Mar 31, 2015
The Directors have pleasure in presenting their 34th Annual Report on the Audited Statement of Accounts of the SJ Corporation Limited ["Company"]
for the Financial Year ended March 31, 2015.
FINANCIAL RESULTS
The summarized financial performance of the Company for the FY 2014-15
and FY 2013-14 is given below:
[Amount in Rs.]
Particulars 2014-2015 2013-2014
Gross Income 47,57,15,976 42,90,55,198
Profit Before
Tax, Interest
and Depreciation 38,51,466 1,16,51,782
Finance Charges 32,83,759 16,30,188
Provision for
Depreciation 12,37,130 6,95,936
Net Profit Before Tax (22,803) 1,06,47,776
Provision for Tax 56,485 (22,02,351)
Net Profit After Tax 33,682 84,45,425
Balance of Profit brought
forward ,68,16,542 3,93,48,610
Balance available for
appropriation 4,68,42,693 4,77,94,035
Proposed Dividend on
Equity Shares 4,17,750 8,35,500
Tax on proposed
Dividend 83,525 1,41,993
Transfer to General
Reserve - -
Surplus carried to
Balance Sheet 4,63,41,418 4,68,16,542
REVIEW OF OPERATIONS
During the year under review, the Company has posted total Income of
Rs. 47,57,15,976 /- as against Rs. 42,90,55,198 /- for the
corresponding previous year.
Further, Net Profit after tax for the year under review was Rs.33,682/-
as against Rs. 4,45,425/- for the corresponding previous year.
DIVIDEND AND RESERVES
Your directors have recommended, for consideration of shareholders at
the ensuing Annual General Meeting, Dividend of Rs.0.05 (5% of Paid-up
Share Capital of the Company) per equity share of face Value of Re.1/-
each for the year ended on March 31, 2015. The dividend will be paid in
compliance with applicable regulations.
SHARE CAPITAL
The Paid-up Equity Share Capital of the Company as on 31st March, 2015
is Rs. 83,55,000/-, comprising of 83,55,000 shares of Re. 1/- each.
During the year under review, the Company has not issued any equity
shares.
DIRECTORS AND KEY MANAGERIAL PERSONNEL
During the year under review, the Board of Directors of the Company has
appointed Mrs. Usha Patel as an Additional Director (Woman Director) on
the Board of the Company with effect from 26th February, 2015, whose
office is liable to be determined to retire by rotation.
In accordance with the provisions of Section 161 of the Companies Act,
2013, Mrs. Usha Patel shall hold office only upto the date of
forthcoming Annual General Meeting. Pursuant to the provisions of
Section 160 of the Companies Act, 2013, the Company has received a
notice from a Member proposing the candidature of Mrs. Usha Patel for
the office of Director at the forthcoming Annual General Meeting.
Mr. Deepak Upadhyay, Managing Director of the Company, retires by
rotation being eligible; offers himself for reappointment at the
forthcoming Annual General Meeting.
Also, Mr. Rupesh Agarwal have been appointed as Company Secretary with
effect from 31st March, 2015.
Further Mr. Ashish Satani has been appointed as Chief Financial Officer
of the Company in place of Mr. Vipul Vaghasiya, who has tendered his
resignation w.e.f 10th August, 2015.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to Section 134(3)(c) & 134(5) of the Companies Act, 2013, the
Board of Directors of the Company hereby confirm that:
(a) in the preparation of the annual accounts, the applicable
accounting standards have been followed along with proper explanation
relating to material departures;
(b) 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 that period;
(c) 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;
(d) the directors have prepared the annual accounts on a going concern
basis; and
(e) the directors have laid down internal financial controls to be
followed by the company and that such internal financial controls are
adequate and were operating effectively.
(f) the directors have devised proper systems to ensure compliance with
the provisions of all applicable laws and that such systems were
adequate and operating effectively.
PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES
The information required pursuant to Section 197 read with Rule 5 of
the Companies (Appointment and Remuneration of Managerial Personnel)
Rules, 2014 in respect of employees of the Company, is enclosed as
Annexure I and forms part of this Report.
Further, as per the provisions specified in Chapter XIII of Companies
(Appointment & Remuneration of Managerial Personnel) Rules, 2014 none
of the employees of the Company are in receipt of remuneration
exceeding Rs. 60,00,000/- per annum, if employed for whole of the year
or Rs. 5,00,000/- per month if employed for part of the year.
NUMBER OF BOARD MEETINGS
A calendar of meetings is prepared and circulated in advance to the
Directors. The intervening gap between the meetings was within the
period prescribed under the Companies Act, 2013 and the Listing
Agreement.
During the year 07 (Seven) Board Meetings were held during the year
ended March, 2015, the dates which are 29th May, 2014, 25th July, 2014,
13th August, 2014, 18th October, 2014, 30th January, 2015, 26th
February, 2015 and 31st March, 2015.
Name of the Directors No. of Board Meetings attended
Mr. Sanjay Vallabhbhai
Patel 4
Mr. Savjibhai
Doongarshibhai Patel 7
Mr. Rajesh Jesinglal
Shah 4
Mr. Rajiv Navinchandra
Shah 7
Mr. Deepak Bhikhalal
Upadhyay 7
Mrs. Usha Savjibhai Patel 2
BOARD EVALUATION
Pursuant to the provisions of the Companies Act, 2013 and the Listing
Agreement, the Board has carried out an annual performance evaluation
of its own performance, the directors individually as well as the
evaluation of the working of its Committees. The Directors expressed
satisfaction with the evaluation process.
INDEPENDENT DIRECTORS
The Independent Directors have submitted their disclosure to the Board
that they fulfill all the requirements as to qualify for their
appointment as Independent Director, under the provisions of section
149 of the Companies Act, 2013 as well as the Listing Agreement.
DETAILS OF SUBSIDIARY/JOINT VENTURES/ASSOCIATE COMPANIES
The Company does not have any subsidiary company and has not entered
into joint venture with any other company.
STATUTORY AUDITORS' AND AUDITORS' REPORT
The Auditors, M/s Ravi & Dev, Chartered Accountants, retire at the
ensuing Annual General Meeting and, being eligible; offer themselves
for reappointment for a period of 2 years from the conclusion of this
Annual General Meeting [AGM] till the conclusion of 36th AGM to be held
in the year 2017. As required under the provisions of Section 139 of
the Companies Act, 2013, the Company has obtained written confirmation
from M/s. Ravi & Dev LLP that their re-appointment, if made, would be
in conformity with the limits specified in the said Section.
Auditors Report as issued by M/s Ravi & Dev, Chartered Accountants,
Auditors of the Company is self explanatory and need not call for any
explanation by your Board.
SECRETARIAL AUDIT
In terms of Section 204 of the Act and Rules made there under, M/s.
Deep Shukla & Associates, Practicing Company Secretaries, have been
appointed Secretarial Auditors of the Company. The Secretarial Audit
Report is enclosed as Annexure IV to this report.
Explanation under Section 134(3)(f)
(ii) of the Companies Act, 2013:
Re: Appointment of Company Secretary:
The Board of Directors, after extensive search of suitable candidate,
was in a position to appoint a Company Secretary in the whole time in
employment w.e.f. 31st March 2015
Re: Appointment of Internal Auditor:
The appointment of internal auditor of the Company was made w.e.f. 26th
February 2015 due to non availability of candidate as per requirements
of the Company.
INTERNAL AUDIT & CONTROLS
The Company has in place adequate internal financial controls with
reference to the financial statement. The Audit Committee of the Board
periodically reviews the internal control systems with the management,
Internal Auditors and Statutory Auditors. Significant internal audit
findings are discussed and follow-ups are taken thereon.
M/s Ankit Dinesh Bhundari & Co., Chartered Accountants is appointed as
the Internal Auditor as required in pursuant to Section 138 of the
Companies Act, 2013, w.e.f. 26th February 2015.
COMPOSITION OF AUDIT COMMITTEE
Your Company has formed an Audit Committee as per the Companies Act,
2013 and the listing agreement. All members of the Audit Committee
possess strong knowledge of accounting and financial management. The
Managing Director, Executive Director and Director (Finance) are
regularly invited to attend the Audit Committee meetings.
S.N. Name of Directors Designation Designation in Committee
1 Mr. Rajiv Shah Non Executive
Independent
Director Chairman
2 Mr. Rajesh Shah Non Executive
Independent
Director Member
3. Mr.Sanjay Patel Executive
Director Member
COMPOSITION OF NOMINATION & REMUNERATION COMMITTEE
Your Company has formed a Nomination & Remuneration Committee to lay
down norms for determination of remuneration of the executive as well
as non-executive directors and executives at all levels of the Company.
The Nomination & Remuneration committee has been assigned to approve
and settle the remuneration package with optimum blending of monetary
and non-monetary outlay.
S.N. Name of Directors Designation Designation in Committee
1 Mr. Savji Patel Non Executive
Director Chairman
2 Mr. Rajesh Shah Non Executive
Independent
Director Member
3. Mr.Rajiv Shah Non Executive
Independent
Director Member
NOMINATION AND REMUNERATION POLICY
The Board of Directors has framed a policy which lays down a framework
in relation to remuneration of Directors. This policy also lays down
criteria for selection and appointment of Board Members. The Board of
Directors is authorized to decide Remuneration to Executive Directors.
The Remuneration structure comprises of Salary and Perquisites. Salary
is paid to Executive Directors within the Salary grade approved by the
Members.
S.N. Name of Directors Designation Remuneration per Month(In Rs.)
1 Mr. Sanjay
V. Patel Executive
Director 20,000.00
2 Mr. Deepak
Upadhyay Managing
Director 20,000.00
EMPLOYEES' STOCK OPTION PLAN
The Company has not provided stock options to any employee.
VIGIL MECHANISM
In pursuant to the provisions of section 177(9) & (10) of the Companies
Act, 2013, a Vigil Mechanism for directors and employees to report
genuine concerns has been established. The Vigil Mechanism Policy has
been uploaded on the website of the Company at http://www.sjcorp.in/
The employees of the Company are made aware of the said policy at the
time of joining the Company.
RISK MANAGEMENT POLICY
The Company has laid down the procedure to inform the Board about the
risk assessment and minimization procedures. These procedures are
reviewed by the Board annually to ensure that there is timely
identification and assessment of risks, measures to mitigate them, and
mechanisms for their proper and timely monitoring and reporting.
EXTRACT OF ANNUAL RETURN:
The details forming part of the Extract of the Annual Return in Form
MGT-9, as required under Section 92 of the Companies Act, 2013 is
included in this Report as Annexure II and forms part of this Report.
DEPOSITS
The Company has not accepted nor renewed any fixed deposits during the
FY 2014-15 and as on 31st March, 2015, there were no outstanding
deposits.
LOANS & GUARANTEES
During the year under review, the Company has not provided any loan,
guarantee, security or made any investment covered under the provisions
of Section 186 of the Companies Act, 2013 to any person or other body
corporate.
INSURANCE
The properties/assets of the Company are adequately insured.
RELATED PARTY TRANSACTIONS
During FY 2014-15, the Company entered into certain Related Party
Transactions which are in the ordinary course of business and at arm's
length basis, with approval of the Audit Committee. The Audit Committee
grants omnibus approval for the transactions which are of foreseen and
repetitive nature. A detailed summary of Related Party Transactions is
placed before the Audit Committee & the Board of Directors for their
review every quarter.
There are no materially significant Related Party Transactions executed
between the Company and its Promoters, Directors, key Managerial
Personnel or other designated persons, that may have a potential
conflict with the interest of the Company at large.
Since all Related Party Transactions entered into by the Company were
in ordinary course of business and were on an arm's length basis, Form
AOC-2 is applicable to the Company as per Annexure III.
MANAGEMENT DISCUSSION AND ANALYSIS
The Management Discussion and Analysis Report, which gives a detailed
state of affairs of the Company's operations form a part of this Annual
Report.
CONSERVATION OF ENERGY, RESEARCH AND DEVELOPMENT, TECHNOLOGY ABSORPTION
AND FOREIGN EXCHANGE
The details of conservation of energy, technology absorption, foreign
exchange earnings and outgo are as follows:
(a) Conservation of Energy:
The operation of the company is not energy-intensive. However, the
Company has taken all the efforts for reduction of energy consumption.
(b) Absorption of Technology:
There was no import of technology during the year.
(c) Foreign Exchange Earnings and Outgo:
C.I.F. Value of Imports: Rs. 42,62,56,661 /-
Foreign Travelling expenses: Rs. 10,01,105 /- F.O.B. Value of Exports:
Rs. 47,51,74,695 /-
TRANSFER OF AMOUNTS TO INVESTOR EDUCATION AND PROTECTION FUND
As per the provision of Section 125 of the Companies Act, 2013 read
with rule 4 of Companies (Declaration and Payment of Dividend) Rules,
2014, Dividend which remain unclaimed for the period of seven years are
required to be transferred to the Investor Education Protection Fund
administered by the Central Government. The Company has already filed
the necessary form and uploaded the details of unpaid and unclaimed
amounts lying with the Company, as on the date of last AGM (i.e. 25th
September,2014), with the Ministry of Corporate Affairs.
Dates of declaration of dividends since 2009-2010 and the corresponding
dates when unclaimed dividends are due to be transferred to the Central
Government are given in the below table.
Financial Year Date of
declaration Amount
Remaining Last date for Lastdate for
Ended of Dividend unclaimed/
Unpaid claiming unpaid transfer to
IEPF
as on
31.03.2014
(Rs.) dividend amount
(before)
31.03.2010 04.09.2010 0.00 10.10.2017 09.11.2017
31.03.2011 29.09.2011 3287.00 04.11.2018 03.12.2018
31.03.2012 31.08.2012 0.00 07.10.2019 06.11.2019
31.03.2013 30.08.2013 802.00 06.10.2020 05.11.2020
31.03.2014 25.08.2014 0.00 30.10.2021 30.11.2021
Members are requested to note that after completion of seven years, no
claims shall lie against the said fund or company for the amounts of
dividend so transferred, nor shall any payment be made in respect of
such claims.
OBLIGATION OF COMPANY UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE
(PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013
In order to prevent sexual harassment of women at work place a new act
The Sexual Harassment of Women at Workplace (Prevention, Prohibition
and Redressal) Act, 2013 has been notified on 9th December, 2013.
Under the said Act every company is required to set up an Internal
Complaints Committee to look into complaints relating to sexual
harassment at work place of any women employee.
Company has adopted a policy for prevention of Sexual Harassment of
Women at workplace and has set up Committee for implementation of said
policy. During the year Company has not received any complaint of
harassment.
LISTING WITH STOCK EXCHANGE:
The Company confirms that it has paid the Annual Listing Fees for the
year 2015-2016 to BSE where the Company's Shares are listed.
HUMAN RESOURCES
Your Company treats its "human resources" as one of its most important
assets.
Your Company continuously invests in attraction, retention and
development of talent on an ongoing basis. A number of programs that
provide focused people attention are currently underway. Your Company
thrust is on the promotion of talent internally through job rotation
and job enlargement.
ACKNOWLEDGEMENT
The Directors would like to thank all shareholders, customers, bankers,
suppliers and everybody else with whose help, cooperation and hard work
the Company is able to achieve the results. The Directors would also
like to place on record their appreciation of the dedicated efforts put
in by the employees of the Company.
For and on behalf of the Board of Directors
Deepak Upadhyay Sanjay Patel
Place: Mumbai Managing Director Whole-time Director
Date: August 10, 2015 [DIN: 02270389] [DIN: 00842364]
Mar 31, 2014
The Members SJ Corporation Limited.
The Directors have pleasure in presenting their 33rd Annual Report
together with the Audited Statements of Accounts of the Company for the
year ended March 31, 2014.
FINANCIAL RESULTS:
31/03/2014 31/03/2013
(Rs.) (Rs.)
Sales and other income 42,90,55,198 15,95,48,618
Profit before Depreciation 1,13,43,712 64,83,408
Less Depreciation 6,95,936 6,05,741
Profit/(Loss) before tax for the year 1,06,47,776 58,77,667
Less: Provision for Current Taxes 22,00,000 11,00,000
Less: Excess/Short Provisions for earlier 2,351 3,850
years
Profit/(Loss) After Tax & available for 84,45,425 47,73,817
appropriation for the year
OPERATIONS:
During the year under review, the Company has posted Total Income of
Rs. 42,90,55,198/- as against Rs. 15,95,48,618/- for the corresponding
previous year.
Further, Net Profit after Tax for the year under review was Rs.
84,45,425/- as against Net Profit of Rs. 47,73,817/- in the
corresponding previous year.
DIVIDEND:
The Directors are pleased to recommend a dividend @10% i.e. Re.0.10 per
equity share for the financial year 2013-2014.
DIRECTORS:
As per the provisions of the Companies Act, 2013, Mr. Savji Patel,
Director of the Company, retires by rotation and being eligible; offers
himself for re-appointment at the ensuing Annual General Meeting.
The Companies Act, 2013 (the Act) provides for appointment of
independent directors. Sub-section (10) of Section 149 of the Companies
Act, 2013 (effective from April 1,2014) provides that independent
directors shall hold office for a term of up to five consecutive years
on the Board of a company; and shall be eligible for re-appointment on
passing of ordinary resolution by the shareholders of the company.
Sub-section (1) states that no independent director shall be eligible
for more than two consecutive terms of five years. Sub-section (13)
states that the provisions of retirement by rotation as defined in
sub-sections (6) and (7) of Section 152 of the Act shall not apply to
such independent directors.
The non-executive independent directors were appointed as directors
liable to retire by rotation under the provisions of the erstwhile
Companies Act, 1956. The Board of Directors has been advised that non
executive (independent) directors so appointed would continue to serve
the term that was ascertained at the time of appointment as per the
resolution pursuant to which they were appointed. Therefore, it stands
to reason that only those non-executive (independent) directors who
will complete their present term at the ensuing AGM of the Company in
September 2014, being eligible and seeking re-appointment, be
considered by the shareholders for re-appointment for the first term of
upto five consecutive years upto March 31, 2019. Non-executive
(independent) directors who do not complete their term at the ensuing
AGM, will continue to hold office till the expiry of their term (based
on retirement period calculation) and thereafter would be eligible for
re-appointment for a fixed term in accordance with the Companies Act,
2013.
Further Mr. Deepak Upadhyay has been re-designated as the Managing
Director of the Company upto September 30, 2016 and Mr. Rajiv Shah as
the Non-Executive Chairman of the Company upto March 31, 2019.
Further, Mr. Rajesh Shah and Mr. Rajiv Shah were appointed as the
Independent Directors of the Company for a term of five consecutive
years effective from April 1, 2014 upto March 31, 2019.
Further, Mr. Vipul D. Vaghasiya, was appointed as the Chief Financial
Officer [CFO] of the Company, being the Key Managerial Personnel under
Section 203 of the Companies Act, 2013.
CONSTITUTION OF COMMITTEES OF THE COMPANY AS PER PROVISIONS OF THE
COMPANIES ACT, 2013:
Based on the relevant provisions of the Companies Act, 2013, the Board
of Directors of the Company has constituted the following Committees
during the financial year under review:
Audit Committee:
Names of Directors Category
Mr. Rajiv Shah Chairman & Non-Executive Independent
Mr. Rajesh Shah Non-Executive Independent
Mr. Sanjay Patel Executive Non Independent
Stakeholders Relationship Committee: Names of Directors Category
Mr. Rajiv Shah Chairman & Non-Executive Independent
Mr. Rajesh Shah Non-Executive Independent
Mr. Deepak Upadhyay Executive Non Independent
Nomination and Remuneration Committee:
Names of Directors Category
Mr. Rajiv Shah Chairman & Non-Executive Independent
Mr. Rajesh Shah Non-Executive Independent
Mr. Sanjay Patel Executive Non Independent
DIRECTORS'' RESPONSIBILITY STATEMENT:
As required pursuant to newly inserted Sec. 217(2AA) of the Companies
Act, 1956, the Directors hereby confirmed:
a. that in the preparation of annual accounts for the Financial year
2013-2014, the applicable accounting standards had been followed along
with proper explanation relating to material departures;
b. that the directors had selected such accounting policies and applied
them consistently and made judgments and estimated 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.
c. 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;
d. that the directors had prepared the annual accounts on a going
concern basis.
AUDITORS'' AND AUDITORS'' REPORT:
M/s RAVI & DEV, Chartered Accountants, Auditors of the Company retire
at the conclusion of this Annual General Meeting. The members are
requested to appoint auditors and to fix their remuneration.
Auditors Report as issued by M/s RAVI & DEV, Chartered Accountants,
Auditors of the Company is self explanatory and need not call for any
explanation by your Board.
FIXED DEPOSITS:
The Company has not accepted any loans or deposits from public pursuant
to provisions of Section 58A of the Companies Act, 1956, and rules
framed under the Companies (Acceptance of Deposits) Rules, 1975.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO:
Information in accordance with Section 217 (1)(e) of the Companies Act,
1956 read with the Companies technology absorption and foreign exchange
earnings and outgo is as under:
(a) Conservation of Energy:
The operation of the company is not energy-intensive. However, the
Company has taken all the efforts for reduction of energy consumption.
(b) Absorption of Technology:
There was no import of technology during the year.
(c) Foreign Exchange Earnings and Outgo:
C.I.F. Value of Imports : Rs. 45,71,86,196/- Foreign Travelling
expenses : Rs. 2,83,365/- F.O.B. Value of Exports : Rs. 42,63,92,967/-
Considering the nature of the activities carried out by the Company,
the other particulars specified in Section 217(1)(e) of the Companies
Act, 1956 read with the Companies (Disclosure of Particulars in the
report of Board of Directors) Rules, 1988, are not applicable.
PARTICULARS OF EMPLOYEES:
The information required under sub-section (2A) of Section 217 of the
Companies Act, 1956 read with
Companies (Particulars of Employees) Rules, 1975 duly amended by the
Companies (Particulars of Employees) Rule, 2011 for the year ended 31st
March, 2014 is not applicable to the Company as none of the employee is
drawing remuneration more than the limits presently specified under the
said rules.
TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCATION & PROTECTION FUND
(IEPF).
Under the Companies Act, 1956, dividends which remain unclaimed for the
period of 7 year are required to be transferred to the Investor
Education & Protection Fund (IEPF) administered by the Central
Government. Dates of declaration of dividends since 2009-2010 and the
corresponding dates when unclaimed dividends are due to be transferred
to the Central Government are given in the below table.
Financial Date of Amount Remaining Last date for Last date for
Year declaration unclaimed/ claiming transfer to
Ended of Dividend Unpaid as unpaid IEPF
on 31.03.2013 dividend
(Rs.) amount
(before)
31.3.2009 31.07.2009 0.00 05.09.2016 04.10.2016
31.3.2010 04.09.2010 0.00 10.10.2017 09.11.2017
31.3.2011 29.09.2011 3,287.00 04.11.2018 03.12.2018
31.3.2012 31.08.2012 0.00 07.10.2019 06.11.2019
31.03.2013 30.08.2013 802.00 06.10.2020 05.11.2020
Members are requested to note that after completion of 7 years, no
claims shall lie against the said fund or company for the amounts of
dividend so transferred, nor shall any payment be made in respect of
such claims.
COMPLIANCE CERTIFICATE:
In accordance with the provisions of Section 383A of the Companies Act,
1956, certificate from Practicing Company Secretary is given in the
Annexure and forms part of this Report.
ACKNOWLEDGEMENTS:
The Board places on record its profound appreciation to the Company''s
Shareholders, Bankers, customers and various Government Authorities for
the co-operation extended by them to the betterment of the Company.
For and On behalf of the
Board of Directors
Place: Mumbai DEEPAK UPADHYAY SANJAY PATEL
Date: 13/08/2014 MANAGING DIRECTOR EXECUTIVE DIRECTOR
Mar 31, 2013
To , The Members of SJ Corporation Limited.
The Directors have pleasure in presenting their 32nd Annual Report
together with the Audited Statements of Accounts of the Company for the
year ended March 31, 2013.
FINANCIAL RESULTS:
31/03/2013 31/03/2012
(Rs.) (Rs.)
Sales and other income 15,95,48,618 10,15,66,039
Profit before Depreciation 64,83,408 59,63,367
Less Depreciation 6,05,741 4,74,251
Profit/(Loss) before tax for the year 58,77,667 54,89,116
Less: Provision for Current Taxes 11,00,000 11,10,000
Less: Excess/Short Provisions
for earlier years 3,850 1,46,339
Profit/(Loss) After Ta x & available
for appropriation for the year 47,73,817 42,32,777
OPERATIONS:
During the year under review, the Company has posted Total Income of
Rs. 15,95,48,618/- as against Rs. 10,15,66,039/- for the corresponding
previous year.
Further, Net Profit after Tax for the year under review was Rs.
47,73,817/- as against Net Profit of Rs. 42,32,777/- in the
corresponding previous year.
DIVIDEND:
The Directors are pleased to recommend a dividend @10% i.e. Re.0.10 per
equity share for the financial year 2012-2013.
DIRECTORS:
Mr. Savjibhai Patel and Mr. Rajiv Shah retire by rotation and being
eligible offer themselves for reappointment at the forthcoming Annual
General Meeting.
DIRECTORS'' RESPONSIBILITY STATEMENT:
As required pursuant to newly inserted Sec. 217(2AA) of the Companies
Act, 1956, the Directors hereby confirmed:
a. that in the preparation of annual accounts for the Financial year
2012-2013, the applicable accounting standards had been followed along
with proper explanation relating to material departures;
b. that the directors had selected such accounting policies and
applied them consistently and made judgments and estimated 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.
c. 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;
d. that the directors had prepared the annual accounts on a going
concern basis.
AUDITORS'' AND AUDITORS'' REPORT:
M/s RAVI & DEV, Chartered Accountants, Auditors of the Company retire
at the conclusion of this Annual General Meeting. The members are
requested to appoint auditors and to fix their remuneration. Auditors
Report as issued by M/s RAVI & DEV, Chartered Accountants, Auditors of
the Company is self explanatory and need not call for any explanation
by your Board.
FIXED DEPOSITS:
The Company has not accepted any loans or deposits from public pursuant
to provisions of Section 58A of the Companies Act, 1956, and rules
framed under the Companies (Acceptance of Deposits) Rules, 1975.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO:
Information in accordance with Section 217 (1)(e) of the Companies Act,
1956 read with the Companies (Disclosure of Particulars in the report
of Board of Directors) Rules, 1988 regarding conservation of energy,
technology absorption and foreign exchange earnings and outgo is as
under:
(a) Conservation of Energy:
The operation of the company is not energy-intensive. However, the
Company has taken all the efforts for reduction of energy consumption.
(b) Absorption of Technology:
There was no import of technology during the year.
(c) Foreign Exchange Earnings and Outgo:
C.I.F. Value of Imports : Rs.14,50,81,432/-
Foreign Travelling expenses : Rs.1,68,632/- F.O.B. Value of Exports :
Rs.15,88,27,740/- Considering the nature of the activities carried out
by the Company, the other particulars specified in Section 217 (1)(e)
of the Companies Act, 1956 read with the Companies (Disclosure of
Particulars in the report of Board of Directors) Rules, 1988, are not
applicable.
PARTICULARS OF EMPLOYEES:
The information required under sub-section (2A) of Section 217 of the
Companies Act, 1956 read with Companies (Particulars of Employees)
Rules, 1975 duly amended by the Companies (Particulars of Employees)
Rule, 2011 for the year ended 31st March, 2013 is not applicable to the
Company as none of the employee is drawing remuneration more than the
limits presently specified under the said rules.
TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCATION & PROTECTION FUND
(IEPF).
Under the Companies Act, 1956, dividends which remain unclaimed for the
period of 7 year are required to be transferred to the Investor
Education & Protection Fund (IEPF) administered by the Central
Government. Dates of declaration of dividends since 2008-09 and the
corresponding dates when unclaimed dividends are due to be transferred
to the Central Government are given in the below table.
Financial Year Date of Amount Remaining Last date Last date
Ended declaration unclaimed/Unpaid for claiming unpaid for transfer
of Dividend as on 31.03.2013 dividend amount to IEPF
(Rs.) (before)
31.3.2009 31.07.2009 0.00 05.09.2016 04.10.2016
31.3.2010 04.09.2010 0.00 10.10.2017 09.11.2017
31.3.2011 29.09.2011 3,287.00 04.11.2018 03.12.2018
31.3.2012 31.08.2012 0.00 07.10.2019 06.11.2019
Members are requested to note that after completion of 7 years, no
claims shall lie against the said fund or company for the amounts of
dividend so transferred, nor shall any payment be made in respect of
such claims.
COMPLIANCE CERTIFICATE:
In accordance with the provisions of Section 383A of the Companies Act,
1956, certificate from Practicing Company Secretary is given in the
Annexure and forms part of this Report.
ACKNOWLEDGEMENTS:
The Board places on record its profound appreciation to the Company''s
Shareholders, Bankers, customers and various Government Authorities for
the co-operation extended by them for the betterment of the Company.
For and On behalf of the Board of Directors
Place: Mumbai SANJAY PATEL DEEPAK UPADHYAY
Date: 17/07/2013 EXECUTIVE DIRECTOR EXECUTIVE DIRECTOR
Mar 31, 2012
To,The Members of SJ Corporation Limited
The Directors have pleasure in presenting their 31s,Annual Report
together with the Audited Statements of Accounts of the Company for the
year ended March 31, 2012.
FINANCIAL RESULTS:
31/03/2012 31/03/2011
(Rs.) (Rs.)
Sales and other income 10,15,66,039 7,61,03,894
Profit before Depreciation 59,63,366 42,32,938
Less Depreciation 4,74,251 4,12,464
Profit/(Loss) before tax for the year 54,89,115 38,20,474
Less: Provision for Current Taxes 11,10,000 -
Less: Excess/Short Provisions for
earlier years 1,46,339 -
Profit/(Loss) After Tax & available
for appropriation for the year 42,32,776 38,20,474
OPERATIONS:
During the year under review, the Company has posted Total Income of
Rs.10,15,66,039/- as against Rs.7,61,03,894/- for the corresponding
previous year.
Further, Net Profit after Tax for the year under review was
Rs.54,89,115/- as against Net Profit of Rs.38,20,474/- in the
corresponding previous year.
DIVIDEND:
The Directors are pleased to recommend a dividend @10% i.e. Re.0.10 per
equity share for the financial year 2011-2012.
DIRECTORS:
Mr. Rajesh Shah and Mr. Sanjay Patel retire by rotation and being
eligible offer themselves for reappointment at the forthcoming Annual
General Meeting.
Mr. Bhavik Patel tendered his resignation from the directorship of the
company due to pre-occupation on 18th August, 2011 and Mr. Rajiv N.
Shah was appointed as Director of the company to fill in casual vacancy
caused by said resignation.
Further, your Board wishes to place on record valuable contribution
made by Mr. Bhavik Patel during his tenure as the Director of the
Company.
Further, it is proposed to reappoint Mr. Sanjay Patel and Mr. Deepak
Upadhyay as Whole time Directors designated as Executive Directors of
the Company w.e.f. 18/10/11 for period of 5 years.
DIRECTORS' RESPONSIBILITY STATEMENT:
As required pursuant to newly inserted Sec. 217(2AA) of the Companies
Act, 1956, the Directors hereby confirmed:
a. that in the preparation of annual accounts for the Financial year
2011-2012, the applicable accounting standards had been followed along
with proper explanation relating to material departures;
b. that the directors had selected such accounting policies and
applied them consistently and made judgments and estimated 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.
c. 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;
d. that the directors had prepared the annual accounts on a going
concern basis.
AUDITORS'AND AUDITORS'REPORT:
M/s RAVI & DEV, Chartered Accountants, Auditors of the Company retire
at the conclusion of this Annual General Meeting. The members are
requested to appoint auditors and to fix their remuneration.
Auditors Report as issued by M/s RAVI & DEV, Chartered Accountants,
Auditors of the Company is self explanatory and need not call for any
explanation by your Board.
FIXED DEPOSITS:
The Company has not accepted any loans or deposits from public pursuant
to provisions of Section 58A of the Companies Act, 1956, and rules
framed under the Companies (Acceptance of Deposits) Rules, 1975.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO:
Information in accordance with Section 217 (1)(e) of the Companies Act,
1956 read with the Companies (Disclosure of Particulars in the report
of Board of Directors) Rules, 1988 regarding conservation of energy,
technology absorption and foreign exchange earnings and outgo is as
under:
(a) Conservation of Energy:
The operation of the company is not energy-intensive. However, the
Company has taken all the efforts for reduction of energy consumption.
(b) Absorption of Technology:
There was no import of technology during the year.
(c) Foreign Exchange Earnings and Outgo: C.I.F. Value of Imports :
Rs.6,85,24,310/- Foreign Travelling expenses : Rs.51,078/- F.O.B. Value
of Exports : Rs. 10,06,91,752/-
Considering the nature of the activities carried out by the Company,
the other particulars specified in Section 217 (1)(e) of the Companies
Act, 1956 read with the Companies (Disclosure of Particulars in the
report of Board of Directors) Rules, 1988, are ___ not applicable.
PARTICULARS OF EMPLOYEES:
The information required under sub-section (2A) of Section 217 of the
Companies Act, 1956 read with Companies (Particulars of Employees)
Rules, 1975 duly amended by the Companies (Particulars of Employees)
Rule, 2011 for the year ended 31st March, 2012 is not applicable to the
Company as none of the employee is drawing remuneration more than the
limits presently specified under the said rules.
COMPLIANCE CERTIFICATE:
In accordance with the provisions of Section 383A of the Companies Act,
1956, certificate from Practicing Company Secretary is given in the
Annexure and forms part of this Report.
ACKNOWLEDGEMENTS:
The Board places on record its profound appreciation to the Company's
Shareholders, Bankers, customers and various Government Authorities for
the co- operation extended by them to the betterment of the Company.
For and On behalf of the Board of Directors
SANJAYPATEL DEEPAK UPADHYAY
EXECUTIVE EXECUTIVE
DIRECTOR DIRECTOR
Place: Mumbai
Date: 19/07/2012
Mar 31, 2011
The Members
SJ Corporation Limited.
The Directors have pleasure in presenting their 30th Annual Report
together with the Audited Statements of Accounts of the Company for the
year ended March 31, 2011.
FINANCIAL RESULTS:
31/03/2011 31/03/2010
(Rs.) (Rs.)
Profit/(Loss) before tax for the year 38,20,474 1,95,37,010
Less: Provision for Current Taxes - -
Profit/(Loss) After Tax for the Year 38,20,474 1,95,37,010
Less: Proposed Dividend 4,17,750 8,00,000
Less: Tax on Dividend 67,769 1,32,870
Add: Profit/(Loss) brought forward 3,49,53,094 1,63,48,954
Profit/(Loss) Carried forward 3,82,88,049 3,49,53,094
OPERATIONS:
During the year under review, the Company has posted Total Income of
Rs.762.90 Lacs as against Rs. 2347.48 Lacs for the corresponding
previous year.
Further, Net Profit after Ta x for the year under review was Rs.38.20
Lacs as against Net Profit of Rs.195.37Lacs in the corresponding
previous year.
DIVIDEND:
The Directors are pleased to recommend a dividend @ 5% i.e. Re.0.05 per
equity share for the financial year 2010-2011.
DIRECTORS:
Mr. Rajesh Shah and Mr. Savjibhai Patel retire by rotation and being
eligible offer themselves for reappointment at the forthcoming Annual
General Meeting.
Mr. Bhavik Patel tendered his resignation from the directorship of the
company due to pre-occupations and other commitments as on 18th August,
2011 and Mr. Rajiv N. Shah was appointed as Director of the company to
fill in casual vacancy caused by said resignation.
Further, your Board wishes to place on record valuable contribution
made by Mr. Bhavik Patel during his tenure as the Director of the
Company.
DIRECTORS' RESPONSIBILITY STATEMENT:
As required pursuant to newly inserted Sec. 217(2AA) of the Companies
Act, 1956, the Directors hereby confirmed:
a. that in the preparation of annual accounts for the Financial year
2010-2011, the applicable accounting standards had been followed along
with proper explanation relating to material departures;
b. that the directors had selected such accounting policies and
applied them consistently and made judgments and estimated 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.
c. 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;
d. that the directors had prepared the annual accounts on a going
concern basis.
AUDITORS' AND AUDITORS' REPORT:
M/s RAVI & DEV, Chartered Accountants, Auditors of the Company retire
at the conclusion of this Annual General Meeting. The members are
requested to appoint auditors and to fix their remuneration.
Auditors Report as issued by M/s RAVI & DEV, Chartered Accountants,
Auditors of the Company is self explanatory and need not calls for any
explanation by your Board.
FIXED DEPOSITS:
The Company has not accepted any loans or deposits from public in
contravention of Section 58A of the Companies Act, 1956, and rules
framed under the Companies (Acceptance of Deposits) Rules, 1975.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO:
Information in accordance with Section 217 (1)(e) of the Companies Act,
1956 read with the Companies (Disclosure of Particulars in the report
of Board of Directors) Rules, 1988 regarding conservation of energy,
technology absorption and foreign exchange earnings and outgo is as
under:
(a) Conservation of Energy:
The operation of the company is not energy-intensive. However, the
Company has taken all the efforts for reduction of energy consumption.
(b) Absorption of Technology:
There was no import of technology during the year.
(c) Foreign Exchange Earnings and Outgo:
C.I.F. Value of Imports : Rs.25041088/-
F.O.B. Value of Exports: Rs.75584655/-
Foreign Expenditure : NIL
Considering the nature of the activities carried out by the Company,
the other particulars specified in Section 217 (1)(e) of the Companies
Act, 1956 read with the Companies (Disclosure of Particulars in the
report of Board of Directors) Rules, 1988, are not applicable.
PARTICULARS OF EMPLOYEES:
The information required under sub-section (2A) of Section 217 of the
Companies Act, 1956 read with Companies (Particulars of Employees)
Rules, 1975 duly amended by the Companies (Particulars of Employees)
Rule, 2011 for the year ended 31st March, 2011 is not applicable to the
Company as none of the employee is drawing remuneration more than the
limits presently specified under the said rules.
COMPLIANCE CERTIFICATE:
In accordance with the provisions of Section 383A of the Companies Act,
1956, certificate from Practicing Company Secretary is given in the
Annexure and forms part of this Report.
ACKNOWLEDGEMENTS:
The Board places on record its profound appreciation to the Company's
Shareholders, Bankers, customers and various Government Authorities for
the co- operation extended by them to the betterment of the Company.
For and On behalf of the Board of Directors
SANJAY PATEL DEEPAK UPADHYAY
DIRECTOR DIRECTOR
Place: Mumbai
Date: 20/08/2011
Mar 31, 2010
The Directors have pleasure in presenting their 29th Annual Report
together with the Audited Statements of Accounts of the Company for the
year ended March 31, 2010.
FINANCIAL RESULTS:
31/03/2010 31/03/2009
(Rs.) (Rs.)
Profit/(Loss) before tax
for the year 1,95,37,010 3,53,99,060
Less: Provision for Current Taxes 00 00
Profit/(Loss) After Tax for
the Year 1,95,37,010 3,53,99,060
Less: Proposed Dividend 8,00,000 2,00,000
Less: Tax on Dividend 1,32,870 33,990
Add: Profit/(Loss) brought
forward 1,63,48,954 (1,88,16,116)
Profit/(Loss) Carried forward 3,49,53,094 1,63,48,954
DIVIDEND:
The Directors are pleased to recommend a dividend @ 10% i.e. Re 0.10
per equity share of Re. 1/- each for the financial year 2009-2010.
OPERATIONS:
During the year under review, the Company has posted Total Income of
Rs.2347.48 Lacs as against 2227.95 Lacs and Net Profit after Tax for
the year was Rs.195.37 Lacs as against Rs.353.99 Lacs in the
corresponding previous year.The fall in profit was mainly due to
slacking of demand and also fall in valueof dollar vis-a-vis rupee. The
director expects better performance during the year.
During the current year, the Company successfully came out with bonus
issue in the ratio 3:1 aggregating to 60,00,000 equity shares of Re.1/-
each, which were listed on Bombay Stock Exchange Limited.
DIRECTORS:
Mr. Savjibhai D. Patel was appointed as the Additional Director of the
Company w.e.f. 14/01/2010.
Mr. Deepak Upadhyay retires by rotation and being eligible offers
himself for reappointment at the forthcoming Annual General Meeting.
DIRECTORS RESPONSIBILITY STATEMENT:
As required pursuant to newly inserted Sec. 217(2AA) of the Companies
Act, 1956, the Directors hereby confirmed:
a. that in the preparation of annual accounts for the Financial year
2009-2010, the applicable accounting standards had been followed along
with proper explanation relating to material departures;
b. that the directors had selected such accounting policies and
applied them consistently and made judgments and estimated 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.
c. 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;
d. that the directors had prepared the annual accounts on a going
concern basis.
AUDITORS AND AUDITORS REPORT:
M/s RAVI & DEV, Chartered Accountants, Auditors of the Company retire
at the conclusion of this Annual General Meeting. The members are
requested to appoint auditors and to fix their remuneration.
Auditors Report as issued by M/s RAVI & DEV, Chartered Accountants,
Auditors of the Company is self explanatory and need not calls for any
explanation by your Board.
FIXED DEPOSITS:
The Company has not accepted any loans or deposits from public in
contravention of Section 58A of the Companies Act, 1956, and rules
framed under the Companies (Acceptance of Deposits) Rules, 1975.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO:
Information in accordance with Section 217 (1)(e) of the Companies Act,
1956 read with the Companies (Disclosure of Particulars in the report
of Board of Directors) Rules, 1988 regarding conservation of energy,
technology absorption and foreign exchange earnings and outgo is as
under:
(a) Conservation of Energy:
The operation of the company is not energy- intensive. However, the
Company has taken all the efforts for reduction of energy consumption.
(b) Absorption of Technology:
tThere was no import of technology during the year.
(c) Foreign Exchange Earnings and Outgo: C.I.F. Value of Imports :
Rs.193,326,882 /- F.O.B. Value of Exports : Rs.233,968,175/- Foreign
Expenditure : NIL
Considering the nature of the activities carried out by the Company,
the other particulars specified in Section 217 (1)(e) of the Companies
Act, 1956 read with the Companies (Disclosure of Particulars in the
report of Board of Directors) Rules, 1988, are not applicable.
PARTICULARS OF EMPLOYEES:
There are no employees whose particulars are required to be given under
section 217(2A) of the Companies Act, 1956 read with the Companies
(Particulars of Employees) Rules, 1975, as amended.
COMPLIANCE CERTIFICATE:
In accordance with the provisions of Section 383A of
the Companies Act, 1956, certificate from Practicing Company Secretary
is given in the Annexure and forms part of this Report.
ACKNOWLEDGEMENTS:
The Board places on record its profound appreciation to the Companys
for the co-operation extended by them.
For and On behalf of the Board of Directors
SANJAY PATEL DEEPAK UPADHYAY
DIRECTOR DIRECTOR
Place: Mumbai
Date: 6th August, 2010
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