Mar 31, 2015
Dear Members,
The Directors have immense pleasure in presenting this Annual Report
on the business and operation of the company together with Audited
Statement of Accounts of the Company for the year ended 31st March,
2015.
FINANCIAL RESULTS (highlights) :Financial results of the Company for
the year under review are summarized as below,
(In Lacs)
Particulars Year ended Year ended
31.03.2015 31.03.2014
Total Income 800.48 3002.86
Less, Total Expenditure 789.85 2986.17
Profit / (Loss) before Tax 10.64 16.69
Less, Provision for Income tax 4.10 5.16
Profit / (Loss) After Tax 4.52 11.53
PERFORMANCE REVIEW: During the year under review, the Company has
earned a net profit after tax of Rs. 4.52 lacs as compared to the net
profit after tax of Rs. 11.53 lacs in the previous year. Your directors
are continuously looking for avenues for future growth of the Company
in its business operations.
OPERATIONS: Your Company continues to take effective steps in
broad-basing its range of activities.
FUTURE OUTLOOK: In the current year, your directors are putting up
efforts to increase the earning speed and it is hope that the company
will do better in current year as compared to last year.
With our industry leading organic growth programme and the successful
integration of recent strategic investment in our company, our company
is very well placed to capitalize on the positive outlook for
commodities demand and to continue to deliver growth and long term
value for our shareholders.
AMOUNT TRANSFERRED TO RESERVES: During the year under review, the
company has not transferred any amount to the reserves of the Company.
DEPOSITS: No public deposits have been accepted by the Company.
DIVIDEND: Keeping in view the future requirements of funds by the
company for its proposed growth and expansion, the Board expresses its
inability to recommend any dividend from the available profit during
the year under review.
LISTING WITH STOCK EXCHANGES: The Equity Shares of the Company are
listed on Bombay Stock Exchange Limited (BSE) and Delhi Stock Exchange
(DSE). The annual listing fee to Bombay Stock Exchange have been paid
by the Company for the financial year 2015-16 and custodial fees to
NSDL & CDSL is subject to bill generation of NSDL & CDSL.
BOARD OF DIRECTORS AND KMP: During the year, the Board of Directors
appointed Mr. Vijay Kumar Gupta and Ms. Divya Mehrotra as an
Additional Director with effect from 6th November, 2014 and 25th
February, 2015 respectively to hold office up to the date of
forthcoming Annual General Meeting. Being eligible, Mr. Vijay Kumar
Gupta and Ms. Divya Mehrotra offered themselves to be appointed as the
Independent Director and Independent Woman Director respectively of
your Company.
As per the provisions of the Companies Act, 2013, Independent Directors
are required to be appointed for a term of five consecutive years, but
shall be eligible for reappointment on passing of a special resolution
by the Company and shall not be liable to retire by rotation. None of
the directors, except Mr. Krishna Kumar Agarwal will retire at the
ensuing Annual General Meeting and, being eligible, offer themselves
for re-election.
The Independent Directors of your Company have given the certificate of
independence to your Company stating that they meet the criteria of
independence as mentioned under Section 149 (6) of the Companies Act,
2013.
The details of training and familiarization programmes and Annual Board
Evaluation process for Directors have been provided under the Corporate
Governance Report.
The Policy on Director's appointment and remuneration including
criteria for determining qualification, positive attributes,
Independence of directors and also remuneration for Key Managerial
Personnel and other employees forms part of this Annual Report.
AUDITORS: M/s. Kamal & Co., Chartered Accountants were appointed as
Statutory Auditors of the Company at the last Annual General Meeting
held on 29th September, 2014 to hold office till the conclusion of the
forthcoming AGM. Pursuant to the provisions of section 139 of the
Companies Act, 2013 and the rules there under, it is proposed to
appoint M/s Kamal & Co., Chartered Accountants (FRN 001033N) as the
Statutory Auditors of the Company from the conclusion of the
forthcoming Annual General Meeting up to the conclusion of the next
Annual General Meeting of the Company.
AUDITORS' REPORT: The report given by the Auditors on the Auditor on
the financial statements of the Company is a part of Annual Report.
There has been no qualification, reservation and adverse remark given
by the Auditor in their report.
M/s Mahesh Singh & Co., Cost Accountants carried out the cost audit for
applicable business during the year. The Board of Directors have
re-appointed M/s Mahesh Singh & Co., as Cost Accountants for the
financial year 2015-16 at the Board Meeting held on 26th May, 2015.
SECRETARIAL AUDIT: During the year, Secretarial Audit was carried out by
M/s Shashank Sharma & Associates, Company Secretaries, the Secretarial
Auditor of the Company for the financial year 2014-15. There were no
qualification, reservation or adverse remarks given by Secretarial
Auditors of the Company. The detailed reports on the Secretarial Audit
is appended as an Annexure to this Report.
INTERNAL AUDIT: During the year, Internal Audit was carried out by M/s
Gaurav A. Jain & Associates, Chartered Accountants, the Internal
Auditor of the Company for the financial year 2014-15.
PERFORMANCE EVALUATION: The Evaluation process focused on various
aspects of the Board and Committees functioning such as composition of
the Board and Committees, experience and competencies, performance of
specific duties and obligations, governance issues etc.
Pursuant to provisions of Companies Act, 2013 and Clause 49 of Listing
Agreement, the Board has carried out annual performance evaluation of
its own performance, the Directors individually as well as evaluation
of working of Audit, Nomination and Remuneration Committee which covers
various aspects of Board's functioning.
The performance evaluation of Independent directors was carried out by
the entire Board.
RELATED PARTY TRANSACTIONS: In line with the requirements of the
Companies Act, 2013 and Equity Listing Agreement, your Company has
formulated a Policy on Related Party Transactions which is also
available on Company's website at
www.supriorindustrial.in/investorrelations/investorshandbook. The
Policy intends to ensure that proper reporting, approval and disclosure
processes are in place for all transactions between the Company and
Related Parties.
This Policy specifically deals with the review and approval of Material
Related Party Transactions keeping in mind the potential or actual
conflicts of interest that may arise because of entering into these
transactions. All Related Party Transactions are placed before the
Audit Committee for review and approval. Prior omnibus approval is
obtained for Related Party Transactions on a quarterly basis for
transactions which are of repetitive nature and / or entered in the
Ordinary Course of Business and are at Arm's length.
All Related Party Transactions entered during the year were in Ordinary
Course of the Business and on Arm's Length basis.
Material Related Party Transactions, i.e. transactions exceeding ten
percent of the annual consolidated turnover as per the last audited
financial statements, were entered during the year by your Company.
Accordingly, the disclosure of Related Party Transactions as required
under Section 134(3) (h) of the Companies Act, 2013 in Form AOC 2 is t
applicable.
CORPORATE GOVERNANCE: Your Company is renowned for exemplary governance
standards since inception and continues to lay a strong emphasis on
transparency, accountability and integrity.
Details of Board Committees along with their terms of reference,
composition and meetings of the Board and Board Committees held during
the year, are provided in the Corporate Governance Report.
The Companies Act, 2013 and amended Listing Agreement have strengthened
the governance regime in the country. Your Company is in compliance with
the governance requirements provided under the new law and had
proactively adopted many provisions of the new law, ahead of time. Your
Company is committed to embrace the new law in letter and spirit. In
line with the requirements of new law, your Company has constituted new
Board Committees. Your Company has in place all the statutory Committees
required under the law.
Your Company continues to be complied to uphold the standards of
Corporate Governance and adherence to the requirements set out by
Clause 49 of the Listing Agreement with the Stock Exchanges.
A detailed report on the Corporate Governance along with the
Certificate confirming compliance of conditions of Corporate Governance
as stipulated in clause 49 is set out in this Annual Report and forms
part of the Annual Report.
ANNUAL RETURN EXTRACT: The extract of annual return in Form MGT 9 as
required under Section 92(3) and Rule 12 of the Companies (Management
and Administration) Rules, 2014 is appended as an Annexure to this
Report.
REPORT ON CORPORATE GOVERNANCES separate report on Corporate Governance
is provided together with a Certificate from the Statutory Auditors of
the Company regarding compliance of conditions of Corporate Governance
as stipulated under Clause 49 of the Equity Listing Agreement with the
Stock Exchange(s).
NUMBER OF BOARD MEETING CONDUCTED DURING THE YEAR UNDER REVIEW: The
Company had 6 Board Meetings during the financial year under review.
The details of Board Meetings and attendance of directors are provided
in the Corporate Governance Report.
RECONSTITUTION OF COMMITTEES: With the change in composition of Board,
various Committees of your Board have been re-constituted. The
reconstituted committees are hereunder.
Audit Committee Nomination Committee
Mr. Vijay Kumar Gupta- Chairman Mr. Vijay Kumar Gupta- Chairman
Ms. Divya Mehrotra- Member Ms. Divya Mehrotra- Member
Mr. Krishna Kumar Agrawal- Member Mr. Krishna Kumar Agrawal- Member
Stakeholder Relationship Committee Risk Management Committee
Mr. Vijay Kumar Gupta- Chairman Mr. Vijay Kumar Gupta- Chairman
Ms. Divya Mehrotra- Member Ms. Divya Mehrotra- Member
Mr. Krishna Kumar Agrawal- Member Mr. Krishna Kumar Agrawal- Member
Ms. Neha Sarpal- Company Secretary
HUMAN RESOURCES: Disclosures with respect to the remuneration of
Directors and employees as required under Section 197 of Companies Act,
2013 and Rule 5 (1) Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014 has been appended as Annexure to this
Report.
The Company seeks to nurture a mutually beneficial relationship with
its employees. This relationship is characterized by the investment
which the Company makes in it. The Company seeks to create a workplace
which combines achievement orientation with care for employees. The
Company lists 'people' as one of its stated core values by providing
challenging roles and assignments opportunities for personal growth,
relevant and timely performance support, training and an enabling
environment.
Your Company takes the pride in the commitment, competence and
dedication shown by its employees in all areas of business. Various HR
initiatives are taken to align the HR Policies to the growing
requirements of the business.
STATEMENT OF PARTICULARS OF EMPLOYEES: None of the employee drew
remuneration of Rs. 60,00,000/- or more per annum or Rs. 5,00,000/- per
month during the financial year 2014-15.This information is furnished
with respect to sub rule 5 of Rule 2 of Companies (Appointment And
Remuneration)Rules, 2014 forming part of the Directors' Report.
INTERNAL CONTROLS: The Company has an adequate system of Internal
Controls commensurate with the size, scales and operations. Conscious
efforts are in place on a continuous basis to ensure that all the
Assets are protected against loss from unauthorized use and disposal.
DIRECTORS' RESPONSIBILITY STATEMENT: Pursuant to Section 134 (3) (c) of
the Companies Act, 2013 your Directors state that:
* in the preparation of the annual accounts, the applicable accounting
standards have been followed and that no material departures have been
made from the same;
* they 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 profits of the
Company for that period;
* they have taken proper and sufficient care for the maintenance of
adequate accounting records in accordance with the provisions of the
Companies Act, 2013, for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities;
* they have prepared the annual accounts on a going concern basis;
* they have laid down internal financial controls for the Company and
such internal financial controls are adequate and operating
effectively; and
* they have devised proper systems to ensure compliance with the
provisions of all applicable laws and such systems are adequate and
operating effectively.
PREVENTION OF SEXUAL HARRASMENT AT WORKPLACE :As per the requirement of
The Sexual Harassment of Women at Workplace (Prevention, Prohibition &
Redressal) Act, 2013 ('Act') and Rules made thereunder, your Company
has constituted Internal Complaints Committees (ICC). During the year,
no complaints with allegations of sexual harassment was filed with the
Company and the same were investigated.
CONSERVATION OF ENERGY , TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNING AND OUTGO ,
Particulars with respect to conservation of energy and technology
absorption as are required under Section 134(3) (m) of the Companies
Act, 2013 read with Rule 8(3) of Companies (Accounts) Rules, 2014 are
given in "Annexure I" to the directors' report.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT: Management's Discussion &
Analysis Report for the year under review, as stipulated under Clause
49 of the Listing Agreement with the Stock Exchange, is presented in a
separate section forming part of the Director's Report.
MATERIAL CHANGES: There are no material changes and commitments,
affecting the financial position of the Company between the end of the
Financial year of your Company and the date of Directors' Report.
APPRECIATION AND ACKNOWLEDGEMENT: Your Directors place on record their
deep appreciation to employees at all levels for their hard work,
dedication and commitment. The enthusiasm and unstinting efforts of the
employees have enabled the Company to remain consistent service
provider.
The Board places on record its appreciation for the support and
co-operation your Company has been receiving from its suppliers,
redistribution stockists, retailers, business partners and others
associated with the Company.
It will be the Company's endeavour to build and nurture strong links
with the trade based on mutuality of benefits, respect for and
cooperation with each other, consistent with consumer interests.
The Directors also take this opportunity to thank all Investors,
Clients, Vendors, Banks, Government and Regulatory Authorities and
Stock Exchanges, for their continued support.
For and on behalf of Board of Directors
Vijay Kumar Gupta Kamal Agarwal
Director Managing Director
DIN: 00022885 DIN: 02644047
162-B, Pocket-C, D-402, Saraswati Apptts,
Siddhartha Extn., I P Ext, Patpar Ganj,
New Delhi-110014 New Delhi- 110092
New Delhi, 10th day of August, 2015
Mar 31, 2014
Dear Members,
The Directors have immense pleasure in presenting this Annual Report
on the business and operation of the company together with Audited
Statement of Accounts of the Company for the year ended March 31, 2014.
FINANCIAL RESULTS
Financial results of the Company for the year under review are
summarized as below:
(In Lacs)
Particulars Year ended 31.03.2014 Year ended 31.03.2013
Total Income 3002.86 917.76
Less: Total Expenditure 2986.17 886.92
Profit / (Loss) before Tax 16.69 30.84
Less: Provision for Income tax 5.16 9.80
Profit / (Loss) After Tax 11.53 21.04
PERFORMANCE REVIEW
During the year under review, the Company has earned a net profit after
tax of Rs. 11.53 lacs as compared to the net profit after tax of Rs.
21.04 lacs in the previous year. Your directors are continuously
looking for avenues for future growth of the Company in its business
operations.
OPERATIONS
Your Company continues to take effective steps in broad-basing its
range of activities.
FUTURE OUTLOOK
In the current year, your directors are putting up efforts to increase
the earning speed and it is hope that the company will do better in
current year as compared to last year.
With our industry leading organic growth programme and the successful
integration of recent strategic investment in our com- pany, our
company is very well placed to capitalize on the positive outlook for
commodities demand and to continue to deliver growth and long term
value for our shareholders.
AMOUNT TRANSFERRED TO RESERVES
During the year under review, the company has not transferred any
amount to the reserves of the Company.
DIVIDEND
Keeping in view the future requirements of funds by the company for its
proposed growth and expansion, the Board expresses its inability to
recommend any dividend from the available profit during the year under
review.
DIRECTORS
Mr. Krishna Kumar Agarwal, who was appointed as Additional Director on
November 22, 2013 is being appointed as Director of the Company & he
has vast experience of Management and operations.
The Company had, pursuant to the Listing agreement entered into with
the Stock Exchanges, appointed Mr. Mahesh Prasad Mehrotra, Mr. Jagdish
Persad Suri as Independent Directors of the Company. As per Section
149(4) of the Companies Act, 2013 which came into effect from April 1,
2014, every listed company is required to have atleast one-third of the
total number of directors as Independent Directors. In accordance with
the provisions, these directors are being appointed as Independent
Directors to hold office as per their tenure of appointment as
mentioned in the Notice of forthcoming Annual General Meeting of the
Company.
The Company has received declarations from all the Independent
Directors of the Company confirming that they meet with the criteria of
independence as prescribed both under sub-section (6) of Section 149 of
the Companies Act, 2013 and under Clause 49 of the Listing Agreement
with the Stock Exchanges.
Mr. Mukesh Aggarwal has been resigned from the post of Managing
Director w.e.f. August 4, 2014 and the Company should fill up the
vacancy by appointing the some other person thereto pursuant to the
provisions of the Section 196, 203 of the Companies Act, 2013 whereby
listed company is required to appoint a Managing Director on the Board
of the Company.
Keeping in view the above legal requirements and in deference to
Company''s shareholders'' wishes, the Board of Directors have proposed
that Mr. Kamal Agarwal be appointed as Managing Director of the Company
for a period of 5(five) years.
COMPLIANCE OFFICER
As per the requirement of the Listing Agreement with the Stock
Exchange, Ms. Monika Sharma, Company Secretary of the company, acts as
the Compliance officer of the Company.
LISTING WITH STOCK EXCHANGES
The Equity Shares of the Company are listed on Bombay Stock Exchange
Limited (BSE) and Delhi Stock Exchange (DSE). The annual listing fee
to these Exchanges and custodial fees to NSDL & CDSL have been paid by
the Company for the financial year 2014-15.
However, the Board has proposed to delist its securities from Delhi
Stock Exchange (DSE).
DIRECTORS'' RESPONSIBILITY STATEMENT
Pursuant to Section 217(2AA) of the Companies Act, 1956, with respect
to the Directors'' Responsibility Statement, it is hereby confirmed:
a) that in the preparation of the annual accounts for the financial
year ended March 31, 2014, the applicable accounting standards had been
followed along with proper explanation relating to material departures,
wherever applicable;
b) that the directors have selected such accounting policies and
applied them consistently and made judgments and estimates that are
reasonable and prudent so as to give a true and fair view of the state
of affairs of the Company at the end of the financial year and of the
profit or loss of the Company for the year under review;
c) that the directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the Company and for preventing and de- tecting fraud and other
irregularities; and
d) That the directors have prepared the annual accounts for the
financial year ended March 31, 2014 on going concern basis.
CORPORATE GOVERNANCE
Your Company continues to be complied to uphold the standards of
Corporate Governance and adherence to the requirements set out by
Clause 49 of the Listing Agreement with the Stock Exchanges.
A detailed report on the Corporate Governance along with the
Certificate confirming compliance of conditions of Corporate Governance
as stipulated in clause 49 is set out in this Annual Report and forms
part of the Annual Report.
AUDITORS
M/s. Kamal & Co., Chartered Accountants, Statutory Auditors of the
Company, hold office till the conclusion of the forthcoming AGM and are
eligible for re-appointment. Pursuant to the provisions of section 139
of the Companies Act, 2013 and the rules there under, it is proposed to
appoint M/s Kamal & Co., Chartered Accountants (FRN 001033N) as the
Statutory Auditors of the Company from the conclusion of the
forthcoming Annual General Meeting up to the conclusion of the next
Annual General Meeting of the Company.
AUDITORS'' REPORT
The observations of the Auditors in their report read together with the
Notes on Accounts are self explanatory and therefore, in the opinion of
the Directors, do not call for any further explanation.
COST AUDITORS AND COST AUDIT REPORT
M/s Mahesh Singh & Co., Cost Accountants has been re-appointed as Cost
Auditor on May 24th, 2014 of your Company for Financial year 2014-15.
In accordance with the requirement of the Central Government and
pursuant to Section 148 of the Act, your Company carries out an audit
of cost accounts. The Board of Directors has obtained a Cost Audit
Report from M/s Mahesh Singh & Co.
CHIEF FINANCIAL OFFICER
The directors are informed that in accordance with the provisions of
Section 203 and other applicable provisions, if any, of the Companies
Act, 2013, and subject to all other approvals, the Board of Directors
shall appoint a Chief Financial Officer of the Company.
Therefore, pursuant to the provisions of Section 203 and other
applicable provisions (including any modification or re-enactment
thereof), if any, of the Companies Act, 2013, Mr. Ranjeet Jaiswal was
appointed as Chief Financial Officer of the Company on May 24, 2014 but
due to some unavoidable circumstances puts his resignation on August 4,
2014.
To comply with the abovementioned provisions and to fill the vacancy
caused due to his resignation, Mr. RS Shukla from whom consent letter
has been received on August 5, 2014 who has been appointed to act as
Chief Financial Officer of the Company.
DEPOSITS
Your Company has not accepted any deposits within the meaning of
Section 58A of the Companies Act, 1956 read with Com- panies
(Acceptance of Deposit) Rules, 1975 during the year under review.
STATEMENT OF PARTICULARS OF EMPLOYEES
None of the employee drew remuneration of Rs. 60,00,000/- or more per
annum or Rs. 5,00,000/- per month during the finan- cial year
2013-2014. This information is furnished with respect to Section
217(2A) of the Companies Act, 1956 and Amended Companies (Particulars
of the Employees) Rules, 1975 forming part of the Directors'' Report.
However, pursuant to Section 219(1) (b) (IV) of Companies Act, 1956 the
reports and accounts are being sent to all the share- holders of the
company excluding the statement of particulars of employees. Any
shareholder interested in obtaining a copy of the same may write to the
Company Secretary.
HUMAN RESOURCES
The Company seeks to nurture a mutually beneficial relationship with
its employees. This relationship is characterized by the investment
which the Company makes in its employees by providing challenging roles
and assignments opportunities for personal growth, relevant and timely
performance support, training and an enabling environment. The Company
seeks to create a workplace which combines achievement orientation with
care for employees. The Company lists ''people'' as one of its stated
core values.
Your Company takes the pride in the Commitment, Competence and
dedication shown by its employees in all areas of business. Various HR
initiatives are taken to align the HR Policies to the growing
requirements of the business.
CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION
Particulars with respect to conservation of energy and technology
absorption as per 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 given in "An- nexure I" to the directors''
report.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Management''s Discussion & Analysis Report for the year under review, as
stipulated under Clause 49 of the Listing Agreement with the Stock
Exchange, is presented in a separate section forming part of the
Director''s Report.
MATERIAL CHANGES
There are no material changes and commitments, affecting the financial
position of the Company between the end of the financial year of your
Company and the date of the Directors'' Report.
SECRETARIAL COMPLIANCE CERTIFICATE
According to Section 383A of the Companies Act, 1956 and the Companies
(Appointment and Qualifications of Secretary) Rules, 1988, every
company having a paid-up share capital of not less than rupees Five
Crores shall have a whole-time secretary and where a company increase
its paid up share capital to more than rupees Five Crores then the
company shall, within a period of one year from the date of such
increase, will appoint a whole time company secretary.
In view of above, the Company has appointed Ms. Swapnla Gupta as a
Company Secretary of the Company who has been resigned w.e.f. 30th
June'' 2014 and as such to fill up the casual vacancy arises due to her
resignation, the Board of Directors of our company has appointed Ms.
Monika Sharma as the Company Secretary of the Company w.e.f. 5th August
2014.
INTERNAL AUDITOR
Under Section 138 of the Companies Act, 2013 and the rules prescribed
therein, listed Company is required to appoint an In- ternal Auditor
(whether Chartered Accountant or Cost Accountant) to conduct internal
audit of the functions and activities of the Company.
In accordance with these provisions, M/s Gaurav A Jain & Associates,
Chartered Accountants, (FRN:022339N) eligible to act as the internal
auditors of the Company is appointed for the financial year ending
March 31, 2015 on the basis of recommendation of Audit committee.
SECRETARIAL AUDIT REPORT
Pursuant to Section 204 of Companies Act, 2013 and the rules prescribed
therein, listed Company is required to annex the Sec- retarial audit
report with its Board Report for which the Company needs to appoint a
Secretarial Auditor (Practicing Company Secretary) for auditing the
secretarial and related records of the company.
For this purpose Board considered the matter & appointed M/s. Shashank
Sharma & Associates, Company Secretaries to act as Secretarial Auditor
to conduct Secretarial Audit for the Financial Year 2014-15.
ADOPTION OF VIGIL MECHANISM
Pursuant to sub-section (9) of section 177 of Companies Act, 2013,
every listed company shall establish a vigil mechanism for their
directors and employees for reporting genuine concerns or grievances.
Board has adopted vigil mechanism in its meeting which shall be
operated as a part of Audit Committee.
COMPANIES ACT. 2013
The Companies Act, 2013 has become effective from April 1,2014 and the
rules relating to the Act were made effective subsequently. The
Ministry of Corporate Affairs, vide circular no. 1 /19/2013 -CL-V dated
April 4, 2014, notified that matters pertaining to maintenance of books
of accounts and preparations/adoption/filing of financial statements,
auditor''s report, Board''s report and attachments to such statements
and reports in respect of financial years that commenced earlier than
April 1, 2014 shall be governed by the relevant
provisions/schedules/rules of the Companies Act, 1956. Thus, the
Board''s report and the financial statements of the Company were
prepared as per the Companies Act, 1956.
ACKNOWLEDGEMENT
The Board acknowledges with gratitude the co-operation and assistance
provided by the company''s bankers, financer''s, government and
non-government agencies. The relationship with the employees remained
cordial and your director''s wish to place on record their
appreciation of the contribution made by the employees at all levels.
The directors also thank the shareholders for their continued support
and faith reposed in the Company.
By Order of the Board of Directors
For Superior Industrial Enterprises Limited
Place: New Delhi Jagdish Persad Suri Krishna Kumar Agarwal
Date: August 5, 2014 Director Director
DIN: 00489974 DIN: 06713077
R/o 13/660, R/o C91,
Paschim Vihar, Vaishali Kaloni,
New Delhi-110087 Na 0 Ni 0 Meerut,
Tehsil,
Meerut-250001, U.P.
Mar 31, 2012
Dear Members,
Superior Industrial Enterprises Limited
The Directors have immense pleasure in presenting this Annual Report
on the business and operation of the company together with Audited
Statement of Accounts of the Company for the year ended March 31, 2012.
FINANCIAL RESULTS
Financial results of the Company for the year under review are
summarized as below:
(In Lacs)
Particulars Year ended Year ended
31.03.2012 31.03.2011
Total Income 843.90 619.59
Less: Total Expenditure 813.70 605.44
Profit / (Loss) before Tax 30.20 14.15
Less: Provision for Income tax 9.60 4.10
Profit / (Loss) After Tax 20.60 10.05
Add: Previous year expenses 0.00 0.00
Provision for FBT 0.00 0.00
Loss brought forward from Previous year (105.35) (115.40)
Reserve carried to Balance Sheet (84.47) (105.35)
PERFORMANCE REVIEW
During the year under review, the Company has earned a net profit after
tax of Rs. 20.60 lacs as compared to the net profit after tax of
Rs.10.05 lacs in the previous year. Your directors are continuously
looking for avenues for future growth of the Company in its business
operations.
OPERATIONS
Your Company continues to take effective steps in broad-basing its
range of activities. The performance of the Company during the period
under review has been satisfactory as indicated by increased profit
from last year.
FUTURE OUTLOOK
In the current year, your directors are putting up efforts to increase
the earning speed and it is hope that the company will do better in
current year as compared to last year.
Further, the Company will continue with its expansions plans by raising
capital through corporate restructuring, acquisition, investment and
other mode of expansion as and when approved by the management of the
Company subject to the provisions of the Companies Act, 1956 and other
regulatory approvals as applicable.
AMOUNT TRANSFERRED TO RESERVES
During the year under review, the company has not transferred any
amount to the reserves of the Company.
DIVIDEND
Company has recommend Dividend of 0.30 % of Paid-up Capital amounting
to Rs. 1,305,000 paid out of the profits of the Company for the year
ending on March 31, 2012 to those share holders whose names appear in
the Register of Members of the Company as on the date of the Annual
General Meeting. The final dividend, if approved, will be paid to
members within the period stipulated by the Companies Act, 1956 and in
compliance with all the provisions of the Listing Agreement.
DIRECTORS
Mr. Ashok Saxena and Mr. Rashmi Kant Mittal, retire by rotation in
accordance with provisions of Section 256 of the Companies Act, 1956
and, being eligible, offer themselves for re-appointment & both of them
has vast experience of Management and operations. With their rich
business experience and extensive contacts in business circles, Mr.
Ashok Saxena and Mr. Rashmi Kant Mittal have contributed immensely to
the growth of the company and they have served our board with their
valuable knowledge.
COMPLIANCE OFFICER
As per the requirement of the Listing Agreement with the Stock
Exchange, Mr. Rashmi Kant Mittal, Director of the company, acts as the
Compliance officer of the Company.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to Section 217(2AA) of the Companies Act, 1956, with respect
to the Directors' Responsibility Statement, it is hereby confirmed:
a) that in the preparation of the annual accounts for the financial
year ended March 31, 2012, the applicable accounting standards had been
followed along with proper explanation relating to material departures,
wherever applicable;
b) that the directors have selected such accounting policies and
applied them consistently and made judgments and estimates that are
reasonable and prudent so as to give a true and fair view of the state
of affairs of the Company at the end of the financial year and of the
profit or loss of the Company for the year under review;
c) that the directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities; and
d) That the directors have prepared the annual accounts for the
financial year ended March 31, 2012 on going concern basis.
CORPORATE GOVERNANCE
Your Company continues to be complied to uphold the standards of
Corporate Governance and adherence to the requirements set out by
Clause 49 of the Listing Agreement with the Stock Exchanges.
A detailed report on the Corporate Governance along with the
Certificate of M/s APAC & Associates, Company Secretaries in Practice,
confirming compliance of conditions of Corporate Governance as
stipulated in clause 49 is set out in this Annual Report and forms part
of the Annual Report.
AUDITORS
M/s. Kamal & Co., Chartered Accountants, who are Statutory Auditors of
the Company hold office up to the conclusion of the ensuing Annual
General Meeting and confirmed their eligibility and willingness to
accept the office of the Statutory Auditor, if re- appointed. The Board
recommends their re-appointment to audit the accounts of the Company
for the financial year 2012-13.
AUDITORS' REPORT
The observations of the Auditors in their report read together with the
Notes on Accounts are self explanatory and therefore, in the opinion of
the Directors, do not call for any further explanation.
ADDITIONAL INFORMATION - BALANCE SHEET ABSTRACT AND COMPANY'S GENERAL
BUSINESS PROFILE
Information pursuant to the Department of Company Affairs notification
dated May 15, 1995 relating to the Balance Sheet Abstract and Company's
general business profile is provided in the Annual Report for your
information.
DEPOSITS
Your Company has not accepted any deposits within the meaning of
Section 58A of the Companies Act, 1956 and the rules made there under.
PARTICULARS OF EMPLOYEES
None of the employee drew remuneration of Rs.60,00,000/- or more per
annum or Rs.5,00,000 /- per month during the financial year 2011-2012.
This information is furnished with respect to Section 217(2A) of the
Companies Act, 1956 and Amended Companies (Particulars of the
Employees) Rules, 1975 forming part of the Directors' Report.
CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION
Particulars with respect to conservation of energy and technology
absorption as per 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 given in "Annexure I" to the directors'
report.
FOREIGN EXCHANGE EARNINGS / OUTGO
The foreign exchange earnings and outgo in the Company are as follows:
Foreign Exchange Earnings: NIL
Foreign Exchange Outgo : NIL
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Management's Discussion & Analysis Report for the year under review, as
stipulated under Clause 49 of the Listing Agreement with the Stock
Exchange, is presented in a separate section forming part of the
Director's Report.
MATERIAL CHANGES
Mr. Robin Garg, Director of the Company resigned from the Board of
Directors of the Company with effect from 04.08.2011 and Mr. Anil
Verma, Director of the Company resigned from the Board of Directors of
the Company with effect from 01.02.2012. The Board of Directors placed
on record their appreciation for the valuable services and guidance
provided by them during their tenure as Directors of the Company.
Mr. Mahesh Prasad Mehrotra was appointed as Director of the Company
with effect from 25.08.2011 and Mr. Rajesh Singh was appointed as
Director of the Company with effect from 01.02.2012.
Apart from the above, there are no material changes and commitments,
affecting the financial position of the Company between the end of the
financial year of your Company and the date of the Directors' Report.
SECRETARIAL COMPLIANCE CERTIFICATE
According to the proviso to Sub-Section (1) of section 383A of the
Companies Act, 1956, every company not required to employ a whole time
secretary and having a paid up Capital of Rs. 10,00,000 or more up to
Rs.500,00,000 must attach to the board's report a Compliance
Certificate from a Secretary in whole time practice as to whether the
provision of the Act have been complied or not.
The Board of Directors has obtained a Secretarial Compliance
Certificate from a practicing Company Secretary, which is attached
herewith.
ACKNOWLEDGEMENT
The Board acknowledges with gratitude the co-operation and assistance
provided by the company's bankers, financers, government and
non-government agencies. The relationship with the employees remained
cordial and your director's wish to place on record their appreciation
of the contribution made by the employees at all levels. The directors
also wish to thanks the shareholders for their continued support and
faith reposed in the Company.
By Order of the Board of Directors
For Superior Industrial Enterprises Limited
Place: New Delhi Ashok Saxena
Date: 25 May, 2012 Director
Mar 31, 2011
Dear Shareowners
The Directors have great pleasure in presenting the Annual Report
together with Audited Statement of Accounts of the Company for the year
ended March 31. 2011,
FINANCIAL RESULTS
Financial resets of the Company for the year under review are
summarized as below:
(in Lacs)
Particulars Year ended Year ended
31.03.2011 31.03.2010
Total Income 647.71 256.49
Less: Total Expenditure 633.56 253.47
Profit/ (Loss) before Tax 14.15 3.02
Less: Provision for Income tax 4.1 0.94
Profit / (Loss) After Tax 10.05 2.08
Add: Previous year expenses 0.00 0.0
Provision for FBT 0.00 0.0
Loss brought forward from Previous year (115.40) (117.47)
Reserve carried to Balance (105.35) (115.40)
Sheet
PERFORMANCE REVIEW
During the year under review, the Company has earned a net profit after
tax of Rs 10.05 laes as compared to the net profit after tax of Rs. 2.08
lacs in the previous year. Your directors expect that the initiatives
undertaken will result in improvement in financial results the coming
years. The details of financial performance of the company are
appearing in the Balance Sheet and Profit & Loss account for the year.
OPERATIONS
Your Company continues to take effective steps broad-basing its range
of activities The performance of the Company during the period under
review has been satisfactory,
FUTURE OUTLOOK
In the current year, your directors are putting up efforts and it is
hoped that the company will do better in the current year.
The outlook for the current year is also very bright and your directors
are hopeful of doing a good business during the current year. Your
company is in the process of setting up / expanding production
facilities at the new locations / existing processing plants to cater
to the growing demand and sustain leadership position. As a part of the
strategy to enlarge our presence in the growing Manufacture of papers
segment, your company has begun to increase capacities of production
facilities
AMOUNT TRANSFERRED TO RESERVES
During the year under review, the company has not transferred any
amount to the reserves of the company.
DIVIDEND
Company has great opportunities in investing funds and your directors
considering the opportunity regret their inability to recommend any
dividend in terms of future prospectus the year under review.
DIRECTORS
Mr. Mukesh Aggarwal, retire by rotation in accordance with provisions
of Section 256 of the Companies Act, 1956 and, being eligible, offer
themselves for re appointment & Mr. Anil Varma who appointed as
additional Director on 25/3/2011 is proposed to be appointed as
Director of the Company. They have vast experience of Management and
operations. With their rich business experience and extensive contacts
in business circles, Mr. Mukesh Aggarwal & Mr. Anil Varma had
contributed immensely to the growth of the company. They have served
our board with his valuable knowledge.
COMPLIANCE OFFICER
As per the requirement of the Listing Agreement with the Stock
Exchange. Mr. Rashmi Kant Mittal, director of the company, acts as the
Compliance officer of the Company,
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to Section 217(2AA) of the Companies Act, 1956. with respect
to the Directors' Responsibility Statement, it is hereby confirmed:
a) that in the preparation of the annual accounts for the financial
year ended March 31, 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 estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs
of the Company at the end of the financial year and of the profit or
loss of the Company for the year under review;
c) that the directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities;
d) that the directors had prepared the annual accounts for the
financial year ended March 31.2011 on going concern basis.
CORPORATE GOVERNANCE
The Company has generally complied with the mandatory provisions of the
Corporate Governance as prescribed in the Clause 49 of the Listing
Agreement with the stock Exchanges. A detailed report on the Corporate
Governance is given in a separate section in this Annual Report.
AUDIT COMMITTEE
Presently, the Audit Committee of the Board of Directors comprises of 3
directors namely Mr. Rashmi Kant Mittal, Mr Anil Varma and Mr. Mahesh
Prasad Metiroira. The committee oversees the company's financial in
information, review the quarterly/ half yearly / annual Financial
statements before they are submitted to the Board of Directors and
performs such other function as are required to do it by the terms of
its reference.
AUDITORS
M/s. Kamal & Co.. Chartered Accountant, retire as auditors of the
company at the conclusion of the ensuing Annual General Meeting and
have confirmed their eligibility and willingness to accept the office
of the Auditors, if re-appointed.
AUDITORS' REPORT
The observations in the Auditors' Report are dealt with in the notes
forming part of accounts at appropriate places and the same being self
explanatory, no further comment is considered necessary.
ADDITIONAL INFORMATION-BALANCE SHEET ABSTRACT AND COMPANY'S GENERAL
BUSINESS PROFILE
Information pursuant to the Department of Company Affairs notification
dated May 15, 1995 relating to the Balance Sheet Abstract and Company's
general business profile is provided in the Annual Report for your
information.
DEPOSITS
Your Company has not accepted any deposits within the meaning of
Section 58A of the Companies Act. 1956 and the rules made there under.
PARTICULARS OF EMPLOYEES
None of the employee drew remuneration of Rs.60.00,000/- or more per
annum or Rs,5,00.000 /- per month during the financial year 2010-2011
This information is furnished with respect to Section 217(2A) of the
Companies Act, 1956 and Amended Companies (Particulars of the
Employees) Rules, 1975 forming part of the Directors' Report.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
CONSERVATION OF ENERGY
Particulars with respect to conservation of energy and technology
absorption as per Section 217(l) (e) of the Companies Act, 1956 read
with the Companies (Disclosure of Particulars in the Report of Board of
Directors) Rules, 1988 are given in Annexure 1 to the directors'
report.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Management Discussion & Analysis Report is attached herewith,
MATERIAL CHANGES
There are no material changes and commitments, affecting the financial
position of the Company between the end of the financial year of your
Company and the date of the Directors' Report.
SECRETARIAL COMPLIANCE CERTIFICATE
According to the proviso to Sub-Section (1) of section 383A of the
Companies Act. 1956, every company not required to employ a whole time
secretary and having a paid up Capital of Rs. 10,00,000 or more up to
Rs.500,00,000 must attach to the board's report a Compliance
Certificate from a Secretary in whole time practice as to whether the
provision of the Act have been complied or not.
The Board of Directors has obtained a Secretarial Compliance
Certificate from a practicing Company Secretary, which is attached
herewith,
acknowledgement
The Board acknowledges With gratitude the co-operation and assistance
provided by the company's bankers, financiers. government and
non-government agencies. The relationship with the employees remained
cordial and your director's wish to place on record their appreciation
of the contribution made by the employees at all levels. The directors
also thank the shareholders for their continued support.
Place: Delhi
Date: September 01,2011
On behalf of the Board
For Superior Industrial Enterprises Limited
Ashok Saxena Rashmi Kant Mittal
Director Director
Mar 31, 2010
The Directors have great pleasure in presenting the Annual Report
together with Audited Statement of Accounts of the Company for the year
ended March 31, 2010.
FINANCIAL RESULTS
Financial results of the Company for the year under review are
summarized as below:
(in Lakhs)
Particulars Year ended Year ended
31.03.2010 31.03.2009
Total Income 239.18 4.30
Less: Total Expenditure 236.16 10.78
Profit / (Loss) before Tax 3,02 (6.47)
Less: Provision for Income tax 0.94 0.00
Profit / (Loss) After Tax 2.08 (6.47)
Add: Previous year expenses 0.00 (0.38)
Provision for FBT 0.00 0.00
Loss brought forward (117.47) (110.59)
from Previous year
Reserve carried to Balance (115.39) (117.47)
Sheet
PERFORMANCE REVIEW
During the year under review, the Company has earned a net profit after
tax of Rs. 2.08 lacs as compared to the net loss after tax of Rs. 6.47
lacs in the previous year. Your directors expect that the initiatives
undertaken will result in improvement in financial results in the
coming years. The details of financial performance of the company are
appearing in the Balance Sheet and Profit & Loss account for the year.
OPERATIONS
Your Company continues to take effective steps in broad-basing its
range of activities. The performance of the Company during the period
under review has been satisfactory.
FUTURE OUTLOOK
In the current year, your directors are putting up efforts and it is
hoped that the company will do better in the current year.
The outlook for the current year is also very bright and your directors
are hopeful of doing a good business during the current year. Your
company is in the process of setting up / expanding production
facilities at the new locations / existing processing plants to cater
to the growing demand and sustain leadership position. As a part of the
strategy to enlarge our presence in the growing domestic edible oil
segment, your company has begun to increase capacities of production
facilities
AMOUNT TRANSFERRED TO RESERVES
During the year under review, the company has not transferred any
amount to the reserves of the company.
DIVIDEND
Your directors regret their inability to recommend any dividend in view
of losses during the year under review.
DIRECTORS
Mr. Sanjeev Agrawal retires by rotation in accordance with the
provisions of Articles of Association of the Company and, being
eligible, offer themselves for re appointment. He has vast experience
of Management and operations. With his rich business experience and
extensive contacts in business circles, Mr. Sanjeev Agrawal has
contributed immensely to the growth of the company. He has served our
board with his valuable knowledge.
The Board of Directors appointed Mr. Ashok Saxena as Additional
Director with effect from 22nd October, 2009 in terms of Articles of
Association, he hold office upto the forthcoming Annual General
Meeting. The Company has received notice from members proposing him as
candidate for the office of director in accordance with the provisions
of Section 257 of the Companies Act, 1956.
COMPLIANCE OFFICER
As per the requirement of the Listing Agreement with the Stock
Exchange, Mr. Rashmi Kant N Mittal, director of the company, acts as
the Compliance officer of the Company.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to Section 217(2AA) of the Companies Act, 1956, with respect
to the Directors Responsibility Statement, it is hereby confirmed:
a) that in the preparation of the annual accounts for the financial
year ended March 31, 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 estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs
of the Company at the end of the financial year and of the profit or
loss of the Company for the year under review;
c) that the directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities;
d) that the directors had prepared the annual accounts for the
financial year ended March 31, 2010 on going concern basis.
CORPORATE GOVERNANCE
The Company has generally complied with the mandatory provisions of the
Corporate Governance as prescribed in the Clause 49 of the Listing
Agreement with the stock Exchanges. A detailed report on the Corporate
Governance is given in a separate section in this Annual Report.
AUDIT COMMITTEE
Presently, the Audit Committee of the Board of Directors comprises of 3
directors namely Mr. Sanjeev Agrawal, Mr. Ashok Saxena and Mr. Rashmi
Kant N Mittal. The committee oversees the companys financial
information, review the quarterly/ half yearly/annual financial
statements before they are submitted to the Board of Directors and
performs such other function as are required to do it by the terms of
its reference.
AUDITORS
M/s. Kamal & Co., Chartered Accountants, retire as auditors of the
company at the conclusion of the ensuing Annual General Meeting and
have confirmed their eligibility and willingness to accept the office
of the Auditors, if re-appointed.
AUDITORS REPORT
The observations in the Auditors Report are dealt with in the notes
forming part of accounts at appropriate places and the same being self
explanatory no further comment is considered necessary.
ADDITIONAL INFORMATION-BALANCE SHEET ABSTRACT AND COMPANYS GENERAL
BUSINESS PROFILE
Information pursuant to the Department of Company Affairs notification
dated May 15, 1995 relating to the Balance Sheet Abstract and Companys
geneifal business profile is provided in the Annual Report for your
information.
DEPOSITS
Your Company has not accepted any deposits within the meaning of
Section 58A of the Companies Act, 1956 and the rules made there under.
PARTICULARS OF EMPLOYEES
None of the employee drew remuneration of Rs.24,00,000/- or more per
annum or Rs.2,00,000 /- per month during the financial year 2009-2010.
This information is furnished with respect to Section 217(2A) of the
Companies Act, 1956 and the Companies (Particulars of the Employees)
Rules, 1975 forming part the Directors Report.
CONSERVATION OF ENERGY. TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
CONSERVATION OF ENERGY
Particulars with respect to conservation of energy and technology
absorption as per Section 217(l)(e) of the Companies Act, 1956 read
with the Companies (Disclosure of Particulars in the Report of Board of
Directors) Rules, 1988 are given in Annexure I to the directors
report.
FOREIGN EXCHANGE EARNINGS / OUTGO
The foreign exchange earnings and outgo in the Company are as follows:
Foreign Exchange Earnings : NIL
Foreign Exchange Outgo : NIL
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Management Discussion & Analysis Report is attached herewith.
MATERIAL CHANGES
There are no material changes and commitments, affecting the financial
position of the Company between the end of the financial year of your
Company and the date of the Directors Report.
SECRETARIAL COMPLIANCE CERTIFICATE
According to the proviso to Sub-Section (1) of section 383A of the
Companies Act, 1956, every company not required to employ a whole time
secretary and having a paid up Capital of Rs. 10,00,000 or more must
attach to the boards report a Compliance Certificate from a Secretary
in whole time practice as to whether the provision of the Act have been
complied or not.
The Board of Directors has obtained a Secretarial Compliance
Certificate from a practicing Company Secretary, which is attached as
an annexure.
ACKNOWLEDGEMENT
The Board acknowledges with gratitude the co-operation and assistance
provided by the companys bankers, financers, government and
non-government agencies. The relationship with the employees remained
cordial and your directors wish to place on record their appreciation
of the contribution made by the employees at all levels. The directors
also thank the shareholders for their continued support.
Place: Delhi
Date: September 01,2010
For and on behalf of the Board of Directors
For Superior Industrial Enterprises Limited
Mukesh Agarwal Sanjeev Agrawal
Director Director
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