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VELOX SHIPPING AND LOGISTICS LTD.

02 March 2023 | 12:00

Industry >> Shipping

Select Another Company

ISIN No INE092P01017 BSE Code / NSE Code 506178 / VELOX Book Value (Rs.) 9.45 Face Value 10.00
Bookclosure 30/09/2024 52Week High 17 EPS 0.23 P/E 75.60
Market Cap. 13.56 Cr. 52Week Low 11 P/BV / Div Yield (%) 1.80 / 0.00 Market Lot 1.00
Security Type Other

DIRECTOR'S REPORT

You can view full text of the latest Director's Report for the company.
Year End :2014-03 
Dear Shareowners,

The Directors have great pleasure in presenting the Annual Report together with audited statement of accounts for the financial year ended 31 st March, 2014.

1.  FINANCIAL RESULTS:                             - (Amount in Rs.)

Particulars:                Financial Year Ended Financial Year Ended
                                31st March, 2014      31st March 2013

Income from operations                   -                     -

Other Income                         2,39,725               54,228

Less: Expenses                       2,00,199             2,60,310

Net Profit ( ) / Loss (-)              39,526           (2,06,082)
- During the financial year 2013-14, the Company has commenced allied business activity of Facilitation of Transportation Services and earned an income of Rs.2,39,725/- from such business activity.

2. DIRECTORS:

Shri Vijay Kumar Bhutna, Director of the company is retiring by rotation at the forthcoming annual general meeting and being eligible offer himself for re-appointment. The Board recommends his reappointment.

3. LISTING OF EQUITY SHARES:

The equity shares of the company are listed at the BSE Limited, Mumbai and the Annual Listing fee for the financial year 2014-15 have already been paid to the Stock Exchange.

4. AUDITORS:

The Statutory Auditors of the Company M/s. A.F. Khasgiwala & Co., Chartered Accountants (Registration No. 105114W) retire at the conclusion of ensuing Annual General Meeting and have confirmed their eligibility and willingness to accept office of Auditors, if reappointed. The Board recommends reappointment of M/s. A.F. Khasgiwala & Co. as Statutory Auditors for the financial year 2014-15 for shareholders approval.

5. STATUTORY COMPLIANCES/ CORPORATE GOVERNANCE

Your company is complying with all the statutory laws and your Company is in the process of complying with the provisions of the Companies Act, 2013 and amended provisions of Clause 49 of the Listing Agreement as introduced by the Stock Exchange vide circular No.DCS/COMP/01/2014-15 dated 21st April, 2014. The necessary compliances will be completed before the relevant completion date as required under the respective regulations.

6. COMPLIANCE CERTIFICATE:

Compliance Certificate obtained pursuant to provision of Section 383A of Companies Act, 1956 from a Secretary in whole-time-practice in the prescribed form regarding the Compliance of all the provisions of Companies Act, 1956.

7. PARTICULARS OF THE EMPLOYEES:

There are no employees engaged by the Company, the particulars of whom are required to be given under Section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars ' of Employees) Amendment Rules, 2011.

8. CONSERVATION OF ENERGY, TECHNOLOGY, ADOPTION & FOREIGN EXCHANGE EARNING & OUTGO:

Since the Company has not been carrying out any type of commercial activity during the year, the information relating to the conservation of the energy and Technology Adoption are not applicable. There are no foreign exchange earnings or outgo by the Company.

9. DIRECTORS RESPONSIBILITY STATEMENT:

In accordance with the provisions of Section 217 (2AA) of the Companies Act, 1956 ("The Act"), your Directors confirm that:

i) In preparation of the Annual Accounts for the year ending 31st March, 2014, the applicable Accounting Standards have been followed;

ii) The Directors have selected such Accounting Policies and 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 for the year ended 31st March, 2014 and of profit of the Company for that year;

iii) The Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of Companies Act, 1956 for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;

iv) The directors have prepared the Annual Accounts on Going Concern basis.

10. DIVIDEND:

In the absence of adequate profits during the year under consideration, your directors express their inability to declare any dividend on shares.

11. DEPOSITS:

The Company has not accepted any deposits from public during the year under review.

12. ACKNOWLEDGEMENT:

Your Directors thank all the employees for their sincere efforts, active involvement and devoted services rendered.

Your Directors thank the shareholders of the Company for the confidence reposed in the ' Management of the Company

Your Directors place on record their gratitude to the Customers, Suppliers, company's Bankers and Financial Institutions for their support and cooperation during the year under review.

                            By Order of Board of Directors
                            For VELOX INDUSTRIES LIMITED
                            (formerly Khatau Exim Limited)

                            Sd/-                       Sd/-
                        (VIJAY KUMAR BHUTNA)       (SANJIV JAIN)
                            DIRECTOR                DIRECTOR

Place: Mumbai Date: 13/08/2014