Home  »  Company  »  Shree Metalloys  »  Quotes  »  Directors Report
Enter the first few characters of Company and click 'Go'

Directors Report of Shree Metalloys Ltd.

Mar 31, 2014

Dear Members,

The Directors have pleasure in presenting the 20th Annual Report together with the Audited Accounts of the Company for the year ended on 31st March, 2014.

FINANCIAL RESULTS:

(In Lacs) 2013-14 2012-13

Total Income (Net) 4792.05 4219.66

Total Expenditure 4756.92 4194.91

Gross Profit / (Loss) 35.13 24.75

Less : Depreciation 1.97 2.62

Provision for taxation 10.75 7.22

Earlier Years Tax 0.58 0.15

Deferred Tax (0.11) (0.18)

Extraordinary Item (Investment Written off) 10.49 -

Profit / (Loss) after Tax 11.45 14.94

Your directors are confident and optimistic of achieving upward growth and achieving much better results in the coming years.

DIVIDEND:

Since the company is on the verge of growth and development your directors are unable to recommend any dividend in the current fiscal.

MANAGEMENT DISCUSSION AND ANALYSIS AND INDUSTRY OUTLOOK:

The board of directors believes in the strict compliance of provisions of listing agreement and believes in better corporate governance. The disclosure standards are adhered and boards of directors as well as top management personnel have adopted code of conduct. The disclosures as required under clause 49 of the listing agreement is forming part of this report as a separate annexure in the form of report.

Your directors are in the process of making diversification of its business in the manufacturing and trading metal and other allied activities. Your directors are optimistic of achieving commendable growth in the coming years.

INSURANCE:

The company has taken sufficient insurance for the properties against risks of fire, strike, riot and earthquake. PARTICULARS OF EMPLOYEES:

The particulars of the employee of the Company drawing total remuneration of Rs.60,00,000/- per annum or Rs.5,00,000/ - per month as required U/S 217 (2A) of the Companies Act, 1956 is Nil.

FIXED DEPOSITS:

Your Company has not accepted any deposits and, as such, no amount of principal or interest was outstanding on the date of balance sheet.

Mr. Devendra P. Jain, Director of the Company, liable to retires by rotation and being eligible offers himself for reappointment.

DIRECTORS'' RESPONSIBILITY STATEMENT - SECTION 217 (2AA) OF THE COMPANIES ACT, 1956:

The Board of Directors states:

1) that in the preparation of the annual accounts, 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 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 and loss of the company for that period;

3) that 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;

4) that the Directors had prepared the annul accounts on a going concern basis.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO:

1) CONSERVATION OF ENERGY :

A. Energy Conservation measures taken: The Company gives top most priority to energy conservation.

B. Additional investment and proposal if any being implemented for reduction in consumption of energy : NIL

C. Energy consumption in terms of electricity, LDO and Gas NIL.

D. Total energy consumption and energy consumption per unit of production: NIL.

2) TECHNOLOGY ABSORPTION :

A. Adoption and innovation : N.A.

B. Research and development ( R & D ) : NIL

3) FOREIGN EXCHANGE EARNINGS AND OUT GO : OUT GO

CIF Value of Import : Rs.44,76,446/-

Expenditure in Foreign Currency : NIL

EARNING : NIL

CORPOTRATE GOVERNANCE:

Your directors are pleased to inform you during the year provisions relating to the Corporate Governance as per listing Agreement has become applicable and has complied with the various requirements a report along with certificate is attached forming part of this report.

The present Auditors of the Company M/s. Bharadia Maheshwari & Associates, Chartered Accountants, Ahmedabad were appointed as Auditors and will retire at the ensuing Annual General Meeting. M/s. Bharadia Maheshwari & Associates, Chartered Accountants have submitted certificate for their eligibility for appointment under section 139 of the Companies Act, 2013. Board of Directors of your Company favour their re-appointment as Statutory Auditors'' of the Company and such re-appointment if done, shall be upto the next Annual General Meeting of the Company.

AUDITORS REPORT AND COMMENTS:

Relating to qualification cited by auditors, the Board of Directors of the company like to comment as under:-

1. Valuation of investments at cost as stated in note no. 42.

Note no. 42. Company has made investment in certain companies and out of them Advance Bio Chem (India) Ltd., Shree ji Phosphate Ltd., Zora Pharma Ltd., are suspended and delisted at BSE therefore the company has shown investments in shares of these companies under the category of unquoted investment. The management continuously update its information from BSE and is hopeful to realize the value of investment, therefore no provision has been made for the possible diminution in the value of shares held as investment.

2. Non Provision for Depreciation on Plant & Machinery as stated in note no.45.

Note no.45. The Company has not provided any Depreciation on Plant & Machinery during the year, as the company has not started production and even depreciation charged in the year 2009-10, was reversed back in next year i.e. 2010-11. As there was dispute with Paschim Gujarat Vij Company Ltd. (PGVCL), the supplier of power, relating to certain charges in the previous years. The Company has won the case against the PGVCL and pursuing to re-start its power connection. The Company has already incurred certain expenditure to re-start its plant during the year and taking all necessary steps to re-start commercial operation from its existing plant. Once the company starts commercial production, depreciation will be charged as per the applicable rate.

ACKNOWLEDGEMENT

Your Directors would like to express their appreciation for the support extended by Bankers and Office bearers of Government Department and Financial Institutions. Your Directors also place on record their deep appreciation of the services rendered by the Officers, staff and workers of the company at all levels. Your Directors also acknowledge the continued invaluable support extended by you - our shareholders- and the confidence that you have placed in the company.

Regd. Office By Order of the Board A/2, North View Apartment, For, Shree Metalloys Limited St. Xaviers College Road, Navrangpura, Ahmedabad -380009 Pratik R. Kabra Date : 12/08/2014 Chairman & Managing Director Place : Ahmedabad DIN: 00006358


Mar 31, 2013

Dear Members,

The Directors have pleasure in presenting the 19th Annual Report together with the Audited Accounts of the Company for the year ended on 31st March, 2013.

FINANCIAL RESULTS:

(In Lacs) 2012-13 2010-11

Total Income (Net) 4219.66 6300.48

Total Expenditure 4194.91 6286.61

Gross Profit / (Loss) 24.75 13.87

Less : Depreciation 2.62 3.41

Provision for taxation 7.22 3.80

Earlier Years Tax 0.15 0.45

Deferred Tax (0.18) (0.44)

Profit / (Loss) after Tax 14.94 6.65

During the current fiscal 2012-2013 under review, Sales and other Income have been placed at Rs.4219.66 Lacs compared to Rs. 6300.48 Lacs in the year 2011-2012. Your directors are confident and optimistic of achieving upward growth and achieving much better results in the coming years.

DIVIDEND:

Since the company is on the verge of growth and development your directors are unable to recommend any dividend in the current fiscal.

MANAGEMENT DISCUSSION AND ANALYSIS AND INDUSTRY OUTLOOK:

The board of directors believes in the strict compliance of provisions of listing agreement and believes in better corporate governance. The disclosure standards are adhered and board of directors as well as top management personnel have adopted code of conduct. The disclosures as required under clause 49 of the listing agreement is forming part of this report as a separate annexure in the form of report.

Your directors are in the process of making diversification of its business in the manufacturing and trading metal and other allied activities. Your directors are optimistic of achieving commendable growth in the coming years.

INSURANCE:

The company has taken sufficient insurance for the properties against risks of fire, strike, riot and earthquake.

PARTICULARS OF EMPLOYEES:

The particulars of the employee of the Company drawing total remuneration of Rs.60,00,000/- per annum or Rs.5,00,000/ - per month as required U/S 217 (2A) of the Companies Act, 1956 is Nil.

FIXED DEPOSITS:

Your Company has not accepted any deposits and, as such, no amount of principal or interest was outstanding on the date of balance sheet.

DIRECTORS:

Mr.Jogesh D. Chokshi, Whole time Director designated as Executive Director of the Company, appointed under the category of liable to retire by rotation, retires on the ensuing Annual General Meeting, being eligible, offers himself for reappointment.

The Board of your Company recommends his re-appointment as Director under the category of liable to retire by rotation.

DIRECTORS'' RESPONSIBILITY STATEMENT - SECTION 217 (2AA) OF THE COMPANIES ACT, 1956:

The Board of Directors states:

1) that in the preparation of the annual accounts, 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 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 and loss of the company for that period;

3) that 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;

4) that the Directors had prepared the annual accounts on a going concern basis.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO:

1) CONSERVATION OF ENERGY :

A. Energy Conservation measures taken: The Company gives top most priority to energy conservation.

B. Additional investment and proposal if any being implemented for reduction in consumption of energy : NIL

C. Energy consumption in terms of electricity, LDO and Gas NIL.

D. Total energy consumption and energy consumption per unit of production: NIL.

2) TECHNOLOGY ABSORPTION :

A. Adoption and innovation : N.A.

3) Research and development ( R & D ) : NIL

4) FOREIGN EXCHANGE EARNINGS AND OUT GO : OUT GO

CIF Value of Import : 2,61,83,926

Expenditure in Foreign Currency : 57,921

EARNING :NIL

CORPOTRATE GOVERNANCE:

Your directors are pleased to inform you that your Company has complied with the various requirements of Corporate Governance during the year and a Corporate Governance Report along with certificate is attached forming part of this report.

AUDITORS:

The present Auditors of the Company M/s. Bharadia Maheshwari & Associates, Chartered Accountants, Ahmedabad were appointed as Auditors and will retire at the ensuing Annual General Meeting. M/s. Bharadia Maheshwari & Associates, Chartered Accountants have submitted certificate for their eligibility for appointment under Section 224(1B) of the Companies Act, 1956. Board of Directors of your Company favour their re-appointment as Auditors of the Company and such re-appointment if done, shall be upto the conclusion of the next Annual General Meeting of the Company.

AUDITORS'' REPORT AND COMMENTS:

The Auditors'' of the Company has commented and quailed their Audit Report and relating to qualification cited by Auditors'', the Board of Directors of the Company likes to comment as under:-

1. Valuation of investments at cost as stated in Notes No. 41 & 42.

Note No. 41 The market value of Gujarat State Financial Corporation Ltd (GSFC) were not attractive and also shares of the said Company were illiquid shares, therefore management of the company has decided not to pay the allotment money of Rs.5/- per share. The Company approached to RTA i.e. MCS Ltd., Ahmedabad of GSFC relating to these shares and came to know that these shares has already been forfeited by the GSFC. As the Management came to know of this development after preparation and signing of Audited Accounts by the Board of Directors, same has not been provided in the books of the Company and necessary entry of loss on investment in the shares of GSFC will be done in the current financial year i.e. 2013-14.

Note No. 42 Company has made investment in certain companies and out of them Advance Bio Chem (India) Ltd., Shreeji Phosphate Ltd., Zora Pharma Ltd. are suspended/delisted at BSE therefore the company has shown investment in the shares of these Companies, under the category of unquoted investment. The management continuously update its information from BSE and is hopeful to realize the value of investment, therefore no provision has been made for the possible diminution in the value of shares held as investment.

2. Non confirmation/non reconciliation of certain deposits as Stated in Note No. 43.

Note No. 43 The advance given to Ahmedabad stock Exchange amounting Rs.3.25 lacs and to Vadodara Stock Exchange amounting Rs.20.50 are in nature of deposits and the Management is perusing the matter with concerned exchanges to recover the amount of deposit from them. Further the Management considers this as recoverable and if required, necessary legal steps will be taken. The Company has already issued legal notices to Vadodara Stock Exchange.

3. Non provision for Depreciation on Plant & Machinery as stated in Note No. 45.

Note No. 45 The Company has not provided any depreciation on Plant and Machinery during the year, as the Company has not started production and even depreciation charged in the year 2009-10 was reversed back in the next year i.e.2010-11. As there is non-release of power by Paschim Gujarat Vij Company Ltd. (PGVCL), the production could not be started, the matter relating with PGVCL is better explained in Note No. 44 of the Accounts. Management is pursuing the matter and expect to start production during the current year. Once the Company starts commercial production, depreciation will be charged as per the applicable rate.

ACKNOWLEDGEMENT

Your Directors would like to express their appreciation for the support extended by Bankers and Office bearers of Government Department and Financial Institutions. Your Directors also place on record their deep appreciation of the services rendered by the Officers, staff and workers of the company at all levels. Your Directors also acknowledge the continued invaluable support extended by you - our shareholders- and the confidence that you have placed in the company.



By Order of the Board For, Shree Metalloys Limited

Date : 30/07/2013 Pratik R. Kabra Place:Ahmedabad Chairman & Managing Director


Mar 31, 2012

The Directors have pleasure in presenting the 18th Annual Report together with the Audited Accounts of the Company for the year ended on 31st March, 2012.

FINANCIAL RESULTS:

(In Lacs)

2011-12 2010-11

Operating Profit / (Loss) (Before Interest & Depreciation) 35.71 20.32

Less: Interest 21.83 0.55

Profit/(Loss) before Depreciation 13.87 19.77

Less: Depreciation 3.40 2.27

Profit / (Loss) before Tax 10.46 17.50

Less: Provision for Taxation 3.80 5.25

Add/Less: Deferred Tax Assets/provision 0.44 4.53

Less: Prior Period Adjustment 0.45 5.61

Net Profit/(Loss) after Tax 06.65 11.17

Add: Balance brought forward from previous year 64.67 53.50

Profit / (Loss) carried to Balance Sheet 71.31 64.67

During the current fiscal 2011-2012 under review, Sales and other Income have been placed at Rs.6298.91 Lacs compared to Rs. 4789.59 Lacs in the year 2010-2011. Your directors are confident and optimistic of achieving upward growth and achieving much better results in the coming years.

DIVIDEND:

Since the company is on the verge of growth and development your directors are unable to recommend any dividend in the current fiscal.

Management discussion and analysis and industry outlook:

The board of directors believes in the strict compliance of provisions of listing agreement and believes in better corporate governance. The disclosure standards are adhered and boards of directors as well as top management personnel have adopted code of conduct. The disclosures as required under clause 49 of the listing agreement is forming part of this report as a separate annexure in the form of report.

Your directors are in the process of making diversification of its business in the manufacturing and trading metal and other allied activities. Your directors are optimistic of achieving commendable growth in the coming years.

INSURANCE:

The company has taken sufficient insurance for the properties against risks of fire, strike, riot and earthquake.

PARTICULARS of employees:

The particulars of the employee of the Company drawing total remuneration of Rs.24,00,000/- per annum or Rs.2,00,000/ - per month as required U/S 217 (2A) of the Companies Act, 1956 is Nil.

fixed deposits:

Your Company has not accepted any deposits and, as such, no amount of principal or interest was outstanding on the date of balance sheet.

DIRECTORS:

Mr. Bhupendra Singh Rajput retires by rotation and being eligible offers himself for reappointment.

DIRECTORS' RESPONSIBILITY STATEMENT - SECTION 217 (2AA) OF THE COMPANIES ACT, 1956:

The Board of Directors states:

1) that in the preparation of the annual accounts, 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 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 and loss of the company for that period;

3) that 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;

4) that the Directors had prepared the annul accounts on a going concern basis.

conservation of energy, technology absorption and foreign exchange earnings and outgo:

1) CONSERVATION OF ENERGY :

A. Energy Conservation measures taken: The Company gives top most priority to energy conservation.

B. Additional investment and proposal if any being implemented for reduction in consumption of energy : NIL

C. Energy consumption in terms of electricity, LDO and Gas NIL.

D. Total energy consumption and energy consumption per unit of production: NIL.

2) TECHNOLOGY ABSORPTION :

A. Adoption and innovation : N.A.

B. Research and development ( R & D ) : NIL

3) FOREIGN EXCHANGE EARNINGS AND OUT GO : OUT GO

CIF Value of Import : NIL

Expenditure in Foreign Currency : NIL

EARNING : NIL

CORPOTRATE GOVERNANCE:

Your directors are pleased to inform you during the year provisions relating to the Corporate Governance as per listing Agreement has become applicable and has complied with the various requirements a report along with certificate is attached forming part of this report.

AUDITORS:

The present Auditors of the Company M/s. Bharadia Maheshwari & Associates, Chartered Accountants, Ahmedabad were appointed as Auditors and will retire at the ensuing Annual General Meeting. M/s. Bharadia Maheshwari & Associates, Chartered Accountants have submitted certificate for their eligibility for appointment under Section 224(1B) of the Companies Act, 1956. Board of Directors of your Company favour their re-appointment as Auditors of the Company and such re-appointment if done, shall be upto the next Annual General Meeting of the Company.

AUDITORS REPORT AND COMMENTS:

Relating to qualification cited by auditors, the Board of Directors of the company like to comment as under:-

1. Non confirmation/non reconciliation of certain deposits as Stated in Note (vii) in Schedule IXX.

The advance given to ASE amounting Rs.3.25 lacs and to VSE amounting Rs.20.50 are in nature of deposit and the Management is perusing the matter with concerned exchanges to recover the amount of deposit from them. Further the Management considers this as recoverable and if required, necessary legal steps will be taken.

2. Valuation of investments at cost as stated in Notes (v) &, (vi) in Schedule IXX.

(v) As present market value of Gujarat State Financial Corporation Ltd are not attractive, therefore the company has not done procedure to register shares of the said company in its name and further not paid the allotment money.

(vi) As the trading in the shares of certain companies are suspended/delisted at BSE therefore the same has been shown under the category of unquoted investment. The management is in process to realize the value of investment and hopeful to do so therefore no provision has been made for the possible diminution in the value of shares held as investment.

3. Non provision for Depreciation on Plant & Machinery as stated in Note (viii) in Schedule IXX.

Remark relating to this qualification has been well explained under point viii of notes of Account. Therefore no further clarification required.

Acknowledgement

Your Directors would like to express their appreciation for the support extended by Bankers and Office bearers of Government Department and Financial Institutions. Your Directors also place on record their deep appreciation of the services rendered by the Officers, staff and workers of the company at all levels. Your Directors also acknowledge the continued invaluable support extended by you - our shareholders- and the confidence that you have placed in the company.

By Order of the Board

For, Shree Metalloys Limited

Date : 14/08/2012 Pratik R. Kabra

Place : Ahmedabad Chairman & Managing Director


Mar 31, 2010

Dear Members,

The Directors have pleasure in presenting the Annual Report together with the Audited Accounts of the Company for the year ended on 31st March, 2010

FINANCIAL RESULTS:

Your Directors are glad to announce the commendable progress made by the company in the current fiscal. During the current fiscal 2009-2010 under review, Sales and other Income has been placed at Rs. 4725.37 Lacs compared to Rs.745.40 Lacs in the year 2008-2009, whereas Net profit before tax of the company has been placed at Rs.28.19 Lacs compared to Rs.0.85 Lacs in the year 2008-09. After Provision for Taxation Net Profit of the company has stood at Rs. 19.33 Lacs compare to Rs. 0.53 Lacs in the year 2008-09. Your directors are confident and optimistic of achieving upward growth and achieving much better results in the coming years.

DIVIDEND:

Since the company is on the verge of growth and development your directors are unable to recommend any dividend in the current fiscal.

MANAGEMENT DISCUSSION AND ANALYSIS AND INDUSTRY OUTLOOK:

The board of directors believes in the strict compliance of provisions of listing agreement and believes in better corporate governance. The disclosure standards are adhered and board of directors as well as top management personnel have adopted code of conduct. The disclosures as required under clause 49 of the listing agreement is forming part of this report as a separate annexure in the form of report.

Your directors are in the process of making diversification of its business in the manufacturing and trading metal and other allied activities. Your directors are optimistic of achieving commendable growth in the forth coming years.

INSURANCE:

The company has taken sufficient insurance for the properties against risks of fire, strike, riot and earthquake.

PARTICULARS OF EMPLOYEES:

The particulars of the employee of the Company drawing total remuneration of Rs.24,00,000/- per annum or Rs.2,00,000/- per month as required U/S 217 (2A) of the Companies Act, 1956 is Nil.

FIXED DEPOSITS:

Your Company has not accepted any deposits and, as such, no amount of principal or interest was outstanding on the date of balance sheet.

DIRECTORS:

Shri Pratik R. Kabra retires by rotation and being eligible offers himself for reappointment Shri Ramprasad M. Kabra resigned from the directorship of the company during the year due to their other pre-occupations. The board placed on record the same and offered deep sense of gratitude for the services rendered by them to the company.

DIRECTORS RESPONSIBILITY STATEMENT -SECTION 217 (2AA) OF THE COMPANIES ACT, 1956:

The Board of Directors states:

1) that in the preparation of the annual accounts, 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 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 and loss of the company for that period;

3) that 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;

4) that the Directors had prepared the annul accounts on a going concern basis.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO:

Particulars in accordance with the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 read with the Provisions of Section 217 (1) (e) of The Companies Act, 1956 is annexed herewith forming part of this report.

CORPOTRATE GOVERNANCE:

Your directors are pleased to inform you during the year provisions relating to the Corporate Governance as per listing Agreement has become applicable and has complied with the various requirements a report along with certificate is attached forming part of this report.

AUDITORS:

M/s. Bharadia Maheshwari & Associates, Chartered Accountants, Ahmedabad, statutory auditors retires at the end of ensuing Annual general meeting and being eligible, offer themselves for reappointment.

AUDITORS REPORT AND COMMENTS:

The contents and notes in the auditors report are self explanatory and needs no explanation.

ACKNOWLEDGEMENT

Your Directors would like to express their appreciation for the support extended by Bankers and Office bearers of Government Department and Financial Institutions. Your Directors also place on record their deep appreciation of the services rendered by the Officers, staff and workers of the company at all levels. Your Directors also acknowledge the continued invaluable support extended by you - our shareholders- and the confidence that you have placed in the company.

On behalf of the Board

Pratik Kabra Kapil Kabra Director Director

Date : 29/05/2010 Place: Ahmedabad



 
Subscribe now to get personal finance updates in your inbox!