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Directors Report of Shree Shaleen Textiles Ltd.

Mar 31, 2015

The Directors are pleased to present their Directors' Report together with the Audited Financial Statements for the year ended March 31,2015

1. EXTRACT OF ANNUAL RETURN: {Section 92 (3)} In Form MGT-9 enclosed as Annexure I.

2. NUMBER OF BOARD MEETINGS: (Section 134)

The Board of Directors duly met 5 times on 8th August, 2014; 18th August, 2014, 3rd September, 2014,14th November, 2014 13th February, 2015.

3. DIRECTORS REPSONSIBILITY STATEMENT:

Pursuant to the requirement of Section 134(5) of the Companies Act, 2013, the Directors hereby confirm that:

i) In the preparation of the Annual Accounts, the applicable Accounting Standards have been followed along with proper explanations relating to material departures;

ii) 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 and of the profit and Loss of the Company for the that period;

iii) The Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

iv) The Directors have prepared the annual accounts on a going concern basis.

v) The directors in case of listed company have laid down internal financial controls to be followed by the company and such controls are adequate and are operating effectively.

vi) The Directors have devised proper system to ensure compliance with the provisions of all applicable laws and such systems are adequate and are operating effectively.

4. AUDITORS, SECRETARIAL AUDITORS AND REPLY TO THEIR RESPECTIVE QUALIFICATIONS:

Auditors:

SVA & Company Chartered Accountants, who are the statutory auditors of the Company, hold office, in accordance with the provisions of the Act up to this Annual General Meeting and from whom necessary consent has been obtained under section 141 of the Companies Act, 2013 are eligible for re-appointment as required under the provisions of Section 139 of the Companies Act, 2013 from the conclusion of this Annual General Meeting till the conclusion of Annual General Meeting of the Company relating to the financial ended 2018-2019 subject to ratification of the Members at every Annual General Meeting and at a remuneration as may be decided by the Board. The Company has received the necessary eligibility certificate from the Auditors and the Directors recommend the resolution at item no. 3 of the notice for the approval of the members.

Reply to Auditors' Qualification:

There was a plan of change in the management of the Company which got failed and due to same the statutory dues could not paid.

5. FINANCIAL RESULTS:

Amount in Rupees

Particulars Current year Previous Year 2015 2014

Income Earned During the year 71547033 26470179

Profit/ (Loss) before Interest, Depreciation & 2173490 5263041

Tax

Less:

a. Interest 36246 36000

b. Depreciation 9935 0

Add prior period income 0 0

Profit before Taxes 2127309 5227041

Less Current Tax 500000 291000

Add Deferred Tax 8864 0

Profit for the period 1618445 4936041

Profits carried forward from previous year 10292000 5355960

Less proposed Dividend 0 0

Less Dividend Distribution Tax 0 0

Profits c/f to Balance Sheet 11910445 10292000

6. RESERVES:

The Company proposes to carry Rs.l 1910445 to the Reserves. AH the Requirements as laid down in Companies Act, 2013 and Rules made there under are complied with.

7. DIVIDEND:

The Board of Directors have not recommended dividend for the year under review.

8. MATERIAL CHANGES AND COMMITMENTS BETWEEN THE DATE OF THE BALANCESHEET AND THE DATE OF REPORT:

There are no material changes between the date of balance sheet and the date of this report that would affect the financial position of the company as both are approved and signed on the same day.

9. CONSERVATION OF ENERGY, TECHNOLOGICAL ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO:

(A) Conservation of energy:

Considering the nature of the business of your company, there are no particulars which are required to be furnished in this report relating to conservation of energy/

(B) Technology absorption:

As the Company is not engaged in Software Development activity, provisions of section 134(2) (m) of the Companies Act, 2013 relating to Conservation of technology absorption is not applicable

(C) Foreign exchange earnings and Outgo

PARTICULARS AMOUNT (IN RS.)

Foreign Exchange earned in terms of actual inflows during the year

Foreign Exchange outgo during the year in terms of actual outflows

10. DIRECTORS:

A) Changes in Directors and Key Managerial Personnel

The Board of Director is duly constituted. Mr. Ankur Bhinda, Mr. Ravikant Sharma and Mr. Arunkumar Saboo the directors have resigned due to personal reasons from the office during this financial year.

B) Declaration by an Independent Directors)

The Company has received declarations from all the Independent Directors of the Company confirming that they meet the criteria of independence as prescribed both under the Act and Clause 49 of the Listing Agreement with the Stock Exchanges.

C) Annual Evaluation of the Board Members

The Company has devised a Policy for performance evaluation of Independent Directors, Board, Committees and other individual Directors which includes criteria for performance evaluation of the non-executive directors and executive directors.

11. AUDIT COMMITTEE {Section 177 (8)}

The Audit Committee was formed during the year and met once. Mr. Madhu Sharma is the Chairman of the Audit committee. The Composition of the Audit Committee is as under;

Mr. Madhu Sharma Mr. Amad Riyaz Bhati Mr. Zeeshan Hanif Shaikh

The broad terms and reference of Audit Committee are to review the financial statements before submission to Board, to review reports of the Auditors and Internal Audit department and to review the weaknesses in internal controls, if any, reported by Internal and Statutory Auditors etc. In addition, the powers and role of the Audit Committee are as laid down under Clause 49 II C & D of the Listing Agreement entered with the Stock Exchanges and Section 292A of the Companies Act, 1956.

The Audit Committee invites such of the executives, as it considers appropriate (and particularly the head of the finance function) to be present at its meetings. The Statutory Auditors are also invited to the meetings.

12. NOMINATION AND REMUNERATION COMMITTEE AND COMPANY'S POLICY ON DIRECTORS APPOINTMENT AND REMUNERATION :{ Section 178 (3) and 178 (4)}

The Remuneration Committee was constituted during the year. Mr. Amad Riyaz Bhati is the Chairman of Remuneration Committee. The Constitution of the Committee is as given below:

Mr. Madhu Sharma Mr. Amad Riyaz Bhati Mr. Zeeshan Hanif Shaikh

The terms of reference of the 'Remuneration Committee' are as follows:

1) To determine on behalf of the Board and on behalf of the Shareholders the Company's policy on specific remuneration packages for Executive Directors including pension rights and any compensation payment.

2) Such other matters as may from time to time be required by any statutory, contractual or other regulatory requirements to be attended to by such committee.

The details of the remuneration paid to executive director are disclosed in the related party transactions in the notes to accounts section of the report.

13. RISK MANAGEMENT POLICY:

The Management has put in place adequate and effective system and man power for the purposes of risk management. In the opinion of the Board, following there are no risks which would threaten the existence of the Company.

14. CORPORATE SOCIAL RESPONSIBILITY (CSR):

Since the Company's net worth does not exceed Rs. 500 crores or Company's turnover does not exceed Rs. 1000 crores or the Company's net profit does not exceed Rs. 5 crore for any financial year, the provisions of section 135 of the Companies Act, 2013 are not applicable.

15. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186:

Particulars of Loan given, Investments made, guarantees given and securities provided along with the purpose for which the loan or guarantee or security is proposed to be utilized by the recipient are provided in standalone financial statement.

16. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES:

The particulars of contracts or arrangements entered into by the Company with related parties referred to in sub-section (1) of section 188 of the Companies Act, 2013 including certain arms length transactions under the proviso thereto have been disclosed in Form No. AOC -2, annexed.

17. REVISION OF FINANCIAL STATEMENTS OR BOARD'S REPORT {Section 131 j

(1)}

The company has not made any modification or alteration in its Financial Statement / Board Report in respect of last three financial years.

18. DISCLOSURES PURSUANT TO SECTION 197 (12) OF THE COMPANIES ACT, 2013 AND THE RULES MADE THEREUNDER:

The Company is not paying any remuneration to its directors except for the sitting as prescribed by the Articles of Association of the Company; no disclosures are to be made in this regard.

19. DISCLOSURES PURSUANT TO SECTION 197 (14) OF THE COMPANIES ACT,

2013:

The Company is not paying any remuneration to its directors except for the sitting as prescribed by the Articles of Association of the Company; no disclosures are to be made in this regard.

20. PERFORMANCE AND FINANCIAL POSITION OF EACH OF THE SUBSIDIARIES, ASSOCIATES AND JOINT VENTURE COMPANIES: (Not Applicable)

21. CORPORATE GOVERNANCE AND MANAGEMENT DISCUSSION & ANALYSIS REPORTS:

The Corporate Governance and Management Discussion & Analysis Report, which forms a part of this Report, are set out separately together with the Certificate from the Auditors of the Company regarding compliance with the requirements of Corporate Governance as stipulated in Clause 49 of the Listing Agreement.

22. DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRD3UNALS IMPACTING THE GOING CONCERN STATUS AND COMPANY'S OPERATIONS IN FUTURE:

There were no orders passed by the regulators or courts or tribunals impacting the going concern status and company's operations in future.

25. ACKNOWLEDGEMENTS:

An acknowledgement with thanks is hereby conveyed to all with whose help, cooperation and » hard work the Company was able to achieve the results.

For and on Behalf of the Board

Shree Shaleen Textiles Limited

Sd/- Sd/-

Madhu Sharma Amad Riyaz Bhati

(Director, DIN: 01833305) (Director, DIN: 06834976)

Place: Mumbai

Date: 04/09/2015


Mar 31, 2014

Dear Members,

The Directors take pleasure in presenting the Annual Report and the audited accounts of the Company for the year ended 31st March 2014.

FINANCIAL RESULTS

The performance of the Company for the financial year ended 31st March 2014 is summarised below:

(Rs. in Lacs) Particulars 2013-14 12012-13

Sales and Other Income 264.70 117,69

Profit before Depreciation and Tax 52.27 52.59

Depreciation 0.00 0,04

Profit! (Loss) before Tax 52.27 52.63

Provision for Tax 2.91 10

Profit / (Loss) after Tax 49.36 42.63

Profit brought forward from previous year RESULTS OF OPERATIONS

During the year your Company has achieved total revenue of Rs.264.70 Lacs as compare to Rs.l 17.69 Lacs in the corresponding previous financial year and the Company has incurred net profit of Rs. 49.36 Lacs as compared to net profit of Rs.42.63 Lacs in the corresponding previous financial year.

DIVIDEND

In order to conserve the reserves to meet the needs of increased operation of the Company, the Board of Directors has decided not to declare dividend for the year.

FIXED DEPOSITS:

Your Company has not accepted any fixed deposits from the public and is therefore not required to furnish information in respect of outstanding deposits under Non-Banking Financial Companies (Reserve bank) Directions. 1966 and Companies (Acceptance of Deposits) Rules, 1975.

BOARD OF DIRECTORS AND CHANGE IN MANAGEMENT:

i). Composition of Board of Directors:

The Board comprises of four Directors, of which three are Independent Directors.

CORPORATE GOVERNANCE:

The Company has adopted to follow the requirements of Corporate Governance as stipulated under clause 49 of the Equity Listing Agreement of Stock Exchange and accordingly, the Report on Corporate Governance forms part of the Annual Report.

The requisite Certificate from the Auditors of the Company M''s. SVA & Company, regarding compliance with the conditions of Corporate Governance as stipulated in Clause 49 is annexed to this Report.

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:

1. that in preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to materia 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 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 provisions of the Companies Act 1956 for safeguarding the assets of the Company and for preverting and detecting fraud and other irregularities;

4. that the Directors had prepared the annual accounts for the year under review, on a ''going concern'' basis.

AUDITORS:

During the year M/s. SVA & Company, Chartered Accountants, Mumbai, was appointed as Statutory Auditor of the Company to fill the vacancy caused by resignation of existing Statutory Auditors of the Company. M/s Satish Soni & Co., Chartered Accountants. Mumbai, will retire at the ensuing Annual General Meeting. 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 (1-B) of The Companies Act. 1956. Your Directors recommends Re-appointment of SVA & Company. Chartered Accountants. Mumbai, as Statutory Auditors of the Company.

ENERGY CONSERVATION,TECHNOLOGY ABSORPTION:

Considering the nature of the Business of your Company there are no particulars which arc fumislicd in this report relating to conservation of energy and technology absorption.

FOREIGN EXCHANGE EARNINGS AND OUTGO

The Foreign Exchange earnings and outgo of the Company for year under review amounted to Rs. Nil.

PARTICULARS OF EMPLOYEES

There are no employees whose details are required to be given information in accordance with the provisions of Section 2I7(2A) of the Companies Act, 1956 (the Act), read with the Companies (Particulars of Employees) Rules, 1975.

ACKNOWLEDGEMENTS

The Board wishes to place on record its sincere appreciation for the assistance and co-operation received from Bankers. Government Departments and other Business Associates for their continued support towards the conduct of operations of the Company efficiently.

The Directors express their gratitude to the shareholders for their continuing confidence in the Company. The Directors also acknowledge the hard work and persuasive efforts put in by the employees of the Company in carrying forward Company.

For and on behalf of the Board of Directors -Sd- Place: Mumbai Madhu Sharma Date: 30.05.2014 Director DIN: 01833305


Mar 31, 2012

To the Shareholders,

The Directors take pleasure in presenting the Annual Report and the audited accounts of the Company for the year ended 31st March 2012.

FINANCIAL RESULTS

The performance of the Company for the financial year ended 31st March 2012 is summarised below:

(Rs. in Lacs)

Particulars 2011-12 2010-11

Sales and Other Income 78.18 759.11

Profit before Depreciation and Tax (17.15) 382.05

Depreciation 0.03 0.05

Profit / (Loss) before Tax (17.18) 382.00

Provision for Tax 3.00 68.00

Profit / (Loss) after Tax (20.18) 314.00

Add: Profit brought forward from previous year 387.36 73.36

Balance Carried to Balance Sheet 367.18 387.36

RESULTS OF OPERATIONS

During the year your Company has achieved total revenue of Rs.78.18 Lacs as compare to Rs.759.11 Lacs in the corresponding previous financial year and the Company has incurred net loss of Rs.20.18 Lacs as compared to net profit of Rs.314.00 Lacs in the corresponding previous financial year.

DIVIDEND

In order to conserve the reserves to meet the needs of increased operation of the Company, the Board of Directors has decided not to declare dividend for the year.

CHANGES IN THE CAPITAL STRUCTURE

During the year, with the approval of the Shareholders the Authorised Capital of Company was increased to Rs.20,00,00,000 which is divided into 2,00,00,000 Equity Shares of Rs.10 each.

PREFERENTIAL ISSUE:

During the financial year pursuant to shareholders approval at Annual General Meeting held on 27th September, 2011 the Board of Director have allotted 4,75,000 Equity Shares of Rs.10 each at premium of Rs.195 each to certain investors and consequently, the Paid-up capital increased from Rs.20,00,000 to Rs.67,50,000.

BONUS ISSUE:

Pursuant to approval of Shareholders at Extra Ordinary General Meeting held on 21st March, 2012 the Board of Directors has allotted 1,28,25,000 Fully Paid Equity Shares of Rs.10 as Bonus Shares in the Ratio of 19 Equity Shares for every one Share held as on Record Date i.e.14th April, 2012.

FIXED DEPOSITS:

Your Company has not accepted any fixed deposits from the public and is therefore not required to furnish information in respect of outstanding deposits under Non-Banking Financial Companies (Reserve bank) Directions, 1966 and Companies (Acceptance of Deposits) Rules, 1975.

BOARD OF DIRECTORS AND CHANGE IN MANAGEMENT:

i). Composition of Board of Directors:

The Board comprises of four Directors, of which two are Independent Directors. Mr. Dilip Lodha was appointed as the Managing Director of the Company, with effect from 12th May, 2012 as approved by shareholders.

ii). Changes during the Financial Year:

Mr. Ramavtar Sharma who was appointed as Additional Director of the Company w.e.f. 19th October, 2011. Mr. Sharma resigned as Director of the Company w.e.f. 13th February 2012. Mr. Dilip Lodha was appointed as Additional Director on 13th February 2012 and subsequently appointed as Managing Director of the Company w.e.f. 12th May, 2012 with the approval of Shareholders at Extra Ordinary General Meeting held on 12th June, 2012.

CORPORATE GOVERNANCE:

The Company has adopted to follow the requirements of Corporate Governance as stipulated under clause 49 of the Equity Listing Agreement of Stock Exchange and accordingly, the Report on Corporate Governance forms part of the Annual Report.

The requisite Certificate from the Auditors of the Company M/s. Satish Soni & Co., regarding compliance with the conditions of Corporate Governance as stipulated in Clause 49 is annexed to this Report.

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:

1. that in 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 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 provisions 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 annual accounts for the year under review, on a 'going concern' basis.

AUDITORS:

During the year M/s. Satish Soni & Co., Chartered Accountants, Mumbai, was appointed as Statutory Auditor of the Company to fill the casual vacancy caused by resignation of existing Statutory Auditors of the Company. M/s. Satish Soni & Co., Chartered Accountants, Mumbai, will retire at the ensuing Annual General Meeting. 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 (1-B) of The Companies Act, 1956. Your Directors recommends Re-appointment of Satish Soni & Co., Chartered Accountants, Mumbai, as Statutory Auditors of the Company.

ENERGY CONSERVATION, TECHNOLOGY ABSORPTION:

Considering the nature of the Business of your Company there are no particulars which are furnished in this report relating to conservation of energy and technology absorption.

FOREIGN EXCHANGE EARNINGS AND OUTGO

The Foreign Exchange earnings and outgo of the Company for year under review amounted to Rs. Nil.

PARTICULARS OF EMPLOYEES

There are no employees whose details are required to be given information in accordance with the provisions of Section 217(2A) of the Companies Act, 1956 (the Act), read with the Companies (Particulars of Employees) Rules, 1975.

ACKNOWLEDGEMENTS

The Board wishes to place on record its sincere appreciation for the assistance and co-operation received from Bankers, Government Departments and other Business Associates for their continued support towards the conduct of operations of the Company efficiently.

The Directors express their gratitude to the shareholders for their continuing confidence in the Company. The Directors also acknowledge the hard work and persuasive efforts put in by the employees of the Company in carrying forward Company.

For and on behalf of the Board of Directors

Sd/-

Place: Mumbai Dilip Lodha

Date: 31.08.2012 Managing Director


Mar 31, 2011

The Directors take pleasure in presenting the Annual Report and the audited accounts of the Company for the year ended 31sl March 2011.

FINANCIAL RESULTS

The performance of the Company for the financial year ended 31st March 2011 is summarized below:

(Amt.in Rupees)

Particulars 2010-11 2009-10

Sales and Other Income 7,58,84,591.00 24,09,236.00

Profit before Depreciation and Tax 3,82,03,539.00 9,59.227.00

Depreciation 2,861.00 6,620.00

Profit before Tax 3,82,00,678.00 9,52,607.00

Provision for Tax 68,00,000.00 1,50,000.00

Provision for Deferred Tax 0.00 0.00

Prior Year Tax Adjustment 0.00 0.00

Profit After Tax 3,14,00,678.00 8,25,907.00

Add: Profit brought forward from previous year 73,35,546.00 65,09,639.00

Balance Carried to Balance Sheet 3,87,36,224.00 73,35,546.00

RESULTS OF OPERATIONS

Total revenue of the Company for the financial year is Rs.7,58,84,591.00/- as compare to Rs.24,09,236.00/- in the corresponding previous year and the Company has achieved a net profit of Rs.3,14,00,678.00/-as compared to Rs.8,25,907.00/- in the corresponding previous year.

REVOCATION OF SUSPENSION AT THE BOMBAY STOCK EXCHANGE LIMITED

The Company has complied with the all listing requirements of the Bombay Stock Exchange Limited and paid all Listing fees, accordingly, vide letter dated 25th July, 2011 trading the shares of the Company is resumed from 29th July 2011.

DIVIDEND

In order to conserve the reserves to meet the needs of increased operation of the Company, the Board of Directors has decided not to declare dividend for the year.

FIXED DEPOSITS

Your Company has not accepted any fixed deposits from the public and is therefore not required to furnish information in respect of outstanding deposits under Non-Banking Financial Companies (Reserve bank) Directions, 1966 and Companies (Acceptance of Deposits) Rules, 1975.

BOARD OF DIRECTORS

The Board comprises of Three Directors and all of which are Non-Executive. Mr. B.L. Sharma is Director liable to retire by rotation and is being eligible offers himself re-appointment.

CORPORATE GOVERNANCE

The Company has adopted to follow the requirements of Corporate Governance as stipulated under clause 49 of the Equity Listing Agreement of Stock Exchange and accordingly, the Report on Corporate Governance forms part of the Annual Report.

The requisite Certificate from the Auditors of the Company M/s. Sanjay B. Sharma & Co regarding compliance with the conditions of Corporate Governance as stipulated in Clause 49 is annexed to this Report.

DIRECTORS' RESPONSIBILITY STATEMENT:

Pursuant to the requirement under Section 2I7(2AA) of the Companies Act, 1956 with respect to Directors' Responsibility Statement, it is hereby confirmed:

1. that in 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 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 provisions 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 annual accounts for the year under review, on a 'going concern' basis.

AUDITORS

The Auditors M/s. Sanjay B. Sharma & Co., Chartered Accountants, retire at the ensuing Annual Genera) Meeting of the Company and, being eligible, have offered themselves for re- appointment. The Audit Committee and Board of Directors recommend the re-appointment of M/s. Sanjay B. Sharma & Co.,' Chartered Accountants, as Statutory Auditors

ENERGY CONSERVATION, TECHNOLOGY ABSORPTION:

Considering the nature of the Business of your Company there are no particulars which are furnished in this report relating to conservation of energy and technology absorption.

FOREIGN EXCHANGE EARNINGS AND OUTGO

The Foreign Exchange earnings and outgo of the Company for year under review amounted to Rs. Nil.

PARTICULARS OF EMPLOYEES

There are no employees whose details are required to be given information in accordance with the provisions of Section 217(2A) of the Companies Act, 1956 (the Act), read with the Companies (Particulars of Employees) Rules, 1975.

ACKNOWLEDGEMENTS

The Directors thank the Company's customers, vendors, investors, business associates and bankers for the support to the Company. The Directors also thank the Government, Statutory and Regulatory authorities.

The Directors appreciate and value the contributions made by every employee of the Company.

For and on behalf of the Board of Directors

Place: Mumbai

Date: 23.08.2011 Chairman


Mar 31, 2010

The directors have the pleasure in presenting the annual report together with the Audited Statements of Accounts of the Company for the year ended on 31st March, 2010.

BUSINESS

Your Directors Report that during the period the company has satisfactory performance to business activity.

AUDITORS

M/s. Sanjay B. Sharma & Co. Cliartered Accountants, retire and are eligible for Re- appointment.

DIRECTORS RESPONSIBILITY STATEMENT

In accordance with the provisions of Section 217(2AA) of the Companies Act, 1956 your Directors Confirm:

1. That in the preparation of the annual accounts, the applicable accounting standards have been followed by the Company along with proper explanation relating to material departures, if any.

2. That the Director 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 or loss of the company for that period.

3. That the directors have 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.

4. That the Directors have prepared the annual accounting on a going concern basis.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNING & OUTGO

Pursuant of section 217(l)(e) of the Companies Act, 1956 read with the companies (Disclosure and Particulars in the report of Board of Directors ) Rule,1988 relating to the Conservation of Energy, Technology Absorption, and Foreign earning and outgo is NIL.

For M/s. SHREE SHALEEN TEXTILES LTDV

Place: Mumbai

Date: 06th September, 2010

DIRECTOR For SHREE SHALEEN TEXTILES LTD.


Mar 31, 2009

The directors have the pleasure in presenting the Annual Report together with the Audited Statements of Accounts of the Company for the year ended on 31st March, 2009

Financial Result:

The Company made a good performance during the year which is reflected in the summary of result as under:

Particulars For the Year For the ended year ended 31-03-2009 31-03-2008

Turnover 4,85,84,612 6,35,41,695

Profit/Loss before depreciation 5,59,439 25,09,47

Less: Depreciation 10,601 524

Net Profit before tax 5,48,838 25,08,883

ADD/LESS Adjustment for the Prev. year - -

Less : Provision for Income Tax - 5,20,000

Net Profit 5,48,838 19,88,883

Add/Less : Profit/(Deficit) brought down from previous 72,71,949 53,95,826 year;

Profit available for appropriation 78,20,786 73,84,709

Appropriation 13,06,371 1,12,760

Carried to Balances Sheet 65,14,416 72,71,949

Operations:

The Company has shown in this year a profit of Rs. 5,48,838/- before tax as against profit of Rs. 19,88,883/- in last year.



BUSINESS

Your Directors Report that during the period the company has satisfactory performance to business activity.

AUDITORS

M/s. Sanjay B. Sharma & Co. Chartered Accountants, retire and are eligible for Re- appointment.

DIRECTORS RESPONSIBILITY STATEMENT

In accordance with the provisions of Section 217(2AA) of the Companies Act, 1956. your Directors Confirm:

1. that in the preparation of the annual accounts, the applicable accounting standards have been followed by the Company along with proper explanation relating to material departures, if any.

2. that the Director 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 or loss of the company for that period.

3. that the directors have 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.

4. that the Directors have prepared the annual accounting on a going concern basis.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNING & OUTGO

Pursuant of section 217(l)(e) of the Companies Act, 1956 read with the companies (Disclosure and Particulars in the report of Board of Directors ) Rule,1988 relating to the Conservation of Energy, Technology Absorption, and Foreign earning and outgo is NIL.

For M/s. SHREE SHALEEN TEXTILES LTD.

DIRECTOR

Place: Mumbai

Date: 18th September, 2009



 
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