Dear Shareholders,
The Directors have great pleasure in presenting the 3rd Annual Report
together with the Audited Balance Sheet as at 31st March, 2014 and
Profit & Loss Account for the year ended on that date.
FINANCIAL RESULTS
During the year under review the Company earned an income of Rs.
69802591/-. The expenses amounted to Rs 69185337/-.
PUBLIC DEPOSIT
The Company has not accepted any deposits during the year under review.
INDUSTRIAL RELATIONS
During the year under review, your Company enjoyed cordial relationship
with workers and employees at all levels.
DIVIDEND
Your Directors feel that Company should re-invest the profit in the
business. It is advisable to target growth in the existing business
areas while simultaneously investing in improving capacity utilization
activities during the year to cater to the future.
In order to meet its growing fund requirement and to conserve its
resources for future expansions, the Directors have decided not to
recommend the dividend for the current year.
DIRECTORS
Ms. Shikha Garg and Mr. Saurav Rastogi who were co-opted as Additional
Director on the board of the company with effect from February 10, 2014
and February 22, 2014, cease to hold the office at this Annual General
Meeting however, proposed to be appoint as an Independent Director and
non executive non independent director respectively and in respect of
them a notice under section 160 of the Companies Act, 2013 has been
received from a member along with requisite deposit proposing his
candidature for the office of an Independent Director on the Board of
the Company. Therefore Board approved their appointment.
Pursuant to Section 149 of the Companies Act, 2013(new act) read with
the Rules made thereunder, the Independent Directors shall hold office
for a period of upto 5 consecutive years and shall not be liable to
retire by rotation. They may be appointed for a maximum of two
consecutive terms of upto 5 years each. In terms of Presently, Mr.
Sushil Kumar and Ms. Shikha Garg are the Independent Directors of the
Company. As per their existing terms of appointment, all of them are
liable to retire by rotation. However, under the new act and the
Listing Agreement, they may be appointed afresh with a fixed period of
upto 5 years.
The Board considered the independence of each of the above mentioned
Directors in terms of Section 149 and Schedule IV to the Companies Act,
2013 and the Listing Agreement and was of the view that the proposed
directors fulfill the criteria of independence as mentioned in the
above provisions and can be appointed in the above provisions and can
be appointed as Independent Directors. All the proposed Directors
possess requisite qualifications, appropriate skills, experience and
knowledge in one or more fields of finance, law management, marketing,
administration, technical operations and other disciplines related to
Companys business, positive attributes, already being on the Board of
the Company and benefits that the Company will derive with their
appointment, the Board has recommended their appointment as Independent
Directors of the Company to hold office for a term of five consecutive
years commencing from the date of Annual General Meeting of the
Company.
CONVERSION OF THE COMPANY FROM "PRIVATE LIMITED" TO "LIMITED"
During the Year 2013-2014, Our Company was converted in to a Public
Limited Company and consequently the name was changed to "Legacy
Mercantile Limited" vide fresh certificate of incorporation dated
February 18, 2014 issued by the Registrar of Companies, National
Capital Territory of Delhi & Haryana.
CHANGE IN REGISTERED OFFICE
During the Year the Company changed its registered office w.e.f 26th
February, 2014 to FLAT A - 4, First Floor, Acharya Niketan, Mayur Vihar
Phase - I Opp Fine Home Society, Delhi, 110091.
PARTICULARS OF CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION
The company's operations do not involve energy consumption and there is
no area where energy conservation measures could be initiated.
SUBSIDARY COMPANIES
The Company does not have any subsidiary.
CONSOLIDATED FINANCIAL STATEMENTS
Since there is no subsidiary of the Company at present, hence no
consolidated financial statements have been prepared.
PARTICULAR OF EMPLOYEES
Your Directors would like to place on record their deep appreciation of
all employees for dedicated and sincere services rendered by them.
The Statement of employees required under Section 217(2A) of the
Companies Act, 1956 read with the Companies (Particulars of Employees)
Amendment Rules, 1975 is not annexed, as there are no employees drawing
salary exceeding the present limits as provided under the Act i.e.
drawing monthly remuneration exceeding Five Lakh Rupees and annual
remuneration exceeding Sixty Lakh Rupees.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to the requirement of Section 217(2AA) of the Companies Act,
1956, with respect to Directors' Responsibility Statement, the
Directors hereby confirm that:-
(i) In the preparation of the annual accounts for the year ended March
31, 2014, the applicable Accounting Standards have been followed and
proper explanations were provided for material departures, if any.
(ii) The Directors had 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 as at the end of the financial year and of the profit of
the Company for the period 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 and detecting fraud and other
irregularities;
(iv) The Directors had prepared the annual accounts for the financial
year ended March 31, 2014, on a going concern basis.
AUDITORS & AUDITORS' REPORT
M/s Gyanesh Gupta & Co., Chartered Accountants, Statutory Auditors of
the Company, retire at the conclusion of the ensuing Annual General
Meeting of the Company. They have offered themselves for reappointment
as Statutory Auditors and your Directors recommend their appointment
for the ensuing year.
The observations of the Auditors together with the Notes on the
Accounts are self explanatory and, therefore do not require further
comments.
APPRECIATION
Your Directors wish to express their grateful appreciation for the
valuable support and cooperation received from lenders, business
associates, banks, financial institutions, shareholders, various
Statutory Authorities and society at large. Your Directors also place
on record, their appreciation for the contribution and hard work of
employees of the Company at all levels.
For and on behalf of the Board of Directors
Legacy Mercantile Limited
Sd/- Sd/-
Date: 01.09.2014 Saurav Rastogi Saurabh Sharma
Place: New Delhi (Director) (Director)
DIN NO: 05217855 DIN NO: 06842375
|