Mar 31, 2015
Dear Members,
The Directors are pleased to present their Annual Report on the
Business and operations of the Company together with the Audited
Statement of Accounts for the year ended 31st March, 2015.
Financial Results
The financial performance of your Company for the year ended March 31,
2015 is summarizedbelow: (Rupees in Lacs)
Particulars 2014-2015 2013-2014
Sales 3320.19 1135.78
Other Income 156.50 76.22
Total Income 3476.69 1212.00
Total Expenses 3423.09 1202.90
Profit/(Loss) 53.60 9.10
(-) Exceptional Items - -
Profit/(Loss)Before Tax 53.60 9.10
Tax - -
(-) Current Tax 16.60 2.81
( ) Deferred Tax
Net Profit After Tax 37.00 6.29
(-) Extraordinary Items - -
Net Profit 37.00 6.29
The Company has achieved a turnover of Rs. 3320.19 compared with Rs.
1135.78 of previous year, on account of better product mix & aggressive
approach by the Company. The Company has been able to generate
substantial revenue & at the same time ensured that cost effectiveness
results into profit of Rs. 37.00 lacs against previous year profit of
Rs. 6.29 lacs. The main object of the Company is into print media
including trading activities of related items.
Future Outlook
The Company expects substantial turnover in the coming year as the
Company is mainly into print media & its allied items, as the Company
has been able to build a good clientele network. The Company is in
process of tie-up with various vendors to trade their products through
the Company platform, which can easily penetrate into Tier II & Tier
III towns/cities of India.
Dividend
The Board of Directors does not recommend any Dividend for the year
under review
Reserves
Out of the profits available for appropriation, no amount has been
transferred to the General Reserve and the balance amount of Rs. 37.00
lacs has been carried forward to profit & loss account.
Subsidiaries, Joint Ventures and Associates Companies
The Company does not have any subsidiaries, joint venture & associates
Company.
Acceptance of Fixed Deposits
The Company has not accepted any Fixed Deposits from general public
within the purview of Section 73 of the Companies Act, 2013, during the
year under review.
Consolidated Financial Statement
The audited consolidated financial statement of the Company prepared in
accordance with relevant Accounting Standards (AS) issued by the
Institute of Chartered Accountants of India forms part of this Annual
Report. The Compliance Officer will make these documents available upon
receipt of a request from any member of the Company interested in
obtaining the same. These documents will also be available for
inspection at the Registered Office of your Company during working
hours up to the date of the Annual General Meeting.
Other Corporate Information
The Company has shifted its registered office in the same city of
Rajkot during April, 2015. The face value of the equity shares of the
Company has been split from Rs. 5/- per share to Re. 1/- per share
after 9th October, 2014, record date fixed by the Company for stock-
split.
Particulars Of Contract Or Arrangement With Related Party
There is no transaction with Related Party which requires disclosure
under Section 134(3) (h) of the Companies Act, 2013 and Rule 8(2) of
the Companies (Accounts) Rules, 2014. The policy on materiality of
related party transactions and also on dealing with related party
transactions as approved by the Board may be accessed on the Company
website.
Loans, Investment And Guarantees By The Company
There is no loan given, investment made, guarantee given or security
provided by the Company to any entity under Section 186 of the
Companies Act, 2013. Particulars of Investment made/loan given under
section 186 of the Companies Act, 2013 are provided in the financial
statement.
Internal Financial Controls
The Internal Financial Controls with reference to financial statements
as designed and implemented by the Company are adequate. During the
year under review, no material or serious observations has been
received from the Auditor of the Company for inefficiency or inadequacy
of such controls.
Disclosures under Section 134(3) (I) of the Companies Act, 2013
No material changes and commitments which could affect the Company
financial position have occurred between the end of the financial year
of the Company and the date of this report, except as disclosed
elsewhere in this report.
Directors
Mr. Rajnibhai Narayanbhai Korat, Director of the Company has resigned
on 11th August, 2015 on account of his pre-occupation. Mr. Dilip
Chabaria, Director of the Company has resigned on 11th August, 2015.
Mr. Sanjeev Mohan Gupta, Managing Director & Mr. Anshuman M Gupta,
Whole-Time Director of the Company resigned on 27th August, 2015. The
Board of Directors of the Company places on record their valuable
contribution given to the Company during their tenure.
Mrs. Sneha Rupesh Talraja was appointed as Additional Directors of the
Company on 31st March, 2015.
Mrs. Ganesh Shankar Budbadkar was appointed as Additional Directors of
the Company on 15th July, 2015.
The Company has formulated a policy on director appointment &
remuneration including criteria for determining qualifications,
positive attributes independence of director & other matters as
provided under section 178(3) of the Companies Act, 2013 & such policy
is annexed with the Director Report.
The details of familiarization programme for Independent Directors have
been disclosed on website of the Company.
Pursuant to the provisions of the Companies act 2013 and Clause 49 of
the Listing Agreement evaluation of every Directors performance was done
by the Nomination and Remuneration Committee. The performance evaluation
of the Non - Independent Directors and the Board as a whole, committees
thereof and the chair person of the company was carried out by the
Independent Directors. Evaluation of the Independent Directors was
carried out by the entire Board of Directors, excluding the Directors
being evaluated. A structured questionnaire was prepared after
circulating the draft norms, covering various aspects of the evaluation
such as adequacy of the size and composition of the Board and Committee
thereof with regard to skill, experience, independence, diversity,
attendance and adequacy of time given by the directors to discharge
their duties, Corporate Governance practices etc. The Directors
expressed their satisfaction with the evaluation process.
The following policies of the company are attached herewith and marked
as Annexure 1, Annexure 2A and Annexure 2B.
Policy on appointment of Directors and Senior Management (Annexure 1)
Policy on Remuneration to Directors' (Annexure 2A)
Policy on Remuneration of Key Managerial Personnel and Employees
(Annexure 2B)
Number Of Meeting Of Board Of Directors
The Board of Directors have met 6 times and Independent Directors once
during the year ended 31st March, 2015 in accordance with the
provisions of the Companies Act, 2013 and rules made there under. All
the Directors actively participated in the meetings and contributed
valuable inputs on the matters brought before the Board of Directors
from time to time.
Declarations by Independent Director
Pursuant to the provisions of Sub-Section (7) of Section 149 of the
Companies Act 2013, the Company has received individual declarations
from all the Independent Directors confirming that they fulfill the
criteria of independence as specified in Section 149(6) of the
Companies Act 2013. As per Section 149 of the Companies Act, 2013, an
independent director shall hold office for a term up to five
consecutive years on the board of a company, but shall be eligible for
re-appointment for another term up to five years on passing of a
special resolution by the company and disclosure of such appointment in
Board's Report. Further Section 152 of the Act provides that the
independent directors shall not be liable to retire by rotation in the
Annual General Meeting ('AGM') of the Company.
As per Revised Clause 49 of the Listing Agreement (applicable from
October 1, 2014), any person who has already served as independent
director for five years or more in a company as on October 1, 2014
shall be eligible for appointment, on completion of the present term,
for one more term of up to 5 (five) years only.
Auditors
Pursuant to the provisions of section 139 of the Companies Act, 2013
and the Rules made there under, the current auditors of the Company,
M/s. Rishi Sekhri & Associates, Chartered Accountants, Rajkot to hold
office up to the conclusion of the ensuing Annual General Meeting of
the Company. The Company has received a certificate from the said
Auditors that they are eligible to hold office as the Auditors of the
Company and are not disqualified for being so appointed and if
appointed, it would be within the limits specified in the Companies
Act, 2013.
Pursuant to the provisions of section 139 of the Companies Act, 2013
and the Rules made there under, the current auditors of the Company,
M/s. Rishi Sekhri, & Associates, Chartered Accountants, Rajkot, are
eligible to hold the office for a period of five years up to 2020. The
members are therefore requested to appoint M/s. M/s. Rishi Sekhri, &
Associates, Chartered Accountants as auditors for five years from the
conclusion of the ensuing annual general meeting till the conclusion of
annual general meeting to be scheduled in 2020 (subject to ratification
at every Annual General Meeting) and to fix their remuneration for the
year 2015-16.
Auditors Report
The observations and comments furnished by the Auditors in their report
read together with the notes to Accounts are self- explanatory and
hence do not call for any further comments under Section 134 of the
Companies Act, 2013.
Directors Responsibility Statement
In terms of Section 134(5) of the Companies Act, 2013, the Board of
Directors of the Company hereby confirms that:
i. In the preparation of the annual accounts for the financial year
ended 31st March, 2015 the applicable accounting standards have been
followed along with proper explanation relating to material departures.
ii. The Directors have selected such accounting policies and applied
them consistently and made judgments and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs
of the Company at the end of the financial year and of the profit and
loss of the Company for the year ended 31st March, 2015.
iii. The Directors have taken sufficient and proper 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 material fraud and other
irregularities.
iv. The Directors have prepared the Annual Accounts on a going concern
basis.
v. There are proper systems have been devised to ensure compliance
with the provisions of all applicable laws and that such systems were
adequate and operating effectively.
vi. That the Directors had laid down internal financial controls to be
followed by the Company and that such internal financial controls are
adequate and were operating effectively.
Annual Evaluation By The Board Of Its Own Performance, Its Committees
And Individual Directors
The Board of Directors of the Company has initiated and put in place
evaluation of its own performance, its committees and individual
directors. The result of the evaluation is satisfactory And adequate
and meets the requirement of the Company.
Details Of Committee Of Directors
Composition of Audit Committee of Directors, Nomination and
Remuneration Committee of Directors and Stakeholders
Relationship/Grievance Committee of Directors, number of meetings held
of each Committee during the financial year 2014-15 and meetings
attended by each member of the Committee as required under the
Companies Act, 2013 are provided in Corporate Governance Report and
forming part of the report.
The recommendation by the Audit Committee as and when made to Board has
been accepted by it.
Risk Management
During the year, Management of the Company evaluated the existing Risk
Management Policy of the Company to make it more focused in identifying
and prioritizing the risks, role of various executives in monitoring &
mitigation of risk and reporting process. Its aim is to enhance
shareholders value and provide an optimum risk-reward tradeoff. The
Risk Management Policy has been reviewed and found adequate to the
requirements of the Company, and approved by the Board.
The Management evaluated various risks and that there is no element of
risk identified that may threaten the existence of the Company.
Whistle Blower Mechanism
The Company has put in place Whistle Blower Mechanism. The detailed
mechanism is given in Corporate Governance Report forming part of this
report.
Corporate Governance
As per Clause 49 of the Listing Agreement with the Stock Exchanges, a
separate Chapter on Corporate Governance practices followed by the
Company together with a Certificate from the Practicing Company
Secretary confirming compliance forms a part of this Report is annexed
hereto.
Managing Director's Certificate
A Certificate from the Managing Director in respect of the Financial
Statements forms part of the Annual Report.
Management Discussion and Analysis Report
Management Discussion and Analysis Report for the year under review, as
stipulated under clause 49 of the Listing Agreement with the Stock
Exchanges in India, is presented in a separate section forming part of
the Annual Report.
Conservation of Energy, Technology Absorptions and Foreign Exchange
Earnings and Outgo
The information relating to the conservation of energy, technology
absorption foreign exchange earnings and outgo under provisions of
134(3) (m) of the Companies Act, 2013 is not applicable to the Company,
considering the nature of its business activities. Further the Company
has not earned nor spends foreign exchange during the year under
review.
Particulars of Employees
None of the employees of the Company is in receipt of remuneration
prescribed under Section 197(12) of the Companies Act, 2013, read with
the Companies (Particulars of Employees) Rules, 1975. Thus furnishing
of particulars under the Companies (Particulars of Employees) Rules
1975 does not arise.
Secretarial Audit Report
A Secretarial Audit Report for the year ended 31st March, 2015 in
prescribed form duly audited by the Practicing Company Secretary M/s.
is annexed herewith and forming part of the report.
Extract Of Annual Return
Pursuant to Section 134(3)(a) of the Companies Act, 2013 read with Rule
12(1) of the Companies (Management and Administration) Rules 2014, the
extract of annual return is annexed herewith and forming part of the
report. (Annexure - I
Corporate Social Responsibility
The Section 135 of the Companies Act, 2013 regarding Corporate Social
Responsibility Committee is not applicable to the Company as the Net
Profit of the Company is below the threshold limit prescribed by the
Companies Act, 2013.
Significant And Material Orders Passed By The Regulators Or Courts
During the year under review, except that which is stated herewith
there were no significant and material orders passed by the regulators
or courts or tribunals, which may impact the going concern status of
the Company and its operations in future. The Company has received
show-cause notice from Ministry of Corporate Affairs, ROC - Ahmadabad
for non-submission of Annual Report for the year ending 31st March,
2015 & non-appointment of Company Secretary.
Presentation Of Financial Statements
The financial statements of the Company for the year ended 31st March,
2015 have been disclosed as per Schedule III to the Companies Act,
2013.
Statutory Disclosures
A copy of audited financial statements of the said Companies will be
made available to the members of the Company, seeking such information
at any point of time. A cash flow statement for the year 2014- 2015 is
attached to the Balance Sheet. Pursuant to the legislation 'Prevention,
Prohibition and Redressal of Sexual Harassment of Women at Workplace
Act, 2013' introduced by the Government of India, the Company has a
policy on Prevention of Sexual Harassment at workplace. There was no
case reported during the year under review under the said policy.
Acknowledgement
Yours Directors take this opportunity to thank the Financial
Institutions, Banks, Business Associates, Central and State Government
authorities, Regulatory authorities, Stock Exchanges and all the
various stakeholders for their continued co-operation and support to
the Company and look forward to their continued support in future.
We very warmly thank all of our employees for their contribution to
your Company's performance. We applaud them for their superior levels
of competence, dedication and commitment to your Company.
By Order of the Board
For Jagran Production Limited
Sd/- Sd/-
Hitesh K Rupareliya Rajesh H Rupareliya
Managing Director Director Place: Rajkot
DIN - 01401610 DIN - 06546212 Date: August 27, 2015
Mar 31, 2013
To the Members,
The Directors have pleasure in presenting this Annual Report of
your Company together with the Audited Statements of Accounts for the
year ended March 31,2013.
(Rs. in Lacs)
Year Ended Year Ended
Financial Results 31.03.2013 31.03.2012
Income 184.72 176.91
Profit before Tax 5.00 5.12
Less: Provision for Taxation 1.54 1.58
Profit after Tax 3.46 3.54
DIVIDEND
Due to inadequate profits in the previous financial year, the Board has
not recommended any dividend for the Financial Year 2012-2013.
BUSINESS
The Company is in the business of trading of chemicals.
AUDITOR
The Members are requested to reappoint auditors for the current year
and to fix their remuneration.
M/s Gaurang Vora & Associates, Chartered Accountants have consented for
continuation to act as the auditors of the company, if re-appointed.
RISK & CONCERNS
Every Company runs the risk of stiff competition from established
market players and your Company is not an exception to this universal
rule.
The Company''s goal in risk management is to understand, measure and
monitor the various risks that arise, and to evolve appropriate
policies and procedures to mitigate these risks.
The Company manages and reviews the risk management system, policy and
strategy from time to time. The Management periodically reviews the
risk assessment and minimization procedures and steps taken by it to
mitigate these risks.
INTERNAL CONTROL SYSTEMS AND ADEQUACY
In the opinion of the management, the internal control systems are
adequate and provide, among other things, reasonable assurance of
recording transactions of operations in all material respects and of
providing protection against significant misuse or loss of Company
assets.
The accounts of the Company are reviewed by the Audit Committee of the
Board. Policy and process corrections are undertaken based on input
from these auditors.
MATERIAL DEVELOPMENT IN HUMAN RESOURCES ¦
The relation of the Company with its employees continued to be
harmonious during the year under review.
Our philosophy was redefined towards making it more performance
oriented and business driven, at the same time, acknowledging an
employee''s commitment to growth. We believe that a culture of
appreciating all big and small achievements is crucial to develop a
motivated, contributing workforce.
PUBLIC DEPOSITS
During the year under review, your Company has not accepted any
deposits from the public within the meaning of Section 58A of the
Companies Act 1956 and the rules there under.
DIRECTORS
In accordance with the provisions of the Companies Act, 1956 and
pursuant to the provisions of Articles of Association of your Company,
Mr. Rajnibhai Korat, Director, is liable to retire by rotation ''
and being eligible, offers himself for re-appointment in the
forthcoming Annual General Meeting.
Mr. Sanjiv Mohan Gupta, Mr. Hareshbhai M. Togadiya, Mr. Rajeshbhai H.
Ruparelia and Mr. Dipakkumar R. Joshi was appointed by the Board as
Additional Director and they hold the office till the ensuing Annual
General Meeting.
Further, none of the Directors of your Company are disqualified under
Section 274(1)( g) of the Companies Act 1956.
CORPORATE GOVERNANCE
As required by Clause 49 of the Listing Agreement, a detailed Report on
Corporate Governance is given as an Annexure to this Report. The
Company is in full compliance with the requirements and disclosures
that have to be made in this regard. The Certificate from the Auditor
of the company confirming compliance of the Corporate Governance
requirements is attached to the Report on Corporate Governance. ''
PARTICULARS OF EMPLOYEES
There is no information as required pursuant to the provisions of
section 217(2A) of the Companies Act, 1956 read with the Companies
(Particular of Employees) Amendments Rules, 1988 to be reported.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to Section 217 (2AA) of the Companies (Amendment) Act, 2000
the Directors confirm that:
1. In the preparation of the annual accounts, for the year ended March
31 2013, all the applicable accounting standards prescribed by the
Institute of Chartered Accountants of India have been followed.
2. The Directors had adopted 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
your Company at the end of the financial year and of the loss of the
Company for that period.
3. The Directors had taken proper and sufficient care for the
maintenance of adequate accounting '' records in accordance with the
provisions of this Act for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities.
4. The Directors had prepared the annual accounts on a going concern
basis.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, AND FOREIGN EXCHANGE
EARNINGS AND OUTGO:
Disclosure under section 217(1)(e) of the Companies Act, 1956, read
with the Companies (Disclosure of particulars in the report of the
Board of Directors) Rules, 1988 are as follows:
(a) CONSERVATION OF ENERGY:
Your Company has taken the necessary steps to conserve energy.
(b) TECHNOLOGY ABSORPTION:
Your Company has taken the necessary steps to absorb upgraded
technology.
APPRECIATION
The Board of Directors wishes to convey their appreciation to all your
Company''s employees for their performance and continued support. The
Directors would also like to thank all the Shareholders, Consultants,
Customers, Vendors, Bankers, Service Providers and Government and
Statutory Authorities for their continued support.
Place: Rajkot By order of the Board
Date: August 1,2013 For Shrey Chemicals Limited
(Formerly Dhvanil Chemicals Limited)
Registered Office:
302, Pig Point Complex,
Dr.Yagnik Road,
Opp. Swami Vivekananda Statue Sd/- Sd/-
Rajkot - 360 001 Director Director
Mar 31, 2012
To the Members,
The Directors have pleasure in presenting this Annual Report of your
Company together with the Audited Statements of Accounts for the year
ended March 31, 2012.
(Rs, in Lacs)
Year Ended Year Ended
Financial Results 31.03.2012 31.03.2011
Income 176.911 25.66
Profit before tax 5.12 1.15
Less: Provision for Taxation 1.58 0.71
Profit after Tax 3.54 0.44
DIVIDEND
Due to inadequate profits in the previous financial year, the Board has
not recommended any dividend for the Financial Year 2011-2012. .
OVERVIEW
BUSINESS
The Company is in the business of trading of chemicals.
CHANGE IN NAME OF THE COMPANY
In order to give a fresh identity to the Company, the name of your
Company was changed from Dhvanil Chemicals Limited to Shrey Chemicals
Limited.
APPOINTMENT OF NEW AUDITORS
The Members of the Company, in their Extraordinary General Meeting held
on August 24, 2012 appointed M/s. Gaurang vora & Associates, Chartered
Accountants, Ahmedabad as new Stamford Auditors of the Comply as the
erstwhile Statutory Auditors has communicated their unavailable the
Company.
The Members are requested to appoint auditors for the current year and
to fix their remuneration. MA Gaulg vore Associates, Chartered
Accountants have consented for continuation to act as the auditors of
the company, if re-appointed.
PERFORMANCE & CURRENT YEAR PROSPECTS
CHANGEIN NAME OF THE COMPANY:
As the Company was incurring inadequate profit, your Management decided
to give the Company fresh identity and decided to change the Name the
Company. The Members of the Company on January 9, 2012 approved the new
name Shrey Chemicals Limited.
SHIFTING OF REGISTERED OFFICE OF THE COMPANY
The Company decided to change the Registered Office to the Company for
administrative convenience and economical reasons.
The Members, vide a Postal Ballot gave their approval for change of
Registered Office from Ahmedabad to Rajkot and the Postal Ballot was
approved unanimously by the Members of the- Company.
RISK & CONCERNS
Every Company runs the risk of stiff competition from established
market players and your Company is not an exception to this universal
rule.
The Company''s goal in risk management is to understand, measure and
monitor the various risks that arise, and to evolve appropriate
policies and procedures to mitigate these risks.
The Company manages and reviews the risk management system, policy and
strategy from time-to time. The Management periodically reviews the
risk assessment and minimization procedures and steps taken by it to
mitigate these risks.
INTERNAL CONTROL SYSTEMS AND ADEQUACY
In the opinion of the management, the internal control systems are
adequate and provide, among. other things, reasonable assurance of
recording transactions of operations in all material respects and of
providing protection against significant misuse or loss of Company
assets.
The accounts of the Company are reviewed by the Audit Committee of the
Board. Policy and process corrections are undertaken based on input
from these auditors.
MATERIAL DEVELOPMENT IN HUMAN RESOURCES
The relation of the Company with its employees continued to be
harmonious during the year under review.
Our philosophy was redefined towards making it more performance
oriented and business driven, at the same time, acknowledging an
employee''s commitment to growth. We believe that a culture of
appreciating all big and small achievements is crucial to develop a
motivated, contributing workforce.
PUBLIC DEPOSITS
During the year under review, your Company has not accepted any
deposits from the public within the meaning of Section 58A of the
Companies Act 1956 and the rules there under.
DIRECTORS
In accordance with the provisions of the Companies Act, 1956 and
pursuant to the provisions of Articles of Association of your Company,
Mr. Tushar Shah, Director, is liable to re ire by rotation and  being
eligible, offers himself for re-appointment in the forthcoming Annual
General Meeting.
Mr. Rajnibhai Korat was appointed by the Board as Additional Director
and he assumes office till the ensuing Annual General Meeting.
Further, none of the Directors of your Company are disqualified under
Section 274(1)( g) of the Companies Act 1956.
CORPORATE GOVERNANCE
As required by Clause 49 of the Listing Agreement, a detailed Report on
Corporate Governance is, given as an Annexure to this Report. The
Company is in full compliance with the requirements and disclosures
that have to be made in this regard. The Certificate from the Auditor
of the company confirming compliance of the Corporate Governance
requirements is attached to the Report on Corporate Governance.
AUDITORS
The Company''s auditors, M/s. Gaurang Vora and Associates., Chartered
Accountants, retire at the ensuing Annual General Meeting and being
Eligible offer themselves for re-appointment.
COMMENTS ON AUDITOR''S REPORT:.
The notes referred to in the Auditor''s Report are self explanatory and
as such they do not call for any " further explanation as required
under section 217(3) of the Companies Act, 1956.
PARTICULARS OF EMPLOYEES
There is no information as required pursuant to the provisions of
section 217(2A) of the Companies Act, 1956 read with the Companies
(Particular of Employees) Amendments Rules, 1988 to be reported.
PARTICULARS UNDER SECTION 217 (1) (E) OF THE COMPANIES ACT, 1956
Further, pursuant to the 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, there is no ,
material-information regarding conservation of energy, technology
absorption, foreign exchange earnings and out go concerning your
Company to be reported.
Your Company has "taken the necessary steps to conserve energy, absorb
upgraded technology where ever necessary.
Your Company has not earned or used foreign exchange earnings/outgoings
during the year under review.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to Section 217 (2AA) of the Companies (Amendment) Act, 2000
the Directors confirm that:
1. in the "preparation of the annual accounts, for the year ended
March 31st 2012, all the applicable accounting standards prescribed by
the Institute of Chartered Accountants of India have been followed.
2. The Directors had adopted 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
your Company at the end of the financial year and of the loss of the
Company for that period.
3. The Directors had taken proper and sufficient care for the
maintenance of adequate accounting . records in accordance with the
provisions of this Act for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities.
4. The Directors had prepared the annual accounts on a going concern
basis.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, AND FOREIGN EXCHANGE
EARNINGS AND OUTGO:
Disclosure under section 217(1)(e) of the Companies Act, 1956, read
with the Companies (Disclosure of particulars in the report of the
Board of Directors) Rules, 1988 are as follows:
(a) CONSERVATION OF ENERGY:
Your Company has taken the necessary steps to conserve energy.
(b) TECHNOLOGY ABSORPTION:
Your Company has taken the necessary steps to absorb upgraded
technology,
(c) FOREIGN EXCHANGE EARNINGS AND OUTGO:
During the year under review, the Company has not incurred any
expenditure in foreign currency nor has earned any Foreign exchange
income.
APPRECIATION
The Board of Directors wishes to ''convey their appreciation to all your
Company''s employees for their performance and continued support. The
Directors would also like to thank all the Shareholders, Consultants,
Customers, Vendors, Bankers, Service Providers and Government and
Statutory , Authorities for their continued support.
Place: Rajkot By order of the Board
Date: September 1, 2012 For Shrey Chemicals Limited
(Formerly Dhvanil Chemicals Limited)
Registered Office:
302, Pig Point Complex,
Dr.Yagnik Road,
Opp. Swami Vivekananda Statue Sd/- Sd/-
Rajkot-360 001 Director Director
Mar 31, 2011
To The Members of Dhvanil Chemicals Ltd.
The Directors have pleasure in presenting the Annual Report together
with the Audited Statement of Accounts for the year ended 31st March,
2011.
FINANCIAL RESULTS:
The summarized financial results for the year ended 31st March, 2011
are as under:
(Rs. in Lacs)
Particulars 2010-2011 2009-2010
1. Profit before Interest,
Depreciation and Tax 2.54 2.68
2. Interest
3. Depreciation 1.39 1.68
4. Profit (Loss) Before Tax 1.15 1.00
5. Provision for taxation 0.28
6. Profit (loss) after Tax 0.87 1.00
DIRECTORS :
Mr. Sanjay S. Shah and Mr. Prakashsinh Rehvar, Director of the Company
retires by rotation at this annual general meeting and being eligible,
offers themselves for reappointment. The board of directors recommends
the appointment of the directors.
DIVIDEND :
Your director do not recommend dividend for the year.
FIXED DEPOSITS:
The company has not accepted the fixed deposits during the year under
report.
AUDITORS :
Nirav S. Shah & Co., Auditors of the Company retires at the conclusion
of this Annual General Meeting and being eligible, are recommended for
reappointment.
AUDITORS REPORT:
The Auditors report is self-explanatory and so far, there is no
negative remark by the Auditors.
DIRECTORS RESPONSIBILITY STATEMENT :
Pursuant to the requirement under section 217 (2AA) of the Companies
Amendment Act, 2000 with respect to Director Responsibility Statement
it is hereby confirmed:
1. That in the preparation of the annual accounts for the financial
year ended 31st March, 2011 the applicable accounting standards had
been followed along with proper explanation relating to material
departures.
2. That the directors had selected such accounting policies and
applied them consistently and made judgments and estimates that were
reasonable and prudent so as to give a true and fair view of the state
of affairs of the Company at the end of the financial year and of the
profit of loss of the Company for the year under review.
3. That the directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provision of the Companies Act, 1956 for safeguarding the assets of the
Company and for preventing and detecting fraud and other
irregularities.
4. That the directors had prepared the accounts for the financial year
ended 31st March, 2011 on a going concern basis.
CORPORATE GOVERNANCE :
As per Clause 49 of the Listing Agreement with the Stock Exchanges, a
separate section on Corporate Governance together with a certificate
from the Company's Auditors confirming compliance there to is set out
in the Annexure forming part of this report.
LISTING:
The shares of the Company are listed on Ahmedabad and Bombay Stock
Exchange Limited.
PARTICULARS OF THE EMPLOYEES :
The Company has no employee to whom the provision of Section 217(2A) of
the Companies Act, 1956 read with the Companies (Particulars of
Employees) Rules, 1975 apply and so it is not applicable to the
company.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUT GO :
The additional information required under Section 217(1)(e) of the
Companies Act, 1956 relating to Conservation of energy, technology
absorption and foreign exchange earnings or outgoes is annexed herewith
and forming part of this report.
ACKNOWLEDGMENT :
The Directors wish to thank and deeply acknowledge the cooperation and
assistance received from the Bankers, Suppliers and shareholders. The
Director also wishes to place on record their appreciation of the
devoted services of employees of the Company.
DATE : 01.09.2011 FOR AND ON BEHALF OF THE
PLACE: AHMEDABAD BOARD OF DIRECTORS
CHAIRMAN
Mar 31, 2010
The Directors have pleasure in presenting the Annual Report together
with the Audited Statement of Accounts for the year ended 31st .March,
2010.
FINANCIAL RESULTS:
The summarized financial results for the year ended 31st March, 2010
are as under:
(Rs. in Lacs)
2009-2010 2008-2009
Particulars
1. Prom Before Interest,
Depreciation and Tax 2.68 0.00
2. Interest - -
3. Depreciation 1.68 1.94
4. Profit (Loss) Before Tax 1.00 1.94
5. Provision for taxation - -
6. Profit (loss) after Tax 1.00 1.94
DIRECTORS:
Mr Tushar S.Shah, Director of the Company retires by rotation at this
annual general meeting and being eligible, offers him self for
reappointment. The board of directors recommend the appointment of the
director.
DIVIDEND :
Your director do not recommend dividend for the year.
FIXED DEPOSITS:
The company has not accepted the fixed deposits during the year under
report.
AUDITORS:
Nirav S Shah & Co., Auditors Of the Company retires at the conclusion
of this Annual General Meeting and being eligible/are recommended for
reappointment.
AUDITORS REPORT:
The Auditors report is self-explanatory and so far, there is no
negative remark by the Auditors.
DIRECTORS RESPONSIBILITY STATEMENT:
Pursuant to the requirement under section 217 (2AA) of the Companies
Amendment Act, 2000 with respect to Director Responsibility Statement
it is hereby confirmed:
1. That in the preparation of the annual accounts for the financial
year ended 31st March, 2010 the applicable accounting standards had
been followed along with proper explanation relating to material
departures.
2. That the directors had selected such accounting policies and
applied them consistently and made judgments and estimates that were
reasonable and prudent so as to give a true and fair view of the state
of affairs of the Company at the end of the financial year and of the
profit of loss of the Company for the year under review.
3. That the directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provision of the Companies Act, 1956 for safeguarding the assets of the
Company and for preventing and detecting fraud and other
irregularities.
4. That the directors had prepared the accounts for the financial year
ended 31st March, 2010 on a going concern basis.
CORPORATE GOVERNANCE :
As per Clause 49 of the Listing Agreement with the Stock Exchanges, a
separate section on Corporate Governance together with a certificate
from the Companys Auditors confirming compliance there to is set out
in the Annexure forming part of this report.
LISTING:
The shares of the Company are listed on Ahmedabad and Bombay Stock
Exchange Limited. However the trading of the shares of company was
suspended.
PARTICULARS OF THE EMPLOYEES :
The Company has no employee to whom the provision of Section 217(2A) of
the Companies Act, 1956 read with the Companies (Particulars. of
Employees) Rules, 1975 apply and so it is not applicable to the
company.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUT GO
The additional information required under Section 217(1)(e) of the
Companies Act, 1956 relating to Conservation of energy, technology
absorption and foreign exchange earnings or outgoes is annexed herewith
and forming part of this report.
ACKNOWLEDGMENT:
The Directors wish to thank and deeply acknowledge the cooperation and
assistance received from the Bankers, Suppliers and shareholders. The
Director also wishes to place on record their appreciation of the
devoted services of employees of the Company.
DATE : 31.08.2010 FOR AND ON BEHALF OF THE
PLACE: AHMEDABAD BOARD OF DIRECTORS
CHAIRMAN
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