| Dear Members,
The Directors have pleasure in presenting the Annual Report of Hari
Govind International Limited together with the audited Statement of
Accounts for the year ended March 31, 2014.
FINANCIAL HIGHLIGHTS (Amounts in Rupees)
PARTICULARS Year ended Year ended
31.03.2014 31.03.2013
Total Income 0 0
Total Expenditure -156141 -1165778
Profit / (Loss) Before Taxation -156141 -1165778
* Current Tax 0 0
* Deferred tax 0 0
Profit/(Loss) After Taxation -156141 -1165778
DIVIDEND
The company has not declared any dividend for F.Y 2013-14.
OPERATIONS
During the year under review company did not carried on business. The
Directors of the Company have been exploring various diversified areas
and exploring new business areas to take up the company into new
heights.
RISK MANAGEMENT
The Company is committed to ensure that effective risk management
policies and practices are incorporated as fundamental aspects of all
its business operations. The Corporate Risk Management Group of the
Company has a comprehensive risk management policy in place, addressing
primarily areas such as market, credit and operation risks. This policy
seeks to minimise the risks generated by the activities of the Company.
The group continuously develops and enhances its risk management and
control procedures in order to better identify and monitor risks and to
proactively take appropriate actions to mitigate the same.
FUTURE OUTLOOK
Overall performance of the textile industry is dull and the company is
diversifying itself into other business areas and to explore
international markets.
PUBLIC DEPOSITS
During the year, the Company has not accepted any deposit under Section
58A of the Companies Act, 1956.
DIRECTORS
During the year, Mr.Jugalkishore Maniyar and Mr. Ashok Sarada, will
retire by rotation at the ensuing Annual General Meeting of the Company
and being eligible, offers themselves for re-appointment.
AUDITORS
The Statutory Auditors, M/s. Dilip Jambhekar & Co, Chartered
Accountants have to be reappointed in ensuing AGM hence the members of
the company are requested to consider their re-appointment.
FOREIGN EXCHANGE EARNING AND EXPENDITURE
There were no Foreign Exchange transactions during the year.
PERSONNEL AND OTHER MATTERS
As required by the provisions of Section 217(2A) of the Companies Act,
1956, read with the Companies (Particulars of Employees) Rules, 1975,
as amended, the names and other particulars of the employees are not
given as no employee was coming under the provisions set of section 217
(2A).
Since the Company does not own any manufacturing activity, the
disclosure of information relating to conservation of energy and
technology absorption to be disclosed in terms of Section 217(1 )(e) of
the Companies Act, 1956, read with the Companies (Disclosure of
Particulars in the Report of Board of Directors) Rules, 1988, are not
applicable and hence not given.
AUDIT COMMITTEE
The Company has formed an Audit Committee comprising of 3 directors.
The terms of the reference of the committee are in line with the
requirements as stipulated u/s 292A of the Co. Act, 1956 and Corporate
Governance as stated in Clause 49 of the Listing Agreement.
DIRECTORS' RESPONSIBILITY STATEMENT
The Directors confirm that in preparation of the annual accounts for
the year ended March 31, 2014-
1. The applicable accounting standards had been followed along with
proper explanation relating to material departures;
2. They had selected such accounting policies and applied them
consistently and made judgements and estimates that are reasonable and
prudent had been taken 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;
3. They had 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; and
4. They had prepared the annual accounts on a going concern basis.
CORPORATE GOVERNANCE AND COMPLIANCE
A report on corporate governance is annexed to this report. A
certificate from Statutory Auditors with regards to the compliance of
the corporate governance by the company is annexed to this report.
The company has fully complied with all mandatory requirements
prescribed under clause 49 of the listing agreement. In addition, the
company has also implemented some of the non mandatory provisions of
clause 49.
ACKNOWLEDGEMENTS
The Directors thank the Company's bankers, lenders, the Government of
India, the Securities and Exchange Board of India, the Reserve Bank of
India and other statutory authorities for their continued support to
the Company.
The Directors express their gratitude for the support and guidance
received from its shareholders.
The Directors also express their sincere thanks and appreciation to all
the employees for their commendable teamwork, professionalism and
contribution during the year.
For and on behalf of the Board
For HARI GOVIND INTERNATIONAL LTD.
Sd/-
DATE: 01-09-2014 Jugalkishore Maniyar
PLACE : Mumbai Chairman
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