Mar 31, 2014
Dear members,
The Directors have great pleasure in presenting 27th ANNUAL REPORT
along with the Audited Balance Sheet and Statement of Profit And Loss,
for the year ended 31st March, 2014.
1. FINANCIAL RESULTS
The financial Results of the Company are briefly summarized as under:
(Amt. in Rs.)
PARTICULARS YEAR ENDED
2013-2014 2012-2013
Total Income 3,36,700 1,50,800
Total Expenditure 2,85,703 12,02,502
Profit/(Loss) before Taxation 50,997 (10,51,702)
Profit/(Loss) after Taxation 54,411 (10,51,920)
Profit/(Loss) brought forward (11,088,444) (10,038,167)
Allocations & Appropriations 0 1643
Balance carried to Balance Sheet (11,024,653) (11,088,444)
2. REVIEW OF OPERATIONS
The Company has made profit of Rs. 54,411/- during the financial year
as against Loss of Rs. 10,51,920/- incurred in the previous year. Your
Directors expects to achieve better performance in the future and
taking maximum efforts to control the costs and optimize the results
in the coming years.
3. DIVIDEND
During the year under review, owing to the accumulated losses, the
Directors do not recommend any dividend.
4. DEPOSITS
During the year under review, the Company has not invited or accepted
any Deposits from the public.
5. PARTICULARS OF EMPLOYEES
There were no employees during the whole or part of the year who were
in receipt of remuneration in excess of limits as set out in terms of
the provisions of section 217(2A) of the Companies Act, 1956, read
with the Companies (Particulars of Employees) Rules 1975 as amended.
6. DIRECTORS
In terms of Section 149, 152 and other applicable provisions of the
Companies Act, 2013 effective from 1st April, 2014 for the purpose of
determining the directors are liable to retire by rotation, the
Independent Directors shall not included in the total nos. of the
directors of the Company.
Mr. Sureshkumar Bhandari and Mr. Sunilkumar Jain, Directors of the
Company, retiring by rotation in terms of provisions of Articles of
Association of the Company and are eligible for reappointment. The
resolutions for their appointment as Directors and also Independent
Directors are proposed in the Notice of Annual General Meeting for
consideration of the members.
Mr. Ashvin Thumar Director of the Company, whose period of office is
liable to determination by retirement of directors by rotation under
the erstwhile applicable provisions of the Companies Act, 1956. In
terms of Section 149 and other applicable provisions of the Companies
Act, 2013. Mr. Ashvin Thumar being eligible and offering himself for
appointment is proposed to be appointed as an Independent Director for
one year for a term upto the conclusion of the 28th Annual General
Meeting of the Company in the calendar year 2015. Accordingly,
resolution proposing appointment of Independent Directors form part of
the notice of the Annual General Meeting.
7. SUBSIDIARIES:
Since the Company has no subsidiaries, provision of Section 212 of the
Companies Act, 1956 is not applicable.
8. DIRECTOR''S RESPONSIBILITY STATEMENT
The Board of Directors hereby confirms:
i. That in the preparation of the Annual Accounts, the applicable
accounting standards have been followed along with proper explanation
relating to material departures;
ii. 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 the
Profit of the Company for that period;
iii. That the Directors have taken proper and sufficient care for the
maintenances of adequate accounting records in accordance with the
provision of this Act for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities;
iv. That the Directors have prepared the Annual accounts on a going
concern basis.
9. CONSERVATION OF ENERGY & TECHNOLOGY ABSORPTION
Since the Company is not a manufacturing unit provisions of Section
217 (1)(e) of the Companies Act, 1956, read with the Companies
(Disclosure of Particulars in the Report of Board of Directors) Rules,
1988 regarding conservation of energy, technology absorption is not
applicable.
11. AUDITORS
M/s Gupta Saharia & Co., Chartered Accountants an Auditors of the
Company have expressed their unwillingness to be re-appointed as
Statutory Auditors for financial year 2014-15 at the ensuing Annual
General Meeting .Therefore Board of Directors recommend appointment of
M/s. Mukesh M. Shah & Co., Chartered Accountants, as Statutory
Auditors of the Company for the financial year 2014-15 in place of
M/s. Gupta Saharia & Co., Chartered Accountants to hold the office
from the conclusion this Annual General Meeting till the conclusion of
the next Annual General Meeting of the Company and to fix their
remuneration in a manner as mentioned in the resolution. M/s. Mukesh
M. Shah & Co. have given their consent to act as Statutory Auditors
and also confirmed that they are qualified for the said appointment.
Necessary resolution for their appointment has been proposed in the
Notice of Annual General Meeting for the consideration and approval of
the members of the Company.
12. CORPORATE GOVERNANCE
Pursuant to Clause 49 of the Listing Agreement with the Stock
Exchange, a separate section titled Corporate Governance Report is
attached to this Report.
13. MANAGEMENT DISCUSSION AND ANALYSIS
A report on Management Discussion and Analysis (MDA), which forms part
of the report, inter alia, deals adequately with the operation as also
current and future outlook of the Company.
14. LISTING OF SHARES:
The Company''s shares are listed on The Bombay Stock Exchange Limited.
15. ACKNOWLEDGEMENTS
Your Directors express their appreciation for the dedicated and
sincere services rendered by the employees of the Company and also
sincerely thanks the shareholders for the confidence reposed by them
in the Company and for the continued support and co-operation extended
by them.
By Order Of the Board
SURYAKRUPA FINANCE LIMITED
DATE: 2nd September, 2014
PLACE: Mumbai Sd/- Sd/-
(Ravindra Palkar) (Hemantkumar
Desai)
DIRECTOR DIRECTOR
DIN No. 01868944 DIN No.03597515
Mar 31, 2012
To ,The Members, of SURYAKRUPA FINANCE LIMITED
The Directors have great pleasure in presenting 25TH ANNUAL REPORT
along with the Audited Balance Sheet and Profit And Loss Account, for
the year ended 31st March, 2012.
1. FINANCIAL RESULTS
The financial Results are briefly indicated below: (Amt in Rs.)
PARTIULARS YEAR ENDED
2011-2012 2010-2011
Total Income 881700
Total Expenditure 866722 124636
Profit/(Loss) before Taxation 14978 (124636)
Profit/(Loss) Brought Forward (10048562) (9924016)
Profit/(Loss) after Taxation 10485 (124636)
Balance carried to Balance Sheet (10038167) (10048652)
2. REVIEW OF OPERATIONS
The Company has made a profit of Rs.14,978/- during the financial year.
Your Directors expects to achieve better performance in the future and
taking maximum efforts to control the costs and optimize the results in
the coming years. The shares of your company are listed at Bombay Stock
Exchange & Ahmedabad Stock Exchange.
3. DIVIDEND
In view of losses your Directors do not recommend any dividend as such.
4. DEPOSITS
The company has not accepted any deposits from the Public.
5. PARTICULARS OF EMPLOYEES
There were no employees during the whole or part of the year who were
in receipt of remuneration in excess of limits as set out in terms of
the provisions of section 217(2A) of the Companies Act, 1956, read with
the Companies (Particulars of Employees) Rules 1975 as amended.
6. DIRECTORS
Mr. Hemant B. Desai, Director retiring by rotation in terms of
provisions of Articles of Association of the Company and is eligible
for re-appointment. The resolution for appointment of Director is
placed before you in the Annual General Meeting.
Mr. Atulya Mafatlal, Director retiring by rotation in terms of
provisions of Articles of Association of the Company and is eligible
for re-appointment. The resolution for appointment of Director is
placed before you in the Annual General Meeting.
Mr. Sunilkumar Jain, Mr. Sureshkumar Bhandari and Mr. Ashvin Rajabhai
Thumar were appointed as Additional Directors of the Company w.e.f
18.01.2012. Under Section 260 of the Companies Act,1956 Mr. Sunilkumar
Jain, Mr. Sureshkumar Bhandari and Mr. Ashvin Rajabhai Thumar continues
to hold office as Directors until the conclusion of the ensuing Annual
General Meeting. However ,as required under Section 257, the Company
has received notices from members signifying their intention to propose
Mr. Sunilkumar Jain, Mr. Sureshkumar Bhandari and Mr. Ashvin Rajabhai
Thumar as candidates for the office of Directors of the Company.
7. SUBSIDIARIES:
Since the Company has no subsidiaries, provision of section 212 of the
Companies Act, 1956 is not applicable.
8. DIRECTOR''S RESPONSIBILITY STATEMENT
The Board of Directors hereby confirms:
i. That in the preparation of the Annual Accounts, the applicable
accounting standards have been followed along with proper explanation
relating to material departures.
ii. 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 that period.
iii. That the Directors have taken proper and sufficient care for the
maintenances of adequate accounting records in accordance with the
provision of this Act for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities.
iv. That the Directors have prepared the Annual accounts on a going
concern basis.
9. CONSERVATION OF ENERGY & TECHNOLOGY ABSORBTION
Since the Company is not a manufacturing unit provisions of Section 217
(1)(e) of the Companies Act, 1956, read with the Companies (Disclosure
of Particulars in the Report of Board of Directors) Rules, 1988
regarding conservation of energy, technology absorption and foreign
exchange earnings and outgo is not applicable.
10. FOREIGN EXCHANGE EARNINGS AND OUTGO.
During the year under review, besides the transactions reported
elsewhere, there were no other Foreign Exchange transactions.
11. AUDITORS
The Board recommends M/S Gupta Saharia & Co, Chartered Accountant as
Statutory Auditors of the Company for the financial year 2012-2013, who
have also confirmed that their appointment shall be within limits
specified under section 224 (1B) of the Companies Act, 1956. Necessary
resolutions for their appointment have been proposed for the
consideration of the member of the Company.
12. AUDITORS REPORT:
Since notes to account are self explanatory, no further explanation is
given by the Board as such.
13. COMPLIANCE CERTIFICATE
The Company has obtained Compliance Certificate pursuant to provisions
of Section 383A of the Companies Act, 1956 from Deepak Rane, Practising
Company Secretary and is annexed hereto.
14. CORPORATE GOVERNANCE
Pursuant to Clause 49 of the Listing Agreement with the Stock Exchange,
a separate section titled Corporate Governance Report is attached to
this Report.
15. MANAGEMENT DISCUSSION AND ANALYSIS
A report on Mangement Discussion and Analysis(MDA), which forms part of
the report, interalia, deals adequately with the operation as also
current and future outlook of the company.
16. ACKNOWLDEGEMENTS
Your Company and its Directors wish to sincerely thanks all the
customers,commercial banks, financial institution, creditors etc. for
their continuing support and co-operation.
Your Directors express their appreciation for the dedicated and sincere
services rendered by the employees of the company and also sincerely
thank the shareholders for the confidence reposed by them in the
company and from the continued support and co-operation extended by
them.
By order of the Board
SURYAKRUPA FINANCE LIMITED
DATE: 1st September, 2012
PLACE: Mumbai DIRECTOR DIRECTOR
Mar 31, 2010
To The Members of SURYAKRUPA FINANCE LIMITED
The Directors have great pleasure in presenting 23rd ANNUAL REPORT
along with the Audited Balance Sheet and Profit And Loss Account, for
the year ended 31st March, 2010.
1. FINANCIAL RESULTS
The financial Results are briefly indicated below:
(Amt in Rs.)
PARTIULARS YEAR ENDED
2009-2010 2008-2009
Total Income - -
Total Expenditure 15000 15000
Profit/(Loss) before Taxation (15000) (15000)
Profit/(Loss) Brought Forward (9909016) (9894016)
Profit/(Loss) after Taxation (9924016) (9909016)
Balance carried to Balance Sheet (9924016) (9909016)
2. REVIEW OF OPERATIONS
The Company has incurred losses of Rs.15000/-during the financial year.
Your Directors expects to achieve better performance in the future and
taking maximum efforts to control the costs and optimize the results in
the coming years.
3. DIVIDEND
In view of losses your Directors do not recommend any dividend as such.
4. DEPOSITS
The company has not accepted any deposits from the Public.
5. PARTICULARS OF EMPLOYEES
There were no employees during the whole or part of the year who were
in receipt of remuneration in excess of limits as set out in terms of
the provisions of section 217(2A) of the Companies Act, 1956, read with
the Companies (Particulars of Employees) Rules 1975 as amended.
6. DIRECTORS
Mr. Ravindra Palkar, Director retiring by rotation in terms of
provisions of Articles of Association of the Company and is eligible
for re-appointment. The resolution for appointment of Director is
placed before you in the Annual General Meeting.
7. SUBSIDIARIES:
Since the Company has no subsidiaries, provision of section 212 of the
Companies Act, 1956 is not applicable.
8. DIRECTOR'S RESPONSIBILITY STATEMENT
The Board of Directors hereby confirms:
i. That in the preparation of the Annual Accounts, the applicable
accounting standards have been followed along with proper explanation
relating to material departures.
ii. 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 that period.
iii. That the Directors have taken proper and sufficient care for the
maintenances of adequate accounting records in accordance with the
provision of this Act for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities.
iv. That the Directors have prepared the Annual accounts on a going
concern basis.
9. CONSERVATION OF ENERGY & TECHNOLOGY ABSORBTION
Since the Company is not a manufacturing unit provisions of Section 217
(1)(e) of the Companies Act, 1956, read with the Companies (Disclosure
of Particulars in the Report of Board of Directors) Rules, 1988
regarding conservation of energy, technology absorption and foreign
exchange earnings and outgo is not applicable.
10. FOREIGN EXCHANGE EARNINGS AND OUTGO.
During the year under review, besides the transactions reported
elsewhere, there were no other Foreign Exchange transactions.
11. AUDITORS
The Board recommends M/S Gupta Saharia & Co, Chartered Accountant as
Statutory Auditors of the Company for the financial year 2010-2011, who
have also confirmed that their appointment shall be within limits
specified under section 224 (1B) of the Companies Act, 1956. Necessary
resolutions for their appointment have been proposed for the
consideration of the member of the Company.
12. AUDITORS REPORT:
Since notes to account are self explanatory, no further explanation is
given by the Board as such.
13. COMPLIANCE CERTIFICATE
The Company has obtained Compliance Certificate pursuant to provisions
of Section 383A of the Companies Act, 1956 from and is annexed hereto.
14. ACKNOWLDEGEMENTS
Your Company and its Directors wish to sincerely thanks all the
customers, commercial banks, financial institution, creditors etc. for
their continuing support and co-operation.
Your Directors express their appreciation for the dedicated and sincere
services rendered by the employees of the company and also sincerely
thank the shareholders for the confidence reposed by them in the
company and from the continued support and co-operation extended by
them.
By Order of the Board
FOR SURYAKRUPA FINANCE LIMITED
DATE : 20th August, 2010
PLACE : Mumbai
DIRECTOR