a great experience in the field of Marketing Management, Logistics, Trade Procedure Documentation, International Business & Foreign Trade environment, he is very much efficient to help the company to touch a new high in the international trade. Presently he is looking after the matters relating to international procurement and trade. He is also acting as a Director of ASEEM GLOBAL UK LIMITED, our wholly owned subsidiary company in London, UK. Considering his contribution to the company, your Board of Directors recommends an increment in his remuneration as in item No. 08 of the Notice of 26th Annual General Meeting.
9. Directors Responsibility Statement
Your Directors hereby report:
That, in the preparation of annual accounts, the applicable Accounting Standards has been followed. And proper explanations relating to material departures have been given wherever applicable.
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 as at 31st March 2009 and of profit and loss account for the period ended 31st March, 2009.
That 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 frauds and other irregularities.
That, the Directors have prepared the annual accounts on going concern basis.
10.Public Deposits
The Company has neither invited nor accepted any fixed deposits from the public during the year under review.
11.Corporate Governance
Though, Clause 49 of the Listing Agreement with Stock Exchange does not apply to your company however, the management of your company has been trying to implement better corporate governance.
12.Auditors
M/s K. N. Gutgutia & Co., Chartered Accountants retire at the ensuing Annual General Meeting and, being eligible, offer themselves for re- appointment. The Company has received a certificate from them that their re-appointment, if made, would be within prescribed limits under Section 224 (1B) of the Companies Act, 1956.
13.Audit Report
The Audit Report as given by M/s K. N. Gutgutia & Co., Chartered Accountants, is annexed to the Balance Sheet of the company. There were no qualification remarks in the audit report.
14.Particulars of Employees
The particulars of employees as required to be disclosed in accordance with the provisions of Section 217 (2A) of the Act read with the Companies (Particulars of Employees)) Rules, 1975 (as amended) are not being provided as no employee is drawing remuneration more than the prescribed limit.
15.Conservation of Energy and Technological Absorption
The Company has no activities relating to conservation of Energy and Technology Absorption and hence no particulars in terms of Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 are being made in this respect.
16.Foreign Exchange earning and outgo
Particulars Amount
Rs. Lakh
Foreign Exchange
Fluctuation (Gain/Loss) 53.11
Value of import
(on CIF basis) 7157.87
Investment in Forex 85.51
Forex Expenditure 02.84
17.Secretarial Compliance
Certificate:
The company has obtained Compliance Certificate as prescribed under section 383A (1) of the Companies Act, 1956, from M/s S. K. Jha & Associates, Company Secretaries. The certificate is being attached to the report.
18.Acknowledgement:
Your Directors wish to place on record their appreciation for the Co-operation extended to the Company by the employees, customs, banks, govt. agencies and the investors at large.
For and on behalf of the Board
Sd/-
Place: Delhi Ira Rastogi
Date : 30.06.2009 Chairman
While presenting the 26th Annual Report, your Directors have reason to smile. Where the Financial Year 2008- 09 will be remembered for the economic recession all over the world and the mega fall of giants in different industries over the globe, at the same time your company achieved a turnover of approximately Rs.122 Crore as against 28.76 Crore in the last Financial Year.
1. Financial Highlights:
(Rs. in crore)
Particulars 2008-09 2007-08 Increase(%)
Turnover 122.43 28.76 325.36%
Net Profit
before Tax (PBT) 1.37 0.87 57.47%
Provision for
Taxation 0.15 (0.05) -
Net Profit
After Tax 1.22 0.92 32.61%
Earning Per
Share (Rs.) 8.30 06.28 32.16%
2. Dividend
Your Directors have proposed a dividend of Re 1.00 per equity share of Rs. 10 each. The dividend payout , if approved, will result in outflow of Rs.17,19,827/- inclusive of Rs.2,49,827/- as Dividend Distribution Tax.
3. Business Review
The Financial Year 2008-09 will be remembered for the world wide economic recession. Amongst the other industries, metal industry also witnessed the downfall of major giants. Even in such an adverse situation, your company managed to continue the increase in its turnover in multiple rates. Though, due to very low margin of profit and foreign exchange losses, the increase in profit was not in the same proportion, however the profit increased by 57% against the last years profit which is satisfactory.
During the period under review, the company earned a net profit (before tax) of Rs1,37,11,755.20, which is more than 157% of Rs.8697270.75 being the net profit before tax for the last year. The Turnover of the company jumped from 287621085.47 in the last year to 122,42,71,258.77 witnessing a robust growth of more than three times.
4. Wholly Owned Subsidiary Company in London, UK
Your company established a wholly owned subsidiary company ASEEM GLOBAL UK LIMITED in London, UK on 6th August, 2008. The paid up capital of the said company is 125000 GBP divided into 125000 Ordinary Shares of 1 GBP each. The objective of this company is to reach the European and nearby markets.
5. Finance
Your company has taken a cash credit/ letter of credit/letter of guarantee facility to the tune of Rs.2.75 Crore from Oriental Bank of Commerce. The rate of interest payable on such facility is PLR 2%p.a charged on monthly rest. The said facility was given by the bank upon creating a charge over the Stock of goods and the personal guarantee given by the Directors of your company.
6. ISO 9001:2000 Certification
You would be proud to know that, your company successfully obtained ISO 9001:2000 certifications. This is an international recognition to our customers' focused policy and quality management in relation to our trade in non-ferrous metals.
7. Listing
As you are aware, the equity shares of your company are listed with Delhi Stock Exchange. During the year, DSE revoked the suspension of trading of equities of your company upon the up to date compliance of listing agreement by the company.
The Delhi Stock Exchange has also listed the 1225000 Bonus Equity Shares which were pending for listing since its issue in March, 2001. These shares are now available for Dematerialization with NSDL and CDSL.
8. Directors
Mrs. Ira Rastogi -Managing Director
Mrs. Ira Rastogi was appointed as a Managing Director of the company in its 25th Annual General Meeting and she continues to be as such for a maximum period of 5 years from the date of her appointment as Managing Director. She is a BA Honors degree holder in Political science and a FTDC certified trader in foreign export and imports. She has a rich experience in foreign trade through her exposure to various business cultures around Middle East. Along with being the promoter of the company, she is also the chairman to company and advises the management of the company on developing and implementing new strategy within the company. Considering her contribution to the company, your Board of Directors recommends an increment in her remuneration as in item No.05 of the Notice of 26th Annual General Meeting.
Mr. Tanuj Rastogi Director
Mr. Tanuj Rastogi was also appointed as a whole time director in the 25th Annual General Meeting of the company. He graduated with a degree in Banking and International Finance from Cass Business School, London in May 2006.
At a very young age, he possesses the ability to carry the company to a new high. He is personally looking after the matters relating to global trade. He is also acting as a Director of Aseem Global UK Limited, a wholly owned subsidiary of your company. Considering his contribution to the company, your Board of Directors recommends an increment in his remuneration as in item No.06 of the Notice of 26th Annual General Meeting.
Mr. Mudit Kumar Director
Mr. Mudit, who is serving your company, as a director for over 5 years does not need any introduction. With his great abilities and experience in the field of Marketing of Non Ferrous Metals, he is playing major role in domestic market making for the products of the company.
Mr. Mudit Kumar is retiring by rotation and being eligible offer himself for reappointment.
Considering his contribution to the company, your Board of Directors also recommends an increment in his remuneration as in item No.07 of the Notice of 26th Annual General Meeting.
Mr. Atul Kr Verma Director
Mr. Atul Kumar Verma has been in the Board of Director for last two years. During this two years' period, he has contributed a lot to the company. Being, MBA (Finance), and holding Diploma in Export Management from IIFT and having a great experience in the field of Marketing Management, Logistics, Trade Procedure Documentation, International Business & Foreign Trade environment, he is very much efficient to help the company to touch a new high in the international trade. Presently he is looking after the matters relating to international procurement and trade. He is also acting as a Director of ASEEM GLOBAL UK LIMITED, our wholly owned subsidiary company in London, UK. Considering his contribution to the company, your Board of Directors recommends an increment in his remuneration as in item No. 08 of the Notice of 26th Annual General Meeting.
9. Directors Responsibility Statement
Your Directors hereby report:
That, in the preparation of annual accounts, the applicable Accounting Standards has been followed. And proper explanations relating to material departures have been given wherever applicable.
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 as at 31st March 2009 and of profit and loss account for the period ended 31st March, 2009.
That 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 frauds and other irregularities.
That, the Directors have prepared the annual accounts on going concern basis.
10.Public Deposits
The Company has neither invited nor accepted any fixed deposits from the public during the year under review.
11.Corporate Governance
Though, Clause 49 of the Listing Agreement with Stock Exchange does not apply to your company however, the management of your company has been trying to implement better corporate governance.
12.Auditors
M/s K. N. Gutgutia & Co., Chartered Accountants retire at the ensuing Annual General Meeting and, being eligible, offer themselves for re- appointment. The Company has received a certificate from them that their re-appointment, if made, would be within prescribed limits under Section 224 (1B) of the Companies Act, 1956.
13.Audit Report
The Audit Report as given by M/s K. N. Gutgutia & Co., Chartered Accountants, is annexed to the Balance Sheet of the company. There were no qualification remarks in the audit report.
14.Particulars of Employees
The particulars of employees as required to be disclosed in accordance with the provisions of Section 217 (2A) of the Act read with the Companies (Particulars of Employees)) Rules, 1975 (as amended) are not being provided as no employee is drawing remuneration more than the prescribed limit.
15.Conservation of Energy and Technological Absorption
The Company has no activities relating to conservation of Energy and Technology Absorption and hence no particulars in terms of Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 are being made in this respect.
16.Foreign Exchange earning and outgo
Particulars Amount
Rs. Lakh
Foreign Exchange
Fluctuation (Gain/Loss) 53.11
Value of import
(on CIF basis) 7157.87
Investment in Forex 85.51
Forex Expenditure 02.84
17.Secretarial Compliance
Certificate:
The company has obtained Compliance Certificate as prescribed under section 383A (1) of the Companies Act, 1956, from M/s S. K. Jha & Associates, Company Secretaries. The certificate is being attached to the report.
18.Acknowledgement:
Your Directors wish to place on record their appreciation for the Co-operation extended to the Company by the employees, customs, banks, govt. agencies and the investors at large.
For and on behalf of the Board
Sd/-
Place: Delhi Ira Rastogi
Date : 30.06.2009 Chairman
Disclaimer: This is 3rd Party content/feed, viewers are requested to use their discretion and conduct proper diligence before investing, GoodReturns does not take any liability on the genuineness and correctness of the information in this article
Sign in with Google