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Globus Corporation Ltd

BSE Code : 531904 | NSE Symbol : KARUNACAB | ISIN:INE774B01028| SECTOR : Non Ferrous Metals |

NSE BSE
 
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04-Jan-2002 09:56:44

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Key Stats

MARKET CAP (RS CR) 1.21
P/E 0
BOOK VALUE (RS) -0.1609483
DIV (%) 0
MARKET LOT 1
EPS (TTM) 0
PRICE/BOOK -1.18050330447728
DIV YIELD.(%) 0
FACE VALUE (RS) 2
DELIVERABLES (%)
4

News & Announcements

14-Feb-2021

Globus Corporation reports standalone net loss of Rs 0.01 crore in the December 2020 quarter

13-Feb-2021

Globus Corporation Ltd - Regulation 30 And 33 Of The SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015 (LODR)

13-Feb-2021

Globus Corporation Ltd - Results - Financial Results For Quarter Ending 30 December, 2020

08-Feb-2021

Globus Corporation to table results

08-Feb-2021

Globus Corporation to table results

28-Nov-2020

Globus Corporation revises AGM date

27-Nov-2020

Globus Corporation to convene AGM

20-Nov-2020

Globus Corporation to discuss results

Corporate Actions

Bonus
Splits
Dividends
Rights
Capital Structure
Book Closure
Board Meeting
AGM
EGM
 

Financials

Income Statement

Standalone
Consolidated
 

Peers Comparsion

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Share Holding

Category No. of shares Percentage
Total Foreign 191812 0.30
Total Institutions 0 0.00
Total Govt Holding 0 0.00
Total Non Promoter Corporate Holding 12988095 20.34
Total Promoters 11393175 17.84
Total Public & others 39285918 61.52
Total 63859000 100
  • Total Foreign
  • Total Institutions
  • Total Govt Holding
  • Total Non Promoter Corporate Holding
  • Total Promoters
  • Total Public & others

About Globus Corporation Ltd

Globus Corpooration Limited engages in manufacturing and trading power conductor cables in India. It offers aluminum conductor and steel reinforced products, including aluminum, copper, G. I., and S.S. wires; copper, M. S., and steel rods; electric items; G P. and H. R. sheets; and P.V.C. wrappers. The companys manufacturing facility is located at 102-A, SVCI, Estate, IDA Bolaram, Medak District (Andhra Pradesh). The company is based in Mumbai, India. The company operations are broad bifurcated into two segments -- manufacturing and trading. The manufacturing segment comprise production of power conductors and cables whereas trading involves production of electrical and electronics and wire and cables. Globus Corporation Ltd was established in the year 1999. The company was formerly known as Karuna Cables Limited and changed its name to Globus Corpooration Limited in July 2009. The shares of the company are listed on the Bombay Stock Exchange and National Stock Exchange.

Globus Corporation Ltd Chairman Speech

Globus Corporation Ltd Company History

Globus Corpooration Limited engages in manufacturing and trading power conductor cables in India. It offers aluminum conductor and steel reinforced products, including aluminum, copper, G. I., and S.S. wires; copper, M. S., and steel rods; electric items; G P. and H. R. sheets; and P.V.C. wrappers. The companys manufacturing facility is located at 102-A, SVCI, Estate, IDA Bolaram, Medak District (Andhra Pradesh). The company is based in Mumbai, India. The company operations are broad bifurcated into two segments -- manufacturing and trading. The manufacturing segment comprise production of power conductors and cables whereas trading involves production of electrical and electronics and wire and cables. Globus Corporation Ltd was established in the year 1999. The company was formerly known as Karuna Cables Limited and changed its name to Globus Corpooration Limited in July 2009. The shares of the company are listed on the Bombay Stock Exchange and National Stock Exchange.

Globus Corporation Ltd Directors Reports

Dear Members,

Your Directors have pleasure in presenting the Thirty Fourth Annual Report along with the Audited Financial statements of your Company for the financial year ended March 31, 2019.

FINANCIAL PERFORMANCE

Your Company's financial performance for the year ended 31st March,2019 is summarised below:

Particulars Standalone
2018-2019 2017-2018
Revenue from Operations 0.01 0.00
Other Income 0.00 68.13
Total Income 0.01 68.13
Total Expenses 37.72 87.42
Profit before Depreciation (37.71) (19.29)
Depreciation 0.00 0.00
Net Profit Before Tax (37.71) (19.29)
Provision for Tax Nil Nil
Deferred Tax 355.03 0.00
Net Profit After Tax 317.32 (19.29)
Balance of Profit brought forward (1286.06) (1266.77)
Balance available for appropriation Nil Nil
Proposed Dividend on Equity Shares Nil Nil
Tax on proposed Dividend Nil Nil
Transfer to General Reserve Nil Nil
Surplus carried to Balance Sheet (968.74) (1286.06)

SUMMARY OF OPERATIONS & STATUS OF THE COMPANY:

During the year, the company has incurred loss of Rs.37.71. Lakhs (Previous Year Loss 19.29 Lakhs). (Figures are based on profit before Tax.) The operations of the company severely suffered since 2012 on account of disrupted supply of electricity and due public unrest in and around city of Hyderabad on account of Bifurcation of the state.

The plant was closed during the year. M/S Globus Corpooration Ltd. is SSI unit, more than 100 workers were working in the unit. Your company's proposal to reschedule of the Term loan and sanction of the working capital loan for the revival of the unit not considered by the Bank. The IOB Bank has denied for further restructuring of the loan. The bankers of the company did not reply on the subject matter. The bank has disposed off the fixed assets of the company by e-Auction where only one Auctioneer participate in a hasty manner. The IOB Bank informed that they have disposed off the Fixed assets of the company. In current state there is complete erosion of capital-(100 %) and we are unable to raise any additional fund.

DELISTING FROM NATIONAL STOCK EXCHANGE OF INDIA LIMITED (NSE):

The Company had applied for voluntary delisting of equity shares of the Company pursuant to the Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009. The same is approved and the Company is delisted w.e.f August 08, 2018.

LISTING FEES & ANNUAL FEES:

The Company has paid the Annual Listing fees to Bombay Stock Exchange, National Stock Exchange, National Security Depository Ltd, Central Depository security Ltd for the year 2016-2017 & 2017-2018 & 2018-2019.

MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE COMPANY:

The bank has disposed off fixed assets of the company and so material changes and commitments have occurred subsequent to the close of FY 2017-18. The company had received a disclosure on 15th November 2018, pursuant Regulation 29(2) of SEBI (Substantial Acquisition of Share and Takeover) Regulation, 2011 ('SAST Regulations, from promoters, Mr. Mahendra Chandulal Shah in respect of acquisition of 9248425 equity shares from the persons forming part of the promoter group mentioned therein, as inter-se transfer of shares through an off market transaction, in terms of Regulation 10(1)(a)(i) and 10(1)(a)(ii) of SEBI (SAST) Regulation, 2011. There is no change in the aggregate holding of Promoter and Promoter Group pre and post the above said inter se transfer. Further, In the Company ‘s Extra Ordinary General Meeting held on 20th December 2018, the company has passed a Special Resolution with respect to Reclassification of Persons Entities forming part of the Promoters group from Promoter & Promoter Group Categorv to Public Categorv in terms of Regulation 31A(2] read with Regulation 31A[7) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The promoters, Mrs. Hasu Mahendra Shah, Mr. Mit Mahendra Shah, Mr. Akshat Mahendra Shah& Mahendra C Shah (HUF) were reclassified to Public category. These promoters are not holding any Equity Shares in the company.

DIVIDEND:

During the period under review, Directors did not recommend any dividend for the equity shareholders for the financial year 2018-19 due to past and current year losses.

TRANSFER TO RESERVES:

During the period under review, no amount is transferred to General Reserve Account due to heavy losses.

DIVIDEND DISTRIBUTION POLICY:

Pursuant to Regulation 43 of LODR Regulation 2015, the regulation related to Dividend Distribution Policy is not applicable to the Company.

DEPOSITS:

During the period under review, your Company has not accepted or renewed any amount falling within the purview of provisions of Section 73 of the Companies Act, 2013 read with the Companies (Acceptance of Deposits) Rules, 2014. Hence, the requirement for furnishing of details of deposits which are not in compliance with the Chapter V of the Act is not applicable.

SHARE CAPITAL:

As on 31stMarch, 2019, the issued, subscribed and paid up share capital of your Company stood at Rs.12,77,18,000/- comprising of 6,38,59,000 Equity Shares of Rs. 2/- each.

CORPORATE GOVERNANCE:

Your Company complies with the provisions laid down in Corporate Governance laws to the extent possible. It believes in and practices good corporate governance. The Company maintains transparency and also enhances corporate accountability.

The Report on Corporate Governance as stipulated under Regulation 34 of the Listing Regulations is presented in a separate section forming a part of this Report.

The requisite certificate from M/s P.D. Saraf & Co. Chartered Accountants, Statutory Auditors confirming compliance with the conditions of corporate governance is enclosed to the Report on Corporate Governance

MANAGEMENT DISCUSSION & ANALYSIS:

Management Discussion & Analysis Report for the year under review, as stipulated under Regulation 34 of the Listing Regulations, is presented in a separate section forming a part of this Report.

CORPORATE SOCIAL RESPONSIBILITY INITIATIVES:

The Provision of Section 135 and Schedule VII of the Companies Act, 2013 in respect to Corporate Social Responsibility (CSR) are not applicable on the Company.

DETAILS OF SUBSIDIARY COMPANIES/JOINT VENTURE:

During the year under review, no Company has become or ceased to be a Subsidiary/Joint Venture/ Associate Company of your Company

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS:

The Company have not given any loans, guarantees or made any investments under Section 186 of Companies Act, 2013 during the financial year 2018-19.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION:

Your Company does not have any activity relating to conversion of energy or technology absorption.

FOREIGN EXCHANGE EARNINGS AND OUTGO:

There were no foreign exchange earnings and outgo during the year under review.

PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES:

The information required pursuant to Section 197(12) of the Companies Act, 2013 read with Rule 5 (1) of The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 regarding remuneration of Directors, Key Managerial Personnel and other related disclosures is given as "Annexure A" to this report. Information required under Rule 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 viz Details of Top ten employees of the company in terms of remuneration drawn during 2018-19 is not applicable as none of the employee is drawing remuneration in excess of the limits specified in the said Rule 5(2).

CONTRACTS AND ARRANGEMENTS WITH RELATED PARTIES:

During FY 2018-19, all the related party transactions that were entered were at arm's length basis and were in the ordinary course of the business. Also, there were no related party transactions which could be considered material in accordance with the Policy of the Company on materiality of related party transactions All related party transactions are being reviewed and placed before the Audit Committee from time to time of their approval and also been taken on record by the Board. Notes to the Standalone Financial Statements which sets out related party disclosures pursuant to IND AS.

RISK MANAGEMENT POLICY:

The Company has formulated and adopted a Risk Management Policy to prescribe risk assessment, management, reporting and disclosure requirements of the company. The Board takes all necessary steps to identify and evaluate business risks and opportunities and take corrective steps.

INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY:

The Company has an Internal Control System, commensurate with the size of its operations.

DIRECTOR'S RESPONSIBILITY STATEMENT:

In terms of Section 134(5) of the Companies Act, 2013, and in relation to the audited financial statements of the Company for the year ended March 31, 2019, the Board of Directors to the best of its knowledge and ability, hereby confirms that:

i. In the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures, if any;

ii. The directors had selected such accounting policies and applied them consistently 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 this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

iv. The directors had prepared the annual accounts on a Liquidation basis. As the Company operation are closed down.

v. The directors had laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and were operating effectively.

vi The directors had devised proper system to ensure compliance with the provisions of all applicable laws and that such system were adequate and operating effectively.

DIRECTORS AND KEY MANAGERIAL PERSONNEL: Directors:

In accordance with the provisions of Section 152 of the Companies Act, 2013 and other applicable provisions, if any, of the Companies Act, 2013 read with Companies (Appointment & Qualification of Directors) Rules, 2014 and the Article of Association of the Company, Mr. Mahendra Chandulal Shah, (DIN: 01650375) Managing Director of the Company, will retire by rotation at the ensuing Annual General Meeting and being eligible, has offered himself for reappointment. The Board recommends his re-appointment for the consideration of the Members of the Company at the ensuing Annual General Meeting.

Ms. Priti Amit Shah Woman Independent Director resigned as a Director of the Company w.e.f. May 28, 2019. The board placed on record its deep appreciation for the contribution made by Ms. Priti Amit Shah during her tenure as an Independent Director of the Company.

Subject to the approval of the shareholders, and based on the recommendations of the Nomination and Remuneration Committee, the Board at its meeting held on May 28, 2019 appointed Ms. Harsha Mohan Bukelia (DIN:08442249) as an Additional Woman Independent Director and Mr. Prashant Jairam Jakhal (DIN : 08454342)as an Additional Independent Directors of the Company for the period of 5 years commencing from May 28, 2019. The resolution seeking the appointment of Ms. Harsha Mohan Bukelia and Mr. Prashant Jairam Jakhal as an Independent Director has been included in the Notice of the ensuing Annual General Meeting. Your Directors commend the Resolutions for your approval for the aforesaid appointment/re-appointment. A brief resume / Profile of the Directors being appointed forms part of the Notice of the ensuing AGM. During the year, the non-executive directors of the Company had no pecuniary relationship or transaction with the Company, other than reimbursement of expenses and sitting fees incurred by them for the purpose of attending meetings of the Company.

KEY MANAGERIAL PERSONNEL:

Pursuant to the provisions of Sections 2(51), and 203of the Companies Act, 2013, read with the Companies(Appointment and Remuneration of Managerial Personnel) Rules, 2014, Key Managerial Personnel of the Company as on 31st March 2019 are Mr. Mahendra Chandulal Shah Managing Director and Mr. Jitendra Shantilal Shah, Chief Financial Officer. There has been no change in the key managerial personnel during the year.

DECLARATION OF INDEPENDENCE:

Definition of ‘Independence' of Directors is derived from Regulation 16(1)(b) of the Listing Regulations and Section149(6) of the Companies Act, 2013 and Rules framed thereunder. Your Company has received declarations from all the Independent Directors of your Company confirming that they meet the criteria of independence as prescribed under Section 149(6) of the Companies Act, 2013 and Regulation 16(1)(b) of the Listing Regulations.

MEETINGS OF THE BOARD:

The Board of Directors of your Company met 6 Times during the year to deliberate on various matters. The Meetings were convened on 15th May, 2018 (10.00 a.m.); 15th May, 2018 (3.30 p.m.), 21st August, 2018, 14thNovember, 2018, 09th February, 2019 and 29th March, 2019. The details of the Board Meeting and attendance of each of the Directors thereat have been provided in the Corporate Governance Report forming part of this Annual Report.

FORMAL ANNUAL EVALUATION:

Pursuant to the provisions the Companies Act, 2013, and the Listing Regulations, the Board has carried out a formal annual evaluation of its own performance and that of its committees, Independent Directors, Non-Executive Directors, Executive Directors and the Chairman of the Board. The Directors expressed their satisfaction with the evaluation process. .

POLICY ON APPOINTMENT AND REMUNERATION OF DIRECTORS AND KMP AND REMUNERATION POLICY:

The Company's policy on director's appointment and remuneration and other matters provided in Section 178(3) of the Act has been disclosed in the Corporate Governance Report, which form part of this report.

COMMITTEES OF THE BOARD AUDIT COMMITTEE:

As on March 31, 2019, the Audit Committee comprises of Mr. Sanjay Mohanlal Jogani as a chairman of the committee, Ms. Priti Amit Shah & Mr. Mahendra Chandulal Shah as its other members. The terms of reference of the Audit Committee has been furnished in the Corporate Governance Report forming a part of this Annual Report. Further details relating to the Audit Committee are provided in the Corporate Governance Report, which forms an integral part of this Annual Report. All the recommendations made by the Audit Committee, during the year, were accepted by the Board of Directors of your Company.

NOMINATION AND REMUNERATION COMMITTEE:

As on March 31, 2019, the Nomination and Remuneration Committee comprises of Mr. Sanjay Mohanlal Jogani as a chairman of the committee, Ms. Priti Amit Shah & Mr. Mahendra Chandulal Shah as its other members. Further details relating to the Nomination and Remuneration Committee are provided in the Corporate Governance Report, which forms an integral part of this Annual Report.

STAKEHOLDERS' RELATIONSHIP COMMITTEE:

As on March 31, 2019, the Stakeholders' Relationship Committee comprises of Ms. Priti Amit Shah as a chairman of the committee, Mr. Sanjay Mohanlal Jogani & Mr. Mahendra Chandulal Shah as its other members. Further details pertaining to Stakeholders Relationship Committee are provided in the Corporate Governance Report, which forms an integral part of this Annual Report.

VIGIL MECHANISM:

The Board of Directors of the Company has, pursuant to the provisions of Section 177(9) of the Companies Act, 2013 read with Rule 7 of the Companies (Meetings of Board and its Powers) Rules, 2014 and the Listing Regulations framed Whistle Blower Policy for Directors and employees of the Company to provide a mechanism which ensures adequate safeguards from any victimization on raising on concerns of any violations of legal or regulatory requirements, incorrect or misrepresentation of any, financial statements and reports. Etc. No instance under the Whistle Blower Policy was reported during the financial year under review.

AUDITORS:

Pursuant to the provisions of Section 139(1) of the Companies Act, 2013, read with the Companies (Audit and Auditors) Rules, 2014 as amended from time to time, M/s. P. D. Saraf & Co, Chartered Accountants,(FRN : 10924W) has been appointed as the Statutory Auditor of the Company for the period of 5 financial years beginning from 2018-2019 to 2022-2023. Pursuant to the provisions of Section 139(1) of the Companies Act, 2013, as amended with effect from7th May 2018, ratification of the appointment of the statutory auditors, by the Members at every AGM during the period of their appointment, has been withdrawn from the Section139(1) of the Companies Act, 2013 with effect from that date. In view of the above, no resolution is proposed for ratification of appointment of the Statutory Auditors at the ensuing AGM, and a note in respect of the same has been included in the Notice of the ensuing AGM. The Statutory Auditors have confirmed that they are not disqualified to continue as Auditors, and are eligible to hold office as Auditors of the Company. As authorised by the shareholders, the Board, on the recommendation of the Audit Committee, has ratified the appointment of the Statutory Auditors for their respective remaining terms at such remuneration, as may be mutually agreed between the Board of Directors and the Statutory Auditors, from time to time. The Members are requested to give their consent for appointment of the Statutory Auditors as aforesaid and fix their remuneration.

STATUTORY AUDITORS' OBSERVATIONS& COMMENTS FROM BOARD:

(a) Based on our audit procedures and according to the information and explanation given to us, we are of the opinion that the Company has defaulted in repayment of dues to banks and in turn Bank has disposed off all the Fixed Asset of the Company:-Due to heavy losses the company was facing difficulty to repay the amount. The Bank have taken possession of its property in Hyderabad and disposed the fixed assets of the company in hasty manner by eAuction to only one bidder. The company's liabilities towards the principal amount is adjusted after the sale of assets of the Company and now the bank is claiming on the interest part of the outstanding loan which is cleared on sale of assets by the Bank.

Key Audit Matters How the Matter was addressed in our audit
1. Deferred Tax Assets of Rs. 4.03 Crs. Our audit procedures included the following:
(i) We held discussion with the management with respect to the future possibility of generating revenues to utilize the deferred tax assets.
(ii) Deferred tax asset created denotes tax effect of brought forward losses to be adjusted against future period income. Since, the company has discontinued business of manufacturing due to lack of funds, there is no virtual certainty regarding future incomes. However the management is of the view that the company would be able to generate future income resulting into set-off of losses against future incomes.
The management has tried to revive the Company by getting new promoters. However the situation does not look positive. The management is hopeful for a positive outcome in legal cases filed against certain debtors.
2. Bank claim of Rs. 276.09 lacs Our audit procedures included the following:
(i) We discussed the matter with the management and saw the exchange of the relevant communications with the bank.
(ii)As explained and informed to us by the management, the Bank had filed recovery proceedings against the Company with the Debt Recovery Tribunal (DRT) for recovery of Rs. 317.64 Lacs plus subsequent interest and charges. Subsequently they auctioned the properties of the Company and have recovered the above mentioned amount. The Bank is claiming a further Rs. 276.09 lacs towards contractual dues, penal interest and other charges. We have discussed this issue with the management who are pursuing the matter of obtaining a waiver of the balance amount.
Therefore, the Company has not provided for this amount in their accounts.
The Company is under huge financial losses and has outstanding bank liabilities. However bank has raised balance amount @Rs. 2,76,09,234.17 penal interest and other charges. Also suit has been filed by Bank against the Company as Company has written a letter for waiving the balance amount. However Management is Confident of settling the matter amicably. The Company has had several meetings with the Bank Management and is hopeful for an amicable settlement.
3. Contingent liability in relation to tax litigations Our audit procedures included the following
- Sales Tax dues of Rs. 734.04 lacs. (i) We obtained an understanding and details of completed tax assessments, demands issued by tax authorities, orders/notices received with respect to the litigations, from the management.
- Income Tax dues of Rs. 56.68 lacs
(ii) We held discussions with management to understand their assessment of the quantification and likelihood of significant exposures and the provisions required for specific cases. Various appeals have been filed by the company for the waiver of interest and penalty and these VAT and Income Tax liabilities are included in the amount of dues stated. The management is of the view that liability will be accounted as and when settled. Therefore, no provision for the same is made in the Financial Statements.
The Company has filed for appeal with VAT and Income Tax. The Company will account the same as and when settled.
4. No confirmation from certain debtors Our audit procedures included the following:
(i) We obtained details of the amounts outstanding from the
debtors and the managements views on the same.
(ii) We have been informed by the management that no confirmations have been received from any of the debtors, raising serious doubts about the recovery of the same. However, we have been informed by the management that they are following up for the recovery and will take legal recourse if necessary. In their opinion, the same does not require any provision.
The Company is actively following for recovery of dues. In some cases, the Company has taken legal action and is hopeful for a positive result.

SECRETARIAL AUDITORS:

Pursuant to the provisions of section 204 of the Companies Act, 2013 read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 the Board has re-appointed M/s. Madhukar K. Apte& Associates, Company Secretaries, as Secretarial Auditor for the financial year 31.3.2019, for conducting Secretarial Audit of your Company for the financial year 31.3.2019. The Secretarial Audit Report issued by the Secretarial Auditor M/s. Madhukar K. Apte & Associates for the financial year 31.3.2019is annexed herewith as "Annexure B" to this Report.

SECRETARIAL AUDITORS' OBSERVATIONS & COMMENTS FROM BOARD:

(a) The Company has paid the fees due for 2018-19. However, the benpos and other data of the members of the Company is not available for verification. Thus, in absence of specific data, we are unable to verify the compliances and report the same in our report.

The Company has benpos and other data available for the year 2018-19. However due to logistical issues, the auditor was unable to review the same.

(b) During the year under review, the company has borrowed funds from its Managing Director amounting to Rs. 29,94,863/-. But the company has not taken the consent of the Board of directors for the same as required under Section 179(3)(d) of the Companies Act, 2013. Further, the company has not submitted a declaration received from the director, as required under Rule 2(c)(viii) of Companies (Acceptance of Deposits) Rules, 2014 to claim exemption from the definition of ‘deposits'.:

Consent was taken in Annual General Meeting of 2015-2016.The Company has taken declaration from the Managing Director.

(c) The Company has delayed in payment of the fees to the Stock Exchanges for 2018-2019. :

-The Company is going through a tumultuous time financially. Payments were delayed, however all payments for the 2018-2019 are cleared.

(d) The Company has only two directors from 01-04-2018 to 14-05-2018. Hence, there is a violation of Section 149(1)(a) of the Companies Act, 2013 providing for minimum of 3 directors in case of a public company:-

One of the former Executive Director resigned abruptly without giving adequate notice to the Company. Hence the Company took some time before being able to induct a suitable Director for the same. The company has appointed an additional director in a board meeting held on 15-05-2018.

(e) The Company has not appointed Company Secretary as KMP as required under section 203 of Companies Act, 2013 and Compliance Officer as required under regulation 6 of SEBI (LODR) Regulations 2015. SEBI has imposed a fine of Rs.106,200(upto March 2019), which is not yet paid by the company:-

The Company is looking for a suitable candidate for the same, but due to financial constraints and company having no business activities, no candidate is willing to join the company. The Company is in no position to pay the fine imposed.

(f) The Company has not appointed Internal Auditor as required under section 138 of Companies Act, 2014:-

The Company has not appointed an Internal Auditor, since there is no manufacturing or trading turnover.

(g) The Company has not updated its website and uploaded the documents and information as required under the Companies Act 2013 and Regulation 46 of SEBI (LODR) Regulations 2015:-

Due to financial constraints, the company is not in a position to update the website.

(h) The Company has not published notices in the newspaper as required under Listing Guidelines and Regulation 47 of SEBI (LODR) Regulations 2015 and as required under section 91 read with Rule 10 of Companies (Management and Administration) Rules, 2014 for closure of Register of Member:-

Due to financial constraints the company is not in a position to publish notices in the newspaper.

(i) The Constitution of the Nomination & Remuneration Committee is not in accordance with section 178 of Companies Act 2013 and Regulation 19 of SEBI (LODR) Regulations 2015:-

The Company is looking for a suitable candidate for the same, but due to financial constraints, No qualified person is willing to join as Director of the company.

(j) The company has not complied with Section 253(4) of the Companies Act, 2013 (as reported in the last report). This year the company has reversed the deferred tax in its financial statements and the accumulated losses are less than its paid-up share capital. The Bank (IOB) has taken the possession of the fixed assets of the company and disposed off the fixed assets. Presently the company has no fixed assets. The statutory auditors has given their opinion not on going concern but on liquidation grounds. : -

The Company is under huge financial losses and has outstanding bank liabilities. However bank has raised balance amount @Rs.2,76,09,234.17 penal interest and other charges. Also suit has been filed by Bank against the Company as Company has written a letter for waiving the balance amount. However Management is Confident of settling the matter amicably. The Case is pending with the DRT.

(k) The financial statements as on 31st March, 2019 show that company has no fixed assets and no long term borrowings from banks / financial institutions. But the date from MCA portal shows that the charge created on 23-04-2008 for Rs.4,50,00,000/- against immovable property or any interest therein, Book debts, Movable Property (not being pledge) is open. Either the company has not filed satisfaction of charge as required under Section 82 of the Companies Act, 2013 or the financial statements are not properly prepared. However, the financial statements are audited by the Statutory Auditors and a signed report has been submitted by them. Therefore, in our opinion the financial statements cannot be questioned. : -

The Bank has not issued a discharge certificate for immovable property. The case in ongoing in the DRT. Hence company cannot file same with ROC

(l) Bank has filed a recovery suit of Rs. 317.64 Lacs plus subsequent interest and expenses against the company in Debt Recovery Tribunal. Bank auctioned the properties and recovered sum. Still the bank is claiming 276.09 Lacs against the company. The company is also facing some litigations under tax laws and the same are pending before the authorities. Hence, the company has a contingent liability. :-

The case with the Bank is on-going in DRT. The company has filed an appeal with the sales tax and Income tax.

(m) The status of the company is active but not compliant: - The Company has not filed form INC-22A, since the company has no company secretary. Hence the status is active non-compliant. the Company is looking for a suitable candidate for the same, but due to financial constraints, no candidate is willing to join the company. The Company is not in a position to pay the fine imposed.

(n) The Company has not complied with the requirement of 27(2)(c) with respect to signing of quarterly compliance report on Corporate Governance shall either by the compliance officer or the chief executive officer of the listed entity:- The Compliance Report is signed by the Managing Director of the Company.

(o) The Company has framed a policy for determination of materiality, based on criteria specified regulation, duly approved by its board of directors, which has not uploaded on its website as per Regulation 30(4)(ii) : -

Due to financial constraints the company is not in position to update its website.

(p) The board of directors of the company has authorized Key Managerial Personnel for the purpose of determining materiality of an event or information and for the purpose of making disclosures to stock exchange(s) under this regulation, however the contact details of such personnel has not disclosed to the stock exchange(s) and as well as on the listed entity's website as per Regulation 30(4)(5) - The contact details of KMP has not disclosed to the stock exchange(s) and as well as on the listed entity's website. The same shall be done in due course of time.

(q) The Company has not appointed depositories for monitoring foreign investment: -

Due to financial constraints and company having no business activities, the company has no financial capability to appoint depositories for monitoring foreign investment.

(r) The Company has made delay in submission of Financial Results for Quarter ended June 2018 and SEBI has imposed a fine of Rs. 35,400, which is not yet paid by the company.-

Due to financial constraints and Company having no business activities, the Company does not have the financial capability to pay the fine imposed.

REPORTING OF FRAUDS BY AUDITORS

During the year under review, neither the statutory auditors nor the secretarial auditor have reported to the Audit Committee under Section 143(12) of the Companies Act, 2013 any instances of fraud committed against your Company by its officers and employees, details of which would need to be mentioned in the Board's Report.

EXTRACT OF ANNUAL RETURN:

In terms of the provisions of Section 92 (3) of the Act read with the Companies (Management and Administration) Rules, 2014, an extract of the Annual Return of your Company for the financial year ended 31stMarch,2019 is given in "Annexure C".

SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS:

During the period under review, there were no significant material orders passed by the Regulators / Courts / Tribunals.

OTHER DICLOSURES:

Your Directors state that no disclosure or reporting is required in respect of the following items as there were no transactions on these items during the year under review:

• Your Company has not issued any shares with differential voting.

• Your Company has not issued any sweat equity shares.

• There was no revision in the financial statements.

• There has been no change in the nature of business of your Company

DISCLOSURES UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION & REDRESSAL) ACT, 2013:

The compliance regarding Disclosures under Section 22 of Sexual Harassment of Women at Work (Prevention, Prohibition and Redressal) Act does not apply to the Company. However the Company is committed to provide a safe & conducive work environment to its employees. At present the company has no female staff. During the year, your Company has not received any complaints under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.

PREVENTION OF INSIDER TRADING:

The Company has adopted a Code of Conduct for Prevention of Insider Trading with a view to regulate trading in securities by the Directors and designated employees of the Company. The Code requires pre-clearance for dealing in the Company's shares and prohibits the purchase or sale of Company shares by the Directors and the designated employees while in possession of unpublished price sensitive information in relation to the Company and during the period when the Trading Window is closed. The Board is responsible for implementation of the Code. All Board Directors and the designated employees have confirmed compliance with the Code.

APPRECIATIONS:

Your Company and its Directors wish to extend their sincerest thanks to the Members of the Company, Bankers, Staff and workers at all levels for their continuous co-operation and assistance.

By Order of the Board of Directors
For Globus Corpooration Limited
Mahendra Chandulal Shah
Chairman
DIN : 01650375
Place: Mumbai
Date: 14.08.2019

   

Globus Corporation Ltd Company Background

Mahendra C ShahMahendra C Shah
Incorporation Year1984
Registered Office102 Sanjay Chambers VP Road,Choubal Lane Opera House
Mumbai,Maharashtra-400004
Telephone91-22-23873609,Managing Director
Fax
Company SecretaryNisha Goel
AuditorP D Saraf & Co
Face Value2
Market Lot1
ListingBSE,
RegistrarPurva Sharegistry (India) Pvt
Shiv Shakti Indust,Unit No 9 Lower Pare,7 B J R Boricha Marg,Mumbai-400011

Globus Corporation Ltd Company Management

Director NameDirector DesignationYear
Mahendra C Shah Chairman & Managing Director 2019
Nisha Goel Company Secretary 2019
Prashant Jairam Jakhal Addtnl Independent Director 2019
Harsha Mohan Bukelia Addtnl Independent Director 2019

Globus Corporation Ltd Listing Information

Globus Corporation Ltd Finished Product

Product NameUnit Installed
Capacity
Production
Quantity
Sales
Quantity
Sales
Value
Other Operating Income NA 0000.0001
Job Work NA 0000
Dhoop Dep Kg 0000
Finagle Kg 0000
GMS Camel Kg 0000
GMS Lion Kg 0000
GMS Star Kg 0000
Manufacturing Sales Km 0000
Others NA 0000
Shares Sales NA 0000
Unspecified NA 0000
Commodity NA 0000
Phenol Kg 0000
Chemicals Kg 0000
Metal Items COI0000
Metal Items Kg 0000
Titanium Dioxide Kg 0000
Methanol Kg 0000
Butanol Kg 0000
Butyl Acetate Kg 0000
Phthalic Anhydride Kg 0000
Industrial Solvents-Traded Kg 0000
Solvents Kg 0000
Solvent - Mixed Kg 0000
Paper Kg 0000
Cotton Fabrics-Traded Mtr0000
MS Scrap Kg 0000
Steel Rods Kg 0000
Copper Wire Bars Kg 0000
Copper Scrap Lot0000
Aluminium Scrap Kg 0000
AAA Conductor Km 0000
ACSR Km 0000
AAA Wires Km 0000
Aluminium Wires Ton0000
Metal Wire/bars/coil/sheets MT 0000
Electrical Goods-Traded Mtr0000
Electrical Goods-Traded No 0000
Switch Gear Lot0000
Cable Wire Mtr0000
Cables Km 0000
Aluminium Cables & Wires Kg 0000
Power Cables MT 0000
DPC Kg 0000
Revenue from Operations NA 0000

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