Mar 31, 2015
To The Members, of SUNRISE ASIAN LIMITED
The Directors have pleasure in presenting their 34th Annual Report on
the Audited Statement of Accounts of Sunrise Asian Limited ["Company"]
for the Financial Year ended March 31, 2015.
1. FINANCIAL RESULTS
(Amount in Lacs)
Standalone Consolidated
Particulars 2014-2015 2013-14 2014-2015 2013-14
Gross Income 17021.92 11345.90 17271.63 11345.90
Profit Before Interest
and 145.46 107.38 45.61 107.38
Depreciation
Finance Charges - - 53.86 -
Provision for Depreciation 0.04 4.30 42.21 4.30
Net Profit Before Tax 145.42 103.08 (50.46) 103.08
Provision for Tax 50.20 33.53 46.24 33.53
Net Profit After Tax 95.22 69.55 (96.70) 69.55
Balance of Profit brought
forward 180.80 111.25 114.09 111.25
Balance available for 276.02 180.80 17.39 180.80
appropriation
Proposed Dividend on Equity - - - -
Shares
Tax on proposed Dividend - - - -
Transfer to General Reserve - - - -
Surplus carried to
Balance Sheet 276.02 180.80 17.39 180.80
Note: As the Company did not have any subsidiary in the financial year
2013 Â 2014, the consolidated figures provided for the sane are
equivalent to standalone figures.
2. REVIEW OF OPERATIONS
Your company is engaged in the manufacturing activities and during the
year under review, the Company has posted total Income of Rs. 17,021.92
Lacs as against total Income of Rs. 11,345.80 L acs in the
corresponding previous year.
Net Profit after Tax for the year under review was Rs. 95.22 Lacs as
against Net Profit after Tax of Rs. 69.55 Lacs in the corresponding
previous year.
3. STATE OF COMPANY'S AFFAIRS AND FUTURE OUTLOOK
The Company invested in diverse five companies for the expansion of the
scope of the Companies' business. All these five companies which are
now the wholly subsidiaries of the Company, are independently
profitable companies and has a well grounded management in place. This
diversification has enabled the Company to attain high margins,
sustainable business and expanded market of these entities. All these
entities together with the parent Company, will become a formidable and
unbeatable entity, offering high value addition and sustained revenues.
4. DIVIDEND AND RESERVES
To deploy the resources in the more meaningful manner, your directors
abstain from declaring any dividend for the financial year under
review.
5. SHARE CAPITAL
The Paid-up Equity Share Capital of the Company as on 31st March, 2015
is Rs. 45,66,30,600/- comprising of 4,56,63,060 shares of Rs. 10/-
each. During the year under review, the Company has not issued any
equity shares.
6. DIRECTORS AND KEY MANAGERIAL PERSONNEL
Mr. Mahesh Joshi (DIN: 00655923), Director, retires by rotation at the
forthcoming Annual General Meeting and being eligible, himself for
reappointment.
Further, Mr. Mahesh Joshi (DIN: 00655923) was re-appointed as the Whole
Time Director of the Company with effect from 19th June, 2015, for the
period of 5 years subject to approval of Members at forthcoming Annual
General Meeting.
Mr. Arunesh (DIN: 03115467) and Mr. Nitesh Ranjan (DIN: 06997743) who
were appointed as Additional Director of the Company w.e.f 3rd
November, 2014 were designated as Whole Time Directors of the Company
with effect from 14th August, 2015 for the term of 5 years subject to
approval of Members at forthcoming Annual General Meeting.
Mr. Dheeraj Kumar Jain tendered his resignation as Independent Director
of the Company but with the persuasions of the various members of the
Board he rescinded his resignation.
Mr. Sanjiv Mishra and Mr. Sanjit Jha, Directors of the Company tendered
their resignation with effect from 14th August, 2015.
Ms. Nirali Mehta(DIN: 07145513) who was appointed as Additional
Director of the Company designated as Non Executive Non Independent
with effect from 31st March, 2015.
Ms. Srashti Suresh Sharda was appointed as Chief Financial Officer of
the Company with effect from 31st March, 2015.
Ms. Sonal Singal was appointed as Company Secretary of the Company with
effect from 24th January, 2015.
7. 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.
8. MATERIAL CHANGES AND COMMITMENT IF ANY AFFECTING THE FINANCIAL
POSITION OF THE COMPANY OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR
TO WHICH THIS FINANCIAL STATEMENTS RELATE AND THE DATE OF THE REPORT
No material changes and commitments affecting the financial position of
the Company occurred at the end of the financial year to which this
financial statement relate on the date of this report
9. PARTICULARS OF MANAGERIAL REMUNERATION
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.
10. 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 convened and held, the
details of which are given in the Corporate Governance Report.
11. 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. The manner in which the
evaluation has been carried out has been explained in the Corporate
Governance Report.
12. 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 Clause 49 of the Listing
Agreement.
13. 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 Nomination
and Remuneration policy has been uploaded on the website of the Company
at http://www.sunriseasian.net/. and also annexed as Annexure VI and
forms part of this Report.
14. STATUTORY AUDITORS' AND AUDITORS' REPORT
M/s. Vikash Jindal & Associates, Chartered Accountants (Firm
Registration No. 129922W), who was appointed as Statutory Auditor of
the Company in 33rd Annual General Meeting of the Company to hold the
Office till the conclusion of 36th Annual General Meeting of the
Company conveys his unwillingness to continue as the statutory auditor
of the Company for the remaining period of his tenure.
Further M/s. B. M. Gattani and Co., Chartered Accountants, Mumbai [Firm
Reg. No. 113536W] be appointed as the Statutory Auditors of the Company
to hold office for the term of 5 years i.e from the conclusion of the
forthcoming Annual General Meeting of the Company till the conclusion
of the 39th Annual General Meeting to be held for the Financial Year
2020.
As required under the provision of section 139 of the Companies Act,
2013, the company has obtained a written consent and eligibility
certificate from M/s. B. M. Gattani and Co., Chartered Accountants, to
the effect that appointment, if made, would be in conformity with the
limits specified in the said section
15. SECRETARIAL AUDIT
In terms of Section 204 of the Act and Rules made there under, Mr.
Kiran Rajpurohit, Practicing Company Secretary, have been appointed
Secretarial Auditors of the Company. The Secretarial Audit Report is
enclosed as Annexure V to this report.
16. EXPLANATION(S)/ COMMENT(S) PURSUANT TO SECTION 134(3)(f)(i)& (ii),
IF ANY, OF THE COMPANIES ACT, 2013:
Statutory Auditors
The Notes on financial statement referred to in the Auditors' Report
are self-explanatory and do not call for any further comments. The
Auditors' Report does not contain any qualification, reservation or
adverse remark.
Secretarial Auditor
The following disclosures has been made by the Secretarial Auditor in
his report, requiring explanation:
"The Company has complied with the applicable clauses of the Listing
agreement except to Clause 41 pertaining to submission of financial
results wherein there was an unintentional delay for submission of the
same for quarters ended December 2013 to September 2014.
Further, there was an instance of trading of shares during the window
closure period during the period under Audit."
Explanations given:-
Due to the inadvertent error, there was a delay in submission of
quarterly financial results as per Cluase 41 of the Listing Agreement
for quarters ended December 2013 to September 2014. We take the same
into consideration and the management will take aprropriate stepsto
make sure such delays does not occur in future.
The instance of the trading of shares during the window closure period
took place due to the inadvertent error. The management will take due
care to adhere to the Insider Trading Regulations in future.
17. COST AUDIT
Pursuant to the Companies (Cost records and Audit) Rules, 2014,
maintaining the cost records, and Appointment of Cost Auditor is not
applicable to our Company.
18. 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.
Further M/s. Rahul Lodha & Associates, Chartered Accountant has been
appointed as Internal Auditor of the Company with effect from 31st
March, 2015 as required in pursuant to Section 138 of the Companies
Act, 2013.
19. CONSTITUTION OF RISK MANAGEMENT COMMITTEE
The Company constituted Risk Management Committee with effect from 31st
March, 2015 for risk assessment and minimization. As per listing
agreement the company shall constitute Risk Management Committee
consisting majority of member of Board of Company. The Chairman of the
Committee shall be member of the Board of Directors. The Risk
Management committee shall carry of such roles and responsibilities as
may be defined by the Board and such other functions as may be
required.
S.
N. Name of Committee Designation Designation
in Committee
members
1 Mr. Kalpesh Manhar Jani Independent Director Chairman
2 Additional Non Executive Non Member
Nirali Mehta Independent Director
3 Mr. Nitesh Ranjan Additional Independent
Director Member
20. RE-CONSTITUTION OF SHARE TRASFER COMMITTEE
The Company re-constituted Share Transfer Committee with effect from
31st March, 2015 to approve transfer and transmission of securities.
S.
N. Name of Committee Designation Designation
in Committee
members
1 Mr. Kalpesh Manhar Jani Independent Director Chairman
2 Additional Non Executive Non Member
Ms. Nirali Mehta Independent Director
21. RE-CONSTITUTION OF AUDIT COMMITTEE
Mr. Mahesh Joshi, Whole Time Director of the Company was introduced as
the members of the Audit Committee on 31st March, 2015. All the Members
of Audit Committee possesses strong knowledge of accounting and
financial management. The Key Managerial Personnel are regularly
invited to attend the Audit Committee meetings. The other details of
the Audit Committee are given in the Corporate Governance Report,
appearing as a separate section in this Annual Report.
S.
N. Name of Directors Designation Designation
in Committee
1 Mr. Kalpesh Manhar Jani Independent Director Chairman
2 Mr. Dheeraj Kumar Jain Independent Director Member
3 Mr. Mahesh Joshi Whole Time Director Member
22. RE-CONSTITUTION OF STAKEHOLDER RELATIONSHIP COMMITTEE
During the financial year under review the Stakeholder Relationship
Committee was reconstituted w.e.f. 31st March, 2015 in order to Company
with provision of Section 178 of the Companies Act, 2013. The other
details of the Committee are given in the Corporate Governance Report,
appearing as a separate section in this Annual Report.
S.
N. Name of Directors Designation Designation
in Committee
1 Mr. Nitesh Ranjan Additional Independent Director Chairman
2 Mr. Arunesh Additional Executive Director Member
3 Mr. Mahesh Joshi Whole Time Director Member
23. RE-CONSTITUTION OF NOMINATION AND REMUNERATION COMMITTEE
The Nomination and Remuneration was reconstituted in Board Meeting held
on 31st March, 2015. Ms. Nirali Mehta was appointed as Additional Non
Executive Non Independent Director of the company w.e.f. 31st March,
2015 and she was introduced as a Member in the Nomination and
Remuneration Committee. The other details of the Committee are given in
the Corporate Governance Report, appearing as a separate section in
this Annual Report.
S.
N. Name of Directors Designation Designation
in Committee
1 Mr. Dheeraj Kumar Jain Independent Director Chairman
2 Mr. Nitesh Ranjan Additional Independent Director Member
3 Mr. Kalpesh Manhar Jani Independent Director Member
24. EMPLOYEES' STOCK OPTION PLAN
The Company has not provided stock options to any employee.
25. WHISTLE BLOWER POLICY
In pursuant to the provisions of section 177(9) & (10) of the Companies
Act, 2013, a Whistle Blower Policy for directors and employees to
report genuine concerns has been established. The Whistle Blower Policy
has been uploaded on the website of the Company at
http://www.sunriseasian.net/. The employees of the Company are made
aware of the said policy at the time of joining the Company.
26. 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. The
policy on Risk Management has been uploaded on the Website of the
Company at http://www.sunriseasian.net/.
27. 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.
28. DETAILS OF SUBSIDIARY/JOINT VENTURES/ASSOCIATE COMPANIES
The Statement AOC-1 pursuant to the provisions of Section 129 (3) of
the Companies Act, 2013 read with Rule 5 of the Companies (Accounts)
Rules, 2014 regarding Subsidiary Company is enclosed as Annexure III to
this Report.
29. 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.
30. LOANS & GUARANTEES
During the year under review, the Company has invested in five
companies and become wholly owned subsidiaries of the Company. Details
of the investment are as follows:
S.
No CIN No. Name of the Amount Relation
Company Invested
Indus Cine Wholly-owned
1 U22219DL2011PTC213397 Production 25000000 Subsidiary
Private Limited
Indus Realtors Wholly-owned
2 U70200DL2011PLC213422 23000000
Builders Limited Subsidiary
Indus Multi Wholly-owned
3 U51109BR2006PTC012001 Services Private 1100000 Subsidiary
Limited
Indus Meditech Wholly-owned
4 U85100DL2011PTC215090 35000000
Private Limited Subsidiary
Indus Inn Wholly-owned
5 U55101DL2011PTC215007 45000000
Private Limited Subsidiary
31. INSURANCE
The properties/assets of the Company are adequately insured.
32. 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. Accordingly
disclosure to be provided in AOC-2 is not enclosed.
33. CORPORATE GOVERNANCE CERTIFICATE
A Report on Corporate Governance along with a certificate from the
Auditors of the Company regarding the compliance of conditions of
corporate governance as stipulated under Clause 49 of the Listing
Agreement forms a part of this Annual Report.
34. MANAGEMENT DISCUSSION AND ANALYSIS
The Management Discussion and Analysis Report, which gives a detailed
state of affairs of the Company's operations forms a part of this
Annual Report.
35. CONSERVATION OF ENERGY, RESEARCH AND DEVELOPMENT, TECHNOLOGY
ABSORPTION AND FOREIGN EXCHANGE
The Company not being a manufacturing company, the disclosure as per
Section 134(3)(m) of the companies Act, 2013 read with Rule 8 of
Companies (Accounts) Rules, 2014 is not required to be made. The
Company provided e-voting facility to all its members to enable them to
cast their votes electronically on all resolutions set forth in the
Notice. This is pursuant to Section 108 of the Companies Act, 2013 and
Rule 20 of the Companies (Management and Administration) Amendment
Rules, 2015. The instructions for e-voting are provided in the Notice.
(C) Foreign exchange earnings and Outgo-
The Company has neither earned any income nor incurred any expenditure
in foreign exchange.
36. TRANSFER OF AMOUNTS TO INVESTOR EDUCATION AND PROTECTION FUND
The Company did not have any funds lying unpaid or unclaimed for a
period of seven years. Therefore there were no funds which were
required to be transferred to Investor Education and Protection Fund
(IEPF).
37. GENERAL
During the year ended 31st March, 2015, there were no cases filed
/reported pursuant to the Sexual Harassment of women at workplace
(Prevention, Prohibition and Redressal) Act, 2013.
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.
During the year under review, no significant and material orders were
passed by the regulators or courts or tribunals impacting the going
concern status and Company's operations.
38. 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.
39. 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
Place: Mumbai KALPESH JANI SONAL SINGHAL SRASHTI SHARDA
Date: August
14, 2015 CHAIRMAN CS CFO
[DIN: 00656508] [Mem No: 36990]
Mar 31, 2014
Dear members,
We have pleasure in presenting the 33rd Annual Report together with the
Audited Statement of Account of your company for the year ended 31st
March 2014.
1. FINANCIAL RESULTS:
Particulars Year Ended Year Ended
31st March, 2014 31st March, 2013
(In Lakhs) (In Lakhs)
Total Income 11345.91 7384.16
Less : Total Expenditure 11242.83 7344.03
Profit/(Loss) before Tax 103.08 40.14
Less: Provision for Current Tax 33.50 12.50
Provision for Deferred Tax 0.03 0.06
Profit/(Loss) after Tax 69.55 27.58
2. OPERATIONS
During the year under review, the company has earned total income of
Rs. 11345.91 Lakh as compared to Rs. 7384.16 Lakh earned during the
previous year. The Company has earned net profit after tax of Rs. 69.55
Lakh as against net profit after tax of Rs. 27.58 Lakh earned during
the previous year. However your Directors are hopeful of even better
performance in the future.
3. DIVIDEND
To deploy the resources in the more meaningful manner, your directors
abstain from declaring any dividend for the year.
4. DEPOSITS
The company has not accepted any fixed deposit from the public within
the meaning of Section 58A of Companies Act, 1956 and the rules made
there under.
5. DIRECTORS
During the year Mr. Girdhar Parmar (DIN - 00656789), Director of the
Company, has passed away. The Board places on record its appreciation
for the valuable services rendered by him during his tenure as Director
of the Company.
Mr. Rajvir Singh and Mr. Sanjiv Gupta, were appointed as additional
directors by the Board of Directors with effect from December 2, 2013,
in terms of Section 260 of the Companies Act, 1956. However they have
resigned from the Board on March 24, 2014.
Mr. Kalpesh Jani (DIN 00656508) and Mr. Dheeraj Kumar Jain (DIN
05171418), Independent Directors as per Clause 49 of the Listing
Agreement with Stock Exchange are proposed to be appointed as
Independent Directors for five consecutive years for a term from April
01, 2014 up to March 31, 2019 in accordance with Section 149 of the
Companies Act, 2013. Notices have been received from members proposing
the aforesaid two Directors as candidates for the office of Director of
the Company. In the opinion of the Board, aforesaid persons fulfill the
conditions specified in the Companies Act, 2013 and rules made
thereunder for their appointment as Independent Directors of the
Company and are independent of the management. The Board considers that
their continued association would be of immense benefit to the Company.
Accordingly, the Board recommends appointment of Mr. Kalpesh Jani and
Mr. Dheeraj Kumar Jain as Independent Directors, for the approval by
the shareholders of the Company.
Mr. Sanjit Jha (DIN 05326311) earlier appointed as Director not liable
to retire by rotation, proposed to be appointed as Director whose
period of office is liable to determination by rotation.
6. DIRECTOR RESPOSIBILITY STATEMENT
Pursuant to the requirement under section 217 (2AA) of the Companies
Act, 1956, with respect to the Directors'' Responsibility Statement, it
is hereby confirmed that:
i) in the preparation of the annual accounts for the year ended March
31, 2014, the applicable accounting standards read with requirements
set out under Schedule VI to the Companies Act, 1956 have been followed
and no material departures from the same;
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 state of affairs of
the Company as at March 31, 2014 and of the profit of the Company for
the year ended on that date;
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, 1956 for safeguarding the assets of
the company and for preventing and detecting fraud and other
irregularities; and
iv) the Directors have prepared the annual accounts of the Company on a
''going concern'' basis.
7. AUDITORS
The statutory auditors'' report is annexed to this report. The notes on
financial statements referred to in the Auditors'' Report are
self-explanatory and do not call for any further comments.
The statutory auditors of the company, M/s. Vikash Jindal & Associates,
Chartered Accountants, retire at the ensuing Annual General Meeting and
have confirmed their eligibility and willingness to accept office of
the statutory auditors, if re-appointed. The Audit Committee and the
Board of Directors recommend the re-appointment of M/s. Vikash Jindal
& Associates, Chartered Accountants, as statutory auditors of the
Company up to 36th Annual General Meeting of the Company with the
approval of the Members.
8. CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION.
Section 217(1)(e) read with the Companies (Disclosure of Particulars in
the Report of the Board of Directors) Rules, 1988, require disclosure
of the particulars regarding conservation of Energy and Technology
absorption. The Company not being a manufacturing Company, the same is
therefore not applicable to it.
9. FOREIGN EXECHANGE EARNINGS & OUTGO
The Company has neither earned any income nor incurred any expenditure
in foreign exchange.
10. CORPORATE GOVERNANCE
In terms of clause 49 of the Listing Agreement with the Stock Exchanges
a report on the corporate Governance is appended as annexure to this
report.
11. PARTICULARES OF EMPLOYEES
As there were no employees drawing remuneration more than the limit
prescribed under section 217(2A) of the Companies Act, 1956 read with
the Companies (Particulars of the employees) Rules 1975 , as amended
from time to time, statement under section 217(2A) is not annexed.
12. ACKNOWLEDGMENT
Your company and its Directors wish to take this opportunity to offer
their sincere thanks to various departments of the Central / State
Government, Banks and Investors for their valuable support and
assistance.
Your Directors also wish to place on record their appreciation for
devoted services rendered by the staff and executives of the Company.
For and on behalf of the Board
Place: Mumbai (Mahesh Joshi)
Date: 30.05.2014 DIN 00655923
Chairman
Mar 31, 2013
To, The Members of Sunrise Asian Limited
Dear Shareholders,
The have pleasure in presenting the 32nd Annual Report together with the
Audited Statement of Account of your company for the year ended 31 st
March 2013.
1. FINANCIAL RESULTS:
Year Ended Year Ended
Particulars 31st March,
2013 31st March, 2012
(In Lakhs) (In Lakhs)
Total Incom 7384.16 38.11
Less : Total Expenditure 7344.03 38.63
Profit/(Loss) before Tax 40.14 (0.52)
Less: Provision for Current Tax 12.50 Nil
Provision for Deferred Tax 0.06 Nil
Profit/(Loss) after Tax 27.58 (0.52)
2. OPERATIONS
During the year under review, the company has earned total income of
Rs. 7384.16 Lakh as compared to Rs. 38.11 Lakh during the previous
year. The Company has earned net profit after tax of Rs. 27.58 Lakh as
against net loss of Rs. 0.52 Lakh incurred during the previous year.
However your Directors are hopeful of even better performance in the
future.
3. DIVIDEND
To deploy the resources in the more meaningful manner, your directors
abstain from declaring any dividend for the year.
4. DEPOSITS
The company has not accepted any fixed deposit from the public within
the meaning of Section 58Aof Companies Act, 1956 and the rules made
there under.
5. DIRECTORS
In Accordance with Articles of Associations of the Company Mr. Kalpesh
Jani and Mr. Dheeraj Jain, Directors of the Company retires by rotation
at the forthcoming Annual General Meeting and being eligible, offers
themselves for re-appointment.
6. AMALGAMATION OF SANTOSHIMA TRADELINKS LIMITED AND CONART TRADER''S
LIMITED WITH THE COMPANY
Santoshima Tradelinks Limited and Conart Trader''s Limited were
amalgamated with the company with the effect from appointed date 1st
April, 2012 pursuant to the scheme of Amalgamation sanctioned by the
Hon''ble High Court of Bombay vide order dated 22nd March, 2013.
Consequently the financials of the transferor companies has been
incorporated in the financial ofthe company fortheFY2012-2013.
7. DIRECTOR RESPONSIBILITY STATEMENT
Pursuant to the requirement under section 217 (2AA) of the Companies
Act, 1956, with respect to the Directors'' Responsibility Statement, it
is hereby confirmed that:
i) in the preparation of the annual accounts for the year ended March
31,2013, the applicable accounting standards read with requirements set
out under Schedule VI to the Companies Act, 1956 have been followed and
no material departures from the same;
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 state of affairs of
the Company as at March 31, 2013 and of the profit of the Company for
the year ended on that date;
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, 1956 for safeguarding the assets of
the company and for preventing and detecting fraud and other
irregularities; and
iv) the Directors have prepared the annual accounts of the Company on a
''going concern'' basis.
8. AUDITORS
Observations of the auditors are self-explanatory and do not require
further comments.
M/s. Vikash Jindal & Associates, Chartered Accountants, Mumbai retire
at the ensuing Annual General Meeting and being eligible is
offerthemselves for reappointment.
9. CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE
EARNINGS & OUTGO
(a) Section 217(1)(e) read with the Companies (Disclosure of
Particulars in the Report of the Board of Directors) Rules, 1988,
require disclosure of the particulars regarding conservation of Energy
and Technology absorption. The Company not being a manufacturing
Company, the same is therefore not applicable to it.
(b) Foreign Exchange Earnings & Outgo: The Company has neither earned
any income nor incurred any expenditure in foreign exchange.
10. CORPORATE GOVERNANCE
In terms of clause 49 of the Listing Agreement with the Stock Exchanges
a report on the corporate Governance is appended as annexure to this
report.
11. PARTICULARS OF EMPLOYEES
As there were no employees drawing remuneration more than the limit
prescribed under section 217(2A) of the Companies Act, 1956 read with
the Companies (Particulars of the employees) Rules 1975 , as amended
from time to time, statement under section 217(2A) is not annexed.
12. ACKNOWLEDGMENT
Your company and its Directors wish to take this opportunity to offer
their sincere thanks to various departments of the Central / State
Government, Banks and Investors for their valuable support and
assistance.
Your Directors also wish to place on record their appreciation for
devoted services rendered by the staff and Executives of the Company.
By orderof the Board of Directors
SUNRISEASIAN LIMITED
Place: Mumbai (GIRDHAR PARMAR)
Date: 31-5-2013 CHAIRMAN
Mar 31, 2012
We have pleasure in presenting the Thirty First Annual Report together
with the Audited Statement of Account of your company for the year
ended 31st March 2012.
1. FINANCIAL RESULTS:
2011-12 2010-11
(Rs. in Lakh) (Rs. in Lakh)
Income from operation 38.11 72.91
Business Expenditure and Depreciation 38.63 64.83
Profit (Loss) before Tax (0.52) 8.08
Less: Provision for Current Tax Nil 2.78
Profit / (Loss) after Tax (0.52) 5.30
2. OPERATIONS
During the year under review, the income from operation of the Company
is Rs. 38.11 Lakh as compared to Rs. 72.91 Lakh during the previous
year. However the Directors are hopeful of even better performance in
the future.
3. DIVIDEND
To deploy the resources in the more meaningful manner, your directors
abstain from declaring any dividend for the year.
4. MANAGEMENT DISCUSSION AND ANALYSIS (MD&A):
Industry Structure and Development
The global economy staged a remarkable rebound in the last financial
year reducing the fears of a double dip recession that some had bad
forecast in 2009. The recovery was aided by the continuation of
stimulus measures adopted during 2008-2009 by developed as well as
emerging economics including India. Increased liquidity in the
developed economies impacted sentiment and boosted consumption as well
as investment.
The Company is primarily engaged in the business of commodities market
and F&O activities. Commodities market was boom throughout the year.
The company also started trading business from last three years to
achieve the company goals. The company is trying to keep up with the
pace of growth of the Indian market. The company is building various
earning platform for the forthcoming year to come out from the red into
the green.
Company''s Financial Review
The Company has suffered net loss of Rs.0.52 Lakh for the year
2011-2012. The Company''s income is mainly derived from the investments
and activity from Commodity market, Finance Consultancy and Textiles
Sector.
Resources & Liquidity Company has invested the liquid resources in
Inter Corporate Deposits to earn interest income wherever it was
considered appropriate.
Risk, Internal Control System and Adequacy
The company has adequate internal control procedure commensurate with
its size and nature of the business. The internal control system is
supplemented by extensive internal audits, regular reviews by the
management and well documented policies and guidelines to ensure the
reliability of financial and all other records to prepare financial
statements. The company continuously upgrades these systems in line
with best accounting practices. The company is benefited from having a
team of professionals as promoter and independent directors, who are
capable of exercising various checks and control effectively.
Environment, Health and Safety
Environment, Health and Safety (EHS) is one of the primary values of
your company. Your company''s EHS policy is to consider compliance to
statutory EHS requirements as the minimum performance standard and is
committed to go beyond and adopt stricter standards wherever
appropriate. Your company also gives priority and attention to the
health and safety of its employees and trains all the employees to work
as per prescribed procedures designated to meet all EHS requirements.
Human Resource Development
Human Resources is one of the key assets that has been nurtured and
encouraged for active participation in company''s growth. The company
has well defined appraisal system in pace for recognition of talented
and deserving employees, whose includes line and staff function
personal. The industrial relations remained cordial during the year.
The company have never faced any staffs unrest or any discomfort in
relations with its staff due to the professional approach of the
management towards this factor.
5. DEPOSITS
The company has not accepted any fixed deposit from the public within
the meaning of Section 58A of Companies Act, 1956 and the rules made
there under.
6. AUDITORS'' QUALIFICATION
As regards Auditors Qualification in their report, your attention is
drawn to notes forming part of the accounts, which are
self-explanatory.
7. DIRECTORATE
In Accordance with Articles of Associations of the Company Mr. S. N.
Kalantry, Director of the Company retires by rotation at the
forthcoming Annual General Meeting and being eligible, offers him-self
for re-appointment.
8. DIRECTOR RESPOSIBILITY STATEMENT
Pursuant to the requirement under section 217 (2AA) of the Companies
Act, 1956, with respect to the Directors'' Responsibility Statement, it
is hereby confirmed that:
i) in the preparation of the annual accounts for the year ended March
31, 2012, the applicable accounting standards read with requirements
set out under Schedule VI to the Companies Act, 1956 have been followed
and no material departures from the same;
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 state of affairs of
the Company as at March 31, 2012 and of the loss of the Company for the
year ended on that date;
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, 1956 for safeguarding the assets of
the company and for preventing and detecting fraud and other
irregularities; and
iv) the Directors have prepared the annual accounts of the Company on a
''going concern'' basis.
9. AUDITORS
M/S Vikash Jindal & Associates, Chartered Accountants, Mumbai retire at
the ensuing Annual General Meeting and being eligible is appointed for
the next year.
10. AUDIT COMMITTEE
The Company has constituted an Audit Committee of Directors as required
under section 292A of the Companies Act,1956.Some of the terms of
reference of audit committee are to review the financial reporting
process and to examine accountancy, Taxation and disclosure aspect of
significant transactions.
11. CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION &FOREIGN
EXECHANGE EARNINGS & OUTGO
a) Conservation of energy: During the year your company is not engaged
any manufacturing Activities.
b) Technology Absorption: The Technology selected by your company is
most modern and State of the Art.
c) Foreign Exchange Earnings & Outgo: The particulars with respect of
Foreign Exchange Earning And Expenditure pursuant to Companies
(Disclosure of particulars in the Report of Board of Directors)
Rules,1988 is NIL
12. CORPORATE GOVERNANCE
In terms of clause 49 of the Listing Agreement with the Stock Exchanges
a report on the corporate Governance is appended as annexure to this
report.
13. PARTICULARES OF EMPLOYEES
As there were no employees drawing remuneration more than the limit
prescribed under section 217(2A) of the Companies Act, 1956 read with
the Companies (Particulars of the employees) Rules 1975 , as amended
from time to time, statement under section 217(2A) is not annexed.
14. DEMATERIALISATION
The Shares of the Company are traded compulsorily in demat form and are
available for trading under both the Depository systems in India i.e.
NSDL (National Securities Depository Limited and CDSL (Central
Depository Service (India) Limited)
Under the Depository system, the International Securities
Identification Number (ISIN) allotted to the company''s Equity Shares is
15. ACKNOWLEDGMENT
Your company and its Directors wish to take this opportunity to offers
their sincere thanks to various departments of the Central / State
Government, Financial Institutions, Banks and Investors for their
valuable support and assistance.
Your Directors also wish to place on record their appreciation for
devoted services rendered by the staff and Executives of the Company.
16. CAUTIONARY STATEMENT
The statements in this report including Management''s Discussion and
Analysis report reflects Company''s projections estimates, expectations
or predictions and contain forward looking statements that involve
risks and uncertainty. The Company and the Management shall not be held
liable for any loss, which may arise as a result of any action taken on
the basis of the information contained herein. Readers are cautioned
not to place undue reliance on these forward looking statements that
speak only of the expectations as on that date.
By order of the Board of Directors
SUNRISE ASIAN LIMITED
Place: Mumbai MAHESH JOSHI KALPESH JANI
Date: 01.09.2012 DIRECTORS
Mar 31, 2011
To,The Members of Sunrise Asian Limited
The have pleasure in presenting the Thirtieth Annual Report together
with the Audited Statement of Account of your company for the year
ended 31st March 2011.
1. FINANCIAL RESULTS:
2010-11 2009-
10
(Rs. in Lakh) (Rs. in
Lakh)
Turnover & other Income 72.91 16.70
Profit (Loss) for the year before
Interest & Depreciation 8.11 (34.36)
Interest 0.02 (00.01)
Depreciation 0.01 (00.02)
Profit (Loss) before Tax, Prior year
Adjustments & appropriation 8.08 (34.39)
Less: Prior period adjustments Nil Nil
Less: Provision for Current Tax 2.78 Nil
Profit after Tax 5.30 (34.39)
Balance brought forward (628.88) (636.86)
Less: Transfer to Reserve Nil 42.38
Balance carried forward (623.58) (628.88)
2. OPERATIONS
During the year under review, the income from operation of the Company
is Rs. 72.91 Lakh as compared to Rs. 16.70 Lakh during the previous
year and has earned profit after tax of Rs. 5.30 Lakh as compared to
loss of Rs. 34.39 Lakh during the previous year. However the Directors
are hopeful of even better performance in the future.
3. DIVIDEND
To deploy the resources in the more meaningful manner, your directors
abstain from declaring any dividend for the year.
4. MANAGEMENT DISCUSSION AND ANALYSIS (MD&A):
Industry Structure and Development
The global economy staged a remarkable rebound in the last financial
year reducing the fears of a double dip recession that some had bad
forecast in 2009. The recovery was aided by the continuation of
stimulus measures adopted during 2008-2009 by developed as well as
emerging economics including India. Increased liquidity in the
developed economies impacted sentiment and boosted consumption as well
as investment.
The Company is primarily engaged in the business of commodities market
and F&O activities. Commodities market was boom throughout the year.
The company is trying to keep up with the pace of growth of the Indian
market. The company is building various earning platform for the
forthcoming year to come out from the red into the green.
Company's Financial Review
The Company has earned net profit of Rs.5.30 Lakh for the year
2010-2011 as compared to loss of Rs.34.39 Lakh incuured in the previous
year 2009-2010. The Company's income is mainly derived from the
investments and activity from Commodity market, Finance Consultancy and
Textiles Sector.
Resources & Liquidity
Company has invested the liquid resources in Inter Corporate Deposits
to earn interest income wherever it was considered appropriate.
Risk, Internal Control System and Adequacy
The company has adequate internal control procedure commensurate with
its size and nature of the business. The internal control system is
supplemented by extensive internal audits, regular reviews by the
management and well documented policies and guidelines to ensure the
reliability of financial and all other records to prepare financial
statements. The company continuously upgrades these systems in line
with best accounting practices. The company is benefited from having a
team of professionals as promoter and independent directors, who are
capable of exercising various checks and control effectively.
Environment, Health and Safety
Environment, Health and Safety (EHS) is one of the primary values of
your company. Your company's EHS policy is to consider compliance to
statutory EHS requirements as the minimum performance standard and is
committed to go beyond and adopt stricter standards wherever
appropriate. Your company also gives priority and attention to the
health and safety of its employees and trains all the employees to work
as per prescribed procedures designated to meet all EHS requirements.
Human Resource Development
Human Resources is one of the key assets that has been nurtured and
encouraged for active participation in company's growth. The company
has well defined appraisal system in pace for recognition of talented
and deserving employees, whose includes line and staff function
personal. The industrial relations remained cordial during the year.
The company have never faced any staffs unrest or any discomfort in
relations with its staff due to the professional approach of the
management towards this factor.
5. DEPOSITS
The company has not accepted any fixed deposit from the public within
the meaning of Section 58A of Companies Act, 1956 and the rules made
there under.
6. AUDITORS' QUALIFICATION
As regards Auditors Qualification in their report, your attention is
drawn to notes forming part of the accounts, which are
self-explanatory.
7. DIRECTORATE
In Accordance with Articles of Associations of the Company Mr. O. P.
Gupta, Director of the Company retires by rotation at the forthcoming
Annual General Meeting and being eligible, offers him-self for
re-appointment.
8. DIRECTOR RESPOSIBILITY STATEMENT
Pursuant to the requirement under section 217 (2AA) of the Companies
Act, 1956, with respect to the Directors' Responsibility Statement, it
is hereby confirmed that:
i) in the preparation of the annual accounts for the year ended March
31, 2011, the applicable accounting standards read with requirements
set out under Schedule VI to the Companies Act, 1956 have been followed
and no material departures from the same;
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 state of affairs of
the Company as at March 31, 2011 and of the profit of the Company for
the year ended on that date;
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, 1956 for safeguarding the assets of
the company and for preventing and detecting fraud and other
irregularities; and
iv) the Directors have prepared the annual accounts of the Company on a
'going concern' basis.
9. AUDITORS
M/S Vikash Jindal & Associates, Chartered Accountants, Mumbai retire at
the ensuing Annual General Meeting and being eligible is appointed for
the next year.
10. AUDIT COMMITTEE
The Company has constituted an Audit Committee of Directors as required
under section 292A of the Companies Act,1956.Some of the terms of
reference of audit committee are to review the financial reporting
process and to examine accountancy, Taxation and disclosure aspect of
significant transactions.
11. CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION &FOREIGN
EXECHANGE EARNINGS & OUTGO
a) Conservation of energy: During the year your company is not engaged
any manufacturing Activities.
b) Technology Absorption: The Technology selected by your company is
most modern and the State of the part.
c) Foreign Exchange Earnings & Outgo: The particulars with respect of
Foreign Exchange Earning And Expenditure pursuant to Companies
(Disclosure of particulars in the Report of Board of Directors)
Rules,1988 is NIL
12. CORPORATE GOVERNANCE
In terms of clause 49 of the Listing Agreement with the Stock Exchanges
a report on the corporate Governance is appended as annexure to this
report.
13. PARTICULARES OF EMPLOYEES
As there were no employees drawing remuneration more than the limit
prescribed under section 217(2A) of the Companies Act, 1956 read with
the Companies (Particulars of the employees) Rules 1975 , as amended
from time to time, statement under section 217(2A) is not annexed.
14. DEMATERIALISATION
The Shares of the Company are traded compulsorily in demat form and are
available for trading under both the Depository systems in India i.e.
NSDL (National Securities Depository Limited and CDSL (Central
Depository Service (India) Limited)
Under the Depository system, the International Securities
Identification Number (ISIN) allotted to the company's Equity Shares is
15. ACKNOWLEDGMENT
Your company and its Directors wish to take this opportunity to offers
their sincere thanks to various departments of the Central / State
Government, Financial Institutions, Banks and Investors for their
valuable support and assistance.
Your Directors also wish to place on record their appreciation for
devoted services rendered by the staff and Executives of the Company.
16. CAUTIONARY STATEMENT
The statements in this report including Management's Discussion and
Analysis report reflects Company's projections estimates, expectations
or predictions and contain forward looking statements that involve
risks and uncertainty. The Company and the Management shall not be held
liable for any loss, which may arise as a result of any action taken on
the basis of the information contained herein. Readers are cautioned
not to place undue reliance on these forward looking statements that
speak only of the expectations as on that date.
By order of the Board of Directors
SUNRISE ASIAN LIMITED
Place: Mumbai
Date: 31.05.2011 Sd/-
SANJAY DHELIA
DIRECTOR
Mar 31, 2010
We have pleasure in presenting the Twenty Ninth Annual Report together
with the Audited Statement of Account of your company for the year
ended 31st March 2010.
1. FINANCIAL RESULTS:
2009-10 2008-09
(Rs. in Lacs) (Rs. in Lacs)
Turnover & other Income 16.70 Nil
Profit (Loss) for the year before
Interest & Depreciation (34.36) (1.16)
Interest (00.001) (0.14)
Depreciation (00.02) (0.04)
Profit (Loss) before Tax, Prior year
Adjustments & appropriation (34.39) (1.34)
Prior period adjustments Nil Nil
Balance brought forward (636.86) (635.52)
Less: Transfer to Reserve 42.38 Nil
Balance carried forward (628.88) (636.86)
2. OPERATIONS
During the year under review, the income from operation of the Company
is Rs. 16.70 Lakh as compared to Rs. Nil during the previous year and
has incurred loss of Rs. 34.39 Lakh as compared to 1.34 Lakh during the
previous year. However the Directors are hopeful of even better
performance in the future.
3. DIVIDEND
In view of the Losses, during the year under review, the company is not
in a position to recommend dividend for the year 2009-2010.
4. DEPOSITS
The company has not accepted any fixed deposit from the public within
the meaning of Section 58A of Companies Act, 1956 and the rules made
there under.
5. AUDITORS QUALIFICATION
As regards Auditors Qualification in their report, your attention is
drawn to notes forming part of the accounts, which are
self-explanatory.
6. DIRECTORATE
In Accordance with Articles of Associations of the Company Mr. Sanjay
Dhelia, Director of the Company retires by rotation at the forthcoming
Annual General Meeting and- being eligible, offers him-self for
re-appointment.
7. DIRECTOR RESPOSIBILITY STATEMENT
As required Under Section 217(2AA) of the Companies Act, 1956 the
Directors Responsibility statement is hereby stated.
i) That in the preparation of the annual accounts the applicable
accounting Standards "has been followed along with proper explanations
relating to material departures;
ii) 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 state of
affairs of the company at the end of the financial year and of the
profit or loss of the company for the period;
iii) That the directors had taken proper and sufficient care for the
maintenance of adequate accounting record in accordance with the
provisions of the Act for safeguarding the assets of the company and
for preventing and detecting fraud and other irregularities and
iv) That the Directors had prepared the annual accounts on going
concern basis.
8. AUDITORS
M/S Vikash Jindal & Associates, Chartered Accountants, Mumbai retire at
the ensuing Annual General Meeting and being eligible is appointed for
the next year.
9. AUDIT COMMITTEE
The Company has constituted an Audit Committee of Directors as required
under section 292A of the Companies Act,!956.Some of the terms of
reference of audit committee are to review the financial reporting
process and to examine accountancy, Taxation and disclosure aspect of
significant transactions.
10. CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION &FOREIGN EXECHANGE
EARNINGS & OUTGO
a) Conservation of energy: During the year your company is not engaged
any manufacturing Activities.
b) Technology Absorption: The Technology selected by your company is
most modern and the State of the part.
c) Foreign Exchange Earnings & Outgo: The particulars with respect of
Foreign Exchange Earning And Expenditure pursuant to Companiss
(Disclosure of particulars in the Report of Board of Directors) Rules,
1988 is NIL <
11. CORPORATE GOVERNANCE
In terms of clause 49 of the Listing Agreement with the Stock Exchanges
a report on the corporate Governance is appended as annexure to this
report.
12. PARTICULARES OF EMPLOYEES
There being no employees, who were in receipt of remuneration of Rs.
One Lacs per month (if employed for the part of the year) for Rs. 12
Lacs per annum (if employed for whole of the year) information Required
under section 217(2a) of the companies Act, 1956 read with the
Companies (particulars of the employees) Rules I975and forming the part
of the part of the Directors report for the period ended 31st March
2009 had not been given.
13. ACKNOWLEDGMENT
Your company and its Directors wish to take this opportunity to offers
their sincere thanks to various departments of the Central / State
Government, Financial Institutions, Banks and Investors for their
valuable support and assistance.
Your Directors also wish to place on record their appreciation for
devoted services rendered by the staff and Executives of the Company.
By order of the Board of Directors
SUNRISE ASIAN LIMITED
Place: Mumbai
Date: 31.05.2010 DIRECTOR
Mar 31, 2007
We have pleasure in presenting the Twenty Sixth Annual Report together
with the Audited Statement of Account of your company for the year
ended3 1st March 2007.
1. FINANCIAL RESULTS:
2006-07 2005-06
(Rs. in Lacs) (Rs. in Lacs)
Turnover & other Income 0.35 34.50
Profit (Loss) for the year before
Interest & Depreciation (2.35) (0.18)
Interest (0.03) (0.05)
Depreciation (0.08) (9.96)
Profit (Loss) before Tax, Prior year
Adjustments & appropriation (2.46) (10.19)
Prior period adjustments (0.30) NIL
Balance brought forward (630.75) (620.56)
Balance carried forward (633.51) (630.75)
2. OPERATIONS
During the year under review, the income from operation of the Company
is Rs. 0.35 Lacs as compared to Rs. 34.50 Lacs earned during the
previous year and has incurred loss of Rs. 2.76 Lacs as compared to
10.19 Lacs during the previous year. However the Directors are hopeful
of even better performance in the future.
3. DIVIDEND
In view of the Losses, during the year under review, the company is not
in a position to recommend dividend for the year 2006-2007.
4. DEPOSITS
The company has not accepted any fixed deposit from the public within
the meaning of Section 58A of Companies Act, 1956 and the rules made
there under.
5. AUDITORS QUALIFICATION
As regards Auditors Qualification in their report, your attention is
drawn to notes forming part of the accounts, which are
self-explanatory.
6. DIRECTORATE
In Accordance with Articles of Associations of the Company Mr. O. P.
Gupta, Director of the Company, retires by rotation at the forthcoming
Annual General Meeting and being eligible, offers him-self for
re-appointment.
7. DIRECTOR RESPOS1BILITY STATEMENT
As required Under Section 217(2AA) of the Companies Act, 1956 the
Directors Responsibility statement is hereby stated.
i) That in the preparation of the annual accounts the applicable
accounting Standards has been followed along with proper explanations
relating to material departures;
ii) 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 state of
affairs of the company at the end of the financial year and of the
profit or loss of the company for the period;
iii) That the directors had taken proper and sufficient care for the
maintenance of adequate accounting record in accordance with the
provisions of the Act for safeguarding the assets of the company and
for preventing and detecting fraud and other irregularities and
iv) That the Directors had prepared the annual accounts on going
concern basis.
8. AUDITORS
M/S VMRS & CO. Chartered Accountants, the Auditors of the company
retires and being eligible offers them for reappointment.
9. AUDIT COMMITTEE
The Company has constituted an Audit Committee of Directors as required
under section 292A of the Companies Act,1956.Some of the terms of
reference of audit committee are to review the financial reporting
process and to examine accountancy, Taxation and disclosure aspect of
significant transactions.
10. REFERENCE TO THE HONOURABLE BOARD FOR INDUSTRIAL AND FINANCIAL
RECONSTRUCTION
As the Net Worth of the Company has been completely eroded the company
has become a Sick Industrial Company as per the Provisions of the Sick
Industrial (Special Provision) Act, 1985 ("SICA"). Under the provisions
of Section 15 of the Sick Industrial Companies (Special Provisions) Act
1985 the Board of Directors are required to refer the matter to the
Board for Industrial and Finance Reconstruction within 60 days of
finalizing the Annual Accounts. Accordingly to comply with the above
referred Provisions it has been decided to refer the matter to the
Board for Industrial and Financial reconstruction.
11. CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION & FOREIGN
EXECHANGE EARNINGS & OUTGO
a) Conservation of energy: During the year your company is not engaged
any manufacturing Activities.
b) Technology Absorption: The Technology selected by your company is
most modern and the State of the part.
c) Foreign Exchange Earnings & Outgo: The particulars with respect of
Foreign Exchange Earning And Expenditure pursuant to Companies
(Disclosure of particulars in the Report of Board of Directors)
Rules,1988 is NIL
12. CORPORATE GOVERNANCE
In terms of clause 49 of the Listing Agreement with the Stock Exchanges
a report on the corporate Governance is appended as annexure to this
report.
13. PARTICULARES OF EMPLOYEES
There being no employees, who were in receipt of remuneration of Rs.
One Lacs per month (if employed for the part of the year) for Rs. 12
Lacs per annum (if employed for whole of the year) information Required
under section 217(2a) of the companies Act, 1956 read with the
Companies (particulars of the employees) Rules 1975and forming the part
of the part of the Directors report for the period ended 31st March
2007 had not been given.
14. ACKNOWLEDGMENT
Your company and its Directors wish to take this opportunity to offers
their sincere thanks to various departments of the Central / State
Government, Financial Institutions, Banks and Investors for their
valuable support and assistance.
Your Directors also wish to place on record their appreciation for
devoted services rendered by the staff and Executives of the Company.
By order of the Board of Directors
SUNRISE ASIAN LIMITED
Place: Mumbai
Date : 30.06.2007 DIRECTOR
SUNRISE ASIAN , LTD,
Director.
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