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Directors Report of Sheetal Diamonds Ltd.

Mar 31, 2014

Dear Members,

The Director has pleasure in presenting the 20th Annual Report and the audited statement of accounts for the year ended 31st March, 2014

FINANCIAL RESULTS:

Particulars Year ended Year ended 31.3.2014 31.3.2013 Amount in Rs. Amount in Rs.

Sales & Other Income 28,20,93,714 43,44,67,488

Total Expenditure 28,20,77745 43,79,72,113

Profit / (Loss) before Taxation 15,969 -35,04,625

Provision for Taxation 4,000 35,000

Prior Period Expenses - -

Profit / (Loss) after taxation 11,969 -35,39,625

APPROPRIATIONS:

Interim Dividend - -

Proposed Dividend - -

Balance carried to Balance Sheet 11,969 -35,39,625

DIVIDEND:

In view of strengthening the reserves of the Company, your Directors regret their inability to recommend any dividend during the year under review.

OPERATION:

During the year under review, your company''s sales were Rs. 2820.93 Lacs compared to Rs. 4344,67 Lacs in the previous year.

DIRECTORS:

In accordance with the provisions of the Companies Act, 2013 (erstwhile - 1956), Mr. Vinod Trikamlal Shah is liable to retire by rotation and being eligible offers himself for re-appointment.

Mr. Vinod Trikamlal Shah having immense experience in business and marketing. The Notice has been received from a members signifying his intention to propose his appointment as a Director. The Board of Directors feels that his experience and knowledge would be benefit and value to the Company and therefore his appointment is recommended.

CORPORATE GOVERNANCE REPORT AND MANAGEMENT DISCUSSION AND ANALYSIS STATEMENT:

The report on Corporate Governance including Management Discussion and Analysis as stipulated under Clause 49 of the Listing Agreement with Stock Exchange, forms part of the Annual Report is annexed.

A certificate of the auditors of the Company, Hardik H. Shah & Associates., Chartered Accountants, confirming compliance of the conditions of corporate governance as stipulated in Clause 49 is annexed.

DIRECTORS'' RESPONSIBILITY STATEMENT:

Pursuant to the requirement under Section 217 (2AA) of the Companies Act, 1956 with respect to Directors'' Responsibility Statement, it is hereby confirmed:

(i) that in the preparation of the annual accounts for the financial year ended 31st March, 2014, the applicable accounting standards had been followed along with proper explanation relating to material departures:

(ii) 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:

(iii) That 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) That the Directors had prepared the accounts for the financial year ended 31st March, 2014 on a ''going concern'' basis.

FIXED DEPOSITS:

Your company has not accepted any fixed deposits from public.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUT GO:

The information necessary for disclosure of particulars with Research and Development as required 217(1) (e) of the Companies Act 1956 read with the Companies (Disclosure of particulars in the report of Board) Rules, 1988 are not applicable.

Foreign Exchange earned : Rs 20,67,978/- (Previous year.Rs. 9,30,987/-)

Foreign Exchange used : Rs NIL (Previous year Rs. Nil)

PERSONNEL:

The relationship with the employees has been cordial. Your Director wish to place on record their appreciation for the devoted services rendered by the employees. There are no employees drawing remuneration exceeding the ceiling prescribed under section 217(2A) of the Companies Act, 1956.

AUDITORS:

The existing Auditor M/s M/s Hardik H. Shah & Associates. Chartered Accountants, retires at the conclusion of ensuing Annual General Meeting and have expressed their willingness to continue as Statutory Auditor of the Company for the financial year 2013-14. The relevant certificate to that effect that their appointment, if made, will be in pursuant to section 224(1B) of the Companies Act, 1956 has been received. The resolution for their re-appointment is being submitted to this Annual General Meeting.

ACKNOWLEDGMENT:

Your Directors wish to thanks Company''s Bankers for the co-operation extended to us.

For and on behalf of the board of Directors

Sd/- Vinod T. Shah Managing Director Place : Mumbai Date : 27th May, 2014


Mar 31, 2013

To, The Members,

The Director has pleasure in presenting the 19th Annual Report and the audited statement of accounts for the year ended 31st March, 2013

Amount in Rs. FINANCIAL RESULTS Year ended Year ended 31.3.2013 31.3.2012

Sales & Other Income 43,44,67,488 1,37,61,910

Total Expenditure 43,79,72,113 1,36,05,763

Profit / (Loss) before Taxation -35,04,625 1,56,147

Provision for Taxation 35,000 54,000

Prior Period Expenses

Profit / (Loss) after taxation -35,39,625 1,02,147

APPROPRIATIONS: Interim Dividend

Proposed Dividend

Balance carried to Balance Sheet -35,39,625 1,02,147





DIVIDEND:

hi view of strengthening the reserves of the Company, your Directors regret their inability to recommend any dividend during the year under review.

OPERATION:

During the year under review, your company''s sales were Rs. 4331.58 Lacs compared to Rs. 127.38 Lacs in the previous year.

DIRECTORS:

In accordance with the provisions of the Companies Act, 1956, Mr. Pankaj V. Shah is liable to retire by rotation and being eligible offers himself for re-appointment.

CORPORATE GOVERNANCE REPORT AND MANAGEMENT DISCUSSION AND ANALYSIS STATEMENT:

The report on Corporate Governance including Management Discussion and Analysis as stipulated under Clause 49 of the Listing Agreement with Stock Exchange, forms part of the Annua] Report is annexed.

A certificate of the auditors of the Company, Hardik H. Shah & Associates., Chartered Accountants, confirming compliance of the conditions of corporate governance as stipulated in Clause 49 is annexed.

DIRECTORS'' RESPONSIBILITY STATEMENT:

Pursuant to the requirement under Section 217 (2AA) of the Companies Act, 1956 with respect to Directors'' Responsibility Statement, it is hereby confirmed:

(i) that in the preparation of the annual accounts for the financial year ended 31st March 2013,the applicable accounting standards had been followed along with proper explanation relating to material departures:

(ii) 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:

(iii) That 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) That the Directors had prepared the accounts for the financial year ended 31st March, 2013 on a ''going concern'' basis.

FIXED DEPOSITS:

Your company has not accepted any fixed deposits from public.

CONSERVATION OF ENERGY,TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUT GO

The information necessary for disclosure of particulars with Research and Development as required 217(1) (e) of the Companies Act 1956 read with the Companies (Disclosure of particulars in the report of Board) Rules, 1988 are not applicable, Foreign Exchange earned : Rs. 9,30,987/- (Previous year.Rs. 3,51,047/-) Foreign Exchange used : NIL (Previous year Rs. 1,87,057)

PERSONNEL:

The relationship with the employees has been cordial. Your Director wish to place on record their appreciation for the devoted services rendered by the employees. There are no employees drawing remuneration exceeding the ceiling prescribed under section 217(2A) of the Companies Act, 1956.

AUDITORS:

The existing Auditor M/s M/s Hardik H. Shah & Associates. Chartered Accountants, retires at the conclusion of ensuing Annual General Meeting and have expressed their ''willingness to continue as Statutory Auditor of the Company for the financial year 2013-14.The relevant certificate to that effect that their appointment, if made, will be in pursuant to section 224(1B) of the Companies Act, 1956 has been received. The resolution for their re-appointment is being submitted to this Annual General Meeting.

ACKNOWLEDGMENT:

Your Directors wish to thanks Company''s Bankers for the co-operation extended to us.

For and on behalf of the board of Directors Sd/-

Vinod T. Shah

Managing Director

Place : Mumbai

Date : 30th May, 2013


Mar 31, 2010

The Director has pleasure in presenting the 16th Annual Report and the audited statement of accounts for the year ended 31st March, 2010

FINANCIAL RESULTS Year ended Year ended

31.3.2010 31.3.2009

Sales & Other Income 37,12,507 82,57,668

Total Expenditure 37,37,523 83,60,661

Profit / (Loss) before Taxation 25,016 (1,02,995)

Provision for Taxation -- --

Prior Period Expenses -- --

Profit / (Loss) after taxation 25,016 (1,02,995)

APPROPRIATIONS:

Interim Dividend -- --

Proposed Dividend -- --

Balance carried to Balance Sheet 25,016 (1,02,995)

DIVIDEND:

In view of the carried forward loss during the year, your Directors regret their inability to recommend any dividend during the year under review.

OPERATION:

During the year under review, your companys sales were Rs. 37.12 Lacs compared to Rs. 82.58 Lacs in the previous year.

DIRECTORS:

In accordance with the provisions of the Companies Act, 1956, Mr. Mr Vinod T Shah is liable to retire by rotation and being eligible offers himself for re-appointment. Mr Rashmikant H Shah resigned as director of the Company. The directors have placed on record the appreciation of services rendered by him during his association with company.

Mr. Ajaya M.parekh was appointed as an additional director of the Company by the Board of Directors on 4th December, 2009 pursuant to section 260 of the Companies Act, 1956 and he holds office of the director until the date of the ensuing annual general meeting. The necessary resolution for his appointment is proposed in the notice convening the ensuing annual general meeting.

CORPORATE GOVERNANCE REPORT AND MANAGEMENT DISCUSSION AND ANALYSIS STATEMENT:

The report on Corporate Governance including Management Discussion and Analysis as stipulated under Clause 49 of the Listing Agreement with Stock Exchange, forms part of the Annual Report is annexed.

A certificate of the auditors of the Company, Kamlesh B Mehta & Co., Chartered Accountants, confirming compliance of the conditions of corporate governance as stipulated in Clause 49 is annexed.

DIRECTORS RESPONSIBILITY STATEMENT:

Pursuant to the requirement under Section 217 (2AA) of the Companies Act, 1956 with respect to Directors Responsibility Statement, it is hereby confirmed:

(i) that in the preparation of the annual accounts for the financial year ended 31st March 2010,the applicable accounting standards had been followed along with proper explanation relating to material departures:

(ii) 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:

(iii) That 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) That the Directors had prepared the accounts for the financial year ended 31st March, 2010 on a going concern basis.

FIXED DEPOSITS:

Your company has not accepted any fixed deposits from public.

CONSERVATION OF ENERGY,TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUT GO

The information necessary for disclosure of particulars with Research and Development as required 217(1) (e) of the Companies Act 1956 read with the Companies (Disclosure of particulars in the report of Board) Rules, 1988 are not applicable.

Foreign Exchange earned : Nil

Foreign Exchange used : Nil

PERSONNEL:

The relationship with the employees has been cordial. Your Director wish to place on record their appreciation for the devoted services rendered by the employees. There are no employees drawing remuneration exceeding the ceiling prescribed under section 217(2A) of the Companies Act, 1956.

AUDITORS:

The Company Auditors M/s. Kamlesh B. Mehta & Co., Chartered Accountants retire at the forthcoming Annual General Meeting and being eligible offer themselves for re-appointment. The members are requested to consider reappointing them auditors and to fix their remuneration.

ACKNOWLEDGMENT:

Your Directors wish to thanks Companys Bankers for the co-operation extended to us.

For and on behalf of the board of Directors

Sd/-

Place: Mumbai

Dated : 4th September, 2010. ManagingDirector


Mar 31, 2009

The Director has pleasure in presenting the 15th Annual Report and the audited statement of accounts for the year ended 31st March, 2009

FINANCIAL RESULTS Year ended Year ended 31.3.2009 31.3.2008

Sales & Other Income 82,57,668 18,55,140

Total Expenditure 83,60,661 18,27,952

Profit/(Loss) before Taxation (1,02,995) 66,017

Provision for Taxation -- 25,000

Prior Period Expenses -- -- Profit/(Loss) after taxation (1,02,995) 41,017 %

APPROPRIATIONS:

Interim Dividend -- --

Proposed Dividend -- --

Balance carried to Balance Sheet (1,02,995) 41,017

DIVIDEND:

In view of loss during the year, your Directors regret their inability to recommend any dividend during the year under review.

OPERATION:

During the year under review, your companys sales were Rs. 82.58 Lacs compared to Rs. 18.55 Lacs in the previous year.

DIRECTOR:

In accordance with the provisions of the Companies Act, 1956, Mr. Rashmikant Shah is liable to retire by rotation and eligible for re-appointment.

DIRECTORS RESPONSIBILITY STATEMENT:

Pursuant to the requirement under Section 217 (2AA) of the Companies Act, 1956 with respect to Directors Responsibility Statement, it is hereby confirmed:

(i) that in the preparation of the annual accounts for the financial year ended 31st March 2009,fhe applicable accounting standards had been followed along with proper explanation relating to material departures:

(ii) 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 or loss of the Company for the year under review:

(iii) That 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) That the Directors had prepared the accounts for the financial year ended 31st March, 2009 on a going concern basis.

FIXED DEPOSITS:

Your company has not accepted any fixed deposits from public.

ENERGY CONSERVATION:

The information necessary for disclosure of particulars with Research and Development as required 217(1) (e) of the Companies Act 1956-read with the Companies (Disclosure of particulars in the report of Board) Rules,1988 are not applicable as the Technology for processing of diamonds in indigenous.

PERSONNEL:

The relationship with the employees has been cordial. Your Director wish to place on record their appreciation for the devoted services rendered by the employees. There are no employees drawing remuneration exceeding the ceiling prescribed under section 217(2A) of the Companies Act, 1956.

AUDITORS:

The Company Auditors M/s. Kamlesh B. Mehta & Co., Chartered Accountants retires at the conclusion of this Annual General Meeting and being eligible offer themselves for re-appointment.

AUDITORS REPORT:

As far as the notes by the Auditor in their report are concerned, they are self- explanatory and hence require no further explanation.

ACKNOWLEDGMENT:

Your Directors wish to thanks Companys Bankers, and Auditors for the co-operation extended to us.

By Order of the Board

Sd/- Sd/-

Place: Mumbai Niranjan P.Vyas Vinod T. Shah

Dated: 10th August, 2009. Managing Director Director



 
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