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Directors Report of Sapan Chemicals Ltd.

Mar 31, 2014

Dear members,

The Directors have pleasure in presenting the 19TH Annual Report together with audited statement of accounts of the Company for the year ended on 31st March 2014.

01. OPERATIONS DURING THE YEAR:

During the year under review the Company''s earning has decreased due to competition and reverse market trends. The Company hopes to achieve good results in the current year.

02. FINANCIAL RESULTS:

PARTICULARS 2013-14 2012-13

(RS) (RS)

Total Income 1107857 993240

Profit before Tax 51847 19594

Provision for Taxation nil 6200

Net Profit / Loss 51847 13394

03. PROJECT AND PROSPECTS:

The company has resorted to development and marketing of software and consultation in Portfolio Management and other areas.

04. AUDITORS:

The Board of Directors of the company have appointed M/s Mukesh Choksy & Co., Chartered Accountants, Mumbai to be the auditors of the company for the audit of F.Y. 2014-2015 subject to the consent of the shareholders in AGM.

05. DIRECTORS'' RESPONSIBILITY STATEMENT:

Pursuant to section 217(2AA) of the Companies Act, 1956 the Directors confirm that:

(i) In the preparation of the Annual Accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures.

(ii) Appropriate accounting policies have been selected and applied consistently, and have made judgment and estimates that are responsible and prudent so as to give true and fair view of the state of affairs of the company for said period.

(iii) Proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding of the assets of the company and for preventing and detecting frauds and other irregularities.

(iv) The annual accounts have been prepared on a going concern basis.

06. PARTICULARS OF EMPLOYEES:

No employee of the Company qualifies for disclosure pursuant to Section 217(2A) of the Companies Act, 1956, read with the Companies (Particulars of Employees) Rules, 1975.

07. CONSERVATION OF ENERGY:

The information required Under Section 271(1)(e) of the Companies Act, 1956, read with Companies (Disclosure of particulars in the Report of Board of Directors) Rules, 1988 is not applicable looking to the nature of business of the Company.

08. CORPORATE GOVERNANCE:

The Company has implemented various processes in furtherance of Corporate Governance. Pursuant to Clause 49 of the Stock Exchange Listing Agreement, report on Corporate Governance is given in the Annexure - A forming part of the report.

09. PUBLIC DEPOSITS:

During the year, Company has not accepted any deposit under section 58A of the Companies Act, 1956.

10. AUDIT COMMITTEE:

The Company has formed an Audit Committee comprising of three Directors. The terms of reference of the committee are in line with the requirements as stipulated u/s. 177 of the Company Act, 2013 and Corporate Governance as stated in Clause 49 of the Listing Agreement.

11. DIRECTORS:

Mr. Janka Bhogilal Raja, Director will retire by rotation at the ensuing Annual General Meeting of the Company and being eligible, offers himself for re-appointment.

During the year, Jangdish Jani resigned in his place Kalpana H Shah has been inducted in the Board of Directors of the Company and as per provisions of the Co.Act,2013, She has been appointed as an Ind. Director for 5 years.

12. ACKNOWLEDGEMENT:

The Board placed on record its deep appreciation for the continued support from Government agencies, Suppliers, Customers, Banks, all the Staff members and workmen for their co-operation in the operation of the Company during the year.

BY ORDER OF THE BOARD OF DIRECTORS PLACE: BARODA FOR SAPAN CHEMICALS LTD.

DATE : 01/09/2014 Sd/- MAHESH R SHAH CHAIRMAN


Mar 31, 2012

To The Members

The Directors have pleasure in presenting the 17th Annual Report together with audited statement of accounts of the Company for the year ended on 31st March 2012.

01. OPERATIONS DURING THE YEAR:

During the year under review the Company’s earning has decreased due to competition and reverse market trends. The Company hopes to achieve good results in the current year.

02. FINANCIAL RESULTS:

PARTICULARS 2011-12 2010-11 In Rs. In Rs.

Total Income 947472 1219396

Profit before Tax -101818 146484

Provision for Taxation 0 0

Net Profit / Loss -101818 146484

Balance B/F -30588 71230

03. PROJECT AND PROSPECTS:

The company has resorted to development and marketing of software and consultation in Portfolio Management and other areas.

04. AUDITORS:

The members are requested to appoint auditors for the current year and to fix their remuneration. M/s. Mehul & Associates' Chartered Accountants have consented for continuation to act as the auditors of the Company' if re-appointed.

05. DIRECTORS’ RESPOSIBILITY STATEMENT:

Pursuant to section 217(2AA) of the Companies Act' 1956 the Directors confirm that:

(i) In the preparation of the Annual Accounts' the applicable accounting standards have been

followed along with proper explanation relating to material departures.

(ii) Appropriate accounting policies have been selected and applied consistently' and have made

judgment and estimates that are responsible and prudent so as to give true and fair view of the state of affairs of the company for said period.

(iii) Proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act' 1956 for safeguarding of the assets of the company and for preventing and detecting frauds and other irregularities.

(iv) The annual accounts have been prepared on a going concern basis.

06. PARTICULARS OF EMPLOYEES:

No employee of the Company qualifies for disclosure pursuant to Section 217(2A) of the Companies Act' 1956' read with the Companies (Particulars of Employees) Rules' 1975.

07. CONSERVATION OF ENERGY:

The information required Under Section 217(1)(e) of the Companies Act' 1956' read with Companies (Disclosure of particulars in the Report of Board of Directors) Rules' 1988 is not applicable looking to the nature of business of the Company.

08. CORPORATE GOVERNANCE:

The Company has implemented various processes in furtherance of Corporate Governance. Pursuant to Clause 49 of the Stock Exchange Listing Agreement' report on Corporate Governance is given in the Annexure – A forming part of the report.

09. PUBLIC DEPOSITS:

During the year' Company has not accepted any deposit under section 58A of the Companies Act' 1956.

10. AUDIT COMMITTEE:

The Company has formed an Audit Committee comprising of three Directors. The terms of reference of the committee are in line with the requirements as stipulated u/s. 292A of the Company Act' 1956 and Corporate Governance as stated in Clause 49 of the Listing Agreement.

11. DIRECTORS:

Mr. Mahesh Ramanlal Shah will retire by rotation at the ensuing Annual General Meeting of the Company and being eligible' offers himself for re-appointment.

12. ACKNOWLEDGEMENT:

The Board placed on record its deep appreciation for the continued support from Government agencies' Suppliers' Customers' Banks' all the Staff members and workmen for their co-operation in the operation of the Company during the year.

BY ORDER OF THE BOARD OF DIRECTORS PLACE: BARODA FOR SAPAN CHEMICALS LTD.

DATE : 31-08-2012

Sd/-

JAGDISH R. JANI CHAIRMAN


Mar 31, 2011

The Directors have pleasure in presenting the 16th Annual Report together with audited statement of accounts of the Company for the year ended on 31st March 2011.

01. OPERATIONS DURING THE YEAR:

During the year under review the Company's earning has decreased due to competition and reverse market trends. The Company hopes to achieve good results in the current year.

02. FINANCIAL RESULTS:

PARTICULARS 2010-11 2009-10 (RS. IN LACS) (RS. IN LACS)

Total Income 12.19 17.38

Profit before Tax 10.73 16.2

Provision for Taxation 0 0.16

Net Profit / Loss 1.46 0.95

Balance B/F 0.71 (0.75)

03. PROJECT AND PROSPECTS:

The company has resorted to development and marketing of software; consultation in Portfolio Management and other areas.

04. AUDITORS:

The members are requested to appoint auditors for the current year and to fix their remuneration. M/s. Mehul & Associates, Chartered Accountants have consented for continuation to act as the auditors of the Company, if re-appointed.

05. DIRECTORS' RESPOSIBILITY STATEMENT:

Pursuant to section 217(2AA) of the Companies Act, 1956 the Directors confirm that:

(i) In the preparation of the Annual Accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures.

(ii) Appropriate accounting policies have been selected and applied consistently, and have made judgment and estimates that are responsible and prudent so as to give true and fair view of the state of affairs of the company for said period.

(iii) Proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding of the assets of the company and for preventing and detecting frauds and other irregularities.

(iv) The annual accounts have been prepared on a going concern basis.

06. PARTICULARS OF EMPLOYEES:

No employee of the Company qualifies for disclosure pursuant to Section 217(2A) of the Companies Act, 1956, read with the Companies (Particulars of Employees) Rules, 1975.

07. CONSERVATION OF ENERGY:

The information required Under Section 271(1)(e) of the Companies Act, 1956, read with Companies (Disclosure of particulars in the Report of Board of Directors) Rules, 1988 is not applicable looking to the nature of business of the Company.

08. CORPORATE GOVERNANCE:

The Company has implemented various processes in furtherance of Corporate Governance. Pursuant to Clause 49 of the Stock Exchange Listing Agreement, report on Corporate Governance is given in the Annexure – A forming part of the report.

09. PUBLIC DEPOSITS:

During the year, Company has not accepted any deposit under section 58A of the Companies Act, 1956.

10. AUDIT COMMITTEE:

The Company has formed an Audit Committee comprising of three Directors. The terms of reference of the committee are in line with the requirements as stipulated u/s. 292A of the Co. Act, 1956 and Corporate Governance as stated in Clause 49 of the Listing Agreement.

11. DIRECTORS:

Mr. JANAK B RAJA will retire by rotation at the ensuing Annual General Meeting of the Company and being eligible, offers himself for re-appointment.

12. ACKNOWLEDGEMENT:

The Board placed on record its deep appreciation for the continued support from Government agencies, Suppliers, Customers, Banks, all the Staff members and workmen for their co-operation in the operation of the Company during the year.

BY ORDER OF THE BOARD OF DIRECTORS

PLACE: BARODA FOR SAPAN CHEMICALS LTD.

DATE : 01-09-2011

Sd/-

JAGDISH R. JANI

CHAIRMAN


Mar 31, 2010

The Directors have pleasure in presenting the 15th Annual Report together with audited statement of accounts of the Company for the year ended on 31st March 2010.

01. OPERATIONS DURING THE YEAR:

During the year under review the Companys earning has decreased due to competition and reverse market trends. The Company hopes to achieve good results in the current year.

02. FINANCIAL RESULTS:

PARTICULARS 2009-10 2008-09 (RS. IN ACS) (RS. IN LACS)

Total Income 17.38 21.32

Profit before Tax 1.12 04.40

Provision for Taxation 0.16 00.46

NetProfit/-Loss 0.95 03.94

Balance B/F (0.75) (1.70)

03. PROJECT AND PROSPECTS: The company has resorted to development and marketing of software; consultation in Portfolio Management and other areas.

04. AUDITORS:

The members are requested to appoint auditors for the current year and to fix their remuneration. M/s. Mehul 8s Associates, Chartered Accountants have consented for continuation to act as the auditors of the Company, if re-appointed.

05. DIRECTORS RESPOSIBILITY STATEMENT:

Pursuant to section 217(2AA) of the Companies Act, 1956 the Directors confirm that: (i) In the preparation of the Annual Accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures.

(ii) Appropriate accounting policies have been selected and applied consistently, and have made judgment and estimates that are responsible and prudent so as to give true and fair view of the state of affairs of the company for said period.

(iii) Proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding of the assets of the company and for preventing and detecting frauds and other irregularities.

(iv) The annual accounts have been prepared on a going concern basis.

06. PARTICULARS OF EMPLOYEES:

No employee of the Company qualifies for disclosure pursuant to Section 217(2A) of the Companies Act, 1956, read with the Companies (Particulars of Employees) Rules, 1975.

07. CONSERVATION OP ENERGY:

The information required Under Section 271(l)(e) of the Companies Act, 1956, read with Companies (Disclosure of particulars in the Report of Board of Directors) Rules, 1988 is not applicable looking to the nature of business of the Company.

08. CORPORATE GOVERNANCE:

The Company has implemented various processes in furtherance of Corporate Governance. Pursuant to Clause 49 of the Stock Exchange Listing Agreement, report on Corporate Governance is given in the Annexure - A forming part of the report.

09. PUBLIC DEPOSITS:

During the year, Company has not accepted any deposit under section 58A of the Companies Act, 1956.

10. AUDIT COMMITTEE:

The Company has formed an Audit Committee comprising of three Directors. The terms of reference of the committee are in line with the requirements as stipulated u/s. 292A of the Co. Act, 1956 and Corporate Governance as stated in Clause 49 of-the Listing Agreement.

11. DIRECTORS:

Mr. JANAK B RAJA will retire by rotation at the ensuing Annual General Meeting of the Company and being eligible, offers himself for re-appointment.

12. ACKNOWLEDGEMENT:

The Board placed on record its deep appreciation for the continued support from Government agencies, Suppliers, Customers, Banks, all the Staff members and workmen for their co-operation in the operation of the Company during the year.

BY ORDER OF THE BOARD OF DIRECTORS

PLACE: BARODA FOR SAPAN CHEMICALS LTD.

DATE : 01-09-2010

Sd/- JAGDISH R. JANI CHAIRMAN