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Directors Report of Sheraton Properties & Finance Ltd.

Mar 31, 2014

Dear Members.

The Directors have pleasure in presenting the Annual Report on the business and operations of Company together with the Audited Statement of accounts for the year ended on 31st March, 2014.

Financial and Operational Results

Financial and operational Results of Company tor the year ended 31st March; 2014 are mentioned hereunder:

{Amt in Rs.)

Particulars Current Financial Year Previous Financial Year 31st March. 2014 3lst Marh.2013

Total Income 12.11.200 12,10.700

Iess: Expenses 2,40.825 1.32,861

Profit/ (loss) before Tax 9,70,375 10,77.839

Less: Provision for Tax NiL Nil

Net Profit/ (Net Loss} after Tax 9,70,375 10.77,839

Add:. Balance of Profit brought 1,77,13,656 1.66,35,817 forward from previous year

Total Reserves and Surplus 1,86.84,031 1,77,13,656



Performance of the Company:

During the year under review, .your Company earned a lolal Income of Rs. 12,1 1,200/- and the total expenditure amounted to Rs. 2,40.825/r. Thus profit tamed by Company is Rs, 9,70,375/. The accumulated Balance carried forward to the Reserves and Surplus of Companv Stands at Rs.|,S6,S4,''03l/-.

Dividend:

Your Directors have not recommended for any dividend for iheyear under review with 5 view to conserve the resources of Company.

Directors:

Mr. Jayesh R. Rhansali, Director of the Company shall he liable !o retire by rotation al the forthcoming Annua I. General Meeiing and is eligihle for reappointment. The Board recommends his re-appointment.

Statutory Auditors:

M/s R, L. Dasharda & Associates, Chartered Accountants (Firm Registration No: l|2filSW), the Statutory Auditors of the Company will retire al tlie ensuing Annual General Meeting and have confirmed iheir eligibility and willingness to iaeeept office, if re-appointed.

Your Electors recommend .the apiwintmem M/s B. L. Dasharda & Associates, Chartered Accountants. as Statutory Auditors of company for the year 2014-2015.

A witters'' Report:

["lie observations made by .the Auditors- in iheir Report read with the relevant notes as given irr the: ''Notes to the Financial Statement for the year ended 31st March, 2014 are self explanatory and l>emg devoid of any reservation, qualification or adverse remarks, does'' not call for any further'' in forma! ion/explanation under Section 217(3) of the Companies Act,, 1956.

SECRETARIAL A UP/TORS:

MA. Kathr & Associates, Practicing Company Secretaries, have been appointed as Secretarial Auditor of Company for FY 2014-15. who will conduct the requisite Secretarial audit of the company.

Deposits:

The Company has not accepted any Deposit, within the meaning of Section 58 A of the Companies Act. 1956 read with [he Companies (Acceptance of Deposit) Rules. 1975 from the puhtie during-, the year under review.

Secretarial Compliant!! Certificate:

Pursuant to ihe proviso of Section 383 A (1) of the Companies Act, 1956 read with the. Companies (Compliance Certificate) Rules 2001,(he Secretarial Compliance Certificate obtained from M/s. Rathi &. Associates. Company Secretaries in Whole-time Practice. is annexed to this report forming it$ integral pari.

Particulars of Employees:

During the year .ended 31st March, 20M, no. employee of the company was in receipt of remuneration equal to or. exceeding ihe limits as prescribed under Sect''ion 217(2A) of the Companies Act. 1956 read with the Companies (Particulars of Employees) Rules. 1975 as amended, hence no statement is required to be annexed irt this regard.

Ctftiservatmit a I'' finerev. Tecfiitotogy Absorption. Foreign Exchange Earnings and Outeo:

Ihe requirements of disclosures in terms of Section 217 {}) ic) of the Companies Act. 1956, read with the Companies (Disclosure* of the Particulars in the Report of Ihe Board of Directors) Rules, I yS8 pertaining to the conservation of energy and technology absorption are not applicable to the Company due to the very nature ol''the industry in which the Company operates.

During rhi: year under review; there was no foreign exchange earnings and outgo.

Directors'' Responsibility Statement:

Pursuant io Section 2I7(2AA} of rhe Companies. AcL 1956. your Director based on the representations received from the management and after due inquiry-, confirm that:

In the preparation or the Annual Accounts, the applicable Accounting Standards have been followed and no deviations.have-been made.

That (be Directors have selected such accounting policies and applied ihem consistently and made judgments and estimates that arc reasonable and prudent so as to give a true and fair view of the state of affairs of the Company ai the end of the financial year and of the profit or the Company lor thin year.

That the Directors have taken proper and sufficient care for (he 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

That the Directors have prepared the Annual Accounts far the year ended 31st March. 2014 on a going concern basis,

Acknowledgement:

Your Directors wish to place on record their deep appreciation and heartfelt thanks to the Banks. Statutory Authorities, Government. Customers, Vendors, Stakeholders and other related organizations who through their continued support and patronage have enabled the company to function smoothly and grow in such competitive environment. Your Directors express their deep appreciation to the Company''s employees at all levels for their hard work,, dedicaiion. commilment outstanding efforts and valuable contributions made in all spheres of the operations of Company.

For and of the Board of Directors.

Place: Mumbai Dated: 30th May, 2014 Mr. B M Bhansali Mr. Jayesh B. Bhansali Director Director (DIN: 00102930) (DIN- UWG2S53)


Mar 31, 2013

Dear Members,

The Directors have pleasure in presenting the Annual Report on the business and operations of Company together with the Audited Statement of accounts for the vcar ended on 31s1 March. 2013.

Financial and Operational Results:

Financial and operational Results of Company for the year ended 3lsl March, 2013 arc as mentioned hereunder:

(Ami in Rs.)

Particulars Current Financial Year Previous Financial 31st March, 2013 Year 3st Marh, 2012

Total Income 12,10,700 12,27,784

Less Expenses 132,861 819,102

Profit/ (Loss) before Tax 10,77,839 4,08,682

Less. Provision for Tax NIL NIL

Net Profit/ (Net Loss) after Tax 10,77,839 4,08,682

Add; Balance of Profit brought forward from 1,6635,817 1,62,27,135 previous year

Total Reserves and Surplus 1,77,13,656 1,6635,817

Performance of the Company:

During the year under review, your Company earned a total Income of Rs. 12,10,700/- and the total expenditure amounted to Rs 1,32,861/-. Thus profit earned by Company is Rs. 10,77,839/-. The accumulated Balance carried forward to the Reserves and Surplus of Company stands at Rs 1,77.13,656/-.

Dividends

Your Directors have not recommended for any divided for the year under review with a view to conserve the resources of Company.

Directors:

Mr. L.M. Bhansali, Director of the Company shall be liable to retire by rotation at the forthcoming Annual General Meeting and is eligible for rc-appoinlmenl. The Board recommends for his re-appoinlment.

Directors'' Responsibility Statement:

Pursuant to Section 217(2AA) of the Companies Act, 1956, your Directors based on the representations received from the management and after due inquiry, confirm that;

¦ In the preparation of the Annual Accounts, the applicable Accounting Standards have been followed and no deviations have been made.

¦ That the Directors have selected such accounting policies and applied Ihem 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 at the end of the financial year and of the profit of the Company for that year.

¦ That the Directors have 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.

¦ That the Directors have prepared the Annual Accounts for the year ended 31" March. 2013 on a going concern basis.

Statutory A utlifors:

M/s B. L Dasharda & Associates, Chartered Accountants (Firm Registration No; H2615W), the Statutory Auditors of the Company will retire at the ensuing Annual General Meeting and have confirmed their eligibility and willingness to accept office, if re-appointed.

Your Directors recommend the appointment M/s B. L. Dasharda & Associates. Chartered Accountants, as Statutory Auditors of company for the year 2013-2014.

A uditors'' Report:

The observations made by the Auditors in their Report read with the relevant notes as given in die Notes to the Financial Statement for the year ended 3ISI March, 2013 are self explanatory and being devoid of any reservation, qualification or adverse remarks, docs not call for any further information/explanation under Section 217(3) of the Companies Act, 1956.

Deposits:

The Company has not accepted any Deposit, within the meaning of Section 58A of the Companies Act, 1956 read with the Companies (Acceptance of Deposit) Rules, 1975 from the public during the year under review.

Secretarial Compliance Certificate:

Pursuant to the proviso of Section 383 A (1) of the Companies Act. 1956 read with the Companies (Compliance Certificate) Rules 2001,the Secretarial Compliance Certificate obtained from M/s. Rathi & Associates. Company Secretaries in Whole-time Practice, is annexed to this report forming its integral part.

Particulars of Employees:

During the year ended 31s'' March, 2013, no employee of the company was in receipt of remuneration equal to or exceeding the limits as prescribed under Section 2I7(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975 as amended, hence no statement is required to be annexed in this regard.

Conservation of Energy. Technology Absorption. Foreign Exchange Earnings and Outeo:

The requirements of disclosures in terms of Section 217 (I) (c) of the Companies Act. 1956, read with the Companies (Disclosures of the Particulars in the Report of the Roard of Directors) Rules. 1988 pertaining to the conservation of energy and technology'' absorption are not applicable 10 the Company due to the very nature of the industry in which the Company operates.

During the year under review, there was no foreign exchange earnings and outgo.

A cknowtedgement:

Your Directors wish to place on record their deep appreciation and heartfelt thanks to the Banks, Statutory Authorities, Government, Customers, Vendors, Stakeholders and other related organizations who through their continued support and patronage have enabled the company to function smoothly and grow in such competitive environment. Your Directors express their deep appreciation to the Company''s employees at all levels for their hard work, dedication, commitment, outstanding efforts and valuable contributions made in all spheres of the operations of Company.

For and on behalf of the Board of Directors

Place: Muinbai ,

Dated: 26,h May, 2013 Chairman


Mar 31, 2011

Dear Members,

The Directors have pleasure in presenting their Annual Report on the business operations of the Company and the Audited Accounts for the year ended 31st March. 2011.

Financial Results: (Amt in Rupees)

Particulars Year Ended 31st Year Ended 31st March, 2011 March, 2010

Total Income 43,014 36,356

Profit before Tax (46,466) 1.433

Less: Provision for Tax 0 0

Less: Income Tax of earlier year. 0 0

Net Profit after Tax (46,466) 1,433

Add: Balance of Profit brought forward from 3,312,835 3.311,402 previous year

Balance carried forward to Balance Sheet 3,266,369 3,312,835

Performance of the Company:

During the year under review, your Company earned a total Income of Rs. 43,014/- comprising mainly of Commission and Dividend. The total expenditure incurred by the Company has amounted to Rs.89,480/-. This has led to loss of Rs.46.466/-. The Balance carried forward to the Balance Sheet is Rs.32,66,369/-.

Your Company continues to be cautiously optimistic about its growth prospects for the current financial year.

Dividend:

Your Directors have not recommended payment of divided for [he year under review with a view to conserve the resources.

Directors:

Mr. Jaycsh B Bhansali. Director of the Company, shall be liable to retire by rotation at the forthcoming Annual General Meeting and is eligible for re-appointment. The Board recommends his re-appointment.

Directors' Responsibility Statement:

Pursuant to Section 217(2AA) of the Companies Act 1956, your Directors confirm the following:

¦ In the preparation of the annual accounts, the applicable standards have been followed and no deviations have been made

¦ that the Directors have 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 at the end of the financial year end and of the profit of the Company for that year.

¦ that the Directors have 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.

¦ that the Directors have prepared the attached Statement of Accounts for the year ended March, 31 2011 on a going concern basis.

Auditors:

M/s. B. L. Dasharda & Associates, Chartered Accountants. Auditors of the Company retire at the ensuing Annual General Meeting is eligible for re-appointment The Company has received a certificate from the Auditors to the effect that their appointment if made, would be within the prescribed limits under Section 224(1B) of the Companies Act 1956. The members are requested to appoint the Auditors for the current year and authorize the Board to fix their remuneration.

Auditors' Report:

Observations made in the Auditors* Report are self-explanatory and therefore, do not call for any further comments under Section 217(3) of the Companies Act 1956.

Fixed Deposits:

The Company has not accepted or renewed any deposit from public during the year under review.

Secretarial Compliance Certificate:

Pursuant to the proviso of Section 383A (I) of the Companies Act, 1956 read with the Companies (Compliance Certificate) Rules 2001.the Secretarial Compliance Certificate obtained from M/s. Rathi & Associates. Company Secretaries in Whole-time Practice, is attached to this report.

Particulars of Employees:

During the year under review, none of the employees of the Company was in receipt of remuneration aggregating Rs.60,00,000/- or more per annum, if employed throughout the year, or Rs.5,00,000/- or more per month, m case employed for part of the year. Hence there arc no particulars to be annexed to this report as required under Section 217 (2 A) of the Companies Act 1956 and the rules made there under.

Conservation of Energy, Technology Absorption. Foreign Exchange Earnings end Outgo: The requirements of disclosures in terms of Section 217
During the year under review, there was no foreign exchange earnings and outgo.

Acknowledgements:

The Directors wish to express their gratitude to the bankers, clients and all the business associates for their continuous support to the Company and to the Shareholders for the confidence reposed in the Company's management. The Directors also convey their appreciation to the employees at all levels for their enormous personal efforts as well as collective contribution.

For and on behalf of the Board

Place: Mumbai

Dated: 12th August, 2011 Director Director


Mar 31, 2010

The Directors have pleasure in presenting their Annual Report on the business operations of the Company and the Audited Accounts for the year ended 31sl March, 2010.

Financial Results:

(Amt in Rupees)

Particulars Year Ended 31st Year Ended 31st March, 2010 March, 2009

Total Income 40,300 1,189,400

Profit/ (Loss) before Tax (4,449) 1,080,522

Less: Provision for Tax 0 0

Less: Income Tax of earlier year 0 0

Net Profit after Tax (4,449) 1,080,522

Add: Balance of Profit brought forward from 16,284,621 15,204,099 previous year

Balance carried forward to Balance Sheet 16,280,172 16,284,621

Performance of the Company:

During the year under review, your Company earned a total Income of Rs. 40,300/- comprising mainly of Commission and Dividend. The total expenditure incurred by the Company has amounted to Rs. 44,749/-. This has led to loss of Rs. 4,449/-. The Balance carried forward to the Balance Sheet is Rs. 1,62,80,172/-.

Your Company continues to be cautiously optimistic about its growth prospects for the current financial year.

Dividend:

Your Directors have not recommended payment of divided for the year under review considering the loss incurred by the Company.

Directors:

Mr. Lalitkumar M. Bhansali, Director of the Company, shall be liable to retire by rotation at the forthcoming Annual General Meeting and is eligible for re-appointment. The Board recommends his re-appointment.

Directors' Responsibility Statement:

Pursuant to Section 217(2AA) of the Companies Act, 1956, your Directors confirm the following:

- In the preparation of the annual accounts, the applicable standards have been followed and no deviations have been made.

- that the Directors have 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 view of the sate of affairs of the Company at the end of the financial year end and of the profit of the Company for that year.

- that the Directors have 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.

- that the Directors have prepared the attached Statement of Accounts for the year ended March, 31 2010 on a going concern basis.

Auditors:

M/s.B.L. Dasharda & Associates, Chartered Accountants, Auditors of the Company retire at the ensuing Annual General Meeting and being eligible offer themselves for re-appointment The Company has received a certificate from the Auditors to the effect that their appointment made would be within the prescribed limits under Section 224(1B) of the Companies Act, 1956. The members are requested to appoint the Auditors for the current year and authorize die Board to fix their remuneration.

Auditors' Report:

Observations made in the Auditors' Report are self- explanatory and therefore, do not call for any further comments under Section 217(3) of the Companies Act, 1956.

Fixed Deposits.

The company has not accepted or renewed any deposit from public during the year under review.

Secretarial Compliance certificate:

Pursuant to the proviso of the Companies Act, 1956 read with the Companies (Compliance Certificate) Rules 2001, the Secretarial Compliance Certificate obtained from M/s. Rathi & Associates, Company Secretaries in Whole-time Practice, is attached to this report.

Particulars of Employees:

During the year under review, none of the employees of the company was was in receipt of remuneration aggregating Rs. 24,00,000/- or more per annum, if employed throughout the year, or Rs. 2,00,000/- or more per month, in case employed for part of the year. Hence there are no particulars to be annexed to this report as required under section 217 (2A) of the companies Act, 1956 and the rules made there under.

Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo:

The requirements of disclosures in terms of Section 217 (i)(e) of the Companies Act, 1956, read with the Companies (Disclosures of the Particulars in the Report of the Board of Directors) Rules, 1988 pertaining to the conservation of energy and technology absorption are not applicable to the Company due to the very nature of the industry in which it operates.

During the year under review, there was no foreign exchange earnings and outgo.

Acknowledgements:

The Directors wish to express their gratitude to the bankers, clients and all the business associates for their continuous support to the Company and to the Shareholders for the confidence reposed in the Company's management. The Directors also convey their appreciation to the employees at all levels for their enormous personal efforts as well as collective contribution.

For and on behalf of the Board

Place: Mumbai

Dated: 31st May, 2010 Director Director


Mar 31, 2009

The Directors Have pleasure in presenting their Annual Report on the business operations of the Company along with the Statement of Audited Accounts for the year ended 31st March, 2009.

Financial Results:

(Amt. in Rs.)

Particulars Year Ended 31st Year Ended 31st March, 2009 March, 2008

Total Income 1,189,400 1,186,680

Profit before Tax1, 080,522 1,16,3321

Less Provision for Tax 0 0

Net PROFIT (Loss) after Tax1, 080,522 1,163,321

Add Balance of Profit & Loss A/c. brought 15,204,099 14,040,778 Forward from the previous year

Balance carried forward to Balance Sheet 16,284,621 15,204,099

Year under Review:

During the year under review, your Company generated a total Income of Rs.1,189,400/- comprising mainly of dividend received. Against this, the total expenses were Rs.108,878/- incurred by the Company. This has led to a profit of Rs.1,080,522/- as compared to Rs.1,163,321/- before tax during the previous year. After providing for tax and adjusting thereto the balance forward from last year of Rs.15,204,099/-, a balance of Rs.16,284,621/- has been carried forward to the Balance Sheet.

Your Company continues to be cautiously optimistic about its growth prospects for the current financial year.

Dividend:

Your Directors have not recommended payment of dividend for the year under review considering the need to improve the net worth of the Company.

Directors:

In accordance with the provisions of the Companies Act, 1956 and the Articles of Association of the Company, Mr. L. M. Bhansali, Director of the Company, shall retire by rotation at the forthcoming Annual General. Meeting and is eligible for re-appointment. , The Board of Directors recommends his re-appointment.

Directors Responsibility Statement:

Forward to Section 217(2AA) of the Companies Act, 1956, your Directors confirm the Following.

In the preparation of the annual accounts, the applicable standards have been followed.

Your Directors have 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 at the end of the financial year and of the profit of the Company for that year.

Your Directors have taken proper and sufficient care for the maintenance-of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets oldie Company and for preventing and detecting fraud and other irregularities.

Your Directors have prepared the attached Statement of Accounts for the year ended March 1, 2009 on a going concern basis.

Auditors:

M/s. B. L. Dasharda & Associates, Chartered Accountants, Auditors of the Company retire at the ensuing Annual General Meeting and are eligible for re-appointment. The Company has received certificate from the Auditors to the effect that their appointment, if made, would be within the prescribed limits under Section 224(1B) of the Companies Act, 1956. The members are requested to appoint the Auditors and authorise the Board to fix their remuneration.

Auditors' Report:

Observations made in the Auditors' Report are self-explanatory and therefore, do not call for any further comments under Section 217(3) of the Companies Act, 1956.

Fixed Deposits:

The Company has not accepted or renewed any deposit from public during the year under review.

Secretarial Compliance Certificate:

Pursuant to the proviso to Section 383 A(l) of the Companies Act, 1956 read with the Companies (Compliance Certificate) Rules 2001, Secretarial Compliance Certificate from M/s. Rathi & ; Associates, Company Secretaries in Whole time Practice, is attached to this report.

Particulars Employees:

During the year under review, none of the employees of the Company was in receipt of information aggregating Rs.24,00,000/- or more per annum, if employed throughout the year, or Rs1,00,000 or more per month, in case employed for part of the year. Hence, there are no Particulars to be annexed to this report as required under Section 217 (2A) of the Companies Act, the rules made there under,.

Conservation of Energy, Technology Absorption, Foreign Exchange Earnings And Outgo:

The requirements of disclosures in terms of Section 217 (l)(e) of the Companies Act, 1956, read with the Companies (Disclosures of the Particulars in the Report of the Board of Directors) Rules 1988 pertaining to the conservation of energy and technology absorption are not applicable to the Company due to the very nature of the industry in which it operates:

During the year under review, there was no foreign exchange earnings and outgo.

Acknowledgements:

The Directors wish to express their gratitude to the bankers, clients and all the business associates for their continuous support to the Company and to the Shareholders for the confidence reposed in the Company's management. The Directors also convey their appreciation to (lie employees at all -levels for their enormous personal efforts as well as collective contribution.

For and on behalf of the Board

Place: Mumbai

Dated: 30th June, 2009 Director Director

 
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