Mar 31, 2010
The Directors have great pleasure in presenting their 21st Annual
Report of your Company together with the Audited Accounts for the
period ended on 31st March, 2010.
Financial Results:
The summarized financial results of the Company for the year ended
March 31, 2010 are presented below.
(Rs.)
Particulars Current Year Previous Year
Profit before Interest and Taxation 6,04,367 9,43,969
Less: - Financial Charges 2,52,853 1,71,503
Net Profit before Taxation 3,51,514 7,72,466
Provision for Taxation 1,16,000 2,40,000
Profit For the year 2,35,514 5,32,466
Balance brought forward from previous
year (2,01,02,635) (2,06,35,101)
Balance carried to Balance Sheet (1,98,67,121) (2,01,02,635)
Financial Performance
During the year under review, the other income of the company is Rs.
31,00,000/- in the previous year was Rs. 21,00,000/- After deducting
all Administrative Expenses before interest and taxation is Rs.
6,04,367/- and in the previous year was Rs. 9,43,969/- .The Company
has earned Net Profit after Interest and Taxation is Rs. 2,35,514/- and
in the Previous year was Rs. 5,32,466/-.
Dividend
The Directors, regret their inability to recommend any dividend for the
year, due to losses of earlier years.
Fixed Deposits
During the year, the Company has not accepted any deposits from the
public or otherwise in terms of Section 58A of the Companies Act, 1956,
read with Companies (Acceptance of Deposit) Rules; 1975.
Subsidiary Companies
There are no any subsidiary Companies.
Stock Options
As required under Clause 12 of the Securities and Exchange Board of
India (Employees Stock Option Scheme and Employees Stock Purchase
Scheme) Guidelines, 1999 are not applicable to the Company - during the
year.
Increase in the Authorised Share Capital
During the year under review, the Authorised Share Capital of the
Company was increased from Rs. 17,50,00,000/- divided in to
17,50,00,000 Equity Shares of Rs. 1/- each to Rs. 52,50,00,000/-
divided in to 52,50,00,000 Equity Shares of Rs. 1 /- each.
Directors
At the forthcoming Annual General Meeting, Mr. Anindo A. Banerji will
retire by rotation pursuant to Article 145 of the Articles of
Association of the Company. Being eligible, he offers him-self for
reappointment.
Personnel
The relations between employees and the management during
the year have been cordial. The Directors wish to thank all the
employees for their continued support and co-operation during the year
under review.
Listing
Equity Shares of the company are listed on the Bombay Stock Exchange
Limited (BSE). Ahmedabad Stock Exchange (ASE). And Vadodara Stock
Exchange (VSE).
Directors Responsibility Statement
Pursuant to the requirement under section 217 (2AA) of the Companies
Amendment Act, 2000 with respect to Director Responsibility Statement
it is hereby confirmed:
1. That in the preparation of the Annual Accounts for the financial
year ended 3 lst March, 2010 the applicable accounting standards had
been followed along with proper explanation relating to material
departures.
2. That 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 of the Company for the year under review.
3. That the Directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provision of the Companies Act, 1956 for safeguarding the assets of the
Company and for preventing and detecting fraud and other
irregularities.
4. That the Directors had prepared the accounts for the financial year
ended 31st March, 2010 on a going concern basis.
Audit Committee
The companys present Board of Directors is properly constituted and
the company has also formed an Audit Committee in compliance with
provisions of Section - 292A of the Companies Act, 1956 and also in
compliance with the Clause 49 relating to Corporate Governance. The
duties, powers, responsibilities assigned to the Audit Committee are in
line with the Clause 49 of the Listing Agreement.
Corporate Governance & Management Discussion & Analysis
A separate section on Corporate Governance and a Certificate from
Auditors of the company regarding compliance of conditions of Corporate
Governance as stipulated under clause 49 of the Listing Agreement
together with the Management Discussion and Analysis of the financial
position of the company forms part of the Annual Report.
Particulars of the employees
Company has no employee who were in receipt of the remuneration of Rs.
24,00,000/- in the aggregate, if employed for the year and in receipt
of the monthly remuneration of Rs. 2,00,000/- p.m. if employed for a
part of the year as per the provision of Section 217(2A) of the
Companies Act, 1956 read with the Companies (particulars of employees)
Rules, 1975. Hence the information required under S-217(2A) of the
Companies Act, 1956 being not applicable are not given in this report.
Risk Assessment and Management
The Company has a well defined risk management system in place as a
part of good Corporate Governance practices. All the risks are
identified at various levels with suitable mitigation measures and are
subjected to a quarterly review by the Audit Committee. The Company
assigned the key risks to various risk owners responsible for
mitigation plans and review of these risks from time to time;
There are adequate internal systems, control and Checks in place
commensurate with the size of the Company and nature of its business.
The management exercises financial control through a well define budget
monitoring process and other standard operating procedures.
Auditors
M/s. Praful N. Shah & Co., Chartered Accountants of the Company retire
at this Annual General Meeting and being eligible, are recommended
their re-appointment as auditors of the company for the period from the
conclusion of this Annual General Meeting upto the date of the next
Annual General Meeting.
Auditors Reports
The observations of the Auditors in their Report and Notes Attached to
the Accounts to the Accounts are Self-Explanatory and do not require
any Further Clarifications.
Conservation of energy, Technology absorption and Foreign exchange
earnings and out go:
The Additional information required under Section 2.17(1 )(e) of the
Companies Act, 1956 relating to Conservation of energy, technology
absorption are not applicable to the Company, as the company is not
engaged in the manufacturing activities. The Company has no any Foreign
exchange earnings or outgoes during the financial year.
Acknowledgment
Your company & Directors wish to place on record their appreciation of
the assistance and co-operation extended by Investors, Bankers,
Customers, Business Associates, Suppliers and Government. We are deeply
grateful to shareholders for their continued faith, confidence and
support to the company. The æ Directors wishes to place on record its
appreciation of sincere and dedicated work of employees at all levels,
which has largely contributed to the present growth of the Company.
For and on behalf of the Board of Directors
Regd. .Office :- FOR, SARANG CHEMICALS LIMITED
Sd/-
409, Sarthik-II,
Opp. Rajpath Club, Lalit K. Rathod
S.G. Road, Managing Director
Ahmedabad: 380 054.
Dated: August 10, 2010
Mar 31, 2009
The Directors have pleasure in presenting the 20m Annual Report
together with the audited statement of accounts for the period ended
on 31st March, 2009.
Financial Results:
The summarized financial results of the Company for the year ended
March 31, 2009 are presented below.
(Rs.)
For The Year For The Year
Ended Ended
31st March 31st March
2009 2008
Profit before Interest and Taxation 9,43,969 39,28,354
Less: - Interest 1,71,503 39,10,001
Net Profit before Taxation 7,72,466 41,274
Provision for Taxation 2,40,000 -
Net Profit for the year after Tax 5,32,466 41,274
Profit For the year 5,32,466 41,274
Surplus brought forward
from previous year (2,06,35,101) (2,06,76,375)
Balance carried to Balance Sheet (2,01,02,635) (2,06,35,101)
Performance Of The Company
During the year under review, the income of the company is the Profit
from the Trading of Shares. The Company has earned total income of Rs.
21,00,000/- (Previous year Rs. 1,38,49,178/-) After deducting all
Administrative Expenses of the Company has earned Net Profit after
Interest and Taxation of Rs. 5,32,466/- (Previous year Rs. 47,274/-).
Dividend
The Directors, regret their inability to recommend any dividend for the
year, due to losses of earlier years.
Directors
At the forthcoming Annual General Meeting, Mr. Dinkar B. Shrimali will
retire by rotation pursuant to Article 145 of the Articlas of
Association of the Company. Being eligible, he offer him-self for
reappointment.
Mr. Vipul Shantilal Trivedi, Mr. Rabiabegum Gulamrasul Arab and Mr.
Shuresh Valjibhai Mavani was appointed as additional directors by the
Board of Directors of the company with,effect from 3rd October, 2008,
19m November, 2008 and 4th June, 2009 Accordingly he hold office only
upto the ensuing annual general meeting of the company. The company has
received the notice from the shareholder of the company proposing his
candidatures for the post of Directors and as such Board recommends his
appointment as directors of the company.
Mr. Rabiabegum Gulamrasul Arab and Mr. Vipul Shantilal Trivedi resigned
as Directors of the Company with effect from 30m April, 2009 and 14th
May, 2009 which the Company has accepted. The management has taken note
of the same and is thankful for the services rendered during his
tenure.
Subsidiary Companies
There are no any subsidiary Companies.
Stock Options
As required under Clause 12 of the Securities and Exchange Board of
India (Employees Stock Option Scheme and Employees Stock Purchase
Scheme) Guidelines, 1999 are not applicable to the Company during the
year.
Fixed Deposits
During the year, the Company has not accepted any deposits from the
public or otherwise in terms of Section 58A of the Companies Act, 1956,
read with Companies (Acceptance of Deposit) Rules, 1975.
Personnel
The relations between employees and the management during the year have
been cordial. The Directors wish to thank all the employees for their
continued support and co-operation during the year under review.
Directors Responsibility Statement
Pursuant to the requirement under section 217 (2AA) of the Companies
Amendment Act, 2000 with
respect to Director Responsibility Statement it is hereby confirmed:
1. That in the preparation of the Annual Accounts for the financial
year ended 31st March, 2009 the applicable accounting standards had
been followed along with proper explanation relating to material
departures.
2. That 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 of Loss of the Company for the year under review.
3. That the Directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provision of the Companies Act, 1956 for safeguarding the assets of the
Company and for preventing and detecting fraud and other
irregularities.
4. That the Directors had prepared the accounts for the financial year
ended 31st March, 2009 on a going concern basis.
Corporate Governance
A separate section on Corporate Governance and a Certificate from
Auditors of the company regarding compliance of conditions of Corporate
Governance as stipulated under clause 49 of the Listing Agreement
together with the Management Discussion and Analysis of the financial
position of the company forms part of the Annual Report.
Audit Committee
The companys present Board of Directors is properly constituted and
the company has also formed an Audit Committee in compliance with
provisions of Section - 292A of the Companies Act, 1956 and also in
compliance with the Clause 49 relating to Corporate Governance. The
duties, powers, responsibilities assigned to the Audit Committee are in
line with the Clause 49 of the Listing Agreement.
Particulars of the employees
Company has no employee who were in receipt of the remuneration of Rs.
24,00,000/- in the aggregate, if employed for the year and in receipt
of the monthly remuneration of Rs. 2,00,000/- p.m. if employed for a
part of the year as per the provision of Section 217(2A) of the
Companies Act, 1956 read with the Companies (particulars of employees)
Rules, 1975. Hence the information required under S-217(2A) of the
Companies Act, 1956 being not applicable are not given in this report.
Auditors
M/s. Praful N. Shah & Co., Chartered Accountants of the Company retire
at this Annual General Meeting and being eligible, are recommended
their reappointment as auditors of the company for the period from the
conclusion of this Annual General Meeting upto the date of the next
Annual General Meeting.
Listing
Equity Shares of the company are listed on the Bombay Stock Exchange
Limited (BSE.)
Auditors Reports
The observations of the Auditors in their Report and Notes Attached to
the Accounts to the Accounts are Self-Explanatory and do not require
any Further Clarifications.
Conservation of energy, Technology absorption and Foreign exchange
earnings and Out go:
The Additional information required under Section 217(1)(e) of the
Companies Act,1956 relating to Conservation of energy, technology
absorption are not applicable to the Company, as the company is not
engaged in the manufacturing activities. The Company has no any Foreign
exchange earnings or outgoes during the financial year.
Acknowledgment
Your company & Directors wish to place on record their appreciation of
the assistance and co- operation extended by Investors, Bankers,
Customers, Business Associates, Suppliers and Government. We are
deeply grateful to shareholders for their continued faith, confidence
and support to the company. The Directors wishes to place on record its
appreciation of sincere and dedicated work of employees at all levels,
which has largely contributed to the present growth of the Company.
Ahmedabad, September 8, 2009 For and on behalf of the
Board of Directors
Registered Office: Sd/- Sd/-
403, Sanjay Appt. Lalit K. Rathod Dinkar B. Shrimali
Opp. C.N. Vidhyalay, Managing Director Director
Ahmedabad: 380 006