| TO THE MEMBERS
The Directors are pleased to present the 6th Annual report of your
Company with the Audited Accounts for the year ended on March 31st
2014:
FINANCIAL RESULTS
Particulars For the
year ended For the
year ended
March 31st
2014 March 31st
2013
Total Income 15339273 5355478
Profit/(Loss) before tax 303719.42 191425.51
Provision for Income Tax 93850 59150
Profit/(Loss) after tax 209869.42 132275.51
Profit/(Loss) adjusted - -
Profit/(Loss) carried to 209869.42 132275.51
Balance Sheet
RESULTS OF OPERATIONS
Operating in a volatile and uncertain environment, the Company
demonstrated the resilience of its business model. The Company delivers
robust profits in the financial year 2013-14. The highlights of the
Company's performance are as mentioned above.
DIVIDEND
To plough back the profits in to the business activities, no dividend
is recommended this year.
INCREASE IN AUTHORISED SHARE CAPITAL
The authorized share capital of the Company is being increased from Rs.
1,27,500,000 (Rupees Twelve Crore and Seventy Five Lakhs only) to Rs.
1,35,000,000 (Rupees Thirteen Crore and Fifteen Lakhs only) by creation
of 1,28,80,000 (One Crore Twenty Eight Lacs and Eighty Thousand) of
Rs.10/- each dated October 01st 2013.
CONVERSION FROM PRIVATE LIMITED TO PUBLIC LIMITED
We are pleased to inform you that the status of our Company converted
from private limited to public limited w.e.f. December 26, 2013.
Further, the name of the Company changed from
M/s PARNAV SPORTS ACADEMY PRIVATE LIMITED to M/S PARNAV SPORTS ACADEMY
LIMITED. Pursuant to the provisions of Section 14 of the Companies Act,
2013 (Corresponding to 31 of the Companies Act, 1956) the existing
Articles of Association of the Company substituted with the new set of
Articles having all the provisions of the Public Limited Company.
DIRECTORS
Mr. Ranjeet Kumar who was co-opted as an Additional Director on the
board of the company with effect from 27.12.2013 respectively and who
ceases to hold the office at this Annual General Meeting and in respect
of whom a notice under section 160 of the Companies Act, 2013 has been
received from a member along with requisite deposit proposing his
candidatures for the office of a Director on the Board of the Company.
Mr. Ankit Agrawal, who was appointed as an Additional Director of the
Company with effect from 27.12.2013, he holds office until the date of
the Annual General Meeting of the Company. The Company has received
notice under Section 160 of the Companies Act, 2013 proposing the
candidature of him for the office of the Director under the provisions
of Section 160 of the Companies Act, 2013.
Mr. Ankit Agrawal was appointed as Whole time Director with effect from
27.12.2013, subject to the approval of Members at the ensuing Annual
General Meeting and subject to the approval of the Central Government,
if any, for a period of five(05) years.
Mr. Deepak Tiwari is retire by rotation and being eligible for
reappointment has offered himself for reappointment as director of the
Company, retire by rotation.
The Board of Directors has recommended these appointments for your
approval.
Also, during the year under review, Mr. Amit Kumar Saxena and Mr.
Mukesh Kumar resigned from the Board w.e.f. March 04, 2014.
INDEPENDENT DIRECTOR
Pursuant to Section 149 of the Companies Act, 2013(new act) read with
the Rules made thereunder, the Independent Directors shall hold office
for a period of upto 5 consecutive years and shall not be liable to
retire by rotation. They may be appointed for a maximum of two
consecutive terms of upto 5 years each. In terms of Presently, Ms.
Ranjeet Kumar and Mr. Prashant Sigh Tomar are the Independent
Directors of the Company. As per their existing terms of appointment,
all of them are liable to retire by rotation. However, under the new
act and the Listing Agreement, they may be appointed afresh with a
fixed period of upto 5 years.
The Board considered the independence of each of the above mentioned
Directors in terms of Section 149 and Schedule IV to the Companies Act,
2013 and the Listing Agreement and was of the view that the proposed
directors fulfill the criteria of independence as mentioned in the
above provisions and can be appointed in the above provisions and can
be appointed as Independent Directors. All the proposed Directors
possess requisite qualifications, appropriate skills, experience and
knowledge in one or more fields of finance, law management, marketing,
administration, technical operations and other disciplines related to
Company's business, positive attributes, already being on the Board of
the Company and benefits that the Company will derive with their
appointment, the Board has recommended their appointment as Independent
Directors of the Company to hold office for a term of five consecutive
years commencing from the date of Annual General Meeting of the
Company.
PREFERENTIAL ALLOTMENT
The Company has made following preferential allotment during the
financial year 2013-2014:
Date of Allotment No. of shares Face Value Amount
01/01/2014 8,25,000 10 82,50,000
04/01/2014 17,53,000 10 1,75,30,000
07/01/2014 7,13,500 10 71,35,000
09/01/2014 8,32,000 10 83,20,000
11/01/2014 7,27,500 10 72,75,000
14/01/2014 7,41,000 10 74,10,000
16/01/2014 16,88,000 10 1,68,80,000
18/01/2014 6,35,000 10 63,50,000
LISTING OF EQUITY SHARES ON BSE LIMITED
During the year under review, Your Company has applied for listing of
its equity shares on the SME ITP plate form of BSE Limited.
AUDITORS
The existing Auditors NKG & Co., Chartered Accountants, retire at the
conclusion of the ensuing Annual General Meeting and has shown their
inability to continue as Statutory Auditors of the Company.
Also, the Company has received a letter from M/s. SINGH R. K. &
ASSOCIATES, Chartered Accountants, FRN 027247N to the effect that their
appointment, if made, would be in accordance with the Act and that they
are not disqualified for such appointment.
A Board of Directors of the company has recommended their appointment
in the ensuing
AUDITORS OBSERVATIONS / QUALIFICATIONS
The Auditors observations / qualifications are detailed in the
Auditor's Report annexed hereto are self explanatory and be read
together with the notes to the accounts in the Schedule annexed to the
Account.
INDUSTRIAL RELATIONS
During the year under review, your Company enjoyed cordial relationship
with workers and employees at all levels.
SUBSIDARY COMPANIES
The Company does not have any subsidiary.
CONSOLIDATED FINANCIAL STATEMENTS
Since there is no subsidiary of the Company at present, hence no
consolidated financial statements have been prepared.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the provisions of Section 217(2AA) of the Companies Act,
1956 the Directors confirm:
a) In the preparation of the annual accounts, the applicable accounting
standards had been followed along with proper explanation relating to
material departures.
b) The Directors have selected such accounting policies and applied
them consistently and made judgments and estimates that were reasonable
and prudent so as to give a true and fair view of the state of affairs
of the Company as at 31st March, 2014 and of the Profit or Loss of the
company for the year under the review.
c) That the Directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act, in safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities.
d) The Directors have prepared the annual accounts on a going concern
basis.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNING
AND OUTGO
The provisions of Section 217 (1) (e) of the Companies Act, 1956 read
with Companies (Disclosure of Particulars in the Report of Board of
Directors) Rules 1988 are not applicable to the Company. Therefore,
the information relating to conservation of energy or technology
absorption etc. is not given. There has been no foreign exchange
earnings and outgo during the year under Report
PARTICULARS OF EMPLOYEES
The provisions of section 217(2A) of the Companies Act 1956 are not
applicable as no Employee was in receipt of remuneration to the extent
laid down therein
PERSONNEL
The Management-Employees relations remained very cordial throughout the
year. Your Directors wish to place on record their appreciation of
sincere and devoted services rendered by all the workers and staff at
all levels.
AKNOWLEDGEMENT
Your Directors would like to express their appreciation for the
assistance and co-operation received from the cooperative banks,
Government Authorities, customers, vendors and, members during the year
under review. Your Directors also wish to place on record their deep
sense of appreciation for the committed services by the Company's
executive's, Staff.
By Order of the Board
For PARNAV SPORTS ACADEMY LIMITED
Place: New Delhi DEEPAK TIWARI ANKTI AGARWAL
Date: 03/09/2014 DIRECTOR DIRECTOR
DIN: 06653035 DIN: 06705022 | 