| TO, The Member of PACHELI ENTERPRISES LIMITED
The Directors present herewith their Annual Report of the Company
together with the Audited Annual Accounts of the Company for the year
ended 31st March, 2013.
1) FINANCIAL PERFORMANCE:
During the year the Company has gained a profit of Rs.3,40,639/-.
2) DIVIDEND:
With a view to conserve resources for the future expansion plans of the
Company, your Directors do not recommend any dividend for the year
ended 31st March, 2013.
3) FUTURE OUTLOOK:
The Company is looking for new business opportunities and planning to
explore the core areas of business.
4) CAPITAL RESTRUCTURING THROUGH CAPITAL REDUCTION a PREFERENTIAL
ALLOTMENT:
During the year under review, pursuant to the approval of shareholders
and approval of Hon'ble High Court vide its order dated 14th
September, 2012 for arrangement ,for reconstruction/ restructuring of
capital of the Company , the paid up capital of the Company has been
reduced from Rs.4,14,00,000/- divided into 41,40,000 Equity Shares of
Rs.10 each fully paid to Rs. 16,56,000 divided in to 1,65,600 Equity
Shares of Rs.10 each fully paid which capital had been lost and is
unrepresented by the available assets and to effect such Reduction by
setting off its Accumulated Losses in the Profit and Loss Account to
the extent of Rs. 3,97,44,000/- and further by way of issuing and
allotting 40,00,000 (Forty Lakhs) Equity Shares of the Company having
face value of Rs. 10.00 (Rupees Ten) each at a price of Rs. 10/-
(Rupees Ten) per equity share. Total Paid up Capital post restructuring
stood at Rs. 4,16,56,000/- as on 31st March 2013.
5) DIRECTOR'S RESPONSIBILITY STATEMENT:
Pursuant to the requirement under Section 217(2AA) of the Companies
Act, 1956 with respect to the Directors' Responsibility Statement, it
is hereby confirmed that
(i) In the preparation of Annual Accounts for the financial year ended
31st March 2013, the applicable Accounting Standards had been followed
along with proper explanation relating to material departures.
(ii) The directors had selected such accounting policies and applied
them 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 at the end of the financial year and of the profit or loss of
the Company for the year under review.
(iii) The directors 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 fraud and other irregularities.
(iv) The directors had prepared the accounts on a going concern basis.
6) DIRECTORS:
Mr. Amrit Gandhi, as Director of the Company, who retires by rotation
and being eligible offers himself for re-appointment.
Ms. Vidya Chalke, as Director of the Company, who retires by rotation
and being eligible offers herself for re-appointment.
Mr. Padamchand Dhoot, Director of the Company retires by rotation has
expressed his unwillingness to get re-appointed.
7) AUDITOR'S OBSERVATIONS I QUALIFICATIONS :
The report of the Auditors of the Company for the year under reference
is self explanatory and do not call for any comments from Director.
8) DEPOSITS:
During the year under review, the Company did not accept any deposit
from the public within the meaning of Section 58Aof the Companies Act,
1956 read with the Companies (Acceptance of Deposits) Rule, 1975 as
amended.
9) AUDITORS:
M/s. Gowadia & Co., Chartered Accountants, as auditors of the Company
retire at the ensuing Annual General Meeting of the Company and being
eligible for re-appointment have offered themselves for re- appointment
M/s. Gowadia & Co., Chartered Accountants have confirmed that the
appointment, if made, will be in accordance with the limits prescribed
under Section 224(1 B) of the Companies Act, 1956.
10) PARTICULAR OF EMPLOYEES :
Pursuant to Section 217(2A) of the Companies Act, 1956, read with the
Companies (Particulars of Employees) Rules, 1975 as amended, your
Company has no person in its employment drawing salary within the
monetary ceiling prescribed under section 217 (2A) of the Companies
Act, 1956.
11) CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNING AND OUTGO:
There is no manufacturing or trading activities of the company. Further
there was no foreign exchange earnings and outgo during the year under
review. Hence, your directors have nothing to report under this head.
12) CORPORATE GOVERNANCE :
The disclosures as required under the Corporate Governance standards
have been furnished as a part of this report. The Company has been
practicing the principles of good corporate governance. In addition to
basic governance issues, the Board lays strong emphasis on
transparency, accountability and integrity.
13) LISTING OF SHARES:
The shares of the Company are listed at The Bombay Stock Exchange
Limited, Mumbai and applicable listing fees have been paid within the
prescribed time limits.
14) ACKNOWLEDGEMENT:
We would like to thank the shareholder & customers for showing their
confidence, patience and support.
The Board would like to place on record its appreciation and thanks to
the Investors, Customers, Suppliers and Bankers for their support,
co-operation, guidance and the confidence reposed on the Company.
(FOR AND ON BEHALF OF THE BOARD)
For Pacheli Enterprises Ltd.
sd/-
Amrit Ghandhi
Director
Place : Mumbai
Dated : 30th May, 2013
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