Maplle Infraprojects Ltd. के निदेशक की रिपोर्ट

Mar 31, 2014

The Members:

The Directors have pleasure in presenting the Twenty-Sixth Annual Report together with the Audited Statement of Accounts of the Company for the year ended 31st March, 2014.

FINANCIAL HIGHLIGHTS:

YEAR YEAR ENDED ENDED 31/03/2014 31/03/2013 (RUPEES) (RUPEES)

Income from Operations 0.00 36.02

Other Income 52.27 18.38

Profit before Depreciation & Tax 5.76 6.52

Adjustments related to previous year 0 0

Add/Less: Depreciation 4.43 2.06

Profit before Tax 1.33 4.46

Add/Less :Provision for Taxation Current Year 0.52 0.85

Deferred Tax Liability / Assets (0.30) 0.89

Profit after Depreciation & Taxation 1.11 2.72

Add :Balance brought forward from previous year 277.65 280.37

Surplus/(Deficit) carried to Balance Sheet 276.54 277.65

OPERATIONS

The operations for the year under review show a profit (Before Tax) of Rs. 1.33 Lacs. The depreciation for the year is increased by 2.37 lacs as compared to previous year.

During the year, the Company has received approvals i.e. Intimation of Approval (IOA) for its Jogeshwari Project viz. "Maple Plaza" on 28.10.2013 for Slum portion of the project. Post approval formalities are being completed expeditiously. At the time of writing this report, majority of the hutment dwellers have been shifted from their existing accommodation. It is expected that the Commencement Certificate for this project will be received before 30.09.2014 and the physical site work will start immediately thereafter. Accordingly, it is expected that the Company will show positive revenue from this project in Accounting Year 2014-2015

Second phase of Jogeshwari project i.e. construction on non slum portion is also under progress. It is proposed to construct a new fully commercial building viz. "Maple Nova" after demolition the existing building. It is expected that all the approvals for this project will be received before the end of this financial year and the physical work will start early next year.

As explained previously, due to certain adverse policy of the Municipal Corporation of Greater Mumbai for JVPD Scheme, the further approval of FSI with TDR for Vile Parle (which is located in JVPD Scheme) project was not done. In a Writ Petition filed by one of the affected builders, the Hon''ble High Court of Bombay, set aside the circular of the Municipal Commissioner suspending the approval of projects in Juhu scheme. Subsequent to the above order, almost after 4 to 6 months the MCGM has started the approvals in Juhu. The plans for Juhu project for FS11 were approved earlier as per old DC Rules, which required to be changed. The Company has already made application for approval of plan as per revised DC Rules and the same is expected to be approved in November-December 2014. All the efforts will be made to ensure that even the Juhu project also starts in 2014-15.

DIVIDEND

In view of the accumulated losses, your Directors are unable to recommend any Dividend.

FIXED DEPOSITS

Your Company has neither invited nor accepted any Fixed Deposits from the public during the financial year under review.

PARTICULARS OF EMPLOYEES:

During the year under review, no employee

of the Company was in receipt of remuneration exceeding the sum prescribed under section 217(2A) of the Companies Act 1956, read with the Companies (particulars of employees) Rules 1975. Thus furnishing of particulars under the Companies (particulars of employees) Rules 1975 are not applicable.

Pursuant to the requirement under Section 217(2AA) of the Companies Act, 1956, with respect to Directors'' Responsibility Statement, it is hereby confirmed:

(i) That in the preparation of the accounts for the financial year ended 31st March 2014 the applicable accounting standards have been followed, along with proper explanation relating to all material departures;

(ii) That 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 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 the assets of the Company and for preventing and detecting fraud and other irregularities.

(iv) That the Directors have prepared the accounts for the financial year ended 31st March 2014 on ongoing concern basis.

M/s. Mak & Associates, Chartered Accountants - Statutory Auditors of the Company hold office until the conclusion of ensuing Annual General meeting. The Company has received certificate from the Auditors to the effect that their re- appointment, if made, would be within prescribed limit under section 224 (1B) of The Companies Act, 1956.

CONVERSATION OF ENERGY. TECHNOLOGY ABSORPTION. FOREIGN EXCHANGEAND OUTGO:

The prescribed information relating to Conservation of Energy and Technology Absorption pursuant to Section 217(1)(e) of the Companies Act, 1956, read with the Rules there under are not applicable as the Company has not carried any manufacturing activity during the year.

Exchange Earnings and Outgo NIL.

DEPOSITORYSERVICES:

The Company''s Equity Shares have been admitted to the depository mechanism of the Central Depository Services Limited (CDSL). As a result the investors have an option to hold the shares of the Company in a dematerialized form in this Depository. The Company has been allotted I SIN No. INE809D01010. The Company is also in process of registering its shares in NSDL.

Shareholders'' therefore are requested to take full benefit of the same and lodge their holdings with Depository Participants [DPs] with whom they have their Demat Accounts for getting their holdings in electronic form.

CORPORATE GOVERNANCE:

Your Company continued to practice good governance as set out by the Securities And Exchange Board of India. In addition to the basic governance issues, the Board laid a strong emphasis on transparency, accountability and integrity. The detailed report on compliance of Corporate Governance and Management Discussion Analysis as stipulated in Clause 49 of the Listing Agreement is enclosed and form part of this Report. A Certificate from the Auditor of the Company certifying compliance conditions of Corporate Governance as stipulated under Clause 49 of the Listing Agreement is attached to this report

CODE OF CONDUCT:

Your Company is committed to conducting its business in accordance with the applicable laws, rules and regulations and highest standards of business ethics. In recognition thereof, the Board of Directors have implemented a Code of Conduct for adherence by the Directors and Senior Management Personnel of the Company. This will help in dealing with ethical issues and also foster a culture of accountability and integrity.

CORPORATE GOVERNANCE COMPLIANCE

As required by the Listing Agreement with Stock Exchanges, Corporate Governance and Management Discussion and Analysis Report form part of this Annual Report.

LISTING AGREEMENTS REQUIREMENTS:

The securities of your Company are listed at Bombay Stock Exchange Limited, The Delhi Stock Exchange Association Limited & Ahmedabad Stock Exchange Limited. Trading in Company''s securities remain suspended at Stock Exchanges. However, the Company had already complied with most of the requisitions of Bombay Stock Exchange, who has granted in-principle approval for revocation of suspension in trading of equity shares to the Company. The further formalities as requisitioned in the said principle approval is being complied with. The Company is confident that the revocation of suspension in trading by Bombay Stock Exchange will be done in the current year.

BUY-BACK OF SHARES

There was no buy-back of shares during the year under review.

AUDIT COMMITTEE:

In accordance with the provisions of the Companies Act, 1956 and Listing Agreement the Company has constituted an Audit Committee. The Audit Committee acts in accordance with the terms of reference specified from time to time by the Board.

ACKNOWLEDGEMENT

Your Directors would like to express their grateful appreciation of the assistance and co-operation received from the Banks and Business Associates.

The Directors place on record their deep and sincere appreciation for the valuable services rendered by all the employees of the Company and continued support of the Shareholders of the Company.

FOR AND ON BEHALF OF BOARD

Sd/- ATULPAREKH MANAGING DIRECTOR

REGISTERED OFFICE G-1, PAREKH PLAZA, VALLABHBHAI ROAD, VILE PARLE (WEST), MUMBAI-400 056

PLACE : MUMBAI DATE 2- Sep 2014.

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Mar 31, 2013

To, The Members:

The Directors have pleasure in presenting the Twenty- Fifth Annual Report together with the Audited Statement of Accounts of the company for the year ended 31st March, 2013.

FINANCIAL HIGHLIGHTS:

YEAR ENDED YEAR ENDED 31/03/2013 31/03/2012 (Rs. in Lacs) (Rs. in Lacs)

Income from Operations 36.02 60.01

Other Income 18.38 1.85

Profit before Depreciation

& Tax 6.52 8.80

Adjustments related to

previous year 0 0

Add/Less: Depreciation 2.06 1.24

Profit before Tax 4.46 7.56

Add/Less :

Provision for Taxation

Current Year 0.85 1.44

Deferred Tax Liability / Assets 0.89 1.80

Profit after Depreciation

& Taxation 2.72 2.49

Add :

Balance brought

forward from previous year 280.37 282.86

Surplus/(Deficit) carried to

Balance Sheet 277.65 280.37

OPERATIONS

The operations for the year under review show a profit (Before Tax) of Rs. 4.46 Lacs.

As mentioned previously, almost all the builders in Mumbai faced problems in getting various approvals from MCGM and the company was also affected by the same. However, towards the later second half of the year under review, the sanctioning authorities have started the process of approval of plans as per new D.C. Rules. The Company has put up revised plan as per new D.C. Rules for Jogeshwari Project and the approval (IOA) of the same is expected to be received in October 2013. The work on Jogeshwari Project is likely to start in 2013-2014. As explained previously, due to certain adverse policy of the Municipal Corporation of Greater Mumbai for JVPD Scheme, the further approval of FSI with TDR for Vile Parle (which is located in JVPD Scheme) project was not done. In a Writ Petition filed by one of the affected builders, the Hon''ble High Court of Bombay, set aside the circular of the Municipal Commissioner suspending the approval of projects in Juhu scheme. Subsequent to the above order, almost after 4 to 6 months the MCGM has started the approvals in Juhu. The plans for Juhu project for FS11 were approved earlier as per old DC Rules, which required to be changed. The company has already made application for approval of plan as per revised DC Rules and the same is expected to be approved in November-December2013. All the efforts will be made to ensure that even the Juhu project also starts in 2013-14.

DIVIDEND

In view of the accumulated losses, your Directors are unable to recommend any Dividend.

FIXED DEPOSITS

Your company has neither invited nor accepted any Fixed Deposits from the public during the financial year under review.

PARTICULARS OF EMPLOYEES :

During the year under review, no employee of the Company was in receipt of remuneration exceeding the sum prescribed under section 217(2A) of the Companies Act 1956, read with the Companies (particulars of employees) Rules 1975. Thus furnishing of particulars under the Companies (particulars of employees) Rules 1975 are not applicable.

DIRECTORS

As per the provisions of the Companies Act, 1956 and in terms of the Articles of Association of the Company Mr. Jaysukh Mashru retires by rotation and being eligible offer himself for reappointment.

DIRECTORS'' RESPONSIBILITY STATEMENT

Pursuant to the requirement under Section 217(2AA) of the Companies Act, 1956, with respect to Directors'' Responsibility Statement, it is hereby confirmed:

(i) That in the preparation of the accounts for the financial year ended 31st March 2013 the applicable accounting standards have been followed, along with proper explanation relating to all material departures;

(ii) That 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 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 the assets of the Company and for preventing and detecting fraud and other irregularities.

(iv) That the Directors have prepared the accounts for the financial year ended 31st March 2013 on ongoing concern basis.

AUDITORS

M/s. Mak & Associates, Chartered Accountants - Statutory Auditors of the company hold office until the conclusion of ensuing Annual General meeting. The company has received certificate from the Auditors to the effect that their re-appointment, if made, would be within prescribed limit under section 224 (1B) of The Companies Act, 1956.

CONVERSATION OF ENERGY. TECHNOLOGY ABSORPTION. FOREIGN EXCHANGE AND OUTGO:

The prescribed information relating to Conservation of Energy and Technology Absorption pursuant to Section 217(1)(e) of the Companies Act, 1956, read with the Rules there under are not applicable as the Company has not carried any manufacturing activity during the year.

Exchange Earnings and Outgo NIL.

DEPOSITORY SERVICES:

The Company''s Equity Shares have been admitted to the depository mechanism of the Central Depository Services Limited (CDSL). As a result the investors have an option to hold the shares of the Company in a dematerialized form in this Depository. The Company has been allotted ISIN No. INE809D01010. The company is also in process of registering its shares in NSDL.

Shareholders'' therefore are requested to take full benefit of the same and lodge their holdings with Depository Participants [DPs] with whom they have their Demat Accounts for getting their holdings in electronic form.

CORPORATE GOVERNANCE:

Your Company continued to practice good governance as set out by the Securities And Exchange Board of India. In addition to the basic governance issues, the Board laid a strong emphasis on transparency, accountability and integrity. The detailed report on compliance of Corporate Governance and Management Discussion Analysis as stipulated in Clause 49 of the Listing Agreement is enclosed and form part of this Report. A Certificate from the Auditor of the Company certifying compliance conditions of Corporate Governance as stipulated under Clause 49 of the Listing Agreement is attached to this report

CODE OF CONDUCT:

Your Company is committed to conducting its business in accordance with the applicable laws, rules and regulations and highest standards of business ethics. In recognition thereof, the Board of Directors have implemented a Code of Conduct for adherence by the Directors and Senior Management Personnel of the Company. This will help in dealing with ethical issues and also foster a culture of accountability and integrity.

CORPORATE GOVERNANCE COMPLIANCE

As required by the Listing Agreement with Stock Exchanges, Corporate Governance and Management Discussion and Analysis Report form part of this Annual Report.

LISTING AGREEMENTS REQUIREMENTS:

The securities of your company are listed at Bombay Stock Exchange Limited, The Delhi Stock Exchange Association Limited & Ahmedabad Stock Exchange Limited. Trading in company''s securities remain suspended at Stock Exchanges. However, the company had already complied with most of the requisitions of Bombay Stock Exchange, who has granted in-principle approval for revocation of suspension in trading of equity shares to the company. The further formalities as requisitioned in the said principle approval is being complied with. The company is confident that the revocation of suspension in trading by Bombay Stock Exchange will be done in the current year.

BUY-BACK OF SHARES

There was no buy-back of shares during the year under review.

AUDIT COMMITTEE:

In accordance with the provisions of the Companies Act, 1956 and Listing Agreement the Company has constituted an Audit Committee. The Audit Committee acts in accordance with the terms of reference specified from time to time by the Board.

ACKNOWLEDGEMENT

Your Directors would like to express their grateful appreciation of the assistance and co-operation received from the Banks and Business Associates.

The Directors place on record their deep and sincere appreciation for the valuable services rendered by all the employees of the Company and continued support of the Shareholders of the Company.

FOR AND ON BEHALF OF BOARD

Sd/-

ATUL PAREKH

MANAGING DIRECTOR

REGISTERED OFFICE

G-1, PAREKH PLAZA,

VALLABHBHAI ROAD,

VILE PARLE (WEST),MUMBAI - 400 056

PLACE: MUMBAI

DATE 31st August, 2013.

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Mar 31, 2010

The Directors have pleasure in presenting the Twenty Second Annual Report together with the Audited Statement of Accounts of the company for the year ended 31st March, 2010.

FINANCIAL HIGHLIGHTS :

(Rs. in Lacs) (Rs. In lacs)

Year ended Year ended

31.3.2010 31.3.2009

Income from Operations 241.19 432.67

Other Income 13.09 3.86

Profit before Dep. & Tax 7.30 -29.21

Add/Less : Depreciation 1.24 1.59

Profit before Tax 6.06 -30.80

Add/Less: Provision for Taxation

Current Year 1.03 0.00

Fringe Benefit Tax 0.00 0.62

Deferred tax Liability / Assets 2.82 11.91

Tax for earlier year written back 0.00 0.00

Taxation for earlier years 0.00 0.00

Profit after Dep & Taxation 2.21 -19.51

Add : Balance b/f from

previous year -286.93 -267.42

Surplus/(Deficit) carried to B/S -284.72 -286.93



OPERATIONS :

During the year Companys total income is Rs. 254.28 Lacs compared to Rs. 432.81 Lacs in the previous year. From the total income, Rs. 59.63 lacs is from real estate development and Rs. 62.20 Lacs from T.D.R. trading. During the year, due to adverse market condition the trading activity (Imports) of the company was suspended and as such there is no income from this segment. However, during the year the company was able to make profit compare to the loss in the previous year. The Jogeshwari project of the company is in the final stage of approval and it is estimated that the site work of this project will commence in the financial year 2010-11. The necessary approvals for Vile Parle project is likely to be received during the last quarter of the financial year 2010-11 and it is estimated that the revenue from this project will be available to the company in the subsequent financial year.

DIVIDEND :

In view of the accumulated losses, your Directors are unable to recommend any Dividend.

DEPOSITS :

Your company has not accepted any deposits within the meaning of Section 58 A of The Companies Act, 1956.

PARTICULARS OF EMPLOYEES :

During the year under review, no employee of the Company was in receipt of remuneration exceeding the sum prescribed under section 217(2A) of the Companies Act 1956, read with the Companies (particulars of employees) Rules 1975. Thus furnishing of particulars under the Companies (particulars of employees) Rules 1975 are not applicable.

DIRECTORS :

At this Annual General Meeting Mr. Jaysukh Mashru retires by rotation however being eligible he offers himself for reappointment. Aditya Parekh has been is a non executive promoter director and have offered valuable guidance to the company during the year.

DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to the requirement under Section 217(2AA) of the Companies Act, 1956, with respect to Directors Responsibility Statement, it is hereby confirmed:

(i) That in the preparation of the accounts for the financial year ended 31st March 2010 the applicable accounting standards have been followed, along with proper explanation relating to all material departures;

(ii) That 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 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 the assets of the Company and for preventing and detecting fraud and other irregularities.

(iv) That the Directors have prepared the accounts for the financial year ended 31st March 2010 on ongoing concern basis.

AUDITORS

M/s. Mak & Associates, Chartered Accountants - Statutory Auditors of the company hold office until the conclusion of ensuing Annual General meeting. The company has received certificate from the Auditors to the effect that their re-appointment, if made, would be within prescribed limit under section 224 (1B) of The Companies Act, 1956.

CONVERSATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE AND OUTGO:

The prescribed information relating to Conservation of Energy and Technology Absorption pursuant to Section 217(1)(e) of the Companies Act, 1956, read with the Rules there under is not given as the same is not applicable to your Company. Particulars regarding Foreign Exchange Earnings and Outgo are set out in the Annexure "A" forming part of this report.

CORPORATE GOVERNANCE COMPLIANCE

As required by the Listing Agreement with Stock Exchanges, Corporate Governance and Management Discussion and Analysis Report form part of this Annual Report.

ACKNOWLEDGEMENT

Your Directors would like to express their grateful appreciation of the assistance and co-operation received from the Banks and Business Associates.

The Directors place on record their deep and sincere appreciation for the valuable services rendered by all the employees of the Company and continued support of the Shareholders of the Company.

For and on behalf of the Board of Directors



Sd/-

Place : Mumbai Date : 31.08.2010 Director