Dear Members,
The Directors' present the 21st Annual report on the business and
operations of your Company for the year 2013-14.
* FINANCIAL RESULTS AND OPERATIONAL REVIEW:
During the year under review the total income from operations was
Rs.11,92,64,232 as compared to Rs. 11,33,32,324 of that of the previous
Year. The Company has provided Rs. 27,242 for depreciation. The Company
has planned future operations for which it has set up an R & D
Department which has been the focus and strength of the company. This
effort has helped the industry by many innovative products and
technologies. The consulting staff of the Company has been involved in
the design, erection, start-up, and management of all phases of
manufacturing operations. This practical experience is accompanied by
access to meaningful information that represents the real performance
and capability of these operations. Examples of these important
databases include production cost, labor content, process
specification, quality, and process control information gathered from
diamond units.
The Company's Operations fall under two segments namely "Making of
Machineries relating to Diamonds Business and related service" and
"Trading in Diamonds".
* DIRECTORS:
Mr. Rajiv Bhatt Director of the Company are liable to retire by
rotation at the ensuing Annual General Meeting and being eligible,
offer themselves for re-appointment.
* RESPONSIBILITY STATEMENT:
As required u/s 217(2AA) of the Companies Act, 1956 your Director
confirms that in the preparation of the annual accounts:
The applicable accounting standards have been followed along with
proper explanation relating to material departures.
Such accounting policies have been selected and applied consistently
and reasonable and prudent judgments and estimates made, 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 the profit/loss of the company for that
period.
Proper and sufficient care has been taken for the maintenance of the
adequate accounting records in accordance with provisions of this act
for safeguarding the assets of the company and for preventing and
detecting fraud and other irregularities.
The annual accounts have been prepared on a going concern basis.
* CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE:
A. Conservation of Energy:
Information in accordance with the provisions of Section 217(1)(e) of
the Companies Act, 1956 read with Companies (Disclosures of Particulars
in the Report of Board of Directors) Rules, 1988 regarding conservation
of energy and technology absorption is applicable to company.
B. Research and Development:
R & D forms the basis of Kohinoor's efforts in making processes
simpler, smoother and faster for the diamond industry. R & D is a
highly structured activity at Kohinoor and stringent quality control
measures have lead to technologically superior products. There is a
total concentration on up gradation of technology and standardization
of components. Our engineering & manufacturing personnel have a broad
range of experience in designing & producing quality machinery &
inspection equipment.
C. Foreign Exchange Earnings and Outgo:
Foreign Exchange Earning is NIL Total Foreign Exchange Outgo is Rs.
10,25,361/-
* APPOINTMENT OF AUDITORS:
M/S. Bharat & Company., Chartered Accountants, Surat, Auditors of the
Company, hold office until the conclusion of the ensuing Annual General
Meeting. The Company has received letters from them to the effect that
their appointment, if made, would be within the prescribed limits under
Section 224(1-B) of the Companies Act, 1956.
* PUBLIC DEPOSITS
During the year under review the Company has not accepted any deposits
to which the provisions of section 58A of the Companies Act, 1956 read
with Acceptance of Deposits Rules, 1975 as amended are applicable.
* PARTICULARS OF EMPLOYEES:
There is no employee having remuneration with the provisions of section
217(2A) of the companies Act 1956 read with the Companies (Particulars
of employee) Rules, 1975 as amended.
* MANAGEMENT DISCUSSION AND ANALYSIS:
Management discussion and analysis Report, pursuant to Clause 49 of the
Stock Exchange Listing agreement, forms part of this Report and the
same is annexed hereto.
* REPORT ON CORPORATE GOVERNANCE:
A separate Report on Corporate Governance along with Certificate from
Auditors on its compliance as annexed hereto.
* SEGMENT:
The Company's Operations fall under two segments namely "Making of
Machineries relating to Diamond Business and related service" and
"Trading in Diamonds".
* ACKNOWLEDGEMENT:
The management is grateful to the government authorities, Bankers,
Vendors for their continued assistance and co-operation. The directors
also wish to place on record the confidence of members in the company.
For & on behalf of the Board of Director of the Company
Date: 30/05/2014
Place: Surat
Sd/- Sd/- Sd/-
Kiritbhai Bhatt Rajiv Bhatt Sanjivbhai Bhatt
Managing Director Director Director
(DIN: 01632285) (DIN: 01632211) (DIN: 01689640) |